police
childrens,
TRUSTEE'S REPORT AND AUDITED
GROUP FINANCIAL STATEMENTS
For the year ended 31 March 2025
Registered Co. No 08542702 Registered Charity No. 115690
The Gurney Benevolent Fund - Charity No. 1156903-2.

**Police Children's Fund Registered Company number 08542702 Police Children's Fund Registered Charity number 1156903 The Gurney Benevolent Fund Registered Charity number 1156903-2** 

**POLICE CHILDREN'S FUND** 

**TRUSTEES' REPORT AND AUDITED GROUP FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2025** 



**POLICE CHILDREN'S FUND** 

## **CONTENTS** 

||**Page**|
|---|---|
|Legal and administrative details|1|
|Chairman's report on behalf of the Trustees|2 to 8|
|Independent Auditor's report|9 to 12|
|Consolidated Statement of Financial Activities|13|
|Consolidated Balance Sheet|14|
|Charity Balance Sheet|15|
|Consolidated Cash Flow Statement|16|
|Notes to the Financial Statements|17 to 23|





**POLICE CHILDREN'S FUND** 

## **LEGAL AND ADMINISTRATIVE DETAILS** 

|Police Children's Fund is administered by:|Police Children's Fund is administered by:||
|---|---|---|
|**Chairman**|T Packham||
|**Treasurer**|T Arthur||
|**Managing Trustees**|M Brunning|Resigned May 2024|
|**and Directors**|J Carter-Lang||
||H Darby||
||R Nolan||
||I Simmons||
||M Tyler||
||M Warnes||
||G Smith||
||W Franklin|Appointed August 2024|
||C Roper|Appointed November 2024|
||J Ross|Appointed August 2024|
|**Fund Manager**|S Keywood||
|**Company number**|08542702||
|**Charity numbers**|1156903 & 1156903-2||
|**Registered Office**|9 Bath Road||
||Worthing||
||West Sussex||
||BN11 3NU||
||Tel: 01903 237256||
||Web Site: www.policechildrensfund.org||
|**Bankers**|Lloyds Bank Plc||
||41-43 South Street||
||Worthing||
||West Sussex||
||BN11 3AU||
|**Chartered Accountants**|Kreston Reeves LLP||
|**and Statutory Auditor**|9 Donnington Park||
||85 Birdham Road||
||Chichester||
||West Sussex||
||PO20 7AJ||
|**Investment Managers**|Charles Stanley &|Company Limited|
||Windsor House||
||6 - 10 Mount Ephraim House||
||Tunbridge Wells||
||Kent||
||TN1 1EE||



1 



**POLICE CHILDREN'S FUND** 

**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

As we enter a new year, I am proud to reflect on how far we have come and excited about the direction we are heading. The past year has seen the full implementation of our rebrand to Police Children’s Fund, and we are already seeing the positive impact of this renewed identity. The name now clearly reflects who we are and what we do, a charity dedicated to supporting the children of police officers through life’s most difficult challenges. 

Our updated Articles of Association and Objects, now formally adopted, have positioned us to better meet the evolving needs of police families from our twenty-two contributing forces. While our mission remains grounded in the values established by our founder Catherine Gurney, we are now more agile, inclusive and able to respond to the pressures faced by modern police families. 

This year, our work has continued against a backdrop of ongoing economic uncertainty for many households. Rising living costs, interest rate pressures, and instability in public services have made our support more vital than ever. We’ve seen an increase in applications for help, and I’m proud to say we’ve responded with compassion, speed, and sustainability. 

We have welcomed three new trustees to the board of directors; Catherine Roper, Warren Franklin and Jonathan Ross. I would like to place on record my gratitude to Martin Brunning who stepped down as a trustee after five years. Martin was passionate about Police Children’s Fund and instrumental in helping the charity move forward. I am always grateful for the continued support and commitment of all the trustees as well as the Fund’s employees and advisers. 

As reported last year, renovation work commenced on the registered office at Bath Road in Worthing. The property has been a Fund asset for over 60 years and was in need of decoration and repair both internally and externally. With work now complete it provides a safe and welcoming environment for staff, trustees and visitors. 

Our royal patronage under His Majesty King Charles III has helped to raise our profile significantly. It has opened doors for greater awareness, partnerships and fundraising opportunities, all of which help us reach more police children who need us. 

Looking ahead, our focus is on growth, increasing the number of donating officers, strengthening engagement with our twenty-two contributing police forces and exploring new ways to provide support to families in need. 

A huge thank you to our supporters. Whether you donate, fundraise, promote our work or simply share our story, your efforts are building something meaningful for the next generation of police families. 

The following covers the Fund’s financial year 1 April 2024 to 31 March 2025. 

The Trustees present their report and the audited financial statements of the Charity for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and the financial statements of the Charity. 

