Financial results for 2007 - Foresters Friendly Society

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35075 - Annual Report and Accounts 2008:Report&Accounts 22/7/08 13:11 Page 21Directors’ Remuneration Report (continued)Salary/ Salary as Bonuses Benefits Pension Total 2006Fees Court Official ContributionsNon Executives £ £ £ £ £ £ £G Carpenter 16,481 - - - - 16,481 11,518M Baker 19,009 300 10,000 - - 29,309 16,841A Pooley 12,888 3,192 - - - 16,080 10,841A Battershill 12,000 700 - - - 12,700 9,991M Clarke 12,000 - - - - 12,000 7,551J Levett 13,088 1,722 - - - 14,810 9,793M Nightingale 9,040 199 - - - 9,239 7,894P O’Nions 12,000 - - - - 12,000 -C Genese 3,554 900 - - - 4,454 -A Lovell 3,554 - - - - 3,554 -J Anderson - - - - - - 17,031M Harris - - - - - - 3,415ExecutivesM Rothery 86,520 - 13,000 11,027 15,401 125,948 125,634P Osborn 72,100 - 5,000 9,464 7,210 93,774 -G Bloor 5,574 - ---- 2,527 557 8,658 -277,808 7,013 28,000 23,018 23,168 359,007 220,509After Mr Baker’s retirement, the Board determined that the Society should pay a bonus of £10,000 to reflect his outstanding services tothe Society over a number of years. This was not determined or paid to Mr Baker whilst he was a serving Director but has been includedabove to reflect best practice.Directors’ Pension BenefitsNon-Executive Directors do not receive any pensionable benefits from the Society. The Chief Executive is a member of the Foresters finalsalary pension scheme, as described in note 20 on pages 38 to 40. This is a contributory pension scheme that is designed to provideretirement, dependents and life assurance benefits. All members of the scheme receive the same pension entitlements. The table belowsets out disclosures of the scheme.Age at Years of Pension Accrued Transfer Increase in Transfer31.12.07 Service Accrued pension at value of transfer value value ofduring 2007 31.12.2007 accrued in the year accruedpension atpension at31.12.06 31.12.07£ £ £ £ £M Rothery 46 17 1,006 19,684 164,342 28,236 192,578The accrued pension entitlement is the amount that the Director would receive if he retired at the end of the year. The increase in the accruedbenefit is the difference between the accrued benefit at the end of 2007 and that at the end of 2006. All transfer values have been computedon the basis of actuarial advice in accordance with Actuarial Guidance Note GN11. The transfer values of the accrued pension entitlementrepresent the value of assets that the pension scheme would need to transfer to another pension provider on transferring the scheme liabilityin respect of the director's pension liability. They do not represent a sum payable to the director and can not be added meaningfully to annualremuneration. All other Executive Directors are members of the Group Personal Pension Scheme, which is a money purchase stakeholderpension scheme with Scottish Widows plc. The Society has made contributions as highlighted in the remuneration table above.20
35075 - Annual Report and Accounts 2008:Report&Accounts 22/7/08 13:11 Page 22Independent Auditors’ Report to theMembers of The Ancient Order of Foresters Friendly Society LimitedWe have audited the financial statements of The Ancient Order ofForesters Friendly Society Limited for the year ended 31 December2007 which comprise the Income and Expenditure Accounts,the Balance Sheet, the Statement of Total Recognised Gains andLosses and the related notes. These financial statements havebeen prepared under the accounting policies set out therein. Weare also required to report on the Directors’ Report for the yearended 31 December 2007.Respective responsibilitiesof the Directors and AuditorsOur report has been prepared pursuant to the requirements ofSection 73 of the Friendly Societies Act 1992 and for no otherpurpose. No person is entitled to rely on this report unless such aperson is a person entitled to rely upon this report by virtue of andfor the purpose of the Friendly Societies Act 1992 or has beenexpressly authorised to do so by our prior written consent. Save asabove, we do not accept responsibility for this report to any otherperson or for any other purpose and we hereby expressly disclaimany and all such liability.Basis of audit opinionThe Board’s responsibilities for preparing the Annual Report andthe financial statements in accordance with applicable law andUnited Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice) are set out in the Directors’ Report.Our responsibility is to audit the financial statements in accordancewith relevant legal and regulatory requirements and InternationalStandards on Auditing (UK and Ireland).We report to you our opinion as to whether the financialstatements give a true and fair view and have been properlyprepared in accordance with the Friendly Societies Act 1992 andthe regulations made under it. In addition we report to you if, inour opinion, the Society has not kept proper accounting records,or if we have not received all the information, explanations andaccess to documents we require for our audit, or if informationspecified by law regarding Board members’ remuneration andother transactions is not disclosed.We review whether the Corporate Governance Statement reflectsthe Society’s compliance with the nine provisions of the AnnotatedCombined Code specified for our review by the Rules of theFinancial Services Authority, and we report if it does not. Weare not required to consider whether the board’s statements oninternal control cover all risks and controls, or form an opinionon the effectiveness of the Society’s corporate governanceprocedures or its risk and control procedures.We also report to you our opinion as to whether the Directors’Report has been prepared in accordance with the Friendly SocietiesAct 1992 and the regulations made under it, and as to whether theinformation given therein is consistent with the financial statements.We read the other information contained in the Report andAccounts and consider whether it is consistent with the auditedfinancial statements. This other information comprises only theChairman’s Statement, the Directors’ Report and the Directors’Remuneration Report. We consider the implications for our reportif we become aware of any apparent misstatements or materialinconsistencies with the financial statements. Our responsibilitiesdo not extend to any other information.We conducted our audit in accordance with InternationalStandards on Auditing (UK and Ireland) issued by the AuditingPractices Board. An audit includes examination, on a test basis,of evidence relevant to the amounts and disclosures in thefinancial statements. It also includes an assessment of the significantestimates and judgments made by the Board in the preparation ofthe financial statements, and of whether the accounting policiesare appropriate to the Society’s circumstances, consistently appliedand adequately disclosed.We planned and performed our audit so as to obtain all theinformation and explanations which we considered necessary inorder to provide us with sufficient evidence to give reasonableassurance that the financial statements are free from materialmisstatement, whether caused by fraud or other irregularity or error.In forming our opinion we also evaluated the overall adequacy ofthe presentation of information in the financial statements.OpinionIn our opinion:• the financial statements give a true and fair view, in accordancewith United Kingdom Generally Accepted Accounting Practice,of the state of the Society's affairs as at 31 December 2007and of its income and expenditure for the year then ended;• the financial statements have been properly prepared inaccordance with the Friendly Societies Act 1992 and theregulations made under it; and• the Directors’ Report has been prepared in accordance withthe Friendly Societies Act 1992 and the regulations madeunder it and the information given therein is consistent withthe financial statements for the financial year.BDO STOY HAYWARD LLPChartered Accountantsand Registered AuditorsSouthampton26th March 200821
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Financial results for 2007 - Foresters Friendly Society

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