About Us
About Us
Who and what is Red Rose Friendly Society Limited ?
Red Rose Friendly Society was founded in 1863 as Blackburn Philanthropic Mutual Assurance Society and changed its name to Red Rose Friendly Society in 1999 when it became incorporated. It is owned by policyholders and as such does not pay dividends to shareholders.
The Society operates an asset share and fund allocation policy to ensure that it matches risk and potential reward in an appropriate way.
It is subject to an annual valuation by an appointed actuary who recommends to the Committee of Management the level of interim and final bonus which should be paid to all members . This recommendation is based on the results of the annual valuation.
Business Objectives of the Society:
The principle activity of the Society is the transaction of long term life assurance within the United Kingdom through ordinary branch business.
Review of Activities:
2008 continued where 2007 ended. Throughout both the UK and globally there has been unprecedented volatility in financial services. Red Rose has not been immune to these economic problems and , whilst we had no direct exposure to the failure of the banks and larger financial institutions the problems do have a pronounced effect on consumer confidence in which the Society operates. The result of this is that, despite the Board maintaining a very defensive , low risk position with its investments the value of its assets declined by 5.12% to £7,784,040.
Despite the economic situation throughout the country, sales of new business rose by 8.3% and premium income increased to £951,166.
During 2009 we are seeking to launch a new exciting Family Funeral Plan which will cover up to 6 members of a family. If you are interested in this policy please contact us now and we will notify you as soon as the launch is announced.
Other new products will follow during 2009 and 2010.
As a Friendly Society the business is managed by a Committee of Management which is elected by members of the Society.
Your present Committee of Management is:
| Chairman: | James H Geddes JP.,MA |
|---|---|
| Chief Executive: | Colin G Silcock MIoD |
| Senior Independent Director: | John B Haworth LLB |
| Non-Executive Directors: | Anthony M Hedley FCA MSI Anthony N Totham FCA ATII Alan Guest CITP MBCS |
A full appraisal of the Committee of Management was carried out at the beginning of 2008 and it was agreed that it needed further strengthening in IT and Risk Assessment skills. A new non-executive director , Mr Alan Guest , was therefore co-opted onto the Board and he will stand for election to the Board at this year’s AGM.
Three of the directors, Mr James Geddes, Colin Silcock and John Haworth have now reached the age of 70 years but, at the request of the other three directors , have agreed to offer themselves for re-election at the AGM for a further twelve months. This decision has not been taken lightly but the other non-executive directors of the Board are all of the opinion that the skills and extensive expertise and experience of these three members are such that the Society would benefit greatly by retaining their services for the next twelve months in view of the grave economic problems facing the financial sector in which the Society operates.
Annual General Meeting:
The Annual General Meeting will be held at the registered offices , Parkgates, 52a Preston New Road , Blackburn on Thursday 2nd April 2008 at 6pm.
Attendance at this meeting is restricted to policyholders over the age of 16 years (Parents/Grandparents who have proposed a policy for a child under the age of 16 years are not eligible to vote or propose a resolution at an Annual General Meeting.)
AGENDA
- Apologies:
- Minutes of the 144th Annual General Meeting:
- Matters arising:
- To receive the Annual Accounts & Report and the Committee of Management Report for the year ended 31st December 2008
- To receive the Auditors Report..
- To re-elect Messrs James H Geddes, Colin G Silcock and John B Haworth as members of the Committee of Management for the ensuing year. (There have been no other nominations under the Rules of the Society)
- To elect Mr Alan Guest to the Committee of Management to serve until 2013. (There has been no other nomination under the Rules of the Society).
- To re-appoint PM&M Solutions for Business LLP as auditors for the ensuing year.
- Any other business in accordance with the Rules of the Society.
| Bankers: | Royal Bank of Scotland plc 58-62 King William Street Blackburn Lancashire BB1 7HU |
|---|---|
| Auditors: | PM&M Solutions for Business LLP Oakmount. 6 East Park Road Blackburn BB1 8BW |
| Actuaries: | OAC Actuaries and Consultants Portsoken House Minories London EC3N 1LJ |
| Solicitors: | Hill Dickinson 2 Fountains Court Manchester M2 2AS |
| Fund Manager: | Citi - Quilter Queen’s Quay 33-35 Queen Square Bristol BS14LU |
Other information:
| Audit Committee: | Mr Anthony M Hedley (Chairman) Mr James H Geddes Mr A Guest. |
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The role of this committee is to monitor the integrity of the annual financial accounts reviewing significant financial reporting judgements contained in them , reviewing the Society’s internal financial controls and Risk Management and monitoring the formal announcements relating to the Society’s performance.
It is also part of their duties to review and monitor the effectiveness of the internal and external auditors’ independence , objectivity and the effectiveness of the audit process.
The Audit Committee reports directly to the full Board identifying any matters in respect of which it considers action or improvements are needed and making recommendations as to the steps to be taken.
Resources , Recruitment & Organisation Committee:
Mr Anthony M Hedley (Chairman)Mr Anthony N Totham
Mr Alan Guest
The role of this committee is to monitor the resources available within the Society and to oversee and advise on Board/Staff recruitment.
The Committee reports directly to the full Board identifying any matters where it considers action or improvements within the structure of the Society are needed and making recommendations as to how these can be achieved
Committee of Management Remuneration:
Members of the Committee of Management are not paid annual bonuses nor do they enjoy any pension rights. Their remuneration is not linked to performance but they do receive the same annual cost of living increase as other staff members . This is normally linked to the cost of living index published in October each year. In 2009 they have reduced this increase for both the Committee and the Staff by 50% in view of the present financial crisis within the country.
Staffing: As a responsible employer we are committed to supporting our staff in developing and deploying their potential and have maintained a stable and well qualified staff . There have been no changes in staff throughout the Society for the past three years.
Valuation Statement: An actuarial valuation of the Society’s Long Term business was made as at 31st December 2008 in accordance with the Interim Prudential Sourcebook for Friendly Societies Instrument 2001 .
In the opinion of our appointed actuary , Mr Christopher Critchlow of OAC plc the Society had the necessary margin of solvency as prescribed in the regulations made under Section 48 (2) of the Friendly Societies Act 1992 for each class of business as at 31st December 2008.
Mr Critchlow has confirmed that the valuation reveals a surplus in the long term business fund after meeting statutory solvency requirements.
If you require any further information on the Society or its products, please contact us by letter,(Parkgates, 52a Preston New Road, Blackburn BB2 6AH) phone (01254 222702) or e-mail (info@redroseassurance.co.uk)
