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2023-03-31-accounts

Charity number: 1040579

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditor's report on the financial statements 7 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 32

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Chief Constable Stephen Watson QPM, Chairman
Diane Hawkins, High Sheriff of Greater Manchester 2021/22
Sharman Birtles, Vice Lord Lieutenant of Greater Manchester, High Sheriff
2015/2016
Mary Liz-Walker, High Sheriff 2023/2024
Lorraine Worsley-Carter, High Sheriff 2022/2023
Dr Eamonn O'Neal, High Sheriff of Greater Manchester 2020/21
Mark Aldestone, High Sheriff of Greater Manchester 2019/20
Lady Joy Smith, Trustee
Jeremy Rayner, Trustee (appointed 1 April 2023)
Nicholas Bird, Trustee (resigned 31 March 2023)
Charity registered
number
1040579
Principal office
Team NCE - Local Policing and Criminal Justice Branch, 4th Floor
GMP Headquarters
Central Park
Northamton Road
Manchester
M40 5BP
Independent auditor
Crowe U.K. LLP
3rd floor
The Lexicon
Mount Street
Manchester
M2 5NT
Bankers
Unity Trust Bank plc
9 Brindleyplace
Birmingham
B1 2HB
Investment Adviser and
Managers
Investec Wealth and Investment Limited
3 Harman Street
Manchester
M3 3HF
Torevell & Partners Limited
5 Oxford Court
Manchester
M2 3WQ

Page 1

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2022 to 31 March 2023.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The objects of the Trust are:

  1. To promote for the public benefit in and around the Greater Manchester area, a safer and increased quality of life through the prevention of crime and protection of people and property from criminal acts.

  2. To secure the advancement of education, for the public benefit, in all matters relating to alcohol, drug and other solvent abuse.

The Trust relies on donations from individuals, commercial organisations and other charities and trusts and returns from investments.

b. Strategies for achieving objectives

The Trustees’ strategy is to further the aims of the Trust and to increase support from the business community with the intention of increasing the income of the Trust so that it has more funds to support its aims.

The Trust has identified four aims to assist its work:

  1. Improve the quality of life of all communities in the Greater Manchester area, with vulnerable groups and victims of crime being priorities.

  2. Support wide ranging initiatives that address issues of crime reduction concerning the public and affecting the quality of their lives.

  3. Support community and race related initiatives arising from locally agreed Crime and Disorder crime reduction strategies, and support initiatives that arise from local consultation identifying concerns outside these strategies.

  4. Seek to support and complement initiatives that arise from local consultation identifying concerns outside these strategies.

Page 2

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. Key performance indicators

The Trust aims to:

  1. Achieve a breakeven position taking one year into account with another, where income is defined as investment income and income from fundraising and donations. Income amounted to £206,287 expenditure for the year was £397,543, investment losses were £241,239, resulting in a deficit of £432,495 (2022: surplus of £54,770).

  2. To finalise legacy funding in line with legacy conditions and Charity Commission protocols.

  3. To increase grant and donation income from trusts, foundations and individuals. During the year the trust received grants and donations of £76,680 (2022: £152,183).

b. Review of activities

The Trustees’ activities are generally conducted in line with previous years. All activities performed have been in line with the charitable objectives of the Trust.

c. Investment policy and performance

Investments are managed by Investec Wealth & Investment Limited and Torevell & Partners Limited on a discretionary or advisory basis. Their performance is measured against a range of indices appropriate to the portfolio. The investment policy is to hold marketable securities, both in direct equity holdings and in managed funds quoted on recognised markets, selected by the Investment Managers and Advisers whose details are found on page 1. The objective is to maintain the capital funds in line with or in excess of benchmark (subject to market fluctuations) and to provide income in support of our charitable aims.

The total net return on the Investec investment portfolio for the year to 31 March 2023 was -6.3%. The benchmark figures were a loss of 3.2% over the same period.

The total net return on the Torevell & Partners portfolio for this year was a gain of 0.2%, comprising a positive income return of 2.9% and a negative capital return of 2.7%. The FTSE All Share Index and FTSE UK Conventional Gilts All Stocks Index would have provided returns of +2.9% and -16.3% respectively.

Page 3

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity sets annual budgets and reviews performance against budget on a quarterly basis, adapting funding commitments as appropriate. A floor on free reserves of £150,000 is maintained to ensure operational liquidity. As such, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Net assets at 31 March 2023 stood at £4,943,102 (2022: £5,375,597) with a deficit for the year including legacy income of £432,495 (2022: surplus of £54,770).

