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2024-03-31-accounts

REGISTERED CHARITY NUMBER: 208175

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

R.E.Jones & Co. Chartered Accountants 132 Burnt Ash Road Lee London SE12 8PU

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
General Information 1
Trustees’ Report 2 - 3
Statement of Trustees’ Responsibilities 4
Independent Examiners Report 5
Statement of Financial Activities 6
Balance sheet 7
Notes to the Financial Statements 8 - 9

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES:

REGISTERED OFFICE:

INDEPENDENT EXAMINER :

P. O’Doherty P. Betts U. Khan City of London Police Guildhall Yard East London EC2V 5AE D.I.Smart, FCCA R.E.Jones & Co. 132 Burnt Ash Road Lee London SE12 8PU

Page 1

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report together with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and in accordance with the financial reporting standard applicable in the UK and Republic of Ireland (Charities SORP FRS102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Fund was founded in 1932 by a written constitution and registered as a charity on 22 September 1962. The constitution has undergone periodic amendments, the last confirmed during the annual general meeting held in 1999.

The day to day activities of the charity is under the control of the Secretary and Treasurer. Any awards for financial assistance by way of grants, gifts or loans are recommended in writing by the Force Welfare Officers and only authorised by the Trustees. Any special donations are ratified at the Annual General Meeting, which is attended by the Trustees and Fund Representatives, all of whom are senior members of the Police Force.

Recruitment and appointment of new trustees

New Trustees are recruited from senior members of the City of London Police, whose appointment will be confirmed at the Annual General Meeting. All new members of the Board of Trustees are fully briefed on their responsibilities and, where necessary, training is provided.

OBJECTIVES AND ACTIVITIES

The objectives of the Fund are:-

(a) To provide and maintain a sum of money from which financial assistance can be made to:-

(i) orphans of members and retired members of the Force;

(ii) widows and widowers of members of the Force who die whilst serving or after leaving the Force;

(iii) widows and widowers who are serving members of the Force; and

(iv) the families of members and retired members of the Force who have become incapacitated

(b) The raising of funds for the achievement of the objects; and

(c) The investment of such funds as are not required for immediate application.

Significant activities

The charity's main source of income is donations from city institutions, including the City of London Police itself and related charities, as well as from individuals and businesses that benefit from the services of the City of London Police.

In addition, the charity will hold a widows' Summer Luncheon once a year, and will receive contributions towards this from individuals, City Guilds and other organisations. The amount of financial assistance granted by the charity is determined by donations and investment income received.

The widows' Summer Luncheon, mentioned above, is always well attended by the widows of former force members who may have lost their lives whilst on active service or after leaving the force.

Page 2

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2024

PUBLIC BENEFIT

The Trustees have confirmed that they have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charities Commission, including public benefit guidance. The public benefit of the Charity's activities are outlined under 'Objectives and Activities' above.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the Fund has continued the practice of making quarterly payments to nominated orphans and children of incapacitated former members of the force as well as providing gifts on birthdays and at Christmas.

FINANCIAL REVIEW

Investment policy and objectives

The investment strategy adopted by the charity is determined by the Trustees from time to time. The Charity’s funds are held in cash which is managed through the City of London’s combined treasury function, to maximise returns on cash balances. The policy is to maintain the real value of cash held.

Reserves policy

As at 31 March 2024 the charity held £585,817 as free reserves. These amounts are considered to be sufficient by the Trustees and will allow the Charity to provide financial assistance, at the current level of resources expended, for approximately twenty-one years.

Results for the year

The total income, including donations, investment income and proceeds from the widows' Summer Luncheon amounted to £460,817 (2023: £7,975). Payments for the Summer Luncheon amounted to £7,770 (2023: £4,593). Fair value movement on funds invested amounted to £222 (2023: (£96). The Reserves increased by £433,549 (2023: decreased by £14,840) bringing total reserves to £585,817 (2023: £152,268).

FUTURE PLANS

It is the policy of the Trustees to ensure that the level of financial assistance given in the form of grants, gifts and loans is maintained at the current level, subject to maintaining sufficient levels of donations.

The Trustees and the Welfare Unit are constantly looking for support from City Institutions and individuals in order to provide enhanced benefits to orphans, widows and widowers and retired members of the Force.

