## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **Registered Charity Number 234787**
## **ANNUAL REPORT & ACCOUNTS**
## **2020**
George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **PATRON**
## **H.R.H The Duke of Cambridge KG, KT, PC, ADC**
## **PRESIDENT**
## **Cressida Dick DBE QPM**
## **VICE PRESIDENT**
**Ian Dyson QPM**
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Chairman's Report**|2 to 4|
|**Report of the Trustees**|5 to 9|
|**Report of the Independent Auditors**|10 to 12|
|**Statement of Financial Activities**|13|
|**Balance Sheet**|14|
|**Cash Flow Statement**|15|
|**Notes to the Cash Flow Statement**|16|
|**Notes to the Financial Statements**|17 to 25|
|**Detailed Statement of Financial Activities**|26 to 27|
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **TRUSTEES**
D Davies G Gilbert C Knight D Lawes A O'Donnell (resigned 14.4.20) S Ovens G Smyth Q.P.M A Sutherland A Maybanks J Howard A Shuttleworth (resigned 1.4.21) N Jerome S Davies G Gaskain (appointed 14.4.20) D Murphy (appointed 1.7.20) K Malda (appointed 1.4.21)
**EX-OFFICIO MEMBERS** The President and Vice-President **CHIEF EXECUTIVE OFFICER** P.Smyth **DEPUTY CHIEF EXECUTIVE** M. Cooper **OFFICER WEBSITE** https://www.met-cityorphans.org.uk **PRINCIPAL ADDRESS** 30 Hazlewell Road Putney London SW15 6LH **REGISTERED CHARITY** 234787 **NUMBER BANKERS** LLOYDS TSB BANK PLC Pall Mall Branch, St. James’s, 8 – 10 Waterloo Place, London, SW1Y 4BE **AUDITORS** George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS **INVESTMENT MANAGERS** CCLA Investments Management Limited 80 Cheapside, London, EC2V 6DZ Close Brothers Asset Management 8th Floor, 10 Exchange Square, Primrose Street, London, EC2A 2BY
Page 1
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
I am delighted to present my fourth Annual Report and Annual Accounts as Chair of the Metropolitan & City Police Orphan's Fund, it was an honour to be appointed as Chair of the fund which is the oldest Police Charity in the world. I would like to take this opportunity of thanking all those who gave up their valuable time to serve on the Board of Management.
I would also wish to place on record our enormous thanks to the sponsors of our Annual Luncheon, George Burrows Insurance, Reynolds Dawson Solicitors and ARC Legal Insurance. Their support for our luncheon and indeed their support throughout the year is of huge assistance to the Fund..
Our Fund was founded in 1870 as The Metropolitan Police Orphanage (The City joined in 1871) therefore 2020 was our 150th Anniversary. We were extremely fortunate that a number of very generous sponsors came forward and paid for our anniversary celebration, enabling the fund to ensure that our money was spent on supporting families.
Those sponsors were:City of London Police Federation MetFriendly Metropolitan Police Federation National Association of Retired Police Officers (London Branch) ARC Legal Insurance George Burrows Insurance Close Brothers Asset Management Reynolds Dawson Solicitors Pennington Manche Solicitors 24sq web design D.J. Talbot & Associates
We are very grateful for their generosity.
The money donated by those generous sponsors was used to hold an event at St James's Palace in February 2020 (fortunately just before the pandemic). This event was attended by many of the families we support. The event was attended by our President Dame Cressida Dick and our Board of Management.
The highlight of the day was the attendance of our Patron, His Royal Highness The Duke of Cambridge. He took time to talk to many of the families present, and we know the children were thrilled to meet him. We sincerely thank His Royal Highness for making our anniversary so special and ensuring that it was a day to remember for all who attended.
Shortly after our anniversary event, the first major effects of the Pandemic began to affect the day to day life of the nation. As a charity who heavily rely on investments income, we were concerned that with lockdowns, many companies would reduce or stop dividends and a substantial part of our income could disappear.
The Board took the view that the regular payments (Compassionate Allowance) which are paid to families each month should be maintained at all costs as we know so many families rely on these payments.
