REGISTERED CHARITY NUMBER: 1169005 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE BATTLE OF BRITAIN MEMORIAL TRUST CIO Incorporating the BATTLE OF BRITAIN FIGHTER ASSOCIATION
THE BATTLE OF BRITAIN MEMORIAL TRUST CIO CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Reference and Admlnl$¢rative Detai15 Report of the Trustees 3 to 10 Report of the Independent Auditors ll to 14 Stfitement of FinfinciAI Aetivitie$ 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Cash Flow Statement 18 Notes to the FinanciAI Statements 19 to 28
THE BALE OF BRITAIN MEMORIAL TRUST CIO REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTELS Air Chief Marshal Sir Stephen Dalton GCB Mr R H Hunting CBE (Chairn]an) Mrs D Burns Lieutenant Colonel B M Duffield DL Mrs A Haslie MA Msc Mr N Lawn Bsc (Hons) MRICS Mrs S J Pilcher BA {Hons} CSBM (Hon Trea5ur¢r) Mr D Rosier Wing Commander A J Simpson Bsc MCIM RAFVR(T) (Retired) Oietired 31 December 2024) Group Captain P S E Toolal OBE DL (Hon Secretary) Wing Commander I WoodhoiL8e N(BE (Appointed 6 June 2024) PATRON HRH Prince Michael of Kent GCVO OFFICERS (wlth no trustee responslbilitle8) Air Chief Marshal Sir Michael Graydon GC CBE (Life Vice Presidenl) Mrs S Page-Gubelmann (Life Vice President) Mr P Tory (Life Vice President) Mrs G Allinson OBE DL (Life Viee President) Mr R Parry BA (Hons) FCA (Life Vice President) The Hon R Ailken (Life Vice President) Mr R Green (Life Vic¢ President) Air Vi¢e-Marshal the Ven R Pentl&ud CB (Life Vice President) (Appoinled 24 October 2024) Mr D Sarkar MBE (Honorary Vice-Presidenl) (Appointed 24 October 2024) KEY MANAGEMEI NT PERSOIYNEL Mrs J Tootal BEM (Events Organiser) Major (Retired) J Gomez (Memorial Manager) Mrs A Gomez (Assistant Memorial Manager) Mrs K Hume (Assistant to Flon Secretary) (Retired April 2024) Mrs A Burger (Assistant lo Hon Secretary) (Appointed May 2024) Go4 Marketin8 ond Piibli¢ Relations Limited {PR Consultants) BCC D&8ital Cr¢ativ¢ Ltd {Markeling Consultants) PRINCIPAL ADDRESS PO Box 337 West Malling Kent ME6 9AA REGISTERED CHAIUTY NUMBER 1169005 AUDITORS Mccabe Ford Williams Chartered Accountants and Statutory Auditors Charlton House Dour Street Dover Kent cr16 IBL Page I
THE BAYfLE OF BRITAIN MEMORIAL TRUST CIO REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOiiNTANrs Magee Gammon Henwood House Henwood Ashford Kent TN24 8DH BANKERS National Westminster Bank PLC 20 High Street Ashford Kent TN24 8SH INVESTMENT MANAGERS Inve5tec 30 Gresham Street London EC2V 7QN BlackRo¢k 12 fhrogmorton Avenue LoJ)don EC2N 2DL SOLICITORS Furley Page LLP 39 St Margaret's Street Canterbury Kent cri 2TX Pag¢ 2
THE BAThLE OF BRITAIN MEMORIAL TRUST CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provistons of Accounting and Reporting by Charities: Statement of Recommended PraGtiGe applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable Fn the UK and R¢public of Ireland (FRS 102) (¢ffeGtive l January 2019). OBJECTIVES AND ACTIVITIES Objectives The Battle of Britain Memorial Trust was established under a Trust deed dated 4 June1990. 50 years after Ihe ¢ampaign itself, with the obje¢t of erecting and maintaining a National Memorial to those who flew and fought and those who fell during the Battle of Britain in the summer and autumn of 1940. The Trust's Mission Statement points out tlmt it is "dedicated to preserving the memory of the men and women who took part in the Battle of Britain, commemorating their h1¢Y¢mentS and sacrifice" and explains: "The Trust sets out to educate the public about the unique nature of the Battle of Britain and ensiire that future generations are aware of the importance of this event and its place in history. "The National Memorial to the Few at Capel-le-Ferne in Kent is a lasting reminder of all those who fought in the Battle of Britain and those who were affected by it. It is a place for reflective contemplation, reverence and respect. The Memorial provides its visitors with o site both for commemoration and learning." On becorning a Charitable Incorporated Organisation (CIO) in 2017 the objects were modified as follows: "To advanee education in and understanding of the contributions made by aircrew from the UK and Commonwealth and Allied ¢ountri¢s who flew operationally under RAF Fighter Command in the Battle of Bril&in betwegn July 10 and October 31, 1940, through the provision of a memorial, visitor centr¢ and such other attractions and commemorativ¢ media as may be deemed appropriate. In addition, to support the surviving tnembers of those Aircrew and their descendants in preserving the name of the Battle of Brilain Fighter Association in perpetuity. Visitors are invited to rnake donations towards site maintenance in various collection boxes, more recently by credivdebil card dirough a contactless donation station at the site, and by purchasing refreshments, unique iteins of memorabilia and souvenirs. The Scramble Exp¢ri¢nce in The Wing is the only paid-for attraction at the Memorial. 'fhe response continues to be excellent. visitor numbers are steady and the Experience, together with the shop and ¢afe in The Wing, the visitor certt opened by Her Majesty Queen Elizabeth and HIU4 Prince Phillip in 2015, have improved th¢ visitor experienee. The Trust's objective is to build up sufficient funds to care for and maintain the sile and the Memorial, unveiled by Her Majesty Queen Elizabeth the Queen Mother in 1993, to the highest possible standards and catry out improvements as th¢ need arises. The Trust depends on revenue from The Wing, donations from corporations, individuals and other benefa¢tors, l¢gAcies, fundraising activities and investment income. Page 3
THE BATTLE OF BRITAIN MEMORIAL TRUST CIO RIPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJEcfivEs AND A1VITIEs Achievements in 2024 BHckgrouDd In 2024 the Trust's activities returned to normal after the disruptions caused by the Covid 19 pandemic. Revenue was adversely affected ihroughout by the ongoing cost of living crisis and fewer overseas visitors in the year and was below normal expectations as a result. Operation Brock When implemented, to cope with traffi¢ congestion in Dover Docks, during, for example, the Easter break and summer holidays, Operation Brock, which tums the eastbound Garriageway of ihe M20 into a lorry park, continued to have an adverse affect on vlsitor footfall. Cost of Living There is no doubt that the cost-of-living crisis has had a major effect on the Trnst's financial results in 2024. Events in the Geoffrey Page Centre Bvents, films and talks are regularly held in the Geoffrey Page Centre. Memori81 DAY 7 July It was agreed in 2022 that Memorial Days would be closed to the publi¢ to reduce overheads. For 2024 it was planned that there would be a limited number of guests drawn mainly from relatives and friends of the Few. On 7 July 250 invited guests attended. The Chief of the Air Staff, Air Chief Marshal Sir Bichord Knighton, for operational reasons, had to withdraw as the guest of honour. I-IM Lord Lieutenant of Kent, Lady Colgrain, graGiously agreed to lake over. Warrant Officer Murugesan Subramaniam, the Warrant Officer of the Royal Air Force, and Mrs Subramaniam also allended. Sadly, throughoiit the day heavy rain showers