Charity Registration No. 1168973 Company Reglstralion No. 10210480 {England and Wales) THE NORMANDY MEMORIAL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025
THE NORMANDY MEMORIAL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees General Lord Richard Dannatt General Sir Peter Wall Mr David McDonough Sir Michael Rake Mr Nicholas Wllchell Baroness Gabby Bertin Mr John Harrison Professor Lord Ajay Kakkar (Resigned 1 September 2025) Lord Nicholas Soames Mr Richard Swallow (Appointed 19 November 2024) Vlscounl Henry Montgomery (Appointed 15 July 20251 (Resigned 24 December 20251 Charity registratlon numbor 1168973 Company number 10210480 Registered offlc• 56 Warwick Square London SW1V 2AJ Auditor TC Group 5th Floor 3 Dorset Rise London EC4Y 8EN Bankers Coutts & Co 440 The Strand London WC2R (IQS Barclays Bank PIC 1 Churchill Place London EC14 5HP BNP Paribas 16 Boulevard des Italiens 75009 Paris France Soll¢ltors (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 Independent Audilor's Report 8-10 Consolidated Statement of Financial Actlvities 11 statements of Financial Position 12 Consolidated Cash Flow Statement 13 Notes to the Financial Slatemenls 14-26
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2025 The trustees present their report and accounts of The Normandy Memorial Trust Limited I'the Trust") and its subsidiary. SAS NMT Trading France (logether"Ihe Group") for the year ended 30 June 2025. The accounts have been prepared in accordance wllh the accounting policies sel out in note 1 to the accounts and comply with the Trusvs Articles of Association, the Companies Act 2006 and 'Accounling 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 IFRS 1021 leffeclive 1 January 2019}". Objeetlves and activities The purpose of the Trust, sel out in Paragraph 4 of ils Articles of Association. is lo promote good citizenship among the public and lo promote the efficiency of the armed forces of the Crown by crealng 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 'O-Day" 6th June 1944. and in the associated and subsequent fighting which is collectively known as the "Normandy Campaign" Publlc benefit statgmgnt The dire¢lors Ilrusteesl confirm th81 we have referred to the guidance contained in the Charity Commission's general guidance on public ben8fit when reviewing our aims and objectives and in planning future aclivilies. Achievements and porformance The Normandy Memorial Tiust Limited was incorporated as a private company limited by guarantee at Companies House on 2nd June 2016- Company number 10210480. The Tnjsl was entered onlo the Register of Charities on 30th August 2016 with regislgred charity number 1168973. The founding directors Ilrusleesl were George Balls {formedy National Secretary ofthe Normandy Veterans, Associatlon), Alastair Dutch and Nicholas Wilchell. A fourth director. Andrew Whilmarsh. was appointed in July 2016. Thè Trust's initial funding comprised a grant of £50,000 awarded lo the Twsl on 9th May 2016 by the Chancellor of the Exchequer from the LiaoR fund. The purpose of this grant was to gnable the Trust to carry out an initial feasibility Study for the MeTnorial and to locate an oplimum site. The Trust retained the architect Liam O'connor of Llam O'connor Assoclates. Among other projects Mr O'connor had designed the Bomber Command Mernorial in Green Paik. London and the Armed Forces Memorial at the National Memorial Arboretum in Slaffordshire. On 51h March 2017 the then Prime Minister Theresa May announced a grant from the LIBOR fund of £20 wnillion lo 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 servlcemen and women who gave their lives in the D-Day landings." At a meeling of dlrector5 ltruslees) on 28th March 2017. Lord Peter Ricketts. fomierty British Ambassador to Paris and PeTmanenl Under-secretary at the Foreign and Commonwe811h Office, was appointed as a d1Ctor Ilrusleel and elected as Chairman of Ihe board of directors Ilrustees)- Three further directors (trustees) were appointed.. Lord Robin Janvrin. formerly Private Secretary to Her late Majesty Queen Elizabelh11,' General Sir Peter Wall, a former Chief of the General Staff and Mr David Mctjonough. General Lord Richard Dannatt, a former Chief of the General Staff. was appointed lo the board on 13th July 2017: Sir Mike Rake, a former Chairman of BT Group, was appointed a director Ilruslee) on 26th September 2017. George Batts resigned from the board in March 2017: he was invited to become a Patron of the Trust. Alaslalr Dutch stood down from the board on 15th June 2017. Baroness Gabrielle {Gabbyl Bertin was appointed a director ltrusteel on 8th May 2019. In February 2019, the then HRH Prince Chades, Prince of Wales agreed to become the Tnjsl's Royal Patron.
