THE WORSHIPFUL COMPANY OF ACTUARIES

STATEMENT OF ACCOUNTS

FOR THE PERIOD

1 AUGUST 2008 UNTIL 3 SEPTEMBER 2009

THE WORSHIPFUL COMPANY OF ACTUARIES

CONTENTS

Page
Balance Sheet / 1
Income and Expenditure Account / 2
Notes to the Accounts / 3/5
Report of the Auditors / 6

THE WORSHIPFUL COMPANY OF ACTUARIES

BALANCE SHEET

AT 3 SEPTEMBER 2009

Note / 2009 / 2008
£ / £
INVESTMENTS AT COST / 8 / 169,441.32 / 168058
CURRENT ASSETS
Sundry Debtors / 9 / 3993.21 / 4148
Cash at Bank & Broker / 33789.49 / 21014
37782.70 / 25162
CURRENT LIABILITIES
Sundry Creditors / 10 / 32747.12 / 13484
Balance of Allocation to Charitable Trust / 93.75 / 94
32840.87 / 13578
NET CURRENT ASSETS / 4941.83 / 11584
£ / 174383.15 / £ / 179642
ACCUMULATED FUND
Balance at 1 August 2008 / 179642.21 / 170039
Surplus/(Deficit) for the period ended 3 September 2009 / (5259.06) / 9603
Balance at 3 September 2009 / £ / 174383.15 / £ / 179642

A Waddingham - Master

C R Hawkes - Chairman, Finance Committee

Approved on the day of January, 2010.

THE WORSHIPFUL COMPANY OF ACTUARIES

INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 3 SEPTEMBER 2009

Note / 1/8/2008 - 3/9/2009 / 1/8/2007 - 31/7/2008
£ / £
INCOME
Quarterage / 2 / 36662.00 / 33610
Freedom, Livery and Court Fines / 3 / 2500.00 / 1307
Donation towards Annual Review / 1000.00 / 1000
Donations to Charitable Trust / - / 100
Sale of Brooches, Badges, etc / 4 / 2738.42 / 3143
Investment Income / 8 / 8264.48 / 8132
Net realized gain on Investment / - / 10650
51164.90 / 57942
Loss on Functions : / 5 / 5539.00 / 3777
Provision for unpaid Quarterage / 9 / 2280.00 / -
43345.90 / 54165
EXPENDITURE
Clerk's Expenses / 2809.28 / 2179
Clerk's Remuneration / 13658.33 / -
Beadle / 6 / 1967.80 / 1517
Secretarial Services / 6500.00 / 6237
Hire of Halls / 6 / 8390.00 / 3588
Badges, Brooches, etc / 4 / 1957.50 / 11599
Insurance / 1197.13 / 1057
Website / - / 573
Rent - Institute of Actuaries / - / 600
- Vintners’ Hall / 1463.94 / 1151
Newsletter/Annual Review / 1886.92 / 1456
University Lectures at Kent and LSE / 1416.42 / 1000
Royalist Regatta / 1000.00 / 1000
City Heritage Exhibition / - / 1000
Masters Board / - / 2707
Charitable Trust Donations / - / 3037
Miscellaneous / 6090.02 / 5868
48337.34 / 44569
Surplus/(Deficit) before Taxation / (4991.44) / 9596
Taxation / 7 / (267.62) / 7
Surplus/( Deficit) transferred to
Accumulated Fund / £ / (5259.06) / £ / 9603

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THE WORSHIPFUL COMPANY OF ACTUARIES

NOTES TO THE ACCOUNTS

PERIOD ENDED 3rd SEPTEMBER 2009

  1. The activities of The Worshipful Company of Actuaries were transferred as a going concern to The Worshipful Company of Actuaries incorporated by Royal Charter on 4th September 2009. These accounts cover the 13 month period from 1st August 2008 to 3rd September 2009.
  1. QUARTERAGE

£34230 of Quarterage for the 12 month period 1 July 2009 – 30 June 2010 had been collected by 3 September 2009. One twelfth of this amount (£2852), together with Quarterage for the previous 12 months, has been included as Quarterage income for the 13 month accounting period. The balance (£31378) of the 2009/10 Quarterage collected has been shown as a sundry creditor in Note 10 below.

3. FREEDOM, LIVERY and COURT FINES

For the period ended 3 September 2009, these represent the total fines receivable. The 2008 figures for freedom and livery fines are net of a 25% allocation to the Charitable Trust.

