Charity registration number SC043489 (Scotland) SCOTTISH POLICE BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SCOTTISH POLICE BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Secretary Charity number (Scotland) SC043489 Principal address Auditor Alexander Sloan LLP 180 St Vinnt Street Glasgow G2 5SG Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ
SCOTTISH POLICE BENEVOLENT FUND CONTENTS Page Trustees, report Independent auditorfs report Statement of financial activities Balance sheet Notes to the financial statements 9-16
SCOTTISH POLICE BENEVOLENT FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Constitution, the Charities and Trustee Investment {Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and '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). (as amended for accounting periods commencing from 1 January 2019). Objectives and activities The charitable objectives of the organisation are= The prevention or relief of povety and the relief of those in need by reason of age. ilkhealth, disability, financial hardship or other disadvantage by providing assistance in conditions of need to.. members and fomier members of the Scottish Poli Benevolent Fund (or any former Police Force within Scotland) and their dependants- and persons or organisations having or having had some direct connection with the Police Service of Scotland (or any former Police Force within Scotland) and their dependants. And by supporting The Police Treatrnent Centre (Scotland) and other charities for the benefit of persons or organisations having or having had some direct connection with the Police seiCe of Scotland (or any former Poli Force within Scotlandl and their dependants and the public at large. Applications for financial assistance are considered by either the relevant Area Sub Committee or Board of Trustees Idependant on the amount sought) in accordance with the charitable objectives of the fund. Achievements and performance During the year, the sum of £229.138 (2024 £178.906) was received from members of the Scottish Police Benevolent Fund. This enabled payments of grants to individuals of £31,441 {2024 - £80,432) whilst donations to other organisations amounted to £37,479 {2024- £33,500). Financial review The Statement of Financial Activities shows net income for the year of £180,763 (2024 - £71,595) before gainsl losses on investments. After gainsllosses on investments, the total movement in fvnds was positive £115,092 (2024 £48,276). A total of £2,711,304 was retained in accumulated funds at 31 March 2025 compared to £2,596,212 at 31 March 2024. Resernes policy It is the policy of the charity to maintain unrestricted funds, vthich are the free reseeS of the charity, at a level to provide sufficient funds to cover the operating costs of the charity for one year. Unrestricted fvnds were maintained above this level throughout the period thereby enabling the Trustees to respond to support needs should they arise. Principal funding sources The principal funding source is contributions from serving poli officers. Investment policy The investment policy of the charity is to increase income in line with inflation while preserving the real value of capital sums invested. Risk management The board of Trustees have assessed the major risks to which the Scottish Police Benevolent Fund is exposed, in particular those related to the operations and finances of the Scottish Police Benevolent Fund, and are satisfied that systems are in place to mitigate exposure to major risks.
SCOTTISH POLICE BENEVOLENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for Future Periods To continue to provide for the prevention or relief of povety and the relief of those in need by reason of age, ill- health, disability, financial hardship or other disadvantage by providing assistance in conditions of need. The fund is looking to explore new sources of fvnding which has not featured during the history ofthe fund. The fund will continue to develop and idents'fy potential subscribing members from Ythin the Poli Service of Scotland. Structure, governance and management Goveming document The Scottish Police Benevolent Fund is a Scottish Charitable Incorporated Organisation (No. SC043489) established on 15 October 2012 and governed by its Constitution. The trustees who served during the year and up to the date of signature of the financial statements were.. Appointment of Trustees The members of the Board comprise of a maximum number of fifteen Trustees who are elected annually at the AGM by the members. The Board of Twstees then elect from its membership a Chairman and a Secretary. The appointment of Treasurer is made by the Trustees, however they need not aLrtomatically be a member of the Board. Organisational stmcture The structure of the organisation consists of- The Members who have the right to attend members. meetings (including any annual general meeting) and have important powers under the constitution- in particular, the members appoint people to setve on the Board and take decisions on changes to the constitution itself.. The Board who hold regular meetings, and generally control the activities of the organisation- for example, the Board is responsible for monitoring and controlling the financial position of the organisation. The people serving on the Board are the Charity Trustees. The Board of Trustees are supported by three area SutcomMitteeS vthich comprise of three Trustees and shall not exceed 18 members inclusive of the Trustees. These area committees also have representation from the RPOAS, ASPS and Police Staff. The Chief Constable of the Poli Service of Scotland is the honorary president of the Scottish Police Benevolent Fund. The Trustees are responsible for t to-day management is delegated tc ation and financial affairs. The responsibility for the day- easurer.