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 The sile chosen for the Memorial is on a hillside ovedooking "Gold Beach" one of the beaches where Bri115h forces landed on 6th June 1944. It is localed in the town of Ver-sur-mer. The choice of this site was endorsed in a consultslion exer¢l$e with Normandy Veterans In the sprlng of 2017. After some years of intense preparatory work in 2017 and 2018 focusing on the funding, siting, design and Construction of the Memorial Imuch of which was carried out in close consullalion with the French planning authorities and the comrnune of Ver-sur-merl. the site was formally inaugurated in a ceremony on 6 June 2019 - the 75th annivetsary of D-Day- attended by the then British Prime Minister Theresa May and the President of the Republic of FranGe. Emmanu81 Macron. In September 2019, the then chancellor of the Exchequer announ¢ed a fvrther £7 million of public funding for the Memorial. Main construction work commenced in the summer of 2019. 11 was undertaken by Eiffage Route. the French company sele¢led by the Trust lo be ils principal contractors. They were supported by the principal sub-contractors S.hAcConnell & Sons Isloneworkl, Odorizzi (paving) and Carpenter Oak {limber). Excellent progress was made thiough the summer and autumn of 2019. This continued over the winter of 2019-20 despite some inteup11OnS caused by severe weather on the Normandy coast. Nonetheless the programme remained on schedule until March 2020 and the onset ofthe Covid- 19 pandemic. The general lockdown imposed by the govemment$ In France, Ihe UK and elsewhefe forced thg suspension of all construction work. The Trust actively took steps lo monitor the impact and implications of the shutdown through ils 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 wllh 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 'Wrealh and Shleld. 8t the eenlre of the main quadrangle- the 'Waym2rkers' orientating the visitor lo the 5 D-Day beaches,. the "steles. positioned along the Memorial Walkway from the car park lo the Memorial which chart the cours8 of the Battle of Nomiandy and the wildflower meadow below the Memorial. augmenting the atmosphere of tranquillity as the visitor gazes out across Gold Be8¢h. Major construction continued until October 2020 when the sile was formally handed back to the Tiust by Eiffage Route. Work on the landscape continued over the winter of 2020-21 by the French landscape contractors Vallols. The Trust expresses its gratitude to all those {particularly the Commonwealth Wai 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 twstee Andrew Whilmarsh and the Trust's lead researcher Jane Furlong. The Trust is also greatly indebted lo all those in Ver-sur-mer and the wider community who supported the Memorial and lo all the individuals and benefaelors from trusts and foundations who Contributed lo the funding of the Memorial. The names of all principal benefactors have been inscribed on one of the slde walls of Memorial Court. The Memorial was officially opened on 6 June 2021 by the Trust's patron the then HRH Prince Charfes. Prince of Wales in a live televised link-up between the Memorial sile and the National Memorial ArbOlUM in Slaffordshire where a number of Normandy Veterans and other guests gathered. The Trust has developed an"app" for visitors to enrich the experience of vlslling the Memorial. The app acts as a gulde around the Memrial 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 {Irusleel. In a unanimous decision by Iruslees, the chaimianship of the board of Iruslees was taken over by Lord Richard Dannatt with effect from 20 October 2021. Lord Rick8lls became the Trusvs 'Honorary President.. Mr John Harrison was appolnted a director (trusteel on 18 January 2022. The Rl Hon The Lord Kakkar was appointed a director (trustee) on 12 July 2022. Andrew Whilrnarsh resigned as a director (trustee) on 28 May 2023.
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 With the relaxation of Covid roslriclions the summer of 2022 was the first period of 'nonal, 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 15 lo ensLtre that the Memorial remains in the pristine condition befitting such an irnF)Ortanl 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 ofthe Memorial the Trust received no support from the British government l¢wards the costs of the Merntsri81'5 mainlenanee. In the autumn of 2023 the British government agreed to take over the core cosls of the care of the MemoTial's grounds for a perlod of three years from April 2024. The Irust remains responsible for all the other costs of running the Memorial sile: ulililies, the maintenance of the public toilets. insurance of the sile and the fees of the Trusvs small team of consullanls. To meet these ongoing costs a small chargo is lèvied for car parking al the Memorial.. there are also opportunities for visitors to make electronic donations. The Trust has also sel up a "Guardian" scheme which allows SLtpporters lo make monthly payments, and a small Tange of merchandise is offeTed vla the Tnjsl's website. Lord Nicholas Soames was appointed a director Ilrustee) on 10 February 2023. Throughout 2023 the Trust developed plans to create an Educatlon Centre on the Memorial campus lo ensure that the significance of the British contribution lo 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. Consullants BaTker Langham were commissioned lo produce design5 for an Education Cenlre. The Trust worked closely with STM, the Communaule de Communes, Seulles Terre el Mer, lo raise funding from the Normandy Region and the Calvados Departement. In IhB UK. funding for the education centre was received from BAE Systems as 'principal sponsorf and others including the UK Minislfy of Defence and the Garfield Weston Foundation. Following an open lender, Eiffage Route were appointed as principal contractors. They worked closely with the construction company Spie Batignolles. Work on the building, to be called 'The Winston Churchill Cenlre., began in December 2023. On 6 June 2024 the official Brtlish commemoration ofthe 80th annlversary of D-Day look place at The British Nomiandy Memorial in the presence of Their Majesties King Charles 111 and Queen Camilla and the President of the Republic of Frarbce Emmanuel Macron and Madame MaGroH. In piide of place were some 40 Normandy Veterans. In hls address. the King spoke of the "profound sense of gratitude. with which all Ihose who lost their Ilves in the Second World War were remembered. 11 was, he said, a reminder of the lesson of hlstory that free Nations musl 81ways sland together to oppose tyranny. After the service of commemoration the King Ilhe Trust's Palronl and Queen opened the neY conslnjcled Winston Churchill Centre and viewed ils fjvo exhibition galleries. an education room. shop and café. Entrance to the centre is free of charge. A separate company'SAS NMT Trading France" was sel up to handle the commercial operations in the cafe and shop of the Winston Churchlll Cenlre. This company was incorporated in France on 5 June 2024. A further notable feature of the spring and summer of 2024 was the presents in the wildflower meadow of the Memorial of 1,475 giant silhouettes of British soldiers, sailoTS and ainnen. The figure represented the number of those in British units who lost their lives on D-Day itself. The inslallalion was the work of the Brltish eharfty Standing with Giants who worked c105ely with the Tnjst. The giant silhouettes returned lo the Memorial for the sprlng and summer of 2025 and a9ain in 2026. The Mernorial received an eslimaled 250,000 visitors over the sprfng and summer of 2024: a slmilar number visited in 2025. Lord Robin Janvrin stepped down as a director IlnJslee} on 23 July 2024. Mr Richard Swallow was appointed a director (trustee} on 19 November 2024. Lord Kakkar stepped down as a director (trustee) on 1 September 2025. Mr David McDonough resigned as a direcloT (trustee} on 24 De¢ember 202S. Wiscounl (Henry) Montgomery of Alamein was appointed a dlrectOT Ilruslee) on 15 July 2025.
