REGISTERED CHARITY NUMBER: 234787
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
FOR
METROPOLITAN AND CITY POLICE ORPHANS FUND
George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS
METROPOLITAN AND CITY POLICE ORPHANS FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 6 |
| Report of the Independent Auditors | 7 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 22 |
| Detailed Statement of Financial Activities | 23 | to | 24 |
METROPOLITAN AND CITY POLICE ORPHANS FUND
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2024
TRUSTEES G Gilbert D Lawes A O'Donnell G Smyth Q.P.M J Howard (resigned 1.5.25) S Davies G Gaskain K Malda K Gordon (resigned 1.3.24) M Reed P Dodds A Picton (resigned 1.12.24) S Cundy H Isaac D Slade L Hayden N John (appointed 14.1.25) S George (appointed 14.1.25) PRINCIPAL ADDRESS 30 Hazlewell Road Putney London SW15 6LH REGISTERED CHARITY 234787 NUMBER AUDITORS George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS WEBSITE: https://www.met-cityorphans.org.uk/ CHIEF EXECUTIVE OFFICER (CEO): P. Smyth DEPUTY CEO: D. Davies
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METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. 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
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To relieve beneficiaries in cases of need or hardship.
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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.
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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.
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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.
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METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
OBJECTIVES AND ACTIVITIES
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.
For 2024 the Fund received a donation of £10,000 from NARPO and the Board agreed to decided to introduce a "one off" payment per child in December 2024.
| Payments made: | 2024 | 2023 |
|---|---|---|
| - Compassionate Allowance | £632,993 | £580,287 |
| - Education Grants (includes tuition fee grants) | £52,982 | £59,323 |
| - Clothing Grant | £9,247 | £5,250 |
| - Holiday Grant | £80,485 | £132,300 |
| - Family Support | £71,795 | £93,909 |
| - Bereavement | £Nil | £44,000 |
| - Grants to institutions | £Nil | £10,000 |
| TOTAL | £855,982 | £925,069 |
ACHIEVEMENTS 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 (£855,982) 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.
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METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £223,990 compared to a surplus of £24,022 in 2023.
Expenditure in 2024 decreased by £35,896 on the previous year. Prior to 2021 had seen small deficits in expenditure over income, but the last 2 years report a surplus. 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 75% of the Funds expenditure, decreased by £69,087 to £855,982 compared to 2023.
Raising funds; increased by £8,235 to £99,559, details of this expenditure can be found in the notes to the financial statements, under the heading 'Raising Funds'.
Gains on investments amounted to £1,273,776 compared to £1,972,179 in 2023. Taking into account these gains means that the Fund increased by £1,313,265 in 2024.
Principal funding sources
Income; in 2024 decreased by £65,373 on the previous year, and due to the gain in value of our investments (unrealised) and the charities funds increased by £1,313,265.
Police Subscriptions; which produced 23% of our income for 2024 and decreased by £99,106 to £275,465 compared to £374,571 in the previous year.
Donations; increased from £69,208 to £83,015. Donations accounted for 7% of our income.
Donations through Collecting Boxes; decreased by £143 to £2,049 compared to 2023. 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 was no legacy in the year (2023: £Nil) that was invested in our Unrestricted Funds Account.
Investment Income; which produced 70% of our income; increased by £20,069 to £824,036.
Reserves policy
The current level of reserves is £30,834,226. The Fund is increasingly reliant upon the income generated by these reserves to fulfil it's charitable objectives. In 2023 the reserves generated 70% 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.
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METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
FUTURE PLANS
The charity was founded in 1870 thanks to the generosity of serving officers contributing from pay. Direct contributions from serving officers has always been the largest source of donated income. The substantial reserves that have been built up over our 150 plus years now provide the largest proportion of our income. The contributions of serving officers still provide around 30% of our income and are therefore extremely significant to our finances.
In 1961, the Metropolitan Police decided that there were too many different deduction from pay schemes, they therefore consolidated the charitable deductions into one scheme known as the Metropolitan Police Benevolent Fund (MPBF). Officers contributions to the MPBF are administered by the MPBF and then shared out amongst the constituent charities of which we are one.
