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 2023 THE OLD ROFFENSIAN SOCIETY LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 |President:|T D Gurney| |---|---| |Directors and Trustees:|Z Wilton (Chairperson)| ||M G Snoswell| ||S T Shreeve| ||D A G Ratclife| ||T D Gurney| ||D-J B Catlet| ||K V Shirley| |Company Secretary:|M G Snoswell| |Charity number:|1069762| |Company number:|3554236| |Registered Ofce:|Sats House| ||Boley Hill| ||Rochester| ||Kent| ||ME1 1TE| |Accountant:|Williams Giles Professional Services Limited| ||12 Conqueror Court| ||Sitngbourne| ||Kent| ||ME10 5BH| |Independent Examiner:|A C Crawford FCA| |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 Actvites|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 2023 The directors and trustees present their report and financial statements for the year ended 31 December 2023. ## Objectves and actvites 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 2023, 35 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 the year, the Society made donations outside of King’s School, Rochester, totalling £7,017 to: |Friends of Rochester Cathedral|£ 100| |---|---| |Friends of the Vines|£ 25| |Charity Nater|£ 200| |Alfred Osbourne|£1,000| |SERV|£ 375| |Payparus|£ 317| |Rofensian Foundaton|£5,000| ## Financial review The statement of financial activities discloses overall net incoming (outgoing) resources before investment disposals of £878 (2022: £6,017). Unrealised gains on revaluation of investments as at 31 December 2023 were £55,493 (2022 Gains: £40,702). Our total reserves stand at £362,599 (2022: £342,204). 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 2023 ## 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 satisfied with the overall performance, despite the fall in value over the year to 31st December 2023. ## 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: Z Wilton M G Snoswell S T Shreeve D A G Ratcliffe T D Gurney D-J B Catlett K V Shirley ## 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’ responsibilites 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: - Select suitable accounting policies and then apply them consistently - Make judgements and estimates that are reasonable and prudent - Prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business 2 ## THE OLD ROFFENSIAN SOCIETY LIMITED ## DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 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 23 May 2024 and signed on its behalf. M G Snoswell (Company Secretary) ## THE OLD ROFFENSIAN SOCIETY LIMITED ## INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 |Notes
Income
2
Expenditure
Annual magazine
Donatons, presentatons and gifs
Old Rofensian Sports teams
Administraton expenses
Annual dinner defcit
Newsleters and website maintenance
Investment management fees
3
Operatng (defcit)/surplus
Investment income
2
Bank deposit interest
2
Surplus on ordinary actvites|£
11,466
11,478
858
11,184
2,621
927
3,029|2023
£
31,165
(41,563)|£
8,634
9,248
1,546
8,426
0
86
3,188|2022
£
29,675
(31,128)| |---|---|---|---|---| |||||| |||(10,398)
11,261
15||(1,453)
7,458
12| |||878||6,017| 4 ## THE OLD ROFFENSIAN SOCIETY LIMITED ## STATEMENT OF FINANCIAL ACTIVITIES ## FOR THE YEAR ENDED 31 DECEMBER 2023 |Notes
Income and endowments from:
Members subscriptons
Publicaton sales
Regalia sales surplus/(defcit)
Investment Income
2
Total
Expenditure on:
Investment management fees
3
Donatons, presentatons and gifs
Old Rofensian sports teams
Annual dinner defcit
Other Expenditure:
Annual magazine
Administraton expenses
Newsleters and website maintenance
Total:
Net income
Other recognised gains:
Gains/(losses) on revaluaton of investments
4
Gains/(losses) on disposals of investments
4
Net movement in funds
8
Reconciliaton of funds:
Total funds brought forward
Total funds carried forward
8|||| |---|---|---|---| ||Unrestricted
Funds
£
32,287
28
(550)
11,276|Total
2023
£
32,287
28
(550)
11,276|Total 2022
£
29,529
7
139
7,470| ||43,041|43,041|37,145| ||3,029
11,478
858
2,621|3,029
11,478
858
2,621|3,188
9,248
1,546
-| ||17,986|17,986|13,982| ||11,466
11,784
927|11,466
11,784
927|8,634
8,426