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 Throughout the 2025 season, the Trust continued lo develop the Winston Churchill Centre's capacity to host school groups and to broaden the scope of ils educational offering. That work is continuing in the knowledge that as. sadly. the Veterans and their eye witness leslimonies pass on, il is of even gfealer importance to educate new generations and lo explain the significance of D-Day and the United Kingdom'5 part in the restoration of freedom in Western Europe. Flnanclal revlew As discussed above. on 5 June 2024. a Iwholly owned) French company "SAS NMT Trading France. was set up to handle the commercial operations in the café and shop of the Winston Churchill Centre. The café and shop are open between April and October. The company commenced trading in the second half of 2024. Accordingly, these are the first accounts lo be prepared on a ¢onsolidated basis to show the combined financial transactions of the Trust and of ils wholly-owned subsidiary {together'lhe Group-). The Slalemenl of Financial Activities sel out on page 11 of the accounts show how the Group's incoming resources have been expended in the year ended 30 June 2025. The income amounted to £1.345.863 12024: £2,794,473), which comprises donations and grants of £736.59712024- £1,969.5081 (see note 21, revenues generated from charilablg activities and trading of £S77,32312024.. £763.6181 {see note 31 and investment Income of £31,94312024: £61,347) (see note 41. The expenditure amounted to £1.265,688 12024.. £955,698), with £304,343 for costs of raising funds12024: £42.734) (see note 51, £894.00012024.. £876,901) on direct tharitable expenditure (see note 6) and £67.345 {2024.' £36,063) on governance costs {see note 7). Of the Tevenue generaled from trading. £357.377 came from the café and shop. The costs of raising funds include £393.012 for their opeTation, so that in ils fiTSt period the subsidiary incurred a deficll of £35,635. The trustees consider this was a reasonable outcome given the operations were set-up entirely from scratch and also, this inaugural period to 30 June 2025 fell before the Summer months when vi5ilor numbers passing through the café and shop are al a peak. Moving on. nel gains on investments were £11.975 (2024: £107,294}. The resulting surplus for the year was £92,150 {2024: £1,946,069). The Statement of Financial Position set out on page 12 of the accounts shows the finan¢ial positlon of the Group al 30 June 2025. Intangible assets of £13,55712024.' £60,291) are the capital costs incurred in designing and developing the Group's app lo enhance the visitor èxperience al the British Normandy Memorial. Assets under development of £32,90512024.. £Nill are the capital costs incurred in Creating the virtual reality and learning experience which a5 at 30 June 2025 was incomplete. Tangible assets of £2.S19.675 {2024'. £2.589.885) are the eapital costs incurred in designing, conslnjcling and fitting out The Winston Churchill Cenlre. Heritage assets of £26.654.24512024= £26.654.245), are the capital costs incurred in acquliing the land at Ver-5ur-Mer and for the conslrLtclion of the British Nomiandy Memorial. Investments of £943,551 12024: £1.002,336) comprise listed investments of £539,004 12024.. £997,460) and cash deposits of £404,547 {2024.' £4,876). Current assets amounted lo £306,707 (2024: £1.218.0121, which is represented by other receivables of £273,374 {2024= £683.213) and sh al bank of £691,51512024- £534.7991. Non<urrent assets eomprise other recelvables of £33.333 12024= £67.000). Current liabilities of £165,760 {2024'. £690,574) Comprise payables of £46.241 (2024.. £40.965} and accruals of £119.519 12024: £649,609). At 30 June 2025. the Group had nel CUTTenl assets of £832.462 {2024.. £594.438). The total nel assets amounted lo £30,995,926 (2024.. £30.903.7761 whleh Is represented by the balances on the reslricled income funds and unreslricled income funds of £120.83912024: £Nill and £30,875,08712024.. £30.903,7761 respectively. The Group is committed lo maintsining a level of reserves which is prudent to meet on-going liabilities sufficient lo ensure that the Memorial can be maintained and lo protect the long-term future of its activities. Al 30 June 2025. the Group had free reserves of £799,129 {2024'. 527,4381. The trustees are satisfied that the Group has adequate resources to meet with thg ongoing costs to maintain the British Normandy Memorial for the foreseeable future.
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 Investment pollcy and pèrformanc# The directors Ilrusleesl have the power to invest in such assets as they see fit under pardgraph 5 of the company's Articles of Association. The directors, Ilruslees'l objecllves are lo seek long term capital growth from c8pllal not presently required to meet commilmenls. nor earynarked for future projects, acting prudently and after taking professional advice. In Oclober 2021 the board of tnjstees decided lo establish a Finanee, Audit, Investment and Rlgk IFAIRI sub-COTnmittee lo focus on those issues and with a view lo developing a pnjdent investment policy. The sub-committee held ils firsl meeting on 8th December 2021 wlh Lord Dannatt in the Ghair and three other Iruslees. John Harrison. Mike Rake and Nlcholas Wltehèll. Terms of Reference had been drafted and were agreed.. the sub-committee would deal wth the complete range of finan¢e. investment. audit and risk issues. incorporating a gerberal overview of all financi81 issues and reporting to the main board of Iruslees. Fundraising would be treated as a separate issue. Delegated financial limits and a reserves policy were agreed and an independent investment commenlalor was apF)oinled. Th8 Chairman and the independent Investment commentstor met three inveslrnenl houses and after discusslon wlth suIFcommittee members itwas decided to appoint Cazenove Capital lo handle the trust's investment portfolios in Slerfing and Eur05. These portfolios were opened in May 2022. All investments are reviewed by the sub-committee on a regular basis wlth the liusvs investment advisors who report as follows on performgn¢e to Ihe end of June 2025.. "Risk assets delivered another resilient twelve month period lo 30th June 2025, wth global equity markets supported by an improving macroeconomi¢ backdrop as inflation moved closer to central bank target5 and economic activity remained broadly stable, partlcularly in the US. The period witnessed exlraordlnary volatility as central banks pivoted to cuttin9 interest rates, with the Bank of England reducing rates in Augusl and the Federal ReseNe delivering a larger-than- expected 0.5Q/o Cut in September, while political upheaval dominated including President Biden's withdrawal from the US presidential race, Donald Trump's election vicloiy and subsequent reciprocal tariffs, France's first successful no- ¢onfidence vote since 1962, and the new UK Labour govemmenl's fiscal announcements. Technology and Al-related companies represented a key source of market leadership alongside other cydical areas benefiting from a firmer growth outlook. with global equities (MSCI Worfdl rising 7.2'/L¥. the UK'S FTSE 100 gaining 11.3°k. despite challenges including Trump'5 tariff announcements and geopolitical tensions involvlng Iran-lsrael confliels and Russla-ukralne uncertainty. Bond markets experienced mixed conditions as rale eul expectations shifted throughout the year. with UK gills up while credit spreads lightened. and commodities performed steadily with gold surging 30.20h to record levels above $3.000 per oun¢e supported by supply-demand imbalances and geopolitical factors even as Brent crude plummeted 27.40/0. Against this backdrop, the Normandy Memorial Trust Slerfing porttolio generated a return of +6.7% for the y8ar lo 30 June 2025. whilst the Euro portfolio returned +1.4•/•. Structure? governance and management The Trust is a company limited by guarantee incorporated in England and Wales. The Trust is also a registered charity in accordance with the Charities Act 2011. with charity registration number 1168973. The trustees, who are also the directors for the purpose of company law. and who served during the year were: General Lord Richard Dannalt Lord Robin Janvrin General Sir Peter Wall Mr David McDonough Sir Mike Rake Mr Nicholas Wilchell Baroness Gabby Bertin Mr John Hafrison Professor Lord Aiay Kakkar Lord Nicholas Soames Mr Richard Swallow Viscount Henry Montgomery of Alamein (Resigned 23 July 2024) (Re51gned 24 December 20251 {Resigned 1 September 20251 {Appointed 19 November 20241 {Appointed 15 July 20251