It was decided that investments should only be cashed in as a last resort, for two reasons, firstly after the announcement of the first lockdown, share prices fell substantially and secondly any reduction in the number of shares in our portfolio would reduce income for future years. The Board of Management therefore decided to reduce ancillary allowances to try and continue with reduced income but utilising our cash reserves,
We were very fortunate that in 2020 we received a substantial legacy of over £25,000 and that our biggest financial supporter outside of policing gave us extra money. The Wimbledon Foundation, which is the charitable arm of the All England Tennis club, gave us an extra £30,000 to spend on educational grants. These two extra sums of money made a huge difference to our approach to coping with the Pandemic.
The Board of Management took the view that small reductions in ancillary grants were necessary to protect the future of the fund in a time of such uncertainty. Spending on other grants was reduced.
Working in close liaison with our investment advisers, CCLA and Close Brothers, we closely monitored the performance of our investments and in particular the dividend payments that are our lifeblood as a charity. Our sincere thanks go to Antonia Cavalieri at CCLA and Adam Griffin at Close Brothers for their patience and advice. They made steering our way through the pandemic so much easier.
Page 2
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
We are pleased that dividends held up better than we could have hoped for, and although down on previous years, not as bad as first feared.
The Board took the pandemic as an opportunity to have a close look at our investment strategy and having considered the matter decided to instruct Close Brothers to try and achieve a better rate of income albeit if that means slightly less growth. The Board took the view that it is the income that is important to support our families. Growth leads to a better looking balance sheet but increased valuations do not necessarily mean increased income. In the last 5 years our investments have grown by around 50%, which is great but in the same period our investment income has grown by around 10%, barely keeping up with inflation. The Board have decided that extra income is preferable to extra in valuations.
As we enter 2021, it is pleasing to report that our income streams are steady and we anticipate all our grants and allowances being maintained at normal levels throughout 2021.
Given the background of the Pandemic, the fund had a successful year, we hope to continue this in the coming years by increasing the level of support to the children of police officers serving or retired who have died or are so incapacitated that they are unable to contribute financially to the upkeep of their families.
We are now supporting more children than at any point since the years following the two World Wars. This is mainly due to our efforts to trace families who for whatever reason had not applied to the fund previously. By liaising with Police Pension Branch we were able to trace a number of families who had up until then missed out on our support.
We will endeavour to continue to support children who otherwise would be faced with financial hardships in their family life. We continue to review our finances to ensure we can maximise the amounts we can provide in support of families.
As a Charity we rely very heavily on voluntary contributions. I would like to thank all our donors and subscribers for their financial generosity. Without their on-going commitment we would not have been able to provide the same level of support in caring for our unfortunate orphans.
We are very proud of the achievements of the children we support it never ceases to amaze me of the resilience of young people and the fantastic results they attain, often in the face of adversity and tragic family loss. In 2020 for example the qualifications achieved included degrees in the following subjects:-
Bsc in Health and Wellbeing Bsc in Politics and International Relations BTEC In Aviation Operations Bachelor of Music Bsc in Psychology BA in History Bsc Marine and Natural History Photography BA International Relations & Politics Bsc in Mathematics Bsc Advertising BA in English Bsc Product Design Bsc International Relations BSc in European Studies BSc in Biological Science BA in Politics and Russian
In 2020, we continued our partnership with The Forces Children's Trust, albeit events were seriously curtailed by the pandemic.. This is a charity that takes children on Outward Bound courses, theatre breaks, snowboarding etc. We know from the feedback from our children that not only do they derive great enjoyment from the activities themselves, but a greater benefit is the chance to meet and be with other children who have suffered similar loss.
Page 3
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
We also continued our partnership with Winston's Wish. This is a charity that specialises in providing grief counselling for children. We are very aware that the shock of losing a beloved parent can often have unseen but very real effects on young people. We hope that by offering expert counselling children will be able to come to terms with their loss and continue their education.
I also wish to place on record my thanks to my fellow Board of Management members for their continued support and for finding the time in their busy working lives to attend meetings, at their own expense, for their unwavering commitment and dedication I am very grateful.
Simon Ovens
Chairman of the Board of Management
Page 4
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 1 January 2019).
