REGisfERED CHARITY NUMBER: I16￿05 REPORT OF THE TRusfEES AND CONSOLIDATED FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE BA￿LE OF BRrrAIN MEMORIAL TRUST CIO Incu￿rO￿ng the BATfLE OF BRITAIN FIGHTER ASSOCIATION THE BATTLE OF BR￿AIN MEMORIAL TRusr cio CONTETrrrs OF THE CONSOLIDATED FINAJ¥CIAL sfATEMENTS FOR THE YEAR EYDED31 DECEMBER 2(123 Page Referettee *Dd Admini4tr*tive Detari I to 2 Rewrt ofthe Trnsteu 3 to 11 RetM)rt oftht Inary￿dent AudltOTY 12 to 14 CvD801idaied St*temeMt of Fi￿DelI1 Attiviti 15 Collsolid**ed Balintr Sh¢¢t 16 Balantt Shett 17 Notes to the Consolidated FinaThei*l Ststem¢Dts 18 ￿ 30 THE BATfLE OF BRITAIN MEMOIUAL IRusr cio REFERENCE AliD AD.MIliISTRATIVE DETAtis FOR THE YEAR ENDED 31 DECEMBER 2023 TRusfEES Air Chicf Marsbal Sir Stq>h¢n Dalton GCB Mr R H Hunting CBE {Ch&irnian) Hon R Aitkcll {re5i8npd 30 J￿e 2023) Mr5 D Burns Lieut¢nant Colonel B M Duffield DL Mr R Green (re51￿cd 3CtJunE 2￿23> Mrs A Hastie lappJinted 18 February 2023) .ifr N tawn Bsc (Hons) MRICS Mrs S J PilchLY BA (Elonsl CSBM (Hon Tr￿w￿l) Air Vice-marshal th¢ Ven R J Pe￿tland CB FDS Rosier MA Wing C(Mnmander A J Simpson BS¢ MCIM RAFVRCD (Retir¢d) Group Captatn P S E Tootsl OBE DL (Hon Se￿￿tary) PATRON HRH Prince Mrcha¢l of Kent GCVO OFFICERS (with uo trustee respO￿lbAll¢￿s) Air Chief Ma￿jaI Sir Michael Gffdydon GCB CBE (Life Vi¢e Pyesidentl Mrs S Pa8t-GubElmat￿ (Life Viee President) Mr P Tory (Life Viec PresidEtit) Mrs G Al]in￿)n OBE DL (Life Vic¢ Presidetrtl Mr R PaTry BA (Hons) FCA (Lift Viee Pr&sidcni) The Hon Rory Aitken (awointed 30 June 2023) Mr Robin Green (aprxTrintfyl 30 jL￿£ 2023) KEY MANAGEMEThry PERSONNEL Mrs J Toothl BEM (Evefflts Organisu) major(RetI￿d) J Gom¢z(Sate Man￿er) Mrs A Gornez {Assisrani Site M8Trager) Mts K Hurnc {Assi5tallt to Iloll Se¢reiary) Go4 Marketing and PublK Re]atiOll5 Limfftte41 (PR Consultants) BCC Digitsl Creative Ltd {Marketin8 Consultants) PRINCIPAL ADDRE PO Box 337 West Malling K¢nt ME6 9AA REGISTERED CHARITY P4UMBER 116W05 AUDrroRS Mccabe Ford William5 CharteJ%d Arcountsnts Sthtutory Audtknrs ChaJlton House tk)ur Street rkFvgr Kent cr16 IBL Page I THE BATTLE OF BRITAIN MEMORIAL TRusr cio REFERENCE AND AD.MINISlliATIVE DETAILS FOR YEAR EliDED31 DECEMBER2023 ACCOUNTANTS Magee Gammon Henwood House Henwood Ashford Ketrt TN24 8DH BANKEIIS N8ttonai WeAmiD5ter Bwk PLC 20 High Stre Ashford KEllt TN24 8SH INVESTMENT MANAGERS Investec 30 Gresham Sbret ]A)nd¢)n BC2V 7QN Bla¢kR(Kk 12 ThI[>8M(N￿ Ay￿tUC EC2N 2DL SOLICITORS Furley Page LLP 39 St_margarel's Street Clntcrbury Kent cri 2TX THE BATfLE OF BRITAll¥ MEMOIUAL iiiiisr cio REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 The tru5te¢s PJE5ent their ryort with th¢ coWlIdat￿ fJnanei&l ststcments of thr charity and the group for the year Ended 31 Dcccmber2023. The tNs*es have adopted the provi5ion5 of A¢c(HJntiry aDd RcpDrting by Charities.. Statement of Recommended Practicc applicable to ¢horitie5 preparittg their aceowts tn acu)rdatKe with the Fithaneial Reporting Standard appl]￿ble in the UK and Republic of Ireland (E,-RS 102) (effective l January 20191 OWECTIVES AND AcfiviTIES Objective5 gnd alms The Batti¢ of BrttaÉn Memoriol Trust was rstablished under a Tr￿rf Deed date4J 4 Julle 1990, 50 years after the campaign itself. with the obje¢t of ¢re¢ting and maintaining a nationaI memorial kn th)s¢ who flew and Wt and those WIK) ftll during the Battle of Britoin in the Summer and Autumn of1940. The Tru5es mission 5tat¢m¢nt points that li i%'dediea*d to pr￿eTVing th¢ Jn¢mory of the men and women who took part in the Battle of Britain, commemoratin8 their achievements 2nd 5xrifice. The Trust sets out to educate the public About the unique nature of the Battle of Britain and ensurc that future generations alr aware of the importw￿e of this evellt and its place in history. The National Mernorial io the Few at C8pel-le-Ferne ID K¢nt is a lasting reminder of all dk)se who fought in the Battle of Britain and tbose who WEre affected by it. It Is a place for reflective contemplation, Irvere￿e llDd ￿SreeL The Memorial provides its V15itors with & sil¢ both for commemoratiLin aud learning." On becoming a Clwitable Incorporatcd Orwisatioll (CIO) in 2017 the objects wve rnodified &8 follows.. "To adyallce du(3tion io and understanding of the contr1t￿tiOnS made by aitrrew ftom th¢ LIK and Commonwealth Jnd Allied countries who (Irw Operatiot￿l]Y under RAF Fighter Cornmat¥l in the Battle of Britain beNten J￿lY 10 and O¢*ob¢r 31 1940, through the provision of a manorial, visitor eentre and such othe¥ attradioDS and commemorative media as may be deemed appropriate. In addtiioll. to support tbe sutviving Tnembers of tlb)se atrcrew and their desttndants in pre9erv&n8 the nome of the Battle of Britsin Fight¢r ASs￿latIon in perpethity.. Vtsiior5 are invited to make donations towards sit¢ maimenance in Varm)￿ colkttion IM)xes, mor¢ r￿ntlY by creditldebit card througb a contsctles5 donation station atthc 51tc and by purchasing refreshments. unique items of rnemorabilia #nd souvenirs. The Scramblt Exp¢ri¢n¢¢ in The Wing is the only paid-f(r attrdction at the Munoriai. The rwottse continues tr) be exGelltnL visitor number5 ar¢ ￿EadY 8￿j th¢ Experien¢¢, together with the slKJP And cafc in The WI￿ the visitor witse opened by Her Majesty Queen Elizabeth and HRH Prince Phillip in 2015, have tmproved the visitors, experienc Th¢ Trns¢s obiKtiv¢ is to build up Sufficie￿ fjmds to care for and maintsin the sit¢ atKI the Memorial, unveiled by Her Late Majesty ￿een Elizabeth the Qy¢en Moth¢r in 1993. to the hithest Ix)ssible statthrts and Garry out itnpn)vements as the need at15e5. The Trust depends on revenue fri)rn Th¢ Wing, donatM)ns from &wporatv)A% individuaLs and Oth￿ benefactor5, legaci¢s. fundraising activities alld investment incorne. signifi￿￿( JTtivities Back roun In 2023 the Trust's activitlcs returned to near nornial after th¢ disrnptions caTL%ed by the Covid 19 pandemie. Rev¢nve was advetsely affected throughout by the ongoing ￿8[ ofiiviog crisi5 and f¢w¢r ov¢rse8S ViSitOTS inthe ye4r and was below tsorma] expectations as a result. O ra¢¥)n Brock When impl¢￿ented. lo cope with tratric coThge5tion in IkThv￿ Lh)cks. duTin& for ￿8mpl4 the FA%ter break and Summer holiday& Operation Brock, whtch turn5 tbe eastbound carriageway of the M20 into a lorry park. c(Tr]]tillues to have an adverse effcct on visit¢)r footfajl. Pag¢ 3 THE BArfLE OF BRITAIN MEMORtAL TRusr cio REPORT OF THE TRLSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND AcrivrriFS Signifleant actlvitie5 f Livin There 1$ no d￿bI that th¢ ¢OSirof-living crisi5 bas had a major effect oll the Trust's financtal results in 2023. Events in the Geoffr Events attd talks, including quizzes, are regularly held illthe Geoffrey Page Centre tt wa5 Used by the RAF Centtal Band on fvl¢morial Day as a Cha￿8]￿8 area. On the afternoon of Sunday 19 Novembu Philltp D&y sbowed his film The kng's Machine, and this iDitiatsve will be taken forward. Mem rial Da 9 Jul Itwas agreed in 2022 d￿t Memorial Days would be c105ed to the public to r￿JU¢e ovethe&ts. For 2023 itwas p18nned thatthere would be a limited number of guests drawn mainly from relatives aDd Fricnds of the F¢w aDd an appropriate marquee wss ptovided. 