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 Among the Trusvs trustees are senior figures who have held senior po$llions of responslblllty withln the Britlsh Army and the corporate and other sectors. They have been recnjiled in order to bring lo 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 lo identify their training needs and to take measures to ensure that these needs are mel. The trustees meet on a bi-monthly basis to revlew progress and direct strategy. The Trust's day to day acts'vities are delegated to Nlcholas Wilchell as°rnanaging trustee" He is supported by a Finance Manager. a Director of Development focussing on fundraising and relalions with the Normandy Veteran community and an Operations Manager (France) focussing on relations with Ihe French aulhorilies, the town of Ver-sur-mer and the operation of the Memorial and the Winston Churchill Cenlre. The Iruslees are responsible solely for the consideration and authortsation of the fvnds held by the Trust. All Iru5te8S give their time freely. Expenses relmbursed to them are disc105ed in Note 9 to the accounts. In the event of the dissolution of the Trust, the liability of each member is limlled 10 £10. Future plans As staled 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 actively engaged in the managemenl of The Winston Churchill Centre as a facility for visitors and gradually lo extend the range of Its edueational activities. There are a150 early plans to site a statue of Winston Churchill in proximity to the Memorial and to add further names lo Ihe Memorial as an 'Addenda'. These objectives will constitute a third and final phase of the Memorial's cor151Tuclion. Risk statement Th8 Irusl8es are aware of their responsibility lo ensure that the major risks lo which the Trust is exposed are identified and to establish systems lo mitigate those risks. They believe that there are in place adequate controls and systems lo mitigate any external and inlemal risks that the Trust must face. Trustees. insurance and Indemnitles The TrLtst has entered into qualifying third paty indemnity 8rrangemen15 for the benefit of all trustees in a form and scope which comply with the Tequiremenls of the Companies Act 2006 and which were in lorce throughout the year. Fundralslng statement The Ttust is registered with the Fundraising Regulator and is compliant wlth the Code of Fundraising Practice and the Fundraising Promis¢. There have been no instances of non-compliance with the Fundraising Regulator lo dale. Th8 Trust engages the services of V Fundraising Limited for ils fundraising actlvllles. There Is regular and ongoing contact with V Fundraising Limikd on all fvndraising action. The Trust's fundraising acttvilles Includes publ1¢ appeals through media outlets, such as national newspape and the Trust's own website. together wilh an active programme lo recruit"Guardians of the Memorial. a small online shop, as well as focusing on relationships wlh institutions and a small number of individuals. No complaints were received in relation to Ihe Twsl's fundraising activities.
THE NORMANDY MEMORIAL TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 Statemgnt of trusteg$' responslbllltle$ The Irustees, who are 81s0 the directors of The Nomiandy 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 Iruslees lo prepare financial statements for each financial year which give a true and fair vlew of the slate of affairs of the Group and the Trust and of the incoming resources and application of resources, including the income and expenditure, of the Group and the Trust for that year. In preparing these financial statements, the trustees are required to.. - select suitable accounting policies and then apply them consistenty- observ8 the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and pwdent., and prepare the financial statements on the going concem basis unless il is inappropriate lo presume that the Group and the Trust will conlinug in operation. The ITUStees are responsible for keeping adequate accounting records that disclose wllh reasonable accuracy at any time the financial position of the Group and the Trust and enable them lo ensure that the financial statements comply with the Companies A¢1 2006. They are also responsible for safeguarding the assets of the Group and the Trust and hence for taking reasonable steps for the prevention and dele¢llon of fraud and other Irregularities. Dlsclosure of Informatlon to audltor Each of the trustees has confirmed that there is no information of which Ih8y aTO aware which is relevant lo the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant information and to establish that the auditor is aware of such information. Thls reKM)rt has been prepared in accordanee vlth the provlslons applicable to companies entitled to the small companies exemptions. The trustees, report was approvéd by the Board of Trustees. Mr Nicholas Witchell Trustee Dated.. ZL
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 (the 'Trusl') and its subsidiary (the 'Group'l for the year ended 30 June 2025. which comprise the Consolidated Slalement of Financial Aclivilies, the Group and Trust Statements of Financial Position, Consolidated slalemenl ot Cash Flows. and notes to the accounts, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United ngdoM Generally Accepted Accounting Pra¢licel. In ouropinion the accounts.. give a true and fair view of the stale of the Group s and the Trust's affairs as at 30 June 2025 and of its incoming resources and application of resources, including ils income and expenditure, for the year then have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practlce., and have beeri prepared in accordance Wlth the requirements of the Companies Act 2006. Basis for oplnion We conducted our audil In accordance with Internatlonal Standards on Audiling IUKI IISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibililies for the audit of the accounts section of our report. We are independent of the Group and the Trust in accordance with Ihe ethical quirements that are relevant to our audit of Ihe accounls in the UK, including the FRC'S Elhi¢al Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audil evidence we have oblained is sufficient and appropriate to provide a basis foT our opinion. Conclusions relating to golng concern In auditing Ihe accounts, we have concluded that Ihe trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed. we have not identified any material uncertainties relating lo events or Conditions that. individually or llectivelY, may cast significant doubt on the Group's or the Trust's ability to continue as a going Goncern for 8 period of al least twelve rnonlhs from when the financial statements are authorised for issue. Our responsibilllies and the responsibilities of the trustees wilh respecl lo going concem are described in the relevant sections of this report. Other information The other information comprises the infom)ation included in the annual report. other than the financial statements and our auditor's report Ihereon. 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 expre55 any form of assurance Gonclusion Ihereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistentwith the accounts or our knowledge obtained in the course of the audit, or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material mi551alemenls, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If. based on the work we have perfomied. we conclude that there is a material misstatement of Ihi5 other information, we are required to report that fact. We have nothing to report in this regard.