## **ORIGINS**
The Charity ( **Charity Number 234787** ) was founded in 1870, and was formerly known as **THE METROPOLITAN AND CITY POLICE ORPHANAGE** . With the approval of the Charity Commission, the orphanage closed on 31st July 1937. On the following day the **Metropolitan and City Police Orphans Fund** came into being.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
1. To relieve beneficiaries in cases of need or hardship.
2. To advance the education, professional or vocational training of beneficiaries in need of financial assistance, to include education at school, college or university and education or training in music or the arts.
3. To promote the health of and relieve sickness, infirmity or disability among beneficiaries in cases of need, by the provision of medical treatment and financial assistance to enable them to participate in healthy recreational activities. 4. To help the beneficiaries, especially but not exclusively, through leisure time activities, so as to develop their skills, capacities and capabilities, to enable them to participate in society as mature and responsible individuals.
## **Public benefit**
The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. In order to carry out the Charity's aim for the public benefit, the Trustees award grants and allowances to cover the different circumstances of those in need:
Bereavement Payment is given to families immediately upon the death of a serving officer.
Compassionate Allowance is awarded to children of police officers of the Metropolitan Police Service ("the MPS") and the City of London Police who have not completed their education where one or both of whose police parent are dead, disabled or incapacitated, or in the judgement of the Trustees, is incapable of materially contributing to their own family's support due to sickness, infirmity or disability; or in exceptional cases, persons who have ceased to be beneficiaries on completion of their education but who in the opinion of the Trustees remain in need of assistance.
Education Grants are awarded to children for any educational purpose which in the opinion of the Trustees is likely to contribute to the spiritual, moral, mental or physical development of the child. We also award a Discretionary Grant to help with the payment of tuition fees.
Clothing Grant is awarded to children who are leaving full time education to seek employment. The grant is awarded for financial assistance in the purchase of clothing for employment interviews.
Holiday Grant is awarded to our families who are on the lowest incomes.
Family Support is awarded to families on a higher income and are small payments given to such families twice per year, at summer holidays and Christmas, to assist with maintaining the children's wellbeing. Such payments are felt necessary to ensure that all police officers children receive an acknowledgement of the contributions made by their police parent.
|Payments made in 2020:||
|---|---|
|- Compassionate Allowance|£629,151|
|- Education Grants (includes tuition fee grants)|£78,080|
|- Clothing Grant|£8,500|
|- Holiday Grant|£110,085|
|- Family Support|£51,164|
|- Bereavement|£42,000|
|TOTAL|£918,980|
Page 5
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Charity continues to remain focused on the educational needs of our orphans. The Grants paid by the Fund go to individuals and not to corporate bodies. The Trustees are of the opinion that the Fund's responsibility under the Charity's Deed of Trust is to provide educational funding in order that our orphans are given the best possible educational advantage.
In making grants (£918,980) during the year; the Trustees' are of the opinion that they have discharged their duties under the Charity's Deed of Trust.
## **Investment performance**
Our investments are managed by CCLA Investment Management Limited and Close Brothers Asset Management with the objective of maximizing the income receivable whilst allowing a degree of capital growth. We will continue to have quarterly reports provided on the performance of our investments, in light of, our continued policy of reducing the exposure to UK equities in favour of a greater allocation to markets overseas.
In our view, the enhanced allocation to international investment increases the opportunities to generate attractive long term returns and reduces the risks that arise from too great an exposure to a single market. 2020 was a very difficult year but we are pleased to report that following the substantial reduction of over 13% in valuations in March 2020, there was a recovery and by November our portfolio had recovered back to the February 2020 level. Given the uncertainty and the background of the pandemic we are very grateful to our investment advisors at CCLA and Close Brothers for achieving this recovery whilst continuing to provide income.
## **FINANCIAL REVIEW**
## **Financial position**
The accounts have been prepared in accordance with the revised Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2019).
The net result show a net cash surplus of £116,949 compared to a deficit of £91,964 in 2019.
Expenditure in 2020 decreased by £111,670 on the previous year. Recent years have seen small deficits in expenditure over income. This has been largely offset by the growth in valuation of our investments.In 2019 with the assistance of Metropolitan Police Pensions Branch we undertook a major effort to try and trace families who were eligible for assistance but not currently claiming. This resulted in an additional 37 children coming onto the fund.