crossed the Memorial, The parade was cancelled and the commemoratton service was held inside the guest marquee. A Hurricane from the Battle of Britain Memorial Flight flew past in salute. Between breaks in the showers, guests took the opportunity to lay wreaths al the Memorial and floral tributes at the Christopher Foxley-Norris Wall, Throughout the day the RAF Central Band was most cooperative in playing the hymns and calls in the marquee and in marginal weather completed the Sunset Ceremony outside for a fitting finish to Memorial Day. Parliamentary Reception Th¢ Rt Hon th¢ Lord I-Iow8rd of Lympn¢ CH KC, a Friend of the Few, kindly sponsored Rn afternoon reception held by the Trust in the Attlee room in the House of Lords on 22 May 2024. Our Patron attended and spoke lo most of our 54 guests, This was the third reception held in ihe Palace of Westminster with the aim of promoting the Trust to possible supporters, FundrAising Dame VerA Lynn Evening On 16 April 2024, in the Wiiig at the Memorial, Susan Fleet, a long-tenn associate of Dame Vera Lynn gave a lecture oll Dame Vera's life. This was followed by Vicki Lee who performed musical highlights from her Dame Vera show. A Bit of A CArry On Tyler Butlerworth, the son of the ttctor Peter Butterworth of the Carry On films fame, gave his lecture about his father in the President's Room at the Royal Air Force Club on 17 October 2024. Memorial PathwAy- Blade of Honour The Trust's Blade of Honour project invites members of the public to fund a tile in memory of anyone who played a part in the vicÉory of the Battle of Britain, sometimes called 'the Many,. Those who are nominated need io have played an active support role in tlie Battle of Britain, which ran from 10 July to 31 October 1940. or one month either side of it. They may, for exarnple, have served as groundcrew, Observer Corps. coastguards, flretnen. or with the National Pigeon Service, the NAAFI or the GPO. The tiles will be placed along the Memorial's propellor and cost £495 eaGh (inc VA T). After a slow start. four tiles were in place for Memorial Day. Page 4
THE BALE OF BRITAIN MEMORIAL TRUST CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJEcfivEs AND ACTIVITIES Marketlng Following the implementation of our updated marketing strategy in 2023 - designed 8s a long-terni rnAdmap to support th¢ Memorial's objectives and b¢tt¢r undersland our visitors, needs we'v¢ seen ¢ontinued su¢¢ess a¢ross multiple ¢h&nnels. Our digilal presence remains strong, particularly on TikTok and Instagram. which ¢ontinu¢ to be k¢y drivers of both visits and follower growth. Video content consistently achieves high view Counts and comments. indicating strong user interest and intent to visit. In 2024, we've seen several viral videos across Inslagram, TikTok and Faceb(K)k (some reaching 265,000 views), significantly boosting follower numbers across platfornls. Bmail marketing is performing well, with a monthly schedule that includes a dedicated newsletter and a targeted e-commerce email. Durlng peak periods, such as Christmas. email frequency increases to maximise online shop sales. This is supported by automated campaigns and solus emails. Open and cli¢k-through rates remain healthy> With the majority of emails driving revenue for both the online shop and experience packages. Experience packages continue to see strong demand. In total, 667 packages have been sold through Virgin Experience Days and our website, generating £32,141 in revenue. Christmas remains a particularly lucrative period for these paekag¢s. with over 100 packages sold between October and December 2024. Since early 2022, we have engaged sponsors Ihrnugh our B2B programme. We have su¢¢essfully retained all thre¢ original sponsors for a fourth year - two at the silver ti¢r (£995 per year) and one al bronze (£495), In 2024 and early 2025, w¢ s¢¢ured An additional silver and bronze sponsor, eXpdIng our partnership base. Jn addition to our key initiatives, we continue to deliver core marketing projects, including.. Leveraging our memberships with Visit Kent, the Association of fourisl Attractions in Kent and Muddy Stilettos Kent. Prornoting events and special projects, such as the Blade of Honour. Capturing new footage and imagery of the site and experiences. Developing an online booking system for The Scramble Experience. Exploring new third-party partnerships to boost visitors and Scramble Experience licket sales, including platforms like Love2Visit. Together. these efforts ensure we maintain visibility• grow engagement and continue driving revenue and footfall for the Memorial. Public Relatlons Public and media interest in the Battle of Britain continues to grow and the Trust looks to capitalise on tl)is interest to drive footfall to the site. Press and magazine articles, TV and radio opportunities, interviews, advertisements, the website and sooial media are all iised to raise and maintain awareness of the work of the Trust and the a¢hiev¢ments of 'Tlie F¢w'. The strong relationship built up with RAF News in 2023 ¢ontinii¢d throughout 2024, with the newspaper running a wide range of stories on the Trust and the Memorial. These in¢luded an ex¢liisiv¢ interview with Group Captain John Hemingway, thought lo have been the last of the Few. ¢arri¢d out by the PR consultant at the Group Captain's care home in Dublin, and a feature oil the maintenance work carried out at the Memorial by volunteers from local businesses linder the auspices of facilities company Vin¢1 FDIS. The dis¢overy of another mcmbcr of the Few, Flt Lt Ronald Thompson, also produced some good news copy, as did the updating of the Christopher Foxley-Norris Memorial Wall in October, The Memorial continued to work closely with the broadcast media and provide interviewees in IEsponse to niimerous requests. That close co-operation saw the Memorial featured on both BBC at)d ITV Meridian during the year as well as in several BBC Radio Kent broadcasts. The Hon. Sec., Group Captain Patri¢k Tootal, was also interviewed on national television about the Barclays 'de-banking' saga, with the interview prompting many thousands of pounds in donations from viewers. After winning the Gold A ward in the Small Visitor Attraction of the Year category of the Beautiful South Tourism Awards at the end of 2023. the memorial went through to the national Awards for Excellence in the Spring of 2024 and was again suc¢¢ssful, Coming away with a Bronze Award. Page 5
