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2020-12-31-accounts

Registered Charity No: 235989

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

UNAUDITED FINANCIAL STATEMENTS

for the year ended 31 December 2020

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

CONTENTS

Page
Reference and administrative information 1
Trustees' report 2 - 3
Independent Examiner's Report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7-11

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity registration number 235989
Trustees Mr D Le Breton CBE
Mr R Mitchell MBE
Mr D T N Payne
Mr T J Tawney
Mrs A Wilson
Registered office North House
198 High Street
Tonbridge
Kent TN9 1BE
Independent Examiner Samantha Wells FCA CTA
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent TN9 1BE
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ

1

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees submit their annual report together with the financial statements of The Overseas Service Pensioners Benevolent Society for the year ended 31 December 2020. The Trustees have adopted the provisions of "Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP FRS 102).

Structure, governance and management

The Society is a registered charity. It is governed by its Constitution which was adopted on 19 June 1967 and updated on 19 June 2014.

Trustees are recruited by the existing Trustees as they deem fit for the role.

The Trustees who served during the year were:

Mr D Le Breton CBE Mr R Mitchell MBE Mr D T N Payne Mr T J Tawney Mrs A Wilson - Appointed 13 January 2020

Objectives and activities

The principal activity of the Society is to relieve poverty by giving financial assistance to pensioners who were members of Her Majesty's Overseas Civil Service (HMOCS) or who served on similar terms in the Southern Rhodesian Public Service, The Central African Federation Public Service or the Sudan Civil Service.

The Society provides financial assistance by way of grants to the beneficiaries to help relieve poverty.

In setting objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit.

Achievements and performance

The Society was able to provide financial support to 68 beneficiaries during the year. The financial support provided was a combination of one off specific grants of £950 and regular payments of £82,179.

Over half of the beneficiaries, or their dependants, live mainly in Zimbabwe or South Africa. Many of those in South Africa are assisted with the help of the Flame Lily Foundation. Those in Zimbabwe are mostly helped by the UK-based charity ZANE with whom the charity works very closely.

2

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

The results for the year are set out in the statement of financial activities on page 5 and the position at the end of the year is shown in the balance sheet on page 6. The total income for the year was £68,516, compared to £16,841 in 2019 and expenditure was £97,885 compared to £110,160 in 2019, which resulted in a deficit of £29,598 (2019: £70,613 deficit) after net loss on investments of £229 (2019: net gain of £22,706).

The Society's free reserves amounted to £312,035 (2019: £340,683). The Trustees do not have a reserves policy on the basis that the Charity aims to provide financial assistance to an increasingly aged group of beneficiaries and that at some point in the future the number of surviving beneficiaries will be significantly reduced.

Trustees' responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

This Annual Report was approved by the Trustees on 7 October 2021 and was signed on its behalf by:

D T N Payne Chairman

3

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

I report to the trustees on my examination of the accounts of The Overseas Service Pensioners Benevolent Society (‘the Charity’) for the year ended 31 December 2020.

Responsibilities and basis of report

As the Charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Book-keeping services are currently provided by Lindeyer Francis Ferguson, however in completing my examination work I have applied the Financial Reporting Council’s Revised Ethical Standard.

Independent examiner’s statement

I have completed my examination. I confirm that no material 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 Charity as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the

  4. form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

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.

Samantha Wells FCA CTA Lindeyer Francis Ferguson Limited Chartered Accountants North House, 198 High Street Tonbridge, Kent TN9 1BE Date: 18 October 2021

4

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Income from:
Donations and legacies
2
Investments
Bank interest
Dividends
Total income
Expenditure on:
Charitable activities
Financial assistance to beneficiaries
3
Support costs
General support costs
Bank charges
Governance function
Other examiner's fees - accountancy
Examiner's fees
Total expenditure
(Losses)/Gains on investments
4
Net expenditure and net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
7		 Unestricted
Funds
2020

£

60,457
6
8,053
68,516

82,179
92
13,524
1,140
96,935

(229)
(28,648)
340,683

312,035		 Restricted
Funds
2020
£
-
-
-
-
950
-
-
-
950
-
(950)
9,570
8,620		 Total
Funds
2020
£
60,457
6
8,053
68,516
83,129
92
13,524
1,140
97,885
(229)
(29,598)
350,253
320,655		 Total
Funds
2019
£
5,595
11
11,235
16,841
96,714
80
13,366
-
110,160
22,706
(70,613)
420,866
350,253

