Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs 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 2024
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent auditor's report on the financial statements Statement of financial activities 10-13 14 Balance sheet 15 Notes to the financial statements 16-29
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees John Williams, Chairman1 Gillian Baker OBE Stephen Groves2 Nicholas Simpson, Vice Chairman Simon Westwood Patrick Wing MBE2 Richard Youds Susan Cleeton2 West Midlands Poli OffirS 2 Narpo Company registered number 03179216 Charity registered number 1186628 Registered office Guardians House 2111 Coventry Road Sheldon Birmingham 826 3EA Secretary and General Steve Newbury Manager Independent auditor Cooper Pary Group Limited Statutory Auditor Cubo Birmingham Office 401, 4th Floor Two Chambedain Square Birmingham 83 3AX Bankers Lloyds Bank PIC 6th Floor 33 Old Broad Street London EC2N 1 HZ Investment Managers Evelyn Partners 103 Colmore Row Birmingham 83 3AG Patron Chief Constable Craig Guildford QPM RV DL West Midlands Police Page 1
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees have pleasure in presenting the Annual Report of the West Midlands Police Benevolent Fund for the year ended 31 December 2024 which is also prepared lo meet the requirements of a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charilies Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. statement of Recommended Practice leffeclive January 20191 applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. sin 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, Reporti 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 limel which formulated and regulated the activities of the Charity and its Trustees. Copies of the rules are available on request from the Charitvs 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 ils beneficiaries which include both serving and retired police officers, members of poli stsff of the Wesl Midlands Police Service, members of the Special Constabulary and in some cases dependents, in particular bul not exclusively by providing financial assistance and support by way of grants or loans lo those individuals in such ways that the Iruslees see fil from lime to lime and the advancement of such charitable purposes in wnnection with policing as the Iruslees see fil from lime to time. The Charity is also able lo provide fa¢ili118s for the relief of injury or illness through the provision of facilities for nvalesc8n¢e 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 limes of haréship and need. Grants All members can apply for grants in times of hardship and need. Convalescence and Rehabilitslion All members can apply to visit st Michaels Lodge in the Ribble Va118y, Lancashire. They can receive a five day stsy with food, accommodation and either physio or wellbeing treatment. Discounted holiday breaks al our two holiday homes All members can apply to stay at our two holiday homes at greatly redUd rates. Death in Service Grants All setving members receive a £3,500 death in Servi grant. All dependent children of members who die in service will receive £25 8 week until the age of 18 years. Protected Rale Members All protected rate members are entitled lo claim up to £600 in consultations SIS per year. {This scheme is now closed for both new and existing members). Page 2
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continuedl 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 lo free basic Will writing service via our partners Accord Legal Services which can be accessed via a portal within our website. Mental Health Counselling All members can apply for up to 12 online counselling sessions provided by Counsellors at St Michaels Lodge. 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 in late 2025 with a view to 2026. Serving Police Officer Special Constabulary Serving Police Staff Serving Protected Rate Retired Police Officerlslaff Retired Protected Rale £2.00 £2.00 £2.00 £5.00 £1.00 £3.75 Protected rale membership is now closed and is not available to new or existing members. The tol81 number of members 9,271, an increase of 6.040/. for the year and is broken down as follows.. Serving Police Officers Retired Police Stsff Ex Dependents 4,977 3,641 614 39 Demand for services.. During the 2024 period demand for assistance with hardship loans and grants has increased bul within manageable levels. The Fund has discussed, planned and has contingency for increased demands due lo high rises in cost of living such as energy and food over the next 12 months and beyond. The 2025 budget will be reviewed mid-year to ensure demand and anticipated costs are understood and planned for. Overall. the Charity feels it is in 8 very strong position to maintain service and continue to support our members through the cosl-of-living crisis. The Trustees considered in depth h()w the severe fuel, cost of living increases and the general slate of the economy 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. The Trustees are very optimistic the Fund can sustsin and deliver services and benefits in the years ahead. Page 3
