THE ROYAL ULSTER CONSTABULARY GC POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Statement of Financial Position for the year ended 31S1 December 2022 Notes 2022 2021 FIXED ASSETS Tangible Assets Investments 4.136.514 3,610,894 4.137.516 3,875,207 7,747,408 8,012,723 CURRENT ASSETS Debtors Loans less Provision Deposit with Slockbrokers Cash at Bank.. Cash at bank and on hand Deposit A¢¢ounts 220,491 1.700 53.671 199.884 3.884 5.674 499.939 490.833 629.453 618.876 1.266,634 1.457.771 CURRENT LIABILITIES Creditors: amounts falling due within one year (212.702 (178.680) NET CURRENT ASSETS 1.053.932 1.279.091 NET ASSETS 8.801.340 9.291.814 FUNDS OF THE CHARITY: Unrestricted Funds General Funds Revaluation reserve 8,522.673 10,932 9,008,518 10,932 Total Unrestricted Funds 8.533.605 9.019.450 Restricled Funds 267.735 272.364 8.801.340 9.291.814 The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small Companies regime. Approved by the Board of Trustees on 14th June 2023 and signed on its behalf by L. Kelly- Chairnian E. mcco111-TreaSUrer Page 12
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Statement of Financial Activities (incorporating Income & Expenditure Account) For the year ended 3151 December 2022 Notes Unrestricted Funds Restricted Funds Total 2022 Total 2021 INCOME AND ENDOWMENTS FROM: Donations and legacies Tax Recovered: Gift Aid Grants & Awards Interest Received Investment Income 11 1,033,485 168,083 78,008 1.757 144,103 362 1,033,847 168,083 78,008 1,900 144,103 790,838 194,748 68,548 37,475 49,855 143 Total Incoming Resources 1,425,436 505 1,425,941 1,141,464 EXPENDITURE ON: Charitable Activities Support & Governance Costs 12 13 1,192,098 288,921 1,192,098 289,005 1,010,310 304,907 Total Resources Expended 1.481.019 1.481,103 1,315,217 Net Incominglloutgoing) Resources (55.583) 421 155,162 (173,7531 OTHER GAINSI{LOSSES> Investments: Net Realised Gains Net Unrealised GainsllLossesl 232,212 74,150 (435,312) (435,312 Net Movement in Funds for the year Transfer from Restricted to Unrestricted Total Funds 151 January 2022 (490.895) 5.050 9.019,450 421 {5.0501 272,364 {490.474 132.609 9.291,814 9,159,205 Total Funds 31¥t December 2022 8.533.605 267.735 8.801.340 9.291.814 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivities. Page 13
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Statement of Cash Flows For the year ended 31S1 December 2022 2022 2021 Cash Flows from Operating Activities Net incomel{deficitl for Ihe financial year (55.162) (173.753) Adjustments for: Depreciation of tangible assets Interest Income Inveslmenl Income {IncreasellDe¢rease in debtors Increase in creditors 1.002 (1.900) {144.103) (66,420) 34.022 1.113 (37.475) (49.855) 14.388 16.959 {177.399) (54.870) Net Cash used in Operating Activities 1232,561) (228,623) Cash Flows from Investing Activities Purchase of tsngible fixed assets Proceeds from sale of investments Purchases of investments Investment income Interest received (180,000) 4,088,768 13,846.8761 49,855 37,475 1170.999) 144.103 1,900 Net Cash from Investing Activities (24.996) 149,222 Net Increase in Cash and Cash Equivalents {257.557) (79.401) Cash and Cash Equivalents at the beginning of year 1,248.329 1,327,730 Cash and Cash Equivalent at the end of year 990,772 1,248,329 The charitsble company does not have any financing activities and therefore a net debt reconciliation is not applicable. Page 14
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 ACCOUNTING POLICIES Basis of pparatIOn The financial statements of the charitable company. which is a public benefit entity and a company limited by guarantee. have been prepared in accordance with the Companies Act 2006" the Charities Act (Northem Ireland) 2008. 2013 & 2022. the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 and Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) (effective 15 December 20211 "Charities SORP (FRS 102>" The financial statements have been prepared under Ihe historical cost convention. as modified by the revaluation of certain assets. Tangible fixed assets Land & Property held for the Charity's use is included in the Financial Statements at market value. No depreciation has been charged. as it is the truslees. policy to maintain the building in a conlinual stste of sound paIr. The trustees consider that the lrfe of this asset is so long and its residual value so high that ils depreciation is insignificant Depreciation has been lculated at rates required to write off the relevant assets over the anticipatsd useful lives. The applicable annual rate used are: Apartment Fixtures and Fittings 11YA reducing balance Investment Assets Inveslment assets fomi part of the unrestricted funds. All income arising from these investments is credited as unrestricted fund incoming resources. Investment assets are measured at fair value at the Statement of Financial Position date, with changes in being recognised in income and expenditure. Gains or losses on disposal of investment assets are calculated as arising from the latest ststement of Financial Position valuation and are credited or charged as realised gains or losses to unrestricted funds. Debtors Other debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash at bank and cash equivalents include cash and short tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trnde discounts due. Financial Instruments The Charitable Company onty has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequentty valued at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method. Incoming resources All incoming resources are included in the Statement of FinancTal Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Page 15
