POLICE FEDERATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015

Transcription

1 POLICE FEDERATION Police Act 1964 The Police Federation Regulations 1969, Part Ill (as amended) SOUTH WALES POLICE JOINT BRANCH BOARD FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 F45 MM 12015

2 SOUTH WALES POUCE JOINT BRANCH BOARD FUND YEAR ENDED 31ST DECEMBER 2015 CHAIRMAN SECRETARY TREASURER TRUSTEES BANKERS S. Trlgg South Wales Federation Office Pencoed Police Slation Heel-V-Gores Bridgend Cr35 5PE C. Biddlecombo South Wales Federation Office Pencoed Police Station Heol-Y-Gores Bddgend CF355PE P. Walker South Wales Federation Office Pencoed Police Station Heal-V-Gores Bridgond CF35 5PE S Tyler J. Tyler G, Bishop South Wales Federation Office Pencoed Pokce Slation Heal-V-Gores Bridgend 0F35 5PE UnIy Trust Bank Plc, 9 Sdndley Place Bthnlngham BI 2HB AUDITORS George Hay & Company, Chartered Aauntants & Statutory Auditors, 83 Cambridge Street, Pimlico, London. SWIV 4PS SHOW NAMES AND ADDRESSES OF ABOVE OFFICIALS AND OUALIFICATIONS OP AUDITORS 2

3 INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF SOUTH WALES POLICE JOINT BRANCH BOARD FUND We have audited the financial statements of the South Wales Police Joint Branch Board Fund for the year ended 31st December 2015, which comprise the Income and Expenditure Account, the Balance Sheet, and the related notes. Tho financial statements have been prepared under the requirements of the Police Federation Regulations and Fund Rules. This report is made soiely to the Funds members, as a body. Our audit work has bean undertaken so that we might state to the Fund s members those matters we are required to state to Them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of the management committee and auditors As expiained mow futly in the Statement of Management Committee s Responsibilities set out in the notes to the financiai statements the management committee are responsible for the preparation of the financial statements and for being satisfied that they fairly reflect the state of the Funds affairs as at 31st December 2015 and of its results for the year then ended. Our responsibility Is to audit and express an opinion on the financial statements In accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Fund s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the management committee; and the overall presentation of the finencial statements. Opinion on financial statements In our opinion the financial statements: fairly reflect the state of the Fund s affairs as at 31st December 2015 and of Its results for the year then ended; have been properly prepared In accordance with the measurement principles of United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Police Federation Regulations and Fund Rules. Other Matters The financial statements for the year ended 31st December 2015 includes all funds raised for the purpose of the Joint Branch Board Fund in accordance with Regulation 2 Police Federation (Amendment) Regulations Signed..:Lv I George Hay & Company Chartered Accountants & Statutory Auditors 83 Cambridge Street Pimiico London SWIV4PS Dated 3 i 1QI L 3

4 SOUTH WALES POLICE JOINT BRANCH BOARD FUND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2015 ( ( INCOME Weekly Subscriptions ) ) Constables 131, , , ,519 Sergeants 30,126 90, , ,281 inspectors 11,753 35,628 47,411 48,110 Less: Payable to Central/Joint Committee Constables Sergeants Inspectors Joint Central CommIttee 695, ,910 ( ( ) ) 92,370 92, ,463 21,068 21,088 82, ,247 33, , , , ,937 NET INCOME Less, ADMINISTRATIVE EXPENSES (Note 1) 208, ,973 (398,529) ( ) (DEFICIT) OF SUBSCRIPTION INCOME OVER EXPENDITURE Add: Other Income - (Note 1.1) To include all income as specified in RegulatIon 2c In the Police FederatIon (Amendments) Regulation 2015 (189,785) (23,029) 58,531 76,881 (DERC) / SURPLUS FOR THE YEAR BEFORE GAINS I (LOSSES) (131,254) 53,852 Gains / (I.osses) (DEFiCIT) I SURPLUS FOR THE YEAR ACCUMULATED FUND BROUGHT FORWARD ACCUMULATED FUND CARRIED FORWARD (131,254) 53, , ,150 C 699, ,002 4

