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2023-06-30-accounts

Charity Registration No. 1168973

Company Registration No. 10210480 (England and Wales)

THE NORMANDY MEMORIAL TRUST LIMITED

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023

THE NORMANDY MEMORIAL TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees General Lord Richard Dannatt
Lord Robin Janvrin
General Sir Peter Wall
Mr David McDonough
Sir Mike Rake
Mr Nicholas Witchell
Baroness Gabby Bertin
Mr John Harrison
Professor Lord Ajay Kakkar
Lord Nicholas Soames
Charity number 1168973
Company number 10210480
Registered office 56 Warwick Square
London
SW1V 2AJ
Auditor TC Group
Devonshire House
1 Devonshire Street
London
W1W 5DR
Bankers Coutts & Co
440 The Strand
London
WC2R 0QS
Barclays Bank Plc
1 Churchill Place
London
EC14 5HP
BNP Paribas
16 Boulevard des Italiens
75009 Paris
France
Solicitors (UK) Russell-Cooke
2 Putney Hill
London
SW15 6AB
Solicitors (France) Addleshaw Goddard
32 avenue Kléber
75116 Paris
France

THE NORMANDY MEMORIAL TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Statement of financial position 12
Statement of cash flows 13
Notes to the financial statements 14 - 24

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The directors (trustees) present their report and accounts for the year ended 30 June 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Articles of Association, the Companies Act 2006 and "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)".

Objectives and activities

The purpose of the Trust, set out in Paragraph 4 of its Articles of Association, is "to promote good citizenship among the public and to promote the efficiency of the armed forces of the Crown by creating a fitting and permanent public memorial in Normandy, France to those members of the British Armed Forces, including members of other services and those from other Nations who fought directly alongside them, who gave their lives in the landings on "D-Day", 6th June 1944, and in the associated and subsequent fighting which is collectively known as the "Normandy Campaign"".

Public benefit statement

The directors (trustees) confirm that we have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities.

Achievements and performance

The Normandy Memorial Trust Limited was incorporated as a private company limited by guarantee at Companies House on 2nd June 2016: Company number 10210480. The Trust was entered onto the Register of Charities on 30th August 2016 with registered charity number 1168973.

The founding directors (trustees) were George Batts (formerly National Secretary of the Normandy Veterans' Association), Alastair Dutch and Nicholas Witchell. A fourth director, Andrew Whitmarsh, was appointed in July 2016.

The Trust's initial funding comprised a grant of £50,000 awarded to the Trust on 9th May 2016 by the Chancellor of the Exchequer from the LIBOR fund. The purpose of this grant was to enable the Trust to carry out an initial feasibility study for the Memorial and to locate an optimum site.

The Trust retained the architect Liam O'Connor of Liam O'Connor Associates. Among other projects Mr O'Connor had designed the Bomber Command Memorial in Green Park, London and the Armed Forces Memorial at the National Memorial Arboretum in Staffordshire.

On 5th March 2017 the Prime Minister announced a grant from the LIBOR fund of £20 million to the Trust to facilitate the construction of the British Normandy Memorial.

The Prime Minister said: "We must never forget the courage, sacrifice and selflessness of the British servicemen and women who gave their lives in the D-Day landings."

At a meeting of directors (trustees) on 28th March 2017, Lord Peter Ricketts, formerly British Ambassador to Paris and Permanent Under-Secretary at the Foreign and Commonwealth Office, was appointed as a director (trustee) and elected as Chairman of the board of directors (trustees).

Three further directors (trustees) were appointed: Lord Robin Janvrin, formerly Private Secretary to Her late Majesty Queen Elizabeth II; General Sir Peter Wall, a former Chief of the General Staff and Mr David McDonough.

General Lord Richard Dannatt, a former Chief of the General Staff, was appointed to the board on 13th July 2017; Sir Mike Rake, a former Chairman of BT Group, was appointed a director (trustee) on 26th September 2017.

George Batts resigned from the board in March 2017: he was invited to become a Patron of the Trust. Alastair Dutch stood down from the board on 15th June 2017.