With the assistance of the Metropolitan and City Police Federations, the National Association of Retired Police Officers (London Branch) we are trying to ensure that no families are missed in future.
Compassionate Allowance and Miscellaneous Grants; which represented 79% of the Funds expenditure, decreased by £49,747 to £918,980 compared to 2019,
Other Costs; decreased by £60,493 to £155,038, details of this expenditure can be found in the notes to the financial statements, under the heading 'Total Resources Expended'. The main reason for this decrease was due to higher costs in 2019 relating to the installation of double glazing and new computers purchased.
Gains on investments amounted to £1,983,682 compared to a gain on investments of £3,535,762 in 2019. Taking into account these gains means that the Fund grew by £1,941,794 in 2020.
Page 6
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **FINANCIAL REVIEW**
## **Principal funding sources**
Income; in 2020 decreased by £56,732 on the previous year, however due to the performance of our investments overall the charities funds increased by £1,941,794.
Police Subscriptions; which produced 32% of our income for 2020 and decreased slightly to £354,153 compared to £354,395 in the previous year.
Donations; increased from £41,413 to £58,373. Donations accounted for 5.2% of our income.
Donations through Collecting Boxes; increased by £886 to £4,036 compared to 2019. Collection Boxes were a significant income stream for us in the past and used to regularly bring in £20k per annum. The closure of so many police station front counters and the move to telephone and internet reporting has greatly reduced the effectiveness of this method of income generation.
Legacies; There were two legacies totalling £25,910 they will be invested in our Restricted Funds Account.
Investment Income; which produced 61% of our income; decreased by £25,830 to £677,720.
## **Reserves policy**
The current level of unrestricted reserves is £27,514,061. The Fund is increasingly reliant upon the income generated by these reserves to fulfil it's charitable objectives. In 2020 the reserves generated 61% of Income. The policy on reserves is reviewed annually. The Fund supports it's beneficiaries over long periods, up to 20 years and, in ensuring that sufficient reserves are held for the continuity of such support, the Trustees are mindful of the need to make long term projections.
The Trustees regularly review the level of reserves to ensure that they are appropriate, taking into account projections of:
- a) The amount of police officer subscriptions
- b) The number of recipients of the allowances
- c) The level of inflation
- d) Income and Capital growth yields available from the investment portfolio.
The current policy of the Trustees is to maintain the current level of reserves and to try and achieve small increases in reserves to alleviate the effects of inflation. The income generated from our reserves is expended for the benefit of our unfortunate orphans. Other sources of income are insufficient to support our charitable aims, without the income from reserves. The current level of reserves is therefore needed to meet the capital requirements of the Charity.
## **FUTURE PLANS**
We intend to strengthen our links with our benefactors and donors to assist us in developing more effective initiatives to expand the general awareness of the Charity.
The Fund has signed up to organisations such as EasyFundraising, VirginMoneyGiving and Love2Donate in order to maximise opportunities for donations and to ensure that all due Gift aid is claimed.
We will continue to improve our performance by increasing the number of applicants registered with the Charity and therefore increase the amount of expenditure on grants payable.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Declaration of Trust dated 31st August 1918 and Scheme of 12th October 1937 and adopted 8th May 1964 as amended 28th June 1967, 23rd May 1968, 28th May 1970, 26th September 1983, 14th November 2002, 10th June 2009 and 17th January 2017.
Page 7
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure**
The overall governance of the Fund is vested in the Trustees, there are fourteen members, two nominated by the Metropolitan Police Commissioner and one by the Commissioner of the City of London Police, with the remainder nominated by Staff Associations within the Services. The Board of Management meet at the Fund's office each month to consider applications and variations in the circumstances of recipients. Regular checks for changes are made by way of correspondence, enquiries of parents and educational establishments.
The day to day running of the Fund is delegated to the Chief Executive Officer (CEO) and Deputy Chief Executive Officer. The Chief Executive Officer is responsible for the day-to-day management and control of the administration of the charitable funds and reports monthly to the Board of Management. The CEO ensures that the criteria for spending charitable monies are fully met; that full accounting records are maintained and that devolved decision making or delegated arrangements are in accordance with the policies and procedures set out by the Board of Management.
