Financial Statements Ninety-fifth Annual Report and Accounts - 2013
The following is a summary of the salient financial features of the Society for the year ended 31 December 2013.
Membership
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.
Contributions from Members
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.