266 invited gu¢sts attended. The new Thief of the Air Stsffj Air Chief Marshal s￿ Richard Knight[)￿ was the guest of honour. He w&5 a¢¢ompanied by Lady Kni8hton. Warrant offi￿r Murngesall Sul)ram8lliam, Ihe WaTr#￿t Offi¢¢T of the Royal Air Force, and Mrs SubramaTtiJm also attended. Sadly, througlM)Lrt the day heavy rdin thowers crossed the Mtmorial. This resulbi in the parade being Gancelled aDd the mmemorntii)n serviGe being held inside the guest marque& A HwTiwe from Battle of Britain.Memorial Flight flew past i s￿ll¢t, bui ail ttrLe 8ue5ts wcre under cover. Between breaks in the shower& gu£515 fiKTrk the opportunity to lay wreaths atthe Memoria] and floral tributes at the Foxley-Norris Wall. Througbout the day the RAF Centra] BaThd w8$ most ¢ooperativE ill playinB the hymDS and ¢a115 ID the marquee and whcD the Weath￿ relented ￿mpleted the Sunset Ceremony outside for a fitttng finish ￿ Memoriai Day. undr sn Stars of stage and screen paid tribute to the brnvery sacrifi¢e of Battle ofBritsin pilots in the royal charity &￿￿1 Stsrs IÈJ Salutc held at The IL4F Club on Sunday 8th October. The 5¢8rs tsking part were Sir Ben Kingsley. Michael Aspel, Hugh Bonneville. Amiette Badland, Neil Dudgeon. Neil Pearstsn, Parn St CleTneDL Tyler ButteLl¥Orth, Jan& Dibley, Bm¢e Graham and Tom Hopcroft. There wL% a video contribution by Sve Holdemes& whi)se uncle was olle ofthe F¢w. Stars in Salute was produ¢¢d by Tom Miller, Martin MilDes and Eycnt Organiser Janet Iwtai. The ￿l•$thr pr(NJuction celebrated 30 years ofthe Trust as well as 20 y¢ats of patrona8¢ by HRH PritLC¢ Michael of Kent. This gala ¢vent raised some £5,000 forthe TNst's 30th Anniversary Appeal. Memorial Pathw Blade fHonour Th¢ TrJst'5 Blade of Honour projcct invites membErs of the publi¢ to fill￿ a tile in mcmory of anyone who played a part in the Yicrory of the Battle of Britsin. sorjetimes calted 'th¢ Many,. Thos¢ wljo are norniDat¢d need to have played an activ¢ supwrt role in the Batde of Brita1￿ which rdn from 10 July to 31 Octy)t¢r 1940. orone moDth cithtt smle of it. They tllay. for example. have 5erv¢d as gN)undcrcw, Ob3¢rvrr co￿. c0&5tgu8rds, firemthL or with the N8ti¢)nal Pi8eort Service, the NAAFI or the GPO. The tile5 will be placed along the Memorial'5 propellor and ￿st £495 ea¢b (inc VAD. Page 4 THE BATTLE OF BRITAIN MEMORIAL TRUST CIO REPORT OF THE TRu￿E£s FOR THE YEAR EliDED 31 DECEMBER 21)23 ORIEcfivES AND AcrivrriES etin Th¢ new tnark¢ting strategy was fIn￿lS¢d in SuTDmer 2023 #Dd wth*s as a long-tenn plan for achievillg th¢ Memorial's goals, as well as enwring we und¢rstsnd the need5 of our visitOT5. Th¢ docum¢nt erKompasses cverytknng from determining who our customers are to deciding what chaDnels we use to reath them. The strat¢gy consists of buy￿ journeys (g¢tting to thE hdemorialA. buyer jOUrnEyS (when peopl¢ we on site); buyer personas: marketing objectives" an overview of rnarketing activitiu; a local ¢ompetitOT analysis and a contenl stsategy. Much of the document was built U5in8 exit￿sive insights from Yolunieer. staff visitor survqs. Our dtgital presence remaiTr8 strong 8cr05s our socral M￿la chath*ls, especia]ly T]kTok and Instagra1￿ wthich remain key drivers for visits and follows, with vertical video cotttcnt conststentty attracting higb view5 and ¢ngagement from our audicnce that sugg¢5t user ijrtent to visit. R¢ceDt Yiral W5 on tnstagram altd TikTok. with view cowits ranging from 29,000 to 58.000. hav¢ significantly b)(￿d follower numbers. while the T￿￿ is a]so nearing 8.WO followeTr on Instsgram alld 0.0￿ on TikTok Email marketing actfftvity is also working well, with a dedicated newsletter and target￿ c-comm¢rce email ea¢h month (with increase during Thristmas to rllaximise online shop sales). working ak￿g51& sev¢ral email aUtO]natio￿ and solus email campaigns. Open and click-through rates are healthy, with rn0￿ emails geDuatin8 revenue for the online shopy experience packages attd Friends of the Few membershtps. Our Christhias 2023 e-commerce campaigns perfonll¢d well. they included inrrt45ed email campaigns, org￿ll¢ social media and paid Facebook and InstagraTll ￿18. As an overview, the exp￿1¢￿ce package campai8n (with a budgd just shy of £250 for Factbook and ID5tagrdm ads} yielded a return of £lJ28. Additionalty. our seycn Christnm email campaigns ￿(h gelterthl a sale, contributing to an income of £616. Since llte 2021. our personal guided tour, ¢ream tea and ScrnmblE Experience pxkages have FA)Id well OL our own website and through our pArtner5hip Mqth Virgin Experien¢c tpays. A total of 424 pack88es have been 5Y>ld across iK)th platfOrn￿, gellerating an impressive £20.641 after VED'S commivtsioD. ID 21Y23. 122 packages wete sold1T￿e¢￿e￿. Efforts to automate the process wth printsble gift vouch¢r5 for ontine sknp experience pwdJL%es have strewnlined adtnin ￿ fxilitated l&st-minute gift purrhasts. Following the success of the two influencerlPR days h¢ld in 2021 and 2022, w¢ fflgaged with ch¢ny-pi¢ked Kcnt fBmily-fri¢ndly and aviation influencer5 for Lx>verage of our expcricnce pad(ages itl 2023. wbich ftsuhed in great ￿gage￿en( more followeTh and incre&sed tratTi¢ for the ¢xperi¢twL packa8e listings on ourweb5it¢. Sin¢¢ eorly 2022. the menJori￿ also ￿gaged corporat¢ sp)nsors thTough our B2B sponsorship programme. W¢'vc retsined all sponsors sinc¢ 2022: two Silv￿ sponsors (£995 pcr ycar) and oRe brDll￿ Spons￿ (£495). Further plaus to increase 8pon8ors are taking place in 2024. Alongside the main iniiiatiyes aFA)ve. business-aS-U5ua] m￿k¢¢Ing projerts continue lobe worked on, including making the rnost of our Visit Kent, A5SOCiatioll of Tourist At(ractions Krnt and Muddy Stilettos membcr5hip5. securing p￿d¢as1 intervicws. creating new partnership with a loGal luxury holiday I￿le compally, marketing cven(s like S￿daY talk5, art exhibitions, children's workshops and volunttering op¢n days, marketillg 5pecia] ]Kojects 1￿C the Blade of Honour proirt 5booting and organising new footagE and imag¢$ of the site and its offeriw. Crcating an online Erf)oking system for The Scramble EX￿rienc4 maTkcting and runnin8 events like the children's photography worksI￿pS and updating Iwr onknn¢ fuThJrdi5ing platfonn. Page 5 THE BA￿LE OF BIUTAIN MKMOIUAL IRUST CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2023 OWEcfIvES AND ACTIVITIFS Public Rela iolls Public and media interest in the Battlc of Brithin c0nttnU￿ to 8row and The Trust l(w)ks to c4pitslise on this interest to driv¢ footfall to thE Site. Press Rnd magazine arti¢les, TV and rndio optffiunities, int¢twi¢ws, advertisements. the website and social mcdia are all used to raise and maintaill awaTentss of th¢ work of the Trust 2nd the a¢hievttllents of 'The Few,. Of particular note in 2023 was the d¢vek>pment of a stroDg relationship with RAF New5. which ran a number of storie5 and features on the site, the Blad¢ of Honour p￿jeCt and the Next Sortie project. RAF News wa$ a159 one of a number of publications that accepted the offer of a submitted featL￿e on the 30th anniversary of the me￿Orlai. Bes]x)ke, and substantiaL f¢atures were 81so printed by Somerset Lif Kent Life, Lanc&8hire Lift and CheshiTr Lifé all glossy public*i0Ths from thr Archanistsble. A suggestion by forTner Trnstee and himoriall G¢off STmp%)n put into practice by the PR consultant saw both SUS5￿ Lifr and