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 2022
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 - 32 |
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 2022
| Trustees | John Williams, Chairman1 |
|---|---|
| Gillian Baker OBE | |
| John Butcher Bem (resigned 29 July 2022) | |
| Stephen Groves2 | |
| Nicholas Simpson | |
| Simon Westwood | |
| Patrick Wing2 | |
| Richard Youds | |
| Susan Cleeton (appointed 29 July 2022)2 | |
| 1 West Midlands Police Officers 2 Narpo 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 Office 401 4th Floor Two Chamberlain Square Birmingham B3 3AX Bankers Lloyds Bank Plc 6th Floor 33 Old Broad Street London EC2N 1HZ Investment Managers Evelyn Partners 103 Colmore Row Birmingham B3 3AG Patron Chief Constable Dave Thompson QPM West Midlands Police (Retired December 22) Announcement in early 2023 concerning the new Patron |
Page 1
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees have pleasure in presenting the Annual Report of the West Midlands Police Benevolent Fund for the year ended 31 December 2022 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).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
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.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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.
Page 2
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Objectives and activities (continued)
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).
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.
Free Will writing service
All members have access to free basic Will writing service via our partners Accord Legal Services which can be accessed via a portal 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 |
|---|---|
| Special Constabulary | £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 8,337, an increase of 8.99% for the year and is broken down as follows:
| Serving Police Officers | 4,206 |
|---|---|
| Retired | 3,562 |
| Police Staff | 529 |
| Ex Dependents | 40 |
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.
Page 3
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Objectives and activities (continued)
e. COVID-19 and Cost of Living Crisis Impact statement
The pandemic has had less impact in 2022 but has affected the Charity in early 2022 and its ability to;
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Develop and create funding opportunities both within the Police Family and wider public organisations by way of grants and donations:
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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 placed restrictions on the numbers able to attend during periods of the year and has impacted upon the number of members, we could offer this vital service and member benefit to.
3. 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 suffered minimally during the early part of year with COVID and restrictions. The upsurge in interest in UK breaks following the lifting of restrictions has continued both holiday homes have been extremely popular with occupancy rates of around 95% when COVID impacts have been accounted for along with booked maintenance shutdowns.
They continue you to be extremely popular and successful offering our members great opportunities for discounted breaks and holidays. It is anticipated demand in 2023 with push occupancy rates up to the near 100% marks.
5. Investments:
The economic environment 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 Trustees are scheduled to meet with investment managers during mid 2023 again to ensure full understanding and to continue to risk manage and evaluate investments.
6. Working Practices:
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 when 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 2022. 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. Some 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.
Page 4
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Objectives and activities (continued)
7. Demand for services:
During the 2022 period demand for assistance with hardship loans and grants has remained at similar levels to 2021. The Fund has discussed, planned 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. The 2023 budget will be reviewed mid year to ensure demand and anticipated costs are understood and planned for.
It is anticipated that we will be able to deliver all our planned events during 2023 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 effects of the pandemic behind us and enter into cost-of-living crisis.
The Trustees considered in depth how the severe fuel and cost of living increases may effect our members and ensured that we are prepared for some very difficult and impactive times ahead with regards to reserves and financial planning.
To play a small part towards helping our members the Trustees decided that subscription costs and holiday home charges would remain unchanged throughout 2022 and 2023 and would again be reviewed for 2024.
The Trustees are very optimistic the Fund can sustain and deliver services and benefits in the years ahead.
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 continued success and popularity of its ‘Day to remember’ the Fund not only provided a fantastic event at Blackwell Adventure Centre for our families but followed through on plans to hold a water sports-based event at AZTEC adventure aqua centre.
Both events were hugely oversubscribed but we were able to offer over 100 families two fantastic days out. Plans are already in place for both events to take place during 2023.
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 New recruit initial training courses. 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. Transferees and re joiner events. Police Specials Events PCSO initial training courses. Police NOW recruitment process
New Recruits has proved particularly successful again last year and whilst challenging in early 2022 due to the pandemic we have adapted and achieved some fantastic results. The Charity has welcomed over 500 newly recruited officers to the Fund and work is well underway to target as effectively as possible the projected 650 new recruits expected in 2023.
Page 5
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements and performance (continued)
The Charity has seen continued 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 charity set itself some tough targets in 2022 for increasing membership particularly with Police Staff members. 2022 proved to be hugely successful across the board and saw a staggering 8.99% increase in membership. Police Staff membership rose by a fantastic 43.36%. In total there were 688 new members to the fund in 2022.