## **Induction and training of new trustees**
New trustees undergo an orientation day to brief them on their legal obligations, to improve their knowledge of charity law and their responsibilities as trustees.
## **Risk management**
The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees have assessed the major risks to which the Fund is exposed, in particular those related to the operations and finance of the Fund, and are satisfied that systems are in place to mitigate their exposure to major risks. A review of the Charity's risk management process is undertaken on a quarterly basis. Procedures are in place to ensure compliance with health and safety of staff and visitors to the offices. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Charity.
## **EVENTS SINCE THE END OF THE YEAR**
Information relating to events since the end of the year is given in the notes to the financial statements.
## **ACKNOWLEDGEMENTS**
The Trustees wish to convey their sincere thanks to all our generous Donors and Subscribers, for their continued support in 2020.
We wish to thank the Staff Associations and National Association of Retired Police Officers (London Branch) who kept the fund informed of officers and retired officers who have died and still have children in full time education, but for this information, many cases could have been overlooked.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 8
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ S Ovens - Trustee
Page 9
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **Opinion**
We have audited the financial statements of Metropolitan and City Police Orphans Fund (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 charity'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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 10
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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:
Based on our understanding of the charitable company’s operations, we identified that the principal risks of non-compliance with laws and regulations relates to grant making. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation that no further grant funding can be provided. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined there were no principal risks directly impacting the Fund's revenue and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management's controls designed to prevent and detect irregularities;
- Challenging assumptions and judgements made by management in their critical accounting estimates.
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 Report of the Independent Auditors.
Page 11
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
George Hay & Company Chartered Accountants & Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 83 Cambridge Street London SW1V 4PS
Date: .............................................
Page 12
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Notes**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Compassionate allowances
Miscellaneous grants
Direct costs
Other
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**Restricted**
**fund**
**funds**
**£**
**£**
442,472
-
672,316
5,404
1,114,788
5,404
88,062
-
629,151
-
289,829
-
138,507
-
16,531
-
1,162,080
-
1,970,701
12,981
1,923,409
18,385
25,590,652
223,463
27,514,061
241,848|**2020**
**Total**
**funds**
**£**
442,472
677,720
1,120,192
88,062
629,151
289,829
138,507
16,531
1,162,080
1,983,682
1,941,794
25,814,115
27,755,909|**2019**
**Total**
**funds**
**£**
473,374
703,550
1,176,924
89,492
549,642
419,085
215,531
-
1,273,750
3,535,762
3,438,936
22,375,179
25,814,115|
|---|---|---|---|
The notes form part of these financial statements
Page 13
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **BALANCE SHEET 31 DECEMBER 2020**
|**Notes**
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2020**
**£**
1,693
27,156,969
27,158,662
129,160
489,642
618,802
(21,555)
597,247
27,755,909
27,755,909
27,514,061
241,848
27,755,909|**2019**
**£**
1,693
25,298,883
25,300,576
158,626
372,693
531,319
(17,780)
513,539
25,814,115
25,814,115
25,590,652
223,463
25,814,115|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
............................................. Trustee
............................................. Trustee
The notes form part of these financial statements
Page 14
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2020**
**£**
(8,647)
(8,647)
(2,283,799)
2,409,395
125,596
116,949
372,693
489,642|**2019**
**£**
(139,796)
(139,796)
(5,898)
53,730
47,832
(91,964)
464,657
372,693|
|---|---|---|
The notes form part of these financial statements
Page 15
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**ACTIVITIES**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|**Net income for the reporting period (as per the Statement of Financial**|||
|**Activities)**|1,941,794|3,438,936|
|**Adjustments for:**|||
|Gain on investments|(1,983,682)|(3,535,762)|
|Decrease/(increase) in debtors|29,466|(33,692)|
|Increase/(decrease) in creditors|3,775|(9,278)|
|**Net cash used in operations**|(8,647)|(139,796)|
## 2. **ANALYSIS OF CHANGES IN NET FUNDS**
||**At 1.1.20**|**Cash flow**|**At 31.12.20**|
|---|---|---|---|
||**£**|**£**|**£**|
|**Net cash**||||
|Cash at bank|372,693|116,949|489,642|
||372,693|116,949|489,642|
|**Total**|372,693|116,949|489,642|
The notes form part of these financial statements
Page 16
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All incoming resources are recognised once the Fund has entitlement to the resources.