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Baroness Gabrielle (Gabby) Bertin was appointed a director (trustee) on 8th May 2019.

In February 2019, the then HRH Prince Charles, Prince of Wales agreed to become the Trust's Royal Patron.

The site chosen for the Memorial is on a hillside overlooking "Gold Beach", one of the beaches where British forces landed on 6th June 1944. It is located in the town of Ver-sur-Mer. The choice of this site was endorsed in a consultation exercise with Normandy Veterans in the spring of 2017.

After some two years of intense preparatory work in 2017 and 2018 focusing on the funding, siting, design and construction of the memorial (much of which was carried out in close consultation with the French planning – authorities and the commune of Ver-sur-Mer), the site was formally inaugurated in a ceremony on 6 June 2019 – the 75th anniversary of D-Day attended by the then British Prime Minister Theresa May and the President of the Republic of France, Emmanuel Macron.

In September 2019, the then chancellor of the Exchequer announced a further £7 million of public funding for the Memorial.

Main construction work commenced in the summer of 2019. It was undertaken by Eiffage Route, the French company selected by the Trust to be its principal contractors. They were supported by the principal subcontractors S.McConnell & Sons (stonework), Odorizzi (paving) and Carpenter Oak (timber). Excellent progress was made through the summer and autumn of 2019. This continued over the winter of 2019-20 despite some interruptions caused by severe weather on the Normandy coast. Nonetheless the programme remained on schedule until March 2020 and the onset of the Covid-19 pandemic. The general lockdown imposed by the governments in France, the UK and elsewhere forced the suspension of all construction work.

The Trust actively took steps to monitor the impact and implications of the shutdown through its Project Manager and Contract Administrator. The positive spirit and cooperation of all the contractors in dealing with the challenges of the pandemic permitted a phased resumption of construction work from May 2020 with work being carried out in accordance with the social distancing guidelines set out by the French authorities.

The different components of the Memorial took shape: the central feature known as ‘Memorial Court’ enclosing the bronze sculpture of three British soldiers by sculptor David Williams-Ellis; the ‘D-Day Wall’ bearing the names of those lost on D-Day itself; the 160 pergola columns on which are inscribed the names of those lost between 7 June and 31 August 1944; the ‘Wreath and Shield’ at the centre of the main quadrangle; the ‘Waymarkers’ orientating the visitor to the 5 D-Day beaches; the “steles’ positioned along the Memorial Walkway from the car park to the Memorial which chart the course of the Battle of Normandy and the wildflower meadow below the Memorial, augmenting the atmosphere of tranquillity as the visitor gazes out across Gold Beach.

Major construction continued until October 2020 when the site was formally handed back to the Trust by Eiffage Route. Work on the landscape continued over the winter of 2020-21 by the French landscape contractors Vallois.

The Trust expresses its gratitude to all those (particularly the Commonwealth War Graves Commission) who helped to compile the list of 22,442 names for inscription on the Memorial. This was an original piece of research led by trustee Andrew Whitmarsh and the Trust’s lead researcher Jane Furlong.

The Trust is also greatly indebted to all those in Ver-sur-Mer and the wider community who supported the Memorial and to all the individuals and benefactors from trusts and foundations who contributed to the funding of the Memorial. The names of all principal benefactors have been inscribed on one of the side walls of Memorial Court.

The Memorial was officially opened on 6 June 2021 by the Trust’s patron the then HRH Prince Charles, Prince of Wales in a live televised link-up between the memorial site and the National Memorial Arboretum in Staffordshire where a number of Normandy Veterans and other guests gathered.

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

The Trust has developed an “app” for visitors to enrich the experience of visiting the Memorial. The app acts as a guide around the memorial and tells many of the individual stories of those whose names are inscribed upon it.

With the completion of the memorial’s construction and its official opening to the public, Lord Peter Ricketts decided to step down as a director (trustee). In a unanimous decision by trustees, the chairmanship of the board of trustees was taken over by Lord Richard Dannatt with effect from 20 October 2021. Lord Ricketts became the Trust's 'Honorary President'.