Whilst membership maintenance and increases will remain an important part of the charities work during 2023 the trustees will ensure that the Benevolent Fund begins to focus and establish itself more visibly as a charity. The Fund has held charity status now for over three years and it is time to work harder in the area of donations and legacies. This work has already begun with the Will writing benefit where those members creating wills are reminded of the Funds charity status and asked to consider a legacy within that will. This will be added to with a campaign to remind members of our charity status and work by reaching out to associations and groups within the police family by letters, e mails and presentations. We want to put the Benevolent Fund Charity at the forefront of their minds when considering fund raising, sponsorship and donations.
The Fund continues to be 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;
• Mental Health counselling
Our Trustees have long since tried to find an affordable and effective way to support its members in this area. Following hard work and collaboration with our partners at St Michaels Lodge, the North West Benevolent Fund we will be offering online counselling sessions for our members in early 2023. This will give members access to important support to include such areas as Cognitive Behavioral Therapy (CBT), Eye Movement Desensitization and Reprocessing (EMDR), Person Centered Therapy and Bereavement Counselling. This will initially be trialed for around six months and assessed before the Trustees consider adding it as a permanent benefit. This will initially only be available to serving officers and staff whilst impact and viability are assessed.
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 2022 which recognizes officers, staff and team’s achievements throughout the year. The Chief Constable made a special donation of £850 to our Charity from the night’s events
The Charity continues to work hard to encourage donations and legacies and received some notable donations this year.
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
Page 6
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements and performance (continued)
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 £6,450 Grants £29,402 Rehabilitation £16,650 Death grants £10,500 Dependents £20,289 Private consultations £2,170
Here are some of the Grants given by the Charity this year from applications received.
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£3,022 granted to serving member and family to assist with forced move from rental accommodation and assist in purchase of furniture.
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£1,500 granted to a serving police officer member who was suffering domestic violence and needed to move into safe rented accommodation. Grant to assist we new rental property initial costs.
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£2,495 granted to retired member for a stair lift within their home following unexpected medical condition and illness.
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£500 to serving member for vital vehicle repairs when suffering financial hardship.
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£13,285 granted to retired member to build downstairs shower room for wife following two years in hospital and to allow for her to live at home with her young family and manage her life changing condition.
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£1,795 granted to pay serving members dental work and repair following a serious assault whilst on duty.
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£2,305 granted to serving officer so pay replacement of silicone leg sleeve for lower leg disability.
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£2,000 granted to serving officers to pay for dream VIP trip to London for family prior to daughter undergoing life threatening stem cell transplant.
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£747 granted to serving officer for laptops for children one of which undergoing leukemia treatment.
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.
Page 7
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022, the free reserves of the Charity (that is those general unrestricted reserves not invested in fixed assets or represented by investments) were £164,415 (note 15).
c. Financial review
Total income for the year amounted to £271,775 (2021: £279,420). The Charity incurred expenditure amounting to £312,633 (2021: £268,753) resulting in a deficit before investment losses of £40,858 (2021: surplus of £10,667). Investment losses for the year amounted to £222,525 (2021: gains of £169,907) resulting in total net reduction in funds of £263,383 (2021: gain of £180,574).
The charity’s listed investment portfolio was valued at £1,491,214 (2021: £1,686,373).
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 Evelyn Partners. 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.
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,
Page 8
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, governance and management (continued)
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 where required and needed.
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.
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.
Page 9
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
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 2023.
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.
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 year. 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
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.
Page 10
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Approved by order of the members of the board of Trustees on 8 March 2023 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 2022 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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.
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)
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:
-
obtaining an understanding of the legal and regulatory framework applicable to the charitable company and how the charitable company is complying with that framework, including agreement of financial statement disclosures to underlying documentation and other evidence;
-
obtaining an understanding of the charitable company’s control environment and how the charitable company has applied relevant control procedures, through discussions with Trustees and other management and by performing walkthrough testing over key areas;
-
obtaining an understanding of the charitable company’s risk assessment process, including the risk of fraud;
-
reviewing meeting minutes of those charged with governance throughout the year; and
-
performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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 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.
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)
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.