THE BATTLE OF BRITAIN MEMORIAL TRUST CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJEcrtVES AND ACTIVITIES The website continues to be kept up to date wlth relevant news articles. features, book reviews and other items of interest and continues to prove popular, with statistics that back up that popularity. Online sales continue to grow and there has been signifJ¢ant promotion of new ventures such as the Trust's busin¢sg sponsorship opportunities, Gream tea 'experi¢n¢¢s'. Sunday afternoon talks and new fund-raising venthres such as the Blade of Honour projecl and the 30th anniversary fund-raising appeal. There was also considerable coverage of the stomi damage to the Spitfire repliGa, its removal for repair and th¢ later arrival of the new replica. new website page dedicated to promoting the electronic database of infom)alion about members of the Few. introduced in 2022, continues to be regularly updated, with new blogs highlighting Some of the stories within Ihe material available online. This is part of a rebranding of the online version of Kenneth Wynn's Men of the Battle of Britain to reflect the enormous amount of work input by Trust representatives, particularly consulting editor Geoff Simpson and his team, since the Trust acquired the rights to the book. A range of different newsletters, including a monthly updat¢, is now circulated by email lo a steadily growing number of subscribers, and an annual printed newsletter is sent to fqriends of the Few, along with the annual 1940 publi¢ation, which since 2018 has been produced by the PR ronsultant. Work was well underway by the end of 2024 on issue 25, which came out early in the new year. Regular press releases were sent to local and specialist newspapers and magazines, on occasions supported by paid advertising in inagazines focusing on travel, coach visitors, aviation and history. The Trust continued to advertise in range of publications produced by the Battle of Britain Memorial Flight to capitalise on Ihe shared interests of the readership. PR support was provided during the year for a range of events ai The Wing and elsewhere, including the D-Day 80th anniversary beacon lighting, Sunday talks, the Vera Lynn and Tyler Butterworth events and Dilip Sarkar MBE'S ongoing book launches to promote the series being published in association with the Trust. Another of the popular Airfix Make and Paiiil events was held in The Wing in February, allowing families to build and paint model aircraft with the assistance of volunteer'experts,, contributing a reasoiiable amount of revenue lo Trust funds at the same time. The Trust is an active member of groups including Visit Kent and the Association of Tourist Atlra¢tion8 in Kent (ATAK). It takes part in joint ¢amp&igns wherc these can be shown to offer a benefit to the charity and has been particularly successful at submitting ¢opy for a range of Visit Kent publications. The Trust has also supported the I I Group Network, aft amalgamation of like-lninded organisations which has begun to 'find ils feet, after a somewhat muddled start. Membership is frec and the Trust is playiiig a leading rol¢ in developing it into a useful vehicle for joint promotion. The Trust also benefited from membership of the group when one member was looking for a home for a set of the six-volume War in Pictures, published by Odhams, now housed in the library at Hunting Lodge. Membership of ATAK in¢lud¢s regional exposure in the Best Places to Visit bro¢hure which is circulated far and wide a¢ross Éhe South East and the opportunity to promote events and news stories related to the Memorial on the ATAK website. The Memorial again supported Visit Kent's 2024 Big Weekend event, providing free tickets for visitors as parl of a County-wide awareness-raising campaign. While take up was somewhat disappointing, the day introdiiced the site to new families who, it is hoped, may I'eturn with friends. In addition, the Trust receives GDPR-complianl data from fill those familles signing up, adding significantly to our mailshot activities. In 2024 the 'frust became a member 0£ and promoted, the Wheels of Time scheme that encourages youngsters to collect badges from as many museums and other attractions aGross Kent and add them lo a special lanyard. Films And Tttlks The Sunday afternoon films and talks continued in Spring and Autumn of 2024. These are arranged as parl of the package offered to subscribing Friends of the Few, bul places are offered to their guests and to members of the public. The Trust is gr&teful to the presenters. who provide their films and talks at no cost. Page 6
THE BATTLE OF BRITAIN MmORIAL TRUST CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJEcfivEI S AND AcfiviTIES Schools Visits, CorporAtelGroup Bookings and Experience Tours The Geoffrey Page Centr¢ is designed to be used by schools durtng th¢ day and by corporate groups in the evenings or at other times when it is not being used by s¢hools. The Trust has prepared a range of educational material that is made available to t¢Rchers on request. Hunting Lodge is now also available for school parties and corporate use. In 2024 the Trust took 20 bookings from schools whi¢h in¢ludes foreign schools. A total of 717 pupils learned about ihe Battle of Britain and toured The Scramble Experience. Bookings have increased, as have enquiries and bookings from Fren¢h and Dutch Schools for 2024. In addition, there were 36 corporate event bookings and 49 group bookings in 2024, included bookings from Kent Police Rection. Friend8 of the Few Associatlon Following its inaugurntion in October 2000. the Friends of the Few was fonnally launched on l January 2001. It was fomied with the key role of preserving within the national memory Ihe air battles of1940 and supporting the National Memorial to the Few at Capel-le-Feme. Membership subscriptions are spent, after deducting running costs, on maintaining the Memorial and site. The annual newsletter and the annual magazine 1940 are well received by Friends. Events such as the talks and, recently, films at The Wing Are designed as an additional altra¢lion for members, who can now join on-line as well as by responding to a promotional leaflet. At the end of 2023 the Trust was "d¢-banked' by Barclays Bank who were the Trust's original bankers. On the I January 2024 some 265 original Friends had their standing orders rethmed. A great deal of effort was needed in 2024 to ask the members concerned to rcnew the membership fees through the Trust's CIO coUnt. A total of 35 new members joined in 2024, The Trust lost 14 members, of which 10 sadly passed away and 4 Memberships were cancelled. There were 555 members on 31 December 2024. The Alr Cadet Affiliatlon Schekne Tlle Air Cadet Affiliation Scheme was launched in August 2009 to encourage young people to take an interest in the Memorial and the Batlle of Britain. With the agreement of the Commandant, Air Cadets, invitations to become FIonorary Friends of the Few were initially sent to Air Training Corps (ATC) squadrons bearing the numbers of Squadrons Involved in the Battle of Britain or based at locations associated with the Battle. To date a Signifint number of squadrons nationally are Affiliated, in¢luding the whole of Kent Wing. Following the re-organisation of the ATC and CCF and re-branding as Royal Air Foe Air Cadets, the affiliation s¢heme remains open to all units. The Trust receives excellent support fiDm Kent Wing, particularly during Memorial Day* when the Air Cadets provide the majority of the 'blue uniforms, at the Memorial and receive numerous compliments about the way they represent th¢ parent seryice. The Wing Since its opening in 2015, Tile Wing has received a number of design and building excellence awards from various signAfi¢ant bodies. The cornplete roll call to date is.. Projcct of the Year and first place in the Cominercial, Industrial and Retail category of thc Kent Design and Development Awards. Winner of the Tourism and Leislire category of the RICS Awards South East 2016. Ilighly Commended in the Small Commercial Building category in the Local Authority Building Control {LABC} Building Excellence Awards 201 S. Winner of the Best Small Commerci&l Building category in the LABC Soiithern Region Awards. Overall Winner and first place in the Excellence in Planning and Design for the Public Realm category of the Royal Town Planning Institute (RTPI) South East Awards for Planning Ex¢ellen¢e 2015. The Memorial has also done well in other competitions, including winning the Hidden Gem ¢ategory in the fjrst ever Visit Kent Tourism Awards. The Christopher Foxley Norris Memorial Wall The Christopher foxley-Norris Memorial Wall is a major asset to the Memorial and has attracted favout2ble comments from visitors. There is an ongoing appeal to apply lo Friend5 of the Few and metnbers of the public to sponsor individual names on the Wall for a minimum donation of £40. During 2024, 22 people sponsored names on the wall. Page 7