In December 2024 we were informed that the MPBF had restored its normal level of funding to the Orphans Fund for 2025 (which was cut our by £100,000 for 2024). We arew aware thoughthat if the number of officers contributing to the MPBF does not increase cuts to our funding could occur in the future.
In 2025 we contiinue to offer our assistance to the MPBF and the Metropolitan Police Federation to try and increase the number of officers contributing to the MPBF.
Given the background of the world situation, 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. The money donated by serving officers in both forces is by far the largest source of donated income.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. Many of the young people we support go on to attain qualifications to assist them in life and benefit their communities.
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, 17th January 2017 and 9th May 2023.
Organisational structure
The overall governance of the Fund is vested in the Trustees, there are currently 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 Board of Management recently changed the rules to allow more retired officers the Fund is now permitted to have sixteen Trustees.
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.
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METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
STRUCTURE, GOVERNANCE AND 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.
ACKNOWLEDGEMENTS
The Trustees wish to convey their sincere thanks to all our generous Donors and Subscribers, for their continued support in 2024.
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 Report of the Trustees 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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping 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:
........................................................................ M Reed - Trustee
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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 31st December 2024 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:
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give a true and fair view of the state of the charity's affairs as at 31st December 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the 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:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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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.
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:
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Discussions with management including consideration of known or suspected instances of non-compliance with laws, regulation, and fraud.
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Evaluating management's controls designed to prevent and detect irregularities.
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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.
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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 83 Cambridge Street London SW1V 4PS
Date: .............................................
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METROPOLITAN AND CITY POLICE ORPHANS FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| 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 £ £ 360,529 - 818,168 5,868 1,178,697 5,868 99,559 - 632,992 - 222,990 - 189,535 - - - 1,145,076 - 1,268,402 5,374 1,302,023 11,242 29,240,069 280,892 30,542,092 292,134 |
2024 Total funds £ 360,529 824,036 1,184,565 99,559 632,992 222,990 189,535 - 1,145,076 1,273,776 1,313,265 29,520,961 30,834,226 |
2023 Total funds £ 445,971 803,967 1,249,938 91,324 580,287 344,782 163,284 1,295 1,180,972 1,972,179 2,041,145 27,479,816 29,520,961 |
|---|---|---|---|
The notes form part of these financial statements
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METROPOLITAN AND CITY POLICE ORPHANS FUND
BALANCE SHEET 31ST DECEMBER 2024
| 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 |
2024 £ 1,693 29,750,715 29,752,408 143,327 972,900 1,116,227 (34,409) 1,081,818 30,834,226 30,834,226 30,542,092 292,134 30,834,226 |
2023 £ 1,693 28,681,744 28,683,437 142,057 748,910 890,967 (53,443) 837,524 29,520,961 29,520,961 29,240,069 280,892 29,520,961 |
|---|---|---|
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
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METROPOLITAN AND CITY POLICE ORPHANS FUND
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Net cash provided by/(used in) 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 |
2024 £ 19,185 19,185 (1,014,407) 1,219,212 204,805 223,990 748,910 972,900 |
2023 £ 82,438 82,438 (1,134,270) 1,075,854 (58,416) 24,022 724,888 748,910 |
|---|---|---|
The notes form part of these financial statements
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METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 1,313,265 | 2,041,145 | |
| Adjustments for: | |||
| Gain on investments | (1,273,776) | (1,972,179) | |
| Increase in debtors | (1,270) | (2,866) | |
| (Decrease)/increase in creditors | (19,034) | 16,338 | |
| Net cash provided by operations | 19,185 | 82,438 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash | At 1.1.24 £ |
Cash flow At 31.12.24 £ £ |
|---|---|---|
| Cash at bank | 748,910 | 223,990 972,900 |
| 748,910 | 223,990 972,900 |
|
| Total | 748,910 | 223,990 972,900 |
The notes form part of these financial statements
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METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
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...