Mr John Harrison was appointed a director (trustee) on 18 January 2022. The Rt Hon The Lord Kakkar was appointed a director (trustee) on 12 July 2022.

With the relaxation of Covid restrictions the summer of 2022 was the first period of ‘normal’ operation of the memorial. However visitor numbers from the United Kingdom were significantly lower than in pre-pandemic years. Responses from those who did visit were very positive.

For the Trust, a major task is to ensure that the memorial remains in the pristine condition befitting such an important national memorial. To this end the Trust has entered into a commercial contract with the Commonwealth War Graves Commission who employ the full-time staff who maintain the memorial’s grounds and bring their considerable expertise to the task.

For three years from the opening of the memorial the Trust received no support from the British government towards the costs of the memorial’s maintenance. In the autumn of 2023 the British government agreed to take over the core costs of the care of the memorial’s grounds for a period of three years from April 2024. The trust remains responsible for all other costs of running the memorial site: utilities, the maintenance of the public toilets, insurance of the site and the fees of the Trust’s small team of consultants. To meet these ongoing costs a small charge is levied for car parking at the memorial: there are also opportunities for visitors to make electronic donations. The Trust has also set up a “Guardian” scheme which allows supporters to make monthly payments, and a small range of merchandise is offered via the Trust’s website. In the summer of 2023 the Trust set up a small on-site shop and tourist information point staffed in partnership with the Gold Beach Office of Tourist Information.

Lord Nicholas Soames was appointed a director (trustee) on 10 February 2023.

Throughout 2023 the Trust developed plans to create an Education Centre on the memorial campus to ensure that the significance of the British contribution to D-Day and the stories of some of the men and women whose names are recorded on the memorial are fully understood and appreciated by younger generations, today and in the future. Consultants Barker Langham were commissioned to produce designs for an Education Centre. The Trust worked closely with STM, the Communaute de Communes, Seulles Terre et Mer, to raise funding from the Normandy Region and the Calvados Departement. In the UK, funding for the education centre was received from BAE Systems as ‘principal sponsor’ and others including the UK Ministry of Defence and the Garfield Weston Foundation. Following an open tender, Eiffage Route were appointed as principal contractors. Work on the building, to be called ‘The Winston Churchill Centre’, began in December 2023 with a view to having the building ready to be opened on 6 June 2024, the 80th anniversary of D-Day when the British National Commemoration of the landings will take place at the British Normandy Memorial. The building will contain two exhibition galleries to be utilized initially by The Royal British Legion, an education space, café and shop.

Financial review

The Statement of Financial Activities set out on page 11 of the accounts show how the Trust's incoming resources have been expended in the year ended 30 June 2023.

The income amounted to £395,072 (2022: £199,131), comprising income from charitable activities of £55,938 (2022: £12,510), donations from the public and other charitable foundations of £285,768 (2022: £183,694) and investment income of £53,366 (2022: £2,927).

The revenue expenditure amounted to £850,808 (2022: £734,812), with £70,913 of costs of raising funds (2022: £26,699), £751,773 (2022: £667,242) on direct charitable expenditure and £28,122 (2022: £40,871) on governance costs.

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

The deficit for the year was £474,083 (2022: £562,669).

The Statement of Financial Position set out on page 12 of the accounts shows the financial position of the Trust at 30 June 2023.

Intangible assets of £107,025 (2022: £153,759) are the capital costs incurred in designing and developing the Trust's app to enhance the visitor experience at the British Normandy Memorial.

Heritage assets of £26,647,970 (2022: £26,631,961), are the capital costs incurred in acquiring the land at Versur-Mer and for the construction of the British Normandy Memorial.

Investments of £1,761,018 (2022: £1,779,365) comprise listed investments of £1,750,444 (2022: £1,722,161) and cash deposits of £10,574 (2022: £57,204).

Current assets amounted to £517,976 (2022: £1,065,698), which is represented by other receivables of £29,054 (2022: £44,503) and cash at bank of £488,922 (2022: £1,021,195).