BBC Radio Sussex run ftatures on the 70th 8mniversary of the death of.Major GeDeral Edward Ashmore. Oth¢ropp)rtunities wuy taken to htghlight thc Memori21 in a number of r&lio interviews. with T￿￿ and the site rnanager kind]y stepping up to do media dutics Wh￿ requested. A maiDr SU￿esS for the Trust happened at the end of 2023 when the Mernoriaj was ll*ned as the Gold Awwd willner in the Small Visitor Allraction of the Year category of ihe Beautifu] South Tourism A￿ards. Thi5 was a remarkable achievemenL particularly given the geographical scope of tbe awards. The fe¢dba¢k folk)wing the award ttr¢mony waf also very ￿Sitive in terms of both the written sub]nission and the 'mystery shopper. visit. Chainnan Richard H￿￿ttg CBE colthed the awgrd at tkne Gr&nd Hotrl in Brigbtyn tOW8rds the end of D￿nber. Following th¢ webinars introduced of n¢cc5sity durillg lockdowi4 the Tntst IMS L¥)nllnue4J to pRvmote the site using vid￿, expanding its YouTube offerrng and using drone f￿r kn highlight tbe attrxti￿s of ¢tie site. The website wjjtinues to be kept up to date with relevatlt news articles. featllre4 reviews and other items of iuterest and continues to prove popular. with S￿l$tieS that back up that )N)pularity. Online sales continue to grow and there been significanl promotion of new ventures such as the Trust's business sponsonhip opportwiiti¢5. cr￿[1 tea 'experiences' and new fi￿d-raisJng Ventu￿$. The new page ddicated to promoung the el¢¢uonic datakne of infmation about members of the Few. introduced in 2022, continue5 to be regularly updated. with new blogs highlighting some of the stories within the tn*eTial wailablt OD line. The TTU5t continues to offeT a re5ponsiv¢ service to local and nationa] rncdia and (￿tinUeS to be seen the 'go lo, source for regional broad¢a5*rs wh¢n relevant news stories break. ITV Meridiwt agoiD present 8t Metnorial Day 2023, agaitt raising awareness of the Trustand its work and potentially increa5iDg f(M)tFatl at the MeThorial. A range of diff¢Tent newsletters. in¢ludin8 a monthly update. is rM)w CA￿Ul<d by email to a growing nLmiber of subscribets and all amiual printed J]CW51etter is sent to Friends of the Few. along with 1940. which sil￿¢ 2018 h&5 been Pruduced by the PR consultant. Issue 24, sthich produced in carly 2024, was again well tr¢eived. Regul¥ press rele&seJ were sent to lo￿ and 5pecia]ist oewspapets and Magazi￿$. often supp)rted by p&id &dYertising in magazities focustng on travel, coa¢h visltors. aviation and Iti5tory. PR 5UPPOrt was provided during the year for a range of events at The Wing and ¢lsewhe¥e, iDcluding the Bloom Stays launch at Abbots Cliff House on the coast along from tht Memorial. Support has a150 been given to Di]ip Sat*&r MBE'S ongoing book series being publi8hed in assoGiation with the Trust. New printrd material for th¢ site publi5hcd in 20D itycluded A [￿pu1&Y ¢hildren'5 trnil. featuring a Sffies of questions for young people to &I￿Ver thry tnur the MernorÈal. Café loyalty cards and QR codeg invitin8 p¢ople to Contribu￿ to the charity by scanning the on their *nar* wtse also produced. The TNst is an active member of groups including Visit KenL the Whtte Cliffs County TouTi5m Association and the Association of Tourist Attrnctions irt Kent IATAK). li takes part in joini eampaigD5 where th¢5e c4n b¢ shown to offer a tangible benefit to the harity and h&5 been particularly gucces5fiLI ai submittitEg copy for a range of Visit Kent publicattolls. Th¢ Tn￿ has &150 supported the I l Group N¢twork, amalgamaiiots of likt-mindcd or8at)isations which bas been goitsg thTough a number of teething troubles. Membership L5 free despite the issue5the Twst is doing its bitto help turn it intD a Useful vehicle forjoillt p￿motion. THE BATTLE OF BR￿AIN.￿E￿oRl￿L TRusr cio REPORT OF THE TRUSTELS FOR THE YEAR ENDED 31 DECE.MBER 2023 ORIECTIVES AND A￿1VITIEs M¢mbetship of ATAK includes regional ¢Yposurc in the Best Places to Visit brochure which 15 circulated far attd wide across the south East and iheoppjrtwiity to promote eyents and news stories rElated to the Memorial on the ATAK website. The Memorial also supp)rted Visit Kettt's Big Wcekerml ev¢nL providing ftt¢ tickets for visitors as part of a wunty-wde awareness•raising ￿llpaign. Whil¢ take up was onty rt8onablr. the day was an undoubted success and introduced the site to new famtlies who, it is may re￿M with friends. In additioffj the re£civrs GDPR-¢ompliant data from all th)se families signing up, adding Significantly to ourM￿ls}￿)t activiti¢5. Jn 2023 the reviv¢d its Airf]x Make aud P4iDt ¢vellL with two successful S￿l0n$ held at The Wing allowing fgmilies to build and paint model aircraft with the assistance of Yolutrtttr'¢xperts'. The eyellt was w¢ll rceeived and also contributed a reasonable amount of revenue to Trust funds. Th¢ Trust'5 Covid-inierrupted campaign to re￿h out to the 'RAF f2mity' akn reswkd, with two posters mailcd out to RAF b&ges, One illviting Q￿W TnanbeTS to visit the site w Icarn more about the history of the Battle of Britain 4nd the other illviting their familic5 to visiL The posters were accoEnpanied by a Per￿ invitation fmm the Pttsidentof the Twst. Talks an The Sunday allernoon talks continued in Spring 2023. The ￿kS are ￿l￿arity arranged as part of the package offffEd to SUb￿ribIng 'Friends of the F¢w' spare places are offered ¢0 their guests and ts member5 of the publi¢ at a cost. The additional rev¢nue generated amomted kn nearly £400. Tbe I'ru51 is grateful to the speakets. who provide their tslks at cost. Subjects cov¢red Dver the year rangtd from The operation of the Biggin Ilill Heritsge Hangar alul Operations at Aero L¢g¢llds to Reflections On an Early rEcord-breaking fiighi. Fwther talks included one on IM)w and why Polish Ea8ie badges wer¢ &ttaGhed to some London Borou8h MayoTal Cbain5 and some R￿cCt￿n5 on the Battlc of Britan by the son Ihims¢lf a distinguished airn18n) of on¢ of the Few. The Spring series concluded tlLe curMt Sundty talk progranjme. SCh￿Is Vistts Co ratelGrou Boo a￿d tKe Tours The GeDffrey Page Centre 15 designed to bE used by xhools during the day and by corwratc groups ID the ￿1￿83 or at other limes when it not being used by sch(kn1s. The Trust has prepared 8 rangeof educational material that 1$ made available to teacher5 on request. Hunting IA)dg¢ is now also available for 5cIKM)I parties and coryorate use. In 2023 th¢ Trust look 12 bookings from local schiM)Is and one freDch S¢bool and two bookings fn)m Gdet squadrons. A totsl of 496 pupils learned &lK>Ut the Battle of Britsin and toured The Scrdmble F.X￿t￿Cc. Bo(things have increased, as have enquiTLe5 and bookings from Fttn¢h, B¢lgiu]n and C￿ch Schoo15 for 2024. In *Jdition. th¢r¢were 55 Cor[K)￿te event bookings and 35 group boDkings in 2023. included bookings from military eslabllshme￿ty two RAF squ&droll$ and th¢ Arniy. Friends fthe FewA Following its inauguration tn October 2ffKJ. the Friends of the Few fOrn￿llY launcbcd on l January 2WI. li formed with the key rol¢ of preserving withinthe national memory the airbatti¢s of1940 and supixrtting the National Memoria] to the Few at Capel-le-Ferne. Membership subscriptions are spcnL after deducting running costs. oll matntainingthe MeTnorid atMI site. The Tegular newsletters and th¢ annual magazine 1940 ￿e well recEivcd by Friends. Evellts such &s the talks recentty. fi1rn5 at The wI￿g HrE de518ned an additional attraction for Membcr5. who can r￿Wi01￿ on-line &4w¢ll by r¢sponding to a prornolionaj leafiet. In 2023 the Trust received £14,205 of subscripti0ll5 al￿ £2.476 of th)l￿tIonS ￿ Friends, which gave a total i￿ome tsf £16,681. Total inwme in 2022 £17,990. so eompariDg 2022 and 2023 tytal illcome fell by aMIMI £1.308. A total of 33 new m¢mbers joined tn 2023. 