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 ACCOUNTING POLICIES (continued) Incoming resources (continued) Donations and legacies Donations are assumed to be unrestricted in Iheir application unless other*vise prescribed. Legacies are included within income when received. Grants Revenue grants are credited to incoming resoUe$ on the earfier date of when they are received or when they a receivable. unless they relate to a specified future period, in which case they are deferred. Inveslment income Inveslment income is recognised on an accruals basis. Interest receivable Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the charity. this is normally upon notificalion of the interest paid or payable by the Bank. Resources expended All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Charitable activities expenditure Comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such aclivities and those costs of an indirect nature necessary lo support them. Governance costs include these costs associated with meeting the constitutional. statutory and strategic requirements of the charity. 1.10 Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds Can only be used for particular restricted purposes within the objects of the charity. Restriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notss to the financial statements. Grants and Loans Grants and Loans are awarded at the management Committee's discretion and are Considered at regular committee meetings. Emergency grants are approved by the Chief Executive. 1.12 Employee Benefits The costs of ShOrt-te employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of non-current assets. LEGAL STATUS OF THE CHARITY The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up the liability in respect of the guarantee is limited to £1 per member of the Charity. Page 16
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 TANGIBLE ASSETS Land and Properties Apartment Fixtures and Fittings Total Market Value: 1st January 2022 Additions Revaluation 4,127,500 134,274 4,261,T14 31ST December 2022 4,127,500 134,274 4,261,774 Accumulated Depreciation: 1st January 2022 Charge for Year 124.258 1,002 124.258 1,002 31st December 2022 125,260 125,260 Market ValuelNet Book Value: 31st December 2022 4,127.500 9,014 4,136.514 31st December 2021 4.127.500 10.016 4.137.516 Some properties are held on a lease of 8,500 year5 from 1st May 1991. Land and Properties are included in the financial statements at market value. The properties were last revalued independenlly by Professional valuers as at 31 December 2019. FIXED ASSET INVESTMENTS 2022 Market Value 2021 Cost Market Value Cost Listed Investments 3,972,055 3,610,894 3,801,056 3,875,207 Movements on investments in the year were- 2022 2021 Markel Value 1¥t January 2022 Additions Disposals Profits on Disposals Net IncreasellDecrease) in Value 3.875.207 170.999 3.810.737 3,846.876 (4,088.7681 232.212 74.150 1435.312 Markel Value 31" December 2022 3.610.894 3.875.207 Inveslments in individual funds held at 31st December 2022 vthich are material in the context of investment activities- SUTL Cazenove Charity Responsible Multi Asset Fund Accumulated (13.1°h) SUTL Cazenove Charity Responsible Multi Asset Fund Distribution (37.7°A) COIF Charities Ethical Investment Fund Income Units (49.Ykn) Page 17
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 DEBTORS 2022 2021 Prepayments and accrued income Other Debtors 52,690 167,801 5.514 194,370 220,491 199,884 CREDITORS 2022 2021 Accruals and prepaid income Other Creditors 212,644 58 178,622 58 212,702 178,680 TAXATION The Benevolent Fund is registered with HM Revenue & Customs and is exempt from tsx on income and gains to the extent that these are applied to its charitable objects. UNRESTRICTED FUNDS Revaluation Reserve General funds Total Funds Balance 1st January 2021 Net outgoing resource5 for the year Net Realised gains Net Unrealisable gains 10,932 8,873.348 1171,192) 232,212 74,150 8,884,280 1171,1921 232,212 74.150 Balance 31st December 2021 10,932 9,008.518 9,019.450 Balance 1st January 2022 Net outgoing resources for the year Net Realised gains Net Unrealisable gains Property revaluations Transfer from Restricted Funds 10,932 9,008,518 (55,583) 9,019,450 (55,583) (435.312) (435.3121 5,050 5,050 Balance 31st December 2022 10,932 8,522,673 8,533,605 Included in unrestricted funds is £138,826 {2021: £122,238) in respect of total funds received less outgoings to date in relation to the Rowland Betty Memorial Trust. During the year income of £16,588 (2021: £17,274) was received and outgoings totslled £Nil (2021: £Nil). Page 18