At 30 June 2023, the Trust had net current assets of £353,792 (2022: £765,746). Total net assets amounted to £28,957,707 (2022: £29,431,790) which is represented by the balances on the restricted income funds and unrestricted income funds of £65,500 (2022: £15,500) and £28,892,207 (2022: £29,416,290) respectively.

The Trust is committed to maintaining a level of reserves which is prudent to meet on-going liabilities sufficient to ensure that the Memorial can be maintained and to protect the long-term future of its activities. At 30 June 2023, the Trust had free reserves of £288,292. The trustees are satisfied that the Trust has adequate resources to meet with the ongoing costs to maintain the British Normandy Memorial for the foreseeable future.

Investment policy and performance

The directors (trustees) have the power to invest in such assets as they see fit under paragraph 5 of the company's Articles of Association.

The directors' (trustees') objectives are to seek long term capital growth from capital not presently required to meet commitments, nor earmarked for future projects, acting prudently and after taking professional advice.

In October 2021 the board of trustees decided to establish a Finance, Audit, Investment and Risk (FAIR) subcommittee to focus on those issues and with a view to developing a prudent investment policy. The subcommittee held its first meeting on 8th December 2021 with Lord Dannatt in the chair and three other trustees, John Harrison, Mike Rake and Nicholas Witchell. Terms of Reference had been drafted and were agreed: the sub-committee would deal with the complete range of finance, investment, audit and risk issues, incorporating a general overview of all financial issues and reporting to the main board of trustees. Fundraising would be treated as a separate issue. Delegated financial limits and a reserves policy were agreed and an independent investment commentator was appointed.

The Chairman and the independent investment commentator met three investment houses and after discussion with sub-committee members it was decided to appoint Cazenove Capital to handle the trust's investment portfolios in Sterling and Euros. These portfolios were opened in May 2022.

All investments are reviewed by the sub-committee on a regular basis with the trust's investment advisors who report as follows on performance to the end of June 2023:

"Markets rounded off a tumultuous 2022 with gains in the last two months of the year, along with a strong start in 2023. Economists weren’t especially hopeful about 2023 with predictions of recessions littering the world’s economies and elevated levels of inflation. Investors were also faced with a challenging environment at the start of May 2023, as concerns about the health of the US regional banking system, the possibility of a US debt default, and hawkish tones from the Federal Reserve, weighed on sentiment. Despite these headwinds, and after significant losses in 2022, equities bounced back again in 2023, with global equities returning +13.0% over the past 12 months to the end of June 2023. Higher interest rates however led to significant losses in bond markets with UK Government Bonds returning -14.5%.

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

However, it's important to note that the headline equity figure masks significant divergence in performance between sectors and styles, and that market breadth was incredibly narrow for much of the first six months of 2023. The S&P 500 returned +6.4% (£ terms) over the period, however the performance was driven by mega cap technology companies. These stocks benefited from investor exuberance about the potential growth implications of artificial intelligence, attracting notable retail flows and eventually causing institutional investors to follow suit as they looked to manage risk. Excluding these info tech companies, the S&P 500 returned -0.9%.

Against this backdrop, the Normandy Memorial Trust Sterling portfolio generated a return of +0.8% for the year to June 2023, whilst the Euro portfolio returned +2.5%."

Structure, governance and management

The Trust is a company limited by guarantee incorporated in England and Wales. The Trust is also a registered charity in accordance with the Charities Act 2011, with charity registration number 1168973.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

General Lord Richard Dannatt Lord Robin Janvrin General Sir Peter Wall Mr David McDonough Sir Mike Rake Mr Andrew Whitmarsh (Resigned 28 May 2023) Mr Nicholas Witchell Baroness Gabby Bertin Mr John Harrison Professor Lord Ajay Kakkar (Appointed 12 July 2022) Lord Nicholas Soames (Appointed 10 February 2023)

Among the Trust's trustees are senior figures who have held senior positions of responsibility within Buckingham Palace, the Foreign and Commonwealth office, The British Army and within the corporate sector. They have been recruited in order to bring to the Trust a range of proven skills and experience and the highest levels of probity and responsibility. All have been appointed by unanimous decisions of the board of trustees.