5 SOUTH WALES POLICE JOINT BRANCH BOARD FUND BALANCE SHEET AS AT 31ST DECEMBER 2016 FIXED ASSETS Furniture and Fittings Computer Equipment Mechanical & Electronic Equipment Leasehold Properties Freehold Property Cost Accumulated Depreciation/ F Net Book Value Impairment 63,229 57,818 5,411 6,788 51,667 49,154 2,513 4,465 18,972 18, , , , , , , , CURRENT ASSETS Subscriptions Due Cash at Bank and in Hand Debtors Stock CURRENT LIABILITIES Contributions due to JoinUCentrai Committee (Note 4) Corporation Tax Sundry Accrued Expenses Other creditor-death benefit ,864 (20,732) 24,802 13,573 6,950 57, ,008 31, ,912 (97,365) 4,313 32,458 24,593 (60,594) NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES 548, , , ,002 NET ASSETS REPRESENTED BY Accumulated Fund Other Reserves - (Specify) ,002 1,530, ,002 1,530, ,002 We certify (hat we have fully complied with (he Regulation 2 Police Federation (Amendment) Regulations 2015 and disclosed In the F45 all funds of which we are a beneficiary. We understand that failure to comply with this Regulation could be deemed a criminal and/or Police Disciplinary matter. Signed CHAiRMAN Signed Q% (Q) SECRETARY Date accounts approved.j4.{,2n 5

6 Corporation mx Computer Consumables Clerical Assistance and Social Security Costs ,663 Bank Charges Audit and Accountancy Charges Annual Conference FOR THE YEAR ENDED 31ST DECEMBER NOTES TO ThE FINANCIAL STATEMENTS SOUTH WALES POLICE JOINT BRANCH BOARD FUND 6 TOTAL AS PER INCOME AND EXPENDITURE ACCOUNT Loan/Insurance commission Chalet properties rental income Miscellaneous income Bank Interest (gross) Advertising income Reimbursement of administration expenses Reimbursement of administration expenses - profit share 1.1 OTHER INCOME TOTAL AS PER INCOME AND EXPENDITURE ACCOUNT Property disposai loss Hospitality NARPO subscriptions Payroll service Media and exhibitions Training and seminars Presentations and gifts Office rates and utility costs Legal and professional Official publications Chalet property expenses Other Expenses; Telephone Charges Postage, Printing and Stationery Cut-of-Pocket Expenses Repairs and Maintenance Sundry Expenses Official Publications Meeting Expenses Travelling and Subsistence Insurance Honoraria PC Gareth Stephenson 100 MUss for Dyland Action Duchenne Royal British Legion Stephen Thomas UK COPS National Police Memorial Day Donations: Depreciation 1. ADMINISTRATIVE EXPENSES 58,531 76,881 3,397 1,857 4,825 5,385-4,g46 3,549 21,972 7,050 6,050 38,665 35,926 1, ,52g 233,002 18, , ,192 4,923 5,555 13,569 13, , ,153 1,595 1,131 1,689 6,0DB 7,402 9,136 11,057 31,478 40,256 5,095 3,934 5,340 5, ,023 6,567 1,566 1,574 1,137 3,972 5,640 2,327 35,793 34, ,545 7,008 11,812 10, , , ,053

7 member services. Other Income sources may include rental/investment income and income generated from providing The financial statements have been prepared under the historic cost convention. Income is primarily derived from subscriptions collected from the Funds members. 2. ACCOUNTING POLICIES A. Accounting Convention B. Income Computer Equipment 25% straight line basis. Property Leasehold Properties Over the term of the lease (Specify) F. Investments (if appiloablo) in a continual state of sound repair and to extend and make Improvements thereto from time to time, 7 so high that the depreciation Is insignificant Accordingly the committee members consider that the lives of these assets are so long and residual value No depreciation is provided on freehold properties. it is the fund s practice to maintain these assets Freehold Property These contributions am paid Into the private money purchase schemes. Pension contributions are charged to the income and expenditure account as incurred. Pensions G. Other Polities investments are shown in the financial statements at cost less prevision for impairment in vaiue. capital gains and income derived from third party transactions. Provision Is made for Corporation Tax in respect of the Fund s liability to taxation on Investment Income, E. Taxation Freehold Property Not depreciated Other Assets 25% reducing balance basis Furniture and Fittings 15% reducing balance basis The applicable annual rates are: Depreciation has been calculated at rates required to write off the relevant assets over their anticipated lives. 0. Depreciation Expenditure is shown inclusive of Value Added Tax. C. Expenditure FOR THE YEAR ENDED 31ST DECEMBER 2015 SOUTH WALES POLICE JOINT BRANCH BOARD FUND NOTES TO THE FINANCIAL STATEMENTS

