Registered Charity No: 235989
THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2024
THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
CONTENTS
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Independent examination 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 R Mitchell MBE (Deceased 26 April 2025) |
| Mrs A Wilson (Resigned 31/05/2024) | |
| Mrs F Casswell | |
| Mr T Casswell (Appointed 29/01/2025) | |
| Registered office | North House |
| 198 High Street | |
| Tonbridge | |
| Kent TN9 1BE | |
| Bankers | CAF Bank |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent ME19 4JQ |
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees submit their annual report together with the financial statements of The Overseas Service Pensioners Benevolent Society for the year ended 31 December 2024. 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 R Mitchell MBE (Deceased 26 April 2025) Mrs A Wilson (Resigned 31/05/2024) Mrs F Casswell Mr T Casswell (Appointed 29/01/2025)
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 20 beneficiaries during the year. The financial support provided was regular payments of £28,007.
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
The results for the year are set out in the statement of financial activities on page 4 and the position at the end of the year is shown in the balance sheet on page 5. The total income for the year was £38,657, compared to £6,267 in 2023 and expenditure was £37,968 compared to £83,423 in 2023, which resulted in a deficit of £303 (2023: £74,720 deficit) after net loss on investments of £992 (2023: £2,436 - net gain).
The Society's free reserves amounted to £49,409 (2023: £49,712). 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. In this respect, the last of the investments were liquidated in March 2024, however, due to receiving some significant bequests in the current year, this has almost covered the total expenditure which has led to only a small deficit in 2024, therefore the charity continues to hold free reserves.
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:
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.[select suitable accounting policies and then apply them consistently;]
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.[observe the methods and principles in the Charities SORP FRS 102;]
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.[make judgements and estimates that are reasonable and prudent;]
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.[state whether applicable United Kingdom Accounting Standards have been followed, subject to any ] material departures disclosed and explained in the financial statements; and
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.[prepare the financial statements on the going concern basis unless it is inappropriate to presume that ] the charity will continue in operation.
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 ….............. and was signed on its behalf by:
Mrs F Casswell Trustee
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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 2024.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the
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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: …................................
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Income from: Donations and legacies 2 Investments Bank interest Dividends Total income Expenditure on: Charitable activities Financial assistance to beneficiaries 3 Support costs Travel Expenses General support costs Bank charges Governance function Accountancy 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 2024 £ 38,161 97 399 38,657 28,007 - 61 9,900 37,968 (992) (303) 49,712 49,409 |
Restricted Funds 2024 £ - - - - - - - - - - 3,201 3,201 |
Total Funds 2024 £ 38,161 97 399 38,657 28,007 - 61 9,900 37,968 (992) (303) 52,913 52,610 |
Total Funds 2023 £ 3,435 128 2,704 |
|---|---|---|---|---|
| 6,267 | ||||
| 69,428 66 59 13,870 |
||||
| 83,423 | ||||
| 2,436 | ||||
| (74,720) 127,633 |
||||
| 52,913 |
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
BALANCE SHEET AS AT 31 DECEMBER 2024
| 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 |
2024 2024 £ £ - - - - 56,140 56,140 (3,530) 52,610 52,610 49,409 3,201 52,610 |
2023 2023 £ £ 37,925 37,925 5,269 3,115 9,624 18,008 (3,020) 14,988 52,913 49,712 3,201 52,913 |
2023 2023 £ £ 37,925 37,925 5,269 3,115 9,624 18,008 (3,020) 14,988 52,913 49,712 3,201 52,913 |
|---|---|---|---|
| 52,913 | |||
| 49,712 3,201 |
|||
| 52,913 |
The accounts were approved by the Trustees on …................
Mrs F Casswell Trustee
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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).
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.
Going concern
The charity anticipated continuing up to the end of 2024, however this current year the charity has received some significant income from bequests which has almost covered the total expenditure.
Based on the above the trustees have adopted the going concern basis of accounting.
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.
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 |
2024 £ 1,565 36,596 38,161 |
2023 £ 2,435 1,000 |
|---|---|---|
| 3,435 |
3 Expenditure on charitable activities
The direct costs relate to financial assistance paid to individual beneficiaries of £28,007 from unrestricted funds (2023: £68,928) and £nil from restricted funds (2023: £500).
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 Debtors Prepayments Accountancy Fees Accountancy Fees |
2024 £ 37,925 (36,933) (992) - - - - 2024 £ - |
2023 £ 114,659 (79,170) 2,436 |
|---|---|---|
| 37,925 | ||
| 21,669 16,256 |
||
| 37,925 | ||
| 2023 £ 5,269 |
||
| - 2024 £ 1,050 |
5,269 | |
| 2023 £ 1,030 |
5 Debtors
6 Accountancy Fees
Accountancy Fees
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 £ £ £ 49,712 37,665 (37,968) 3,201 - - 52,913 37,665 (37,968) |
Carried forward £ 49,409 3,201 |
|---|---|---|
| 52,610 |
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 Analysis of net assets between funds Investments Net current assets |
Brought forward Income and gains Expenditure and losses £ £ £ 123,932 8,703 (82,923) 3,701 - (500) 127,633 8,703 (83,423) Unrestricted Funds Restricted Funds Total Funds 2024 2024 2024 £ £ £ - - - 49,409 3,201 52,610 49,409 3,201 52,610 |
Carried forward £ 49,712 3,201 |
|---|---|---|
| 52,913 | ||
| Total Funds 2023 £ 37,925 14,988 |
||
| 52,913 |
8 Analysis of net assets between funds
In the prior year, restricted funds of £3,201 related to net current assets
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THE OVERSEAS SERVICE PENSIONERS BENEVOLENT SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9 Related party transactions
The key management personnel of the charity are considered to be the trustees.
Trustees did not receive any remuneration or benefits during the period (2023: Nil). No trustees received reimbursement of travel expenses to trustees meetings (2023: £66).
There were no related party transactions in the year (2023: Nil).
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