SCOTTISH POLICE BENEVOLENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trnstsu, responsibilities The trustees are responsible for preparing the Trustees. RepNt and the financial statements in aordanCe wth applicable law and United lfjngdom ACC(ntIng Standards (United Generally Accepted ACcOLting Practice). The law applicable lo charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application Df resources of the charity for that year. In preparing these financial statements. the trustees are required to: - Select suitable accounb'rKJ eleS and then apply them consistenty. - ob8eNe the methods and princiFAes in the ChtIeS SORP FRS 102: - make judgements and estimates that are reasonable and wudent: - state wthetlEr appIlble accounlirvJ starKlards have been subject to any material departures disclosed and explained in the finanaal Statem,. and - prepare the financial statemerrts on the 1r9 concem basis unl8SS it is inappropriate to wesum8 that the charity will continue in Operats.. T trusteès arè responsible for keeping sufficiént aCCoting records that thsdose rèasonatr4e accuraty at any time the financial position of the chaiity and enab them to ensure that the finanaal statemerts comptry )Mth the Charities and Trustee Investrnent (Scolland) Act 2005, ts Charitses Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the constitutron, They are also responsible for safeguarding the assets of tho charity and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities. The Trustees, report wa8 approved by the Board of Ttee8. Trustee Dated: 25 August 2025
SCOTTISH POLICE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF scorrisH POLICE BENEVOLENT FUND Opinion We have audited the financial statements of Scottish Police Benevolent Fund {the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi>. In our opinion, the financial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basis for opinion We conducted our audit in accordance Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoffs responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have lfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the Trustees, use of the going COnM basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the finarcial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent Yth the financial statements or our knowledge obtained in the course of the audit, or othewse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materk81 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities knunts (Scotlandl Regulations 2006 requires us to report to you if, in our opinion= the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
SCOTTISH POLICE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF scorrisH POLICE BENEVOLENT FUND Responsibilities of trustees As explained more fully in the statement of Trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about vh)ether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting iegUlar1ties. including fraud. is detailed below. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-complian wth applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions with Director5 and other management, and from our wider knowledge and expenence of the chanty sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities SORP (FRS 102) and the Charities and Trustee Investment (Scodand) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). we assessed the exient of compliance with the laws and regulations identtfied above through making enquiries of management,. and identified laws and regulations were communi>ed within the audit team regularly and the team remained alert to instan$ of non-compliance throughout the audit. We assessed the susceptibilty of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud: and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to idents.fy any unusual or unexpected relationships; tested journal entries to identify unusual transactions- assessed whether judgements and assumptions made in detemiining the accounting estimates set out in the notes were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions.
SCOTTISH POLICE BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SCOTfisH POUCE BENEVOLENT FUND In resp¢xse to the risk of IrregarlIie5 and nOrpIlanCe with Iws and regalOn5, we designed procedures which induded, but were n(A limited to: agrng financial Staternt disdosures to underfw'ng supporting dOenentation. reading the minLrtes of meetings of those charged with govemance. enquiring of management as to actual arKI wtential liti'gation and daims. and rnqu8sting corrnspond8nc8 with HMRC. OSCR and the chariVs18gal advisor& reviewing unadjusted error8 for indications of fraud and information receNed for inconsistencie8. a irthe limilations in (wr audit vocedu6 deibed above. The more MoVed that laws and regulations are from financial transactions, the kss Skely tt is that VnL4d become aware of noTrcompliance. Auditing standards also limit the audit procedures required to identify nOrCOMplIance with laws and regulations to enquiry of the Tnjstees and other management and the inspecb'on of regulatory and legal correspondence. if any. Malerial misstatements thal arise due lo fraud can be harder to detect th those that arise from error a8 they may involve dgliberate concealment or ColluorK A further description of our responsibltIeS is available on the Financial Reporting Councif8 thb8ite aL' https.'Il WWI.frc.org.uklauditorsre8ponsiblities. This description forms part of our auditorfs reporL Us• of our r•port This rewt is made solely to the charty's trustees, as a body, in accordance *ith Regula.On 10 of the Charities Accounts (Scolland) Regulalions 2006. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required to state to them in an auditor's report aj for no other putpc>se. To the fvllest extent pennitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charlty's trustees as a botty, for our audrt wtirK for this rert or for opinions have formed. Alexand•r Sloan LLP Accountants and Business Advisers 180 st Vincent Street Glasgow G2 5SG 319r2025 Alexander Sloan LLP is eligible appointrnent as auditor of thanty by virtue of its eligiblty for appointment as auditor of a company under section 1212 of the Companies Act 2006.
