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2022-03-31-accounts

Charity Number

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2022

THE POLICE MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31ST MARCH 2022

Trustees

Mrs Geraldine Winner (Chairperson) Mr Dennis Rowen (Managing Trustee) Mr Steven Lloyd Mr Michael Messinger

REGISTERED ACCOUNTANTS

D Stoker & Co, Abacus House, 367, Blandford Road, Beckenham, Kent, BR3 4NW

BANKERS

Coutts & Co., 440 Strand, London, WC2R 0QS

PRINCIPAL ADDRESS

P O Box 9075 Christchurch Dorset

REGISTERED CHARITY NUMBER: 289371

CONTENTS

1-4 Report of the Trustees 5 Report of the Independent Examiner 6 Statement of Financial Activities 7 Balance Sheet 8-11 Notes to the Financial Statements

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2022

The Trustees present their Annual Report and Financial Statements of the Charity for the year ended 31st March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities, and the 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 (FRS102).

Governing Document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

Constitution, Objectives, Aims and Activities

The Police Memorial Trust was formed on 3rd May 1984 with an aim to erect memorials to Police Officers killed in the course of their hazardous duty, usually on the spot where they met their death. These memorials provide long lasting recognition of the bravery of the officers' concerned. In addition a National Memorial has been erected in Central London on the corner of Horseguards Parade and The Mall which is a permanent reminde and gives full details of, all officers who have fallen year on year. The Charity ensures it kept up to date and is properly maintained at all times. It is a prominent attraction and receives many visitors throughout the year.

The Police Memorial Trust is registered as a Charity in England and Wales and its registration number is 289371.

Review and Results

The Trust's founder, Mr Michael Winner passed away in January 2013. Under the terms of his Will the residue of his Estate, after all specific legacies had been settled, was devolved to the Trust. The Estate distributed the remainder of the legacy in 2016, which brought the total amount received to a total of £5,220,000. No further amounts are due. The legacy is unrestricted and will be used to further the main objectives of the Charity.

The Trust continues to enjoy widespread support from the Public, the Police and others. To date The Police Memorial Trust has erected more than fifty individual memorials to Police Officers killed in the course of their duty.

The National Police Memorial was designed by Lord Norman Foster and positioned at the junction of The Mall and Horse Guards Parade in London and was unveiled by Her Majesty the Queen on the 26th April 2005. The cost of erecting the National Police Memorial was £803,453. Following the receipt of the legacy from the founder's Estate the Trust has undertaken a significant maintenance and refurbishment programme. The Trustees are satisfied that the level of funds currently held are sufficient to meet the ongoing costs of maintaining the memorials for the foreseeable future and provide the levels of funding required to meet the costs of honouring future serving

officers killed whilst on duty.

1

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2022 (continued)

Structure, Governance and Management

The constitution of the Charity is commensurate with that of a Trust. Apart from the Chair of the Trustees all others have served as Police Officers in various UK forces. New Trustees would be expected to have knowledge of Police procedures and be able to assist in guiding the Charity in such ways as to meet its objectives.

No remuneration has been paid to any of the Trustees, nor do they receive any benefits. All decision making is taken by the Trustees. Decisions are duly confirmed at regularly he Trustee Meetings. The Trust has one paid employee who deals with day to day administration. There are no related organisations that the Trust deals with.

Achievements and performance

Until the Trust was certain that it would receive the legacy from the founder's estate, it h no particular aspirations other than to do the best it could with little or no funds. The lega was finally received in April 2015 and preparing for the future commenced. Various outstanding projects were able to be completed and the review of the deterioration of the National Memorial commenced. All objectives have been met.

The level of the Legacy has meant that for many years to come the Trust can meet its stated objectives as and when they fall due. Formal public fund raising is not considered necessary at the present time.

The funds are now invested via a portfolio fund managed by the Trust's Bankers. For the 2021/22 financial year the funds invested achieved a return in accordance with the Truste expectations. The negative impact at the onset of Covid-19 at the end of the 2019-2020 Financial year has been eliminated and the Fund has recovered to its expected level. Trustees Responsibilities in Relation to the Financial Statements

The Charity Trustees are responsible for preparing the Trustees annual report and 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 and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs o the charity and of the incoming resources and application of resources of the charity for t period. In preparing the financial statements, the Trustees are required to:

Select suitable accounting policies and apply them consistently;

2

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2022 (continued)

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable step for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financia information included on the charity's web site. Legislation in the United Kingdom governi the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Charity's reserve position is extremely strong and will enable the Trustees to achieve it's objectives for many years. The matter of raising money to support Police is very sensitive and so it is comforting to know that basic fund raising and knocking on doors to raise funds will not be necessary for the foreseeable future.