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METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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
| Police subscriptions Donations Collecting boxes 3. INVESTMENT INCOME Investment income 4. RAISING FUNDS Raising donations and legacies Fundraising events Investment management costs Investment management costs Aggregate amounts |
2024 £ 275,465 83,015 2,049 360,529 2024 £ 824,036 2024 £ 1,512 2024 £ 98,047 99,559 |
2023 £ 374,571 69,208 2,192 445,971 2023 £ 803,967 2023 £ 2,856 2023 £ 88,468 91,324 |
|---|---|---|
continued...
Page 15
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
5. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Direct (see note Costs 6) £ £ Compassionate allowances - 632,992 Miscellaneous grants - 222,990 Direct costs 27,211 - 27,211 855,982 6. GRANTS PAYABLE Compassionate allowances Miscellaneous grants The total grants paid to institutions during the year was as follows: Family support The total grants paid to individuals during the year was as follows: Compassionate allowances Clothing Education Holiday Family support Bereavement NARPO |
Support costs (see note 7) £ - - 162,324 162,324 2024 £ 632,992 222,990 855,982 2024 £ - 2024 £ 632,993 9,247 52,982 80,485 71,795 - 8,480 855,982 |
Totals £ 632,992 222,990 189,535 1,045,517 2023 £ 580,287 344,782 925,069 2023 £ 10,000 2023 £ 580,287 5,250 59,323 132,300 93,909 44,000 - 915,069 |
|
|---|---|---|---|
continued...
Page 16
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
7. SUPPORT COSTS
| Direct costs Support costs, included in the above, are as follows: Governance costs Staff salaries and pensions Auditors' remuneration Legal and professional 8. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
Governance costs £ 162,324 2024 2023 Direct Total costs activities £ £ 151,170 124,520 10,974 10,986 180 6,596 162,324 142,102 2024 2023 £ £ 10,974 10,986 |
|---|---|
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 £1,211 (2023: £1,155).
10. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries | 2024 £ 151,170 |
2023 £ 124,520 |
| 151,170 | 124,520 | |
| The average monthly number of employees during the year was as follows: | ||
| Administration | 2024 2 |
2023 2 |
| The number of employees whose employee benefits (excluding employer pension | costs) exceeded | £60,000 was: |
| £60,001 - £70,000 £70,001 - £80,000 |
2024 1 1 2 |
2023 - - - |
|---|---|---|
continued...
Page 17
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
11. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Freehold | |
| property | |
| £ | |
| COST | |
| At 1st January 2024 and | |
| 31st December 2024 | 1,693 |
| NET BOOK VALUE | |
| At 31st December 2024 | 1,693 |
| At 31st December 2023 | 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 1st January 2024 Additions Disposals Revaluations At 31st December 2024 NET BOOK VALUE At 31st December 2024 At 31st December 2023 |
Listed investments £ 28,681,744 1,014,407 (1,529,024) 1,583,588 29,750,715 29,750,715 28,681,744 |
|---|---|
Investment assets held outside the UK total £7,402,672 (2023: £5,687,132).
The value of the following investments represents more than 5% of the total market value as at 31st December 2024:
CCLA Revenue Reserve - £8,657,484 (29%)
CCLA General Fund - £7,222,445 (24%)
continued...
Page 18
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Accrued income 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 29,507,416 243,299 Current assets 1,067,392 48,835 Current liabilities (34,409) - 30,542,092 292,134 16. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 29,240,069 Restricted funds Education 104,087 War memorial fund 86,360 War memorial hospital 67,754 Twells memorial 8,969 Sir Edmund Henderson 13,722 280,892 TOTAL FUNDS 29,520,961 |
2024 £ 2,080 141,247 143,327 2024 £ 34,409 2024 Total funds £ 1,693 29,750,715 1,116,227 (34,409) 30,834,226 Net movement in funds £ 1,302,023 4,165 3,455 2,713 360 549 11,242 1,313,265 |
2023 £ 1,955 140,102 142,057 2023 £ 53,443 2023 Total funds £ 1,693 28,681,744 890,967 (53,443) 29,520,961 At 31.12.24 £ 30,542,092 108,252 89,815 70,467 9,329 14,271 292,134 30,834,226 |
|---|---|---|
continued...
