2021-12-31-accounts - Norfolk Constabulary Benevolent Fund

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BENEVOLENT FUND

TREASURER’S REPORT

AGM 8[th] July 2022

1. SUMMARY

2021 has seen some very moderate growth in terms of the funds overall financial picture, compared to 2020. The fund, and its associated investments have had to operate within the unprecedented environment of the Covid pandemic, and more recently with global political uncertainty, so the current picture is to be expected, and the future performance, particularly from investments is unknown.

The cost of living pressures on Officer’s continues to be of concern and our services, whether they be in the way of grants, crisis loans or respite stays have been a vital life line to some.

In terms of overall membership figures, the fund has experienced a pleasing increase of over 100 members during the year from 828 in December 2020 to 932 in December 2021, which is a result of the continued efforts of those delivering an input to new Student Officers.

2. Annual Independent Examination

The annual independent examination of the fund for 2021 has now been completed and the signed draft report will be returned to Lovewell Blake Chartered Accountants, following the AGM.

Note: - this is an independent examination and not an audit as agreed by the trustees and acceptable within legal charitable guidelines due to the nature of the fund and the low level of income generated.

Please see page 7 of the report by Lovewell Blake ‘Basis of Independent Examiner’s Statement.

The completed Report will be brought to the attention of all members and a copy placed on the Fund’s shared computer drive.

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3. Finances

At year end 31[st] December 2021 the Fund had £79,051 cash funds (£79,234 2020 year-end) and £61,737 total investment assets (£55,307 2020 year-end).

Current finances (investments and cash fund) are £140,788 (£134,541 2020)

The total cost of running both holiday homes for year end 2021 was £14,764 (2020 was £15,318).

The total receipts for 2020 are £41,431 compared to £33,079 for 2020. The increase in income compared to 2020 is due mainly to the increase received from members subscriptions, £23,735 (£22,206 in 2020) and the income from the rental of the Kelling Heath caravans, after the lockdown was eased, £12,150 (£6,260 in 2020).

The interest received from the Fund’s investment portfolio showed a further slight reduction with an income for 2021 of £1,043 compared to 2020 of £1,078. The funds investment asset valuations have increased, as detailed above from £55,307 to £61,737. Our investment strategy continues to be relatively cautious but also invests in ethical portfolios.

The total payments for 2021 are £41,614 which is an increase on the 2020 total of £34,560. Grants and donations to members have increased from £10,771 for 2020 to £13,767.

As detailed above, the holiday homes generated income of £12,150, which was an increase on the previous year of £6,260. Comparing the income from the caravans to the expenditure shows an operational loss this year of £2,614 compared to a loss in 2020 of £9,058. These figures do not take account of any depreciation in the value of the caravans. The main purpose of both homes is for respite breaks for members and any increase in stays of this type will obviously reduce the availability for rental income. During 2021 there were 24 respite cases, the same number as in 2020, 2019 and 2018.

4. Other Issues

A. Annual Charity Commission return due by October – this will be completed on time.
B. Trustees to consider any increase to the subscription rate.
C. Trustees to consider any increase in the holiday home rental rate.

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D. Based on the agreed formula for the maximum Grant not exceeding 5% of the total investment and cash assets for the fund, as published in the annual report, this will equate to £7,039 for the forthcoming year.

Detective Chief Inspector James Brown

Treasurer

CHARITY REGISTRATION NUMBER: 257462 Norfolk Constabulary Benevolent Fund Unaudited financial statements 31 December 2021

Norfolk Constabulary Benevolent Fund Financlal statemenis Year ended 31 December 2021 Page Trustees annual report Receipts and Payments Account Statement ol Assets and Liabilities Independent Exatnlnels Report