THE NORMANDY MEMORIAL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED Oplnions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law. for the financial year for which the accounts are prepared is Consistent with the accounts; and the directors, report included within the trustees. report has been prepared in accordance in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the Trust and Ils environment oblaSned in the course of the audit, we have not identified material misslalemenls 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 lo report to you if, in our opinion.. adequate accounting records have not been kepl, or retums adequate for our audit have not been received from branches nol visited by us- or the accounls are not in agreement wllh the accounting records and returns- or certain disclosures of Irustee5' remuneration Specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not enlllled to lake advantage of Ihe small companies, exemptions in preparing Ihe trustees, report and from the requlremenl lo prepare a strategic report. Responsibllltles of Trustees As explained more fully in the statement of IrLtstees' 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 accounls that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are sponsible for assessing the Group and the Trust's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the 90ing concern basis of accounting unless the trustees either intend to liquidate or to cease operalSons, or have no realistic alternatSve but to do so. Auditorfs responsibtlities for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material rnisslalement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran¢e is a high level of assurance bul 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. Th• éxtent to which the audit was considered capable of detectlng Irregularitles Includlng fraud Irregularities, in¢luding 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 misstalemenl 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 entty and management.
THE NORMANDY MEMORIAL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED Our approach was as follows.. We obtained an understanding of the legal and regulatory frameworks thal are applicable lo the Group and the Trust and determined that the most significant are those thal relate to the reporting framework (Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}), the Trusl's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011. and the relevant direct and indirèct tax compliance regulation in the United Kingdom. We understood how the Group and the Trust is complying with those frameworks by making enquiries of management and Seeking representations frorn those charged with governance. We corroborated our understanding by r8Vl8wing supporting documentation including board meeling minutes and correspondence with regulatory bodies. We assessed the susceptibility of the Group and thè Trust's financial statements to material misslalement, including how fraud might occur by considering the risk of management override of internal control and by designating income recognition as a fraud risk. We tested specific transactions reconciling lo source documentation, ensuring appropriate authorisation of the transactions, and that the income was applied in accordance with the Trust's Memorandum and Articles of Association and the restricted terms of grants and donations, where applicable. Based on this understanding we designed our audit procedures lo identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes. The Trust is a regulated entity under Ihe supervision of the Charities Commission. As such. the Senior Slatutory Auditor considered the experience and expertlse of the engagement team lo ensure that the learn had the appropriate competence and capabilities. A further description of our responsibilities is available on the Financial Reporting Council's website at- https'.I1w.frc.Qr9.kJaUdlt0rsresponSIb1Il1Ies. This description forms part of our auditor's report. Use of our report This report is made solely to the Group and the Trust's rnembers, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Ourauditwork has been undertaken so that we rnight slale lo the Trust's members those matters we are required to stste to them in an auditors. report and for no olher purpose. To Ihe fullesl exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the Trust and the Trust's members as a body. for our audit work, for this report. or foi the opinions we have formed. David Marks FCA {Senlor Statutory Audltor) for and on behalf of TC Group 26 L02G Slatutory Audltor 5th Floor 3 Dorset Rise London EC4Y 8EN 10
THE NORMANDY MEMORIAL TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025 Unrestrlcted funds Restrlcted funds Total 2025 Total 2024 Notes Income from: Donalions and grants Charitable activities & Trading Investments 471.875 577.323 31,943 264.722 736,597 577,323 31,943 1,969,508 763,618 61,347 Total Income 1.081,141 264.722 1.345.863 2,794,473 Expenditure on: Raising funds 229,343 75,000 304.343 42.734 Charitable activiti&s 892,462 68,883 961,345 912.964 Total expendlture 1,121,805 143.883 1,265,688 955,698 Net galnsl(losses) on investments 11.975 11,975 107.294 Net movement In funds 128.689) 120,839 92,150 1,946,069 Reconciliation of thnds: Total funds brought forward 30,903.776 30.903.776 28,957,707 Total funds carried forward 30.875.087 120.839 30.995,926 30.903.776 The stslement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The ststement of financlal activities also complies with the requirements for an Income and expenditure account under the Companles Act 2006. 11
THE NORMANDY MEMORIAL TRUST LIMITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 Group 2025 Group 2024 Trust 2025 Trust 2024 Notes Flxed assets Intangib18 Assets Asset under development Tangible assets Heritage Assets Investrnents 12 13,557 32,905 2.519,206 26,654,245 60,291 13.557 32.905 2.429.566 26,654,245 946,132 60,291 12 13 2,589.885 2,589.885 26,654.245 1.004.917 14 26,654,245 15 943,551 1.002,336 30,163,464 30.306,757 30.076.405 30.309.338 Current assets Debtors 17 33,333 273.374 691.515 67,000 683.213 537,380 33.333 67.000 Other receivables 17 364,415 652.634 683.213 534,799 Cash and cash equivalents 998.222 1,287,593 1,050,382 1,285,012 Credilors". amounts falling due within one year 18 (165.760) {690,574} 187.547) (690,5741 Net current assels 832,462 597,019 962.835 594,438 Total assets less current liabilities 30,995.926 30,903,776 31.039,240 30.903,776 Income funds Restricted funds 20 120.839 30,875,087 30,995,926 120,839 30,918,401 31,039,240 Unrestricted funds 21 30,903.776 30,903.776 30.903,776 30.903,776 Net assets 30,995.926 30.903.776 31,039,240 30.903.776 As permitted by s408 Companies Act 2006. the Tr4JSt has not presented its own statement of financial activities and related notes. The Trust's net movement in funds for the year was £103,027 {2024: £1,946,069). The financial statements were approved by the Trustees on . 2& Mr Nicholas Witchell Trustee Company Registratlon No. 10210480 12