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continuedl 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 aclivilies. 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. In 2024 the Fund celebrated its 50th anniversary and took the decision in 2023 that the anniversary celebrations would be spread across the whole of 2024 involving numerous activities and events both in celebration and to attract new members lo the Fund. Some of the adivilies and events are as follows. The design and creation of our new logo lo incorporate 50 years. The creation of plaques unveiled both at our home of Guardians House and at Lloyd House the West Midlands Police Headquarters. Two further plaques celebrating our long-standing partnerships with both St Michaels Lodge and the Northwest Benevolent Fund and the poli Museum in Birmingham. Prize draws every month of 2024 both lo celebrate the anniversary and to encourage new members to join and establish and verify current members detsils. This was supported by many of our partners and donations including., Serve and Protect (The Police Credit Union) Blackwell Adventure Centre The Think Tank Cadburys Worfd The British Police Symphony Orchestra Your Rewards Aztec Water Park LSH Auto Birmingham, st Michaels Lodge The National Space Centre Leicester Several thousand entries were received and it proved a huge success. Our main celebration look place at Blackwell Adventure Centre who assisted us lo host a fantastic day's Celebration only hindered slightly by the weather. Some 250 members were invited representing many periods of our 50 years including friends, partners and members who have supported the Fund over many years. In the moming groups of families got involved in many activities ranging from zip wiring lo archery. In the evening some amazing food was prepared by way of a BBQ and the lebratiOnS went on late into the night. During the year the Fund entered a new Free Will Writing partnership with Thomson Financial servi$, a well- established partner of policing. Our mentsl health counselling serVIS really established itself as our lalesl member benefit and was well received by both serving and retired members. The Charity always continues actively seeks lo increase and maintain membership in as many ways as possible some examples of this year's marf(eling Campaigns included allendance at.. Page 4
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl New recruit induction events New recruit initial training courses. Police Federation retirement seminars., West Midlands Police Wellbeing events- West Midlands Police Family mallers 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., West Midlands Police Open Days New Recruits proved successful again in 2024. The Charity has welcomed over 400 newly recruited officers to the Fund and work is well underway lo target as effectively as possible the similar number that are projected in 2025. The Charity has seen continued success loo with its attempts al retention of officers when they retire. Attendance al retirement seminars has been very successful and wll continue in reminding officers of the Funds benefits into retirement and the procedure lo relain membership. Work will be undertaken in 2025 to retain Poli Staff into retirement to increase retention in that area. Whilst membership maintenance and increases will remain an important part of the charities work during 2025 the Iruslees will ensure that the Benevolent Fund continues to focus and establish itself more visibly as a charity. The Fund has held charity status now for over five 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 ststus and asked to consider a legacy wthin that will. This will be added to with a campaign lo remind members of our charity status and work by reaching out lo associations and groups within the police family by letters, e mails and presentations. We want lo 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 aelive member of Police Charities UK allowng us lo come together wth 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 slmnger opportunities and buying power for merchandise and IT and digital infrastructure. The Charity continues to engage with Wesl Midlands Police al all levels to ensure opportunities to meet and engage with staff are found. Plans for 2025 We will continue our successful recruitment drives to increase membership as a whole but in particular new recruits and police staff members. We wll be trialing some new merchandise such as new water bottles and lip balm. We will examine our retention processes in detail to ensure we can reduce the retired members losses. We will be examining 811 application foms and ensuring they meet current needs. Likewise with our website all detsil and processes will be r&examined lo ensure fit for purpose and meeting the needs of our membership. Distribution of Funds All members can apply for interest free loans and grants in times of hardship and need. Members are required lo 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 Page 5
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl ratified in the following Trustees, meeting before the application is finally aulhorized. 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 Grants Rehabilitation Mental Health Counselling Death Grants Dependents Private Consultations £7,160 £55,451 £30,840 £7,440 £3,500 £18,922 £3,795 Here are some of the Grants given by the Charity this year from applications received. £4,071 granted lo a retired member for specialist mobility wheelchair. £12,000 granted to a retired police officer member for a walk-in shower bathroom conversion following Progressive Dementia and mobility illness. £2,990 granted lo retired member slairfift following mobility issues caused by cancer. £165 emergency granted to serving member for vital eye test 2nd glasses when suffering financial hardship. £3,480 granted lo purchase two funeral drapes for use by the Force and NARPO. £225 granted to retired member for rise and fall chair whilst in financial hardship. £6,100 granted split loan lo a retired officer suffering financial hardship and associated issues. £2,850, granted to eldedy retired officer suffering progressive illness. £106 granted to retired member suffering severe dementia for a specially designed dementia radio because of his love pf music and calming effect. £2,019 granted to a serving staff member for rent and key money to move following domestic violence. £15,707 granted lo a retired member for internal Itft, driveway work and specialist ramps who within 3 years of retirement suffered MND onset which has progressed very quickly 10. Financial review a. Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem 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 il prudent to maintain a level of reserves both to support the ongoing activities of the charitable company and lo establish a buffer against any decrease in income. The Trustees have therefore sel a policy that the reserves target should be six months, operating expenses which is approximately £130,000. As al 31 December 2024, the free reserves of the Charity (that is those general unrestricted reserves not invested in fixed assets or represented by investmenlsl were £281,731 Inole 151. Page 6