The deficit was £416,049 (2022: surplus of £65,752) on unrestricted funds and a deficit of £16,446 (2022: deficit of £10,982) on restricted funds.

As the fund assets are principally marketable investments, the change in stock market values has affected the overall investment assets of the funds. The charity is a grant-making Body and is dependent in large part upon changing market forces to deliver its income and realised capital gains to enable it to fund grant applications.

In light of the above, the Trustees do not consider that there will be any material effect on the adoption of the going concern basis of accounting due to the strong asset base and reserves position.

b. Reserves policy

The trustees feel it is appropriate to maintain liquidity of £150,000 to safeguard against an unexpected shortfall in income, whilst meeting any increased level of grant applications, should this become necessary.

The policy is to spend the income arising on investments when taking a balanced view over several years, together with realised gains on sales of assets (when appropriate). At the same time, the Trustees will look to maintain a strong investment base to support future grant funding activities.

The value of free reserves not invested at the balance sheet date is £254,549 and the Trustees plan to use these reserves with the award of further grants at a projected rate of £100,000 for the current year.

Structure, governance and management

a. Constitution

Greater Manchester High Sheriff's Police Trust is a registered charity, number 1040579, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The Trust is governed by a body of Trustees who have the sole and entire management of the business of the Trust. Trustees are sought in a variety of ways including recommendation from existing trustees or supporters. Potential trustees are scrutinised by the Board of Trustees before being invited to serve.

Page 4

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

Full Board of Trustees’ meetings are held in person every quarter to consider applications for grants, review performance of the Trust, and agree appropriate future actions.

d. Policies adopted for the induction and training of Trustees

The Trust is aware of the need to ensure that all Trustees are adequately trained and are aware of their responsibilities, and review relevant training programmes as appropriate.

e. Financial risk management

The Board of Trustees has assessed the major risks to which the charity is exposed and is constantly reviewing the main areas of risk, with particular reference to the operations and finances of the Charity. The Trustees are satisfied that systems are in place to manage the Trust’s exposure to major risks.

Plans for future periods

The Charity is constantly reviewing its activities to achieve the aims referred to above for the benefit of the Greater Manchester public. Future developments will be determined through the quarterly meetings of the Trustees to ensure that the Charity continues to maximise its impact in relation to making the area safer and enhancing the quality of life for communities through the prevention of crime.

Information on Fundraising Practices

The charity had no fundraising activities requiring disclosure under s162A of the Charities Act 2011.

Page 5

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by: Date:

Page 6

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

Opinion

We have audited the financial statements of Greater Manchester High Sheriff's Police Trust (the 'charity') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of 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 statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern 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 concern 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 concern are described in the relevant sections of this report.

Page 7

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 with the financial statements or our knowledge obtained in the course of the audit, or otherwise 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 material 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 information, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 8

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether 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 with 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 legislation.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience, through discussions with the Trustees, and from inspections of the Charities' board minutes and legal and regulatory correspondance.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management from relevant parts of the business to understand where management considered there was a susceptibility to fraud. We also considered the potential for management to manage earnings and influence the perceptions of the financial statements.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the timing of recognition of income.

Audit procedures performed by the engagement team included:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Page 9

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherant limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor 3rd floor

The Lexicon

Mount Street

Manchester M2 5NT

Date:

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
4
Investments
5
Total income
Expenditure on:
Raising funds
6,7
Charitable activities
10
Total expenditure
Net expenditure before net
(losses)/gains on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
880
-
880
-
17,326
17,326
(16,446)
-
(16,446)
59,702
(16,446)
43,256		 Unrestricted
funds
2023
£
75,800
129,607
205,407
50,701
329,516
380,217
(174,810)
(241,239)
(416,049)
5,315,895
(416,049)
4,899,846		 Total
funds
2023
£
76,680
129,607
206,287
50,701
346,842
397,543
(191,256)
(241,239)
(432,495)
5,375,597
(432,495)
4,943,102		 Total
funds
2022
£
152,183
112,417
264,600
54,712
268,664
323,376
(58,776)
113,546
54,770
5,320,827
54,770
5,375,597

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 32 form part of these financial statements.

Page 11

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

BALANCE SHEET AS AT 31 MARCH 2023

2023
Note
£
Fixed assets
Investments
14
4,645,297
4,645,297
Current assets
Debtors
15
12,668
5,310
Cash at bank and in hand
317,337
454,763
330,005
460,073
Creditors: amounts falling due within one
year
16
(32,200)
(8,350)
Net current assets
297,805
Total net assets
4,943,102
Charity funds
Restricted funds
18
43,256
Unrestricted funds
18
4,899,846
Total funds
4,943,102
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_______and signed on their behalf by:		 2022
£
4,923,874
4,923,874
451,723
5,375,597
59,702
5,315,895
5,375,597
Trustees
on

The notes on pages 14 to 32 form part of these financial statements.

