Annual Report

TREASURER’S REPORT

ACCOUNTS – FINANCIAL YEAR 2008/09

 

The Association’s 2008/09 audited accounts are published at Appendix ‘A’ in accordance with Rule 16 of the Association’s Fund Rules.

 

The accounts have been audited by the Association’s Accountants, David Jones and Co.

 

The Association oversees and manages its finances through a sub-Committee of the National Executive Committee. The Finance Sub-Committee, which is chaired by the Vice President and on which the NEC are represented, and the full NEC receive written and verbal updates from the Treasurer on the progress of the budget at every meeting and attention is drawn to specific income and expenditure areas which move away from their anticipated profile during the year. The budget also has to be sufficiently resilient to accommodate short term and unplanned for expenditure.

 

The 2008/09 accounts show that at the end of the financial year there was a deficit of £98,157 between income and expenditure. This deficit is in contrast to the surplus of £235,916 in 2007/08 and to the surplus of £213,424 in 2006/07.

 

The 2008/09 budget had been built to achieve an end of year surplus of £104,789. 

 

The main reason that this year’s accounts have a deficit is the costs which the Association incurred in winding up the Revelation Healthcare Scheme. This has been referred to in the National Secretary’s Report. Essentially the Healthcare Scheme which was established in September 2000 had become insolvent. It was clear to me as the Treasurer during the last financial year (2007/08) that the Scheme would most likely have to be wound up. With that in mind I worked hard to maximise a surplus last year of £235,916 which went in to our reserves knowing that this year would be significantly more difficult. I was given the action by the Trustees of the PSAEW and by the NEC to wind up the Healthcare Scheme in January 2009. At that time the total liabilities to the PSAEW for the Healthcare Scheme were over £200,000. In the process of winding up the Scheme I was able, by negotiation, to reduce our liabilities to £179,710.

 

The ‘net effect’ of this on this year’s accounts is that the costs of winding up the Scheme reduced a planned surplus of £104,789 to a deficit of £98,157.

 

This ‘exceptional item’ which appears in our accounts this year will not recur in future years.

 

It is appropriate to comment on some other individual matters contained in this year’s accounts:-

 

1.       Bank interest decreased by £21,759 (29%) because of the fall in interest rates towards the end of the financial year.

 

2.       Sponsorship income has decreased by £15,751 (10%)

 

3.       The additional office costs were largely due to the printing costs of the Command Resilience Toolkits.

 

4.       Additional accommodation costs were due to minor building works and to an upgrade of the security system at Pangbourne.

 

5.       Meeting costs increased by £88,418 (16%) this year.  This was largely due to increased costs of Conference along with increased business area and other meeting costs and so reflects more vigorous activity within the Association’s Business Areas.

 

6.       Consultancy fees increased by £20,738 (33%) largely due to the cost of preparing our response to the Green Paper on Policing.

 

7.       Increased website costs of £16,467 were due to the design of a new web site.

 

8.       The costs of LPI insurance have been pegged for a further year and the cover provided for members has been improved.

 

 

THE STRATEGIC RESERVE

 

The Strategic Reserve is a fund set aside for the sole purpose of meeting the costs of members involved in legal action. The target figure of this Reserve had been set at £500,000 (and remained at that level throughout 2008/09) and it has not been necessary to utilise this reserve during this year.

 

GRANT IN AID FUNDING

 

The Association’s income is comprised primarily of membership subscriptions and Home Office monies, the latter being called Grant in Aid Funding which is made available to the Association and a number of other Staff and Support Associations. The Association’s access to and use of this funding is the subject of quarterly reports to the Home Office; this is one of the conditions of the funding and all our reports were returned at the end of each quarter.

 

The 2008/09 Grant in Aid Funding allocated to the Association was £694,721. This figure includes the reimbursement of pension costs of the four National Officers seconded from forces. This figure for Grant in Aid Funding in our accounts has been static for the last three financial years.  We need to assume that this situation will continue. If it does then obviously the finances of the PSAEW will increasingly depend upon members’ subscriptions in future years.

 

SUBSCRIPTIONS

 

Subscriptions for 2008/09 were set at £339 per annum, an increase of 1.8% on 2007/08.

 

TREASURER’S COMMENTS

 

This is my second Annual Treasurer’s Report as the National Deputy Secretary and Treasurer. I would like to thank the members of the Finance Sub Committee and members of the NEC who have been supportive of me in this role. In particular I would like to thank and pay tribute to Janet Turner, the Association’s Finance Officer, to whom once again this year the Association owes a great deal in ensuring that our accounts and finances are as well managed as they are.

 

Graham Cassidy

Chief Superintendent

National Deputy Secretary/Treasurer

 

 

 

 

 

APPENDIX ‘A’

 

 

 

 

 

 

 

 

 

 

                                         Audited Financial Statements

 

                                     for the Year Ended 31 March 2009

 

                                                            for

 

                                 The Police Superintendents' Association

                                              of England and Wales

                                  The Police Superintendents' Association

                                               of England and Wales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                    Contents of the Financial Statements

                                      for the Year Ended 31 March 2009

 

 

 

 

                                                                                         Page

 

	General Information	1
	Report of the Trustees	2

 

Report of the Independent Auditors

3

 

Profit and Loss Account

4 - 5

 

Balance Sheet

6

 

Notes to the Financial Statements

7 - 8