REGISTERED CHARITY NUMBER: 258273
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
ESSEX POLICE FORCE BENEVOLENT FUND
Goldwyns Limited Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ
ESSEX POLICE FORCE BENEVOLENT FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 15 |
ESSEX POLICE FORCE BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Essex Police Force Benevolent Fund has continued to support not only members of the Force but also pensioners, widows and orphans and other dependants who the committee has decided will be eligible for assistance.
The Fund achieves its objectives by the means of providing cash grants or by other such means as the General Committee shall determine from time to time.
The Fund has also continued with its financial assistance towards those listed above who have developed the need for convalescent care. This support has been by way of the official police convalescent home or by provision of alternative arrangements as considered appropriate by the committee.
The Fund has continued to advertise itself by way of articles and photographs almost exclusively within Essex Police. The Fund has published a set of guidelines on the Essex Police intranet site which can be accessed by all serving officers. This gives a brief description of the type of applications which are considered to be eligible for financial assistance bearing in mind the Fund's charitable status.
The income and the Fund from investments and donations is augmented by voluntary subscriptions by members. Voluntary subscriptions are fixed from time to time by the Committee of the Combined Welfare Fund having regard to the necessary allocation from this Fund to the associated charities.
Significant activities
The Trustees consider that its grant making activities and the management of the Fund's investment portfolio are its significant activities.
Public benefit
The Fund provides assistance and continued support for current serving and retired members of the Force as well as their dependants which assists and promotes the efficiency of the Force as described under the scope of the Charity Commission's guidance.
Grantmaking
The amounts of grants or other dispensations is at the discretion of the General Committee having regard to the funds available including expected commitments.
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ESSEX POLICE FORCE BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
ACHIEVEMENT AND PERFORMANCE
Trustees report
The Trustees continue to focus closely upon the governance of the Fund to ensure that decision making is in accordance with the Fund's purpose, that it meets statutory requirements and, where applicable, is compliant with Charity Commission best practice.
There have been changes to the Trustee Board in the year with I Logan stepping down as Chair having served from 2013 to 2022. The Trustees and grateful for the leadership and guidance he brought to the Fund throughout this period. Also thanks to M Davies who stepped in as interim Chair until a permanent replacement was found.
The Trustees acknowledge the support of G Wood (Honorary Treasurer), J McCarthy (Honorary Secretary) and all serving and retired members of the General Committee. Without their continued efforts, carried out either in their own time or in addition to their day to day duties, the Fund would be unable to continue to provide excellent support to serving and retired members. Their efforts and commitment represent the best values of Essex Police.
During this reporting period the Trustees have;
-
continued to monitor the Fund's compliance with Charity Commission Guidance relating to Internal Financial Controls (CC8) and ensured that action has been taken to achieve compliance with statutory requirements and, where applicable, best practice guidance;
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provided support and guidance to the General Committee as it considers a broader range of funding initiatives consistent with the aims, objectives and charitable purpose of the Fund;
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agreed an expenditure budget;
-
adopted a proactive approach to risk management;
-
increased the robustness of the monitoring of investment performance.
Charitable activities
A total of 53 (2022 - 82) applications for assistance to individuals were approved and paid in the year. Grants paid amounted to £109,863 (2022 - £153,594). The majority of grants were made to support individuals who were experiencing financial difficulties. A further 20 claims were declined following careful consideration. Of the 53 supported applications, all were made to serving officers or staff.
The Fund has made monies available to support health and wellbeing initiatives at police stations in the county. In the year three police stations have received funding totalling £950 (2022 - £1,130). These grants benefit all police officers.
The Fund also maintained the tradition of making a Festive Season payment to those widows and widowers in receipt of comparatively low annual pensions. Donations and gifts that were accepted by the recipients amounted to £11,200 (2022 - £12,600).
As at the year end the market value of the investments was £673,129 (2022 - £813,297).
The results for the year, with comparative information are set out in the accompanying financial statements.
FINANCIAL REVIEW
Investment policy and objectives
As detailed in the Fund rules, such monies as shall not be required for immediate use shall, with the consent of the General Committee, be invested in any investment in which the trustees are authorised to invest by law.
The Trustees seek a balanced total return approach from a diversified portfolio. The overriding desire of the trustees is to keep the income from the portfolio at a reasonable level, but being cognisant with market conditions, in order to support the beneficiaries of the fund.
The Trustees wish to adopt a low risk approach. This will be met by the construction of a multi asset class portfolio.
The Fund's investment advisors are Canaccord Genuity Wealth Management.
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ESSEX POLICE FORCE BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Reserves policy
The Essex Police Force Benevolent Fund requires minimum reserves of £400,000 to protect its current activities and provide funding for long term projects to progress them to completion, in order to allow the Trustees to meet their responsibilities and ensure that the Fund can continue to operate on a going concern basis.
Reserves are used to finance any situation that might arise in accordance with the stated objectives of the Fund. There are no plans to diversify and invest in any other assets other than current investments.
At the year ended 31 March 2023, total reserves were £778,407 (2022 - £923,172) and were considered adequate for the Fund to continue to achieve its objectives.