THE NORMANDY MEMORIAL TRUST LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 2025 2024 Notes Cash flows from operatlng activities Cash generated from operations 25 716.750 1,116,108 Investing actlvlties Purchase of intangible assets Purchase of tangible assets Purchase of heritage assels Purchase of investments Proceeds from disposal of investments Investment Income received (32,9051 (975,2511 (1,988,698) (6,275} (350,000) 417,179 865,976 31,943 61,347 Net cash used in investing a¢tivltlgS (562.615) (1.070.231) Net cash used In flnanclng actlvltles Net increase in cash and cash equivalents 154,135 48,458 Cash and cash equivalents brought forward 537,380 488.922 Cash and cash equivalenls carried fonvard 691,515 53T,380 13
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accountlng poll¢ies Charlty Informatlon 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 Ilmited lo £10 per member of the charity. The nature of the Trust's operations and principal activities are set out in the trustees report. The Group consists of The Normandy Memorial Trust Limited and its wholly owned subsidiary SAS NMT Trading France. The subsidiary is registered in France and is based at the site of the British Normandy Memorial at 13 Av. Paul Poret. 14114 Ver-sur-mer, France. 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 1021 (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 Group. 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. Basi5 of consolidation These financial statements con501idale the results of the Trust and its wholly owned subsidiary, SAS NMT Trading France, on a line-by-llne basis. Transactions and balances between the Trust and its subsidiary have been eliminated from the consolidaled financial statements. SAS NMT Trading France has an accounting reference date of 31 December. For consolidation purposes. the subsidiary's financial statements are prepared to the same a¢¢ounting reference date as the Trust. Where necessary, adjustments are made lo the financial slatements of the subsidiary to bring the accounting policies used into line wilh those used by the Trust. Subsidiaries are consolidated in the Group's financial statements from the date that control commences until the date that control ceases. SAS NMT Trading France was dormant in the prlor year. Accordingly. these financial statements represent th8 first year in which the Trust has prepared consolidated financial slatemenls. Accordingly, the comparative figures relate solely to the Trust. Golng concem At the lime of approving the accounts. the trustees have a reasonable expectation that the Trust and the Group have adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricled 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 20 to the accounts. Income recognltlon Income is recognised when the Group is legally entiued to it after any performance condilions have been met. the amounts can be measured reliably. and it is probable thal income will be received. 14
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) Accountlng pollclos (¢ontlnued) Income recognitlon (conllnued) Cash donations are recognised on receipt. Other donations are recognised once the Group has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donalions received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Grants are credited lo the Statement of Financial Activities when they are receivable. Grants that are awarded for specific purposes are treated as restricted incoming resources. Grants where enlillement is not ¢onditSonal on the delivery of a speclfic performance by Ihe Group are recognised when the Group becomes unconditionally entitled lo the grant Donated services are recognised at their estimated open market valu8. Wlth an equivalent amount cognised under resources èxpended. Income from trading activities is recognised at the polnt of sale. Incom8 from parking charges 15 recognised at the point of sale. Investment income is recognised net of withholding tax, when the Group Is legally entitled toll. Rgsources expended Resources expended are included in the Statement of Financial A¢tivitl8s on an accruals basis. Expenditure on charitable activities comprises expenses incurred in pursuance of the Group's principal a¢tivili6s. Irrecoverable VAT15 charged against the expendSture heading for which it was incurred. Govemanco costs, which are Included In expendlture on charitable activities, are those incurred in the governance of the Group and 11$ assets, and are primarily associated with conslilutional and statutory requirements. Intangible flxed assets other than goodwill Inlanglble fixed assets, belng Inlellectlsal property owned by the Group, are caplt81ised al cost and amorttsed 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 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impaim)enl losses. Land Buildings Plant and equipment Not depreciated 2% on a straight line basis 20Vo reducing balance basis Heritage as$el$ A heritage asset is defined as a 'tangible asset with historical. artistic. scientific. technological, geophysical or environmental qualilies that is held and maintained principally for its contribution to knowledge and culture.. 15
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) Accounting policies {continued) Heritage assets The British Normandy Memorial falls within the definition of a heritage asset and is considered to be inalienable. The British Normandy Memori81 is capitslised at cost. It is not depreciated as it is deemed lo have an indefinite life, but is subject lo impairment reviews, where damage or delerioralion is reported. 1.10 Fixed asset Investments Fixed asset investments are inilially measured al transaction price excludlng transaction ¢osls, and are subseqvently measured at fair value al each reporting dale. Changes in falr value are recognised in the Statement of Financial Activities for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the Trust. Control is the power to 9ovem the financial and operating policles of the entity so as to obtain benefits from ils activities. 