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2021-12-31-accounts

Registered number: 03179216 Charity number: 1186628

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 11
Independent auditors' report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17
Notes to the financial statements 18 - 31

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees John Williams, Chairman1
Gillian Baker OBE3
John Butcher Bem (appointed 7 April 2021)4
Stephen Groves (appointed 7 April 2021)2,3
Derek Ridgway (resigned 8 June 2021)2,3
Nicholas Simpson3
Joseph Tildesley (resigned 7 April 2021)2
Simon Westwood3
Patrick Wing (appointed 7 April 2021)2
Richard Youds3
1
West Midlands Police Officers
2
Narpo
3
All trustees are members of the Operations Committee, those marked with a 3
do not have voting rights on the Operations Committee
4
Police Staff
Company registered
number
03179216
Charity registered
number
1186628
Registered office
Guardians House
2111 Coventry Road
Sheldon
Birmingham
B26 3EA
Secretary and General
Manager
Steve Newbury
Independent auditors
Cooper Parry Group Limited
Chartered Accountants
Statutory Auditor
Sky View
Argosy Road
East Midlands Airport
Castle Donington
Derby
DE74 2SA
Bankers
Lloyds Bank Plc
6th Floor
33 Old Broad Street
London
EC2N 1HZ
Investment Managers
Smith & Williamson
3rd Floor
9 Colmore Row
Birmingham
B3 2BJ
Patron
Chief Constable Dave Thompson QPM West Midlands Police

Page 1

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees have pleasure in presenting the Annual Report of the West Midlands Police Benevolent Fund for the year ended 31 December 2021 which is also prepared to meet the requirements of a Directors’ report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (effective January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

a. Charitable objectives

The current rules were adopted June 2016 (including some additional amendments made since that time) which formulated and regulated the activities of the Charity and its Trustees. Copies of the rules are available on request from the Charity's manager or on the Charity's website.

The objects of the Charity are for the public benefit, for the prevention or relief of poverty, suffering, distress or financial hardship amongst its beneficiaries which include both serving and retired police officers, members of police staff of the West Midlands Police Service and in some cases dependents, in particular but not exclusively by providing financial assistance and support by way of grants or loans to those individuals in such ways that the trustees see fit from time to time and the advancement of such charitable purposes in connection with policing as the trustees see fit from time to time.

The Charity is also able to provide facilities for the relief of injury or illness through the provision of facilities for convalescence and rehabilitation.

b. Membership

Member benefits

Sickness vouchers

Both serving and retired members can apply for a £30 voucher if they have been off work for 21 days or more. They can apply for one further voucher if they have been off for over four months.

Interest Free Loans

All members can apply for interest free loans in times of hardship and need.

Grants

All members can apply for grants in times of hardship and need.

Convalescence and Rehabilitation

All members can apply to visit St Michaels Lodge in the Ribble valley, Lancashire. They can receive a five day stay with food, accommodation and either physio or wellbeing treatment.

Discounted holiday breaks at our two holiday homes

All members can apply to stay at our two holiday homes at greatly reduced rates.

Death in Service Grants

All serving members receive a £3,500 death in service grant.

All dependent children of members who die in service will receive £25 a week until the age of 18 years.

Protected Rate Members

All protected rate members are entitled to claim up to £600 in consultations costs per year. (This scheme is now closed for both new and existing members).

Page 2

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

Discounted High Street Shopping Rewards Scheme

All members can access a variety of exclusive discounts including money off groceries, family days out, health and beauty, travel and offers on a large range of high street and online retailers via our ‘Yourrewards’ section within our website.

c. Subscriptions

Members subscribe to the Benevolent Fund by way of deductions at source either from their West Midlands Police salary or pension directly. In some circumstances members can pay via a direct debit or standing order facility but these numbers are limited to below 100.

Trustees took the decision this year NOT to make any increases in members' subscriptions and this will be reviewed again next year.