THE BATfLE OF BRITAIN MEMOIUAL TRUST CIO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES Audio tour In August 2024 an audio guide w&8 launGhed using the free platform izi.travel. It is available for use onsite and at home, and is currently running in sev¢n languages. Memorial Maintenance The ex¢ellent grass cutting service provided by Dover District Council continued in 2024 and is a most cost-effective w&y of maintaining the extensive grass ar¢&s of the site. The Trustees are grateful to the council for its generous 5UPPOrt. Mr Young, a contractor first appointed for 2008, looks after the car park, the Hunting Lodge surrounds, the replica aircraft bases and the weeding of the paved areas of the Memorial. This modest contract does much to increase the cared-for look of the Memorial, which attracts favourable comment from visitors. Memorial Management Memorial Manager Major (Ret'd) Julian Gomez runs the Memorial site and Hunting Lodge. He is supported by a full-time assistant manager and four other members of staff, together with an arrny of some 33 willing volunteers. Two zero contract staff now augment the staff and volunteers. The staff are always well presented, manage The Wing and the sile effectively and go out of their way to make visitors feel welcome. The Trust receives wonderful support from the Trust's voluntary helpers. The Trustees wish to record their grateful thanks to staff, volunteers and others who willingly donate their services to the cause. Vl$ltor Numbers With the help of an improved counting system the total number of visitors in 2024 was 75,000 which was similar to ihe numbers in 2023. However, as the average spend per visitor has perhaps halved following the rise in the Cost of living. a greater number of visitors is needed for the Mernorial to break even. On the plus side, the number of visitors to the Scramble Experience has increased. The rnarkeling and PR consultants worked closely to maximise the numbers visiting when they could and to encourage people to support lh¢ charity. A greater focus is now placed on encouraging visitors to donate, with smartphone QR codes placed in prominent positions around the building. Huntlng dge Hunting lA)dge was used for several purposes plann¢d during 2024. Trustees meet in the Lodge and it was hired out for business and other meetings. The library has been ¢ompletely ¢alalo8ued and the catalogue has been compulerised thanks to the generosity of the Smarden Historical Group, which supplied its bespoke archive programme free of charge. The system is also being used to record items of interest in an archive using photographic rec4)rds. Pffirtnerships The Triist works with Kent Ambassadors and the media tr> pi'oinote its activities. It has continued lo develop and prote¢t its relationship with local people in tlie parish of Capel-l¢-Ferne and enjoyed great local 5UPPOrt during the year under review. Links continue with the team at Headcorii Aerodrome, which is home to Aero Legends, the company which flies passengers in vintage aircraft in¢liiding Spitfires and regularly overflies the site at Capel-le-Feme. The Trust has also developed links with the Biggin Hill Heritage Hangar, which also regularly flies over the Memorial. The Trust has also worked with Dover Arts Development on several initiatives and continues lo work closely with the Kent Battle of Britain Museum at nearby Hawkinge and with tourism agencies including Visit Kent and the Association of Tourist Attra¢lions in Kent. Public benefit The Battle of Britain Memorial Trust CIO meets the definition of a public benefit entity under FRS 102 and the trustees confirm they have had regard to the Charity Commission's guidanG¢ on public benefit. FINANCIAL REVIEW Finllncial position At 31 De¢¢mb¢r 2024 the Trust's funds totall¢d £3,558.712 (2023 - £3,756,196). Page 8
THE BATTLE OF BRITAIN MEMORIAL TRusr cio REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Principal funding sourees The Trust can only survive and Garry out its mission into the future with significant donations, such as gifts and legacies, from thos¢ who wish it well. It received many b¢quest$ and legacies tolalling £166,040 in 2024 (2023 £26,352). The Trust Continues to promote for bequests and lega¢ies. The total incoming resources totalled £566,807 (2023 - £359,050). Investments The Trustees employ Investec Wealth & Investment as brokers and advisors for the investment portfolio. The portfolio is managed with ihe objective of providing income towards the running Costs of the Mernorial. Security of capital is of prime importance and so the portfolio is invested primarily in flxed interest securities, both bond5 and preference shares. The balance is invested in a small number of mostly higher-yielding equities and Investec has a dis¢tiOnarY mandate to manage these and the remainder of the portfolio while bearing in mind a moderate level ofrisk. In additioi), the Trust has over £500,000 invested in the Arnled Forces Common Investment Fund managed by BlackRock. Reserves The Trust's totsl reserves at 31 December 2024 stood at £3,558,712 (2023 - £3,756,196). This figure includes the fixed assets used to ¢arry out the Trust's activities, which total £2,734,751 (2023 £2,879,839). Therefore the trnstees ¢onsAder Ihe "free reserves" to be £823,961 (2023 - £876,357). The trustees continue to monitor the level of reseryes required and this is especially relevant at this time. To that end, the Finance & General Purpose Commillee of the Trust meet regular And consider the level of reserves, At present, a policy of six months ¢xp¢nditur¢ is Considered relevant before any reali8ation of other investments may be required. As indicated, should the need arise, investments will be realised to ensure sufficient funding is available to meet ihe reserves level for ilie upcoming period. This policy is cuentlY above that which the trustees feel is prudent al the current time lo meet unforeseen mhinlenance and capital costs. We have been throug]) a financially dilCUlt period and will continue lo do so into 2025. 