**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 :-
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether the policies adopted are in accordance with the Statement of Recommended Practice, ‘Accounting by Charities’ with applicable accounting standards;
- Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention
## **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:
- (1) accounting records were not kept in accordance with section 130 of the 2011 Act; and
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and
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|
|||_____|_____|
5. 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