Serving Police Officer £2.00
Serving Police Staff £2.00
Serving Protected Rate
 £5.00
Retired Police Officer/Staff £1.00
Retired Protected Rate £3.75

Protected rate membership is now closed and is not available to new or existing members. The total number of members 7,649, an increase of 8.88% for the year and is broken down as follows:

Serving Police Officers 3,707
Retired 3,530
Police Staff 369
Ex Dependents 43

d. Public Benefit Statement

The Trustees confirm that:

In the exercise of their powers as Charity Trustees, they have had due regard to the published guidance from the Charity Commission when renewing the Charity's aims and objectives and in planning future activities.

e. COVID-19 Impact statement

The pandemic has had an impact upon the Charity's ability to;

  1. Develop and create funding opportunities both within the Police Family and wider public organisations by way of grants and donations:

  2. Maintain benefits to members some of which have been unavailable due to imposed restrictions of movements and distancing:

St Michaels Lodge rehabilitation and convalescence home utilised for our members when suffering injury or illness has been closed during periods of the year and has impacted upon the number of members, we could offer this vital service and member benefit to.

Page 3

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

  1. Attend all potential Force events to increase awareness and membership of the Charity:

The Charity would ordinarily attend all Force Wellbeing events, open days, road shows and individual team training events. These have been hugely restricted and in the main cancelled by the pandemic. However towards the end of the year events such as the Chief Constables Roadshows were reinstated and we were able to attend and support offering a huge boost to our increase in membership and ability to return our visibility and footprint within the Force.

4. Holiday Home:

Both the Charity holiday homes in Weymouth and Dartmouth have suffered during the year with COVID and restrictions still impacting however with our rebooking system in place from 2020 and an upsurge in interest in UK breaks following the lifting of restrictions both holiday homes have been extremely popular with occupancy rates of around 80% when COVID restrictions have been accounted for. They continue to be extremely popular and successful offering our members great opportunities for discounted breaks and holidays. It is anticipated demand in 2022 will push occupancy rates up to the near 100% marks.

The continued COVID-19 pandemic impacted upon the Charity’s investment valuation. The Trustees have monitored and reviewed the movement and are satisfied with the advice and direction given by the investment managers in respect of the diverse portfolio of investments held.

The Charity was in a good position when the first lockdown was implemented with regards to maintaining daily operations, having taken steps to anticipate some of the restrictions such as working from home and the technology that was required. This allowed all areas of day-to-day operations to be managed by staff from home and the office was closed. All areas of communication for members were maintained such as telephone, e-mail contact, regular updates on our website and via our e-mail delivery service. This has continued throughout 2021. The charity has been able to respond swiftly and with flexibility to the various levels of government restrictions and their impacts.

Trustees continued to review the Government’s ‘furlough scheme’ and in light of our continued income stream from members' subscriptions the Trustees decided against furloughing staff at any stage throughout the pandemic.

However, in light of the impact of the pandemic and the limited closure of the two holiday homes applications were invited and made to both South Hams and Dorset Councils to access the Government's Retail, Hospitality and Leisure Grants. Both applications were successful and just over £16,000 was received from each Council.

During the 2021 period demand for assistance with hardship loans and grants has remained at similar levels to 2020. The Fund has discussed and has contingency for increased demands due to high rises in cost of living such as energy and food over the next 12 months and beyond.

Like many organisations the Benevolent Fund has reviewed is working practices post the pandemic including working from home and working within our offices at Guardians House. With the investments made in IT, a better understanding of what our members required and the knowledge that remote working was able to maintain and, in some cases, increase our connection and relationship with members remote working will continue 5 days a week. Our offices however will now be open 3 days a week for visitors to attend and speak face to face, giving what is felt is a better balance of requirements and needs for our members and the services we provide.

Following on from increased remote working the Trustees recognized that it still required the flexibility for online meetings, in particular our AGM, which our Articles of Association didn’t allow for in what was required in an ever- changing environment. Members were balloted on changes that allowed that flexibility and adaptability going forwards giving the Fund the legal standing to have digital and non-face to face meetings if circumstances dictated. Members overwhelmingly voted for these changes which now form part of our framework post pandemic. The Articles of Association have been amended accordingly.

Page 4

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

Members were also balloted on the type of communications they required and again overwhelmingly voted to receive contact and communication via electronic means. Only around 350 members opted to receive postal/letter formatted contact.