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Total income for the year amounted lo £473,82312023.. £299,232}- The Charity incurred expenditure amounting to £344,849 12023.. £291,436) resulting in a surplus before investment gains of £128,974 12023.. deficit of £7,796}- Investment gains for the year amounted to £96,83712023.. £74,783) resulting in total net increase in funds of £225,811 (2023.. £82,579). The charity s listed investment portfolio was valued at £1,710,21312023.. £1,579,207). 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 lo the Charity arises from its maintenance and retention of its existing membership. They instruct their staff to focus, deliver and establish continual innovative ways lo 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 ils 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 ils name to Wesl Midlands Police Benevolent Fund. The decision was taken lo apply for charity $18tus. 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 p8ymenls made by the Charity musl be aulhorised 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 regular 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 took place replacing the physical face lo face meetings. This worked well and will continue where required and needed. The Trustees recognise the need for ongoing reflection and inclusion within its board lo ensure that all areas of the police family are represented within its Operations Committee and Trustee board. Amendments have been made lo 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. Page 7
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management Icontinuedl b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and CoPted under the terms of the Trust deed. 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 lo the general manager who invesligale8 and meets applicants usually face lo face to establish certain facts and details. The general manager will then present these applications without disclosure of applicants details lo the Operations Committee who then question the general manager on his findings and scrulinise 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 lo 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 govemance. 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 ev8lu8tion, recommendations from that report were adopted and the West Midlands Police Benevolent Fund continues lo align itself with those pay scales and structures. The Trustees consider its key management personnel comprise the management team. Page 8
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel- 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 lo.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime Ihe financial position of the Charity and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditor Each of the persons who are Trustees at the lime when this Trustees. report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charitvs auditor is unaware, and that TrLJStee 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 charills auditor is aware of that information. Auditor The auditor, Cooper Parry Group Limited, has indicated his willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 21 March 2025 and signed on their behalf by.. SkJnÈdby.' John Williams Chairman Page 9
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND Opinion We have audited the financial slalements of West Midlands Police Benevolent Fund (the 'charilable companll for the year ended 31 Dember 2024 which comprise the Statement of Financial Aclivilies, 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 A¢pted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the stsle of the charitable companls affairs as al 31 December 2024 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted AccoLJnting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted OLJr audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 lo our audit of the financial statements in the United Kingdom, including the Financial Reporting CoLJncil's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden 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 conduded that the TrLJStees' 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 Ljncertainlies relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem 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 conrn are described in the relevant sections of this report. Page 10
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) INDEPENDENT AUDITOR'S 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 Audilorfs report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 lo be materially misstated. If we identify such material inconsistencies or apparent material misstslemenls, we are required lo determine whether this gives rise lo a material misstatement in the financial stslemenls themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other infomialion, we are required to report that fact. We have nothing lo 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= the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consislenl with the financial statements. 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 misstslemenls in the Trustees. Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made., or we have not received all the infomialion and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requiomenl to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied 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 companls ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to ase operations, or have no realistic alternative but to do so. Page11