1.11 Impalrment of fixed assets At each reporting end dale, the Group reviews the carrying amounts of Its tanglble and Intangible assets to determine whether there is any Indication that those assets have suffered an impairmenl loss. If any such indicatlon exlsts, the recoverable amount of the asset Is esllmaled In order to determ5ne the extent of the impairment loss (If any). 1.12 Cash and cash equivalents Cash and cash equivalersls are baslc financlal assets and include dewsils held at call wlth banks. 1.13 Financlal Instruments The Group has elected to apply the provisions of Section 11 'Basic Flnancial Inslwments. of FRS 10210 all of its financial instruments. Financial instruments are recognised in the Group's Statement of Flnancial Position when the Group becomes paty lo 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 lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue Ihe liability simultsneously. Basic financial assets Basic financial assets, which include other receivables and cash and bank balances. are measured al transaction price including transaction costs. Basic financial liabilities Basic financial liabilities, including payables are initially r6Gognised at transaction price. Financial liabilities classified as payable within on8 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 on6 year or less. If not, they are presented as non-currenl liabilities. Payables are recognised initially al transaction price and subsequently measured at amortised cost Using the effective interest method. Derncognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled 1.14 Taxation The Trust's charitable activities are exempt from corporation lax Iherefore no lax liability arises on the Trust's activities. SAS NMT Trading France is a trading entity and lax is levied in accordance with French law. 16
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) Accounting pollcies (continued) 1.15 Forèign gxchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dales of the transactions. Al 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 and105ses arising on translation are included in the Statement of Financial Activities for the period. Donation5 Unrestricted Restricted funds funds Total Total 2025 2025 2025 2024 Donations and gifts European Union FEDER Departement du Calvedos Ministry of Defence Region Normandie Seulles Terre et Mer Donated services Post Offi¢e Remembrance Fund 307.058 114,722 421,780 909,679 298.517 253,966 250,000 169,311 42,739 45.296 164,817 164.817 150,000 150,000 471,875 264.722 736.597 1.969.508 For the year ended 30 June 2024 386.362 1,583,146 1,969,508 Donated servlces Donated services comprise maintenance costs borne by the Ministry of Defence. Charitable activitles 2025 2024 Trading income Sponsorship income Parking income 386,913 5.180 185,230 577,323 39,273 600,000 124,345 763.618 Analysis by fund Unrestricted funds Restricted funds 577,323 163,618 600.000 763.618 577,323 17
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) Investments 2025 2024 Inwme from listed investments Interest receivable 27.426 4,517 31,943 50.774 10.573 61,347 Raising funds 2025 2024 Trading costs Investrnent manag&m8nl fees Parking commission 286,498 2,180 15,665 304,343 27.544 4.097 11,093 42,734 Analysis by fund Unrestricted funds Restricted funds 229,343 75,000 304.343 42,734 42.734 Expendlture on charltable actlvltles 2025 2024 Dire¢t ¢osls Amorknsation of intanglble fixed assets Depreciation of fixed assels Fundraising Event management costs Media coverage including webslte and app Insurance fees Security fees French propety taxes Foreign exchange (gainslllosses Consulting fees Utilities fees Legal and professional fees Travel and subsistence fees Memorial rnaintenance Wages and salaries WCC and education projects 46.734 90.408 78.743 981 82,139 62,253 3,850 3,686 {13,898) 138,979 24,562 36.477 12.846 240.605 85.619 68,883 894,000 46.734 95.818 103.250 33,876 84,498 40.637 13,669 299 {13,631) 177,380 16,312 38.990 35.637 203.432 876,901 Govemance costs (see note 71 67,345 36,063 961,345 912,964 Analysls by fund Unrestricled fijnds Restricted funds 892,462 68.883 961,345 897,964 15,000 912,964 18
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUEDJ Governance costs 2025 2024 Audit fees Accountancy Bank Charges Sundry expenses 8,000 39.570 9,401 10,374 67,345 7,000 16,220 8,136 4,707 36.063 Net gains on investments 2025 2024 Revaluation of investments (Lossygain on sale of investments 15,512 {3,537) 11.975 72,403 34,891 107,294 Trustees None of the trustees lor any persons connected with them) received any remuneratson or benefits from the Group during the year. Expenses fortravel, meeting costs and printing, postage and stalionery for the Group as a whole of £26,325 (2024.. £33.121) was ieimbursed lo 1 trustee12024- 2 trustees). 10. Auditor's Remuneration Fees payable to the Group's audltor and asso¢lates 2025 2024 Audit of the Group's annual accounts 12.000 Non-audit seTvices All other non-audit services 18,120 16,220 11. Employees 2025 2024 Employmènt costs Wages other slaff costs 63,862 21,757 85.619 Number of employees The average monthly number of employees during the period was 5 (2024: 0). There were no employees with annual remuneration of greater than £60,000. 19
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) 12. Intangible fixed assets Group and Trust Website and software Asset under development Total Cost or valuation At July 2024 Additions 233,670 233,670 32,905 32,905 At 30 June 2025 233,670 32.905 266.575 Amortlsatlon At 1 July 2024 Charge for the period 173,379 46.734 173,379 46,734 At 30 June 2025 220,113 220,113 Net book value AI 30 June 2025 13,557 32,905 46,462 AI 30 June 2024 60.291 60.291 Intangible assets represent expenditure incurred in developing the visitor experience and education "app" for visilors lo the British Norrnandy Memorial. The asset under development represents the expenditure incurred in developing the virtual reality experience for visitors lo the British Normandy Memorial experience for educational purposes. 13. Tanglble fixed assets Group Land and buildings Plant and machinery Total Cost or valuation At 1 July 2024 Additions 2,451,793 281.126 2,732,919 19,729 19.729 300.855 2.752.648 At 30 June 2025 2,451,793 Depreciatlon At 1 July 2024 Charge for the period At 30 June 2025 49,036 49,036 98,072 93,998 41,372 135,370 143,034 90.408 233,442 Net book value At 30 June 2025 2,353,721 165,485 2,519,206 AI 30 June 2024 2.402,757 187,128 2.589.885 20
