COMMONWEALTH WAR GRAVES COMMONWEALTH WAR GRAVES FOUNDATION ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CHARITY REGISTRATIONS England & Wales 1171947 Scotland SC051982 Belgium 0689.787.289 France 850 666 645 00013
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Contents Page Trustees, Executives and Advisors A Message from our Chair Trustees, Report Trustees, Statement of Responsibilities 10 Independent Auditorfs Report 11-14 Financial Statements 15-17 Principal Accounting Policies 1&21 Note5 to the Financial Sratements 22-27 Page | 1
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 TRUSTEES. EXECUTIVES AND ADVISORS Trustees Damejudith MayhewJona5 DBE (Chair) Mr Gerald Allison Major-General Alastair Bruce of Crionaich CB OBE KStJ VR DL The Rt Hon Philip Dunne (appointed 11 March 20251 Mrjulian Evans The Rt. Hon the Lord Beamish Sir Adrian Montague CBE Captain Jay Singh-sohal OBE VR Mr Christopher Walsh Chief Executive Claire Horton CBE Director of the Foundation Michelejennings Director of Fundraising Laura Stoker Registered Office 2 Marlow Road, Maidenhead, Berkshire SL6 7DX Bankers HSBC, West Sussex, UK BNP Paribas Fortis, leper, Belgium BNP Paribas. Lille. France Auditors Crowe UK LLP. London. UK Registration details: Charity England & Wales Scottish Charity Regulator Belgian branch French branch 1171947 SC051982 0689.789.289 {enterprise number) 850 666 645 00013 Isiret number) Page12
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 A MESSAGE FROM OUR CHAIR The Commonwealth War Graves Foundation ICWGF) has experienced a strong year of growth and engagement, reflecting our unwavering commitment to commemorating the sacrifices of those who served during the World Wars. We are pleased to report that our income for the year reached £932,000 {excluding donated seNicesl. This achievement was made possible through the generous support of donors. including the Maple Leaf Trust, the MacRobert Trust, the Post Office Remembrance Fellowship IPORFI, a generous benefactor who funded new lighting at the Menin Gate and numerous other individual5, companies and Foundations l Trusts. Thanks to these donations, (lie Fouiidalion li(15 beeri able to 5UPPOrt trtore Corllmonwealth War Graves Commission ICWGCFled projects than ever before. Notable initiatives include the Kenyan Oral Histories project, the Speakers and Tour Guides Programme. the Eyes On Hands On volunteering scheme. the For Evermore stories portal, a film freezing programme related to the CWGC archives, and the Guides Programme. Other successful fundraising efforts this year include our virtual fundraiser. Walking Our War Graves {Normandyl. which aligned with the 80th anniversary of D-Day and raised over £8,000. We installed donation terminals at our Visitor Centres in leper and Beaurains, facilitating on-site contributions. Merchandise sales and income from our centres in France and Belgium generated £62.000 in gross income. with Guides selling items during the D-Day 80 commemorations in France in June for the first time. The opening of the new leper Visitor Centre in July 2024 was a significant milestone, with limited-edition Menin Gate lion5 proving particularly popular during the Remembrance period. This year the Foundation received a record amount in legacy gifts, which has made a significant impact on our work. April 2024 saw the launch of our Legacy of Liberation campaign to encourage fLArther legacy donations to the FoLindation. and which featured advertisements in BBC History Magazine and The Telegraph. Partnering with a free will prowder. we have advertised the benefits of legacy gifts to supporters. staff, members and volunteers to ensure their legacy lives on. As of March 2025, CWGF membership stood close to 2.000 for the first time in the Foundation's history. Along with our annual Impact Report. bi-annual member magazines, monthly e-newsletter and our popular calendar competition, we also initiated our first online Members, talks. ICWG Chats), featuring presentations by CWGC Historian Lynelle Howson and Operational Manager David McDonald. In terms of events. our annual Evening at Brookwood in May featured performances by the D-Day Darlings and Britain's Got Talent winner Colin Thackery, attracting 500 guests. CWGF staff participated in Armed Forces Day in Portsmouth and the Chalke Valley History Festival in June, selling merchandise, collecting donations. and encouraging new memberships. Our December Carol Service at the Guard5, Chapel in London, sponsored byjaguar Land Rover ULR), was our most successful to date, welcoming 400 guests and raising nearly £25,000. Taking up the momentum following the 80th anniversary of VE and VJ Days, we are committed to expanding our educational and commemorative efforts, particularly among younger audiences. Page13
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Our initiatives aim to deepen public understanding of the Commonwealth War Graves Commission's work and the enduring legacy of those we commemorate. In closing, l extend my heartfelt thanks to my fellow Trustees for their invaluable guidance and support throughout the year. kl+Ldqw Damejudith Mayhewjonas DBE Chair of Trustees 2 September 2025 Page14
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 TRUSTEES. REPORT Structure and Governance The Commonwealth War Graves Foundation ("the Foundation" or "CWGP) is a Charitable Incorporated Organisation (CIO), governed by its Constitution, as registered on 8 March 2017, and subsequently amended on 6 May 2017. The Commonwealth War Gravès Commission {"the Commission" or "CWGC"l. an organisation established by Royal Charter in May 1917, is the sole member of the Foundation. The Foundation is a subsidiary of the Commission. The Commission is not a charity as its purposes are not exclusively charitable. In March 2025, a subsidiary companywas incorporated in Belgium but had not commenced trading before the year*nd. Members of the Foundation's Board of Trustees are appointed by the Commission,. the majority of the Foundation's Trustees are not Commissioners. The Foundation's Chief Executive also serves as the Commission's Director General. FourTrustee meeiings took place during theyear. New Trustees, induction is provided by meetings with the Foundation's Chief Executive alongside meetings with members of the Commission's senior management team. Objectives The objectives of the Foundation are: a} To promote and support