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND {CONTINUED} Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo 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 lo comply with and areas of the financial stslemenls we assessed as being more sUsPtib1e to misstalemenl. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Charities (Proleclion and Social Investment) Act 2016, tsxalion IlsIatIOn, data protection, anti-bribery and employment legislation. We are not responsible for preventing irregularities. Our approach lo delecling irregulari118s induded, but was not limited to, the following.. obtaining an understsnding of the legal and regulatory framework applicable to the charitsble company and how the charitable company is complying with that framework, including agreement of financial statement disclosures lo underlying documentslion and other evidence., obtaining an understsnding 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 lesling over key areas., obtaining an understsnding 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 adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting eslimales for bias. Whilst considering how our audit wort( addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult lo deted than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not deted all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely to become aware of InStanS of non-complianco. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional Conalment, 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 al.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditor's report. Page 12
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WEST MIDLANDS POLICE BENEVOLENT FUND {CONTINUED} Use of our report This report is made solely lo the charitable companvs 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 stale lo the charitable companys members those matters we are required lo slate lo them in an Audilorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit wort, for this report, or for the opinions we have formed. IrL T (tg Glen Bott (Senlor statutory audltorl for and on behalf of Cooper Parry Group Llmlted Stslulory Auditor Cubo Birmingham Office 401, 4th Floor Two Chamberlain Square Bimingham B3 3AX Dale.. 24 March 2025 Page 13
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other income Investments 176,750 234,696 12,600 49,777 176,750 234,696 12,600 49,777 7,368 232,982 12,600 46,282 Total income 473,823 473,823 299,232 Expenditure on: Raising funds Charitable activities 9,286 335,563 9,286 335,563 8,730 282,706 Total expenditure 344,849 344,849 291,436 Nel gains on investments 96,837 96,837 74,783 Net movement in funds 225,811 225,811 82,579 Reconciliation of funds.. Total funds brought forward Nel movement in funds 2,433,006 225,811 2,433,006 225,811 2,350,427 82,579 Total funds carrled fonNard 2,658,817 2,658,817 2,433,006 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 29 form part of these financial statements. Page 14
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) REGISTERED NUMBER: 03179216 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 666,873 1,710,213 675,779 1,579,207 12 2,377,086 2,254,986 Current assets Debtors 13 75,561 266,899 26,753 195,125 Cash at bank and in hand 342,460 221,878 Creditors.. amoLJnts falling due within one year 14 160,7291 143,8581 Net current assets 281,731 178,020 Total assets less current liabilities 2,658,817 2,433,006 Total net assets 2,658,817 2,433,006 Charlty funds Restricted funds Unrestricted funds Designated funds General funds 15 2,377,086 281,731 2,254,986 178,020 15 Tol81 unrestricted funds 15 2,658,817 2,433,006 Total funds 2,658,817 2,433,006 The Trustees acknowledge their responsibilities for complying with the requirements of the Ad with respect to accounting records and preparation of financial statements. The financial slalemenls have been prepared in accordan 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 21 March 2025 and signed on their behalf by.. n•dby'. 21l1tB18E8El8È.. John Williams Chairman The notes on pages 16 to 29 fomi part of these financial stslements. Page 15
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Accounting Convention Wesl 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 acb"vities are to prevent or relieve povety, suffering, distress or financial hardship amongst the beneficiaries by providing financial assistance and support as well as letting holiday properties lo the beneficiaries. The Charity constitLJtes a PLJblic benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Praelice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, effective from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, 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 cOnM 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 slated. Wesl Midlands Police Benevolent Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value Ljnless otherwise slated in the relevant accounting policy. 1.2 Funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unreslricled 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 16