1 I more than in 2022. The Tru￿ lo￿ 69 members itt 2023, of which 12 swjly Pass￿ away and 57 memberships were c￿Celled. There are ojrrendy 518 members. Th¢ annual 1940 publication cot)tsins Int￿esting stortes aix)ul the Few. the Battle aod th¢ Memorial. It 15 writteD and published by the PRcortsultant ond used to encourw new members. Page 7 THE BATfLE OF BRITAIN MEMOIUAL TRusr CIO REPORT OF THE TRIISTEES FOR THE ￿AR EliDKD31 DECEMBER 2023 ORJECTIVES APID ACftVITIFS The Air Cad t Affiliation Scheme Th¢ Air Cadet Affiliatiotj Srhem¢ was launched in August 2009to en￿￿ag¢yoUn8 people to tske an interest in the m￿orial and the B2ttle of Britain. With the agrEemenl of the Commandallf. Aircadets, invitatioDs to become Honorary Friends of th¢ Few were initially sent to Air Trdining Corps (ATC) squadrons bearing the numb¢rs of S4uadron$ iuvolved in the Battle of Britsin or based * location5 associated with the Battle. To date a sigt)ifiealli number of squaorotts nationBlly arc affiliat4 illcludingthe Ththole of Kent Wing. Following the re-orgatiithion of the ATC and CCF and r¢-brandin8 as Royal Air Fortt Air Cadets. th¢ affiliation sth¢me remains open to a]1 urAit5. The Trust receives excellent sUp￿t frorn K¢nt Win& particlllady during Memorial Day, when the Air Cadets p￿vIde the majority of the 'blu¢ unifornis, on parade and r￿e1ve numerous compliments about th¢ way thev r¢presentthe p2rcnt seryice. si￿Ce its opening in 2015. Th¢ Wing ha8 received anumber of desigtt and iwildingexcdlojce awards from various significant bodies. The complete roll call to dats is.. PToJect of the year￿￿1 first place in the C4)n￿e￿Ial. Industrial and R£tsil category of the Kent Design and Development Awvds. Willner of the Tourisrn aDd Leisure cate80ry of the IUCS Awards South East 2016; Highly Comtnended in the Small Comm¢￿la7 Building ￿tegory ill th¢ LO￿ Autlmmity BiuldiLg Control (LABC) Building Excellence Awards 2015. Winner of the Bcst Sma]I Commercial Building calrgory in th¢ LABC Southtrn R¢gion Awards: Overdll Willner and first plac¢ in the Excellence in Planning and DesigD for the Public ¢￿¢gory of tb¢ Royal Town Planning Institute (RTPII South EastAwards for Planning Excellence 2015. The Mernori￿ bas al*Tr (bne well in othercomp¢titions, including wiDning the Hidden cate89ry in the first ever Visit Kent Tourism Award The Christo herF orris M orial Wall The Christophcr Foxlry-Norris Memorial M'all is a major &￿t to the Memoriyl and h&$ attractcd favourable eomments from visitor5. I'here is an ongoiThg appeaI to apply to Friends ofthe Few and members of the publi¢ lo sponsor i]Mlividual names on the Wail for a Minimum dOll￿10n of £35. By the end of 2023 eight people had spott4Trrcd names on the wall, giving a total income of £2,300. Memorial Maintenance The excelletht grass ¢utting service provided by DoverDi$tri¢t Council continued in 2023 and is a most costme 33 willing Yolunteers. Two zero contract staff no augtDellt th¢ 5tsff and volunteers. The staff arc always well pre5¢nted. manage The Win8 and the site effectively and go out of their way tcTr nak¢ visitor5 feel welcome. The Trnst reGeives wonderful support from the TrU￿S voluDtAry he]F¢rs. The Tru5tt¢s ¥ishto reeord their grneful thatths to staff, volunteers others WI￿ willillgly don&te theirserviees ￿ the cau Page 8 THE BATTLE OF BRrfAIN MEMORIAL TRusr cio REPORT OFTHE TRUSTEES FOR THK YEAR ENDED 31 DECEMBER 2023 OBJEcfJvES AND ACTivfnES r Numbers After the 'honeyrlloon' period following the op¢ning of The Wing in 2015, tstirnded visitor numbers declincd tts 38,500 in 2016, 36,000 in 2017 and 33,600 Tll 2018. Initiativcs were launched in 2018 to itnprove these figll￿S and were bearing thjit until COVID struck. In 2019 the estunated Dumber of visitors increascd to 34.468 - a m(thst It￿¢￿￿¢ of2.5%. Outside factors aff￿t visitor number5. Issues with th¢ M20 c105urts affect percews of thE tase of ￿¢¢s$ to the Memorial (and Kent a whole} even when they have limited impxt in reality. It is C5t[M¥t￿ that aFK>ut 50% of ViSittK5 Visit The Scramble Experien¢¢. li must be Str￿ed thAt ovr figures wer¢ previ￿s]Y cstimated from best evidence and bave included out-of-hours visitors to th¢ clifftop site. which is perrnanently open to pedesttians. Thc total number of visilors in 2022 wa5 estimat￿ at 17.482. In 2023 a new and more acmte system of m¢￿]ng visitor nurnlKrs was introduced and saw the totsl nwnber of ￿sItorS recorded jump tcp 79.000. This includes some visilors who rame in and Olrt one ormote tim¢s. makiDg th¢ tru¢ ¢MiTnated nunb¢T of V15itor5 closer to 75,000. However, &5 the dvcr28e spend ptr visitor has perhaps h8lved followng the rise in the cost of living, a greater numbEr of Visi￿r$ is tKe41ed for the M¢morial to break even. On the plus side, the number of visitor5 to the Scramble Experience h&8 incre&￿￿ by 45%. The marketing and PR Consultants worked Glosely to m￿1[nISe the numbets visiting when they ￿Uld End to encourage peopl¢ to support thr charity. A greatcr focus is now pla¢¢d OTJ encourogijjg visitOf5 to thDate. with smartphone QR cod&s placed in pn)]ninent positiott$ artwud the buildin Hun Hunting Lodge w&8 us¢d for sevrral purp￿ ploDned durtng 2023. Trustees rneetin the tA)dge and it was hired out for businESS and other meetillg& The library has been rompletely ￿alogUed and the ¢atslo8ue has been COTllPUter1s￿ thanks to the gcnerosity of tht Srn8rd¢ Historical Group, which supplied its bespoke ￿¢kn"ve ptogramrn¢ ftt¢ of charge. The systeTD is also being used to record it¢ms of iiiierest in an archive using photographic ttcords. Partnershi The Trust works with Kent Arnbassadors and the media to promote its ac11viti￿. It bas continued to develop attd protect its Telationship with local people in the parish of Cap¢l-le-Ferne and eni)yed great local support during the ycar under review. Link5 Continue with the team at Htsjcorn Aerodrome. which 15 horne to Atw Le￿d5, the company whtch flies passengers IL vints8¢ aircraft including Spitftre5 snd r¢gularly overfiies the sil¢ ai Capel-lethFerne. The Trust at50 d¢v¢ioped links with the Biggin Hill Fleritage Hangar. which also regularty fli¢s over the Memorial. The Trwt b&% a]so worked wilh DDv¢r Arts Develaprnetlt Oll Several iniiiatives and continues lo work closely with the Kent Battle ofBrilaiD M￿tUrn at ncwby Hawking¢ and with ¢ourAsm agEnci¢s 1￿clUdIng Visit Kenl and the As￿clatIon of TouTist Attractions in KenL Pubilc b¢D¢fit The Battle of Britaiu memori￿ Trnst CIO meets the defmition of a public benefit entity under FRS 102 and the trustees confjrm they have had regard to the Charity Commission's guidance on publtc b￿er11. FINANCIAL REVIEW Financial ptF5itio At 31 Deeembcr 2023 the Tntst's totsi funds iotslled £3,708.058 (2022- £4.112.757). Page 9 THE BATfLK OF BRrrAIN MEVJORIAL TRUST CIO REPORT OF THE