Norfolk Constabulary Benevolent Fund Trustees, annual report Year ended 31 December 2021 The trustees are pleased to present their report, tog6th6r wth the financial ststements for the year ended 31 December 2021. Referencg and 8dmlni5tratlon d•lalls R8gsstered Gharlty name Norfolk Constabulary Benevolent Fund Charity règlstratlon number 257462 Prlnclpal offiGe Norfolk Constabulary Jubi188 Hou88 Falconers Chase Wymondham. NR18 OV The trustees The trustee5 who served durlng the year and at th8 date ol approval were as l0llow8'. Ex6cutlv6 commlltee N Davison J Broomg J Brown H Ireson Ichalrl Ivice Chairl ITaSurer) Isecrataryl Gommlltee M Askham P Bassham L Bishop R Bray S Cooper D Cormican L Dennis (Appointed 14 July 20211 (Appointed 14 July 20211 (Appolnted 14 July 20211 IAppointed 14 July 20211 (Retired 30 June 20211 (Appointed 14 July 20211 A Edge T Futter K Gillies l Hi¢ks J Higgins R Jeffrey D Johnston J Johnston SLee S Murray N Payne T Pearce P Roach S Rose M Roxby S Schucroft J Silom J Squires E Walson P Whe311ey J Wright (Appointed 14 July 20211 (Appolnted 14 July 20211 (Appointed 14 July 20211 (Resigned 14 July 20211 (Appointed 14 July 20211 IAppointed 14 July 20211 IAppoinled 14 July 2021} (Retired 31 December 2021) (Appointed 74 July 20211 National Assoolation Rellred Police Officers INARPOI r8presentative Mcox Arm8d Forc8s Charity ISSAFAI reprgs8niative D Kerr

Norfolk Constabulary Benevolent Fund Trustees, annual report (continued) Y6ar ended 31 December 2021 Bankèrs Barclays Bank PIC Leic8sler Lel¢estershire. LE87 2BB Indepandent èxaminer L Thurston FCCA Lov8W811 Blak8 LLP First Floor Suile Unil 2 Hillside BsIn$s$ Park Bury Sl Edmund5, IP32 7EA Obl$dlves and activiti88 The Norfolk Constabulary Benevolent Fund was established to 8ssisI in n8edy case8 01 members. foTmar members, thelr ffiqdow$, orphans or dependants. It carries out these objecllves by paylng or8nts and providing crsis loans where ne¢essary as well as the provision of holiday homes for 5ubsidised holidays and for resplt6 or convalescence. Membership ol the lund is open to all serving offic8rs ol Norfolk Constabulary. The fund assists members, fomer membeTS, th6ir widows, orphans and dependants in times of hardship. The fund airns lo help current members In need to retum more quickly to perform their duties lo the public. Publlc beneftt Th8 tru5t8as hav8 ¢Dnsidered the Charlly Commisslon's guldance on public benefit. They confirm that in plannlng and carrying out th& chadty's aeb"vitles they have had r6g8rds to this guidance. Achlevemenls and performance The fund gen8rat8S th8 majorliy ol its income from monthly conldbutK)ns made by officer8 in the Norfolk force. other Income is derlved from donatbns and collectlon boxes 8t each of the st8tions. Investment income Is eamed from balances held In the fund's bank 8ccounts, ChaAfund Units held with M & G Securilias Limited. and investments In COIF Charitiès Funds. The fund owns and opEraies two rnobi18 hom8s at Kelling H8ath. On8 moblle hom8 1$ used to provide fra& rèspite accommodation for m8rnbers in negd and w8s used by 24 respite cases during th& y6ar. The Second is let to members for short bak$ to generate Income to help finance the running costs of both rnobile homes. The fee5 chargetj are reviewed 8nnually. The running costs are revlewed r8gularfy and the futur8 of the mobile homes continues to be review1. Durin9 the year 1612020.. 151 applications for fin8ncial assistance We received of which 14 12020-. 101 ware approved in this year and one shortly after the year end and £13,767 12020.. £10.7721 p8id in grants and donations to membeTS and fomer members or their dependants. Truslee representatlon across the county 18 constantly mon1torsd to bè able lo identify new cases of need. The Impact ol Covid-19 hos been recognis6d by thè tru81è88, nollng that income from caravans has decreased in line with 8xpec12tions, however the value ol the investment5 has held a5 al the year end date. The p8ndemlc has affected the charities ability io off8r r8SPlte csr8 and in light of the additional support requifftd, the charity has introduced Crisis Loans to assist officers during this difficult period. to a rnaximum of £1.000 pgr applicant which has been warmly ¢&IVed. During the y8ar the trustees have followed the pollcy that 8 qutsrurn sh811 b8 8ntit18d to make a Grant not exceeding 5% of the tolal investment 8nd cash assets of th8 fund, as published in the Annual report.

