THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STATENIENI"S FOR THE YEAR ENDED 31 MARCH 2025 THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE THAMES VALLEY POLJCI BENEVOLENT FUND FANCIAL STATLMEWts FOR THE YEAR ENDED 31 K4RCH 2025 INDEX PAGE Report of the Management Cornmittee. Report of the auditors Accounting pollcies Statement of Financial Actlvlties Statement of Financlal Positon io Notes to the financial statemenis 11-13
THE THAMES VALLEY POLICE BENEVOLENT FUND FfNANCIAL STATEMENrs FOR THE YE4R ENDED 31 MARCH 2025 Page I REPORT OF THE NL4NAGEMENT COMMIThEE LEGALAND ADMINISTRATIVE DETAILS Charity number.. 256865 Address.. Thames Valley Pollce Flnance Department PO Box 238 Kidlington Oxon OXS IXS Audltors.. Gravita Audlt Oxford LLP Fbrst Floor, Park Central 40-41 Park End Street Oxford OXIIJD M#iiagement Committee I'h¢ Manageinenl Committee of the Charity, all whom are Trvste¢s, during the year was as follows.. Position nt atio Chi?ifp¢Tson Secretary Dennis Murray Nigel Snell Jaqueline Johnson Wally Cox Barbcira Marchant Mark Mclntyre Amy Clements Alan Purkiss Simon Lincoln Richard Buckingham Mark Lacey Carole Pa¥e Catherine Story Andrew Alexander Gordon Reill}' Jeanetie Hwking Gary Bishop Resignaiion 6 March 25 Resignaiion I Sep 24 Ke5ignation 5 June ?5 Appointed 16 May 25 Appoinied 27 Sept 24 STRLicfuRE, GOVERNANCE & MANAGEMENT Constltution The Thames Valley Police Benevolent Fund is a registered chariiy governed by Tnjst Deed and nurnbered 256865. Appointment olTruslees Trustees are appoint¢d by ¢le¢tion according to the curreni rules.
THE THAMES VALLEY POLICE BENEVOLENT FUND FtNANCIAI. s'fATEMENTS FOR THE YEAR EIVDED 31 MARCH 2025 Page 2 Management Committee fis$essmenl of risk Th¢ Management Comniitte¢ has Jddressed the risks it faces through a number of mechanisms. It operates vnder rules agreed by the M¢inb¢rship, T¢c¢ives ¢xternal advice on investment and lax advice oprions, has adoptcd administrative pro¢edur¢.% to minimise ihe risks as50¢1ated with ¢xp¢nditur¢ or in¢ome and regularly reviews ways of increasing ihe membership level. OWECTS AND ACTIVITIES The Charity's objective 15 to provide assistance to Police officers. who ar¢ either serving or retired members of the Thames Valley Police Benevolent Fund, their widows, widowers and d¢p¢ndanls, who are regardcd by the Commitree to be in necessitous circuiiistances. The ¢haTi¢y thcTefore provides publi¢ b¢D¢fit to those persons. The Charity operates from ThiÉ mes Valley Police, Fiiiance Department, PO Box 238, Kidlington, Oxon. OX5 IXS. All administration work in r¢lalion to th¢ rtd ts carri¢d out by Thames Volley Police employees as part of their ¢niplthym¢nt. No rontribution for their expenses is madc by the nd. No trustee receives any remuneration or payment for eKpens¢s Incued. The Annual General meeting of the fund 15 held in the autumn of ¢a¢h year. In addition, threelfour management meetings arc held during thc ycar, Th¢ nd is governed by it8 Tul¢s whi¢h may only be thanged ai AGM or SGM. All investments held by the fund have been acquired in accordance with thc powers of the trustees. Grant Making Policy The Trustees consider applieations for gran(s ai their regular meeiings. Confidential reports are presented by the Secretary and the WelfAre Officer to expli& in ihe circumstances ot tl)e request tor assistance. The Committee then considers whether said members arc in necessitous tircumsiances. The Committee will also consider whether it is appropriate for the Fund io provide fiiiancial assistance in any n)aiter. In urgent cases the Welfare Offjcer will present requests directly to ihe Chaiman, Secretary, and Hon. Treusur¢r. They may award gri2nts if felt appropriate. In su¢h eases, how¢veT, th¢ fijll Committee musi be advised of and consent io the transaction at its next meeting. Pyblic benefit The Trustees have complied with the duty within the Charitie5 Act 2011 io hav¢ du¢ regard to public benefit guidance published by the Chariiy Commission. Give As You Earn The 5ub5cription5 to tlie fijnd are deducted from pay and transferred io the Charities Aid Foundation {CAF), who r¢cov¢rs any tax relief due on the 5ub5cription5. This is paid over as part of ils iegular quarterly payment. ACHIEVEMENTS AND PERFORMANCE During the Current year, the average number of serving metnbers was 2498 and the average number of pensioner members was 1028 {¢ompar¢d with 2517 and 1076 respectively for the previous year). The average number of beneficiaries in receipt of a monthly payment during the current year was 128 tompared with 143 in the previous year. In addition, the fund made 12 grants to beneficiari¢s in the current year cotnpared with 12 in the previous year.
THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STATEMENTS FOR THE YEAR EIVDED 31 MARCH 2025 Page 3 FINANCIAL REVIEW The Surplus arising during the year. before other recognised gains and losses relating to investments was £16,694 {Surplus) ?023124 £16,503) Beneflts to wldows and widowers totalled £46,082 forthe year. Specific 8rant5 added another E39,71312023124 £32.8391 giving a total charitable expenditure to individuals of £85,795 Governance of the Fund incurred expenditure of 12,481 nd investment management costs were £1,151. The fund doe5 not receive any regular external donations. Subscriptions from serving and retired otTicers consiitute the only regular income of thc fund. Ini'estm¢nt Policy The Trustees, investment policy is aimed at balancing capital 5tabilitylgTOWth and providing a reasonable annual ral¢ of return. In deciding on iiivestment opiiortrs Trustees will have r¢gard to the advice of lis Investmenr Advisors. Th¢ l TUSt¢es have not sp¢¢ified a (argel rale of reiurn or grvwoh. Int¢res¢ receivable on the current investments continues to remain higher tlian that eariied upon the Fund's deposit accounts. Reserves The Fund does not currenilv hold earimarked T¢serves. All reserves of £1,193.993 kre held for th¢ ¥¢ncral Purposes of the fund. The Trustees, having re¥ard to the value OF investments and the annual net deficit, do nor at ihis point in lime fcel it n¢¢es5ary to set a minimum level of r¢serves. 90Q/o of the reserves are held in investments Ihar are held to generate income in the future ihai can bc applied for the ¢harify's objects, The remaining amount is held to cover working capital r¢quireincnlb and lo fund dcficils thai muy arise in futur¢ years so that ihe current level of benefits can bc paid out even if there 15 a decrease in income. A Finance Con)mitie¢ has been sel up to address the financial issues relating 10 th¢ fund. ManAgem¢nt Commlttee responsibilitlcs for the flnanelthl statem¢nt5 The mana¥enient committee ar¢ responsible for preparing the annual report and financial 5tal¢ments in accordanLc with applicable law and Uniled Kingdom Generally Accepted Accounting Practice, Charity law requires the mattagenient conimittee to pr¢p8re financial slaiemenls for each financial period which give a true aDd fair view of the slaie of affairs of the charity and the results of the charity for that period. In preparijig tl)o5¢ finan¢ial siat¢ment5, the Management Committee are required to.. select suitable accounting policies and apply them consistently,. make judgenients and esiimales thai are re&%onable and prudent., state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures di5tlosed and explained in the financial statements., prepare the financial stat¢m¢nts on a going concern basis unless it i5 inappropriate to presume that the Charity will continue in operation. The ¢ommittee are responsible for keeping prop¢r accounting records which disclose with reasonable Accuracy the financial position of lh¢ rharity whicli enable them io ascertain their finat)cial position and to ensure that ihe financial statements comply with the ChaTi¢ies Act 201 l and regulations there under. They ar¢ also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and dcteclion of fraud and other irregularities. The charity has a number of investments (see Note 11 which have been acquired in accordance with the powers of the managejnent ¢ommitt¢e. Thes¢ constilute the main assets of the fund. OY4 BEHALF OF THE MANAGEMENT CoMLIIIE Management Committe¢ ChaiTper50n Dennis Murray Date.. 51'j(:
THE THAMES VALLEY POLICE BENEVOLENT FtJND FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page 4 INDEPENDENI. AUDITORS, REPORT TO THE TRUSTEES OF THE I'HAMES VALLEY POLICE BENEVOLENT FUND Opinio We have audited the financial Statements of Thames Valley Pollce 8enevolent Fund Irhe"Charliy'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet and noles io the linanclal staiement5, including a summary of slgnllicant accounting policies. The financial reporting framework that ha5 been applied in their preparatton is applicable law and United Kin8dtsm Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting standard appllcable the UK and Republic of Ireland (United Kingdom Generallv Accepted Accounting Practice). In our opinlon, the financial statements.. Ive a Irue and faif view of the state of the Charlty's affalrs as at 31 March 2025 and of its in¢¢me and expenditure lor the year then ended,. have been properly prepared In accordance wlth United Kingdom Generally Accepted Accounting Practice,. have been prepared In accordance with the requlrements of the Charltles Act 2011. Basls for oplnSon We conducted our audit in accordance wlth International siandards on Audltlng IUKI IISAS IUKII and applicable law. Our respcsnsibilitles under those standards are lurther described In the Auditor's