TRUSTEFS FOR THE YEAR E￿DED31 DECEMBER 2023 FINANCIAL REVIEW Principsi funding sourees The Trnst caTh only survive and carry out IL8 mission into the firture with signi6cartt dI￿atiOnS, such as gifts ?nd legacies. from those who wish il well. li rcceived Ttwy bequests and le8a¢i¢5 totailing £26J53 in 2023 (2022 - £28.5011. The Trust conlinues to promote for b¢quest$ dnd lega¢ies. The total incomin8 rcsour¢r5 tots]l¢d ￿91,964 (2022- £443.66]). Inve5t￿ellts The Truste¢s employ Investe¢ WEalth & Investsnetrt broker5 and advisors for the investmenl pthfolm). Th¢ portfolio is Dwed with the objeetive of providittg income towards th¢ rwming costs of the Memorial. Security of capital is ofprime irnwrtance and the po￿0110 is invested primarily ID fixed interesl ￿cur[tICI Ix>nds and preference shares. The balBnee i5 invest¢d in a small number of mostly hi8her-yielding equities ond Trtvestec h&$ a discretionary mandateto mana8¢ th¢s¢ and the remainder of the portfolio while bearing in mind a mod¢rate level (>f risk. In addition. the Trust has ovcr £500.OW itivested in the Am)ed Force5 Comrn¢)n Investhieni Fund m2Dag¢d by BlaGkRocL Reseryes The Trust's total funds at 31 Dr￿mber 2023 stlKxI at £3.708,058 {2022- £4,11175D This fjgure includes the fjxed assets used to c¥lly out the Truses activities. which t￿al 4884.851 (2022. £3,094,722). Therefore the trustees CO￿lder the'free reserves" io be £823207 (2022- £1.017,035). The tnjstees continue to monitor the level of reserYe5 reqUI￿d 8]Ml this is ¢srtti8i1y relevant at this time. To that e4Jd, the FinaDcc & G¢neral Purpose Committee of the Trust Jneet regularly and coD5ider the level of reserves. AÉ prtSeTLL a w>licy of six motrths expenditure is eonsid¢r¢d relcvant before any realisation ofother investments ma) be Trqutred. As indi¢&ted. should the need aris< investment5 will be realised to ensvre $ufficicllt funding is available to rnea the reserves l¢vel for the upcoming period. This poliey is ¢urr¢ntly above that which the trustecs feel is pn￿Crtt at the current time ro unforeseen maintenanc¢ and capital e05ts. We have been througb a fJnan¢ially difficult perÈod and will continue to do so into 2tr24. The Fill&ncc & Gcneral PU￿5¢ Comnitt¢e rtgularly mooitor the financial EK>5ition of the Trnst alld are mindfid that the need to liquidllte reserves may 0￿Ur. havc thc willingnes5 to do so at the appropriate tiniE. Organbatio The TTusI'5 objrcts, powers and other consti￿tiOnal Tnatters ar¢ ser 0￿ in the Trust D¢ed. It is governed by the tn￿tt￿ who meEt four times a year. A Finance & General Purposes Cornmitt4 mthle up of the ChaimiaN Hon. Treasurer, Hon. Secretary. Wing Commander simpso￿ AVM Pentland and Major G(TrmeL meets wheD n££essary. bEtween Twst meetings. The names of the trustees appear in the list of TnJstee8 and Advisors wrythin the Refer￿Ce aod Administrative DEtai15 page5. There is also a Memorial Day Planning COm￿lttee, chailtd by tb¢ Hon. S¢crethry, whiclt comprises key trustee5 and the Trnstrs Events Orgallis¢r and PR Consultant and is responsible for pl￿E￿ing and arrdDxin8 the Memorial Day. To enwurage the full usc of the education fg4cilities at thc Geoffrey Pa8e C¢Thtre within The Wing and Hunting Lodge. is an Education SubQorllmfftttee under th¢ choimian5hip of the Hon. Secretary. It compri%5 key trusw, the PR Consultsnt and a tO~DPt¢d retired trxher and has created a range of educational material. New tyste¢sioiti the Trnst at th¢ invitstton of the tt7JSttts. By a Deed of Variation of Trull dateil 3 October 2001 the truste&8 agr#d that the number of trnstees r￿Uld be increased to 20 8nd that 5ub-committ¢es could be appointed to mauage srrtifi¢ dulles and function5 directed by the tru5tcrt, oth¢r than the fiDaD¢ial statements and our Rcwbrtof the Independent Auditors thereo Our opinion on thr finaTr¢ial statements does not cover the other infont￿l10n alld, excqjt to the ext¢nt otbmvise explicitly stated in our repo¢ we do Th)t express ally form of assurance CO￿lUsion theMTL Jn conDection with ow audil of the financial ststement4 our rup)nsibility is to read the othcr inf¢)rmation and. itt doing $0, nsider whether the other inforniation is materially inwnsistent with tbe financial 5tatcrnents or our knoWI￿ge obtain¢d in the audit Dr oth¢rwise appears to b¢ materially mi5Stat¢d. If we identify s￿h material incon5istflicle5 or apparent material misstatements, we are required to deterniiDe whether this givgs ri% to a m*ria] rnisstatement the financial slatEmeThts themselves. If, based on the work we have ￿fOrniCd, we conclude that th•r is a material missta*￿Ent of this othw informatio we Are required to report that fa￿. We have nothiug to retM)rt in this regaDI M%tter5 wTrtleh we xr¢ required lo report by exceptMI W¢ have nothing to rep)rt in re5PXt of the followiD8 matters wlwe the Chariti¢s {A￿￿ullts aDd Rworts) Regu]ation5 2008 "r¢qllires us to report to you if. in ouropinion: the infomiation given ID the iieport of the Trustees is inwttsistent in any maten.al TE5PeCt with the fmanciat ststements. or sufficient accounting record5 ILave n where they considered there wa5 sustyibiitty to fraud. their kl￿w]edge of actuaL suspected and a]l¢ged fraud,. and nsidering the in¢emal controls in place to mitigate risk5 of fE¥ud and Th)ll•CL￿Pha￿¢¢ with la￿ and regU￿10n5. To address the risk of fraud through m8rtagem¢nt bias and override of control4 we.. perfomied analyti¢ai procedure5 to identify atty or ￿ ￿lationshIps. tested journaE entri￿ to identify uou￿al transactions. a5se5sed whether jud8¢ments and a4surnptlo￿ made in deLerniining the ac¢ounting estimates were indicative of Fthntial investigatEd th¢ rationale behind signifi¢•rtt or unuwal trall5actioDs. trt responsr to the risk of inY8ulariti¢5 and llon-wrnpliance with laws attd regul8tion5, we designed procedures which included, but were not linit¢d io: agreetng financial ststement di￿]￿SUre$ to underlying suppjrting documentstion" reading the minutes of meetings of those charged with governance. ellquiring of management as 10 actual alld pot¢nlial litigation and ¢laÉm$' aTwJ reyicwing Gorrespondence with relevant rwlators and the company'5 legal &fvig)fS. PAge 13 RKPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BATTLE OF BRITAIN 1¥￿.