Page 14 - Here For You 2013

Finance Report Summary income and expenditure 2013 2012 £’000 £’000 Income 756 796 The 2013 operating surplus was the highest ever, but the Administrative expenses 528 742 continuation in the trend of falling police numbers means that this is likely to reduce significantly in Operating surplus 228 54 future. Gain on investments 93 75 321 129 2013 income sources Investment and other income - 6% Subscriptions - 69% Member services including provision of insurance and other products to members - 25% Income in 2013 fell by 5% in line with the reduction in members as police officer numbers reduced. Balance sheet Net Assets 2013 The balance sheet, which has been built up over many years, remains strong. Maintaining robust finances is important to enable WMPF to Working Capital - 94 continue to deliver consistent services to members through the coming Cash - 420 period of expected change. Investments in shares and bonds are held by professional fund managers Investments - 1,395 and returns are monitored against external benchmarks. Buildings & Equipment - 728 £’000