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) 13. Tangible fixed assets {¢ontlnued) Trust Land and buildings Plant and machinery Tolal Cost or valuation At 1 July 2024 Additions Transfer to subsidiary At 30 Juné 2025 2,451,793 281,126 2,732,919 (18,6951 2,433,098 (81,015) 200,111 {99,7101 2,633,209 Depreclatlon At 1 July 2024 Charge for Ihe period Eliminate on disposal At 30 June 2025 49,036 48,662 (3741 97,324 93.998 23,448 111,126) 106.320 143.034 72,110 111.500) 203.644 Net book value At 30 June 2025 2.335.774 93,791 2,429,565 At 30 June 2024 2,402.757 187,128 2,589,885 Tangible fixed assets include land and buildings c05ting £2.354.190 and plant and equipment costing £91,174 relating lo the conslruction of The Winston Churchill Centre. 14. Herltage Assets At 1 July 2024 and 30 June 2025 26 654,245 The British Normandy Memorial is a pemanent 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". Th8 British Normandy Memorial records the names of the 22,442 servicemen and women under British command who fell on D-Day and during the Batlle of Normandy In the summer of 1944. This includes people from more than 30 countries. Inscribed in stone, their names have never bean brought together bèfore. The site also includes a French Memorial, dedicated to the memory of French civilians who died during this tim8. Thé British Nomiandy Memorial is preserved and maintained, under a commercial arrangement. by the Commonwealth War Graves Commission who have two of thelr staff permanently based at the site to carry out day to day maintenance tasks. 21
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (GONTINUED) 15. Investments Group 2025 Trust 2025 2024 2024 Investment in subsidiary Listed investments Cash deposits 16 2,581 539,004 404,547 2,581 997.460 4.876 539,004 404.547 997,460 4,876 943.551 1,002.336 946,132 1.004,917 Movement In non-¢urront Invoslmonts Group Trust Cost or valuatlon At 1 July 2024 Additions Valuation Changes Disposals 1.002,336 446.453 15.512 520.750 1.004,917 446,453 15,512 520.750 AI 30 June 2025 943,551 946,132 Fixed asset inve51ments revalued Listed investments are held at their fair value on the open market al 30 June 2025. The historic cosl of listed investments al 30 June 2025 is £563,627. 16. Subsidiary Details of the Trust's subsidiary at 30 June 2025 is as follows-. Name of undertaklng Reglstered Office Nature of business Cla55 of shares held °A Held Direct SAS NMT Trading France France Café and shop OP8ration Ordinary shares 100.00 22
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) 17. Debtors Amounts falling due withSn one year: Group 2025 Trust 2025 2024 2024 Grants receivable Other deblors Prepayments and accrued income Amounls due from subsidiary 211,960 33,667 27,747 599,360 59,691 24,162 211.960 33,667 27.747 91,041 599,360 59,691 24,162 273.374 683,213 364,415 683,213 Amounts falling due after more than one year: Group 2025 Trust 2025 2024 2024 Other debtors 33.333 67.000 33,333 67.000 Total Debtors 306,707 750.213 397.748 750.213 18. Creditors: amounts falllng due wllhln one year Group 2025 Trust 2025 2024 2024 Payables Accruals 46.241 119.519 40,965 649,609 26.571 60,976 40.965 649,609 165.760 690.574 87,547 690,574 19. Analysls of nfrt assets belween funds Group Unrestricted funds Restricted funds Totsl Fund balances al 30 June 2025 are represented by: Intangible fixed assets Asset under development Tangible assets Heritage assets Investments Nel current assets 13.557 32.905 2,519,206 26,654,245 943.551 711,623 13,S57 32,905 2,519,206 26,654,245 943,551 832,462 120.839 30,875,087 120,839 30,995,926 23
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) 19. Analysls of net assets between funds {conllnued) Trust Unrestrl¢ted funds Restrlcted funds Total Fund balances at 30 June 2025 are represented by- Intangible fixed assets Asset under development Tangible 8ssels H8rilage assets Investments Nel current assets 13.557 32,905 2,429,566 26,654,245 946,132 841,996 13,557 32.905 2,429.566 26,654.245 946.132 962.835 120,839 30.918,401 120,839 31,039,240 20. Restrlcted funds Group and Trust The income funds of the charity Include restricted funds which are held on trust for specific purposes. as follows.. At 1 July 2024 Incoming r8souTces Resources expended Transfers At 30 June 2025 {a) Post Office Remembrance Fund (b) The Sandy and Zorica Glen Charitable Settlement (G) Airbus Operations Limited (d) Teledyne LLC 150,(KJO (43,883) 106,117 25,000 125,000) 14.722 14,722 25.000 {25.0001 le) BAE Systems Limited 25.000 (25.000) {fl KPMG 25,000 (25,000) 264,722 {143.883) 120,839 The following donations were received as a contribution towards the ongoing learning and education project at Ihe Winston Churchill Cenlre-. (a) Post office Remembrance Fund- £150.000 received in Iwo tranches. the first of£62,000 on 1 February 2025 and the second of £88.000 on 1 April 2025. (b) The Sandy and Zorica Glen Foundation Charitable Settlement - £25.000 on 1 August 2024. (c) Airbus Operations Limited - £14.722 on 1 June 2025. 24
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (CONTINUED) 20. Restricted funds (continued) The following donations were received as corilrtbutlons towards the cost of bringing the Standing with Giants installation to the Memorial during the year'.- (d) Teledyne LLC - £25,000 on 1 October 2024. le) BAE Systems Limited - £25,000 on 1 February 2025. {n KPMG - £25,000 on 1 March 2025. 21. Unrestricted funds Group Trust Unrestricted funds brought forward al 1 July 2024 30,903,776 30,903.776 Net (deficil)lincome 128.689) 14.625 Unrestricted funds carried forward at 30 June 2025 30,875,087 30,918,401 The movemenl in the Group's unrestricted fund5 is shown in the ns011dated Statement of Financial Activities on page 11. 22. Related Party Transactions The Trust did not receive donalions from trustees during the year under review. During the year under review, Ihe Trusl transferred assets lotalling £99,710 to its subsidiary. During the year under review, Ihe Trust charged rent lo its subsidiary totalling £27,351. At 30 June 2025, the subsidiary owed the Tn¢st £91.041. Amounts due are interest free and repayable on demand. 23. Analysis of changes in net debt The trust had no debt during Ihe year under review. 25
THE NORMANDY MEMORIAL TRUST LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (GQNTINUED) 24. Cash generated from operatlons 2025 2024 Surplus for the period 92.150 1,946.069 Adjustments for: Investment income recognised in statement of financial activities Lossl{gain) on disposal of investment5 Fair value gains and losses on investments Amortisation of intangible fixed assets Depreciation of tangible fixed assets 131,943) 3,537 (15.512} 46,734 90.408 (61.3471 (34,8911 172,403) 46,734 95,818 Movements in working capital.. Decreasel(increasel in receivables Increasel(Decrease) in payables 443,506 87,870 1721,159) 182,713) Net generatedl{absorbed} by operating activities 716,750 1,116,108 26