## **ESTABLISHMENT OF THE FUND** 

In 1890 Miss Catherine Gurney, OBE, established the Provincial Police Orphanage in Hove, East Sussex. The orphanage closed in 1947 and a permanent endowment was transferred to the Gurney Benevolent Fund. In 1948 The Gurney Fund came into being to provide allowances for the children of deceased or medically retired officers. In November 1978 approval was given to amend the Fund’s title to The Gurney Fund for Police Orphans, the use of which continued until The Gurney Benevolent Fund and The Gurney Fund for Police Orphans were merged to form the incorporated charity The Gurney Fund on 1 October 2014. On 17 October 2023 the Fund’s title was officially changed to Police Children’s Fund and remains a company limited by guarantee. 

2 



**POLICE CHILDREN'S FUND** 

**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## Governing document 

The charitable company is controlled by its’ governing document; the Articles of Association adopted 22 May 2013, as amended by Special Resolutions dated 7 November 2013, 11 February 2014, 12 November 2015, 14 June 2023, 17 October 2023, 2 November 2023, 24 September 2024 and 4 June 2025 and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006. 

## Appointment of Trustees 

In accordance with Articles 17.1 and 17.9 of the Articles of Association, the Board of trustees when complete should consist of not more than twelve individuals, such appointments being nominated by the Nominating Bodies as follows:- 

- •Up to two nominated by the National Police Chief’s Council 

- •Up to two nominated by the Police Superintendent’s Association 

- •Up to eight nominated by the Branches of the Police Federation of England and Wales of the contributing Police Forces 

In each case the nominated Trustee being a member of the Nominating Body that nominates them and a serving officer of a contributing Police Force or a member of a branch of NARPO of a contributing Police Force: 

•Up to two co-opted Trustees appointed for their skills and experience and their nomination or appointment being approved by existing Trustees 

The Board meets at least four times a year at which five members constitute a quorum. Any matters at Board or General Meetings shall be determined by the majority of the votes of the members present. 

## Trustees’ Training 

New trustees are issued with a comprehensive information pack and on appointment they attend an induction course given by the Fund Manager. The course provides information on the Fund’s structure and operation as well as the legal responsibilities and duties of a trustee. Changes in legislation and Charity Commission Guidelines are circulated to all trustees and discussed at board meetings. 

## Remuneration policy 

The group considers its key management personnel comprise the Trustees, Fund Manager and Communications Co-ordinator. Trustees are not remunerated for their time but are reimbursed for reasonable expenses. There is also a Paying Employees Policy which is reviewed every three years. 

3 



**POLICE CHILDREN'S FUND** 

**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT** 

The charity’s objects ('Objects') are specifically restricted to the following: 

"The relief of children in need by reason of financial hardship or other social or economic disadvantage, including by supporting the advancement of their education and personal development, to enable them to contribute to society as mature and responsible individuals. 

## In this Article: 

•‘children’ shall include young adults still in education and shall mean a child or adopted child of a relevant officer. The Trustees may consider applications relating to a stepchild of a relevant officer if they consider that the stepchild was substantially supported by the relevant officer, or children of a serving officer from one of the contributing Police Forces where it is the officer’s spouse that is deceased, causing hardship. 

•‘relevant officer’ shall mean a deceased officer or ex-officer, or an officer retired on medical grounds, who were serving with one of the contributing Police Forces at their death or retirement.” 

The Trustees carry out the Fund’s objectives by issuing weekly allowances, educational and mental health support grants and awarding Christmas and birthday gift payments. 

The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. 

It is an established fact that an allowance from the Fund is a matter of bounty and not of right. All benefits are paid according to financial need and at the sole discretion of the Trustees. 

## **FINANCIAL REVIEW** 

Contributions are derived from police officers and staff who donate through their force payroll, public donations and legacies. Further revenue is raised from the investment dividends and interest on the investment account at the bank. 

At 31 March 2025 a total of 179 beneficiaries were in receipt of a weekly allowance. 

In addition, payments were awarded towards educational expenditure and mental health support. 

The Annual Review took place in February 2025 and identified 31 beneficiaries where a financial need for assistance to continue could no longer be established. Weekly allowances were increased for 3 beneficiaries and reduced for 35. 

Where allowances from the Fund cease because a financial need can no longer be established, links with the families may be maintained until the children complete their education. At 31 March 2025 contact was being maintained with 210 beneficiaries who remained eligible for celebratory payments and mental health support grants upon application. 

At 31 March 2025 there were 51 beneficiaries registered for higher education assistance. 

4 



**POLICE CHILDREN'S FUND** 

**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

## **Fund Raising Standards** 

The charity recognises the vital contribution made by its supporters, with voluntary donations accounting for approximately 55% of the charity’s incoming resources. Without this support it would not be possible for the charity to continue to undertake its current level of activity to those families in need. 

We believe that giving to charity should be a positive experience, and to help ensure that this is the case the charity has put in place a policy that seeks to ensure that the highest possible standards of fundraising practice are being adopted. All fundraising activity is monitored and administered by the Fund’s Manager and Communications Co-ordinator. The charity is also registered with the Fundraising Regulator. 

The charity welcomes feedback on its fundraising approach and seeks to make improvements wherever it can. Any complaints received in respect of our fundraising activities are taken very seriously and are acted upon immediately. We are pleased to report that during the year no complaints were received in respect of our fundraising activities. 