responsibilities for the audlt of the Ilnancial statements section of our report. We are independent ol the Charity in accordance with the ethlcal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethit31 Standaid and we have fulfilled our other èthical responsibilitles in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlate to provldè a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial statements, we have concluded that the tru5tees' use of the 801n8 concern basis of accounting In the preparatlon of the financial statements Is approprlate. Based on the work we have performed, we have not identified any material uncertaintles relatin8 to events or tonditions that, individually or collectively. may cast signiflcant doubt on the charities, ability to ¢ontlnue as a 8olng Concern for a period of at least 12 month5 from when the financi31 statements are authorised for issue. Our responsibilitles and the responsibi1Sties of the trustee5 Wlth respect to 80in8 concern are descrlbed in the relevant sectlons of thls report. Other InformatSon The trustees are responsible for the oiher information. The olher information comprises the information included in the annual report other than the financial statements and our auditorf5 report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explititly stated In our report. we do not express any form of assurance conclusion thereon. In connection with our audil of the financial 5tatement5, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with rhe finaneial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materlal inconsistencies or apparent materlal misstatements, we are required to determine whether there is a material misstatement in the financial Statements or a material misstatement of the othèr informatlon. 11, 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.
THE THAMES VALLEY POLICE BENEVOLENT FUND FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 P4ge S tNDEPENDENT AUDITORS, RE.PORT TO THE TRUSTEES OF THE THAMES VALLEYBENEVOI,ENT FUND (¢ontinu¢d) Matters on which we are requlred to report by exteptlon We have nothlng to report in rèspeci of the followlng matter5 In relation to whlch the Chailtles Act 2011 requires us to report to you If. In our opinlon.. sufficient accountin8 records have not been kepi,. the flnancial statements are not In agreement with the accounting records and returns., or we havè nol.tsbtained all the informatlon and explanations ne¢e5sary for the purposes of our audit. Respon51bllltles of the trustees As explained more lully in the trustee5' responsibilities stalement Isel out on page 31, the trustees are responsible for the preparation of the lirtan¢ial statements and for belng satisfièd that they give a true and fair vlew, and for such internal control as they determine Is necessary to enable the preparation ol financial statements that are free from material mlsstaternent, whether due ¢0 fraud or error, In preparlng the financial statements, the trustees are responslble for assessin8 the Charity's ability to continue as a going concern, disclosinE, as applicable, matters related to going concern and using the goin8 concern basis of accountlng unless the trustees either intend to liquidate the Charlty or to cease operations, or have no realSsilc alternatlve bu¢ to do so. Audltorfs responslbllltles for the audlt of the financlal statements We have been appoinred a$ 8uditor under sectlon 145 of the Charltles Act 2011 and report In accordance wlth the Act and relevant regulations made or having effect thereunder. Our objective5 are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audltor's repori ihat include5 our opinion. Reasonable assurance is a hi8h level of assurance, but Is not a guarantee ihai an audit conducted In accordance with ISAS IUKI will always deted a materlal mlsstatement when It exlsis. Misstatements can arise frorn fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic deci5ion5 of users taken on the basis of these financial statement5. Irre8ularities, including fraud, are instances of non-compliance with laws and regulatlons. We design procedures in1Sne with our responslbllities, outlined above, to detect materlal misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures are capable of detecting irregularities, includinE fraud is detailed below.. Our approach to Identifying and a5ses5in8 the rlsks of material mlsstatement In respert of irregularities, Includlng fraud and non-compliante with laws and regulatlons, was as follow5.. the engagement partner ensured that the engagement team collectlvely had the appropriale competence, capablllties and skills to identify or recognise non-compliante with applicable laws and regulations,. we identifled ihe laws and regulations applicable to the charity throu8h discussions with trustees and other management, and from our knowledge and experience,.