'fhe Finance & General Purpose Committee regularly monitor the financial position of the Trust Rnd e mindfiil that the need to liquidate reserves rnay occur, and have the willingness to do so at the approprlate tiine. STRiiCTURE, GOVERNANCE AND MANAGEMENT OrganlsAtlon The Trust's objects, powers and other constitutional matters are set out in the Trust deed. It is governed by the Trustees, who nieet four linies a year. A finance & general purposes committee, made up of the Chairrnan, Hon. Treasurer, Hon. Secretary, & Truslee, and the site manager, meets when necessary between Trust meetings. The names of Trustees appear in the list of Trustees and Advisers on page l. There is also a Memorial Day Planning Cornmittee, chaired by the Hon S¢cr¢lary, which comprises key Trustees and the Trust's Events Organiser and PR Consultant and is responsible for planning and arranging the annual Memorial Day. To en¢ourage the full use of the edu¢alion fa¢iliÉies at the Geoffrey Page Centre within The Wing and Hunting Lodge, there was an Education Sub-¢ornmitte¢ under the Chairmanship of the Hon Secretary. It Comprises key Tnjstees, the PR Consultant and a co-opted rclired lea¢her. This sub-committee did not meet in 2024. New Trustees join the Trust at the invitation of the Trustees. By a Deed of Variation of Trust dated 3 October 2002, the Trnslees agreed that the number of Trustees could be increased to 20 and that sub-committees could be appointed to manage specific duties and functions as directed by the Trustees. The Deed of Variation also allowed the Trust to make investments and pursue modest trading activities. The Battle of Britain Memorial I'rust CIO came into effect on l January 2017. The Battle of Britain Memorial Trust continues to exist alongside the CIO. Patron HRH Prince Michael of Kent GCVO has been the Patron of the Trust since 19 November 2003. Page 9
THE BArnK OF BRTfAllYMEMORIAL TRUST ao REPORT OF THI TRusfEES FOR THE YEAR ENDED 31 J)KC£MBER 2(124 The trnstv3 have examincd thc major str&t¢gi¢. busiw and oprAational risks involvcd in the Trugt's &ctsvrties and Bre salisfied that appropriatc reports and Inforn)ation have been produc¢d to allow th¢m to nm the Thisvs operations The Tntst runs a pffpvtual risk in¢ludin8 ¢valu&tion the risks r¢gardiog the property. which Are 8dth¢8sed with adequat¢ itisurnnce and amiual h¢RIth and Safety audits. The charfty 18 aJ80 vay aware of the possibillty of lack of publlc interest in the Battle of BrltalTh and Is activety ¢ontinuing to inv¢stigats ways in whith this can be brought to the continued attentlon of all thThgh continued Marketi expenditure and othw publi¢ r¢lation and m¢dia activiti. EVENTS SINCE ThE END OF YEAR Infom]ation relating to ev¢nts sin¢e tho end of the year Is gly In th¢ notcs to the flliancial ststcm¢nts. STATEMWf OF TRUSTEES, RESPONSIBILTfiES The tte¢S are responsibl¢ for prepatlng the Report of the and the financial 8tat¢ments in aCrdse¢ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accemed Accounting Pradirx) kocluding Financlal Reporting Standard 102 'The Financial Keportlng StaDdwd applicable in the UK ond Rewblic of Ireland# Th# law applicable to ¢hariti¢s in EDgland and Walw the Thjrities A¢t 2011. Charlty (Acllts and Repts) Rcgulation8 2008 and the provisions of the trust deed rquires the lrnstees to pr¢pAre financAal stskments for ¢ath fihanclal year which 8ivc a truc #nd fair view of the stAts of affairs of the charity and of the Incoming resowces and application of resources, including the income and expenditur4 of th¢ charity for that pcrlod In prq)aring thos¢ rman¢ial slatements, th¢ tn¥t¢¢8 are required to Belect sultsble accounting poli¢i¢s and then apply them CODSiStcndy: observ¢ the m¢thods and principles in the CharAty SORP. make jud8ements and e5tim&teg that arc reagonable and pru&¢ 8tate whether applicable accounttn8 8tfindards have been followed. subject to kny matsriat departur¢s disclos¢d and explalned in th¢ financial 8tatcments: prepare the financial st&t¢m¢nts on the going concern basis unle85 it is inappropriats to presume that the eharity wlll ntinue In busine The trnstees are responsible for keepyn8 proper accounting re¢ords which disclo8¢ with rewnable accuracy at any lime the fmanciAI position of the tharity and lo ¢nabl¢ them to ensurc that the fjnancial statcments ¢omply with th¢ Charittes Act 2011. the (A¢eounts and Reports) R¢gulations 2008 and the provisions of the tr¥t deed. They are also respOlbIe for safeguardin8 th¢ assets of thc charity and hence for takb)8 regsonable Steps for the prevention and d¢ttIon of fraud and other itr¢8ularities. Approved by order of the board 0ftrust$ on •J&fvQ 20%>... and sI¢d on its behalf by: Mr R H Hunting- Itustee Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BATTLE OF BRITAIN MEMOIUAL TRUST CIO Opinion We have audited the fmanclal statements of The Battle of Britain Memorial Trust CIO (the 'charÉty') for the year ended 3 L December 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financiaI statements, including a surnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard appllcable in the UK and Republi¢ of Ireland,. In our opinion the financial statements.. give a true and fair vA¢w of the state of the charity's affairs as at 31 December 2024 and of Its incoming resources and application of resour¢¢s, for the year then ended. have been properly prepared in accordan¢¢ with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The fiinancial Reporting Standard applicable in the UK and Republic of Ireland" and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in oc¢ordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in th¢ Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements thai are relevant to our audit of the financiol statements in the UK, including the FRC'S Ethical Standard, and we have thlfilled our other ethical responsibilities in accordance with these requirements. We believe thAI the audit evidence we have obtained is sufficient and apppriate to provide a basis for our opinion. Concluslons reliting to golng concern In auditing the financial statements, we have ¢oncluded that the trustees, use of the going concern basis of acwunting in the preparation of the finanGial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the chhrity's obilily to continue as A going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitics and the responsibilities of the trustees with respect to going ¢on¢ern are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other information cornprises the information included in the Annual Repoi%, other than the financial statements and our R¢port of ihe Independent Auditors thereon. 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 express any form of assurance conclusion theon. In connection witli our audit of the financial statements. our responsibility is to read the other information and, it) doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially Inisstated. If we identify such material inconsistencies or apparent material inisstatements, we are reqiiired to determine whether this gives rise to a material misstatement in the financial statem¢nts themselves. If, based on the work we have performed, we conclude Ihal there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard. Mfitters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial sl'atemenls. or sufficienl accounting recoids have not been kept. or the financial Statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Pagell
