THE THAMES VALLEY POLICE BENEVOLENT FUND FTNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2022 THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 THE THAMES VALLEY POLICE BENEVOLENT FUIYD FTNANCIAL STATEMENTS FOR THE YEAR ENDED 31 M.4RCH2022 INDEX PAGE Report of the Management Committee Report of the auditors 4-7 Accounting policies Statement of FShancial A¢tivities Statement of Flnancial Poslton io Notes to the financial statements 11-13 THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Page I REPORT OF THE MANAGEMENT COMMIFfEE LEGAL AND ADMINISTRATIVE DETAILS Charity number.. 256865 Address.. Thames Valley Police Finance Department PO Box 238 Kldlington Oxon OX5 IXS Auditors.. M4iia¥eiiient ComNiittee I'he Management Cvmiiiittee of the Charily, all whom are TnJs¢ees, during the y¢ar was as follows.. Trustee tion ent Jason H()gg Chairper50n Secretary Appuinled 2810?1?2 R¢signalion a& Seer¢iary 28101J22 Jaquelin¢ Johnson Wally Cox Davi(1 Maichaiii Barbara Mar¢liant Mdi'k Mclnt)Te Gary HUL Ainy L leinents Alan Purkiss Siiiion Liticoln Eiicliard BiiLkingliam Jay Willii?Ins Jiin O, Rydn Cliris Siinpson Mark Lacey C￿01e Page Latlieriiie SILiry Andrew Al¢xandra Andrew fiddler Resignation 14110ni Appointed Appiiinted Appoii)ted Appoinied Resigncltioji Ilesignaiion Resignation 3010312? 18103Q2 0210*122 31103n2 171U3122 02102122 091U3122 Appointed Resignation 0511 OQ2 STRUCTURE. GOVERNANCE & MANAGEMENT Constitution The Thaines Valley Polic¢ Benevolen( Fi￿d ts a r¢gistered charity governed by Trusi Deed and numbered 256865. Appvintmenl ofTrusttes Trustees are appoiilied by election according to the current rules. THF, THAMES VALLEY POLICE BENEVOLENT FUND FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Page 2 ManRg¢ment Commille¢ ggsessment of rlsli The Management Loininittee lias addre55ed the risks it faces through a number of inechanistns. It opcrales under rules agreed by the Mejnbership, receives external advi¢¢ on investmeni and tax advice options, h)s adopted athnini5trative procedui'es 10 mininiise t]ie risks associaicd with expenditure OT incoJne and regularly reviews ways of increasing ihe Ineinbersliip level. OBJECTS AND ACTIVITIES The Charily's objective is lo provide assistai)c¢ ro Police olyicers. wl)o ale eiilier serving or retired meinbci's of (he Tl)ain¢s Valley Police B¢iievolent Fund, their widows. widowers ai)d dependants, who are regarded by ilie Coinii)iflc¢ io bc in necessitOL15 circuinsiaiices. The charily Ilierefore provid¢5 public ben¢fii 10 those persons, The Charity operates from Thames Valley Police. Finance D¢partii)eiil, po fiox 238. Kidlington. Oxon. OX5 1 XS. All administralion work relation to thL fund is cJrried out by Tlidines Vall¢y Policc einployees a5 pail of their el￿p10Y7￿enl. No Loii¥ribution for their cxpens¢s is made by th¢ fund, No tru51ee receives any r¢muneration oi. payin¢nt f¢)r cxpeD5¢s iiicurred. Th¢ Annual (ieneral Ineeting ofthe fund is held iii tlie auruinn ofea¢h year. In 8ddiiioi), Ihreelfour iiiaiiageTnenl Ineelin¥ are lield during ihe year. The fund is 8ov¢rncd by its rul¢s which may only be changed at AGM or SGM. All investmenis held by the fui)d have been atquired in a¢¢ordance with the powcrs of I1)e trustees. Graiit Making Poliry The TTU5te¥s consider opplicalioiis for graiils at th¢ir regular nicetings. Confidential roports are preseiiied by Ilie Secrelary Id Ilie Welfare Officer io explain tl)e tii'cuinstaiiccs of the requesr fi)r assistanLC. 'ri)e Coii)Inittce tlien coii8iders wl)ether -%aid iiieinbcrs ai'¢ ii) iiecessi10115 circuingraiiccs, The Coinn)iti¢¢ will also ¢onbid¢r wlieth¢r it is appropT111¢ for the Fund io provide finanLIAI assisiani¢ in ￿nY matter. In urgent cases tlie Welfaie Officer will preseni reque51s directly tts th¢ Chainnan, %ecreraiy, and Hon. Trcasurei.. lThey Inay dward griints it. felt appi'opriale. In such cases. however. the full Commiitee Inusl be ¢idvis¢d of and con5enl tts the Ii'8nsdCtion ai ity ncxt iiieeiiiig, Public beiiefit Tlie Trustees have complied with the duty within Ihe ChArities Act 2011 to have du¢ regard to public benefit guidance published by the Charily Con)Inissioii. Glvt As You Earn Tl)e subscription5 to the fund are deducted froin pay and trdn5feiY¢d to the Charities Aid Follndaiion (CAFI, who recovers any lax relief due oil the subscripli0115. This is paid over as part of its regular quarterly payineDI. ACHIEVEMENTS AND PERFORMANCE l)uring the current year, the average iiuinber of serviiig Ineiiibers was ?529 12nd thc average number of pensioner members was 1172 (compared with 2562 and 1210 respectively for the previous