Trustees are expected to identify their training needs and to take measures to ensure that these needs are met.

The trustees meet on a bi-monthly basis to review progress and direct strategy.

The Trust's day to day activities are delegated to Nicholas Witchell who is supported by a Finance and Operations Manager, a Director of Development focussing on fundraising and relations with the Normandy Veteran community and an Operations Manager (France) focussing on relations with the French authorities, the town of Ver-sur-Mer and the operation of the memorial.

The trustees are responsible solely for the consideration and authorisation of the funds held by the Trust. All trustees give their time freely. Expenses reimbursed to them are disclosed in Note 8 to the accounts.

In the event of the dissolution of the Trust, the liability of each member is limited to £10.

Future plans

As stated above, the Trust’s first priority is to ensure that there is funding for the long-term maintenance of the memorial.

The Trust is also, as stated, actively engaged on plans for Phase Two of the development of the Ver-sur-Mer site, the construction of a Learning/Education Centre with facilities for visitors such as a cafe and shop. ‘The Winston Churchill Centre’ is due to be opened in June 2024.

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Risk statement

The trustees are aware of their responsibility to ensure that the major risks to which the Trust is exposed are identified and to establish systems to mitigate those risks. They believe that there are in place adequate controls and systems to mitigate any external and internal risks that the Trust must face.

Trustees' insurance and indemnities

The Trust has entered into qualifying third party indemnity arrangements for the benefit of all trustees in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year.

Fundraising statement

The Trust is registered with the Fundraising Regulator and is compliant with the Code of Fundraising Practice and the Fundraising Promise. There have been no instances of non-compliance with the Fundraising Regulator to date.

The Trust engages the services of V Fundraising Limited for its fundraising activities. There is regular and ongoing contact with V Fundraising Limited on all fundraising action.

The Trust's fundraising activities includes public appeals through media outlets, such as national newspapers and the Trust's own website, together with an active programme to recruit "Guardians of the Memorial", a small online shop, as well as focusing on relationships with institutions and a small number of individuals.

No complaints were received in relation to the Trust's fundraising activities.

Statement of trustees' responsibilities

The trustees, who are also the directors of The Normandy Memorial Trust Limited for the purpose of company law, 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).

Company Law 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 Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

THE NORMANDY MEMORIAL TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions.

The trustees' report was approved by the Board of Trustees.

Mr Nicholas Witchell

Trustee Dated: 25 March 2024

THE NORMANDY MEMORIAL TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED

Opinion

We have audited the accounts of The Normandy Memorial Trust Limited (the ‘Trust’) for the year ended 30 June 2023 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 Trust’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.

Other information

The other information comprises the information included in the annual report other than the accounts and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts 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 accounts 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 accounts 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE NORMANDY MEMORIAL TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the Trust’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 Trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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 or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

THE NORMANDY MEMORIAL TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 Trust's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to state to them in an auditors' 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 Trust and the Trust's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Marks FCA (Senior Statutory Auditor) for and on behalf of TC Group

25 March 2024

Statutory Auditor

Devonshire House 1 Devonshire Street London W1W 5DR

THE NORMANDY MEMORIAL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted Restricted Total Total
funds funds 2023 2022
Notes £ £ £ £
Income from:
Donations and grants 2 190,695 95,073 285,768 183,694
Charitable activities 3 55,938 - 55,938 12,510
Investments 4 53,366 - 53,366 2,927
Total income 299,999 95,073 395,072 199,131
Expenditure on:
Raising funds 5 70,913 - 70,913 26,699
Charitable activities 6 734,822 45,073 779,895 708,113
Total expenditure 805,735 45,073 850,808 734,812
Net gains/(losses) on investments 11 (18,347) - (18,347) (26,988)
Net movement in funds (524,083) 50,000 (474,083) (562,669)
Fund balances at 1 July 2022 29,416,290 15,500 29,431,790 29,994,459
Fund balances at 30 June 2023 28,892,207 65,500 28,957,707 29,431,790