The Trustees have plans in place for ‘emergence from the pandemic’ as it is anticipated that that there may well be a ‘increase’ in requests for all kinds of assistance including financial, convalescence and rehabilitation. Increased demand for use of its holiday homes is expected back to the levels experienced prior to the pandemic.

It is anticipated that we will be able to deliver all our planned events during 2022 with engagement within the West Midlands Police already returning to normal levels and discussions and plans in place to deliver face to face Activities across the Force already scheduled.

Overall, the Charity feels it is in a very strong position to maintain service and support as we leave the pandemic behind us and is optimistic it can sustain and deliver services and benefits in the aftermath.

Achievements and performance

a. Main achievements of the Charity

The Charity continues to engage more closely with its subscribing members and in particular widows and orphans who we support.

Following the successful launch of its ‘Day to remember’ in 2019 the Charity had planned to expand this to two events in 2020. Unfortunately, due to COVID-19 restrictions both events had to be postponed. The charity was able to deliver on this promise in 2021 and two hugely successful events took place at Blackwell Adventure Centre. Both events were hugely oversubscribed but we were able to offer over 50 families a fantastic day out. Plans are already in place to expand this event further to incorporate a further family water sports-based fun event during 2022.

The Charity actively seeks to increase and maintain membership in as many ways as possible some examples of this year’s marketing campaigns included attendance at:

New recruit induction events; Police Federation retirement seminars; West Midlands Police Wellbeing events; West Midlands Police Family matters events; National Association of Retired Police Officers AGM’s; Police Federation Representatives meetings.

New Recruits has proved particularly challenging with access being a mixture of online and limited face to face. We have adapted and achieved some fantastic results. The Charity has welcomed over 500 new officers to the Fund. Work is underway to target as effectively as possible the projected 750 new recruits expected in 2022.

The Charity has seen good success too with its attempts at retention of officers when they retire. Attendance at retirement seminars has been very successful and will continue in reminding officers of the Funds benefits into retirement and the procedure to retain membership.

The Chief Constables Road shows have also proved very successful in maximizing opportunities to not only reestablish ourselves within the Force but to actively recruit new members and listen to what officers and staff need and want from the Benevolent Fund. It further gave us an opportunity to target police staff numbers. We feel we are underrepresented historically in this area. The roadshows enabled us to achieve a 21% increase in police staff membership welcoming over 60 new members.

Page 5

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

The Fund is also now a proud and active member of Police Charities UK allowing us to come together with other police charities and groups to partner and share best practices and ideas to deliver the best services to our members. This will further give Police Charities strength in numbers and with partnering gives stronger opportunities and buying power for merchandise and IT and digital infrastructure.

The Charity continues to engage with West Midlands Police at all levels to ensure opportunities to meet and engage with staff are found.

We have plans in place to develop new member benefits for the coming year which include;

We were extremely honored and thankful to the Chief Constable and our Patron Sir Dave Thompson to be invited to the Diamond Awards Event in 2021 which recognizes officers, staff and team’s achievements throughout the year. The Chief Constable made a special donation of £2,500 to our Charity from his awards fund.

The Charity was also chosen by the West Midlands Police Model club to be one of their chosen charity recipients for their event at Tally Ho this year. The Fund was extremely pleased to attend the event and receive a donation.

The charity continues to work hard to encourage donations and legacies and received some notable donations this year in particular over £8,000 from The Stechford Police Holiday Caravan Club which unfortunately had to close after many years but chose the Fund as the beneficiary of its remaining funds. Over £600 was donated by Police Headquarters Bowls Club in Warwickshire.

The Trustees hope with the new innovation of the new free Will writing service it may place us in the forefront of people’s minds when considering legacies.

Distribution of Funds

All members can apply for interest free loans and grants in times of hardship and need. Members are required to submit a detailed application of their finances and situation to the Charity's general manager. Following further consultation and investigation the application is presented before the Operations Committee who deliberate, vote and decide on the type of assistance if any given. This decision is further considered and ratified in the following Trustees’ meeting before the application is finally authorised. The Committee can decide upon the type of assistance and the length and monthly repayments in the case of a loan.

