Annual Report
Financial Statement
The Police Superintendents' Association
of
Report of the Trustees
for the Year Ended 31 March 2009
The trustees present their report with the financial statements of the Association for the year ended 31 March 2009.
PRINCIPAL ACTIVITY
The principal activity of the Association in the year under review was that of being the professional staff association for police officers of Superintendent and Chief Superintendent rank in
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
The trustees are required to prepare financial statements for each financial year and they have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Association and of the surplus or deficit of the Association for that period. In preparing these financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently; |
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make judgements and estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue to operate. | |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and to enable them to ensure that the financial statements comply with the Fund Rules. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant audit information of which the Association's auditors are unaware, and each trustee has taken all the steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the Association’s auditors are aware of that information.
AUDITORS
The auditors, David Jones & Co, will be proposed for re-appointment.
SIGNED ON BEHALF OF THE TRUSTEES:
........................................................................
Date: .............................................
Page 2
Report of the Independent Auditors to the Members of
The Police Superintendents’ Association of
We have audited the financial statements of The Police Superintendents' Association of England and
This report is made solely to the Association's members, as a body. Our audit work has been undertaken so that we might state to the Association’s members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Association and the Association’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditors
The trustees’ responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out on page two.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Fund Rules. We also report to you whether in our opinion the information given in the Report of the Trustees is consistent with the financial statements.
In addition we report to you if, in our opinion, the Association has not kept proper accounting records, or if we have not received all the information and explanations we require for our audit.
We read the Report of the Trustees and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
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the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities, of the state of the Association's affairs as at 31 March 2009 and of its deficit for the year then ended; |
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the financial statements have been properly prepared in accordance with the Fund Rules; and |
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the information given in the Report of the Trustees is consistent with the financial statements. |
David Jones & Co
Chartered Certified Accountants
and Registered Auditor
Brightwater House
RG30 1EH
Date: .............................................
Page 3
The Police Superintendents' Association of
Profit and Loss Account
for the Year Ended 31 March 2009
2009 2008
£ £ £ £
Income
Subscriptions from A district 315,909 320,263
Subscriptions from B district 202,080 192,599
Subscriptions from C district 216,478 215,348
Subscriptions from D district 306,915 295,993
Subscriptions from E district 252,664 263,959
Memorabilia sales 1,748 2,351
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Bank & other interest receivable |
52,308 |
74,067 |
Investment income 323 257
Advertising income 10,250 9,693
Sponsorship income 135,233 150,984
Rental income 910 1,656
Uniformed Operations 585 -
HO staffing contributions 562,545 581,661
HO accommodation &
meeting contributions 132,176 134,668
PNB meeting contributions 14,975 20,697
PNB administration
contributions 2,246 3,105
Panel of Friends training fees 30,245 25,344
Conference fees 166,364 164,690
NPIA Training Income 30,000 -
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2,433,954 |
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2,457,335 |
Expenditure
Salaries & fees 672,166 699,219
Loan interest - 1,243
Memorabilia purchases 3,321 4,437
Office costs 67,078 46,850
Accommodation costs 55,597 47,047
Meetings 646,940 558,522
Computer communications
& systems development 30,040 27,073
Audit & accountancy fees 4,230 4,983
Legal protection insurance 585,669 585,669
Other insurance 7,978 7,000
Consultancy & marketing fees 83,551 62,813
Secretariat 7,962 8,608
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Website development & maintenance |
22,231 |
5,764 |
Legal services 54,851 50,142
Training 54,400 47,321
Sundry expenses 2,896 3,169
Corporation tax 11,244 14,947
Bank charges 1,509 1,302
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2,311,662 |
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2,176,109 | ||||
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122,292 281,226
Depreciation
Freehold property 13,334 13,333
Flats - furniture & fixtures 7,497 12,222
Office & computer equipment 19,992 19,830
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40,823 |
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45,385 |
Carried forward 81,469 235,841
Page 4
The Police Superintendents' Association
of
Profit and Loss Account cont’d
for the Year Ended 31 March 2009
2009 2008
Notes £ £
Brought forward 81,469 235,841
Profit on disposal of fixed assets
Office & computer equipment 84 75
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81,553 235,916
Exceptional written off
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PSAEW Healthcare Scheme termination 7 |
179,710 |
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NET (DEFICIT)/SURPLUS (98,157) 235,916
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Statement of Total Recognised Gains and Losses
for the Year Ended 31 March 2009
2009 2008
£ £
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(Deficit)/Surplus for the financial year |
(98,157) |
235,916 | ||||
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Write down of revalued tangible assets |
(13,333) |
(13,333) | ||||
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Total gains and losses recognised since last annual report (111,490) 222,583
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Page 5
The Police Superintendents' Association
of
Balance Sheet
31 March 2009
2009 2008
Notes £ £ £ £
FIXED ASSETS
Tangible assets 2 786,531 819,007
Investments 3 53,320 53,029
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839,851 872,036
CURRENT ASSETS
Debtors 49,852 4,448
Police Federation - 7,603
Sundry loans - 30,000
Prepayments & accrued income 71,288 63,036
Bank current account (47,416) (88,052)
Public Sector Reserve Account 1,265,936 1,366,591
Cash in hand 110 113
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1,339,770 1,383,739
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CURRENT LIABILITIES
Creditors 45,230 15,228
Home Office 250 250
Police Negotiating Board 2,500 2,500
Charge card 6,970 5,849
Corporation tax 11,211 14,922
Accruals & deferred income 16,418 21,827
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82,579 60,576
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1,257,191 |
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1,323,163 | ||||
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NET ASSETS 2,097,042 2,195,199
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FINANCED BY
RESERVES AND FUNDS
Reserves 4 949,735 960,443
Capital account 5 1,147,307 1,234,756
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2,097,042 2,195,199
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SIGNED ON BEHALF OF THE TRUSTEES:
………………………………….