## **RESERVES POLICY** 

The Fund supports its beneficiaries over long periods and in ensuring that sufficient reserves are held for the continuity of such support, the trustees are mindful of the need to make long term financial projections. 

The Trustees regularly review the level of reserves to ensure they are appropriate, taking into account projections of: 

- (a) the number of donors; 

- (b) the number of beneficiaries; 

- (c) the level of inflation; 

- (d) income and capital growth yields available for the investment portfolio. 

At the year end, the charity had total unrestricted funds of £6,424,699 (2024: £6,748,098). Free reserves, which are unrestricted funds less tangible fixed assets and designated funds, were £2,867,352 (2024: £2,865,273). The charity had total restricted funds of £348,282 (2024: £342,276) and designated funds at the year-end were £3,157,347 (2024: £3,482,825). Designated funds relate to the market value of investments at year end less aggregate unrealised gains on investments when the market value exceeded historic cost. At the year end, the charity had total funds of £6,772,981 (2024: £7,090,374). 

## **INVESTMENT POLICY** 

The Trustees have identified the need to invest for a balance of growth and income in order to maintain the level of reserves necessary to support both current and future beneficiaries. The portfolio is under the discretionary management of the Fund’s Investment Manager: Charles Stanley & Co Limited. 

5 



**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

## **POLICE CHILDREN'S FUND** 

## **INVESTMENT PERFORMANCE REVIEW** 

The Trustees have identified the need to invest for a balance of growth and income in order to maintain the level of reserves necessary to support both current and future beneficiaries. The portfolio is under the discretionary management of the Fund’s Investment Manager: Charles Stanley & Co Limited. 

It is fair to state that we have witnessed some momentous events over the last twelve months, ranging from the re-election of President Trump with his subsequent instigation of trade tariffs, the outbreak of Israeli and Palestinian conflict in the Middle East and of course, the sell off in the technology sector with the apparent “cheap” version of Chinese AI - Deepseek. Whilst many of these issues initially unsettled markets, it appeared that investors adjusted their portfolios and their effects decreased as time passed. 

Over the last year there has been a swing to the right in global politics, stemming from concerns about defence, immigration and in the case of eastern Europe, the aggressive Russian bear prowling westwards. This led to strong performances from the arms and defence sectors, and helped the tech sector recover from its earlier wobbles. Given the agreed NATO members’ increases in defence expenditure and the unknown effects of Trump’s tariffs, central banks were loathe to reduce interest rates at too fast a pace, as inflation was a likely consequence. As stated last year, rates are likely to stay higher for longer, however, with muted economic growth being seen they will be under more pressure to reduce rates in the second half of 2025. 

Looking at performance over the last year (to 31 March 2025) the main fund was higher on a total return basis by 2.64%. By comparison the most fitting benchmark index, the MSCI PIMFA Private Balanced Index was higher by 4.58%. The main reason for this marginal underperformance was our lower exposure to fixed interest investments (when compared to the index) which had been quite strong over the preceding year. To provide a more up to date comparison, the total return in the last three months (to 30.06.25) is +5.5% which just shows how volatile asset values can be. 

Annual income from the portfolio increased markedly over the year, going from £167,227 to £180,916 which is an equivalent gross yield of 3.02%. This is mainly due to our small pivot into more income bearing investments, which is a natural response in times of market uncertainty. Dividend income is more predictable than capital gains. We would not expect to increase the fixed interest exposure in any meaningful way from current levels, as we believe that economic signs are slowly improving globally, although there remain some markets where this is not immediately discernible, such as the UK where we remain underweight. 

Gazing into the future, investment prospects seem a little better than they were six months ago, as markets have adjusted to the mercurial nature of the 47th President and are taking things in their stride, however, this does not preclude that there is more uncertainty to come. Being aware of the curveballs that may follow, we have determined that taking a risk-off approach is appropriate and we are not taking any actions that would divert us away from the long-established investment strategy which is to achieve a balance between income and capital growth without taking unnecessary risk. 

## **FUTURE PLANS AND POST BALANCE SHEET EVENTS** 

In May 2025 the Board of Trustees approved a proposal to address the current financial support offered to our beneficiaries and the potential enhancements which could render our charitable work more meaningful. From 1 April 2026 the weekly allowance will be replaced with a new range of grants to assist with a child’s education, development, wellbeing and mental health. All beneficiaries have been notified of the change and details of the new grants becoming available will be shared in the lead up to the change. The Trustees see this as a positive change which will provide a broader range of support to our beneficiaries. 

6 



**POLICE CHILDREN'S FUND** 

**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

## **GENERAL** 

The Fund’s board meets four times a year which provides opportunities for collective decision-making and for contributing creative ideas to ensure the charity thrives with the sole purpose of helping beneficiaries. With assistance from our advisers the meetings also provide an opportunity for trustees to ensure that changes in legislation and recommendations from the Charity Commission are implemented. 