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.3 Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally enlilled lo the income after any perfomiance 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 selllement date in writing. If there are conditions attached lo the donation and this requires a level of perf0mlan before entillemenl can be obtained, then income is deferred until those conditions are fully met or the fulfilmenl 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 IFRS 1021. Investment income is earned through holding assets for investment purposes such as shares and property. 11 includes dividends, interest and rent. Where il is not practicable lo identify investment management costs incurred within a scheme with reasonable accuracy the investment inwme is reported net of these wsls. 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 rewgnised 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 induded in the stslement of financial adivities when the charity is notified of the award. 1.4 Expenditure recognition All expendilvre is accounted for on an accruals basis and has been classified und8r headings that aggregate all wsls related to the category. Expenditure is recognised where there is a legal or conslruclive obligation lo make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. 11 is calegorised under the following headings.. Expenditure on charitsb18 activities indudes both wsls that can be allocated dIreY lo such activities and those costs of an indirect nature necessary lo support them., and Govemance costs including those costs associated with meeting the constitutional and statutory requirements of the Charity and indude the audit fees and costs linked to the strategic management of the Charity- 1.5 Support costs allation Support costs are those that assist the work of the Charity bul do not diredly represent charitable activities and include offiTr costs, governance costs, adminislralive 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 17
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.6 Tangible fixed assets Land is not depreciated. Depreciation on other assets is charged so as lo allocate the cost of assets less their residual value over their estimated useful lives, using the slraighl-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 straighl-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 capilalised if it has an economic useful life that extends beyond 12 months andlor 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 dassed 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 al the balance sheet date using the closing quoted market price. The stslemenl of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire pul options, derivatives or other wmplex 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 lo 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 lo the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen 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 betW8en the fair value at the year end and their Caryng value. Realisod and unrealised investment gains and losses are Combined in the Slalement of Financial Activities. Investments are slated al mart(et value as al the balan sheet dale. The Stslemenl of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year. 1.9 Debtors and creditors roceivable I payable within one year Debtors and creditors with no slated interest rale and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Page 18
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 dale 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 al the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently al amortised cost using the effective interest method. 1.12 Employee benefits The Charity operates a defin8d 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 Slalement 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 helé separately from the Charity in ind8pendently administered funds. 1.13Tax The Charity is recognised charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the lesls sel out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore It meets the definition of a charitsble company for UK corporation tax purposes. 1.14 Going concern The financial stslemenls have been prepared on a going concem basis as the Trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial slalemenls. The budgeted income and expenditure is sufficient with the level of reserves and a significant net current asset position of £281,731 for the Charity to be able lo 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 al their selll8m8nt value. Page 19
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.16 Judgments in applying accounting policies and key sources of estimation uncertainty The preparation of the financial slalements requires management lo make judgments, eslimales and assumptions that affect the amounts reported. These eslimales 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. Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Serving officers, pensioners subscriptions and support Propety income 188,456 46,240 188,456 46,240 179,842 53,140 Total 2024 234,696 234,696 232,982 Total 2023 232,982 232,982 Income from charitable 8Ctivities for both years related lo unrestricted funds. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 8,040 168,710 8,040 168,710 7,368 Legacies Total 2024 176,750 176,750 7,368 Total 2023 7,368 7,368 Income from donations for both years related to unrestricted funds. Page 20
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Other Income Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rental Income 12,600 12,600 12,600 Total 2023 12,600 12,600 Investment Income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Dividends Bank interest 44,368 5,409 44,368 5,409 43,138 3,144 49,777 49,777 46,282 Total 2023 46,282 46,282 Income from investments for both years related to Ljnrestricted fLJnds. Expanditure on raising funds Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 9,286 9,286 8,730 Total 2023 8,730 8,730 Expenditure on raising funds for both years related to unreslricled funds. Page 21
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Grant making Lettings Govemance 141,370 38,405 131,686 273,056 38,405 24,102 219,096 41,755 21,855 24,102 179,775 155,788 335,563 282,706 Total 2023 145,401 137,305 282,706 Analysis of dired cost$ Grant Making 2024 Total funds 2024 Total funds 2023 Letting$ 2024 Gifts and consultations 20,779 33,850 18,922 54,242 13,577 20,779 33,850 18,922 54,242 13,577 10,748 27,657 12,324 38,075 19,429 20,323 13,495 10,748 31,007 Other convalescence Orphans and other contributions Grants paid Repairs and maintenance Depreciation on propety Propety expenses 10,748 27,657 Total 2024 141,370 38,405 179,775 145,401 Total 2023 103,646 41,755 145,401 Page 22