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BATfLE OF BRITAIN MEMORIAL TRUST CIO Responsibilities of trnstees As explained more fully in the Staternent of Trustees, Responsibilities. the trustees are responsible for the preparation of the financial statements which give a trne and fair view, and for such internal control as the trustees detern)ine is necessary to enable the preparation of financial statements that are fre¢ fmm material misstatement, whether due to fraud OT error. In Preparing the finan¢ial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquAdat¢ the charity or to cease operations, or have no realistic alternative but to do so. Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BATTLE OF BRITAIN MEMORIAL TRUST CIO Our responsibilities for th¢ audit of the finanelAI slatements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the fmanoial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. R¢asonabl¢ assurance is a high level of assurance, but is not a guarantee that an audit conducted i accordanc¢ with ISAS (UK) will always d¢le¢t a material misstatement when il exists. Misslatemenls Can arise from frdud or error and ar¢ ¢onsidered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic de¢isxons of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing ihe risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement parther ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charity through discussions with trustees and other management. we fo¢used on specifi¢ laws and regulations which we considered may have a direct mat¢rial efft on the financial statements or the operations of the ¢harxty, including the Charities Act 2011 and FRS 102. identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assesscd the SUS¢¢Plibility of the charity'S.financial statements to material misstatement, including obioining an understanding of how fraud might occur, by.. making enquiries ofmunagement as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: perfornied analytical procediires lo identify any iinusual or unexpected relationships. tested journal entries lo identify unusual transaclions. assessed whether judgements and assumptions made in determining the accounting estimates were indicfttive of potential bias. and investigated the rationale behind signifi¢ant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which in¢luded, but were not limited to: agreeing financial slat¢ment disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance. enquiring ofmanagement as to actual and potential litigation and claims. ftt)d reviewing Correspondence with relevant regulators and the Gompany's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from finan¢ial transactions, the less likcly it is that we would become aware of non-¢ompli8nce. Auditing standards also limit the audit procedures r4uired to identify non-compllance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal corr¢sponden¢e, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from etror as they may involve delibetzte ¢on¢ealment or collusion. A further des¢ripÉion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This des¢ription forms part of our Report of the Independent Auditors. Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BATTLE OF BRITAIN MEMORIAL TRUST CIO Use ofour report This report is made solely to the charity's trustees. as a body, in accordance witb Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those rnatters Iwe are required to state to them in an auditors, report and for no other purpose. To the fvllest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the ¢harity's trust¢¢s as a body, for our audit worK for this report, or for th¢ opinions we have forn)ed. Mccabe Ford Williams Chartered Accountants and Statutory Auditors Charlion House Dour Street DOVER Kent CT16 IBL Date.. 2S Page 14
THE BALE OF BRITAIN MEMORIAL TRUST CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 224,835 224,835 70,054 Other trading activities Investment income Other income 213,838 34,310 213,838 34,310 151.642 50,500 86.854 Total 566 807 566 807 359050 EXPENDITURE ON ChAritable aetivities Heritage and Education 654,511 654,511 633,519 Other 153 621 153 621 223 616 Total 808,132 808 132 857 135 Nel gainsl(losses) on investments NET INCOMEI(EXPENDITURE) (197,484) (197,484) (503,188) RECONCILIATION OF FUNDS Total funds brought forward 3,756,196 3,756,196 4,259,384 TOTAL FUNDS CARRIED FORWARD 3 558 712 3 558 712 3 756 196 The notes form part of these finan¢ial StateentS Page 15
ThE BArnE OF URrrAIN MEMORIAL TRUST CIO 31 DECEMBER 2024 2023 Total nds funds FIXED ASSETS Intangible assets Tangible Inv¢stm¢nts 13 21.000 14 2.734.751 15 308 21.(100 2,734,751 1018 308 21.0) 1879.839 1080 996 3.T14.059 3.774,059 3,981,835 Debtors Cash at bank 16 109.723 109.723 159253 164.458 164.458 172547 CREDTfoRS Amounts falling du¢ wAthln one y¢ar 17 (68,569) (68,569) (71,615) 100932 TOTAL ASSETS LE&S CiJRR 3.869.948 3.869,948 4.081767 CTrEDm)RS Amowits falling due v4ft¢r more than one year 18 (311,236) (311236) (326,571) NET ASSETS 3 558 712 3 558 712 3 756 196 3 558 712 3 756 196 3 $58712 3 756 196 The fffiancial statements were approved by the Bowd of TN6tee8 and authorised for i68ue on .. and wer¢ on its behalf by." Mr R H Huntin8- Truste¢ The note8 forni part of these financial statements Pag¢ 16
THE BALE OF BRITAIN MEMORIAL TRUST CIO CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes C8sh flows from operating activitie Cash generated from operations Interest paid 24.257 (191.894) Net cash used in operating activities 224 885 Cash flows from Investing activitles Purchase of tsngible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Unrealised gain on investments Interest received Dividends received (70.174) (64,577) 193,929 (22,823) 140 (3,820) (298,183) 476,022 (20,286) 16 Net cash provided by investing activities C*$h flows from flnanelng aetlvlties Proceeds from borrowing Nel cash used in financing activilies 23,335) 29 129) ChAng¢ In cAsh and cash equivalents in the reporting perlod CAsh and cash equivnlents at the beginning of the reporting porlod 41.441 (49,781) CNsh ind chsh equlvalents at the end of the reporting perlod The notes form parl of these financial statements Page 17
THE BATTLE OF BRITAIN mEMoRL TRUST CIO NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATJON OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting period (as per the Statcment of FillnCiAl Activi¢ies) Adjus¢ments for: Depr¢¢iation Charges (Gain)/losses on investments Jnterest received Interest paid Dividends received Decrease in debtors IncreAse in creditors (197,484) (503.188) 215.262 (43,841) (140) 30,146 (34,170) 49,530 218,963 5,103 (16) 32,991 (50,484) 102,587 Net cash provided byl(used In) op¢Yatfion9 191894 ANALYSIS OF CHANGES IN NET DEBT Atl.1.24 Cash flow At31.12.24 Net eA8h Cash at bank Debt Debts falling due within l year Debts falling due after l year (29.500) (326 571 8,000 (21,500) (311236) (356 071 (332 736 Total (342 777 (278 001 The notes form part of these financial statements Page 18