Officer donations were last increased, from 10p to 20p per week, on 1 January 1989. The matter is reviewed regularly. When the need for an increase is identified the Fund’s stakeholders will be consulted fully before any change is made. 

## **RISK REGISTER** 

As part of its on-going risk assessment management, the major risks to which the Fund is exposed are continually assessed and the findings reviewed by the Trustees.  The Trustees are satisfied that appropriate measures are in place to mitigate the exposure to such risks. 

## **THANKS** 

The Trustees gratefully acknowledge and record warmest thanks to the Fund’s employees, professional advisers and those within the contributing police forces (including Chief Constables and Federation Representatives) for their assistance in ensuring the welfare of Fund beneficiaries is maintained in every respect possible. 

## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources, including the income and expenditure, of the charitable company for that period.  In preparing financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in 

- the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2006, the Charity (Accounts Reports) Regulations 2008 and the Memorandum & Articles of Association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

7 



## **POLICE CHILDREN'S FUND** 

**CHAIRMAN'S REPORT ON BEHALF OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT)                                                            Company number 08542702 FOR THE YEAR ENDED 31 MARCH 2025                                                          Charity numbers 1156903 & 1156903-2** 

## **DISCLOSURE OF INFORMATION TO THE AUDITOR** 

So far as each Trustee at the date of approval is aware: 

- There is no relevant audit information of which the Charitable Company’s auditor is unaware; and 

- The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and 

- to establish that the auditor is aware of that information. 

This report, which included the directors' report, was approved by the Board on                and signed on behalf of the Board by7-8-2025 

## **Tim Packham Chairman** 

8 



**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF** 

## **POLICE CHILDREN'S FUND** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **Opinion** 

We have audited the consolidated financial statements of Poice Children's Fund (the 'parent charitable company') and its subsidiaries (the 'group') and the individual parent company for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the balance sheets, the Consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 March 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the year ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

9 



**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF** 

## **POLICE CHILDREN'S FUND** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company's financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 

10 



**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF** 

## **POLICE CHILDREN'S FUND** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. 

## Capability of the audit in detecting irregularities, including fraud 

Based on our understanding of the charity and industry, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Statement of Recommended Practice. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries.  Audit procedures performed by the engagement team included: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and 

- Assessment of identified fraud risk factors; and 

- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

- Reading minutes of meetings of those charged with governance; and 

- Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and 

- Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and 

- Confirmation of investment valuation and income to third party documentation. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

11 



**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF** 

## **POLICE CHILDREN'S FUND** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the 

- - circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Kreston Reeves LLP** 

Chartered Accountants Statutory Auditor Chichester 

> Date 7 August 2025 

Kreston Reeves LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 

12 



## **POLICE CHILDREN'S FUND** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025** 

|**Note**<br>**Income**<br>Donations and legacies<br>**3**<br>Income from investments<br>**Total Income**<br>**Expenditure**<br>Raising funds - investment manager costs<br>Charitable activities<br>**4**<br>**Total expenditure**<br>Net realised gains on investments<br>Net unrealised gains/(loss) on investments<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**2025**<br>2024<br>**General  Designated**<br>**Restricted**<br>**Total**<br>Total<br>**£**<br>**£**<br>**£**<br>£<br>**242,404**<br>**-**<br>**-**<br>**242,404**<br>237,628<br>**180,916**<br>**-**<br>**13,478**<br>**194,394**<br>180,293<br>**Unrestricted funds**|
|---|---|
||**423,320**<br>**-**<br>**13,478**<br>**436,798**<br>417,921|
||**33,757**<br>**-**<br>**1,840**<br>**35,597**<br>36,562<br>**751,191**<br>-<br>-<br>**751,191**<br>944,645|
||**784,948**<br>**-**<br>**1,840**<br>**786,788**<br>981,207|
||**350,224**<br>**-**<br>**10,544**<br>**360,768**<br>256,959<br>**-**<br>**(325,478)**<br>**(2,693)**<br>**(328,171)**<br>20,677|
||**(11,404)**<br>**(325,478)**<br>**19,489**<br>**(317,393)**<br>(285,650)<br>**13,483**<br>**-**<br>**(13,483)**<br>**-**<br>-|
||**2,079**<br>**(325,478)**<br>**6,006**<br>**(317,393)**<br>(285,650)<br>**3,265,273**<br>**3,482,825**<br>**342,276**<br>**7,090,374**<br>7,376,024|
||**3,267,352**<br>**3,157,347**<br>**348,282**<br>**6,772,981**<br>7,090,374|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