These are the breakdowns of how member benefits were distributed this year:

Sickness Vouchers £5,820 Loans £24,616 Grants £22,480 Rehabilitation £14,400 Death grants £3,500 Dependents £20,849 Private consultations £2,525

Here are some of the Grants given by the Charity this year from applications received.

  1. £5,000 granted to the daughter of two serving members towards treatment for urgent surgery on the spine which had to be accessed privately.

  2. £7,947 granted to a serving police officer member who is permanently disabled and required an internal lift within their home to access all levels to incorporate a wheelchair. (Part loan, part grant)

Page 6

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

  1. £2,690 granted to retired member for a stair lift within their home following unexpected medical condition and illness.

  2. £282 for vital dental treatment required to alleviate mental health problems for member suffering financial hardship.

  3. £160 for retired member to purchase secondhand rise and fall armchair following a fracture to spine.

  4. £500 emergency grant to assist student officer to move rental properties following damage caused due to neighbors discovering a police officer.

  5. £1,400 to serving officer so pay remainder of divorce costs causing mental health issued due to financial hardship.

  6. £280 to serving officer to enable them to move to new rental property as old property poor conditions of damp causing illness and mental health issues. Member also assisted with successful debt management sign posting.

Examples of interest free loans provided to members this year.

  1. £12,000 loaned to serving officer in financial difficulty following separation/divorce in hardship and distress to assist with clearing debts to enable a remortgage at an affordable interest rate.

  2. £2,000 loaned to a serving officer to assist alopecia medical condition which was only treatable privately that was causing officer severe mental health problems.

  3. £1,000 loaned to a serving officer to assist with costs of moving into a new home following suffering domestic violence from family members.

  4. £7,947 loaned to a serving police officer member who is permanently disabled and required an internal lift within their home to access all levels to incorporate a wheelchair. (Part loan, part grant)

Impact assessment

The Charity will be continuing working towards and developing an impact assessment model to assist the Trustees in analysing the effectiveness of its grant making and the development of a grant making strategy.

Developments are continuing with the Charity’s new website. This will allow the site to be much more user friendly and accessible. It will further enable charity staff to have more control and access to manage the site reducing costs to our website hosts for updates ad changes.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees have considered the guidance published by the Charity Commission in respect to reserves and feel it prudent to maintain a level of reserves both to support the ongoing activities of the charitable company and to establish a buffer against any decrease in income. The Trustees have therefore set a policy that the reserves target should be six months’ operating expenses which is approximately £130,000.

As at 31 December 2021, the free reserves of the Charity (that is those general unrestricted reserves not invested in fixed assets or represented by investments) were £238,364 (note 14).

Page 7

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

c. Financial review

Total income for the year amounted to £279,420 (2020: £238,469). The Charity incurred expenditure amounting to £268,753 (2020: £238,190) resulting in a surplus before investment gains of £10,667 (2020: deficit of £279). Investment gains for the year amounted to £169,907 (2020: £28,420) resulting in total net movement in funds of £180,574 (2020: £28,669).

The charity’s listed investment portfolio was valued at £1,686,373 (2020: £1,493,462).

d. Risk Management

The Trustees keep under review the major strategic and operational risks which the Charity faces.

They believe that all necessary steps have been taken and systems are in place and established to minimise any such risks as might exist.

The Trustees consider the main risk to the Charity arises from its maintenance and retention of its existing membership. They instruct their staff to focus, deliver and establish continual innovative ways to achieve this which are continually assessed and developed at Operational and Trustee meetings.

The Trustees have agreed risk profiles with our investment managers.

The Trustees recognise the importance of its financial investments and continually review and seek guidance and updates from our financial investment team within Smith and Williamson. The Trustees have a clear risk level policy which is reviewed on an annual basis unless need arises for earlier intervention.

In the current year under review the Charity continued to hold a diverse portfolio to best represent its needs.