Norfolk Constabulary Benevolent Fund Trustees, annual report (continued) Year ended 31 December 2021 Structtsr•, governance and management The fund w8s establlshed under rules adopted in January 1988 as amended on 17 March 1994. The prop8rty of the fund is vested in trustees and the rnanagernent is through lh8 Ex8cutive Commlttee. The fund is now worklng to the revisèd constitution adopted in 2014. Th8 current trus18e5 8T8 shown within Ih&s6 Iln8nelal statèmènts Includlng those who have Served during Ihe year and any appointment and resign31ion dales as reouired. Membership Is open to poli offi'cers of any rank serving Norfolk Const8bul8ry. The Executive Commilt8e is elected by th8 rn8rnbÉr8. Finat7clal revkew Membership rhumbers have increased during the year and subscdpllon rates have ¥ernained the same. Investments are considered by Ihe committee and continue to pgrforrn satisfactorily in the curreat d4fficuN economic climate. Income in Ihe year end8d 31 D8c8rnbéi 2021 amountéd to £41,431 12020.. £33,079) the increase in income Is n5id8r8d to be a Tesult of holiday hom& reni81. Holiday home rental amounted lo 212.15012020-. £6,260). EXn(sItUre In the year ended 3t December 2021 amounted to £41.81412020.' £34,560). The nel payment in the year to 31 December 2021 amounted lo £183 12020.. £1,481) whlch has decreased th8 b31anee ol unrestdcted reseNes to £79.051 12020.. £79,234) al the year end dat8 8nd r8main5 lo b8 .C8rried fotward. Reserves pollcy Thè charity needs reserves to generate Investment income to help finance grant 8xpenditLJre. Th8 invèstrnenls are revlewed wlth the fund's inv8slmenl advisers regularly lo ensure that sufficient liquid r8serves are available to meet predicted expenditure for the ensuing six months. The charity's rese)ves policy Is lo maintain r8$8rv8S at a lov61 adequate to protect Sts ongoing work. Thls policy is reviewed annually. The charity aims lo hold suffici8nt reserve5 to covei 51x niollths, running costs less purch3s8 of assets, this equates lo £20,80712020'. £17,280). Thg Charity's rgC8ipts and payments unrestricted cash as at 31 Deeember 2021 Is In surplus with actual reserves being £79,05112020.. £79,234). Th8 trustees will look to expense excess fisnds over the foreseeable fulure and thé ttuslees consider that the charity will continue a3 8 going concern. There are no material uncertainties about the ¢harills ability to continue. Plan5 for future periods The charity plans to conllnue to assist members, former members, thelr wldow5, orphans or dependants over the nexl year and in doing so plan to P8y grdnts and provide holiday homes for subsldised holldays and for respite or convalescence forthe foreseeable future. The charty has recoonlsed the addSllonal support requirem$nts as a r85uIt of the Covld-19 pandemic and implemented actions Crf$is Lusns that ffi411 continue for the loreseeable futur&.