THE BALE OF BRITAIN MEMOIUAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The charity number and regist¢r¢d 01¢¢ address can be found on the R¢ference and Administrative Details pag¢. The presentational curren¢y of the financial statements is the Pound Sterling (£). ACCOUNTJNG POLICIES Basis of prepAring the finaneRal statements The financial stalements of the ¢harity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charitles: Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The FAnan¢ial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The finan¢ial statements havc been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the r¢valuation of certain assets. The trustees consider that there are no materi81 uncertainties about the charity's ability to Continue as a going oon¢em. Flnanclal reportlng standard 102- redueed diselosure exemptions Preporation of cons01idAtcd financial stfitements The financial statements contain infomlation about The Battle of Britain Memorial Trust CIO as an individual harity and do not contain consolidated fEnancial information as the parent of a group. Significant judgements find estlmAtes The preparation of the financial slalements requires the trustees to make estimates and assumptions that affect the amounts reported in the financial statements. The trustees believe that the critical Rccounting policies where judgements or estimates are necessarily applied are summarised below. DepreclAtion And residual vfilues The trustees have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and r¢8idLial values are appropriale. Income All income is re¢ognised in ihe Statement of Finan¢ial Activities once the charity has entiilement lo the funds, it is probable Ihat the incomc will be received and the amount ¢an be measured reliably. Th¢ following specific policies are applied to particular categories of incoine: incoine from donations or grants are recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is i'ecognised when receipt is probable and enlillement is established. income from donated goods is n)easured at the fair value of the goods unless this is iinpraclical to measure reliably, in wliich case the value is derived from the cost lo tl)e donor or the estiinated resale value. Donated facilities and services are recognised in the accounts when received if the value call be reliably measured. No amounts are included for the ¢ontribution of general volunteers. income from contracts for the supply of services is regnised willi the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if iinspenl, in which case il. Inay be regarded as restricted. Government grAnts Grants relating to revenue are recognised in income on a systematic basis over the periods in which the charity re¢ognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support lo the charity with no future related costs is recognised in income in the period in which it becomes rec¢ivable. Page 19 continued...
THE BATTLE OF BRrfAIN MEMORIAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBIR 2024 ACCOUNTING POLICIES- continued Expenditure Llabilities are recognised as expendithre as soon as there is a legal or constructive obligation Gommitting the charity to that expendilure, it is probable that a transfer of ¢¢onomiG benefits will be required in settlement and the amount of th¢ obligation can be measured reliably. Expenditure is accounled for on an accruals basis and has been classified under headings that aggregate all ¢ost related to the category. Where costs cannot be directly attribuled to particular headings they have been allocated to activities on a basis Consistent with the use of resources. Penslon The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the staternent of financial activities in the perlod to which they relate. Intangible assets Intangible assets are initially recorded at cost, and are subsequently slal¢d at cost less any accumulated amortlsation and impaimient losses. Any intangible assets carried at revalued amounts, a recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent a¢¢umulated amortisation and subsequent accumulated Ampainneni losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the aquisition date. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and buildings Memorial wall Hurricane and Spitfire Fixtures, fittings & equipmeiit 20A on cost (buildings) 20/0 on cost 50/0 on cost 25 % on reduciiig balance Impfiirnient of fixed assets A review for indicators of Ampairnlent is carried out at each reporting dale, with the recoverable amount being estimated where such indicators exisL Where the cariying value exceeds the recover&blo amount, the asset is impaired acoordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value Cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with clianges in fair value being recognised in income or expenditure. RelAted party exomptlon The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 The Ftnancial Reporting Standard applicable in the UK hnd Republic of Ireland,, not to disclose related paty transactions with wholly owned subsidiaries within the group. Taxation The charity is exempt from tax on ils charitable activities. Fund aceounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are unrestricted funds eatmarked by the trustees for a particul future proje¢t or commitment. Restricted funds can only be used for particular restricted puryoses within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is in¢luded in the notes to the financial statements. Page 20 continued...
THE BATTLE OF BRITAIN MEMORIAL TRUST CIO NOTES TO THE FINANCJAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued FinAnclg1 Instruments Financial liabilities and equity instruments are classifled according to the substance of the Gontra¢tual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transacÉton price. Any losses arising from impairment are recognised in the sthtement of flnancial activities in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairni¢nl. If an arrangement constitutes a fInance transaction it is measured at present value. DONATIONS AND LEGACIES 2024 2023 Donations Collection boxes Bequests and le8a¢ies Sponsorship 38,289 17,526 166,040 24.909 16,308 26,352 224 835 OTHER TRADING AcfiviTIES 2024 2023 The Scramble Experience Friends of the Few Association Car park F4unctions Appeals Insurance payout 55,203 10,420 23,086 52,429 16,200 49,418 13,984 16,712 58,828 12,700 213 838 151642 INVESTMENT INCOME 2024 2023 Income from listed investments Deposit account interest 34,170 140 50,484 16 Pag¢ 21 continued...
THE BATTLE OF BRITAIN TrMoRIAL TRusr cio NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER INCOME 2024 2023 Royalties and li¢¢nGe fees Oth¢r income 48 154 93.824 CHARITABLE AcfiviTIFS COSTS Direct Costs Heritage and Education 654511 SUPPORT COSTS Governance costs Other Totsls Other resources expended 135 279 153 621 Support Costs, included in the above, are as follows: Other 2024 Other resources expended 2023 Total activities General office Motor and travel Legal and professional Bank interest and charges Exceptional items 39,299 4,621 4,871 30,146 45,880 7,143 279 32,991 114325 135 279 200 618 GovernAnce costs 2024 Other re50urce5 expended 2023 Total activlties Auditors, remuneration Bookkeeping costs 6,057 6,000 18,342 Page 22 continued...
