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2020-12-31-accounts

Charity Registration No. 1069762 Company Registration No. 3554236 (England and Wales)

THE OLD ROFFENSIAN SOCIETY LIMITED (A Company limited by guarantee)

TRUSTEES REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

THE OLD ROFFENSIAN SOCIETY LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020

President: M G Lukehurst
Directors and Trustees: I T Wengraf (Chairman)
M C Bannar-Martin (Hon Treasurer) (resigned 31 December 2020)
M S Lett (Hon Editor) (resigned 23 May 2020)
M G Snoswell
S T Shreeve
D A G Ratcliffe
T D Gurney
R A Stone (resigned 17 September 2020)
D-J B Catlett
K S Wadham
K V Shirley (appointed 23 July 2020)
Z Wilton (appointed 23 July 2020)
Company Secretary: M G Snoswell
Charity number: 1069762
Company number: 3554236
Registered Office: Satis House
Boley Hill
Rochester
Kent
ME1 1TE
Independent Examiner: A C Crawford FCA
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH
Investment Managers: Investec Wealth & Investment Ltd
30 Gresham Street
London
EC2V 7QN
Bankers: NatWest Bank PLC
148 High Street
Chatham
Kent
ME4 408

THE OLD ROFFENSIAN SOCIETY LIMITED

CONTENTS

Page
Directors' and Trustees' Report 1-3
Income and Expenditure Account 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7-10

THE OLD ROFFENSIAN SOCIETY LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The directors and trustees present their report and financial statements for the year ended 31 December 2019.

Objectives and activities

The charity which was registered on 28 May 1998 is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The company was incorporated on 28 April 1998 and took over the assets and liabilities of the Old Roffensian Society.

The charity’s objects are to promote any charitable purposes for the benefit of the community in the district of Medway and in particular the advancement of education, the protection of health and the relief of poverty, distress and sickness and in furtherance of the said object to promote and organise co-operation in the achievement of the same and to that end bring together current and past pupils and staff of the King’s School Rochester and residents in need within the area of benefit. The charity is organised so that the directors and other members of the Executive Committee meet regularly to manage its affairs. All the directors and other members of the Executive Committee are honorary positions. There are normally five meetings during each calendar year and all decisions taken at meetings are ratified by those trustees present and eligible to vote. During 2020 we have observed the government requirements for remote meetings.

During 2020, 43 new life members joined the Society upon leaving the school. As with all members, they will be entitled to receive the annual magazine, attend social and sporting events and other activities that may from time to time be arranged as well as supporting local charitable activities connected with the school or former pupils.

Achievements and Performance

The directors consider the performance of the charity continues to be satisfactory, during a difficult year when remote engagement caused a delay in the publication of our annual magazine until January 2021. During the year, the society made donations totalling £3,850 to:

Caring Hands in the Community £500 Crisis UK £500 Demelza House £250 Emmaus £500 Medway Foodbank £500 Medway NHS Charitable Foundation £500 Shelter £500 The Hygiene Bank £500 Friends of Rochester Cathedral £100

Financial review

The statement of financial activities discloses overall net incoming (outgoing) resources before investment disposals of £9,641 (2019: £3,048). Gains on revaluation of investments as at 31 December 2020 were £16,598 (2019 Gains: £41,119). Our total reserves stand at £337,901 (2019: £312,998). All reserves held by the charity are unrestricted. Life subscription monies are separately identified and allocated on a consistent basis in accordance with Note 7 to the financial statements. The General Funds of the Charity are used to meet all usual annual expenditure.

1

THE OLD ROFFENSIAN SOCIETY LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Investment policy and performance

The portfolio mainly acquired in 2010 is a balanced one managed on a discretionary basis where the objective is to achieve a total return from income and capital growth. To achieve this, the portfolio is held in collectivised investments. This should diversify risk and benefit from the investment styles of a range of selected managers with proven long-term track records. It is intended that an overall income yield of not less than 3% should be achieved. The trustees are very pleased with the overall performance in these continuing difficult economic conditions.