Page 12

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 14 to 32 form part of these financial statements		 2023
£
(304,371)
129,607
37,338
166,945
-
(137,426)
454,763
317,337		 2022
£
(175,991)
112,417
41,784
154,201
-
(21,790)
476,553
454,763

Page 13

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The entity is an unincorporated charity, registed at Charities Commission. Further details can be found in the Reference and Administrative Information page.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Greater Manchester High Sheriff's Police Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The charity has a significant level of reserves, investments and cash holdings upon which to operate. As a grant giving organisation, the charity is able to adapt its funding commitments readily. On this basis, the trustees consider the charity to be going concern.

Trustees will continue to monitor the changing market and review budgets accordingly.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 14

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity 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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 15

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Trustees do not consider there to be any critical accounting estimates and assumptions.

4. Income from donations and legacies

Restricted Unrestricted Total
funds funds funds
2023 2023 2023
£ £ £

Page 16

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations and legacies (continued)

Donations
Donations
5.
Investment income
Investment Income
Investment Income		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
880
75,800
Restricted
funds
2022
Unrestricted
funds
2022
£
£
3,300
148,883
Unrestricted
funds
2023
£
129,607
Unrestricted
funds
2022
£
112,417		 Total
funds
2023
£
76,680
Total
funds
2022
£
152,183
Total
funds
2023
£
129,607
Total
funds
2022
£
112,417

Page 17

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total
funds funds
2023 2023
£ £
Christmas ball function 13,635 13,635

Page 18

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Unrestricted Total
funds funds
2022 2022
£ £
Christmas ball function 11,718 11,718

7. Investment management costs

Unrestricted
funds
2023
£
Investment management fees
37,066
Unrestricted
funds
2022
£
Investment management fees
42,994		 Total
funds
2023
£
37,066
Total
funds
2022
£
42,994

8. Analysis of direct expenditure

Reimburse
Grants to ment of Total
Institutions expenses funds
2023 2023 2023
£ £ £
Grants, Crime reduction awareness 301,823 17,486 319,309

Page 19

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of direct expenditure (continued)

Grants, Crime reduction awareness
Grants, COVID-19 community support		 Grants to
Institutions
2022
£
211,467
30,525
241,992		 Reimbursem
ent of
expenses
2022
Total
funds
2022
£
£
13,146
224,613
-
30,525
13,146
255,138		 Reimbursem
ent of
expenses
2022
Total
funds
2022
£
£
13,146
224,613
-
30,525
13,146
255,138
255,138

Reimbursement of expenses represent sums expended by the handlers of retired police dogs in their care and incurred to cover third party veterinary and care services and also for food purchased to maintain the dogs' wellbeing.

Page 20

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Grants to Institutions

Unrestricted Total
funds funds
2023 2023
£ £
Crime Reduction Grants
8th Bolton Scouts 3,372 3,372
Bolton Deaf Society 3,516 3,516
C+M Lads & Girls 4,000 4,000
Caritas 3,000 3,000
Child Safety Media 3,500 3,500
County Community 3,328 3,328
Crimestoppers 10,000 10,000
Dane Bank Green Space 2,016 2,016
East Leigh Junior Football Club 3,942 3,942
Girls Out Loud 10,000 10,000
GMCA 4,423 4,423
Halle Concerts 5,000 5,000
Henshaws 3,000 3,000
Holy Law 5,000 5,000
I4YPC 3,000 3,000
JJ Effect CIC 2,675 2,675
Leigh Miners Rangers Rugby 5,000 5,000
Mustard Tree 5,000 5,000
OACT 5,800 5,800
Oldham Boxing 3,500 3,500
Oldham Sea Scouts 2,400 2,400
Pioneer CIC 4,620 4,620
Pride Bolton 2,500 2,500
Prison Fellowship 2,340 2,340
ROC 2,500 2,500
Safe and Free 2,099 2,099
Selectamark 10,981 10,981
SMGFL 4,500 4,500
Stockport Sea Cadets 2,500 2,500
Terence O'Grady Social 3,500 3,500
The Booth Centre 5,000 5,000
The Fed 4,795 4,795
The Garden House 8,340 8,340
The River 3,000 3,000
Together Trust 4,000 4,000
Turtle Engineering/Merosworld 2,550 2,550