13 



## **POLICE CHILDREN'S FUND** 

## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025** 

## **Company number 08542702 Charity numbers 1156903 & 1156903-2** 

||**Notes**||**2025**||2024|
|---|---|---|---|---|---|
|||**£**|**£**|£|£|
|**Fixed assets**||||||
|Freehold property|**6**||**400,000**||400,000|
|**Investments**||||||
|Listed investments|**7**||**6,269,435**||6,593,749|
||||**6,669,435**||6,993,749|
|**Current assets**||||||
|Sundry debtors|**8**|**51,359**||45,781||
|Cash at bank and in hand||**30,254**||64,369||
|Deposit accounts||**29,068**||13,111||
|Stockbroker income account||**11,270**||13,361||
|||**121,951**||136,622||
|**Current liabilities**||||||
|Sundry creditors|**9**|**(18,405)**||(39,997)||
|**Net current assets**|||**103,546**||96,625|
|**Total assets less current liabilities**|||**6,772,981**||7,090,374|
|**Group funds:**||||||
|**Unrestricted general funds**||||||
|**General**||||||
|Brought forward||**3,265,273**||3,570,282||
|Movement for the year||**(11,404)**||(314,599)||
|Transfer between reserves||**13,483**||9,590||
|Carried forward|||**3,267,352**||3,265,273|
|**Unrestricted designated funds**||||||
|**Investment fund**|**10**|||||
|Brought forward||**3,482,825**||3,468,656||
|Movement for the year||**(325,478)**||14,169||
|Carried forward|||**3,157,347**||3,482,825|
|**Restricted funds the Gurney Benevolent Endowment**|**Restricted funds the Gurney Benevolent Endowment**|||||
|**Investment fund**||||||
|Brought forward||**342,276**||337,087||
|Movement for the year||**19,489**||14,780||
|Transfer between reserves||**(13,483)**||(9,591)||
|Carried forward|||**348,282**||342,276|
|**Total Group funds**|||**6,772,981**||7,090,374|



The notes 1 to 20 form part of these accounts. 

For the year ending 31 March 2025 the parent company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies but as this parent company is a charity, it is subject to audit under the Charities Act 2011. 

Trustees' responsibilities: 

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 and 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

The financial statements were approved by the trustees and authorised for issue on                               and signed on its behalf by7 August 2025 

**Tim Packham Chairman** 

14 



**POLICE CHILDREN'S FUND** 

## **CHARITY BALANCE SHEET AS AT 31 MARCH 2025** 

## **Company number 08542702 Charity number 1156903** 

||**Notes**||**2025**||2024|
|---|---|---|---|---|---|
|||**£**|**£**|£|£|
|**Fixed assets**||||||
|Freehold property|**6**||**400,000**||400,000|
|**Investments**||||||
|Listed investments at market value|**7**||**5,943,323**||6,259,577|
||||**6,343,323**||6,659,577|
|**Current assets**||||||
|Sundry debtors|**8**|**51,087**||45,275||
|Cash at bank and in hand||**30,254**||64,373||
|Deposit accounts||**10,678**||9,022||
|Stockbroker income account||**7,765**||9,851||
|||**99,784**||128,521||
|**Current liabilities**||||||
|Sundry creditors|**9**|**(18,405)**||(39,997)||
|**Net current assets**|||**81,379**||88,524|
|**Total assets less current liabilities**|||**6,424,702**||6,748,101|
|**Charity funds:**||||||
|**Unrestricted general funds**||||||
|**General**||||||
|Brought forward||**3,265,276**||3,570,284||
|Movement for the year||**2,079**||(305,008)||
|Carried forward|||**3,267,355**||3,265,276|
|**Unrestricted designated funds**||||||
|**Investment fund**|**10**|||||
|Brought forward||**3,482,825**||3,468,656||
|Movement for the year||**(325,478)**||14,169||
|Carried forward|||**3,157,347**||3,482,825|
|**Total Charity funds**|||**6,424,702**||6,748,101|



The notes 1 to 20 form part of these accounts. 

For the year ending 31 March 2025 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to audit under the Charities Act 2011. 

## Trustees' responsibilities: 

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 and 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

The financial statements were approved by the trustees and authorised for issue on                               and signed on its behalf by7 August 2025 

**Tim Packham Chairman** 

15 



## **POLICE CHILDREN'S FUND** 

## **CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025** 

|**Note**<br>Net cash outflow from operating activities<br>**1**<br>Net cash inflow from investing activities<br>**2**<br>**Net (decrease) in cash balances held**<br>**3**<br>**Cash and cash equivalents consists of:**<br>Cash at bank and in hand<br>**Cash and cash equivalents at 31 March**<br>**Note 1 - Reconciliation of changes in resources to net inflow from operating activities**<br>Net income/(expenditure) for the year before other recognised gains and losses<br>(Increase) in debtors<br>(Decrease)/increase in creditors<br>**Net cash outflow from operating activities**<br>**Note 2 - Net investment proceeds/(purchases)**<br>Payments to acquire shares<br>Receipts from sales of shares<br>**Net cash inflow from investing activities**|**2025**<br>**£**<br>**(377,256)**<br>**357,007**<br>**(20,249)**<br>**2025**<br>**£**<br>**70,592**<br>**70,592**<br>**2025**<br>**£**<br>**(349,990)**<br>**(5,578)**<br>**(21,688)**<br>**(377,256)**<br>**2025**<br>**£**<br>**(349,431)**<br>**706,438**<br>**357,007**|2024<br>£<br>(553,359)<br>416,820|
|---|---|---|
|||(136,539)|
|||2024<br>£<br>90,841|
|||90,841|
|||2024<br>£<br>(563,286)<br>(9,212)<br>19,139|
|||(553,359)|
|||2024<br>£<br>(850,663)<br>1,267,483|
|||416,820|