SCOTTISH POLICE BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 unstrICted Unrestricted funds funds 2025 2024 Notes Income and endowments from: Donations and legacies Investment income Other income 255,119 63,692 186,102 55,704 733 Total income 318,811 242,539 Cost of charitable adivities 138,048 170,944 Net income befo gainsl{losses) on investments 180,763 71,595 Net gainsl(losses) on investments 13 165,671) {23,319) Net movement in funds 115.092 48.276 Fund balances at 1 April 2024 2.596,212 2,547,936 Fund balances at 31 March 2025 2,711,304 2,596,212 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 16 fomi an integral part of these financial statements.
SCOTTISH POLICE BENEVOLENT FUND BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Flxed as80ts Investments Currnnt as9•ts Debtors Cash at bank and in hand 14 1.824.059 1,889,730 15 179.228 724,131 142.940 575,038 903.359 717,978 Credltors: amounts falllng due wlthln one year 16 (16,114) (11,496) Net current assets 887.245 7C6,482 Total assets less current liabilities 2,711,304 2,596,212 Incolne fvnds Unrestricted funds 2,711,304 2.596,212 2,711,304 2,596,212 The financial ststements were approved by the Trustees on 25 August 2025 Trustee The notes on pages 9 to 16 fomi an inlegral part of these financial ststements.
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting polcies Charity Inforniation Scottish Police Benevolent Fund Is a Scottish Charitable Incwrated O Scotland. The registered office address and principal place of business i 8nisatTon sc istered in 1.1 Accountlng conv•ntlon The finanaal statements hav8 been pr6par8d in accordance with tho Statement of Recommended Practice.. Accounting and Reporting by Charities pparing their Accounts in accordance wth Financial Reporting Standard 102 (effective January 2019), the Charits'es and Trustee Investment {Scotland) Act 2005, the Charities Accounts (Scouand) Regulations 2006 (as amended). The chanty constitutes a public benefrt entity as defined by FRS 102. The financial statements are prepared in sterlng, which is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearesl £. The financial statements are prepared under the historica cost convention with items recognised at cost or transaction value unles5 otherwise stated in the rdevant Notes to these financial statements. The principal accounting pclicies adopted in the preparation of the financial statements are set out below. 1.2 Golng concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for the foreseeable fijture. Thus the tr[tee$ continue to adopt the going concem basis of accounting in preparing the financbal statements. 1.3 Charitable funds Unrestricted funds are expendable at the disuthon of the Trustees In fvrtherance of the objects of the chanty. If parts of the unrestricted funds are eamiarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose onty and does not legally restrict the Trustees, discretion to appty fun(1 1A Income Income is recognised when the charity is legally entitled to rt after any perfornian conditions have been met, the amounts can be measured reatAy, and rt is probable that income 111 be received. Donatlons and legacies Donations are recognised when the chanty has evidence of enthment to the gift, receipt is proteble and rts amount can be measured rdiabty. Entidement usualty arises immediately upon receipt, however, in the event that a donation is subject to conditiS that require a level of performance befo the tharity is entitled to the funds, the income is deferred and not recognised untl either t)Se conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probatle that those conditions will be fulfilled in the pOrting period. Legacy gifts must be recognised when it is probable that it ¥*ill be received. This is normally following the granting of probate. when the administratorlexecuior of the esLgte has communicated in vffiting both the amount and sethement date and any condits.ons attached to the legacy are either vthin the contrcl of the charty or have been met. In the event that the gift is in Ihe fomi of an asset other than cash or a finanaal asset traded on a recognised stock exchange. recOgnon is subject to the value of the gift being reliably measurable with a degree of reasonatle accuracy and the tstle to the asset having been transferred to the charity.
