The following is a summary of the salient financial features of the Society for the year ended 31 December 2013.
A full version of the Report and Accounts is available for download from the Member Downloads page, along with those for previous years.
The membership of the Society was 430 as at 31 December 2013 compared to 433 a year earlier. 55 new members were enrolled during the year, the highest for over 3 years. However 60 members resigned for various reasons. There were 19 retirements of which 12 were maturoties and 7 terminated early on medical grounds.Total Assets
As at 31 December 2013 the total net assets amounted to £1,202,495 at market value compared to £1,159,641 a year earlier.
Members' contributions for 2013 were £24,233, compared to £25,751 received in 2012.Investment Income
Income received by way of interest and dividends from investments amounted to £53,810 during 2013 compared to £51,132 a year earlier.Benefit Payments
Sickness benefits of £15,284r were paid to members during 2013 compared to £120,306 a year earlier. Maturities, surrenders and death benefits accounted for £14,269 compared to £15,012 in 2012.Expenses of Management
The total costs of running the Society during 2011 were £75,950 compared to £77,032 in 2012.
Mr B - Medical Retirement Private MemberMr B retired for medical reasons at age 64 after 42 years of membership. He received a lump sum payment from the Provident Fund of £800.20 in return for total contributions paid of £318.28 He had also claimed £488.10 in sickness benefits during his membership, having paid in contributions of £980.89 to the Sick Fund,receiving £246.40 refund
Total pay out of £1046.60
Mr W NorthfleetMr W retired at 65 after 30 years of membership of the Society. He received a lump sum payment from the Provident Fund of £765.00 in return for total contributions paid of £312.80 In addition, as a result of his good sickness record (he had claimed just £40.00 in sickness benefits during his membership), he received a partial refund of his contributions to the Sick Fund amounting to £437.65
A total payout of £1,202.65
Mr S- Medical RetirementAlthough Mr S has only been a member of the Society for 8years, he has unfortunately suffered with ill health on a regular basis, and received a total of £735.50 from the Sick Fund in return for total contributions of £302.40 On being medically retired he also received a payment of £215.00 from the Provident Fund having paid £77.60 in contrbutions
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