## **Note 3 - Net decrease in cash balances held** 

|Deposit accounts<br>Stockbroker income account<br>Current account and cash|**Movement in**<br>**year**<br>**£**<br>**15,957**<br>**(2,091)**<br>**(34,115)**<br>**(20,249)**|**2025**<br>**£**<br>**29,068**<br>**11,270**<br>**30,254**<br>**70,592**|2024<br>£<br>13,111<br>13,361<br>64,369|
|---|---|---|---|
||||90,841|



16 



**POLICE CHILDREN'S FUND** 

**NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

## **1 Principal accounting policies** 

## **Basis of preparation** 

Police Children's Fund is a company limited by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. 

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. 

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

## **Consolidation** 

The Trustees of Police Children's Fund, as appointed and elected in accordance with its rules and constitution, are automatically appointed as the Trustees of the Gurney Benevolent Fund in accordance with its governing document. As a result the Trustees of Police Children's Fund also control the Gurney Benevolent Fund and manage the two charities on a unified basis. Accordingly these financial statements consolidate the results of Police Children's Fund (the "charity") and the Gurney Benevolent Fund on a line by line basis. A separate statement of financial activities and income and expenditure account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Throughout the financial statements "Group" is used when referring to the consolidated results of both Police Children's Fund and the Gurney Benevolent Fund. "Charity" is used when referring to Police Children's Fund only. 

## **Investments** 

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.  Other investments are measured at cost less impairment. 

## **Reserves** 

The group funds support their beneficiaries over long periods of up to 20 years, and in ensuring that sufficient reserves are held for the continuity of such support, the Trustees are mindful of the need to make long term financial projections. Contributing officers donate by a fixed weekly sum and until an increase in this sum is requested there is no correlation between income from this source and inflationary effects on allowances to beneficiaries. 

Within the charity a designated fund has been set-up to isolate any unrealised gains or losses on investments until they are realised upon disposal. 

The restricted fund consists of a permanent endowment arising from the sale of certain investments and the sale proceeds of the Southern Provincial Police School and Orphanage. It is the Trustees intention going forward to maintain the level of the Gurney Benevolent Fund investment portfolio invested in the gilts market to at least a balance equal to the permanent endowment fund. 

## **Freehold property** 

Freehold property is stated at deemed cost less accumulated depreciation and accumulated impairment losses. The Freehold property is currently held at residual value, such that no further depreciation is charged. 

## **Capital expenditure** 

Capital expenditure below £5,000 is written off in the year in which it is incurred. 

## **Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. 

17 



**POLICE CHILDREN'S FUND** 

**NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition of opening of the deposit or similar account. 

## **Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 

## **Income** 

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. 

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. 

Investment income is earned through holding assets for investment purposes such as shares and property. 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## **Pension contributions** 

The fund contributes to a money purchase scheme on behalf of certain employees which are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end. 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **Going concern** 

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of a period of twelve months from the date of approval of these financial statements. 

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. 

18 



**POLICE CHILDREN'S FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

|**2**<br>**3**<br>**4**|**Expenditure**<br>Expenditure is stated after charging:<br>Auditor's remuneration:<br>Audit of the financial statements<br>Accountancy and other services<br>**Donations and legacies**<br>Forces contributions<br>Forces donations and collecting boxes<br>**15**<br>Private donations<br>**16**<br>**Expenditure on charitable activities**<br>Allowances and grants to children<br>Christmas and birthday gifts<br>Administration costs detailed below<br>Wages and salaries allocation<br>**5**<br>Trustees' expenses<br>Audit of the financial statements<br>Accountancy and other services<br>Legal and professional fees<br>Administration costs:<br>Telephone and postage<br>Printing and stationery<br>Marketing<br>Sundries<br>Rates and insurance<br>Lighting, heating and cleaning<br>Repairs, renewals and garden upkeep<br>Staff travel and training|**2025**<br>**£**<br>**10,750**<br>**3,050**<br>**13,800**<br>**2025**<br>**£**<br>**222,252**<br>**2,161**<br>**17,991**<br>**242,404**<br>**2025**<br>**£**<br>**496,016**<br>**43,950**<br>**103,028**<br>**82,931**<br>**9,738**<br>**10,750**<br>**3,050**<br>**1,728**<br>**751,191**<br>**1,080**<br>**1,110**<br>**34,329**<br>**633**<br>**3,116**<br>**3,073**<br>**57,186**<br>**2,501**<br>**103,028**|2024<br>£<br>10,300<br>4,620|
|---|---|---|---|
||||14,920|
||||2024<br>£<br>230,892<br>3,861<br>2,875|
||||237,628|
||||2024<br>£<br>623,206<br>69,845<br>125,933<br>78,744<br>12,698<br>10,300<br>4,620<br>19,299|
||||944,645|
||||1,755<br>1,893<br>43,674<br>462<br>4,967<br>4,552<br>65,881<br>2,749|
||||125,933|



Included in charitable activity costs above are governance costs totalling £25,266 (2024: £46,917). These costs include audit and accountancy, legal fees, and trustee meeting expenditure. 

