The Rechabite Friendly Society Limited trading as Healthy Investment Notice of Annual General Meeting Annual Review Vote Summary Financial Statements Online See inside Wednesday 26 June 2019 at 10:00am for details Bury Town Hall, Knowsley Street, Bury BL9 0SW Welcome Notice of Annual General Meeting This is your invitation to Healthy Investment’s Annual General Meeting. Notice is hereby given that the Annual General Meeting of The Rechabite Friendly Society Limited is to be held on Wednesday 26 June 2019 at Bury Town Hall, Knowsley Street, Bury BL9 0SW. As a mutual friendly society we are owned by and run for the sole benefit of you the member. There The meeting will commence at 10:00am for the purpose of carrying out the following business: are no shareholders to benefit from your investment in the Society or to influence the way we are managed, which is why your vote is important. Every member has a similar responsibility to those of shareholders in a proprietary company to vote on resolutions including the appointment of Directors, as well as having the ability to challenge the Agenda Board on the way that they are running the Society. All adult members are entitled to vote and I do hope that you will. We have made it as simple as Resolution 1 - To receive the Directors’ Report and Consolidated Accounts for the year ended possible for all members to vote in person, online, or by using the enclosed pre-paid voting card. 31 December 2018. This year we are returning to the Town Hall in Bury for our AGM. Its central location next to the Resolution 2 - To receive the Independent Auditors Report. town’s transport interchange, which has a direct Metrolink tram to central Manchester, makes it a - To receive and vote upon the Remuneration Report of the Directors for the year convenient venue. Tea and coffee will be served from 9:45am and the meeting will commence at Resolution 3 ended 31 December 2018. 10:00am. Free car parking is available at the Society’s office just a short walk away. - To re-appoint Deloitte LLP as auditors to the Society until the conclusion of the next If you are not able to attend in person you can still vote. Resolution 4 Annual General Meeting and to allow the Board to agree their remuneration. The enclosed reply card enables you to appoint the Chairman of the meeting as your proxy and - To elect David Fawell as a Director. then instruct him exactly how to use your vote. This is a convenient way of making sure that your vote Resolution 5 counts. Alternatively you can appoint someone to act as your proxy and attend the meeting on your - To re-elect the following Directors of the Society: behalf. Resolution 6 6.1 Steven Spilsbury You can also vote online. Voting online is simple and will only take a few minutes. 6.2 Philip Okell Please consider voting online as it helps us to reduce our environmental impact. 6.3 Timothy Birse 6.4 Peter Green This year, for every vote cast online we will make a donation of £1 to our charity of the 6.5 Keith Ashcroft year, Bury Hospice. To conduct any other business in accordance with the Society’s rules. The hospice offers valuable support to many who live in the local communities around our office. Simply visit our website www.healthyinvestment.co.uk/AGM to vote. In the following pages you will find a summary of our financial statements which includes important information on the performance of the Society during 2018. If you would like a full copy of the Annual Report and Accounts or further details about any of the savings and investment products that we provide you can do this through the enclosed voting card, which can be returned to us free, or you can get in touch by telephone or through our website. It has been a privilege to serve the Society as Chairman over the year and I look forward to meeting more of our members at the AGM. Steven G Spilsbury Chairman 2 Freephone 0800 731 2422 www.healthyinvestment.co.uk Notes on voting Resolution 2 - To receive the Independent Auditor’s Report. You can now vote online. The Auditor’s Report can be found on pages 27 to 33 of the full Annual Report Each member of the Society entitled to attend the Annual General Meeting may do so and vote in and Accounts for the year ended 31 December 2018. person. Alternatively each member entitled to attend the AGM may submit one proxy voting form, The Independent Auditor’s Report contained no expressions of concern. either by using the enclosed voting card or by visiting: www.healthyinvestment.co.uk/AGM Resolution 3 - To receive and vote upon the Remuneration Report of the Directors for the year To vote online you will need your unique security reference number on your proxy voting card. ended 31 December 2018. Most members appoint the Chairman of the Society to act as their proxy and instruct him to vote for The full Remuneration Report of the Directors can be found on pages 9-10 of or against or abstain from a resolution by placing an ‘x’ in the appropriate box on the voting card. this document. You can appoint anyone else to attend the meeting and act as your proxy, they do not need to be a member of the Society. Resolution 4 - To appoint Deloitte LLP as external auditors. If you don’t tell your proxy how to vote they will vote at their discretion. Members are asked to approve the appointment of Deloitte LLP as the Society’s auditors until the conclusion of the next Annual General Meeting and to allow To be valid, proxy forms must be signed, dated and lodged (together with any power of attorney or the Board to agree their remuneration. other authority under which they are signed, or a notarially certified copy of that power or authority), at the registered office of the Society not less than 48 hours before the time of the meeting or adjourned meeting at which the proxy proposes to vote. Resolution 5 - To elect David Fawell as a Director. Online votes must be completed 48 hours before the start of the Annual General Meeting. Please vote, either online or by returning the proxy or attendance voting card. Simply seal it and post Resolution 6 - To re-elect the following as Directors of the Society. it back. No stamp is required. In accordance with recognised best practice all Directors of the Society are now For every vote made online the Society will donate £1 to charity. required to stand for re-election annually. 6.1 Steven Spilsbury Independent Non-executive Director All of the resolutions are proposed as ordinary resolutions which means that a simple 50% majority is needed to pass the resolution. 6.2 Philip Okell Independent Non-executive Director 6.3 Timothy Birse Independent Non-executive Director Agenda 6.4 Peter Green Director and Chief Executive Apologies for absence. 6.5 Keith Ashcroft Director Finance and Risk Details of members who have apologised for being unable to attend will be read to the meeting. Resolution 1 - To receive the Directors’ Report and Consolidated Accounts for the year ended Following a formal evaluation of their performance, the Board, after taking advice from the 31 December 2018. Nomination Committee, recommend that you vote to reappoint the Directors of the Society. A summary of the Directors’ Report, the Consolidated Statement of Biographies of all Executive and Non-executive Directors are included on page 11. Comprehensive Income and the Consolidated Statement of Financial Position are included in this document on pages 6-8. To conduct any other business in accordance with the Society’s rules. You can get a copy of the full Annual Report and Accounts from the Society’s office or via the voting form. It can also be downloaded from the about us section of our website www.healthyinvestment.co.uk. 4 Freephone 0800 731 2422 www.healthyinvestment.co.uk Directors’ Report Consolidated Statement of Comprehensive Income For the year ended 31 December 2018 This is a summary of the Strategic Report and Directors’ Report, the full versions of which are included within the Annual Report Group 2018 Restated Group 2017 and Accounts for the year ended 31 December 2018. £ £ At the end of year the Society had 113,802 members and total Earned premiums 12,067,140 13,865,598 assets of £154.6 million. Investment income 5,298,573 5,024,693 In 2018 members chose to invest a total of £12.6 million in the Net (losses)/gains on investments (11,409,445) 7,698,849 savings and investment products the Society provides. Other income 839,330 813,213 £7.6 million was invested in our Investment Bonds and ISAs and £4.5 million in our regular premium savings plans. In addition, Total income 6,795,598 27,402,353 over £500,000 was deposited into the Child Trust Funds that we manage. Net benefits and claims 8,078,365 6,968,679 At the very heart of everything we do is our desire to be an ethical provider of ethical savings and investment products that meet the needs of you, our members. In accordance with our ethical Change in contract liabilities (104,942) 13,331,263 principles we do not knowingly invest directly in alcohol, arms and tobacco industries and gambling Change in provisions (30,403) (38,041) and pornography providers.