More than 90% of the Charity's reserves are now invested via professional managers and the Trustees have no input into day to day portfolio planning. The objective is to raise from the portfolio sufficient income to cover all annual costs thereby, at very least, preserving capital.

The investment policy that the portfolio managers work to is risk averse. The estimate of dividend income that it is expected to achieve is supplemented by profits earned from th sales of portfolio investments to achieve the estimated level of income required to settle day to day costs on an annual basis.

Risk Management

The Trustees have considered the significant risks to which the charity is exposed and ha established appropriate procedures to mitigate the impact of these risks. With the high level of unencumbered reserves compared to annual anticipated outgoings the Trustees

do not consider there to be any short term risk to the existence of the Trust.

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2022 (continued)

Future Plans

These are being discussed by the Trustees as a matter of course. Discussions regarding the provision of assistance to like-minded organisations and making funds available to encourage the recruitment of the future expertise that will be required to take the Charity forward are ongoing.

Acknowledgement

The Trustees are grateful to the vast number of individuals, companies and other institutional donors for their generous support to the Police Memorial Trust since its inception.

Mr Dennis Rowen Managing Trustee

16th November 2022

3

4

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE POLICE MEMORIAL TRUST (CHARITY NUMBER 289371) ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022

Respective responsibilities of Trustees and examiner

The charity's Trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 ("the Act").

The charity's Trustees consider that an audit is not required for this year under Section 14 of the Act and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Chari Commission. An examination includes a review of the accounting records kept by the cha and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanatio from the Trustees concerning any such matters. The procedures undertaken do not provi all the evidence that would be required in any audit, and consequently no opinion is give as to whether the accounts present a "true and fair" view and the report is limited to thos matters set out in the statement below

Independent examiner's statement

In connection with my examination, no material matters have come to my attention whic gives me cause to believe that in, any material respect:

a matter considered as part of an independent examination.

5

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

INDEPENDENT EXAMINERS REPORT TO THE Trustees OF THE POLICE MEMORIAL TRUST (CHARITY NUMBER 289371) ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 (continued)

Signed: Name: Mr B S Patel FCCA

Date: 16th November 20

D.Stoker & Co Registered Accountants, Abacus House, 367, Blandford Road Beckenham, Kent BR3 4NW

5a

THE POLICE MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2022
Notes
INCOME AND ENDOWMENTS
From Legacies received
2
Investment Income
Dividends received
Interest Receivable
Total Income and Endowments
EXPENDITURE ON CHARITABLE ACTIVITIES
Costs of memorials and dedication
events for fallen ofcers
Trustee's Remuneration
3
Trustee's Out of Pocket Expenses
Secretarial Costs paid under PAYE
4
Maintenance of Memorials
Maint' & Upkeep of National Memorial
Insurance of The Mall and Countrywide memorials
Portfolio Management fees
Postage, printing & stationery
Computer consumables
Web Site & Media Costs
Communication Charges
Examination and accountancy fees
Legal and Professional fees
Donation - Police Roll of Honour
Donation - St James's Trust
Travelling and Subsistence Costs		 Unrestricted
funds 2022
£
27,650
82,357
21
110,028
32,164
10,000
-
22,000
1,191
-
13,341
31,823
959
-
3,059
1,219
4,296
-
-
-
3,307
Depreciation
Sundry expenses
Total Expenditure
Net (Defcit) / Income for the Year
Reconciliation of funds
Total funds brought forward
Realised gain on investments
5
Unrealised gain/(defcit) on investments
Net (Defcit) / income
Total Funds carried forward
6
THE POLICE MEMORIAL TRUST
BALANCE SHEET
AS AT 31ST MARCH 2022
Notes
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Cash at Bank (portfolio accounts)
Cash at Bank
(current and reserve)
Prepayments (memorial insurances in advance)
TOTAL CURRENT ASSETS
LESS: CURRENT LIABILITIES
Sundry Creditors
10
NET CURRENT ASSETS LESS CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT LIABILITIES
Net Assets		 -
615
123,974
-13,946
5,440,707
193,378
-6,618
-13,946
5,613,521
Unrestricted
Funds
2022
£
1
5,231,061
5,231,062
81,331
293,037
13,324
387,692
-5,233
382,459
5,613,521
5,613,521

CHARITY FUNDS

Unrestricted Funds

5,613,521

11

These financial statements were approved by the Trustees on 16th November 2022 and signed on their behalf by:

………………………………………….