Page 21

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Veterens into Logistics
Victoria Comm & Youth Centre
Walthen House
Youth Focus
Youth Leads
Grants £2,000 or under		 5,000
5,000
4,000
3,940
4,250
124,936
301,823		 5,000
5,000
4,000
3,940
4,250
124,936
301,823

Page 22

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Crime Reduction Grants
Access Sport CIO
Altrincham Sea Cadets
Boxing for Better
Broughton House
Bury Veterans Hub
Cheadle Heath Community Association
Child Safety Media
Collyhurst & Moston Boxing
Friends of Thames Valley
Greater Manchester Youth Foundation
Greater Manchester Community Chaplaincy
Henshaws
Homeless Aid UK
Manchester Samaritan
Made by Mortals
MASH
Mustard Tree
Oldham Athletic Sports Trust
Oldham Greenhills CSRC
PIE
Revolving Doors Housing Trust
Salford Loaves & Fishes
Seashell Trust
Selectamark
Society Inc
Stockport Community Foundation
Stockport Lads Club
The Booth Centre
The Federation of Jewish Services
The Garden House
The Message Trust
The Pankhurst Trust
Wythenshawe Community Farm
Grants £2,000 or under
Subtotal Crime Reduction Grants
COVID-19 Grants
Barnabus		 Unrestricted
funds
2022
£
4,750
3,200
7,000
2,124
3,036
4,135
8,500
3,500
3,000
4,987
3,000
2,656
5,000
3,098
5,620
3,500
5,000
3,000
3,240
2,500
3,500
2,500
3,500
4,196
2,802
3,360
7,500
3,276
3,360
4,952
3,300
3,500
3,500
81,375
211,467
4,900		 Total
funds
2022
£
4,750
3,200
7,000
2,124
3,036
4,135
8,500
3,500
3,000
4,987
3,000
2,656
5,000
3,098
5,620
3,500
5,000
3,000
3,240
2,500
3,500
2,500
3,500
4,196
2,802
3,360
7,500
3,276
3,360
4,952
3,300
3,500
3,500
81,375
211,467
-

Page 23

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

British Red Cross
Broughton House
Bury Cancer Support
Henshaws
The Destitution Project
Winstanley & Worsley Mesnes
Grants £2,000 or under
Subtotal Covid-19 Grants		 4,800
4,779
4,800
3,856
2,125
3,294
1,971
30,525
241,992		 -
-
-
-
-
-
-
-
241,992

10. Analysis of expenditure on charitable activities

Summary by fund type

Crime reduction awareness
Crime reduction awareness
COVID-19 support		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
17,326
329,516
Restricted
funds
2022
Unrestricted
funds
2022
£
£
14,282
223,857
-
30,525
14,282
254,382		 Total
2023
£
346,842
Total
2022
£
238,139
30,525
268,664

11. Analysis of expenditure by activities

Grant
funding of Support Total
activities costs funds
2023 2023 2023
£ £ £
Crime reduction awareness 319,309 27,533 346,842

Page 24

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Analysis of expenditure by activities (continued)

Crime reduction awareness
COVID-19 Grants		 Grant
funding of
activities
2022
£
224,613
30,525
255,138		 Support
costs
2022
£
13,526
-
13,526		 Total
funds
2022
£
238,139
30,525
268,664

Analysis of support costs

Bank Charges
Equipment & Repairs
Hotel & Travel
Sundry
Marketing & sponsorship
Governance costs		 Activities
2023
£
105
1,123
3,010
3,545
10,000
9,750
27,533		 Total
funds
2023
£
105
1,123
3,010
3,545
10,000
9,750
27,533

Page 25

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Bank charges
Equipment & Repairs
Hotel & Travel
Sundry
Governance costs
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
Auditor remuneration - accounts		 Crime
reduction
awareness
2022
£
111
1,469
1,974
1,622
8,350
13,526
2023
£
8,900
850		 Total
funds
2022
£
111
1,469
1,974
1,622
8,350
13,526
2022
£
7,575
775

12. Auditor's remuneration

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 26

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Fixed asset investments

Cost or valuation
At 1 April 2022
Disposals
Revaluations
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Listed
investments
£
4,923,874
(37,338)
(241,239)
4,645,297
4,645,297
4,923,874

15. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2023
£
12,168
500
12,668		 2022
£
5,135
175
5,310

16. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2023
£
22,450
9,750
32,200		 2022
£
-
8,350
8,350

Page 27

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2023
£
316,630
2023
£
9,750		 2022
£
459,898
2022
£
8,350

Financial assets measured at amortised cost comprise cash at bank and other debtors.