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE NORMANDY MEMORIAL TRUST LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2023

2023 2023 2022 2022
Notes £ £ £ £
Fixed assets
Intangible assets 12 107,025 153,759
Tangible assets 13 87,902 100,959
Heritage assets 14 26,647,970 26,631,961
Investments 15 1,761,018 1,779,365
28,603,915 28,666,044
Current assets
Other receivables 16 29,054 44,503
Cash at bank and in hand 488,922 1,021,195
517,976 1,065,698
Creditors: amounts falling due within 17
one year (164,184) (299,952)
Net current assets 353,792 765,746
Total assets less current liabilities 28,957,707 29,431,790
Income funds
Restricted funds 18 65,500 15,500
Unrestricted funds 28,892,207 29,416,290
28,957,707 29,431,790
28,957,707 29,431,790

The accounts were approved by the Trustees on 19 March 2024

Mr Nicholas Witchell

Trustee

Company Registration No. 10210480

THE NORMANDY MEMORIAL TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 22 (560,711) (864,840)
Investing activities
Purchase of intangible assets - (67,784)
Purchase of tangible assets (8,919) (126,199)
Purchase of heritage assets (16,009) (73,935)
Purchase of investments - (1,806,353)
Investment income received 53,366 2,927
Net cash generated from/(used in)
investing activities 28,438 (2,071,344)
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (532,273) (2,936,184)
Cash and cash equivalents at beginning of year 1,021,195 3,957,379
Cash and cash equivalents at end of year 488,922 1,021,195

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

The Normandy Memorial Trust Limited is a private company limited by guarantee incorporated in England and Wales. The Normandy Memorial Trust Limited is also a registered charity in accordance with the Charities Act 2011, with charity registration number 1168973. The registered office is 56 Warwick Square, London, SW1V 2AJ. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's Articles of Association, the Companies Act 2006 and "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 Trust is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these accounts are rounded to the nearest £.

The accounts have been prepared under the historical cost convention save for investments held at market value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the Trust's objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in Note 18 to the accounts.

1.4 Incoming resources

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are credited to the Statement of Financial Activities when they are receivable. Grants that are awarded for specific purposes are treated as restricted incoming resources.

Grants where entitlement is not conditional on the delivery of a specific performance by the Trust are recognised when the Trust becomes unconditionally entitled to the grant.

Income from trading activities is recognised at the point of sale.

Income from parking charges is recognised at the point of sale.

Investment income is recognised net of witholding tax, when the Trust is legally entitled to it.

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.5 Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis.

Expenditure on charitable activities comprises expenses incurred in pursuance of the Trust's principal activities.

VAT is charged against the expenditure heading for which it was incurred.

Governance costs, which are included in expenditure on charitable activities, are those incurred in the governance of the Trust and its assets, and are primarily associated with constitutional and statutory requirements.

1.6 Intangible fixed assets other than goodwill

Intangible fixed assets, being intellectual property owned by the Trust, are capitalised at cost and amortised over the estimated useful life of the asset.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website and software 5 years on a straight line basis

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Plant and equipment 20% reducing balance basis

1.8 Heritage assets

A heritage asset is defined as a "tangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture".

The British Normandy Memorial falls within the definition of a heritage asset and is considered to be inalienable.

The British Normandy Memorial is capitalised at cost. It is not depreciated as it is deemed to have an indefinite life, but is subject to impairment reviews, where damage or deterioration is reported.

1.9 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Financial Activities for the year. Transaction costs are expensed as incurred.

1.10 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.11 Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.12 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's Statement of Financial Position when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the accounts, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.13 Taxation

No liability arises as the Trust's charitable activities are exempt from corporation tax.

1.14 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the Statement of Financial Activities for the period.