￿oIuAL TRusrcio Ther¢ are inherent limitstions ID our audit pro￿dur¢S descEiba above. The more removed that Iaws and regulation8 8re from fin2n¢ial traTJsactions, the le55 likely it is that we would be￿me aware of [m)n￿MplIanCe. Auditing standar& also limil the audit procedure5 requir￿ to identify non-compliance with laws and regu]atioD$ io enqvry of the trll5tees and otb¢r management and the in5pedion of r¢gulatory and lega] corre5pondenc< if att). Material mis5t81ements that arise due to fraud CaD be harder to detect than those that arise from ¢rr(x as tbey rnay invDlve deliberate conccajmeni or collusi￿. A further description of our reS￿nSibIlItieS forth¢ audit of the fmanc1￿ ststements is located on the Financial Reporting Coun¢il's website at www.frc.ory.uklauditoJsrespK)nsibilities. Thi5 descrimion fomis psrt ofour Rep)rt of the Independent Auditor5. Use ofour r¢port This repon is ￿￿de Solefy to the charity's tn￿ets. Ls a èKdy, rll wirdance with 4 of the Charities (Aecoynts wnd Reports) Regulations 2008. Our audit work has been undertaken so that wc mighi Statc to the charity's trystees those matters w¢ arc trquired tt) state to them in an auditors, report for no other To the fvll&%t extfflt P¢rn?ll*d by i&w, we do not accept or assume responsibility to allyone other thaD the charity al￿ the th￿tty's trths as a iKdy, for our audit wot*, for thi5 reEK>¢ or for the opinioJ]s we hav¢ formed. Mccabe Ford Williams ChartEred A￿UntantS and Ststutory AudttOT5 Clwlton House Dour Street DOVER Kent CT16 IBL Page 14 THE BAThLE OF BRITAIN MEMORIAL TRusrcio CONSOLIDATED STATEMLYT OF FINANCIAL ACTIv￿lEs FOR THE YEAR EIYDED31 DECEMBER2023 31.12.23 31.12.22 Total Unreslricled Re5trioed funds funds fi]nds INCOME ENK)WMEf*ryS FROM Donations alld legacAes 70.054 70,054 85,022 Other tradtng aGtiviti¢s ITLvestmeni ineorne Otherincotne 369,964 So,5￿1 369,964 50,500 315,733 41.871 Total 491,964 EXPENDrruRE ON Raising funds Othertrading actAYities 121.814 121.811 109,755 CharftAbl¢ 4divhtes Heritage and EduGation 660.546 626.636 Oth¢r 109201 Total 891 J61 891561 833 097 Net g&insl{losse5) ￿ investtllettts NET INCOMEI(EXPENDITURE) (404,700) 1404,700) (427,8181 REcoNC￿lATIoN OF FUNDS Total fund5 brought forward 4112757 4 540 575 TOTAL FUNDS CARRIED FORWARD 3 708 058 3 708 058 4112757 Th¢ notss fomi part ofthese fInw￿la] staknients Page 15 THE BATILE OV BR￿A]N MEMORIAL TRIJST CIO COFISOLIDATED BAIANCE SHEET 31 ￿cEmBER 2011 31.1223 Total 31.12.22 Total FIXED ￿ETs Intsngibl¢ assets Tangible assets 13 14 IS 21.(KX) 2.884.851 2E.(KKI 2.884,851 21.000 3.095.722 1238111 3986.846 3.986.846 4.354,833 Stock Ikbkn5 Cash atbank 16 17 78.206 2S,3JO 84.652 22246 25310 18J59 121,175 121m5 179,307 CREDITORS Amounts falling due within one year 18 (74,093) {74.093) {65.683) 4.034,628 4.034.628 4.46&457 CREDITORS Amounts falling due after ￿le oneye4r 19 1326.571) (326J71) (355,700) NET ASSETS 3 708 057 4112757 21 Unrvtri¢trd fimds Restricted fut 3.70&057 4.111757 3 708 057 4112757 on its behalf by: Mr RH Hlmiing. TnL Pag¢ 16 THE BATfLE OF BR￿AIN MEMORIAL TRusr cio BALANCE SHEEr 31 DECEMBER 20LI 31.1223 Total 31.12.22 Totsl nds FIXED ASSETS Intangible ass¢ts Tangible &sets IAv¢slments 13 14 15 21,1 2.879,839 21, 1879,389 21, 3.094982 3981.835 3,981.835 4J54.094 Debtor5 Cash at bank 17 159253 13 159253 261.840 171547 172a47 324.915 CREDITORS Amounts falling du¢ withiti ye 18 171.615) (71,615) (63.925) NET CURRENI ASSETS 100932 4.081767 4,082,767 4,615,084 CREDrroRS An￿￿ts f￿]ing due th mort than one y 19 {326571 J (326571) (355,7(K)) NET ASSETS 3 756 196 21 UnTestr&cted fimids Restricted funds 3,756,196 4259.384 3 756 196 signed on its behalf by: MrR H Hunting- Tn*e The ajtirity's Statement of Fananc481 Activities for theye* sI￿Ved a deficit of £503.188 (2022- £416,076). P#8e 17 THE BATTLE OF BR￿AIN MEMOR￿ TRusr CIO NOTES TO THE F￿￿}CIAL sfATEMENT3 FOR TRE YEAR ENDED31 DECEMBER 2023 GKF4ERAL INFOKIIATtON The ¢hority is a public benefit eAJtity and a regtSfu&l ¢haTity in F￿gI&￿j and Wales 8nd is unincorporated. The charity nuniber and registered offic¢ addres5 can be found on the REferentt and Administrdtive tktsils page. The presentational c4￿renCY ofthe finartcid st8tem¢nts is the Pound Stedllw (£). ACCOUNTING POLICIES Ba¥18 of prep*rkng the fiMineiAI stxt¢mthts The financial statements of th¢ charity, wbich is a public bcnefjt entity under FRS 101 hwe beeD prepaTed in acwrdgnce with thE Charities SORP (FRS 102) 'A¢couttting and Reporting by ChaTtties'. Ststement of Recommended Pra¢tice appiicAblc to chaTities preparing their accounts in ac￿raalIcE wtth the Finwjcial Rew>rting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffecttve l January 2019),. Fir￿l¢la[ ReportiDg Standard 102 Yhe Financia] Reporting Standard applickble in the aDd Republic of Ir¢land' and the C1Jari1ies Art 2011. The financial statements Iwe been prepared under the hislorical com ￿nVentiOn, with the excepti￿1 of iltvestrnents whidj are in¢ludd at market value, as odified by the revaluation of Certain ass¢ts. The trustees cowider that there are no material wKerWes aiw)ut the group's and the ¢harity'5 ability to continue &% a going conrxrn. Basi5 of coJwlklAtion The 8roup fitsanciai staten)ents consolidat¢ the fin￿Cl￿ statemcnts of the charity and its subsidiary on a ]ille by lill¢ basis. Uniform accounting p)liii&s aT¢ adwed across the grow aTKI tDtsrgrow) transactions are eliminated on ¢¥m501id*ion. reporting standard 102- redueed disclosure eiemptioos The Charity has taken adyantage of the following discl(ksiire exemptiDllS in prep&ring these financial statements, as perniitted by FRS 102'Thr Fi[￿cial Reportitig StatKlard applic4ble En the UK aThJ Republic of Irdand.. the requirements of Se¢tion 7 Slatemcnt of Cash Flows. Significant judgements estimgt¢S The p￿p&￿tion of the financial S￿eME￿ts requires the tn￿e￿ to make estimates and a55wnptioMs that affect the amounts reported in the financia] tst￿ents. The trustees believe that the critical awA)UtttiDg wlici¢5 where judgethent5 or estimates are nc£essaril}' applied STe summarised below. Depreciatiott and residual The truste¢5 have r¢viewed the as5rt li￿ aDd associated r¢sidual vatL*S of all fixed ¥s¢t classes attd have conelu(kd that asset live5 altd r¢sithi&l values are I￿n)priate. Income All income is reco8nised tn the Statemcnt of Fin￿¢[al Activities once the charity h&s ¢ntitlement to the funds, it is probable tbat the income will be received and the am(MJllt can be mwured reliably. The following specific tM)licies are applied to particular¢ategories of income: income from donations orgrants are r￿OgnISed when there is ffideDce of ￿titlE￿Entto the 8iti receipt is probable and its amount can ￿ measured ￿liab￿. legacy incomc i5 re¢ognised when receipt is prob¥bl¢ and entttlemetrt is ¢stabliSh￿. in[0￿C from donated g(KNJs is ￿￿ured at the fair valur Df the go¢x15 unles$this is iTnpractic41 to measure reliably, in which Ca￿ the va]u¢ is derived frotn the cost to the (bnoror the &stirnat¢d r¢5al¢ v&lue. Donated fa¢Èlities and serviccs are recognised the ac£ourt% when re¢etved if thcva]ue can be reliably me&sured. No amounts are included fttr the Contribution of gcn¢ral voluThteus. income fiDm contrdcts for the supply ors¢rVi￿ is ￿cogn￿ed with the deliV￿Y ofthe cimtraded setvice. This 15 classified as wir¢stricted fimds unless there is a contra¢tt*l requ￿ernetrt for itto be spent 4Jn a particular purpose and ￿turned if unsprt in which case li may be regarded as testricted. Page 18 ¢ontinu¢d... THE BATTLE OF BRtTAIN MEMORIAL TRUST CIO NOTES TO THE FIV￿C￿lL sfATEMENtS. ¢oDtillued FOR THE YEAR ENDED 31 DECEMBER 21)23 ACCOUNTING POLICIES- contiDued Intome Government grants Grants relating to r¢v¢nue are re¢ogni5ed in in￿¢ on a SyA￿ati¢ basis Qver the period5 in which the charity recogni5eS the related costs for which the yant is intended to compens&te. A grdnt that becotnes rer*ivable compensation for expenses or losses a]ready irKurred or for the PUTFrf)5es of giving tmmediate financial support to the company with no ture relatrd costs 15 reCogni￿d in inwme in the period in which it become5 rcceivable. Eipeodlture Liabilitie5 are reco8ttis¢d as expenditure as soon as there is a legal or ￿￿sts1)Ctive oblig&tion conllnittiDg the Charity to that expenditure. it is probabl¢ that a Iransfer of econmic