THE THAMES VALLEY POLICE BENEVOLENT FUND FTNANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page 6 we focused on specific laws and regulaiions which we considered may have a direct material etyect on the fitmncial siatemenis or ihe operations of the charily: we assessed the extent of compliance with ihe law5 and regulJtion5 id¢ntifi¢d abov¢ thTough making ¢nquiri¢s of managemeni,. and Identlflèd laws and regulatlons were ¢ommunltatÈd wlthln ihe audir team re8ularly and the team remalned alèrt to Instances of nc*n-¢ompllan¢e throughout the audlt. We assessed the susceptlbllity C&f the charltrfs linanclal statements to materlal mlsstatement, Includlng obtainlng an understandin8 of how fraud might occur. bv.. maklng enqulrles of management as to where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud,. and consldering the internal controls In place to mitlgate rlsks of fraud and non-compliance wlth laws and re8ulations. To address the risk of fraud throu8h managernent bias and override ol controls, we.. performed analytlcal procedures to Identlfy any unusual or unexpected relatlon5hlps,' tested Journal entrles to Identlfy unusual transactlons,. assessed whether judgements and as5umptlons made In determlnlng the accounting estlmates were indicatlve of potential bias,'and Investlgated the rationale behind significant or unusual transactlons. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedvre5 which included, but were not limited to.. agreeing financial statement dlsclosures to underlying supporting documentation; reading the mlnutes of meetlngs of those charged wlth gove¥nance,' and enquirlng of management a5 to artual and potentlal Iltlgatlon and claims. There are inherent limitations in our audit 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-cornplian¢e. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other manageinenl and the inspection of regulatory and legal correspondence, if any.
THE THALIIES VALLEY POLICE BENEVOLENT FUND FtNANCIAL STATEMEKfS FOR THE YEAR ENDED 31 MARCH 2025 Page 7 Material misstatements that arlse due to fraud can be harder to detect than those that arise from error as they may involve deliberate ¢on¢ealment or collusion. A further description of our responsibilities for the audit of the financbal statements is located on the Financial Reporting Council's webslte at-. Thls description forms part of our auditor'5 report Use ot our report This report is made solely to the Charlty's trustees, as a body. in accordance wlth section 145 of the Charitie5 Act 2011 and the regulations made under settion 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's trustees those matter5 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 accèpt or assume responsibllity to anyone other than the Charlty's trustees as a body, for our audlt work, for thls repori, or for the oplnions we have formed. fy.ILLfl 2025 Stalutory Auditor Gravita Audit Oxford LLP is eligibl¢ to act as an auditor in terins of section 121? of thc Companies Aci 2006. Gravlta Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford oxi ijo
THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Pagc 8 AcoifNTING POLICIES Basis of prepar¥tio The financial statements are prepared on the hisiorical cost convenlion, except for iiivesliiients which are shown at market value. and in accordance with FRS102 and the statement of Recommended Practice 'Accounting and Reporting by Charities" IFRS 102) Th¢ accounting policies remain unchang¢d from the previous year. Thames Valley Police Benevolent Fund is an uniiicorporated registLrcd charity in the UK at the registered address Thames Valley Police Finance Department PO Box 238 Kidlinbiton Oxon OX5 IXS, li is a publiL benefit eniily. Income Subscriptions represent amounrs receivable for the year as follows.- In the case ol'serving, and 'pension' members., by the Authority concerned, having deducted the same from the membeis, pay or pen5ion5 and collected through CAF. Ibl In other cases,. by the member annually in advance. Donations rcprtsent all amourtis received and accepted by the nd during the year. including colle¢ting box re¢¢ipls. Bank interest represent5 interest re¢eivabl¢ or aeerued for the yekr 10 31 March 2025. Interest and dividends relating io investments represent arnounts due for payment on or befor¢ 31 March ?023. Gr8nls ¥nd b¢DefitS PoyBbl¢ GrAnt5 ITLay be paid to ineinbers, widows, widowers or their dependants when thc manag¢m¢nl ¢ommittee desigrtate them being neces5ltous and in need of linancial support. Any approved amounts are payable as 500n a5 the man&gement toiiimitiee lias approved the expenditure and the costs are recorded on an accruals basis. Beiiefits payable are monthly payments which gr¢ paid to membeTS, widows, widowers ortheirdependants. These paymenis g¢neTally ¢ontinu¢ until th¢ b¢neficiartes' circuin5tat)ces change or a decision is made by the Management Committee. B¢n¢fits payable are included in the accounts in the period to which they relate. No liability is included in these accounts for beD¢fJt5 to be payable in fulur¢ 4Gcounting periods. T#xailon The Fund is registered under the Chariiies Act ?01 l as a charity. As such, it5 incon)¢ is not subject to taxation if applied for charitable purposes. Investments A55ets held for investment purposcs are valued at market value at the Statement of Financial positon date. Traded S¢CUTiIi¢s are valued at the mid-point quotation in th¢ Stk Exchan¥e daily list. Any changes in valuation are iiicluded in the Statement of Financial Activities. Going Concern At the time of preparing the fiDan¢ial statements, th¢ tru5t¢es have a reasonabl¢ expectation that the clwity has adequate resources ro coniinue in 0ratIonal existence for the fores¢eable ture. Th¢ trust¢es ¢ontinue to adopt the going concern basis of accounting in preparing the fllmncial statements.