2 Donations and grants

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
190,695
95,073
For the year ended 30 June 2022
176,394
7,300		 Total
2023
£
285,768		 Total
2022
£
183,694
183,694

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

3 Charitable activities

Trading income
Parking income		 2023
£
4,864
51,074
55,938		 2022
£
2,301
10,209
12,510

4 Investments

Income from listed investments
Interest receivable		 2023
£
49,882
3,484
53,366		 2022
£
2,077
850
2,927

5 Raising funds

Trading costs
Investment management fees
Parking commission		 2023
£
59,878
6,887
4,148
70,913		 2022
£
24,820
1,000
879
26,699

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

6 Charitable activities

In the year ended 30 June 2023, the following revenue expenditure was incurred:

Amortisation of intangible fixed assets
Depreciation of fixed assets
Fundraising
Event management costs
Media coverage including website and app
Insurance fees
Security fees
French property taxes
Foreign exchange losses/(gains)
Consulting fees
Utilities costs
Legal and professional
Travel and subsistence costs
Memorial maintenance
Governance costs (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 2023
£
46,734
21,976
76,378
40,110
65,824
37,757
3,510
694
6,173
139,007
18,038
87,135
17,833
190,604
751,773
28,122
779,895
734,822
45,073
779,895		 2022
£
46,734
25,240
81,939
65,745
28,654
37,131
8,563
1,426
(53,588)
135,037
22,011
31,007
17,293
220,050
667,242
40,871
708,113
708,113
-
708,113

7 Governance costs

Audit fees
Accountancy
Bank charges
Sundry expenses		 2023
£
6,500
11,500
7,325
2,797
28,122		 2022
£
6,260
16,120
6,441
12,050
40,871

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

Expenses for travel, meeting costs and printing, postage and stationery for the Trust as a whole of £17,603 (2022: £14,918) was reimbursed to 1 trustee (2022: 1 trustee).

9 Auditor's remuneration

Fees payable to the Trust's auditor and associates:
Audit of the Trust's annual accounts
Non-audit services
All other non-audit services		 2023
£
6,500
11,500		 2022
£
6,260
16,120

10 Employees

There were no employees during either the current or prior year.

11 Net gains/(losses) on investments

2023 2022
£ £
Revaluation of investments (8,950) (26,352)
Loss on sale of investments (9,397) (636)
(18,347) (26,988)

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

12 Intangible fixed assets

Intangible fixed assets
Website and software
£
Cost
At 1 July 2022 and 30 June 2023 233,670
Amortisation
At 1 July 2022 79,911
Amortisation charged for the year 46,734
At 30 June 2023 126,645
Carrying amount
At 30 June 2023 107,025
At 30 June 2022 153,759

Intangible assets represent expenditure incurred in developing the visitor experience and education "app" for visitors to the British Normandy Memorial.

13 Tangible fixed assets

Tangible fixed assets
Plant and equipment
£
Cost
At 1 July 2022 126,199
Additions 8,919
At 30 June 2023 135,118
Depreciation and impairment
At 1 July 2022 25,240
Depreciation charged in the year 21,976
At 30 June 2023 47,216
Carrying amount
At 30 June 2023 87,902
At 30 June 2022 100,959

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

14 Heritage assets

At 1 July 2022
Additions
At 30 June 2023		 £
26,631,961
16,009
26,647,970

The British Normandy Memorial is a permanent public memorial in Normandy, France to those members of the British Armed Forces, including members of other services and those from other Nations who fought directly alongside them, who gave their lives in the landings on "D-Day", 6th June 1944, and in associated and subsequent fighting which is collectively known as the "Normandy Campaign".

The British Normandy Memorial records the names of the 22,442 servicemen and women under British command who fell on D-Day and during the Battle of Normandy in the summer of 1944. This includes people from more than 30 countries. Inscribed in stone, their names have never been brought together before.

The site also includes a French Memorial, dedicated to the memory of French civilians who died during this time.

The British Normandy Memorial is preserved and maintained, under a commercial arrangement, by the Commonwealth War Graves Commission who have two of their staff permanently based at the site to carry out day to day maintenance tasks.