Structure, governance and management

All directors of the company are also trustees of the charity and there are no other trustees. All trustees are Old Roffensians and are appointed from amongst former pupils of King’s Rochester. Where possible new trustees are chosen from a range of age and suitable experience to represent a cross section of our membership. New trustees are usually appointed at the Annual General Meeting although have usually been involved as co-opted members of the Executive Committee enabling them to understand the objectives and workings of the charity. If a new trustee is appointed between Annual General Meetings, their appointment will be ratified at the following Annual General Meeting. The following trustees have held office since the start of the year:

I T Wengraf (Chairman)

M C Bannar-Martin (Hon Treasurer) (resigned 31 December 2020) M S Lett (Hon Editor) (resigned 23 May 2020)

M G Snoswell S T Shreeve D A G Ratcliffe T D Gurney R A Stone (resigned 17 September 2020) D-J B Catlett K S Wadham K V Shirley (appointed 23 July 2020) Z Wilton (appointed 23 July 2020)

Independent Examiner

In accordance with the Companies Act 2006 and Charities Act 2011 the charity trustees consider that, whilst not essential, it is appropriate for an Independent Examination to be carried out by an appropriately qualified individual. Mr AC Crawford has been appointed as independent examiner to the charity and a resolution for his re-appointment will be put to the Annual General Meeting.

Trustees responsibilities

The trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of that year. In preparing these financial statements, the trustees are required to:

2

THE OLD ROFFENSIAN SOCIETY LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the board of directors and trustees on 19 May 2021 and signed on its behalf.

M G Snoswell

(Company Secretary)

3

THE OLD ROFFENSIAN SOCIETY LIMITED

INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Income
1
Expenditure
Annual magazine
Donations, presentations and gifts
Old Roffensian Sports teams
Administration expenses
Annual dinner deficit
Newsletters and website maintenance
Nickless general knowledge book
Investment management fees
3
Operating surplus/(deficit)
Investment income
2
Bank deposit interest
2
Surplus/(deficit) on ordinary activities		 £
5,399
7,476
274
7,559
-
83
-
2,840		 2020
£
27,356
(23,631)		 £
9,234
12,470
250
9,662
426
2,555
1,844
2,820		 2019
£
28,802
(39,301)
3,725
5,916
-		 (10,499)
7,450
1
9,641 (3,048)

4

THE OLD ROFFENSIAN SOCIETY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Income and endowments from:
Members subscriptions
1
Publication sales
Regalia sales surplus
Investment Income
Total
Expenditure on:
Investment management fees
3
Donations, presentations and gifts
Old Roffensian sports teams
Annual dinner deficit
Other Expenditure:
Annual magazine
Administration expenses
Newsletters and website maintenance
Nickless general knowledge book
Total:
Net (expenditure)
Other recognised gains:
Gains/(losses) on revaluation of investments
4
Gains/(losses) on disposals of investments
4
Net movement in funds
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
8		 Unrestricted
Funds
£
26,855
305
196
5,916		 Total
2020
Total
2019
£
£
26,855
28,338
305
442
196
22
5,916
7,451
33,272 33,2723
36,253
2,840
7,476
274
-		 2,840
2,820
7,476
12,470
274
250
-
426
10,590 10,590
15,966
5,399
7,559
83
-		 5,399
9,234
7,559
9,662
83
2,555
-
1,884
13,041 13,041
23,335
23,631 23,631
39,301
9,641
16,598
(1,336)		 9,641
(3,048)
16,598
41,119
(1,336)
1,679
24,903
312,998		 24,903
39,750
312,998
273,248
337,901 337,901
312,998

5

THE OLD ROFFENSIAN SOCIETY LIMITED REGISTERED NUMBER: 3554236

BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
Fixed assets
Fixed asset investments
4
Current assets
Stocks
Debtors
5
Cash at bank
Creditors:amounts falling due within one year
6
Net current assets
Net assets
Reserves
Unrestricted funds
7
Total reserves
8		 2020
2019
£
£
308,536
300,722
6.232
4,402
1,540
1,730
29,689
17,493
37,461
23,625
(8,096)
(11,349)
29,365
12,276
337,901
312,998
337,901
312,998
337,901
312,998

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008). These financial statements were approved by the Board of Trustees on 19 May 2021 and were signed on its behalf by:

I T Wengraf (Director)

M G Snoswell (Director)

6

THE OLD ROFFENSIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting Policies

1.1 Accounting convention

The financial statements are prepared under the historical cost convention.