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND la Charitable Company Limited by Guarantee) Not&s to the Financial Statèmants For the year ended 31, December 2022 RESTRICTED FUNDS Death Benefit Fund The Fund is held to make discretionary payments for benevolent purposes to the families of a serving officer who has died as a result of an Act of Terrorism. 2022 2021 Balance 1 January 2022 Income- Bank Deposit Interest 118,013 143 118,001 12 Balance 31st December 2022 118,156 118,013 Rowland Betty Charitable Foundation This Foundation vms established in May 1985 following a donation from Squadron Leader T. V. Betty with annual income received to be applied for the charitable purposes of the Benevolent Fund. Following the death of his wife Zena Betty in January 2012 further income is now being received in respect of the Rowland Betty Memorial Trust. which is included in unrestricted funds. The Conditions of the bequest of the Trust {that a plaque is displayed at Headquarters of the Police Service of Northern Ireland. and the grave in Fernianagh be maintained) are being adhered to. In 2022. the Board of Trustees approved the transfer of £5.050 to unrestricted reserves with the express perniission of the Charities Commission of Northem Ireland. 2022 2021 Balance at 1 January 2022 Transfer to unrestricted reserves 5.050 {5.050 5.050 Balance 31st December 2022 5.050 George Walter Fawcett Fund The Fund was established November 2016 to be used specifically and exclusively for the treatment and personal care of persons disabled. wounded or blinded prior to 31st December 1994. 2022 2021 Balance 1" January 2022 Legacy income Grants and expenses paid 149.301 362 (84 151.874 {2.573) Balance 31" December 2022 149.579 149.301 Total Accumulated Restricted Funds 267.735 272.364 Page 19
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 10 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted TOTAL Tangible Fixed Assets Investments Current Assets Current Liabilities 4,136,514 3,610,894 998,899 (212,7021 4,136,514 3,610,894 1,266,634 (212,7021 267,735 TOTAL 8.533.605 267.735 8.801.340 DONATIONS AND LEGACIES 2022 2021 Unrestricted Funds: Donations from Members Donations from Retired Members Public & Organisational Donations Legacies 574.728 149,009 119.913 189.835 585,446 142,363 61.029 2.000 1,033,485 790,838 Restricted Funds: Legacies 362 Page 20
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 12. CHARITABLE ACTIVITIES 2022 2021 Unrestricted Funds: Awards & Grants: ststion Welfare Groups Police Care UK Serving Members Former Members WidovrJ Dependents Early Widows Grants Rowland Betty Memorial Trust Funeral Grants Local Voluntary Working Group Grants: General Christmas Grants Fuel Grants Police Treatment Centres Holiday Expenses and Trips: Widows LVWGS Events & Functions Donations & Gifts Staff Costs Apartments Maintenance Depreciation - Fixtures and Equipment Provision for doubtful loans 1.117 27,605 19,820 35.912 29.129 6,905 18.760 1.463 28.062 11,594 15.844 16.552 18,733 21.440 9.618 20.958 12.762 6.472 55.900 517.813 14.616 24.284 41.700 504.783 27.739 118,340 124.422 9.748 21.053 150.398 1.002 {2.417 24.888 77.566 33.348 18.468 18.512 113.881 1.113 1.192.098 1.007.805 Restricled Funds: Grants- George Walter Fawcett Fund 2.505 All grants were paid to or in respect of individual beneficiaries. 13. SUPPORT & GOVERNANCE COSTS 2022 2021 Unrestricted Funds: Advertising Audit Fees Bank Charges and Interest Broker Fees Compuler Costs General Expenses Insurance Printing, Postage, Stationery and Telephone Professional Fees Staff Costs Travel and Meetings 3.000 11.300 4,649 4,263 3.669 1,807 6,127 12,303 29,953 201,893 9,957 2.500 11.000 4,090 29,171 5.129 9,982 11,914 40.710 171,816 12,083 288,921 304,839 Restricted Funds: Bank Charges and Interest 68 Page 21
THE ROYAL ULSTER CONSTABULARY GC- POLICE SERVICE OF NORTHERN IRELAND BENEVOLENT FUND (a Charilable Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31S1 December 2022 14. STAFF COSTS 2022 2021 Wages and salaries 222.946 190.328 The number of full and part-time employees: One employee vrns paid bemten £60.000 and £70.000 during the year. 15. AUDITOR'S REMUNERATION 2022 2021 Fees payable for the audit of the financial statements Tax advisory services Professional fees (for other services 11,300 5,400 16,513 11.000 5.724 23,294 16. TRUSTEES'S REMUNERATION AND BENEFITS There vftre no trustees, remuneration or other benefits paid directty during the years ended 31st December 2021 or 2022. Travel expenses of £28912021: £91) were reimbursed to trustees during the year. 17. FINANCIAL INSTRUMENTS Financial Instruments measured at amortised cost comprise the loans made by the Charitable Company to beneficiaries. Loans are made interest free. The market risk facing the Charitable Company is that the demands placed on the Charity increase as interest rates rise in the wider economy. Page 22