Page 19
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £ 1,178,697 2,174 1,803 1,416 188 287 5,868 1,184,565 |
Resources expended £ (1,145,076) - - - - - - (1,145,076) At 1.1.23 £ 27,224,700 94,520 78,417 61,558 8,169 12,452 255,116 27,479,816 |
Gains and losses £ 1,268,402 1,991 1,652 1,297 172 262 5,374 1,273,776 Net movement in funds £ 2,015,369 9,547 7,938 6,212 814 1,265 25,776 2,041,145 |
Movement in funds £ 1,302,023 4,165 3,455 2,713 360 549 11,242 1,313,265 At 31.12.23 £ 29,240,069 104,067 86,355 67,770 8,983 13,717 280,892 29,520,961 |
|||
|---|---|---|---|---|---|---|---|
continued...
Page 20
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £ 1,244,185 2,128 1,784 1,380 173 288 5,753 1,249,938 |
Resources expended £ (1,180,972) - - - - - - (1,180,972) |
Gains and losses £ 1,952,156 7,419 6,154 4,832 641 977 20,023 1,972,179 |
Movement in funds £ 2,015,369 9,547 7,938 6,212 814 1,265 25,776 2,041,145 |
|---|---|---|---|---|
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 1.1.23 £ 27,224,700 94,520 78,417 61,558 8,169 12,452 255,116 27,479,816 |
Net movement in funds £ 3,317,392 13,712 11,393 8,925 1,174 1,814 37,018 3,354,410 |
At 31.12.24 £ 30,542,092 108,232 89,810 70,483 9,343 14,266 292,134 30,834,226 |
|---|---|---|---|
continued...
Page 21
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £ 2,422,882 4,302 3,587 2,796 361 575 11,621 2,434,503 |
Resources expended £ (2,326,048) - - - - - - (2,326,048) |
Gains and losses £ 3,220,558 9,410 7,806 6,129 813 1,239 25,397 3,245,955 |
Movement in funds £ 3,317,392 13,712 11,393 8,925 1,174 1,814 37,018 3,354,410 |
|---|---|---|---|---|
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 31st December 2024.
Page 22
METROPOLITAN AND CITY POLICE ORPHANS FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| INCOME AND ENDOWMENTS Donations and legacies Police subscriptions Donations Collecting boxes 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 income before gains and losses Realised recognised gains and losses Carried forward |
2024 £ 275,465 83,015 2,049 360,529 824,036 1,184,565 1,512 98,047 2,971 4,201 9,131 1,717 142 6,244 2,805 - 855,982 883,193 151,170 10,974 180 162,324 1,145,076 39,489 39,489 |
2023 £ 374,571 69,208 2,192 445,971 803,967 1,249,938 2,856 88,468 1,874 2,688 3,463 1,475 60 12,691 226 10,000 915,069 947,546 124,520 10,986 6,596 142,102 1,180,972 68,966 68,966 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 23
METROPOLITAN AND CITY POLICE ORPHANS FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Realised recognised gains and losses Brought forward Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2024 £ 39,489 (309,812) (270,323) |
2023 £ 68,966 460,506 529,472 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 24
METROPOLITAN AND CITY POLICE ORPHANS FUND
Registered Charity Number 234787
ANNUAL REPORT
&
ACCOUNTS
2024
George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS
1
METROPOLITAN AND CITY POLICE ORPHANS FUND
PATRON
H.R.H The Prince of Wales KG, KT, PC, ADC
2
METROPOLITAN AND CITY POLICE ORPHANS FUND
PRESIDENT
SIR MARK ROWLEY QPM COMMISSIONER METROPOLITAN POLICE
VICE PRESIDENT
PETER O’DOHERTY COMMISSIONER CITY of LONDON POLICE
3
METROPOLITAN AND CITY POLICE ORPHANS FUND
CHAIRMAN'S REPORT
I am delighted to present my third 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 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.