86| ||24,177|24,177|17,146| ||42,163|42,163|31,128| ||878
20,028
(511)|878
20,028
(511)|6,017
(42,222)
(1,205)| ||20,395
342,204|20,395
342,204|(37,410)
379,614| ||362,599|362,599|342,204| ||||| ||||| 5 ## THE OLD ROFFENSIAN SOCIETY LIMITED REGISTERED NUMBER: 3554236 ## BALANCE SHEET AS AT 31 DECEMBER 2023 ||Notes|2023||2022| |---|---|---|---|---| |||£||£| |Fixed assets||||| |Fixed asset investments|4|323,833||319,345| |Current assets||||| |Stocks||7,110||7,443| |Debtors|5|2,879||2,757| |Cash at bank||28,777||12,659| |||38,766||22,859| |Creditors:amounts falling due within one year|6|(0)||(0)| |Net current assets||38,766||22,859| |||||| |Net assets||362,599||342,204| |Reserves||||| |Unrestricted funds|7|362,599||342,204| |Total reserves|8|362,599||342,204| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for: - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus for each financial year in accordance with the requirement s of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 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 23 May 2024 and were signed on its behalf by: Z Wilton (Director) M G Snoswell (Director) 6 ## THE OLD ROFFENSIAN SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ## 1. Accountng Policies ## 1.1 Accountng conventon 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 accountng 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 administraton 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 Allocaton of life subscriptons The allocation of life subscriptions under the 1997 scheme is set out in note 7. ## THE OLD ROFFENSIAN SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ## 2. Income from investments or other interest receivable |Bank deposit interest
Income from listed investments
3.
Investment management expenses
Investment management fees
4.
Fixed asset investments
Market value
At 1 January 2023
Additons
Disposals
Revaluatons and gains on disposals
At 31 December 2023
Historical cost
5.
Debtors
Other debtors
6.
Creditors: amounts falling due within one year
Other creditors
Annual magazine|2023
2022
£
£
15
12
11,261
7,458
11,276
7,470
2023
2022
£
£
3,029
3,188|2023
2022
£
£
15
12
11,261
7,458
11,276
7,470
2023
2022
£
£
3,029
3,188| |---|---|---| ||3,029|3,188| ||2023
2022
£
£
319,345
346,539
32,084
35,489
(47,113)
(19,256)
19,517
(43,427)|| ||323,833|319,345| ||268,338|278,643| ||2023
2022
£
£
2,879
2,757|| ||2,879|2,757| ||2023
2022
£
£
-
-
-
-|| ||-|-| |||| ## THE OLD ROFFENSIAN SOCIETY LIMITED ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2023 ## 7. Statement of movement on reserves |Balance at 1 January 2023
Net movement in funds for the year
Transfer new life members
Transfers between funds
Balance 31 December 2023|General
Funds
Life
Subscripton
Fund
Members
Life
Subscripton
Fund Future
Members
Total
Unrestricted
Funds
£
£
£
£
104,986
134,810
102,408
342,204
20,395
-
-
20,395
14,805
(14,805)
-|General
Funds
Life
Subscripton
Fund
Members
Life
Subscripton
Fund Future
Members
Total
Unrestricted
Funds
£
£
£
£
104,986
134,810
102,408
342,204
20,395
-
-
20,395
14,805
(14,805)
-|General
Funds
Life
Subscripton
Fund
Members
Life
Subscripton
Fund Future
Members
Total
Unrestricted
Funds
£
£
£
£
104,986
134,810
102,408
342,204
20,395
-
-
20,395
14,805
(14,805)
-|General
Funds
Life
Subscripton
Fund
Members
Life
Subscripton
Fund Future
Members
Total
Unrestricted
Funds
£
£
£
£
104,986
134,810
102,408
342,204
20,395
-
-
20,395
14,805
(14,805)
-| |---|---|---|---|---| ||125,381|149,615|87,603|362,599| ||(7,959)
(14,394)
22,353
-|||| ||117,422|135,221|109,955|362,599| |||||| Notes : - (a) At the 31 December 2023 there were 1,294 life members to the 1997 scheme. Of these 1,024 had left the school since 1997. - (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. Reconciliaton of movements on reserves |Market value
Balance 1 January 2023
Net movement in funds for the year
Closing reserves 31 December 2023|2023
£
342,204
20,395
362,599|2022
£
379,614
(37,410)| |---|---|---| |||342,204| 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 2023 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. ## Responsibilites 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 13 May 2024 10