Page 3

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES RESPONSIBILITIES

The Trustees are required by the Charities Act 2011 to prepare accounts each financial year which give a true and fair view of the state of affairs of the charity at the end of the financial year and of its financial activities for that period. In preparing those accounts, the Trustees are required to :-

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE TRUSTEES:

…………………………………… P.Betts

March 2025

Page 4

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND FOR THE YEAR ENDED 31 MARCH 2024

I report on the accounts of The City of London Police Widows and Orphans Fund for the year ended 31 March 2024, which are set out on pages 6 to 9.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Independent examiner's statement

The charity’s gross income exceeds £250,000 and I am qualified to undertake the examination by being a qualified member of ACCA.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

content of accounts set out in Charities (accounts and reports) Regulations 2008 other than

any requirement that the accounts give a ‘true and fair’ view which is not a matter considered

as part of the independent examination.

I have no concerns and have come across no other matters in connection with this examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Darren Smart FCCA for and on behalf of R.E.JONES & CO. 132 Burnt Ash Road Chartered Accountants Lee & Statutory Auditors London SE12 8PU

March 2025

Page 5

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

STATEMENT OF FINANCIAL ACTIVITES

FOR THE YEAR ENDED 31 MARCH 2024

INCOMING RESOURCES
Donations and legacies
Investment Income
Total incoming resources
RESOURCES EXPENDED
Annual grants/gifts to widows,
widowers and orphans
Widows’ summer luncheon
Other Expenses
Total resources expended
_
NET INCOMING/(OUTGOING)
RESOURCES FOR YEAR
Fair value movements on funds
Total funds brought forward
Total funds carried forward
at 31 March 2024
2024
Unrestricted
Funds
453,043
7,774
__
460,817
_
19,000
7,770
720

27,490

433,327
222
152,268

585,817
___		 2024

Restricted

Funds



__


_















___
 2024
2023
Total
Total
Funds
Funds
£
£
453,043
5,123
7,774
2,852
__
_
460,817
7,975
_
_
19,000
17,502
7,770
4,593
720
720

_
27,490
22,815

_
433,327
(14,840)
222
(96)
152,268
167,204

_
585,817
152,268

____






There were no recognised gains or losses for 2024 or 2023 other than those included in the Statement of Financial Activities.

Page 6

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024


CURRENT ASSETS
Debtors

CREDITORS:
Amounts due
within one year

NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
FUNDS
Unrestricted funds		 Notes

£
3
587,977
_
587,977
4
2,160
_		 2024
 2023
£
£
153,708
_
153,708
1,440
_
585,817
_
585,817
_
585,817
_
585,817		 £
152,268
_
152,268
_
152,268
_
152,268

Approved by the Board of Trustees on …11/03/2025 and signed on its behalf by:

........... ........................................................... P.Betts

March 2025

Page 7

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

General Information

The City of London Police Widows and Orphans Fund is a charity registered in

England

& Wales. The address of the fund is Walbrook Wharf, 78-83 Upper Thames Street London EC4R 3TD.

Basis of Accounting

The financial statements have been prepared in accordance with Accounting & Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom & Republic of Ireland (FRS102) and The Charities Act 2011 and UK General Accepted Accounting Practice.

Accounting convention

The financial statements have been prepared under the historical cost convention.

Income

Voluntary income and donations are accounted for as received by the fund. No permanent endowments have been received in the period.

Taxation

City of London Police Widows and Orphans Fund a registered charity and is exempt From taxation to the extent that any income and gains are applied to its charitable purposes.

2. TRUSTEES’ REMUNERATION

No remuneration was paid to the trustees in the year.

3. DEBTORS

2024 2023
£ £
City of London Corporate Client Account 587,977 153,708
Prepayments and other sundry debtors - -
_ _
587,977 153,708
_ _

Page 8

CITY OF LONDON POLICE WIDOWS AND ORPHANS FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. CREDITORS
2024 2023
£ £
Accountancy 2,160 1,440
_____ _____
  1. RELATED PARTIES

The trustees are not aware of any related party disclosures.

There are no trustee remuneration or expenses reimbursed by the charity.

Page 9