bencfits will k rgwired ill settlemeJJt and the a￿￿ullt of th¢ obligation be measured rcliably. Expenditu￿ is accouDted for OD an accruals basis alld has been classified under headillgs that aggregate all ¢03t relaied to the ¢a*gory. Where ¢05ts ca￿￿t be directly attribufyl to particular h¢adings. they h&ve been allocated to &#iviii¢5 on a basis consistent with the of resources. Penslo The charity operat&s a defined Cotstributioo p￿10￿ s¢hern¢. CoDtributM)n5 payable to the charity's pension Scheme are chET8ed to the statementof 6uanciai ¥tivtties in the ￿lOd to which they rel￿¢. IDtangible issets llltangible &sscts are ttiitially re¢orded at cost and Are sub5equentty ststed at coa less any accumulated amorti5ation aDd impaimient knsses. Arty intangible aSSEts ￿]ed at revalued amoU￿ts. arc recorded at the f2ir value Af the date of revaluation. as d¢*nnined by reference io an active rnark¢t, sub5qll¢nl a￿￿[OllIated amortisation and 5ubs¢quent accumulated impainnent10&se& Intangible a&sets acquirnl part of a b￿lnesS eombiD&tion are recorded at th¢ fair value at th¢ wuisition d*e. Tangible r￿e￿ aggets D￿rCCi*lon is provided at the following annuAI rates in ordcr to write off e&* a5S¢t over its e5tim&ted weful lifr. Land and buildings Memorial wall Hurrican¢ and Spitfire F￿]r¢s, fittiTtg5 & equipment 20A on r05t (buildings) 2% on Cost 5Yo OJI ￿St 25% on reducing baknce Impxirrnent o[r￿ed A review for indicators of imp8irmettt Is ￿ried out at cach reF*)rting dat. with the reo)verabl¢ amount being ¢stimakd where surh indicators ex1￿. Where the corrying value exee¢ds the recovcrthle amoupL the asset is impaired accordingly. PTior itnp&innents are a150 reviewed for wÈble ￿e[Sai at eath reportirt8date. Investments Unlisted equity investments are inilially Tttorded ￿ eos4 subsequeTLtty measured at fair value. tf fair value cannot be reliably measur¢d, essets ar¢ measured at cost les5 impairment. List¢d inveSt￿¢￿ts ar¢ measured at fa]rva￿e with thangts ID fair valu¢ beillgre¢ogni5ed in illcome orexpenditure. Stocks Stocks Are valued at the lower of t￿ gnd net realisAble va]u4 after making due 8llowaTKe for obsolets and slow moving items. Financial instruments Financial liabiliti¢s and equity in5trutnents are Classified according to the substance of the conknctuai arrgngements tnt¢red into. Pag¢ 19 continued... THE BATfL£ OF BRrrAP4 MEMORIAL TRUST CIO NOTES TO THE FINANCIAL sfATEMENTS- eonttnued FOR THE YKAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- eontinutd Tangible flled ass¢ts DEbtors and creditors with no stated inter¢st rec¢iT￿Y1e or payable within one Ye￿ are r￿Orded at transaction price. Any losses arising from impainttent art reLxTrgnised tn the ststement of finall¢1￿ a£t1￿tieS in other administralive exp¢ns¢s. Loanj and borrowiDgs are initially re￿niSed at trdTr%action price in¢lyding tranwtion ¢o5ts. Subsequently, thEy gre Tneaswed At amortised c05t using the effeaive iDtuest raie ittwairn*nt. If an atTaDgem¢JJl constitute8 8 rinamce transadion it is measured at preS￿t value. Related party exemptlon Tbe charity h85 taken advaLtag¢ of exemptson. unts the trTrnS of Finan¥￿1 Reporting Stsndard 102 Tr Financial Reporting Stand￿d applicable in the UK and Republic of Ireland,. not b) disclose T2lat¢d ¥Mrty tran5artions with wlK)Ily ownd subsidiaries within the group. Taxation The charity is exejnpt fmm on ILS charitsble xtivilies. The trading sllbsidiNry is liable to corrA)rtiti￿ tsx on its wofits. No tsxatN)n kn been incutred. Fund #CCOUDtiDg UnrestrietEd funds be u%d in aecordanc¢ with the charitable objcdiyts atthe discfttion ofth¢ tswtee& DUl￿ated fi￿d5 are unrestri¢¢ed fi]nds earrnark¢d by the trtLStces fora particular future project OT commitmenL Restricted fvnds tan only b¢ used for particular Eestrieted purposts within the objects of the charity. R¢5trictions arise then specified by the donor or when funds ore rnisrd for particular re5tricLed puty0￿, Further expian*ion of the nature and of each fitod i5 included in the to the f￿ancIal stat•nents. IK)NATIONS AND LEGACIES 31.12.23 31.12.22 Donations Collection IM)xes Bequests and legacies Grants Sponsorship 24,908 16,308 26,353 32,593 15,443 28,501 6,000 Pagc 20 ntinued... THE BATTLE OF BRrfAIN.MEMORIAL TRusr cio NOTES TO THE FINAf4CIAL STATEMENfs. continued FOR THE YEAR Ei%DED 31 DECEMBER 2(123 OTHER TRADING ACTIVITIES 31.12.23 31.12.22 Shop income The S¢ratnble Experience Friends of the Few A&%(Kiation Car park Fun¢tiODS Appe4ls 218,322 49.418 13,984 16,712 58,828 203,402 33,923 14,598 14,997 48,813 369,964 315733 INVESTMENT INCOME 31.12.23 31.12.22 Inwme frorn listed iwestments Deposit a￿ount interest 50.484 16 41,866 OTHER INCOME 31.12.23 31.1222 Royalties and lictnce fE¢S Other income 154 1292 202 833 RAISING FUNDS 31.12.23 31.12.22 Other trading aGtiviti¢s: Shop purcha5CS 121814 Supp)rt Costs (see JMX¢ 9) Direct Costs Totsls Herltage and Eduration 769 747 P&8e21 continued... THE BATfLE OF BRITAIN MEMORIAL TRusr cio NOTES TO THE FIliANCJAL STATEMENfs. toDtinD&J FOR THE YEAR EYDED 31 DECEMBER21123 SUPPORT cosrs Governance cost5 Rwources expended 109 Support costs. included in the th)v4 a￿ as fo]lows: Other 31.1223 31.1222 Tot tivities General c05tS Motorand trdvel L￿al and professional Bwk interest andcELarges 45.880 7,143 279 32,991 48.686 9,104 945 86 GoverD8tre costs 31.1223 Other 31.12.22 Total activiti expended Auditors, remuneratio Bookkeepin8 Wsts 6.000 3.799 TRUSTEES, REMUYERATION AND BELYEF173 Thffe were no tystees, remuneration or other benefjts for the ycar ended 31 Decembcr 2023 nor for tbe year ended 31 Deeernber 2022. Thtstees, expemjes Office rent totalling £4,500 (2022- £4,5￿) was pwd to 4 th￿1¢¢ during tbe year, further informatiOD ￿ be found in the relat&1 patty disclosure note. Trav¢1 and other exp£￿Se8 totolling £7.87712022- £9239) were paid io twi (2022- hvo) Irustet5 during the year. Page 22 LY)ntiThu¢d... THE BArnE OF BRrfAIN IIEMORIAL TRUST CIO NOTES TO THE FtNANCIAL sfATEMENfs. eojhtinued FOR THE YEAR EliDKD 31 DECEMBER21123 ii. STAFF COSTS Remuneration M75 paid as follows: 2023 2022 Wages Social security costs Pension costs 189,713 9.389 176,048 8.967 188555 The average llumber of cmployees ¢luring the year was 10 (2022 - 10}. No employee r¢£¢ived More than £60,000 in the ye4r12022- nil). The pensioD Cost in the ye4r amowited tr> £3.735 (2022- £3540). COMPARATtVES FOR THE STATEMENT OF FINANCIAL AcrtVITtES UJJre5tri¢ted Re5trictrd fimds Totsl fulld5 INCOVIE AND EYDOWMENfs FROM Donations and legacies 85,022 85,022 Other trading aclivities Investh)ent income Other income 315,733 41.871 315,733 41,871 Total 443.661 EXPENDITURE ON Raislmg fwidg Other trading activities 109.755 109,755 Ch#rtt*ble actlviti Hcritzge and Educalion 626.636 626.636 Total 833 097 Net gains Illosses) on t[￿¢Stments NET INCOMEI(EXPENDITURE) (427.818) {427.818) RECONCILIATIOP4 OF FUNDS Total fvnds brought fon¥ard Transfer of funds 4.476.544 64,031 64.031) 4,540J75 TOTAL FUNDS CARIUED FORWARD 4 112757 4112757 Pa8e 23 continued... THE BArrLE OF BRITAIN ME.MOIUAL TRUST CIO NOTES TO THE ThthCtAL ￿ATEMEYfs. conlinued FOR THE YEAR ENDED 31 DECEMBER 2023 13. INTANGIBLE VIXED A&sErs Trad¢mark$ COST At l January 2023 and 31 tkcember 2023 IYET BOOK VALUE At 31 Decemb¢r2023 At 31 December 2022 14. TAi¥GIBLE