15
Investments at fair value comprise:
Listed investments
Cash deposits
Movements in non-current investments
Cost or valuation
At 1 July 2022
Additions
Valuation changes
Disposals
At 30 June 2023		 2023
£
1,750,444
10,574
1,761,018		 2022
£
1,722,161
57,204
1,779,365
Total
1,779,365
205,464
(10,369)
(213,442)
1,761,018

Fixed asset investments revalued

Listed investments are held at their fair value on the open market at 30 June 2023. The historic cost of listed investments at 30 June 2023 is £1,796,669.

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

16 Other receivables

Other receivables
Other debtors
Prepayments and accrued income		 2023
£
7,059
21,995
29,054		 2022
£
20,585
23,918
44,503

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Payables
Accruals		 2023
£
127,117
37,067
164,184		 2022
£
250,097
49,855
299,952

18 Restricted funds

The income funds of the charity include restricted funds which are held on trust for specific purposes, as follows:

Movement in funds
Balance at 1 Incoming Resources Balance at 30
July 2022 resources expended June 2023
£ £ £ £
The Normandy Veterans' Association 10,000 - - 10,000
The Sheffield and District Normandy Veterans
Association 5,500 - - 5,500
The Sandy and Zorica Glen Charitable Settlement - 50,000 - 50,000
Airbus Operations Limited - 15,000 (15,000) -
Serco Limited - 15,000 (15,000) -
French Government - 15,073 (15,073) -
15,500 95,073 (45,073) 65,500

(a) The Normandy Veterans' Association

A donation of £10,000 was received on 16 June 2020 as a contribution towards Phase 2 of the British Normandy Memorial, being the construction of the educational centre and other needs of the British Normandy Memorial. The monies are to be applied in the construction of the education centre.

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

18 Restricted funds

(Continued)

(b) The Sheffield and District Normandy Veterans Association

A donation of £5,500 was received on 18 March 2022 as a contribution towards Phase 2 of the British Normandy Memorial, being the construction of the educational centre. The monies are to be applied in the construction of the education centre.

c) The Sandy and Zorica Glen Charitable Settlement

A donation of £50,000 was pledged on 12 August 2022 to contribute to the cost of the education centre. The monies are to be applied in the construction of the education centre.

d) Airbus Operations Limited

A donation of £15,000 was received on 11 November 2022 as a contribution towards the costs of a fundraising event at the Churchill War Rooms. The monies have been applied in holding the fundraising event at the Churchill War Rooms in the year.

e) Serco Limited

A donation of £15,000 was received on 11 November 2022 as a contribution towards the costs of a fundraising event at the Churchill War Rooms. The monies have been applied in holding the fundraising event at the Churchill War Rooms in the year.

f) The French Government

A donation of £15,073 was received on 29 November 2022 as a contribution towards the cost of creating the Queen Elizabeth II Memorial Avenue. The monies have been applied in creating the Queen Elizabeth II Memorial Avenue in the year.

19 Analysis of net assets between funds

Analysis of net assets between funds Analysis of net assets between funds
Unrestricted
funds
£
Fund balances at 30 June 2023 are represented by:
Intangible fixed assets
107,025
Tangible assets
87,902
Heritage assets
26,647,970
Investments
1,761,018
Current assets/(liabilities)
288,292
28,892,207		 Restricted
funds
£
-
-
-
-
65,500
65,500		 Total
£
107,025
87,902
26,647,970
1,761,018
353,792
£
107,025
87,902
26,647,970
1,761,018
288,292
28,892,207
28,957,707

20 Related party transactions

No donations were received from trustees during the year under review.

21 Analysis of changes in net funds

The Trust had no debt during the year.

THE NORMANDY MEMORIAL TRUST LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

22 Cash generated from operations 2023 2022
£ £
Deficit for the year (474,083) (562,669)
Adjustments for:
Investment income recognised in statement of financial activities (53,366) (2,927)
Loss on disposal of investments 9,397 636
Fair value gains and losses on investments 8,950 26,352
Amortisation of intangible fixed assets 46,734 46,734
Depreciation of tangible fixed assets 21,976 25,240
Movements in working capital:
Decrease in receivables 15,449 106,586
(Decrease) in payables (135,768) (504,792)
Cash absorbed by operations (560,711) (864,840)