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of support costs Grant Making Governance 2024 2024 Total funds 2024 Total funds 2023 Staff costs Depreciation Hotels, travel and subsistence Printing and ststionery Telephone and fax Advertising and promotion Bank charges Sundry expenses Insurance Equipment Loss on disposal of tangible fixed assets Auditor's remuneration 97,080 7,077 1,201 768 898 11,689 550 97,080 7,077 1,201 768 898 11,689 550 87,043 8,243 994 1,537 2,588 12,038 409 1,087 1,052 876 9,408 1,087 1,052 876 9,408 12,750 11,352 1,068 1,264 266 12,750 11,352 12,000 9,855 Legal and professional Total 2024 131,686 24,102 155,788 137,305 Total 2023 115,450 21,855 137,305 Expenditure on charitable activities for both years related lo unrestricted funds. Net Incomlng resources Nel incoming resources are slated after charging.. 2024 2023 Depreciation of fixed assets Auditor's remuneration - audit 17,826 12,750 8,421 18,988 12,000 7,771 Defined contribution pension cost Truste&s' remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefils12023 - £NILI. During the year ended 31 December 2024, no Trustee expenses have been incurred12023 - £NILI- Page 23
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Staff costs 2024 2023 Wages and salaries Social security costs Pension costs 88,383 276 8,421 79,060 212 7,771 97,080 87,043 The average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Management and administration No employee reiVed remuneration amounting to more than £60,000 in either year. The trLJStees consider ils key management personnel oomprise the management team. The total employment benefits including employer pension contributions of the key management personnel were £35,427 {2023.' £30,980). 11. Tangible fixed assets Freehold property Plant and Fixtures and machinery fittings Total Cost or valuatlon At 1 January 2024 Additions 900,601 18,327 118,3271 30,658 10,808 942,067 18,327 118,3271 Disposals At 31 December 2024 900,601 30,658 10,808 942,067 Depreciation At 1 January 2024 Charge for the year On disposals 228,007 15,687 18,9201 30,658 7,623 2,139 266,288 17,826 18,9201 At 31 December 2024 234,774 30,658 9,762 275,194 Net book value At 31 December 2024 665,827 1,046 666,873 At 31 December 2023 672,594 3,185 675,779 Page 24
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Fixed asset investments Other fixed Listed asset investments investments Total Cost or valuatlon At 1 January 2024 Additions 1,576,207 229,278 1213,7461 96,837 18,637 3,000 1,579,207 229,278 1213,7461 96,837 18,637 Disposals Revaluations Movement in capital account At 31 December 2024 1,707,213 3,000 1,710,213 Net book value At 31 December 2024 1,707,213 3,000 1,710,213 At 31 December 2023 1,576,207 3,000 1,579,207 13. Debtors 2024 2023 Due after more than one year Loans lo members 8,139 15,184 8,139 15,184 Due within one year Loans lo members 5,823 3,164 58,435 5,706 95 5,768 Other debtors Prepayments and accrued income 75,561 26,753 14. Crgditors: Amounts falling dug Within ong year 2024 2023 Other creditors Deferred income 55,295 5,434 38,618 5,240 60,729 43,858 Deferred income represents subscription income received in relation to the following financial year. Page 25
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement offunds statement of funds - current year Balance at 31 Gainsl December {Lossesl 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Investment Revaluation Fund Investment Historical Cost 310,415 (83,3351 96,837 323,917 1.268,792 117,504 1,386,296 Tangible Fixed Asset Fund 675,779 18,9061 666,873 2,254,986 25,263 96,837 2,377,086 General Funds 178,020 473,823 1344,8491 125,2631 281,731 Total Unrestricted funds 2,433,006 473,823 1344,8491 96,837 2,658,817 Page 26
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds (continued) statement of funds - prior year Balance at 31 Gainsl December {Lossesl 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Investment Revaluation Fund Investment Historical Cost 289,867 (54,2351 74,783 310,415 1.204,347 64,445 1,268,792 Tangible Fixed Asset Fund 691,798 116,0191 675,779 2,186,012 15,8091 74,783 2,254,986 General Funds 164,415 299,232 1291,4361 5,809 178,020 Total Unrestricted funds 2,350,427 299,232 1291,4361 74,783 2,433,006 Investment revaluation fund - this represents the revaluation element of investments which fluctuate on a day to day basis. The Trustees believe that Il 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 maintsin for long term investment and income generation. The income is used to support the charitsble objectives. Tangible fixed asset fund- this fund will fund the future depreciation of fixed assets. Page 27
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Debtors due after more than one year Current assets 666,873 1,710,213 8,139 334,321 {60,7291 666,873 1,710,213 8,139 334,321 160,7291 Creditors due within one year Total 2,658,817 2,658,817 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 675,779 1,579,207 15,184 206,694 {43,8581 675,779 1,579,207 15,184 206,694 143,8581 Debtors due after more than one year Current assets Creditors due within one year Total 2,433,006 2,433,006 17. Penslons and other post-retlrement beneflts The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £8,42112023'. £7,771). 18. Capltal commltments 2024 2023 Contractgd for but not providgd in thgsa financial statemgnt$ Windows refurbishment 18,327 Page 28
Docusign Envelope ID.. C29ADB05-c220492E-AFDsFC2BB8D1Bs WEST MIDLANDS POLICE BENEVOLENT FUND IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Related party transactions During the year there were no related party transactions. 20. Financial instruments 2024 2023 Financial assèts Measured at fair value through net incomelexpenditure Fixed asset listed investments (note 12) Debt Instruments measured at amortlsed cost Loans lo members (note 131 Other debtors (note 131 1,710,213 1,579,207 13,962 3,164 20,890 95 17,126 20,985 1,727,339 1,600,192 2024 2023 Financial liabilities Measured at amortised cost Other creditors Inole 14) 60,729 43,858 Page 29