Date:………………….
Page 6
The Police Superintendents' Association
of
Notes to the Financial Statements
for the Year Ended 31 March 2009
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been compiled on a basis which enables profits to be calculated in accordance with generally accepted accounting practice and which provides sufficient and relevant information to enable the completion of a tax return.
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005).
Tangible fixed assets
Depreciation is provided at the following annual rates so as to write off each asset over its estimated useful life.
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IT equipment |
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- 33% on cost | |
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Flats - furniture, fixtures & equipment |
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- 20% on cost | |
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Office - equipment, furniture & office refurbishment |
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The value of freehold property is regularly considered on the basis of current market value, and any major variation between such valuation and book value is incorporated in the financial statements by transfer to or from non-distributable reserves.
The freehold buildings are being amortised over a period of 50 years on a straight-line basis.
2. TANGIBLE FIXED ASSETS
Office -
Flats - equipment,
furniture, furniture
Freehold fixtures & office
property & equipment refurbishment Totals
£ £ £ £
COST
At 1 April 2008 800,000 65,592 153,654 1,019,246
Additions - - 10,288 10,288
Disposals - - (19,028) (19,028)
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At 31 March 2009 800,000 65,592 144,914 1,010,506
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DEPRECIATION
At 1 April 2008 26,666 53,188 120,385 200,239
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Charge for year |
13,334 |
7,497 |
19,992 |
40,823 |
Eliminated on disposal - - (17,087) (17,087)
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At 31 March 2009 40,000 60,685 123,290 223,975
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NET BOOK VALUE
At 31 March 2009 760,000 4,907 21,624 786,531
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At 31 March 2008 773,334 12,404 33,269 819,007
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The freehold property at 67a
Page 7
The Police Superintendents' Association
of
Notes to the Financial Statements cont’d
for the Year Ended 31 March 2009
3. FIXED ASSET INVESTMENTS
Listed
Investments
£
COST:
At 1 April 2008 53,029
Additions 291
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At 31 March 2009 53,320
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NET BOOK VALUE:
At 31 March 2009 53,320
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At 31 March 2008 53,029
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During 1999/2000 an investment of £50,000 was made with the Police Mutual Assurance Society. Subsequent distributions have been immediately reinvested in the fund and at 31 March 2009 its market value was £35,031 (2008 £48,611).
4. RESERVES
Revaluation Strategic
Reserve Reserve Totals
£ £ £
At 1 April 2008 460,443 500,000 960,443
Transfer to Capital Account (10,708) - (10,708)
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At 31 March 2009 449,735 500,000 949,735
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5. CAPITAL ACCOUNT
2009 2008
£ £ £ £
Brought forward 1,234,756 988,132
Add
Net surplus - 235,916
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Transfer from Revaluation Reserve |
10,708 |
10,708 |
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1,245,464 1,234,756
Less
Net deficit 98,157 -
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1,147,307 |
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1,234,756 |
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1,147,307 1,234,756
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6. ANNUAL CONFERENCE SPONSORSHIP AND ADVERTISING
Sponsorship income includes £10,258 (2008 £14,434) of various sponsorship deals whereby a few sponsors supply goods and services free of charge in exchange for an equal value of conference promotion.
A similar arrangement worth £5,170 (2008 £3,218) is included in Advertising income.
7. PSAEW HEALTHCARE SCHEME TERMINATION
During 2008/2009 the Trustees came to the conclusion that the continued poor performance of the PSAEW Healthcare Scheme meant that the only realistic option was to wind it up. This termination has resulted in an exceptional write off amounting to £179,710.
Page 8
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Contact Details
The Police Superintendents' Association of England and Wales
67a Reading Road
Pangbourne
Berkshire
RG8 7JD
Tel: 0118 984 4005
Fax: 0118 984 5642
Email: enquiries@policesupers.com