FIXED ASSETS Fixtures. fittings & equip1n￿l Land and buildtngs Memorial and Spitfwc GROUP Totai5 cosr At l January 2023 Additions 4.470,440 146,111 49,772 205286 114 4,871.609 At 31 DeeKmber 2023 213 400 4 880 873 DEPRECIATION At l January 2023 Ch8rge foryear 1.549.007 32,142 48.495 lJ72 ￿77 146243 16.221 1,775.887 220.135 At 3 1 Decemb¢r 2023 1750 703 33.714 162 464 NET BOOKVALL At 31 December 2023 2,721.518 112397 2884 851 At 31 D¢cember2022 2 921433 277 3 095 722 Page 24 continued... THE BAT￿￿ OF BRfTAtN MEMORIAL TRUST CIO NOTES TO THE FINANCtAL sfATEMENTS. cotttinued FOR THE YEAR EliDED 31 DECEMBER 21123 14. TANGIBLE FLXED ASSETS Hurric8ne Fixture fffting5 & equipment Land znd buildings m￿Tronal wall CHARITY Spitfire Tothis COST At l January 2023 Additions 4,470.440 1.150 146.111 49.772 20J,431 2,670 4,869.754 At 31 t)¢ttmber2023 4 471.5 4 873 574 DEPRECIATION At l January 2023 Charge for year IJ49.007 32,142 48.495 201065 ￿72 ￿77 145.128 1.774,772 218.963 At 31 December2023 1750,072 160.177 1,993 735 TrIET BOOK VALUE At 31 December 2023 721.518 112.397 2 879 839 At 31 Decernber 2022 921.433 58,303 3 094 982 15. FIXED A&SET INvKsfMENTS Shares in group derraking5 GROUP AND CHARITY List&l investments Totojs MARKET VALUE At l January 2023 Additions Disposals REYaiuations 1.238,111 298,133 {481.125) 25,826 1,238,112 298,183 (481,125) At 31 December 2023 1080 995 1080 996 T BOOK VALUE At 31 December 2023 1080.995 At 31 December 2022 1238 111 There wcre no investment &58¢ts outside the UL Listrd invE5tm¢nts are held at their fair Val￿¢. The shares in the griwp unknaking5 are held * cost. Listed investments held ar2 ail readily ￿￿kdable alld have been valued by reference to the mid-m2rket pri¢e provided by the fund managers. The Battle of Britain Memori81 TruA CIO lo1￿ of the share capitsl of Th¢ Battl¢ of Brilain me￿0￿￿1 Limited The shares in The Battle of Britain Mernorial Limited att Jrnb)va on consolidatio Page 25 continued... THE BATTLE OF BRfrAIN MEMOIUAL TRUST CIO NOTES TO THE FINANCIAL sfATEMEIIIE. eoDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 16. srocK GROL'P 31.12.23 31.1222 st￿ks 78,206 J7. DEBTORS: knMOUNI3 FALLING DUE WITHIN ONE YEAR 31.1223 GROUP Trade debtt>rs Other debtors and prepayments 31.12.22 1.621 23,689 1,432 22 CHARrrY Tfade debtors (Xher debtors and prepayments Amounts du¢ from group undcrtakillg5 13.963 22,178 6.679 20.814 123 112 234.347 159 261840 18. CREDITORS: AMOIJIITS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 GROUP Bank loaTrs And ovcrdrafts (see note 19) Trdd¢ rreditors SOCI￿ security aDd othert&w Other credttors and acwuaIs 29.500 16,233 5.353 23,960 17,441 3,670 CHARITY Bank lotns and OVErthafts (see note 19) Trade creditors Social security alld othertaX¢S Other creditors and accnM]s 29500 15,797 5,353 23.960 17.884 3,471 18.610 19. CREDITORS: AMOUP4TS FALLING DUE AFFER MORE THAN ONE YEAR 31.12.23 31.12.22 CROUP Af4D CHARITY Batth loafts Is¢¢ notr 20) 355 700 Page 26 ontinued... THE BATTLE OF BRITAIN MEMORIAL TRUST CIO NOTES TO THE FINLYCIAL sfATEMENTS- co*tlDMed FOR THE YEAR EliDED 31 DECEMBER 211L3 20. LOANS An aualy5is of ihe mRturity of kwis is given below: 31.12.23 31.12.22 BaDk104ns falliDg due within one year on demand Bank toans falling due between one and two y¢aTS Bank loans falltng due behveen two and five year5 Bank loans falling due in mot¢ than fivc years: R¢payable by TtJ5talmcnts 29,5(Kl 208 J71 241,700 Tbe initial bank loan of £500,IMK) was for 19 years and is repayable by tTh)nthly instalments. There was a 5-y¢ar mmitn)ent period, interest for the S-y¢¥r period is at Trte ' 2.33%. The lender maintsins a fixed ¢harg¢ over The Win& Battl¢ of Britsin Mejnorial, New Doyer Roa& Capel-le-Ferne. Fotkesk)ne, Kent. CT18 7JJ ￿urity for the loan bdance. 21. MOVEMENT IN FLI¥DS Nel moytment in fimds TraDsf¢r of fi]Dds At 31.12.23 Atl.1.23 CROUP Unrestri¢tsd funib Genera] fuod 4 112757 3 708 058 4.112.757 (404.7￿) 3.708.058 CHARrrY Unrestrieted futtds Genernl fund 503 188 3 756 196 4 259 384 503,188 3 756 196 GROUP AND CHARrrY Restricted funds Page 27 continued... THE BATfLE OF BRrtAIN P*lEMORIAL TRusrcIo NOTES TO THE ThAliCIAL SfATEMEhT3. oontitiued FOR THE YKAR E.YDED 31 DECEMBER21123 21. MOVEMEprf IN FUNDS. eoDtinued Net rnovemen( in fimd4 included in the above ar¢ as follows.. Incomit)g Gains and losses Movement in fund5 ¢xpended GROUP Unre5tri¢ted funds Gener&1 fifftd 8915611 TOTAL FUNDS 891561 404 700) Incoming Gains aDd 105se5 Movement in fi]nds CHARrrY Ullrestrirt¢d thrtd5 General fwid 244.726 742 811 503 1881 TOTAL FUNDS 742811) 503.188 GROUP CHARITY ResÉrlcted P8ge 28 continued... THE BAThLE OF BRITAIN MEMORIAL TRusr cio N¢yfKs TO THE FIli￿NCIAL sfATEMEhlS- FOR THE YEAR EliDED31 DECEMBER 2013 21. MOVEMKFU IN FUNDS. continued CO￿par91[YeS formovemeTht fMDds Net TraDsfer of funds At 31.1222 At 1.122 in funds GROUP Unrestricted funds General fund Vi51tor Centre Fulld Fricrtds of The Fcw Asso¢iation Hurri¢ane Fund m￿nO￿al Wall Fund 1.778.834 2501526 107.748 33,582 (226.506} 2,560,429 (197.474} (2J04.052) (107,748) (31.316) 82 4.112.757 (2.266) 4 476 544 427818 4112757 CHARITY Unrestrleted Gcnerdl fund Visitor Centre FWKI Friends of Thc Fcw Association Hurri¢an¢ Fund Memorial W￿[ FuThJ 1.913,719 1501,526 107,741 33,582 (214,764) 2,560,429 (197.474) (2J04,0521 (107,7481 (31,3161 4.259,384 4611429 416 076 59 64 031 aL84 GROUP AND CHARrrY Restricted futtd8 Biggin Hill The Wing Roof The Wing Lights 1,963 39.668 {1.963) (39.668) Pa8¢ 29 continued.-. THE BATTLE OF BR￿AIN MEMORIAL TRUST CIO NOTES TO THE FII¥LNCIAL sfATEMENfs.continued FOR THE YEAR EliDED 31 DECEMBKR2023 21. MOVEMENr IN FUP4LkS. co4tlnNed Net rnoyement in fund5, in¢ludEd ID the above ¥c follows: Comp*r*tives for movemen¢ Ivoming Resources exwded Gains and Movemefftt in fl5[￿5 CROUP Unrestricted fvnds G¢neral fund VisitDr Centre Fund HuETicane Fund Mwnorial Wall Fund 443.661 (631.785) (197.474) (2266) (38,382) {226.506) (197,474) {2.266} 443.661 833 427818 Gain5 at losses Movement in CHAIUTY UDrestrictfd funds General fund Visitor Centre Fund Hurricarne Fund Memorial Wall Fund 319.196 (495J78) (197.474) (1266) 1.572 {38,382) (214,764) (197,474) (2,266) 1.572} 319.196 416076 The trustees have reviewed the funds aThJ con5idcred all restrict*)ns had been rne4 and therefore all restricted fimds were transferred to unr¢stricted funds. The tr￿￿e¢S also decided that thfJE shoukl ￿t be any designated funds, and these were transfeLT¢d to the genera] fimd. 22. RELATED PARTY DISCLOSURES Wages of £36.401 (2022- £33,657) were paid to the spouse of one of the truste¢% R¢nt for the use of an office of £4S(KI (2022- £4.500) paid ty one of the trustees. EXEFfioNAL rrEM In 2023 the twstees undertook an exercise to review the level of indElrteth￿s of The Battle of Britsin Limited to the charity. The Honorary Treasurer reviewed the level of recharges made frotn the charity ts The Battle of Britain Lllnited. it was ¢oncluded that historic recharges for salaries were too hith and the interwnp8my loan has been reduced by £114,325. This only afftcted the single eniity a¢¢ounts and it has no ]rnp￿t on the ￿lL￿DIEd￿trd figures. Leg￿ advE¢¢ is being sought As to how kn deal with the remaining balance and ¢haJEes going fornard, thi5 will b¢ r¢solved in 2024. Page 30