5

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
Fixed assets
Investments
4
Current assets
Debtors
5
COIF Charities Deposit account
Cash at bank
Creditors: amounts falling due within one year
Sundry creditors and accruals
Net current assets
Net assets
Charity Funds:
Unrestricted Funds:
General Purposes Fund
Restricted Funds:
Holiday and Special Needs Fund
TOTAL FUNDS
7		 2020
2020
£
£
257,945
257,945
43,910
2,392
19,732
66,034
(3,324)
62,710
320,655
312,035
8,620
320,655		 2019
2019
£
£
328,174
328,174
5,548
2,115
15,736
23,399
(1,320)
22,079
350,253
340,683
9,570
350,253		 2019
2019
£
£
328,174
328,174
5,548
2,115
15,736
23,399
(1,320)
22,079
350,253
340,683
9,570
350,253
350,253
340,683
9,570
350,253

The accounts were approved by the Trustees on 7 October 2021.

D T N Payne Chairman

6

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

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

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP FRS 102).

The Overseas Service Pensioners Benevolent Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Incoming resources

Donations are recognised when the charity has entitlement to the funds, any performance conditions attached to the funds have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from legacies is recognised when there has been a grant of probate, the executors have established that there are sufficient assets in the estate to pay the legacy, and any conditions attached to the legacy are within the charity's control or have been met.

Grant income is recognised when a formal offer is made in writing to the Society, unless the grant contains terms and conditions which must be met before the charity is entitled to the funds.

Income from investments, is stated at the amounts receivable.

Resources expended

Expenditure is recognised when there is a legal or constructive obligation to transfer resources to a third party, settlement is probable and the amount can be measured reliably. Expenditure is stated gross of irrecoverable VAT and has been classified under headings that aggregate all costs related to the category. Grants payable are accounted for when the grant has been promised in writing to the recipient.

7

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

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

1 Accounting policies (continued)

Financial instruments

The charity only has financial instruments of a kind that qualify as basic financial instruments. Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in the statement of financial activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for the particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Investments

Investments held are stated at market value. All movements in valuation are taken to the Statement of Financial Activities.

Status

The Society is a charity registered with the Charity Commission in England & Wales. Its registered address is North House, 198 High Street, Tonbridge, Kent, TN9 1BE.

2 Income from donations and legacies

Donations
Legacies		 2020
£
5,496
54,961
60,457		 2019
£
5,595
-
5,595

3 Expenditure on charitable activities

The direct costs relate to financial assistance paid to individual beneficiaries of £82,179 from unrestricted funds (2019: £91,103) and £950 from restricted funds (2019: £5,611).

8

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

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

4 Fixed assets - Investments

Market value at 1 January
Disposals
(Losses)/gains on investments
Market value at 31 December
Analysis of funds (all held within the UK):
Fixed Interest Funds
Equity Based Funds
5
Debtors
Prepayments
Accrued income
6
Accountancy and Independent Examiner Fees
Accounts and Independent Examiner Fees		 2020
£
328,174
(70,000)
(229)
257,945
171,198
86,747
257,945
2020
£
5,173
38,737		 2019
£
355,468
(50,000)
22,706
328,174
226,402
101,772
328,174
2019
£
5,548
-
43,910
2020
£
864		 5,548
2019
£
840

9

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

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

7 Movements in funds

Current year
Unrestricted funds
General Purposes Fund
Restricted funds
Holiday and Special Needs Fund
Total		 Brought
forward
Income
and gains
Expenditure
and losses
£
£
£
340,683
68,287
(96,935)
9,570
-
(950)
350,253
68,287
(97,885)		 Carried
forward
£
312,035
8,620
320,655

The Holiday and Special Needs Fund relates to funds that have been received from two charities, The Everest Home of Rest and CSIS (Civil Service Insurance Society). These funds have been received to enable beneficiaries to take holidays or respite care which they could not otherwise afford, or to cover medical bills or other urgent household needs.

Prior year
Unrestricted funds
General Purposes Fund
Restricted funds
Holiday and Special Needs Fund
Total		 Brought
forward
Income
and gains
Expenditure
and losses
£
£
£
405,685
39,547
(104,549)
15,181
-
(5,611)
420,866
39,547
(110,160)		 Carried
forward
£
340,683
9,570
350,253

8 Analysis of net assets between funds

Investments
Net current assets		 Unrestricted
Funds
Restricted
Funds
Total
Funds
2020
2020
2020
£
£
£
257,945
-
257,945
54,090
8,620
62,710
312,035
8,620
320,655		 Total Funds
2019
£
328,174
22,079
350,253

In the prior year, restricted funds of £9,570 related to net current assets

10

THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY

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

9 Related party transactions

The key management personnel of the charity are considered to be the trustees.

Trustees did not receive any remuneration, benefits or reimbursed expenses during the period (2019: Nil).

There were no related party transactions in the year (2019: Nil).

11