Subcription income is recognised on a receivable basis.
Donations are recognised as and when they received as cleared funds in the bank.
Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is virtually certain; this will be once confirmation has been received from the representatives of the estate(s) that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled and it is virtually certain that the amount of the incoming resources is known.
Investment income is recognised on a receivable basis.
Tax recovered from voluntary income received under gift aid is recognised in the Statement of Financial Activities when the income is receivable and is allocated to the income category to which the income relates.
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred and has been classified under headings that aggregate all costs related to the category.
Expenditure on raising funds comprises costs associated with attracting voluntary income and investment management costs.
Direct costs include central functions allocated to activity cost categories on a basis consistent with the use of resources, and governance costs associated with meeting the constitutional and statutory requirements of the Charity and includes the audit fees and costs linked to the strategic management of the Charity.
Grants payable are payments made to third parties in furtherance of the charitable objectives of the Fund. The grants are accounted for where either the Trustees have agreed to pay the grant without conditions or the recipient has a reasonable expectation that they will receive a grant.
## **Tangible fixed assets**
Freehold property held for the Charity's use is valued at cost. No depreciation has been charged, as it is the Trustees' policy to maintain the building in a continual state of sound repair. The Trustees consider that the life of this asset is so long and its residual value so high that its depreciation is insignificant.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Restricted funds comprise those funds held on trust to be applied for restrictive purposes.
continued...
Page 17
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Investments**
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price.
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 the carrying value. Realised and unrealised gains ans losses are combined in the Statement of Financial Activities.
## **2. DONATIONS AND LEGACIES**
## **3.**
## **4.**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
|Police subscriptions
Donations
Collecting boxes
Legacies
**INVESTMENT INCOME**
Investment income
**RAISING FUNDS**
**Raising donations and legacies**
Fundraising events
**Investment management costs**
Investment management costs
Aggregate amounts|**2020**
**£**
354,153
58,373
4,036
25,910
442,472
**2020**
**£**
677,720
**2020**
**£**
5,927
**2020**
**£**
82,135
88,062|**2019**
**£**
354,395
41,413
3,150
74,416
473,374
**2019**
**£**
703,550
**2019**
**£**
8,380
**2019**
**£**
81,112
89,492|
||||
||||
continued...
Page 18
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **5. CHARITABLE ACTIVITIES COSTS**
|**Grant**
**funding of**
**activities**
**Direct**
**(see note**
**Costs**
**6)**
**£**
**£**
Compassionate allowances
-
629,151
Miscellaneous grants
-
289,829
Direct costs
17,522
-
17,522
918,980
**6.**
**GRANTS PAYABLE**
Compassionate allowances
Miscellaneous grants
Direct costs
The total grants paid to institutions during the year was as follows:
Holiday
Bereavement
The total grants paid to individuals during the year was as follows:
Compassionate allowances
Clothing
Education
Holiday
Family support
Bereavement||**Support**
**costs (see**
**note 7)**
**£**
-
-
120,985
120,985
**2020**
**£**
629,151
289,829
-
918,980
**2020**
**£**
-
-
-
**2020**
**£**
629,151
8,500
78,080
110,085
51,164
42,000
918,980|**Totals**
**£**
629,151
289,829
138,507
1,057,487
**2019**
**£**
549,642
419,085
25,279
994,006
**2019**
**£**
10,279
15,000
25,279
**2019**
**£**
549,642
8,800
107,659
149,526
97,100
56,000
968,727|
|---|---|---|---|
|||||
|||||
continued...
