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 d1￿Ctor 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$e with Normandy Veterans In the sprlng of 2017. After some years of intense preparatory work in 2017 and 2018 focusing on the funding, siting, design and Construction of the Memorial Imuch of which was carried out in close consullalion with the French planning authorities and the comrnune of Ver-sur-merl. the site was formally inaugurated in a ceremony on 6 June 2019 - the 75th annivetsary of D-Day- attended by the then British Prime Minister Theresa May and the President of the Republic of FranGe. Emmanu81 Macron. In September 2019, the then chancellor of the Exchequer announ¢ed a fvrther £7 million of public funding for the Memorial. Main construction work commenced in the summer of 2019. 11 was undertaken by Eiffage Route. the French company sele¢led by the Trust lo be ils principal contractors. They were supported by the principal sub-contractors S.hAcConnell & Sons Isloneworkl, Odorizzi (paving) and Carpenter Oak {limber). Excellent progress was made thiough the summer and autumn of 2019. This continued over the winter of 2019-20 despite some inte￿up11OnS caused by severe weather on the Normandy coast. Nonetheless the programme remained on schedule until March 2020 and the onset ofthe Covid- 19 pandemic. The general lockdown imposed by the govemment$ 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 ArbO￿lUM 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 'no￿nal, 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 ne￿Y 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