Also, I would like to thank the members of the Board of Management, they give up their time for no other benefit but to help others, I thank them for their commitment to the fund.
Thankfully Investments have largely recovered from the Covid-19 epidemic and the war in Ukraine. However growth has been slow and the value of our investments is only very slightly up from pre epidemic levels.
Working in close liaison with our investment advisers, CCLA and Close Brothers, we closely monitor the performance of our investments and in particular the dividend payments that are our lifeblood as a charity. We are pleased that the income from our investments has continued to increase. 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 and the Global financial situation so much easier.
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 40% 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.
The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. 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).
M. Reed Chair
4
REGISTERED CHARITY NUMBER: 234787
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
FOR
METROPOLITAN AND CITY POLICE ORPHANS FUND
George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS
METROPOLITAN AND CITY POLICE ORPHANS FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 6 |
| Report of the Independent Auditors | 7 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 22 |
| Detailed Statement of Financial Activities | 23 | to | 24 |
METROPOLITAN AND CITY POLICE ORPHANS FUND
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2024
TRUSTEES G Gilbert D Lawes A O'Donnell G Smyth Q.P.M J Howard (resigned 1.5.25) S Davies G Gaskain K Malda K Gordon (resigned 1.3.24) M Reed P Dodds A Picton (resigned 1.12.24) S Cundy H Isaac D Slade L Hayden N John (appointed 14.1.25) S George (appointed 14.1.25) PRINCIPAL ADDRESS 30 Hazlewell Road Putney London SW15 6LH REGISTERED CHARITY 234787 NUMBER AUDITORS George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street London SW1V 4PS WEBSITE: https://www.met-cityorphans.org.uk/ CHIEF EXECUTIVE OFFICER (CEO): P. Smyth DEPUTY CEO: D. Davies
Page 1
METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. 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
-
To relieve beneficiaries in cases of need or hardship.
-
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.
-
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.
-
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.
Page 2
METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
OBJECTIVES AND ACTIVITIES
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.
For 2024 the Fund received a donation of £10,000 from NARPO and the Board agreed to decided to introduce a "one off" payment per child in December 2024.
| Payments made: | 2024 | 2023 |
|---|---|---|
| - Compassionate Allowance | £632,993 | £580,287 |
| - Education Grants (includes tuition fee grants) | £52,982 | £59,323 |
| - Clothing Grant | £9,247 | £5,250 |
| - Holiday Grant | £80,485 | £132,300 |
| - Family Support | £71,795 | £93,909 |
| - Bereavement | £Nil | £44,000 |
| - Grants to institutions | £Nil | £10,000 |
| TOTAL | £855,982 | £925,069 |
ACHIEVEMENTS 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 (£855,982) 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.
Page 3
METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £223,990 compared to a surplus of £24,022 in 2023.
Expenditure in 2024 decreased by £35,896 on the previous year. Prior to 2021 had seen small deficits in expenditure over income, but the last 2 years report a surplus. 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 75% of the Funds expenditure, decreased by £69,087 to £855,982 compared to 2023.
Raising funds; increased by £8,235 to £99,559, details of this expenditure can be found in the notes to the financial statements, under the heading 'Raising Funds'.
Gains on investments amounted to £1,273,776 compared to £1,972,179 in 2023. Taking into account these gains means that the Fund increased by £1,313,265 in 2024.
Principal funding sources
Income; in 2024 decreased by £65,373 on the previous year, and due to the gain in value of our investments (unrealised) and the charities funds increased by £1,313,265.
Police Subscriptions; which produced 23% of our income for 2024 and decreased by £99,106 to £275,465 compared to £374,571 in the previous year.
Donations; increased from £69,208 to £83,015. Donations accounted for 7% of our income.
Donations through Collecting Boxes; decreased by £143 to £2,049 compared to 2023. 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 was no legacy in the year (2023: £Nil) that was invested in our Unrestricted Funds Account.
Investment Income; which produced 70% of our income; increased by £20,069 to £824,036.
Reserves policy
The current level of reserves is £30,834,226. The Fund is increasingly reliant upon the income generated by these reserves to fulfil it's charitable objectives. In 2023 the reserves generated 70% 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.