Mrs Geraldine Winner

7

THE POLICE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost conventio and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102 1A). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), ''Accounting a Reporting by Charities'' the Charities Act 2011 and applicable regulations.

1.2 Fund accounting

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

1.3 Income

All incoming resources are included in the Statement of financial activities when charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

During the year to 5th April 2015 the charity became a beneficiary of the residua estate of the late Mr Michael Winner who set up the charity in 1984. The final distributions made by the executors of the estate were received during this year and no more income from that source is anticipated.

1.4 Expenditure

Expenditure is accounted for on an accruals basis and has been included under expense categories on a basis consistent with the use of the resources. This includes governance costs incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provide at rates calculated to write off the cost of fixed assets, less their estimated resid value over their expected useful lives on the following bases:

Computer Equipment - 3 years

2 INCOME FROM LEGACIES RECEIVED

The voluntary income comprises distributions from donated legacies/bequests and includes gift aid.

8

THE POLICE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

3 TRUSTEES REMUNERATION

No amounts have been paid to Trustees for services rendered in the carrying out duties as required by the role of Trustee.

Mr S Lloyd has been paid a consultancy fee of £10,000 (2021 - £9,000) based on formal consultancy agreement for press and media services for the Trust.

4 WAGES/SALARIES/SECRETARIAL COSTS/RELATED PARTY TRANSACTION

This relates to payments to the wife of the Managing Trustee for secretarial servi to the charity for the year to 31st March 2022

5 INCOME FROM INVESTED ASSETS
Sales proceeds from Investments
sold during the year
Original cost of Investments sold
Proft on disposal of listed investments		 2022
2,477,199
-2,283,821
193,378

Portfolio investments are valued at market value. As at the balance Sheet date the unrealised gain/(deficit) on investments held amounted to deficit -£6,618 (2021 - gain £397,396)

6 ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS

Cost Type Total Governance Other
Allocated Related support costs
Staf Costs 22,000 2,200 19,800
Postage, printing & stationery 959 192 767
Communication charges 1,219 122 1097
Travel and subsistence 3,307 165 3142

Allocation of staff time is based on the Trustees estimate of time spent, and usag is allocated based on the description noted in the charity's accounting records.

THE POLICE MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

7 TANGIBLE FIXED ASSETS

Cost

Accumulated cost of computers brought forward

Additions in the year

At 31st March 2022

Depreciation

Accumulated depreciation charge brought forward

Charge for the year

At 31st March 2022

Net Book Value

At 31st March 2022

9

At 31st March 2021

8 FIXED ASSET INVESTMENTS

Opening portfolio at 1st April 2021
Share Investments acquired directly by
Fund managers at cost
Share Investments disposed of directly
by Fund Managers at original cost
Unrealised gain/(defcit) on investments
Investments at 31st March 2022		 5,153,817
2,367,683
-2,283,821
-6,618
5,231,061

10

THE POLICE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

9 EXAMINERS REMUNERATION
Included within the global charge for accountancy
costs are examiners fees as detailed
Independant examiners fees		 2022
£1,500

10 SUNDRY CREDITORS

Sundry creditors £5,233 (2021 - £3,840) relate to accruals at the year end in res of Examiners Fees and Accountancy Charges and PAYE.

11 MOVEMENT OF FUNDS

At

Net Movement

01.04.2021 in Funds

Unrestricted Fund General Fund

5,440,707 172,814

11

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Unrestricted funds 2021 £

1,220 91,148 63

92,431

3,465 9,000 - 22,000 980 83,828 11,598 32,036 808 - 5,566 3,529 4,254 4,004 1,258 3,750 2,465

Unrestricted Funds

2021 £

1 5,153,817 5,153,818 -446 291,175 - 290,729 -3,840 286,889 5,440,707 5,440,707

5,440,707 In Ind iof ve the

ed ual

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ices

2021

3,567,727 -3,292,291 275,436

Basis of Apportionment

staff time usage usage usage

ge

Equipment £

2,989 - 2,989

2988 - 2,988

1

1

4,234,713 3,815,121 -3,292,291 396,274 5,153,817

2021

£1,500

pect

At

31.03.2022 5,613.521