19 



**POLICE CHILDREN'S FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

- **5 Staff costs** 

|**Staff costs**|||
|---|---|---|
|**Group and charity**<br>Gross salaries<br>Employers national insurance contributions<br>Pension scheme contributions|**2025**<br>**£**<br>**71,385**<br>**2,302**<br>**9,244**<br>**82,931**|2024<br>£<br>68,905<br>1,897<br>7,942|
|||78,744|



There were no related party transactions in the year except for the reimbursement of trustees' expenses. No remuneration was paid to Trustees in the year but expenses amounting to £2,320 (2024: £2,953) were reimbursed. These expenses related to reimbursed travel expenses and were paid to 11 trustees (2024: 10). 

The average number of staff employed during the year was 2 (2024: 2). 

Two staff members are entitled to pension contributions relating to a defined contribution pension scheme, there was £786 (2024: £748) of outstanding contributions at the year end (included within creditors). No employee receives employment benefits in excess of £60,000 p.a. 

The group considers its key management personnel comprise the trustees, the fund manager and communications co-ordinator. The total employment benefits including employer pension contributions of the key management personnel were £82,931 (2024: £78,744). 

## **6 Freehold property** 

|**Group and charity**<br>Cost at 1 April 2024<br>Cost at 31 March 2025<br>Historical cost (pre transfer on incorporation)|**2025**<br>**£**<br>**400,000**<br>**400,000**<br>**6,451**|2024<br>£<br>400,000|
|---|---|---|
|||400,000|
|||6,451|



The freehold property included above was recognised using a previous basis (valuation basis) valuation as a deemed cost on transition to SORP (FRS 102). The asset is being depreciated from the valuation date of 1 April 2015 and having a net book value of £400,000 (2024: £400,000). This is considered to be the residual value. 

## **7 Investments: listed** 

|**Group**<br>Valuation at 1 April 2024<br>Acquisitions<br>Disposals<br>Changes in unrealised gains<br>Valuation at 31 March 2025<br>**Charity**<br>Valuation at 1 April 2024<br>Acquisitions<br>Disposals<br>Changes in unrealised gains<br>Valuation at 31 March 2025|**Total**<br>**£**<br>**6,593,749**<br>**349,431**<br>**(345,670)**<br>**(328,075)**<br>**6,269,435**<br>**Total**<br>**£**<br>**6,259,577**<br>**320,765**<br>**(311,541)**<br>**(325,478)**<br>**5,943,323**|**Government**<br>**Bonds**<br>**£**<br>376,675<br>320,004<br>(15,950)<br>(4,675)<br>676,054<br>**Government**<br>**Bonds**<br>**£**<br>315,874<br>320,004<br>-<br>(4,723)<br>631,155|**Equity Holdings**<br>**£**<br>6,217,074<br>29,427<br>(329,720)<br>(323,400)|
|---|---|---|---|
||||5,593,381|
||||**Equity Holdings**<br>**£**<br>5,943,703<br>761<br>(311,541)<br>(320,755)|
||||5,312,168|



20 



## **POLICE CHILDREN'S FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

|**8**<br>**Debtors**<br>Deferred expenses<br>Contributions from forces<br>Accrued investment income<br>**9**<br>**Creditors**<br>**Group and charity**<br>PAYE and NI<br>Other creditors and accruals<br>**10**<br>**Designated funds**<br>**Charity**<br>Market value of investments at 31 March 2025<br>Historical cost of investments|**Group**<br>**2025**<br>**£**<br>**737**<br>**44,559**<br>**6,163**<br>**51,459**|Group<br>2024<br>£<br>8,351<br>34,683<br>2,747<br>45,781|**Charity**<br>**2025**<br>**£**<br>**737**<br>**44,559**<br>**5,711**<br>**51,007**<br>**2025**<br>**£**<br>**1,829**<br>**16,576**<br>**18,405**<br>**2025**<br>**£**<br>**5,943,323**<br>**(2,785,974)**<br>**3,157,349**|Charity<br>2024<br>£<br>8,351<br>34,683<br>2,241|
|---|---|---|---|---|
|||||45,275|
|||||2024<br>£<br>1,687<br>38,312|
|||||39,999|
|||||2024<br>£<br>6,259,577<br>(2,776,752)|
|||||3,482,825|



The Trustees believe it would not be prudent to consider unrealised gains on investments as being expendable as the gains or losses may differ materially from those which are subsequently realised. 

When the market value of investments exceeds their historic cost the aggregate unrealised gain is credited to the designated fund. Where the market value of investments is less than their historic cost the aggregate unrealised loss remains within the general fund. 