Page 4
METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
FUTURE PLANS
The charity was founded in 1870 thanks to the generosity of serving officers contributing from pay. Direct contributions from serving officers has always been the largest source of donated income. The substantial reserves that have been built up over our 150 plus years now provide the largest proportion of our income. The contributions of serving officers still provide around 30% of our income and are therefore extremely significant to our finances.
In 1961, the Metropolitan Police decided that there were too many different deduction from pay schemes, they therefore consolidated the charitable deductions into one scheme known as the Metropolitan Police Benevolent Fund (MPBF). Officers contributions to the MPBF are administered by the MPBF and then shared out amongst the constituent charities of which we are one.
In December 2024 we were informed that the MPBF had restored its normal level of funding to the Orphans Fund for 2025 (which was cut our by £100,000 for 2024). We arew aware thoughthat if the number of officers contributing to the MPBF does not increase cuts to our funding could occur in the future.
In 2025 we contiinue to offer our assistance to the MPBF and the Metropolitan Police Federation to try and increase the number of officers contributing to the MPBF.
Given the background of the world situation, 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. The money donated by serving officers in both forces is by far the largest source of donated income.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. Many of the young people we support go on to attain qualifications to assist them in life and benefit their communities.
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, 17th January 2017 and 9th May 2023.
Organisational structure
The overall governance of the Fund is vested in the Trustees, there are currently 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 Board of Management recently changed the rules to allow more retired officers the Fund is now permitted to have sixteen Trustees.
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.
Page 5
METROPOLITAN AND CITY POLICE ORPHANS FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
STRUCTURE, GOVERNANCE AND 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.
ACKNOWLEDGEMENTS
The Trustees wish to convey their sincere thanks to all our generous Donors and Subscribers, for their continued support in 2024.
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 Report of the Trustees 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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping 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:
........................................................................ M Reed - Trustee
Page 6
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 31st December 2024 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:
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give a true and fair view of the state of the charity's affairs as at 31st December 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the 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:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 7
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.
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:
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Discussions with management including consideration of known or suspected instances of non-compliance with laws, regulation, and fraud.
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Evaluating management's controls designed to prevent and detect irregularities.
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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 8
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 83 Cambridge Street London SW1V 4PS
Date: .............................................
Page 9
METROPOLITAN AND CITY POLICE ORPHANS FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| 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 £ £ 360,529 - 818,168 5,868 1,178,697 5,868 99,559 - 632,992 - 222,990 - 189,535 - - - 1,145,076 - 1,268,402 5,374 1,302,023 11,242 29,240,069 280,892 30,542,092 292,134 |
2024 Total funds £ 360,529 824,036 1,184,565 99,559 632,992 222,990 189,535 - 1,145,076 1,273,776 1,313,265 29,520,961 30,834,226 |
2023 Total funds £ 445,971 803,967 1,249,938 91,324 580,287 344,782 163,284 1,295 1,180,972 1,972,179 2,041,145 27,479,816 29,520,961 |
|---|---|---|---|
The notes form part of these financial statements
Page 10
METROPOLITAN AND CITY POLICE ORPHANS FUND
BALANCE SHEET 31ST DECEMBER 2024
| 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 |