year). The average number of beneficiaries in receipt of a monthly payment during the current year was 176 compared with 188 in the previou5 year. In addition. the fund made grants 10 21 b¢nef)¢iarieb in the current year coinpared with 14 iii the previous year. THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pa8e 3 FINANCIAL REVIEW The surplus ailslng durlng the year. before other recognised gains and losses relating to investment5 was £12,869 Isvrplus 2020121 £9.511.1 Benefits to widows and widowers totalled £63,636 for thé year. Specific 8rants added another £23,44512020121 E29,0871 giving a total ¢haritable expendlture tts individuals of £87,091. Governance of the Fund incurred expenditure of £9,666 and Investment mana8ement costs were £5,772. Th¢ fund does not receiv¢ any regular exiem1 have a direct Jnaterial effe¢1 on the finaiicial stat¢inents oi. rl)¢ opej'dtions of the charity, we ass¢ssed 11)e exieiit of complianc¢ with th¢ laws aiid regulations identified above ihrough making enquiries of inanagenient: and Identified laws and regulatlons were communicated within the audit team regularly and the team remaSned alert to Instances of non-compllance throu8hout the audit. We assessèd the susceptibllity of the charitvs financlal statements to material mlsstatement, includin8 obtalnln8 an understanding of how fraud might occur, by.. making enqulries ol managemenl a5 to where they considered there was susceptibillty to fraud. thelr knowledge ol aetual, suspected and alleged fièud,. and ¢onslderin8 the internal controls in place to mitigate rSsks of fraud and non-compllance wlth laws and regulatlons. To address the rlsk of fraud throu8h management bias and override of ¢ontrols, we.. performed analytical procedures to identlfy any unusual or unexpected relatlonshlps., tested journal entries to Identlfy unusual transactions; assessed whether jud8ements and assumptions made in determlnlng the accountin8 estimares were indicatlve of potential bias',8nd Investigated the rationale behlnd significant or unusual transactions. In response to the risk of irregularities an(J non-compliance with laws and iegulatlons, we designed procedures whlch ncluded. but were not lirnitèd to.. agreeln8 flnancial statement disclosures to ynderlylng supporting documentation., readin8 the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litlgatlon and clalms., There are inherent limitations in our audlt procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-cornpliance. Auditing standards also limit the audit procedures rèquired to identify non-complian￿ with laws and regulations to enquiry of the trustees and other mana8ement and the inspection of règulatory and le8al correspondence, if anv. **THE THAMES VALLEY POLICE BENEVOLENT FUND** FINANCIAL STATEMENTS ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Page 7** Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 auditor’s report ## **Use of our report** This report is made solely to the Charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and the regulations made under section 154 of that Act. 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 auditor’s 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’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Oxford ## 28 October 2022 Critchleys Audit LLP Statutory Auditor Critchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP THE THAMES VALLEY POLICE BENEVOLEL¥T FUTr4D FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21122 Page 8 ACOUNTtNG POLICJES Basis of preparation 'riJe fiiiaiicial stateinertts are preparcd on the histori¢al cosi convention, excepi foi. investments whid) are showii at market valuc, and ii) Hccordance witl) FRS I O? and the Sraieinent of Recoinmcnded PractiLe 'Accounting and Reporting by Charilies" IFRS 102) Tlie accouniijig policies rem)iii uiichangcd fi'oin the previous year. Thanies Vall¢y Police Benevolcnl FILnd is an unincorporated registered charity in the UK at the r¢gistered addi'ess Thaines Vallcy Police Finance Departincni PO Box ?.18 Kidliiigton Oxon OX5 1 XS, It is a public benefit ¢ntiiy. Iiicome SubsLriplions represeni ainounts receivable for ihe year as follows.. In the casè of 'serving' and 'pension' members,. by the Authorlty concerned, having deducted the same from the members, pay or pensions and collected through CAF. In other cases,. by the membei annually in advance. Donarions represent all aniounis received and accepted by (he fund duri1)¥ Ilie year, including collecting box receipts. Bank inter¢si represents iiiteresl I'eceivabl¢ or accrued for the year (1131 Murch ?0?? Iniere5t and dividends