Page 19
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **7. SUPPORT COSTS**
|**SUPPORT COSTS**||
|---|---|
||**Governance**|
||**costs**|
||**£**|
|Other resources expended|16,531|
|Direct costs|120,985|
||137,516|
|Support costs, included in the above, are as follows:||
## **Governance costs**
|**Other**
**resources**
**Direct**
**expended**
**costs**
**£**
**£**
Staff salaries and pensions
-
120,985
Auditors' remuneration
8,667
-
Legal and professional
7,864
-
16,531
120,985
**AUDITORS' REMUNERATION**
Fees payable to the charity's auditors for the audit of the charity's financial
statements|**2020**
**Total**
**activities**
**£**
120,985
8,667
7,864
137,516
**2020**
**£**
8,667|**2019**
**Total**
**activities**
**£**
115,061
8,528
221
123,810
**2019**
**£**
8,528|
|---|---|---|
## **8. AUDITORS' REMUNERATION**
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
The Trustees received no remuneration during this year or the previous year and there were no expenses reimbursed during this year or in the previous year. The Charity has taken out a Trustee indemnity insurance policy and paid a premium of £1,120 (2019: £1,120).
## **10. STAFF COSTS**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Administration|**2020**
**£**
120,985
120,985
**2020**
2|**2019**
**£**
115,061
115,061
**2019**
2|
|---|---|---|
No employees received emoluments in excess of £60,000.
continued...
Page 20
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **11. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||**Freehold**|
||**property**|
||**£**|
|**COST**||
|At 1 January 2020 and 31 December 2020|1,693|
|**NET BOOK VALUE**||
|At 31 December 2020|1,693|
|At 31 December 2019|1,693|
The freehold property at 30 Hazlewood Road, Putney was purchased in 1937 and is used as the Fund's Office. The property was valued on 1st April 2003 by Foxtons, Estate Agents at £1.5m. The market value of the property is now believed to be in the region of £2m. This value has not been incorporated into the financial statements. The property is subject to a covenant whereby it cannot be sold without the prior consent of the Charity Commission.
## **12. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019|**Listed**
**investments**
**£**
25,298,883
2,283,799
(1,290,847)
865,134
27,156,969
27,156,969
25,298,883|
|---|---|
Investment assets held outside the UK total £5,768,851 (2019: £4,295,785).
The value of the following investments represents more than 5% of the total market value as at 31st December 2020:
CCLA Revenue Reserve - £7,683,984 (28%)
CCLA General Fund - £6,410,310 (24%)
continued...
Page 21
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other debtors
Dividends and interest
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**15.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Unrestricted**
**Restricted**
**fund**
**funds**
**£**
**£**
Fixed assets
1,693
-
Investments
26,941,027
215,942
Current assets
592,896
25,906
Current liabilities
(21,555)
-
27,514,061
241,848
**16.**
**MOVEMENT IN FUNDS**|**2020**
**£**
1,352
127,808
129,160
**2020**
**£**
21,555
**2020**
**Total**
**funds**
**£**
1,693
27,156,969
618,802
(21,555)
27,755,909|**2019**
**£**
3,526
155,100
158,626
**2019**
**£**
17,780
**2019**
**Total**
**funds**
**£**
1,693
25,298,883
531,319
(17,780)
25,814,115|
|---|---|---|
|**Unrestricted funds**
General fund
**Restricted funds**
Education
War memorial fund
War memorial hospital
Twells memorial
Sir Edmund Henderson
**TOTAL FUNDS**|**At 1.1.20**
**£**
25,590,652
82,793
68,688
53,920
7,155
10,907
223,463
25,814,115|**Net**
**movement**
**in funds**
**£**
1,923,409
6,811
5,651
4,436
589
898
18,385
1,941,794|
**At**
**31.12.20**
**£**
27,514,061
89,604
74,339
58,356
7,744
11,805
241,848
27,755,909|
|---|---|---|---|
continued...
Page 22
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **16. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Education
War memorial fund
War memorial hospital
Twells memorial
Sir Edmund Henderson
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Education
War memorial fund
War memorial hospital
Twells memorial
Sir Edmund Henderson
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
1,114,788
2,002
1,661
1,304
173
264
5,404
1,120,192|
|**Resources**
**expended**
**£**
(1,162,080)
-
-
-
-
-
-
(1,162,080)
**At 1.1.19**
**£**
22,188,440
69,186
57,401
45,058
5,979
9,115
186,739
22,375,179|
|**Gains and**
**losses**
**£**
1,970,701
4,809
3,990
3,132
416
634
12,981
1,983,682
**Net**
**movement**
**in funds**
**£**
3,402,212
13,606
11,288
8,862
1,176
1,792
36,724
3,438,936|
|**Movement**
**in funds**
**£**
1,923,409
6,811
5,651
4,436
589
898
18,385
1,941,794
**At**
**31.12.19**
**£**
25,590,652
82,792
68,689
53,920
7,155
10,907
223,463
25,814,115|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
continued...