2024 £ 1,693 29,750,715 29,752,408 143,327 972,900 1,116,227 (34,409) 1,081,818 30,834,226 30,834,226 30,542,092 292,134 30,834,226 |
2023 £ 1,693 28,681,744 28,683,437 142,057 748,910 890,967 (53,443) 837,524 29,520,961 29,520,961 29,240,069 280,892 29,520,961 |
|---|---|---|
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 11
METROPOLITAN AND CITY POLICE ORPHANS FUND
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Net cash provided by/(used in) 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 |
2024 £ 19,185 19,185 (1,014,407) 1,219,212 204,805 223,990 748,910 972,900 |
2023 £ 82,438 82,438 (1,134,270) 1,075,854 (58,416) 24,022 724,888 748,910 |
|---|---|---|
The notes form part of these financial statements
Page 12
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 1,313,265 | 2,041,145 | |
| Adjustments for: | |||
| Gain on investments | (1,273,776) | (1,972,179) | |
| Increase in debtors | (1,270) | (2,866) | |
| (Decrease)/increase in creditors | (19,034) | 16,338 | |
| Net cash provided by operations | 19,185 | 82,438 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash | At 1.1.24 £ |
Cash flow At 31.12.24 £ £ |
|---|---|---|
| Cash at bank | 748,910 | 223,990 972,900 |
| 748,910 | 223,990 972,900 |
|
| Total | 748,910 | 223,990 972,900 |
The notes form part of these financial statements
Page 13
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
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 14
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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
| Police subscriptions Donations Collecting boxes 3. INVESTMENT INCOME Investment income 4. RAISING FUNDS Raising donations and legacies Fundraising events Investment management costs Investment management costs Aggregate amounts |
2024 £ 275,465 83,015 2,049 360,529 2024 £ 824,036 2024 £ 1,512 2024 £ 98,047 99,559 |
2023 £ 374,571 69,208 2,192 445,971 2023 £ 803,967 2023 £ 2,856 2023 £ 88,468 91,324 |
|---|---|---|
continued...
Page 15
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
5. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Direct (see note Costs 6) £ £ Compassionate allowances - 632,992 Miscellaneous grants - 222,990 Direct costs 27,211 - 27,211 855,982 6. GRANTS PAYABLE Compassionate allowances Miscellaneous grants The total grants paid to institutions during the year was as follows: Family support The total grants paid to individuals during the year was as follows: Compassionate allowances Clothing Education Holiday Family support Bereavement NARPO |
Support costs (see note 7) £ - - 162,324 162,324 2024 £ 632,992 222,990 855,982 2024 £ - 2024 £ 632,993 9,247 52,982 80,485 71,795 - 8,480 855,982 |
Totals £ 632,992 222,990 189,535 1,045,517 2023 £ 580,287 344,782 925,069 2023 £ 10,000 2023 £ 580,287 5,250 59,323 132,300 93,909 44,000 - 915,069 |
|
|---|---|---|---|
continued...
Page 16
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
7. SUPPORT COSTS
| Direct costs Support costs, included in the above, are as follows: Governance costs Staff salaries and pensions Auditors' remuneration Legal and professional 8. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements |
Governance costs £ 162,324 2024 2023 Direct Total costs activities £ £ 151,170 124,520 10,974 10,986 180 6,596 162,324 142,102 2024 2023 £ £ 10,974 10,986 |
|---|---|
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 £1,211 (2023: £1,155).
10. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries | 2024 £ 151,170 |
2023 £ 124,520 |
| 151,170 | 124,520 | |
| The average monthly number of employees during the year was as follows: | ||
| Administration | 2024 2 |
2023 2 |
| The number of employees whose employee benefits (excluding employer pension | costs) exceeded | £60,000 was: |
| £60,001 - £70,000 £70,001 - £80,000 |
2024 1 1 2 |
2023 - - - |
|---|---|---|
continued...
Page 17
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
11. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Freehold | |
| property | |
| £ | |
| COST | |
| At 1st January 2024 and | |
| 31st December 2024 | 1,693 |
| NET BOOK VALUE | |
| At 31st December 2024 | 1,693 |
| At 31st December 2023 | 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 1st January 2024 Additions Disposals Revaluations At 31st December 2024 NET BOOK VALUE At 31st December 2024 At 31st December 2023 |
Listed investments £ 28,681,744 1,014,407 (1,529,024) 1,583,588 29,750,715 29,750,715 28,681,744 |
|---|---|
Investment assets held outside the UK total £7,402,672 (2023: £5,687,132).
The value of the following investments represents more than 5% of the total market value as at 31st December 2024:
CCLA Revenue Reserve - £8,657,484 (29%)
CCLA General Fund - £7,222,445 (24%)
continued...