Financial instruments measured at amortised cost comprise accruals.

Page 28

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
John Armstrong Welch
Memorial Garden
Bessie Walker Bequest - Police
Dogs
B Schreiber Retired Police Dog
Food Fund
Young Citizens Award
Total of funds		 Balance at 1
April 2022
£
5,315,895
3,130
49,205
-
7,367
59,702
5,375,597		 Income
£
205,407
-
-
880
-
880
206,287		 Expenditure
£
(380,217)
-
(16,062)
(880)
(384)
(17,326)
(397,543)		 Gains/
(Losses)
£
(241,239)
-
-
-
-
-
(241,239)		 Balance at
31 March
2023
£
4,899,846
3,130
33,143
-
6,983
43,256
4,943,102

Page 29

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Restricted funds
John Armstrong Welch
Memorial Garden
Bessie Walker Bequest - Police
Dogs
B Schreiber Retired Police Dog
Food Fund
Young Citizens Award
Total of funds		 Balance at
1 April 2021
£
5,250,143
3,130
59,051
-
8,503
70,684
5,320,827		 Income
£
261,300
-
-
3,300
-
3,300
264,600		 Expenditure
£
(309,094)
-
(9,846)
(3,300)
(1,136)
(14,282)
(323,376)		 Gains/
(Losses)
£
113,546
-
-
-
-
-
113,546		 Balance at
31 March
2022
£
5,315,895
3,130
49,205
-
7,367
59,702
5,375,597

B Schreiber Retired Dog Food Fund

The fund allows for the provision of dog food up to the value of £180 to retired police dogs still in the care of their handler.

- Bessie Walker Bequest Police Dogs

A specific request was made to make provisions for the upkeep and well-being of retired police dogs by their handlers who are current or were former Greater Manchester Police Officers and to enable equipment to be purchased for the benefit of the police dog unit for items outside the agreed Greater Manchester Police budget.

Young Citizens Aware

An awards ceremony sponsorship funding the annual event created to reward the exceptional commitment of young people to social action, community engagement and philanthropy across Greater Manchester.

John Armstrong Welch Memorial Garden

The John Armstrong Welch Memorial Garden was funded by the late Senior Police Officer's Family, who wish to perpetuate their relative's memory.

Spend has been completed on the John Armstrong Welch Project, Road Policing, USAFE, CAGGK, We Stand Together and the Recovery Fund in line with the restrictions.

Page 30

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Restricted
funds
2023
Unrestricted
funds
2023
£
£
Fixed asset investments
-
4,645,297
Current assets
43,256
286,749
Creditors due within one year
-
(32,200)
Total
43,256
4,899,846
Analysis of net assets between funds - prior year
Restricted
funds
2022
Unrestricted
funds
2022
£
£
Fixed asset investments
-
4,923,874
Current assets
59,702
400,371
Creditors due within one year
-
(8,350)
Total
59,702
5,315,895
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income/expenditure for the year (as per Statement of Financial
Activities)
(432,495)
Adjustments for:
(Gains)/losses on investments
241,239
Dividends, interests and rents from investments
(129,607)
Increase in debtors
(7,358)
Increase in creditors
23,850
Net cash used in operating activities
(304,371)		 Total
funds
2023
£
4,645,297
330,005
(32,200)
4,943,102
Total
funds
2022
£
4,923,874
460,073
(8,350)
5,375,597
2022
£
54,770
(113,546)
(112,417)
(5,048)
250
(175,991)

20. Reconciliation of net movement in funds to net cash flow from operating activities

Page 31

GREATER MANCHESTER HIGH SHERIFF'S POLICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents
Analysis of changes in net debt
Cash at bank and in hand		 At 1 April
2022
£
454,763
454,763		 2023
£
317,337
317,337
Cash flows
£
(137,426)
(137,426)		 2022
£
454,763
454,763
At 31 March
2023
£
317,337
317,337

22. Analysis of changes in net debt

23. Related party transactions

The trustees hold a variety of roles in other organisations where they could influence policies and procedures. A number of these organisations (listed below) have been awarded grants during the year. Members of the grant award panel do not vote on the awarding of the grants to organisations in which they hold a role. As at 31 March 2023 no amounts were due to any organisations listed below (2022: £nil). All figures listed below related to the year ended 31 March 2023 unless otherwise stated.

2023 2022
£ £
Fort Alice - 426
The Pankhurst Trust - 3,500
Mustard Tree 5,000 5,000
The Federation of Jewish Services - 3,360

Page 32