## **11 Income and expenditure - prior period** 

|**Income**<br>Donations and legacies<br>Income from investments<br>**Total income**<br>**Expenditure**<br>Expenditure on raising funds<br>Expenditure on charitable activities<br>**Total expenditure**|**Unrestricted**<br>**General**<br>**funds**<br>**£**<br>**237,628**<br>**167,227**<br>**404,855**<br>**34,775**<br>**944,645**<br>**979,420**|**Unrestricted**<br>**Designated**<br>**funds**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Restricted**<br>**funds**<br>**£**<br>**-**<br>**13,066**<br>**13,066**<br>**1,787**<br>**-**<br>**1,787**|**2024**<br>**Total**<br>**funds**<br>**£**<br>**237,628**<br>**180,293**|
|---|---|---|---|---|
|||||**417,921**|
|||||**36,562**<br>**944,645**|
|||||**981,207**|



21 



**POLICE CHILDREN'S FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

## **12 Analysis of group net assets by type of fund** 

|Unrestricted funds<br>Restricted fund - Gurney<br>Benevolent Fund|**Fixed**<br>**Asset**<br>**£**<br>400,000<br>-<br>**400,000**|**Investments**<br>**£**<br>5,943,320<br>326,115<br>**6,269,435**|**Current**<br>**Assets**<br>**£**<br>99,784<br>22,167<br>**121,951**|**Creditors**<br>**£**<br>(18,405)<br>-<br>**(18,405)**|**Total**<br>**£**<br>6,424,699<br>348,282|
|---|---|---|---|---|---|
||||||**6,772,981**|



## **13 Charity results** 

|Income<br>Expenditure on raising funds<br>Expenditure on charitable activities<br>Realised gains on investments<br>Unrealised gains / (losses) on investments<br>Transfer from Gurney Benevolent Fund<br>Net income/(expenditure)|**2025**<br>**£**<br>**423,320**<br>**(33,757)**<br>**(751,191)**<br>**350,224**<br>**(325,478)**<br>**13,483**<br>**(323,399)**|2024<br>£<br>404,855<br>(34,775)<br>(944,645)<br>259,967<br>14,169<br>9,591|
|---|---|---|
|||(290,838)|



## **14 Gurney Benevolent Fund results** 

The results of the Gurney Benevolent Fund, as extracted from these audited accounts, are as follows- 

|re:<br>Income from investments<br>Expenditure on raising funds<br>Net realised (losses) on investments<br>Net unrealised gains / (losses) on investments<br>Transfer to general unrestricted fund<br>Net income/(expenditure) for the year<br>:<br>Fixed asset investments<br>Current assets<br>Total net assets<br>Represented by:<br>Restricted funds<br>Total funds|**2025**<br>**£**<br>**13,478**<br>**(1,840)**<br>**10,544**<br>**(2,693)**<br>**(13,483)**<br>**6,006**<br>**326,115**<br>**22,167**<br>**348,282**<br>**348,282**<br>**348,282**|2024<br>£<br>13,066<br>(1,787)<br>(3,007)<br>6,508<br>(9,591)|
|---|---|---|
|||5,189|
|||334,175<br>8,101|
|||342,276|
|||342,276|
|||342,276|



The income and expenses were: 

The assets and liabilities were: 

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**POLICE CHILDREN'S FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2025** 

## **15 Forces donations and collecting boxes** 

|Portsmouth & SE Hants<br>Surrey<br>Police Federation Awards Evening<br>Sussex<br>Police Sport UK<br>Hampshire<br>Police Federation Charity Dinner<br>Gloucestershire<br>Carol Concert<br>Warwickshire<br>Collection boxes<br>**Private donations**<br>Anonymous<br>S Scott-Green<br>Doubleday Charitable Trust<br>Uniform Mortgages<br>Just Giving<br>In memory of C Bennett<br>Mr K Gromett<br>In memory of S Murden<br>Mr M Helyar<br>Mrs Susan Craggs<br>Much Loved<br>NARPO Book Sale|**2025**<br>**£**<br>**-**<br>**-**<br>**1,537**<br>**-**<br>**624**<br>**-**<br>**2,161**<br>**2025**<br>**£**<br>**360**<br>**10,000**<br>**800**<br>**280**<br>**6,131**<br>**-**<br>**60**<br>**-**<br>**120**<br>**240**<br>**-**<br>**17,991**|2024<br>£<br>310<br>1,966<br>-<br>1,500<br>-<br>85|
|---|---|---|
|||3,861|
|||2024<br>£<br>360<br>-<br>-<br>-<br>1,920<br>25<br>60<br>100<br>120<br>200<br>90|
|||2,875|



## **16 Private donations** 

## **17 Financial commitments** 

At 31 March 2025 the Charity had total financial commitments under non-cancellable contracts of £nil (2024: £14,026). 

## **18 Legacy income** 

Legacy income 2025: £nil (2024: £nil). 

## **19 Related party transactions** 

The total amount of donations received from trustees without conditions 2025: £65 (2024: £60). 

## **20 Ultimate controlling party** 

The company is under the control of the Trustees as listed in the Chairman's Report on behalf of the Trustees. There is no individual with overall control. 

23