Norfolk Constabulary Benevolent Fund Trustees. annual report (contlnued) Yearended 31 December 2021 Related party tYansaction8 Trustees were reimbursed amounts totally £29312020.. £2421 during the year. There were no other related party tranSalonS during this or the prior period. Indep8ndont txamlner reappolntment A resolution to Éppoint L Thurston FCCA ol Lovewell Blake LLP as independent examlner will be proposed at the next Annual General Meetin9. The trustees, ènnual report was approved on £iand signed on behalf of the bo8rd of trustees by: N Davison J Brown Chair Trea5vr8r

Norfolk Constabulary Benevolent Fund Receipts and payments account Year ended 31 Deeember 2021 2021 2020 Receipts.. Donations, legacies and orants Donations and collection boxes Leg8¢lèS 3,183 2.340 3,183 Interest received COIF deposit account COIF fixed interest fund COIF property fund COIF ethical fund 21 168 344 510 22 174 355 527 1,043 1,320 23,735 1,078 1,195 22,206 Dividends received Members, subscriptions Holiday home rental Totsl r¢e•ipts Payments: Financial a551slance Police convalescent home out of pockol expenses Holiday home running costs OPCCN Administration post Lègal and professional fees Trustee indèmnity insurancè Miscellaneous 18.047 293 14,764 6.302 1,626 582 11,771 188 15,318 5,664 1,602 17 Total payments Net Ipaymentsl for the year 11831 11,4811 Cash funds at 31 December 2020 234 Cash furtds at 31 Dècèmbèr 2021

Norfolk Constabulary Benevolent Fund Statement of assets and Ilabllltles As at 31 O¢c9mber 2021 2021 Unr•$thcted Funds 2020 Unrestrl¢tod Funds Cash funds Baiclays current account COIF Charilies deposit account 69,276 70,502 Total cash funds V8luatlon 2021 Valuatlon 2020 Inv•stm8nt as8ets M & G ChaTrfund units COIF charite3 Fixed Int8r8St Fund COIF Charities Property Fund COIF Charities Elhlcal Fund 27,765 4,870 6.875 24,497 5.210 6,018 19 Total Investment assets Cost Valuatlon 2021 2021 Cost Valuatlon 2020 2020 Assets retalnad for own use Holiday home at Kelllng Healh- Plot 45 53,800 41,500 53.800 36.000 Holiday home at K811ing Heath- Plol NR20 59 Total assets retalned for own use 113795 10 113795 Credltors and accruals Credltors and acctua15 Totsl credltors and ac¢ruals These fin3n¢lal slalements were approved by th8 trustees on....... by.. .and are signed on Ihelr behalf N Davison J Brown Chair Trèasurer

Norfolk Constabulary Benevolent Fund Independent Examin¢r's report to the trustees Year ended 31 December 2021 I report lo the charily trustees on my exarnlnation of the accounts ol the charily for the year ended 31 December 2021 which are Set out on the afore menlloned pages ol these financial slalements. Respon51billt18s and basls of report A5 Ihe charity's Irustees you are responsible for the preparats.on of the accounts in accordancg wilh the requlr6ments of the Charlties Act 20111'the Act'l. I report In respect of my examination of the Charity's accoL*nls ¢8rried oul under $6cllorn 145 of the Act and in 8rrying out my 9X8min8tion I have followed all the appllcable Directlons glven by the Charity Cornmission under section 14515llbl of the Act_ Indepèndent 8xamlnèr's statement I have completed my examination. I confirm that no mater181 matters havè come to my attentlon In connectlon wllh Ihe examlnalion oiving me c8use tts believe that in any rnaterial respect.. 3ccouDling record5 were not kept re5ped of the Charity as required by section 130 of th8 Act,. or the accounts do not accord with those records., or 3. the accounts do not comply with the 8pplicable requirement5 CDnceming the form and content of accounts sèt out in Ihe Charilies (Aceounls and Reports) Regulabons 2008 other than any requirement that the accounts give a 'tru8 and fair view. whloh is not a matter considered as part ol an independent examinalion. I have no concerns and have come across no other mallers iri connectlon wllh the eXamInaOn to whlch attentlon should be dr8Wn In this report in order to enable a proper understanding ol the accounts io b8 r8ach8d. zr/L< L Thurston FCCA Independent exatniner Lovewell Blake LLP Flrst Floor Suite Unit 2 Hillside Business Park Bury Sl Edmunds IP32 7EA

CHARITY REGISTRATION NUMBER: 257462 Norfolk Constabulary Benevolent Fund Unaudited financial statements 31 December 2021