THE BATfLE OF BRITAIN MEMORIAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - eonlinued FOR THE'YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REMUNERATION APID BENEFITS There were no trustees, remuneration or other benefits for the year ¢nde4131 December 2024 nor for the year ended 31 Decemb¢r 2023. Trustees, expenses Office rent totalling £4,500 (2023 - £4,500) was paid to a trustee during the year. Travel and other expenses totalling £6,863 (2023 - £7,877) were paid to three (2023 - two) trustees during the year. Jo. STAFF COSTS Remuneration was paid as follows.. 2024 2023 Wages Social security Costs Pension costs 189,547 9,540 189,713 9,389 202 716 202 837 The average number of employees during the year was 10 (2023 - 10). No employee received more than £60,000 in the year (2023 - nil). The pension cost in the year amounted to £3,629 (2023 - £3,735). ii. EXCEIryIONAL ITEMS In 2023 the trustees undertook an exercise to review the level of indebtedness of The Battle of Britain Memorial Limited to The Battle of Britain Memorial CIO. The Honorftry Treasurer reviewed the level of recharges made and it was ¢on¢luded that liistoric recharges for salaries were too high, and the intercompany loan has been reduced by £114,325. Legal advice is being sought as to how to deal with the remaining balance and charges going forward. In 2024, the trustees undertook legal advice, and it was concluded that the subsidiary company's trade would be absorbed by the parent charity, The Battle of Britain Memorial Trust CIO in 2025. As a result of this decision a further £56,324 has been written off from the inÉer¢ompany loan, as tlii5 is the amount deemed to be irrecoverable on amalgamation of the two entities activities. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENfs FROM Donations and legacies 70.054 70.054 Other trading activities Investment income Other income 151,642 50,500 86,854 151,642 50,500 Total 359 050 359,050 Page 23 continued...
THE BALE OF BRITAIN MEMORIAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS- con¢lnued FOR THE YEAR ENDED 31 DECEMBER 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued EXPENDITURE ON Unrestricted funds Restrictsd funds Total fund8 ChAritAble activities Heritage and Education 633,519 633,519 Other 223 616 223 616 Total 857 135 857 135 Net gainsl(losses) on investments NL'f iNCOME/(EXPENDITURE) (503,188) (503,I88) RECONCILIATION OF FUNDS Total funds brought fonvard 4,259,384 4,259,384 TO'fAL FUNDS CARRIED FORWARD 3 756 196 3 756 196 13. INTANGIBLE FIXED ASSLTS Trademarks COST Al l January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Page 24 continued...
TIIE BATTLE OF BRITAIN MEMOIUAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 14. TANGIBLE FIXED ASSETS Hurricane Fixtures, fittings & equipment Land and buildings Memorial wall Spitfire Totals COST At l January 2024 Additions Disposals 4,471.590 146,111 49,772 69,055 49 772) 206,101 1,119 4,873.574 70,174 At 31 December 2024 4 471590 207,220 4 893 976 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 1,750,072 201,064 33,714 1,572 49,772 9S9 49 772) 160,177 11,667 1,993,735 215,262 Al 31 December 2024 1951 136 959 171844 2 159225 NET BOOK VALUE At 31 Dember 2024 2 520 454 110825 2 734 751 At 31 December 2023 2721518 112397 2 879 839 Is. FIXEI D ASSLT INVESTMENTS Shares in 8roup undertakings Listed investments Tothls MARKET VALUE At l January 2024 Additions Disposals Revaluations 1,080,995 64,577 (150,088) 1,080,996 64,577 (150,088) At 31 December 2024 018 307 1,018 308 NET BOOK VALUE At 31 December 2024 1018 307 1018 308 At 31 December 2023 080 995 1080 996 There were no investment assets outside the UK. The shares in group undertakings relate to The Battle of Britain Memorial Limited. Listed investments are held at their fair value. The shares in the group undertakings are held at cost. Listed investments held are all readily marketable and have been valued by reference to the mid-market price provided by the fund managers. Page 25 ¢ontinued...
THE BATfLE OF BRITAIN MEMORIAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. DEFfoRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors and prepayments Amounts due from group undertakings 10,927 37,152 13,963 22,178 123 112 109 723 159 253 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 19) Trade creditors Social securtty and other taxes Other creditors and accruals 21,500 20,296 4,725 29,500 15,797 5,353 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see nole 19) 311236 326571 19. LOANS An analysis of the maturtty of loans is given below: 2024 2023 Amounts falling du¢ within one year on demand., Bank loans Amounts fAlling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five yeai's: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 201,236 208,571 The initial bank loan of £500,000 was for 19 years and is repayable by monthly instalments. There was a 5 year commitment period, interest for Éhe 5 year period is at base rate + 2.33010. The lender maintains a fixed charge over The Win8, Battle of Britain Memorial, New Dover Road, Capel-le-Ferne, Folkeslone, Kent, CTI 8 7JJ as security for the loan balance. Page 26 ntinued...
THE BALE OF BRAIN MEMORIAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEIKBER 2024 20. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 Al 1.1.24 Unrestricted funds General fund 3,756,196 (197,484) 3,558,712 TOTAL FUIYDS 3 756.196 197 484) 3 558 712 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unre$trlet¢d funds General 566,807 (808.132) 43.841 (197,484) TOTAL FUNDS 566 807 808 132) 197 484) CompAfAtives for movement In funds Net movement in funds At 31.12,23 Al 1.1.23 Unrestrictcil fiinds General fund 4,259,384 (503,188) 3,756,196 TOTAL FUNDS 4 259 384 503 188) 3 756 196 Comparative net movement in funds, in¢liided in the above are as follows,, Incoming resoui'ces ResDuYces expended Gains and losses Movement in funds Unrestricted fiinds General fund 359,050 (857.135) (5,103) (503,188) TOTAL FUNDS 359,050 857 135 503 188 Page 27 continued...
THE BALE OF BRITAIN MEMORIAL TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - eontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 21. RELATED PARTY DISCLOSURES Wages of £37.785 (2023 - £36,401) were paid to the spouse of one of the trustees. Rent for tho us¢ of an 01¢¢ of £4,500 (2023 - £4.500) was paid to one of the trustees. 22. POST BALANCE SHEET EVENTS After the balan¢¢ sheet date, but before the issue of the financial statements, the Truste¢s concluded that the trading subsidiary of the CIO - The Battle of Brltain Memorial Limiied - should be wound up to consolidate the activities of both entities. Legal advice was taken. a liquidator consulted, and subsequent to this the advice of both parties was followed. All suppliers have successfully moved over to trading with the CIO and the cafe and shop, which formed the Limited Company, have continued to trade with no disruption in service. In 2025, the activities of the trading subsidiary will be amalgamated with the activities of the CIO. Page 28