THE THAMES VALLEY POLICE BENEVOLENT FUND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVII"IES P#ge 9 Unre5trlcled 2025 2024 Income & endowments from: Donatlons & Legacles Serving Members 57,580 58.022 Penslon Members 18,494 19,652 Donatlons & Legacies Income Tax recoverable in the year Mlscellaneous 434 1,733 552 2.¢XJI 78,241 37,880 80,227 36,259 Investments Miscellaneous Income Total Iiicoine Inote 21 116,121 116,486 Ex endlture on: Ralslng funds Investment advlce 1.151 3,606 Charltable actlvltles Asslstance to serving or retlred Thames Valley Police Officers and their dependents Benefit5 Grants payable to Indivlduals 46,082 39,713 85,795 51,510 32,839 84,349 Govemance costs Audit Indemnity Insurance 4,682 7,799 4,308 7,720 12,481 12,028 Total EKpendlture 99,427 99,983 Net income before investment 8alnsll1055es1 16,694 16,503 Gains & Losse5 on investment assets- unrealised 111,0831 77.225 Net income I lexpenditurel 5,611 93,728 Total Funds Brought Forward 1,323,209 1,229,481 Total Funds Carrled Forward 1,328,820 1.323,209
THE THAMES VALLEY POLICE BENEVOLENT FUND FtNANCIAL STATEME,Nrs FOR THE YE4R ENDED 31 MARCH 2025 Page 10 STATEMENT OF FtNANCIAL POSITION Note 2025 2025 2024 Fixed Assets Investments 1.193,993 1,205.076 Current Assets Oebtors Cash at Bank and In hand 21,540 128,904 21,752 116,371 138,123 150,444 Current Llabllltles Creditors., Amounts falling due within the year 15.617 19.990 Net Current Assets 134,827 118,133 Net Assets 1,328,820 1323,209 Represented by: harl 's Funds Unrestrlcted Income funds 1.328,820 1,323,209 These financial staternents were approved and authorised for Issue by the Management Commlttee on 2510912025 Dennis Murray Management Committee Member Z51'z/z_
THE THAMES VALLEY POLICE BENF,VOLENT FUND FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page 12 NOTES TO THE ACCOUNTS Continued Inv in 2025 2024 Income on the above investments 37,800 36,259 36,259
THE THAMES VALLEY POLICE BENEVOLENf FUND FtNANCIAL STA TEMIKrs FOR THE YE4R ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS continued Page 13 Note 3- Debtors 202$ 2024 CAF GAYE Tax Recovery Investment Income Donaiion other 14,477 1,732 3,724 iii 1.496 21.540 14,511 1,983 3,661 1,598 21,753 Note 4- Cash In Bank and at Hand 2025 2024 Lloyds TSÈ Deposlt Current 122,230 6,674 107,898 8,472 128,904 116,370 Note 5 Creditors 2025 2024 Speclals/Clv Welfare & Widov4s/Orphans Fund Accruals Accruals Grants 208 5,010 10,399 15,617 23 16,567 3,400 19.990 Note 6- Tru ee Remuneration No Trustee received any remuneration or reimbursement of expenses during the year and nil In 2024. Note 7-Dlsclosure of Related Part Transactions No Trustees awarded grants in 2025. One Trustee was awarded a grant of El,429120241. Note 8- Commitments The Trustees have given commitments lo pay benefits in the future. As at 31 March 2025, such benefits payable were £3,030 a month.12024'. £3,480)