The charity has taken advantage of the exemption in Financial Reporting Standard No. 1 from the requirement to produce a cashflow statement on the grounds that it is a small company.

1.2

Compliance with accounting standards

The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting and Reporting by Charities : the FRSSE (Financial Reporting Standard for Smaller Entities) SORP.

1.3

Turnover

Income includes all income received except interest receivable. It includes income from subscriptions, sales of items of regalia, sales of publications and voluntary donations. The total turnover of the charity for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

Expenditure is allocated where possible to specific costs such as publications, donations, presentations and administration costs.

1.4 Fixed asset investments and current assets

The listed investments which are classified as fixed asset investments, are held on a nominee basis with Investec Wealth & Investment and are all held in the UK.

The trustees rely on the income generated by the investments and use this income to further the Charity's objectives, however there is no intention to utilise the capital elements of the investments. As such, the trustees believe that it continues to be appropriate to disclose these investments as fixed assets.

1.5

Expenditure on administration of the charity

Administrative expenditure includes the cost of postage, copying, printing, stationery, telephone, newsletters and website maintenance. No remuneration is paid to any directors of the company or any other members of the executive committee.

1.6 Allocation of life subscriptions

The allocation of life subscriptions under the 1997 scheme is set out in note 7.

7

THE OLD ROFFENSIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Income from investments or other interest receivable

3.

4.

5.

6.

Bank deposit interest
Income from listed investments
Investment management expenses
Investment management fees
Fixed asset investments
Market value
At 1 January 2020
Additions
Disposals
Revaluations and gains on disposals
At 31 December 2020
Historical cost
Debtors
Other debtors
Creditors: amounts falling due within one year
Other creditors
Annual magazine		 2020
2019
£
£
-
1
5,916
7,450
5,916
7,451
2020
2019
£
£
2,840
2,820
2,840
2,820
2020
2019
£
£
300,722
252,421
104,438
36,519
(111,886)
(31,016)
15,262
42,798
308,536
300,722
246,764
213,863
2020
2019
£
£
1,540
1,730
1,540
1,730
2020
2019
£
£
2,697
2,115
5,399
9,234
8,096
11,349

8

THE OLD ROFFENSIAN SOCIETY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Statement of movement on reserves

Balance at 1 January 2020
Net movement in funds for the year
Transfer new life members
Transfers between funds
Balance 31 December 2020		 General
Funds
Life
Subscription
Fund
Members
Life
Subscription
Fund Future
Members
Total
Unrestricted
Funds
£
£
£
£
86,144
126,594
100,260
312,998
24,903
-
-
24,903
-
18,189
(18,189)
-
111,047
144,783
82,071
337,901
(3,269)
(13,891)
17,160
-
107,778
130,892
99,231
337,901

Notes :

(b) Subscriptions from new life members are allocated in equal annual instalments to general funds as follows:

From new life members upon leaving the school - 10 years From existing Old Roffensians who joined the Scheme after leaving the school - 5 years

8. Reconciliation of movements on reserves

Market value
Balance 1 January 2020
Net movement in funds for the year
Closing reserves 31 December 2020		 2020
£
312,998
24,903
337,901		 2019
£
273,248
39,750
312,998

9

THE OLD ROFFENSIAN SOCIETY LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OLD ROFFENSIAN SOCIETY LIMITED

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020 which are set out on pages 4 to 9.

This report is made solely to the company’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 . My work has been Undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act ').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirement s of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Alastair Crawford FCA Williams Giles Professional Services Limited 12 Conqueror Court Sittingbourne ME10 5BH 18 May 2021

10