Cooper Parry Group Limited Chartered Accountants Statutory Auditor Office 401 4th Floor Two Chamberlain Square Birmingham B3 3AX
Date:
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 2022
| Note Income from: Donations and legacies 3 Charitable activities 2 Other income 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 8,640 210,959 12,600 39,576 271,775 9,120 303,513 312,633 (222,525) (263,383) 2,613,809 (263,383) 2,350,426 |
Total funds 2022 £ 8,640 210,959 12,600 39,576 271,775 9,120 303,513 312,633 (222,525) (263,383) 2,613,809 (263,383) 2,350,426 |
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 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 32 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 2022
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 15 Unrestricted funds Designated funds 15 General funds 15 Total unrestricted funds 15 Total funds |
31,328 169,117 200,445 (36,030) 2,186,012 164,415 |
2022 £ 691,798 1,494,214 2,186,012 164,415 2,350,427 2,350,427 - 2,350,427 2,350,427 |
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 |
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 08 March 2023 and signed on their behalf by:
John Williams Chairman
Richard Youds Trustee
The notes on pages 18 to 32 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 2022
1. Accounting policies
1.1 Accounting Convention
West Midlands Police Benevolent Fund is a private registered company limited by guarantee with registered charitable status, in the United Kingdom. The company is incorporated in England. 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 2022
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 7.
Page 19
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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.
A tangible fixed asset is capitalised if it has an economic useful life that extends beyond 12 months and/or was purchased, gifted or acquired by other means for a relatively high cost. A minimum spend of £1,000 is recommended for spend to be classed as a fixed asset.
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 2022
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 £164,415 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 2022
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 2022 Total 2021 |
Unrestricted funds 2022 £ 166,659 44,300 210,959 189,419 |
Total funds 2022 £ 166,659 44,300 210,959 189,419 |
Total funds 2021 £ 152,189 37,230 |
|---|---|---|---|
| 189,419 | |||
Income from charitable activities for both years related to unrestricted funds.
3. Income from donations and legacies
| Donations Grants Total 2021 |
Unrestricted funds 2022 £ 3,306 5,334 8,640 46,182 |
Total funds 2022 £ 3,306 5,334 8,640 46,182 |
Total funds 2021 £ 13,750 32,432 |
|---|---|---|---|
| 46,182 | |||
Total 2021
Income from donations for both years related to unrestricted funds.
Included within grants is £5,334 received under the Omnicron Hospitality and Leisure Grant scheme.
Page 22
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
4. Other Income
Income from non charitable trading activities
| Rental Income Total 2021 |
Unrestricted funds 2022 £ 12,600 12,000 |
Total funds 2022 £ 12,600 12,000 |
Total funds 2021 £ 12,000 |
|---|---|---|---|
5. Investment income
| Dividends Bank interest Total 2021 |
Unrestricted funds 2022 £ 37,592 1,984 39,576 31,819 |
Total funds 2022 £ 37,592 1,984 39,576 31,819 |
Total funds 2021 £ 31,132 687 |
|---|---|---|---|
| 31,819 | |||
Income from investments for both years related to unrestricted funds.
6. Expenditure on raising funds
| Investment management fees Total 2021 |
Unrestricted funds 2022 £ 9,120 8,890 |
Total funds 2022 £ 9,120 8,890 |
Total funds 2021 £ 8,890 |
|---|---|---|---|
Expenditure on raising funds for both years related to unrestricted funds.
Page 23
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Analysis of expenditure by activities
| Grant making Lettings Governance Total 2021 Analysis of direct costs |
Activities undertaken directly 2022 £ 101,666 54,325 - 155,991 122,165 |
Support costs 2022 £ 122,933 - 24,589 147,522 137,698 |
Total funds 2022 £ 224,599 54,325 24,589 303,513 259,863 |
Total funds 2021 £ 197,211 33,992 28,660 |
|---|---|---|---|---|
| 259,863 | ||||
| Gifts and consultations Other convalescence Orphans and other contributions Grants paid Repairs and maintenance Depreciation on property Property expenses Total 2022 Total 2021 |
Grant Making 2022 £ 12,057 16,650 20,289 39,902 12,768 - - 101,666 88,173 |
Lettings 2022 £ - - - - - 10,499 43,826 54,325 33,992 |
Total funds 2022 £ 12,057 16,650 20,289 39,902 12,768 10,499 43,826 155,991 122,165 |
Total funds 2021 £ 12,717 14,400 20,849 28,143 12,064 10,988 23,004 |
|---|---|---|---|---|
| 122,165 | ||||
Page 24
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Analysis of expenditure by activities (continued)
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 Loss on disposal of tangible fixed assets Auditor's remuneration Legal and professional Total 2022 Total 2021 |
Grant Making 2022 £ 80,147 1,333 1,237 2,029 13,680 427 2,767 1,938 7,970 602 10,803 - - 122,933 109,038 |
Governance 2022 £ - - - - - - - - - - - 11,285 13,304 24,589 28,660 |
Total funds 2022 £ 80,147 1,333 1,237 2,029 13,680 427 2,767 1,938 7,970 602 10,803 11,285 13,304 147,522 137,698 |
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 | ||||
Expenditure on charitable activities for both years related to unrestricted funds.
