The Funeral Trustee Company Ltd. Annual Report

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Kristian Payne
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1 The Funeral Trustee Company Ltd Annual Report For the Year Ended 31 st December

2 Introduction We are delighted to present the 2nd Annual Report of The Funeral Trustee Company Limited (TFTC). TFTC is a company limited by guarantee, and was established in 2014 to manage the funds received from the sale of Funeral Plans made by Go As You Please Funerals 2009 Ltd. TFTC undertakes to invest any such funds safely and responsibly in the Trust, guaranteeing the provision of Funeral Directors services in accordance with the Funeral Plan Guarantee. Although not currently registered, The Funeral Trustee Company Ltd aspires to the standards of the Funeral Planning Authority (FPA), the self-regulating body for the UK Funeral Planning Sector. Further information can be found at: Funeral Planning Authority - Bob Morton / Malcolm Stalker Managing Trustees 31/12/16 2

3 Assurances The Directors of TFTC believes that transparency is essential when dealing with Funeral Prepayment Plans and hereby give the following assurances. 1. Each funeral prepayment is held securely in Trust on behalf of Go As You Please Funerals 2009 Ltd, who has guaranteed to provide the funeral for the client when required. 2. After deduction of the agreed administration costs, the full amount of each funeral prepayment is invested. 3. Annual inspection of the trust and company accounts by independent auditors, is designed to assure the funeral director and client that funds will be there to pay for the service whenever it is required. 4. Independent actuaries provide a full valuation to ensure that the fund can pay its liabilities at all times Summary of the Year The number of active Funeral Plans invested with The Funeral Trustee Company Limited stood at 890 as at 31/12/16 A total of 14 funerals have been paid for by TFTC in the year ended 31 st December 2016 The Scheme s asset valuation exceeded 1.97M at the year-end of December 2016 The Actuarial valuation certified a solvency level of 104% at the year-end of 31 st December 2016 The funding level on Discontinuance is calculated as 100% by our independent Actuary 3

4 Investment Portfolio Summary The investment managers of The Funeral Trustee Company Ltd are Sarasin and Partners. The market value of The Funeral Trustee Company Ltd investments at the year-end was 1,971,000, of which 118,000 were current assets and the remaining 1,792,000 comprised: In addition, there were current assets of 118,339 4

5 Audit Report The information in this report has been extracted from the Annual Report and Financial Statements of The Funeral Trustee Company Ltd for the year ended 31st December The accounts were audited by JC Accountants, Sunderland. The audit is unqualified (i.e. the auditors are satisfied that the statements give a true and fair view of the trust s affairs) and complies with the accounting requirements of the regulatory authorities. 1. The market value of the listed investments at 31 December 2016 was 1,791,625 (2015 1,164,041). 2. The historic cost value of the listed investments at 31 December 2016 was 1,313,929 (2015 1,205,000). Actuarial Valuation The Funeral Trustee Company Ltd assets were valued as at 31st December 2016 by TrustActuarial Limited, actuaries to the trust. The valuation was performed in accordance with the Technical Actuarial Standards relating to Funeral Plans as set by the Financial Reporting Council. Funeral Plan Statistics Number of Plans Plan Value At the beginning of the period Additions new plans sold Deductions funerals provided in period 599 1,372, , ,972 At the end of the period 890 1,954,260 5

6 Statement of Assets 6

7 Managing Trustees At 31/12/16 the Managing Trustees were: Bob Morton Malcolm Stalker Investment Managers At 31/12/16 the Investment Managers were: Sarasin and Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU Actuaries At 31/12/16 the Actuaries were: TrustActuarial Limited The Boat House 5 Measham Close Ferring West Sussex BN12 5HH Auditors At 31/12/16 the Auditors were: JC Accountants, Chartered Accountants and Registered Auditors 19, Norfolk Street, Sunderland SR1 1EA 7

Disclosure of Commitment to the Japan Stewardship Code

Disclosure of Commitment to the March 2015 Introduction At Sarasin & Partners we believe that stewardship plays an important role in the management of our clients assets. This means that we are long term