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcleg (Contlnuod) GfftAld Income tax recoverable on Gift Aid donats.ons is recDJnised when the respectrve dOnatn ha8 been recognised and the recoverable amount of income tax can be measured reliably,. this is nomially en the donor has completed the relevant Gift Aid declaration form. Income tax recoverable on Gift Aid donations is allocated to the same fund as the respective donation urdess specffied by the donor. Inv•stm•nt income Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the charity., this is normalty upon notification of the interest paid or payatle by the bank. Dividends are recognised vthen the sharehcAde¢s right lo receive payment is established, measured at the fair value receivable. Generally this is upon notification by the investment advisor once the dividend has been dedared. 1.5 Expendtture Expenditure is recognised once there is a al or constructive obligation to transfer economic benefit to a third party, it is proballe that a transfer of economic benefits will be required in settlement, and the amourrt of the obligation Can be measured reliably. Expenditure is dassified by adivity. The costs of each activity are made up of the total of dir costs and shared costs. induding support costs invc4ved in undertaking each activity. Direct costs attributatAe to a single activity are allocated direcdy to that ath'vity. Shared costs which contribute to more than one acb'vity and support costs which are not attributable to a &ngle activty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure on Cha17table Activitles Expendrture on charitable activities indudes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefrt of its benefiaaries, induding those support costs and costs relating to the governance of the charity apportioned to ¢harttatAe activities. The wsts of ¢haritatAe activities presented in the Ststement of Finanaal Acts'vits'es indudes the costs of both direct service provision and the payments of grant awards rf applicable. Governance costs Governance costs (which are induded as a component of support costs in accordance V•ryth SORP) comprise all costs invofving the put4ic accountabilty of the charity and its compliance wth regulation and g¢)od pra1. These costs indude those related to consb"tutional and statuiory requirements, extemal scrutiny (audit or independent examination). strategic managemenc and other legal and professional fees. Grant expendlture Grants payable are made to third parties in the furtherance of the charitable objects. The award of a grant is cognised as a liability only when the criteria for a constructive oNigation are met. payment is probatle, it can be measured reliabty and there are no conditi'ons attaching to ts payment that limit recognition. In the case of an unconditi'onal grant offer. this is accrued once the recipient has been notified of the grant award. The notificati gives the recipient a reasonaik expectation that they will receive the one•year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and ary MainIng unfulfilled condrtion attaching to that grant is outside of the contrcl of the charty. 10-
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcleg (Contlnuod) 1.6 Flxed asset Investments Investments are a fom of basic financial instrument arKI are inrtialty recognised at their transaction Vae. Investments in equity shares have been induded in the balance sheet at market value, using the closing quoted share price. Investments in investment trusts, unit trusts, open ended investment companies (OEICS) have been included in the balance sheet based on the chantys share of the net asset value (NAV) of the fund. Al gains and losses are taken to the Statement of Financial Acttvities as they arise. Realised gains and losses on investments are cakulated as the difference belween sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial period. Unrealised gains and losses are calcLlated as the difference between the value at the year-end and their value at the prior year4nd. Realised and unrealised gains and bsses are combined in the Statement of Financial Adivities. 1.7 Cash and cash equlvalents Cash at bank and cash in hand indudes cash and short term highty liquid investrnents with a short maturity of three months or kss from the date of acquisition or opening of the deposit or similar account. 1.8 Flnanclal Instruments The charity onty has financial assets and financial liabiltties of a kind that qualfy as basic finanaal instruments. Basic finanal instruments are initially recognised at transaction value and subwuenlly measured at their setdement vthe. 1.9 Retlrement beneffts Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. 1.10 Debtors Trade and other debtors are recognised at the setuement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due. 1.11 Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that wll probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated relialAy. Creditors arKI provisions are normally CogniSed at their settlement amount after allowing for any trade discounts due. Crltlcal accountlng estlmatss and Judgements In preparing the financia statements, the Trustees are required to make estimates and assumptions which affect reported income, expenses, assets, and liabilities. Use of available infomiation and application of judgement are inherent in the fonnalion of estimates, together with past experien and expectations of future events that are believed to be reasonable under the circumstance& Actual results in the future could differ from such estimates. Critical judgements Investments The charity's investments are held as units in an open ended investment company (OEIC). The value of the units is based on the charitys share of the net asset value (NAV) of that fund and which is calculated by the fund manager. This is deemed to be a reasonat4e estimate of the fair value of the investment 11
