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2024-03-31-accounts

Charity Number 289371

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024

THE POLICE MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31ST MARCH 2024

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

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2024

The Trustees present their Annual Report and Financial Statements of the Charity for the year ended 31st March 2024. 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 reminder, and gives full details of, all officers who have fallen year on year. The Charity ensures it is 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 sixty 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.

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THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2024 (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 held 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 had no particular aspirations other than to do the best it could with little or no funds. The legacy 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 2023/24 financial year the funds invested achieved a return in accordance with the Trustees expectations. Despite the continuing impact of the Ukraine and Gaza wars war and the cost of living crisis the value of Investments have recovered by around 9.5% to the pre war 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 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the Trustees are required to:

2

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2024 (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 to 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 steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's web site. Legislation in the United Kingdom governing 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 the 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 have 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.

3

THE POLICE MEMORIAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2024 (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

21st November 2024

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INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE POLICE MEMORIAL TRUST (CHARITY NUMBER 289371) ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

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 144 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 Charity Commission. An examination includes a review of the accounting records kept by the charity 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 explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in any audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below

Independent examiner's statement

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

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.

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INDEPENDENT EXAMINERS REPORT TO THE Trustees OF THE POLICE MEMORIAL TRUST (CHARITY NUMBER 289371) ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

Signed: Name: Mr B S Patel FCCA

Date: 21st November 2024

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 2024

Notes
INCOME AND ENDOWMENTS
From Legacies received
2
Memorial Grant Received
Investment Income
Dividends received
Interest Receivable
Total Income and Endowments
EXPENDITURE ON CHARITABLE ACTIVITIES
Costs of memorials and dedication
events for fallen officers
Trustee's Remuneration
3
Trustee's Out of Pocket Expenses
Secretarial Costs paid under PAYE
4
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 - Guards Chapel Trust
Travelling, Hotel & Subsistence Costs
Depreciation
Sundry expenses
Total Expenditure
Net Income/ (Deficit) for the Year
Reconciliation of funds
Total funds brought forward
Realised (Losses)/gain on investments
5
Unrealised gain/(deficit) on investments
Net (Deficit) / income
Total Funds carried forward		 Unrestricted
Unrestricted
funds 2024
funds 2023
£
£
1,427
3,140
37,705
-
133,163
96,271
4,095
1,063
176,390
100,474
19,746
21,789
10,000
10,000
1,777
1,635
24,000
23,500
3,248
2,104
16,540
13,835
40,445
31,118
940
1,351
806
3,474
3,388
3,821
2,885
2,264
5,016
5,202
2,736
-
-
3,500
-
1,912
12,789
12,840
-
-
425
680
144,741
139,025
31,649
-38,551
5,161,927
5,613,521
158,427
-208,378
311,236
-204,665
31,649
-38,551
5,663,239
5,161,927

6

THE POLICE MEMORIAL TRUST

BALANCE SHEET

AS AT 31ST MARCH 2024
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
CHARITY FUNDS
Unrestricted Funds
11		 Unrestricted
Unrestricted
Funds
Funds
2024
2023
£
£
1
0
5,123,066
4,838,224
5,123,067
4,838,224
174,537
30,009
370,436
298,493
-
-
544,973
328,502
-4,800
-4,800
540,173
323,702
5,663,239
5,161,927
5,663,239
5,161,927
5,663,239
5,161,927

These financial statements were approved by the Trustees on 21st November 2024 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 2024

ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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 and 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 of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 Income

All incoming resources are included in the Statement of financial activities when the 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 residuary 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 provided at rates calculated to write off the cost of fixed assets, less their estimated residual 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 where applicable includes gift aid.

8

THE POLICE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

3 TRUSTEES REMUNERATION

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

Mr S Lloyd has been paid a consultancy fee of £10,000 (2023 - £10,000) based on a 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 services to the charity for the year to 31st March 2024

5 INCOME FROM INVESTED ASSETS
Sales proceeds from Investments
sold during the year
Original cost of Investments sold
(Loss)/Profit on disposal of listed investments		 2024
2023
3,586,100
3,409,805
-3,427,673
-3,618,183
158,427
-208,378

Portfolio investments are valued at market value. As at the balance Sheet date the unrealised gain/(deficit) on investments held amounted to gain £311,236 (2023 - deficit £204,665)

6 ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS

Cost Type Total Governance Other Basis of
Allocated Related **support costs ** Apportionment
Staff Costs 24,000 2,400 21,600 staff time
Postage, printing & stationery 940 188 752 usage
Communication charges 2,885 288 2597 usage
Travel, Hotel & Subsistence 12,789 640 12149 usage

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

9

THE POLICE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

7 TANGIBLE FIXED ASSETS
Cost
Accumulated cost of computers brought forward
Additions in the year
At 31st March 2024
Depreciation
Accumulated depreciation charge brought forward
Charge for the year
At 31st March 2024
Net Book Value
At 31st March 2024
At 31st March 2023
8 FIXED ASSET INVESTMENTS
Opening portfolio at 1st April 2023
Share Investments acquired directly by
Fund managers at cost
Share Investments disposed of directly
by Fund Managers at original cost
Unrealised gain/(deficit) on investments
Investments at 31st March 2024		 Equipment
£
2,989
-
2,989
2988
-
2,988
1
1
4,838,224
5,231,061
3,401,279
3,430,011
-3,427,673
-3,618,183
311,236
-204,665		 Equipment
£
2,989
-
2,989
2988
-
2,988
1
1
5,123,066
4,838,224

10

THE POLICE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

9 EXAMINERS REMUNERATION
Included within the global charge for accountancy
costs are examiners fees as detailed
Independant examiners fees		 2024
2023
£1,500
£1,500

10 SUNDRY CREDITORS

Sundry creditors £4,800 (2023 - £4,800) relate to accruals at the year end in respect of Examiners Fees and Accountancy Charges and PAYE.

11 MOVEMENT OF FUNDS

At Net Movement At
01.04.2023 in Funds 31.03.2024
Unrestricted Fund
General Fund 5,161,927 501,312 5,663,239

11