Page 18
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Accrued income 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 29,507,416 243,299 Current assets 1,067,392 48,835 Current liabilities (34,409) - 30,542,092 292,134 16. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 29,240,069 Restricted funds Education 104,087 War memorial fund 86,360 War memorial hospital 67,754 Twells memorial 8,969 Sir Edmund Henderson 13,722 280,892 TOTAL FUNDS 29,520,961 |
2024 £ 2,080 141,247 143,327 2024 £ 34,409 2024 Total funds £ 1,693 29,750,715 1,116,227 (34,409) 30,834,226 Net movement in funds £ 1,302,023 4,165 3,455 2,713 360 549 11,242 1,313,265 |
2023 £ 1,955 140,102 142,057 2023 £ 53,443 2023 Total funds £ 1,693 28,681,744 890,967 (53,443) 29,520,961 At 31.12.24 £ 30,542,092 108,252 89,815 70,467 9,329 14,271 292,134 30,834,226 |
|---|---|---|
continued...
Page 19
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £ 1,178,697 2,174 1,803 1,416 188 287 5,868 1,184,565 |
Resources expended £ (1,145,076) - - - - - - (1,145,076) At 1.1.23 £ 27,224,700 94,520 78,417 61,558 8,169 12,452 255,116 27,479,816 |
Gains and losses £ 1,268,402 1,991 1,652 1,297 172 262 5,374 1,273,776 Net movement in funds £ 2,015,369 9,547 7,938 6,212 814 1,265 25,776 2,041,145 |
Movement in funds £ 1,302,023 4,165 3,455 2,713 360 549 11,242 1,313,265 At 31.12.23 £ 29,240,069 104,067 86,355 67,770 8,983 13,717 280,892 29,520,961 |
|||
|---|---|---|---|---|---|---|---|
continued...
Page 20
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £ 1,244,185 2,128 1,784 1,380 173 288 5,753 1,249,938 |
Resources expended £ (1,180,972) - - - - - - (1,180,972) |
Gains and losses £ 1,952,156 7,419 6,154 4,832 641 977 20,023 1,972,179 |
Movement in funds £ 2,015,369 9,547 7,938 6,212 814 1,265 25,776 2,041,145 |
|---|---|---|---|---|
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 1.1.23 £ 27,224,700 94,520 78,417 61,558 8,169 12,452 255,116 27,479,816 |
Net movement in funds £ 3,317,392 13,712 11,393 8,925 1,174 1,814 37,018 3,354,410 |
At 31.12.24 £ 30,542,092 108,232 89,810 70,483 9,343 14,266 292,134 30,834,226 |
|---|---|---|---|
continued...
Page 21
METROPOLITAN AND CITY POLICE ORPHANS FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
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 £ 2,422,882 4,302 3,587 2,796 361 575 11,621 2,434,503 |
Resources expended £ (2,326,048) - - - - - - (2,326,048) |
Gains and losses £ 3,220,558 9,410 7,806 6,129 813 1,239 25,397 3,245,955 |
Movement in funds £ 3,317,392 13,712 11,393 8,925 1,174 1,814 37,018 3,354,410 |
|---|---|---|---|---|
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 31st December 2024.
Page 22
METROPOLITAN AND CITY POLICE ORPHANS FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| INCOME AND ENDOWMENTS Donations and legacies Police subscriptions Donations Collecting boxes 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 income before gains and losses Realised recognised gains and losses Carried forward |
2024 £ 275,465 83,015 2,049 360,529 824,036 1,184,565 1,512 98,047 2,971 4,201 9,131 1,717 142 6,244 2,805 - 855,982 883,193 151,170 10,974 180 162,324 1,145,076 39,489 39,489 |
2023 £ 374,571 69,208 2,192 445,971 803,967 1,249,938 2,856 88,468 1,874 2,688 3,463 1,475 60 12,691 226 10,000 915,069 947,546 124,520 10,986 6,596 142,102 1,180,972 68,966 68,966 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 23
METROPOLITAN AND CITY POLICE ORPHANS FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Realised recognised gains and losses Brought forward Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2024 £ 39,489 (309,812) (270,323) |
2023 £ 68,966 460,506 529,472 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 24