8 SOUTH WALES POLICE JOINT BRANCH BOARD FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER STATEMENT OF MANAGEMENT COMMITTEE S RESPONSIBILITIES Regulation 18(2) of The Police Federation Regulations (as amended) requires the Committee, in relation to Federallon funds held by It, to keep accounts showing all monies received or paid out and to cause the financial statements for each year to be audited by an independent auditor. In causing the financial statements Select suitable accounting policies and apply them consistently. Make judgoments and estimates that are reasonable and pmdenl Ensure that the financial statements are prepared on the going concern basis unless it is appropriate to presume otherwise. The Committee is responsible for keeping adequate accounting records and also Is responsible for safe guarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. 4a. CONTRIBUTIONS DUE TO/(FROM) CENTRAL COMMITTEES (To 31ST MARCH 2015) Constables Sergeants Inspectors (37,630) (13,718) (10,912) (13,203) (12,753) (70,444) (61,295) (97,365) 4b. CONTRIBUTIONS DUE TO/(FROM) JOINT CENTRAL COMMITTEE (FROM 1ST APRIL 2015) Constables Sergeants Inspectors 4c. CONTRIBUTIONS DUE 30,775-7,019-2,769 - E 40, CONTRIBUTING AND NON CONTRIBUTING MEMBERS AT 31ST DECEMBER 2015 No. of Contributing Members No, of Non Contributing Members Others Cadets Constables 2,227 2,159 Sergeants Inspectors/Chief Inspectors ,877 2,808 This column refers to those members who era non contributors by virtue of receiving no pay, being maternity leave or serving officers on career breaks, (JOB Circular 53/96 refers) on unpaid 6 PROPERTY DISPOSAL A freehold property at 155 Neath Road, Bñtton Ferry, Neath was purchased during 2012 for use as the Joint arench Board s office. During the current year, the property was sold at 92,000, deducted inspection casts and other fees, made a loss of 165,234. 8

9 4 4 NOTES for the guidance of Treasurort In completing the Income and Expenditure Account Balance Sheet and Notes to the Financial Statements INCOME AND EXPENDITURE ACCOUNT NAME The name ci the force should bo shown in (ho following places: Cover Balance Sheet Income and Expenditure Account Auditors Report 2. The corresponding amounts for last year should be entered In the last column of each page. 3. DEPRECIATION ThIs represents the portion of cost of the assets written off in the year due to wear and tear and should be provided at rates calculated to write oft the cost of the asset over its useful life. Normally, an average nfl 5% for furniture and fittings and 25% for other assets on a reducing balance basis and 25% ror computer equipment on a straight line basis, should be adequate. The depredation policy with regard to property should be dlsdosed under note OTHER EXPENDITURE Any expenditure which does not fall under the headings in the Income and Expenditure Account, should be entered beneath the pre-printed list with the appropriate narrative, 5. OTHER INCOME If the Fund has any other income, such as deposit interest, dividends (including accumulation dividends), then this should be shown here with a brief description of each item received. 6. ADDITIONAL SCHEDULES 1ere additional schedules are to be used to give breakdowns of Information In the financial statements, these should be signed and dated by the Chairman and Treasurer of the Board and the Auditors. BALANCE SHEET 7. ACCUMULATED FUND ThIs represents the acctjmulated surpluses for all years from Inception of the Fund. 8. CONTRIBUTIONS DUE TO CENTRAL COMMITTEES Those represent contributions due to the Committee but not paid at the end of (he year. They will also be Included in the figure which appears in the Income and Expenditure Account Payable to Cenlrat Committee?. This amount should be shown in the Notes and analysed between the differant ranks. 9. SUNDRY ACCRUED EXPENSES Expenses which refer to the year under review, but which have not been paid at the end of the year, should be entered here in total. They will also, of course, be Included under the appropriate headings, In the Income and Expenditure Account. 10. FIXED ASSETS Purchases of assets ovor 1000 should be capitalisod. Purchases of assets under 1000 should generally be written oft Assets not conforming with the standard headings should be shown separately on the Balance Sheet under Olhers (specii In the Fixed Assets category. II. SUBSCRIPTIONS DUE Subscriptions which are due to the Fund at the and of the year but which have not been received are to be shown here. They will be added to the amounts received in respect of the year and included in the total as shown In the Income and Expenditure AccounL NOTES TO THE FINANCIAL STATEMENTS 12. OTHER POLICIESINOTES State any other accounting policies that are specifically adopted by the Fund, to reflect its own circumstances; for example policies on Stock, Revaluation of Properties, Other Income, Pensions, Other Fixed Assets, Loans etc. If Investments are held, the cost less provision for impairment in vaiue and market value at the year end should be disclosed in note 6 in the financial statements. NB. Copies of these hnanciai statements must be foiwarded to the Treasurers of the Rank Separate and Joint Central Committees. The copies must be signed by the officers of the Board and the Auditors (original signatures not photocopies). 9