8. Net incoming resources
Net incoming resources are stated after charging:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation of fixed assets | 18,470 | 17,544 |
| Auditor's remuneration - audit | 11,100 | 10,500 |
| Defined contribution pension cost | 7,064 | 6,749 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 25
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10. Staff costs
| Wages and salaries Social security costs Pension costs |
2022 £ 72,861 221 7,064 80,146 |
2021 £ 72,761 183 6,749 |
|---|---|---|
| 79,693 |
The average number of persons employed by the charity during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| 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 £30,112 (2021: £33,033).
11. Tangible fixed assets
| Cost or valuation At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year On disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold property £ 888,202 28,722 (19,292) 897,632 204,745 15,913 (8,489) 212,169 685,463 683,457 |
Plant and machinery £ 30,658 - - 30,658 30,658 - - 30,658 - - |
Fixtures and fittings £ 4,531 6,277 - 10,808 1,916 2,557 - 4,473 6,335 2,615 |
Total £ 923,391 34,999 (19,292) 939,098 237,319 18,470 (8,489) 247,300 691,798 686,072 |
|---|---|---|---|---|
Page 26
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations Movement in capital account At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 Debtors Due after more than one year Loans to members Due within one year Loans to members Other debtors Prepayments and accrued income |
Listed investments £ 1,686,373 115,701 (105,519) (222,525) 17,183 1,491,214 1,491,214 1,686,373 |
Other fixed asset investments £ 3,000 - - - - 3,000 3,000 3,000 2022 £ 20,273 20,273 7,597 - 3,458 31,328 |
Other fixed asset investments £ 3,000 - - - - 3,000 3,000 3,000 2022 £ 20,273 20,273 7,597 - 3,458 31,328 |
Total £ 1,689,373 115,701 (105,519) (222,525) 17,183 1,494,214 1,494,214 1,689,373 2021 £ 30,731 |
|
|---|---|---|---|---|---|
| 20,273 7,597 - 3,458 |
30,731 10,019 782 6,302 |
||||
| 31,328 | 47,834 |
13. Debtors
Page 27
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Creditors: Amounts falling due within one year
| Other creditors Deferred income |
2022 £ 30,711 5,319 36,030 |
2021 £ 26,329 - |
|---|---|---|
| 26,329 |
Deferred income represents subscription income received in relation to the following financial year.
Page 28
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
15. 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 2022 £ 495,360 1,194,013 686,072 2,375,445 238,364 2,613,809 |
Income £ - - - - 271,776 271,776 |
Expenditure £ - - - - (312,633) (312,633) |
Transfers in/out £ 17,032 10,334 5,726 33,092 (33,092) - |
Gains/ (Losses) £ (222,525) - - (222,525) - (222,525) |
Balance at 31 December 2022 £ 289,867 1,204,347 691,798 |
|---|---|---|---|---|---|---|
| 2,186,012 | ||||||
| 164,415 | ||||||
| 2,350,427 |
Page 29
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
15. 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 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 |
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 30
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
16. 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 2022 £ 691,798 1,494,214 20,273 180,172 (36,030) 2,350,427 |
Total funds 2022 £ 691,798 1,494,214 20,273 180,172 (36,030) |
|---|---|---|
| 2,350,427 |
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 2021 £ 686,072 1,689,373 30,731 233,962 (26,329) 2,613,809 |
Total funds 2021 £ 686,072 1,689,373 30,731 233,962 (26,329) |
|---|---|---|
| 2,613,809 |
17. 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 £7,064 (2021: £6,749).
18. Capital commitments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Contracted for but not provided in these financial statements | ||
| Acquisition of tangible fixed assets | - | 19,292 |
Page 31
WEST MIDLANDS POLICE BENEVOLENT FUND
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
19. Related party transactions
During the year there were no related party transactions.
20. Financial instruments
| Financial assets Measured at fair value through net income/expenditure Fixed asset listed investments (note 12) Debt instruments measured at amortised cost Loans to members (note 13) Other debtors (note 13) Equity instruments measured at amortised cost Fixed asset unlisted investments (note 12) Financial liabilities Measured at amortised cost - Other creditors (note 14) |
2022 £ 1,491,214 27,870 1,498 29,368 3,000 1,523,582 2022 £ 36,030 |
2021 £ 1,686,373 40,750 7,084 |
|---|---|---|
| 47,834 3,000 |
||
| 1,737,207 | ||
| 2021 £ 26,329 |
Page 32