Page 8

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management

a. Constitution

The West Midlands Police Benevolent Fund until July 2019 had been known as WMP Benevolent Fund and was a private company limited by guarantee. Following its AGM on 12 July 2019, the company adopted new ‘Articles of Association’ by way of a special resolution and voted to change its name to West Midlands Police Benevolent Fund. The decision was taken to apply for charity status.

On 28 November 2019 the Benevolent Fund successfully achieved charity status and was given the registration number 1186628.

All Trustees are members of the Operations Committee and are elected in accordance with the rules.

All payments made by the Charity must be authorised by the Committee and further approved by the Trustees. Arrangements are in place to deal with emergency situations outside of Trustee meetings.

Periodic meetings take place which comprise of monthly Operations meetings followed by Trustee meetings, Annual General Meeting and an annual Budget meeting in accordance with the rules.

During the pandemic regular Zoom meetings have taken place replacing the physical face-face meetings. This has worked well and will continue.

The Trustees recognise the need for ongoing reflection and inclusion within its board to ensure that all areas of the police family are represented within its Operations Committee and Trustee board. Amendments have been made to the Charity's rules to ensure a more diverse and representative makeup of both is ensured and to that end the Trustees have welcomed representatives of Black and Asian Police Officers Association, Women In Policing and the Disabled Police Association to the Operations Committee.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Grant or Loan making policy

The Committees have no specific policies in relation to grants or loans. Each individual application is treated on its own merits in relation to hardship and need.

Applications are submitted to the general manager who investigates and meets applicants usually face to face to establish certain facts and details. The general manager will then present these applications without disclosure of applicants details to the Operations Committee who then question the general manager on his findings and scrutinise the application with discussions, between them. A vote on approval is then made by the committee. This decision is later ratified by a Trustees board meeting who have the final approval decision.

Page 9

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

New and existing Trustees have undergone appropriate training to assist them in fulfilling their role which will include understanding their legal obligations under charity and company law, Charity Commission guidance on public benefit, the Operations Committee and decision-making process, the Charity’s business plan and any key recent financial performance of the Charity. This training was delivered by a qualified and suitable company, Higgs and Sons Solicitors via their Charity arm. Refresher training will be delivered on an annual basis to maintain full levels of understanding and governance.

e. Pay policy for key management personnel

In 2015 following a readjustment of accountabilities and organisational structure, West Midlands Police Benevolent Fund commissioned West Midlands Police Corporate HR to provide pay and grading advice for roles within the West Midlands Police Benevolent Fund aligned to that of their structure in remuneration of civilian Police staff. Following this evaluation, recommendations from that report were adopted and the West Midlands Police Benevolent Fund continues to align itself with those pay scales and structures.

The Trustees consider its key management personnel comprise the management team.

Plans for future periods

We value and have the upmost regard for the health and safety of our staff both physically and mentally. Plans are underway for staff training in dealing with calls from members suffering illness and difficulties relating to bereavement and mental health. Costings have been received and this training is to take place in the next six to twelve months following discussion with the potential providers the Samaritans. This has been deferred from last year due to the pandemic and the difficulties in delivering face to face training.

The Charity will continue with its ‘family fun day’ event reaching out to bereaved and orphaned members families. The Charity is hoping government guidelines will allow two further events which will now take place in May and August 2022.

The Charity is always looking for areas to expand the support to our members and their families and with our new charity status it is even more relevant. The Charity is reaching out with that new status to find partners, organisations and bodies we can work with to offer more.

We hope to continue our arrangements with Alton Towers and their charity arm ‘Merlin’s Magic Wand’ to provide complimentary tickets to our members and families most in need.

Page 10

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Cooper Parry Group Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 29 April 2022 and signed on their behalf by:

John Williams Chairman

Page 11

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND

Opinion

We have audited the financial statements of West Midlands Police Benevolent Fund (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance sheet and the related notes, 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:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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.