FUTURE PLANS
Like many charities the Fund has seen significant demand in the past few years which has impacted on the level of reserves held. With the support of the General Committee it is crucial that the Trustees have a forward looking plan to enhance the income of the Fund as well as ensuring that best practise is employed in supporting the General Committee when issuing grants and other forms of support.
Looking forward the Trustees will;
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continue to support the efforts of the General Committee to increase the number of serving officers who contribute voluntarily to the Fund;
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review the skill profile of the Trustee Board to ensure it is fit to meet the future challenges;
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review current and projected income and examine alternative fund raising opportunities in addition to donations received from members and external sources;
-
provide guidance to the General Committee as it considers a broader range of funding initiatives consistent with the aims, objectives and charitable purpose of the fund.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Fund was established by a charitable trust deed on 1 January 1986. The Fund's objects are to provide for the relief of poverty, suffering and distress of members and pensioners of The Essex Police Force, members on retirement or unable to work on medical grounds and for the widows, orphans and other dependants of the aforesaid.
Organisational structure
The general committee consists of the Officers of the Fund, the Welfare Officer, one representative from each of the Local Policing Areas and from the Executive Sub-committee, one superintendent nominated by the Superintendent's Association and three persons nominated by the Joint Branch Board of the Police Federation.
The General Committee meets quarterly and is responsible for the general control and management of the Fund.
Trustees are appointed by approval at General Committee meeting.
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ESSEX POLICE FORCE BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
Identified risks are:
-
cessation of donation income;
-
potential future demand associated with increasing life expectancy;
-
potential future demand associated with increasing living costs;
-
reduction in the number of donors;
-
reduction in investment income; and
-
regulatory compliance.
Of these risks the most significant is reduction in number of donors. It is this significant risk area that will form the focus of Trustee efforts during 2023-24. In respect of other identified risks, the Trustees have assessed these and are satisfied that appropriate control measures have been adopted. The Trustees will continue to monitor risks and will initiate action as appropriate.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
258273
Principal address
Police Headquarters Chelmsford Essex CM2 6DA
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ESSEX POLICE FORCE BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
Trustees
W Kennedy (Chair) M Davies I Logan R Nolan D Williams I Box D Yarnall D Tompkins
Appointed September 2023 Appointed September 2022, Resigned September 2023 Resigned September 2022
Patron
BJ Harrington (Chief Constable)
General Committee
G Pavelin (Chair) A Mariner Resigned September 2022 G Wood (Hon. Treasurer) A Mitchell Resigned September 2022 J Collins (Deputy Hon. Treasurer) J McCarthy G Fryatt (Secretary) Appointed September 2023 C Cronin (Deputy Hon. Secretary) G Furnival (Narpo) C Wheeler M Waters S Parry L Heggie H Langmead J Howell K Turner M Baker V Bond A Alcock A Blakesley Appointed September 2022 J Barnett Appointed September 2022 K Knibbs Appointed September 2022 K Blackwell Appointed September 2022 M Kennedy Appointed September 2022 T Todd Appointed September 2022 T Balding Appointed September 2022
Independent Examiner
Robert Howe BEng FCA Goldwyns Limited Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ
Investment Advisers
Canaccord Genuity Wealth Management 41 Lothbury London EC2R 7AE
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ESSEX POLICE FORCE BENEVOLENT FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. M Davies - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ESSEX POLICE FORCE BENEVOLENT FUND
Independent examiner's report to the trustees of Essex Police Force Benevolent Fund
I report to the charity trustees on my examination of the accounts of Essex Police Force Benevolent Fund (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Robert Howe BEng FCA
Goldwyns Limited Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ
Date: .............................................
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ESSEX POLICE FORCE BENEVOLENT FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Donations and gifts Grants payable Support costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 32,639 9,419 42,058 11,139 11,200 110,813 4,366 137,518 (49,305) (144,765) 923,172 778,407 |
2022 Total funds £ 27,861 11,251 39,112 14,797 12,600 154,724 3,798 185,919 2,569 (144,238) 1,067,410 923,172 |
|---|---|---|
The notes form part of these financial statements
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ESSEX POLICE FORCE BENEVOLENT FUND
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Investments 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 673,129 6,376 17,119 85,383 108,878 (3,600) 105,278 778,407 778,407 778,407 778,407 |
2022 Total funds £ 813,297 8,429 68,055 36,931 113,415 (3,540) 109,875 923,172 923,172 923,172 923,172 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. M Davies - Trustee
The notes form part of these financial statements
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ESSEX POLICE FORCE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Subscriptions are accounted for in the period in which the charity is entitled to receipt.
Cash donations, gifts and cash collected at fund raising events are included in full in the Statement of Financial Activities as soon as they are received.
Investment income is accounted for in the period in which the charity is entitled to receipt.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Grants payable are included in full in the Statement of Financial Activities as soon as they are approved.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Fixed asset investments
Investments are stated at market value less provisions as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period.
Investment gains and losses
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 opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the carrying value at the period end and the opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Activities.