relating 10 invesiments rcpresent ainounts du¢ for p?yn)Lnl on or b¢forc J l March 2022. Granl.s and benefLt% payable GTan15 may be paid tu Ineinbei's, widows, widnwers or their dependdiils when Ihe niaiiag¢iMei)I conin)illee disi¥nate thei ag b¢iiig iiecessirous and in need of finai)ci&l 4uppon. Any approved aiiioun15 are payabl¢ as $0011 as the manag¢inei)t coinmitiee has <2pproved fhc cxpenditiire and tl)c costs aTe Te¢orded on an ac¢ruals basis. Bei)elitspayablc ar¢ rnonthly payinenis which ar¢ paid to members, widows. widow¢rs ortheir dependaiits. These payn)cnts genei'dlly continue until the beiiefiLiaries' ¢ircLini%tances change or a decision is Inade by the Managen)eni Cominiitee. Benelits payabl¢ are includcd in the accounts in th¢ period to which they i'elate. No liability is included in these aiLountS foi. bci)etilS to be payabl¢ iii futUTe acc(iuniing p¢ri(Kl5. Taxation Tlie Fuiid is registered undei. Ihe Charities Act 201 l a5 a charity. As such, its income is not subject to taxation if applied for cliaritable purposes. Investments A5selb held for investmen( purposes are valued at I￿￿1rket value at tlie Statemcnl of Finan¢ial positon dat¢. Traded securities are Vdlued at rhe Inid-point quoiatioi) in the Stock Eixchaiige daily list. Any chonges in valuation are included in the Staten)ent of FinaiKial A¢tivities. Going Concern At the time of preparing* the financial stateinenis. the trustees have a reasonable expectation that the charity has adequate rcsources to continue in operational existence for the foreseeable fuiure. the trustees continue to adopt the going concern basis of accouiitsiig in pi'eparing ihe fiDaiicial stateinents. THE THA1￿Es VALLEY POLICE BENEVOLENT FUND FINANCIAL STATEMI.NTS FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF frNANCIAI. AC.TIVITIES P#g¢ 9 Unrestrlcted 2022 2021 Income & endowments from: Donatlons & Legacles Serving Members Penslon Members Donations & Legacies Income Tax recoverable in the year Miscellaneous 58,587 20,533 1,108 2,258 59,338 21,531 2,494 2,496 82,486 32,912 85.860 31,580 Investments Miscellaneous Income Total Ineome (note 21 115,398 117,439 Ex en on: Ralsln8 fund5 Investment advice 5,772 5,102 Charltable actlvltles Assistance to servin8 or retired Thames Valley Police Officer5 and their dependents Benefits Grants payable to individuals 63,636 23,455 87,091 67,290 29,087 96.377 Governance costs Audit Indernnity Insurance Bank Transfer Charge 3,546 6,120 3,338 3,111 9,666 6,449 Total Expenditure 102,529 107,928 Net income before Investment galnslllossesl 12,869 9.551 Gains & L055es on investment assets - unrealised 83,445 172,240 Net income / lexpenditurel 96,314 181,751 Total Funds Brought Forward 1.195,150 1,013.399 Total Funds Carrled Forward 1,291,464 1,195,150 THE THAMES VALLEY POLICE BENEVOLENT FUND FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Page 10 STATEMENT OF FINANCIAL POSITION Note 2022 2022 2021 Flxed Assets Investments 1,174,207 L.040,762 Current Assets Debtor5 Cash al Bank and In hand 20,759 128,810 22,033 168,434 190,467 149,569 Current Uabllltles Creditors.. Amounts falling due within the year 32,312 36,079 Net Current Assets 117.257 154,388 Net Assets 1,291,464 1,195,150 Represented by.. Chari 's Funds Unrestricted Income funds 1,291,464 1,195,150 These flnanclal statement5 were approved and authorised for issue by the Management Cornmittee on 10/1012022 jason Hogg Management Cornmittee Member THE THAMES VALLEY POLICE BENEVOLENT FUND INANCIAL STATEMENI'S FOR THE YEAR ENDED 31 MARCH2022 Page 12 NOTES TO THE ACCOUNTS continued Note 2- Inv ment income 2022 2021 Income on the above investments 32,912 31,850 32.912 31,850 THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 NOTES TO THE ACCOLINTS continued Page 13 Note 3 - Debtors 2022 2021 CAF Tax Recovery Investment Income Other 14,544 2,257 3,314 644 14,742 2,496 3,029 1,766 22,033 Note4-Cash in B nk an at Han 2022 2021 Lloyds TSB Deposit Current 100.871 27,939 64,528 103,906 128,810 168.434 Note 5 - Credit 2022 2021 Specials/Civ Welfare & Wldowslorphans Fund Accruals Accruals Grants 190 28.012 4,110 32,312 28,230 7,849 36,079 Note 6- Truste ration No Trustee recelved any remuneration or reimbursement of expenses durlng the year. Note 7-Disclosure of Relaied Part Transactions There have be no related party transactions in the reporting period. Note 8- Commitments The Trustees have given commltments to pay benefits in ihe future. As at 31 March 2022 such benefits payable were £5.070 a month.12021.. £5,310) THE THAMES VALLEY POLICE BENEVOLENT FUND FtNANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH2022