Page 12

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the 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 Companies Act 2006 requires us to report to you if, in our opinion:

Page 13

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND (CONTINUED)

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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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:

Our assessment focussed on key laws and regulations the Charitable Company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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

Page 14

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND (CONTINUED)

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Glen Bott FCA (Senior statutory auditor)

for and on behalf of

Cooper Parry Group Limited Chartered Accountants Statutory Auditor Sky View

Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA 29 April 2022

Page 15

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations and legacies
3
Charitable activities
2
Other income
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net gains on investments
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
14		 Unrestricted
funds
2021
£
46,182
189,419
12,000
31,819
279,420
8,890
259,863
268,753
169,907
180,574
2,433,235
180,574
2,613,809		 Total
funds
2021
£
46,182
189,419
12,000
31,819
279,420
8,890
259,863
268,753
169,907
180,574
2,433,235
180,574
2,613,809		 Total
funds
2020
£
25,497
170,090
12,000
30,882
238,469
7,651
230,539
238,190
28,420
28,699
2,404,536
28,699
2,433,235

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 31 form part of these financial statements.

Page 16

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee) REGISTERED NUMBER: 03179216

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
Designated funds
14
General funds
14
Total unrestricted funds
14
Total funds		 47,834
216,859
264,693
(26,329)
2,375,445
238,364		 2021
£
686,072
1,689,373
2,375,445
238,364
2,613,809
2,613,809
-
2,613,809
2,613,809		 53,655
197,727
251,382
(16,408)
2,198,261
234,974		 2020
£
701,799
1,496,462
2,198,261
234,974
2,433,235
2,433,235
-
2,433,235
2,433,235

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 29 April 2022 and signed on their behalf by:

John Williams Chairman

Richard Youds Trustee

The notes on pages 18 to 31 form part of these financial statements.

Page 17

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

1.1 Accounting Convention

West Midlands Police Benevolent Fund is a registered company limited by guarantee with registered charitable status, in the United Kingdom. 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 nature of the Charity’s operations and principal activities are to prevent or relieve poverty, suffering, distress or financial hardship amongst the beneficiaries by providing financial assistance and support as well as letting holiday properties to the beneficiaries.

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 (FRS 102), effective from 1 January 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 Practice as it applies from 1 January 2019.

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 prepared in sterling which is the functional currency of the charity.

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.

1.2 Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Page 18

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.3 Income recognition

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.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Legacies are included in the statement of financial activities when the charity is advised by the personal representatives of an estate that payment will be made or property transferred and the amount involved can be quantified.

Government grants are included in the statement of financial activities when the charity is notified of the award.

1.4 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Expenditure on charitable activities includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them; and

• Governance costs including those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

1.5 Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity.

The analysis of these costs is included in note 6.

Page 19

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.6 Tangible fixed assets

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - Over 50 years on a straight-line basis Plant and machinery - Over 4 years on a a straight-line basis Fixture and fittings - Over 3 years on a straight-line basis

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

1.7 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment market due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sector.

Unquoted investments are valued at managements best estimate of fair value and comprise medals.

1.8 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

1.9 Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Page 20

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.10 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.11 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.12 Employee benefits

The Charity operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid, the Charity has no further obligations.

The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Charity in independently administered funds.

1.13 Tax

The Charity is recognised charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

1.14 Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves and a significant net current asset position of £238,364 for the Charity to be able to continue as a going concern.

1.15 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.

Page 21

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies (continued)

1.16 Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas where these judgments and estimates have been made include:

Depreciation and residual value:

The Trustees have reviewed the asset lives and associated residual values of all tangible fixed assets classes, and have concluded that asset lives and residual values are appropriate.

2. Income from charitable activities

Serving officers, pensioners subscriptions and support
Property income
Total 2021
Total 2020		 Unrestricted
funds
2021
£
152,189
37,230
189,419
170,090		 Total
funds
2021
£
152,189
37,230
189,419
170,090		 Total
funds
2020
£
142,630
27,460
170,090

Income from charitable activities for both years related to unrestricted funds.

3. Income from donations and legacies

Donations
Grants
Total 2020		 Unrestricted
funds
2021
£
13,750
32,432
46,182
25,497		 Total
funds
2021
£
13,750
32,432
46,182
25,497		 Total
funds
2020
£
2,829
22,668
25,497

Total 2020

Income from donations for both years related to unrestricted funds.