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ESSEX POLICE FORCE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Donations Subscriptions |
2023 £ 7,019 25,620 32,639 |
2022 £ 2,052 25,809 |
| 27,861 |
The collection and allocation of subscriptions is controlled by the Charities Aid Foundation.
The amount shown for subscriptions represents only the amounts allocated directly to the Fund. Amounts collected and allocated to the Convalescent Home, the Gurney Fund for Police Orphans and the Police Dependants Trust, which are settled directly by the Charities Aid Foundation, are not reflected in these financial statements.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Income from listed investments Bank interest received |
2023 £ 9,113 306 9,419 |
2022 £ 11,251 - |
| 11,251 |
4. RAISING FUNDS
| Investment management costs | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Portfolio management | 11,139 | 14,797 |
5. CHARITABLE ACTIVITIES COSTS
| Donations and gifts Grants payable Support costs |
Direct Costs (see note 6) £ 11,200 - - 11,200 |
Grant funding of activities (see note 7) £ - 110,813 - 110,813 |
Support costs £ - - 4,366 4,366 |
Totals £ 11,200 110,813 4,366 |
|---|---|---|---|---|
| 126,379 |
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ESSEX POLICE FORCE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Donations and gifts of £11,200 (2022 - £12,600) were made to widows in the year.
7. GRANTS PAYABLE
| Grants payable The total grants paid to institutions during the year was as follows: Health and wellbeing grants |
2023 £ 110,813 2023 £ 950 |
2022 £ 154,724 |
|---|---|---|
| 2022 £ 1,130 |
Three health and wellbeing grants have been made to police stations in the county. These grants are used to make a difference to people's health and wellbeing at work, so benefit all police officers.
The total grants paid to individuals during the year was as follows:
| Police officers Non serving officers |
2023 £ 109,863 - 109,863 |
2022 £ 135,844 17,750 |
|---|---|---|
| 153,594 |
A total of 53 (2022 - 82) grants were made to individuals in the year.
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2022 | 813,297 |
| Additions | 448,889 |
| Disposals | (539,752) |
| Revaluations | (49,305) |
| At 31 March 2023 | 673,129 |
| NET BOOK VALUE | |
| At 31 March 2023 | 673,129 |
| At 31 March 2022 | 813,297 |
Investments held at the balance sheet date comprised of the following:
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ESSEX POLICE FORCE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. FIXED ASSET INVESTMENTS - continued
| Cost | Market value |
|
|---|---|---|
| £ | £ | |
| Debt and fixed interest | 221,281 | 216,791 |
| Equities | 393,977 | 402,982 |
| Alternative | 31,147 | 31,706 |
| Other | 37,136 | 21,650 |
| 683,541 | 673,129 | |
| The fair value of fixed asset investments at the year end was £673,129 (2022 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Owed by Charities Aid Foundation 11. CURRENT ASSET INVESTMENTS Deposits held with stockbrokers 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 13. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 923,172 TOTAL FUNDS 923,172 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 42,058 (137,518) TOTAL FUNDS 42,058 (137,518) |
The fair value of fixed asset investments at the year end was £673,129 (2022 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Owed by Charities Aid Foundation 11. CURRENT ASSET INVESTMENTS Deposits held with stockbrokers 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 13. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 923,172 TOTAL FUNDS 923,172 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 42,058 (137,518) TOTAL FUNDS 42,058 (137,518) |
- £813,297). 2023 2022 £ £ 6,376 8,429 2023 2022 £ £ 17,119 68,055 2023 2022 £ £ 3,600 3,540 Net movement At in funds 31.3.23 £ £ (144,765) 778,407 (144,765) 778,407 Gains and Movement losses in funds £ £ (49,305) (144,765) (49,305) (144,765) |
|---|---|---|
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ESSEX POLICE FORCE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 1,067,410 1,067,410 |
Net movement in funds £ (144,238) (144,238) |
At 31.3.22 £ 923,172 |
|---|---|---|---|
| 923,172 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 39,112 39,112 |
Resources expended £ (185,919) (185,919) |
Gains and Movement losses in funds £ £ 2,569 (144,238) 2,569 (144,238) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| At 1.4.21 £ Unrestricted funds General fund 1,067,410 TOTAL FUNDS 1,067,410 |
Net movement in funds £ (289,003) (289,003) |
At 31.3.23 £ 778,407 |
|---|---|---|
| 778,407 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 81,170 | (323,437) | (46,736) | (289,003) |
| TOTAL FUNDS | 81,170 | (323,437) | (46,736) | (289,003) |
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ESSEX POLICE FORCE BENEVOLENT FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
14. OTHER FINANCIAL COMMITMENTS
In March 2023, the Fund committed to paying a number of grants in instalments. The commitments not accrued as expenditure at the year end totalled £1,500 (2022 - £5,500)
15. RELATED PARTY DISCLOSURES
Subscription income is the Fund's share of voluntary contributions made by serving officers of Essex Police. It is not uncommon for a Police officer in receipt of grant support to have made or still be making voluntary contributions to the Fund. Any grant support to serving Police officers is made at the discretion of the General Committee, whether voluntary contributions are being made or not.
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