Page 23
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **16. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Education
War memorial fund
War memorial hospital
Twells memorial
Sir Edmund Henderson
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
1,170,988
2,199
1,825
1,433
190
289
5,936
1,176,924|**Resources**
**expended**
**£**
(1,273,750)
-
-
-
-
-
-
(1,273,750)|**Gains and**
**losses**
**£**
3,504,974
11,407
9,463
7,429
986
1,503
30,788
3,535,762|**Movement**
**in funds**
**£**
3,402,212
13,606
11,288
8,862
1,176
1,792
36,724
3,438,936|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Education
War memorial fund
War memorial hospital
Twells memorial
Sir Edmund Henderson
**TOTAL FUNDS**|**At 1.1.19**
**£**
22,188,440
69,186
57,401
45,058
5,979
9,115
186,739
22,375,179|**Net**
**movement**
**in funds**
**£**
5,325,621
20,417
16,939
13,298
1,765
2,690
55,109
5,380,730|
**At**
**31.12.20**
**£**
27,514,061
89,603
74,340
58,356
7,744
11,805
241,848
27,755,909|
|---|---|---|---|
continued...
Page 24
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020**
## **16. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Education
War memorial fund
War memorial hospital
Twells memorial
Sir Edmund Henderson
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
2,285,776
4,201
3,486
2,737
363
553
11,340
2,297,116|**Resources**
**expended**
**£**
(2,435,830)
-
-
-
-
-
-
(2,435,830)|**Gains and**
**losses**
**£**
5,475,675
16,216
13,453
10,561
1,402
2,137
43,769
5,519,444|**Movement**
**in funds**
**£**
5,325,621
20,417
16,939
13,298
1,765
2,690
55,109
5,380,730|
|---|---|---|---|---|
Unrestricted funds comprise those funds which the Trustees are free to use in furtherance of the general objective of the Charity.
Restricted funds comprise of the following funds:
Education Fund: Income of the fund provides grants to orphans for education purposes. War Memorial Fund: Income of the fund provides allowances for benefit of necessitous orphans.
War Memorial Hospital Fund: Income of the fund provides grants to orphans receiving compassionate allowances.
Twells Memorial Fund: Income of the fund provides grants to orphans receiving compassionate allowances. Sir Edmund Henderson: Income of the fund provides education grants to orphans.
## **17. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
## **18. POST BALANCE SHEET EVENTS**
In March of 2020, the World Health Organization declared a novel coronavirus and its resulting disease (COVID-19) a pandemic. In view of the potential impact on the Charity the Trustees have been closely monitoring of the value and performance of the investments held.
Page 25
## **METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Police subscriptions
Donations
Collecting boxes
Legacies
**Investment income**
Investment income
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Fundraising events
**Investment management costs**
Investment management costs
**Charitable activities**
Rates
Insurance
Other premises costs
Telephone
Postage and stationery
Computer expenses
Miscellaneous costs
Grants to institutions
Grants to individuals
**Support costs**
**Governance costs**
Staff salaries and pensions
Auditors' remuneration
Legal and professional
Total resources expended
**Net expenditure before gains and losses**|**2020**
**£**
354,153
58,373
4,036
25,910
442,472
677,720
1,120,192
5,927
82,135
1,633
3,560
7,612
1,316
35
2,223
1,143
-
918,980
936,502
120,985
8,667
7,864
137,516
1,162,080
(41,888)|**2019**
**£**
354,395
41,413
3,150
74,416
473,374
703,550
1,176,924
8,380
81,112
1,564
5,111
45,290
1,385
117
10,055
2,920
25,279
968,727
1,060,448
115,061
8,528
221
123,810
1,273,750
(96,826)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 26
**METROPOLITAN AND CITY POLICE ORPHANS FUND**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
**Net income/(expenditure)**|**2020**
**£**
1,118,548
1,076,660|**2019**
**£**
(21,604)
(118,430)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 27