Included within grants is £20,000 received under the Retail, Hospitality and Leisure Grant (RHLGF) and £8,384 received under the Local Restriction Support Grant Fund.

Page 22

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Investment income

Dividends
Bank interest
Total 2020
Income from investments for both years related to unrestricted		 Unrestricted
funds
2021
£
31,132
687
31,819
30,882
funds.		 Total
funds
2021
£
31,132
687
31,819
30,882		 Total
funds
2020
£
29,082
1,800
30,882

5. Expenditure on raising funds

Investment management fees
Total 2020		 Unrestricted
funds
2021
£
8,890
7,651		 Total
funds
2021
£
8,890
7,651		 Total
funds
2020
£
7,651

Expenditure on raising funds for both years related to unrestricted funds.

6. Analysis of expenditure by activities

Grant making
Lettings
Governance
Total 2020		 Activities
undertaken
directly
2021
£
88,173
33,992
-
122,165
91,146		 Support
costs
2021
£
109,038
-
28,660
137,698
139,393		 Total
funds
2021
£
197,211
33,992
28,660
259,863
230,539		 Total
funds
2020
£
167,259
36,526
26,754
230,539

Total 2020

Page 23

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Gifts and consultations
Gifts and other convalescence
Orphans and other contributions
Grants paid
Repairs and maintenance
Depreciation on property
Property expenses
Total 2021
Total 2020		 Grant
Making
2021
£
12,717
14,400
20,849
28,143
12,064
-
-
88,173
63,849		 Lettings
2021
£
-
-
-
-
-
10,988
23,004
33,992
27,297		 Total
funds
2021
£
12,717
14,400
20,849
28,143
12,064
10,988
23,004
122,165
91,146		 Total
funds
2020
£
6,730
3,378
23,950
14,744
15,047
10,989
16,308
91,146

Analysis of support costs

Staff costs
Hotels, travel and subsistence
Printing and stationery
Telephone and fax
Advertising and promotion
Bank charges
Sundry expenses
Insurance
Depreciation
Equipment
Corporation tax - prior year
underprovision
Auditor's remuneration
Legal and professional
Total 2021
Total 2020		 Grant
Making
2021
£
79,693
661
6,828
2,342
9,895
511
39
2,019
6,556
494
-
-
-
109,038
103,410		 Lettings
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,229		 Governance
2021
£
-
-
-
-
-
-
-
-
-
-
-
12,478
16,182
28,660
26,754		 Total
funds
2021
£
79,693
661
6,828
2,342
9,895
511
39
2,019
6,556
494
-
12,478
16,182
137,698
139,393		 Total
funds
2020
£
76,404
27
4,537
3,093
15,113
393
227
1,072
7,615
865
3,293
12,450
14,304
139,393

Page 24

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Expenditure on charitable activities for both years related to unrestricted funds.

7. Net incoming resources

Net incoming resources are stated after charging:

2021 2020
£ £
Depreciation of fixed assets 17,544 18,604
Auditor's remuneration - audit 10,500 9,000
Auditor's remuneration - non audit services - 1,950
Defined contribution pension cost 6,749 6,797

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL).

9. Staff costs

Wages and salaries
Social security costs
Pension costs		 2021
£
72,761
183
6,749
79,693		 2020
£
68,356
1,251
6,797
76,404

The average number of persons employed by the charity during the year was as follows:

2021 2020
No. No.
Management and administration 4 4

No employee received remuneration amounting to more than £60,000 in either year.

The trustees consider its key management personnel comprise the management team. The total employment benefits including employer pension contributions of the key management personnel were £33,033 (2020: £43,385).