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donations and legacies Unrestricted Unrestricted funds funds general general 2025 2024 Donations and legacies Legacies receivable Membership subscriptions 15,396 10,585 229,138 7,196 178,906 255,119 186.102 Investment income Unrestricted Unrestricted funds funds general general 2025 2024 Income from investments Interest receivable 48,979 14,713 45.497 10.207 63,692 55.704 Other income Unrestricted Unrestricted funds funds 2025 2024 other income 733 12-
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities 2025 2024 Direct costs staff costs Premises costs Running costs Interest and finance charges Governan costs 40,206 2,675 11,175 3,494 11,578 37,781 2,654 1,724 2,720 12,133 69,128 57,012 Grant funding of activities {see note 8) 68,920 113.932 138,048 170.944 Analysis by fund Unrestricted funds 138,048 170,944 Net movement in funds 2025 2024 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's ffinancial statements 10.200 9.696 Grants payable 2025 2024 Grants to institutions.. The Police Treatment Centres Scottish Powerchair Football Association COPS for Ukraine 31,000 4,500 1,979 33.500 37,479 33,500 Grants to individuals 31,441 80,432 68,920 113,932 Trustees None of the trustees (or any persons connected wth them) received any remuneration or benefits from the charity during the year. During the year 10 Trustees (2024 - 8 Trustees) were reimbursed expenses amounting to £1,56912024- £1.555). 13-
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Auditor's remuneration The analysis of audilorfs remuneration is as follows.. Fees payable to the auditor: 2025 2024 Audit of the annual accounts 10,200 9,696 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Employees Number of employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Number of employees Employment costs 2025 2024 Wages and salaries Other pension costs 38,584 1,622 36,145 1,636 40.206 37.781 The remuneration of key management personnel during the year, including wages and salaries and employer's contributions to nats'onal Insuran and pensions, was £40,206 (2024 - £37,781). There were no employees whose annual remuneration was £60,000 or more. 13 Net gainsl(losses) on investments Unrestricted Unrestricted funds funds general general 2025 2024 Revaluation of investments (65,671) {23,319) 14-
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Fixed asset investments Listed investments Cost or valuation At 1 April 2024 Valuation changes 1,889,730 {65,671) At 31 March 2025 1,824,059 Carrying amount At 31 March 2025 1,824.059 At 31 March 2024 1,889.730 2025 2024 Investments at fair value comprise.. FP Apollo Multi Asset Cautious Fund Share Class D 1,824,059 1,889,730 15 Debtors 2025 2024 Amounts falling due within one year: Other debtors Prepayments and accrued income 73,554 105,674 84,948 57,992 179,228 142,940 16 Creditors: amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 5.914 10.200 1.800 9.696 16,114 11,496 17 Financial instruments 2025 2024 Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at cost less Impainent 73,554 1,824,059 84,948 1,889,730 Carrying amount of financial liabilities Measured at amortised cost 16.114 11.496 15-
SCOTTISH POLICE BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge lo profit or loss in respect of defined contribution schemes 1,622 1,636 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 19 Related party transactions There were no disdosable related party transactions during the year nor in the prior year. 16-
The following pages do not forni part of the statutory accounts
SCOTTISH POLICE BENEVOLENT FUND DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2026 2024 Donations and legaaes UF Legacies Membership subscriptions 15,396 10.585 229.138 7,198 178.906 255,119 186,102 Income from th'sted investments Interest received 48,979 14,713 45,497 10.207 63.692 55.704 Other income 733 733 Total Income Total •xp•ndlturn Not galns on Inv•stm•nts 318.811 (138,048) 65.671 242,539 (170,944) 23,319 Net surplus for the year 115,092 48,276
SCOTTISH POLICE BENEVOLENT FUND DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Charitable activities Grants able Grants to institutions Grants to individuals 37.479 31.441 33,500 80,432 68.920 113,932 Wages and salaries (use database for trustees) Staff pension costs defined contribution 38,584 1,622 36,145 1,636 40,206 37,781 Premises costs Rent Insurance 1,800 875 1,800 854 2,675 2,654 Runnin costs Computer, website and IT costs Advertising Subscriptions General expenses 238 8.612 279 2.046 581 279 864 11,175 1,724 In fin Bank charges Commission to CAF 89 3,405 60 2,660 3,494 2,720 Governance costs Audit fees AGM CoStsrUsteeS expenses 10.200 1.378 9,696 2,437 11,578 12,133 Total charitable activities expenditure 138,048 170,944 Total expenditure 138,048 170,944