2009 / 2008
Freedom Fines / £ / 400.00 / £ / 37
Livery Fines / 2000.00 / 1170
Court Fines / 100.00 / 100
2500.00 / 1307

4.STOCKS

The cost of badges, badge dies, ties, Christmas cards, ladies' brooches, plaques, books, scarves and DVDs is written off in the year of purchase. No stock is therefore included in the Accounts.

5.FUNCTIONS

The profit (loss) arising on functions is made up as follows :

Lecture, Staple Inn - 24 February 2009 / (2601.02)
Dinner, Armourers’ Hall - 8 October 2008 / 473.40
Fireworks Party - 8 November 2008 / 51.07
Carol Service Supper - 15 December 2008 / 139.39
Banquet, Mansion House - May 2009 / 1312.44
Livery Lunch - 2 April 2009 / (1085.48)
City Heritage Walk - 17 October 2008 / 118.00
Dinner, Fishmongers’ Hall - 14 July 2009 / (1363.25)
Dinner Goldsmiths Hall - 15 January 2009 / (2681.74)
Ten Pin Bowling - 16 March2009 / 98.19
£ / (5539.00)

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THE WORSHIPFUL COMPANY OF ACTUARIES

NOTES TO THE ACCOUNTS (Continued)

PERIOD ENDED 3rd SEPTEMBER 2009

6.The costs of the Beadle and from August 2006 the cost of Hall hire are shown separately, instead of under Costs of Functions.

7.TAXATION

Tax is payable on the Company's unfranked investment income during the period ended 3 September 2009

8. / INVESTMENTS AT BOOK VALUE / 3 September 2009 / 31 July 2008
£10,000 (£10,000) 2.5% Index-Linked Tsy 2011 / £ / 23,644.72 / £ / 23,645
8,300 (8,300) Alliance Trust / 15,171.47 / 15,171
9,100 (9,100) Bankers Trust / 14,941.93 / 14,942
50,000 (50,000) Fidelity Moneybuilder UK index / 33647.55 / 32635
17,344 (17,344) Foreign & Colonial
Investment Trust / 15,103.64 / 15,104
5,000 (5,000) Aberdeen All Asia / 12,803.36 / 12,803
15,000 (15,000) M & G Recovery Sterling
A income / 4,194.96 / 4195
4,500 (4500) Templeton Emerging Markets / 19,074.57 / 19075
13,700 (13,700) Invesco Perpetual
International Equity Fund Accumulation / 10,756.10 / 10,385
7,000 (7,000) Monks Investment Trust / 10,167.22 / 10,167
2,000 (2,000) Murray International / 9,935.80 / 9,936
£ / 169441.32 / £ / 168058
Market Value as at 3 September 2009 / £ / 258075.36 / £ / 278967

Book Value is at Cost plus accumulated dividends less dividend equalisation payments and capital repayments.

The investment income of £8264.48 includes £557.77 of interest earned on Bank deposits.

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THE WORSHIPFUL COMPANY OF ACTUARIES

NOTES TO THE ACCOUNTS (Continued)

PERIOD ENDED 3rd SEPTEMBER 2009

9. / SUNDRY DEBTORS / 2009 / 2008
Quarterage due / £ / 600.00 / £ / 2430
Dividend due / - / 166
Function Payments / 163.48 / 65
VAT / 2442.23 / 357
Tax reclaim due / - / 347
Payments in advance / 787.50 / 167
Payments for badges / - / 616
£ / 3993.21 / £ / 4148

Provision has been made against Quarterage outstanding for more than a year

10. / SUNDRY CREDITORS
Quarterage overpaid / 400.00 / 250
Quarterage in advance / 31378.00 / 510
Function Expenses / 128.00 / 7,036
Payments in advance / 73.50 / -
Tax due / 267.62 / -
Audit Fee / - / 1,150
Charitable Trust / - / 3,438
Institute of Actuaries - rent / - / 600
Secretarial / 500.00 / 500
£ / 32747.12 / £ / 13484

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REPORT OF THE EXAMINER

TO THE MEMBERS OF THE WORSHIPFUL COMPANY OF ACTUARIES

I have examined the Accounts and Notes set out on pages 1 to 5 in accordance with approved standards.

Respective Responsibilities of Management and Examiner

The Court of The Worshipful Company of Actuaries is responsible for the preparation of the Financial Statements. It is my responsibility to examine those Statements and to report my opinion to you.

Opinion

In my opinion the Financial Statements give a true and fair view of the state of the Company's affairs at 3rd September 2009 and of the Income and Expenditure for the 13 month period then ended.

Sally Daboo

January 2010

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