Page 25

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. Tangible fixed assets

Cost or valuation
At 1 January 2021
Additions
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Freehold
property
£
888,202
-
888,202
188,665
16,080
204,745
683,457
699,537		 Plant and
machinery
£
30,658
-
30,658
30,658
-
30,658
-
-		 Fixtures and
fittings
£
2,714
1,817
4,531
452
1,464
1,916
2,615
2,262		 Total
£
921,574
1,817
923,391
219,775
17,544
237,319
686,072
701,799

11. Fixed asset investments

Cost or valuation
At 1 January 2021
Additions
Disposals
Revaluations
Movement in capital account
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Listed
investments
£
1,493,462
153,380
(103,199)
169,907
(27,177)
1,686,373
1,686,373
1,493,462		 Unquoted
investments
£
3,000
-
-
-
-
3,000
3,000
3,000		 Total
£
1,496,462
153,380
(103,199)
169,907
(27,177)
1,689,373
1,689,373
1,496,462

Page 26

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11. Fixed asset investments (continued)

Cash held by the investment manager awaiting reinvestment amounted to £28,180 (2020: £55,357).

The historical cost of investment was £1,194,013 (2020: £1,136,839).

12. Debtors

Due after more than one year
Loans to members
Due within one year
Loans to members
Other debtors
Prepayments and accrued income		 2021
£
30,731
30,731
10,019
782
6,302
47,834		 2020
£
35,190
35,190
10,836
281
7,348
53,655

13. Creditors: Amounts falling due within one year

2021 2020
£ £
Other creditors 26,329 16,408

Page 27

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Investment
Revaluation
Fund
Investment
Historical Cost
Tangible Fixed
Asset Fund
General funds
Total
Unrestricted
funds		 Balance at 1
January
2021
£
359,623
1,136,839
701,799
2,198,261
234,974
2,433,235		 Income
£
-
-
-
-
279,420
279,420		 Expenditure
£
-
-
-
-
(268,753)
(268,753)		 Transfers
in/out
£
(34,170)
57,174
(15,727)
7,277
(7,277)
-		 Gains/
(Losses)
£
169,907
-
-
169,907
-
169,907		 Balance at
31
December
2021
£
495,360
1,194,013
686,072
2,375,445
238,364
2,613,809

Page 28

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Investment
Revaluation
Fund
Investment
Historical Cost
Tangible Fixed
Asset Fund
General Funds
Total
Unrestricted
funds		 Balance at
1 January
2020
£
268,823
1,174,399
717,689
2,160,911
243,625
2,404,536		 Income
£
-
-
-
-
238,469
238,469		 Expenditure
£
-
-
-
-
(238,190)
(238,190)		 Transfers
in/out
£
62,380
(37,560)
(15,890)
8,930
(8,930)
-		 Gains/
(Losses)
£
28,420
-
-
28,420
-
28,420		 Balance at
31
December
2020
£
359,623
1,136,839
701,799
2,198,261
234,974
2,433,235

Investment revaluation fund – this represents the revaluation element of investments which fluctuate on a day to day basis. The Trustees believe that it is inappropriate to consider that the unrealised surplus is available for the ongoing work of the Charity.

Investment historical cost – this represents the book cost of investments which the Trustees maintain for long term investment and income generation. The income is used to support the charitable objectives.

Tangible fixed asset fund – this fund will fund the future depreciation of fixed assets.

Page 29

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
686,072
1,689,373
40,750
223,943
(26,329)
2,613,809		 Total
funds
2021
£
686,072
1,689,373
40,750
223,943
(26,329)
2,613,809

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
701,799
1,496,462
35,190
216,192
(16,408)
2,433,235		 Total
funds
2020
£
701,799
1,496,462
35,190
216,192
(16,408)
2,433,235

16. Pensions and other post-retirement benefits

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £6,749 (2020: £6,797).

17. Capital commitments

2021 2020
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets 19,292 -

Page 30

WEST MIDLANDS POLICE BENEVOLENT FUND

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Related party transactions

During the year there were no related party transactions.

19. Financial instruments

Financial assets
Measured at fair value through net income/expenditure
Fixed asset listed investments (note 11)
Debt instruments measured at amortised cost
Loans to members (note 12)
Other debtors (note 12)
Equity instruments measured at amortised cost
Fixed asset unlisted investments (note 11)
Financial liabilities
Measured at amortised cost
- Other creditors (note 13)		 2021
£
1,686,373
40,750
7,084
47,834
3,000
1,737,207
2021
£
26,329		 2020
£
1,493,462
46,026
7,629
53,655
3,000
1,550,117
2020
£
16,408

Page 31