the maintenance and upkeep of graves, cemeteries, buildings and memorials for the burial and commemoration of members of the naval, military and armed forces from countries of the Commonwealth who were killed during the First Word War or the Second World War anywhere in the world, in particular {but without limitaiionl through the support of charitable activities undertaken by the Commonwealth War Graves Commission_ b) To advance citizenship among the people of the Commonwealth through the commemoration of members of the naval, military, and armed forces from countries of the Commonwealth who were killed during the First World War and the Second World War. cl To advance the education of the public, especially young people, in the history of the First World War and the Second World War. In particular (but without limitation} through advancing education in the live5 of those commemorated bythe Commonwealth War Graves Commission and in the history of the cemeteries, buildings and memorials maintained by the Commonwealth War Graves Commission. The Foundation's strategic objectives are- The building of public engagement programmes engaging the wider community in the story of our common sacrifice and shared history initially focussed around sites and war grave5 in the UK. The creation of educational resources and a programme of educational support and activities-. The development and sponsorship of internship programmes for youth guides from the Commonwealth. at the Commission's main sites in Belgium and France. Page | 5
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 The Trustees confirm that they have referred to the guidance published by the Charity Commission regarding public benefit when reviewing the Foundation's objectives and planning future activities. Activities and Achievements The Foundation made progress in the following areas- Annual income was it5 highest in the short history of the Foundation. There was a significant increase in legacy giving this year; we also launched the Legacy of Liberation campaign to encourage supporters to leave legacy gifts to the Foundation. Membership number5 grew to 1,984 (from 1,770 at the end of last yearl with a strong 79% renewal rate; we continued member engagement through the Impact Report, calendar competition, and the new online'CWG ChatS'. Major even15 were successfully repealed. including An Evening at Brookwood (attended by c.500, featuring D-Day Darlings and singer Colin Thackeryl and the most successful Carol Service to date. raising nearly £25k with support from JLR and 400 guests. New outreach events were delivered, including presence at Armed Forces Day Portsmouth and Chalke Valley History Festival. with merchandise sales. donations, and supporter recruitment. 'Walking Our War Graves- Normandf virtual fundraiser raised over £8k in May, marking the 80th anniversary of D-Day and linking with wider CWGC commemorations. Two donation terminals were successfully installed at CWGC Visitor Centres in leper and Beaurains. supporting income development through contactless giving. The new leper Visitor Centre opened in July 2024, with Menin Gate lion replicas proving a best-selling commemorative item during the Remembrance period. Merchandise and Visitor Centre income reached £62k Igrossl, with £4k raised through sale5 and donations by Guides during D-Day 80 events in France. More CWGC-led programmes were supported than ever before. including: Kenyan Oral Histories project- preserving untold stories of Commonwealth service personnel. Speakers and Tour Guides ProgrammÈ - delivering educational talks and guided visits acr055 the UK. Eyes On Hands On Programme - engaging volunteers in the care and monitoring of CWGC sites. Archival film preservation - safeguarding historical footage for future generations. Guides Programme - providing an opportunity for young people 10 engage with our history and keep the memories of the Commonwealth fallen alive through tours at some of our key sites in France and Belgium. Menin Gate lighting- enhancing the visual impact of one of the CWGC'5 most iconic sites through improved architectural lighting. For Evermore virtual platform creating a space where the stories of those commemorated by the CWGC can be shared and accessed widely. Tree planting enhancing the commemorative environment and promoting sustainability. The foundation depend5 on support from the Commission, the Commission's volunteers and its own volunteers for their dedication and commitment to the deltvery of the charitable activities. Page | 6
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Business Plan 2025-26 The Foundation's key deliverables in 2025126 are planned to include: Fundraising and Income Generation Deliver a major fundraising concert at Coventry Cathedral to support VEIVJ Day 80 commemorations and launch the CWGC For Evermore tour. Fundraise at For Evermore tour events, reaching new audiences across the UK and Europe. Launch the new CWGF Trading Company and open a café in leper. generating income and enhancing visiior experience. Continue the Legacy of Liberation (legacy giving) campaign. with updated materials and explore new marketing channels. Investigate and implement digital fundraising tools, including improved online donation journeys and contactless giwng options. Enhance the online shop and broader website functionality to support merchandise income and supporter engagement. Supporter Engagement and Membership Grow CWGF membership, while maintaining high renewal rates. Continue the successful CWG Chats series of online talks to retain and reward members. Launch a new corporate membership offering. diversifying support and reaching new audiences. Organise the annual Carol Service at the Guards, Chapel, continuing its growth as a key supporter event. Maintain a strong outreach presence at festivals and remembrance events, including history festivals. Programme and Project Support Support more CWGC projects than ever before in the UK and internationally. including the Speakers and Tour Guides Programme. the Eyes On Hands On volunteering scheme, the Guides Programme, CWGC archival projects and education projects. Support the official unveiling of the restored Menin Gate and the opening ot the new leper Visitor Centre. enhancing public awareness and engagement. Explore establishing a charity in Canada to grow local fundraising and deepen support for CWGC'S international work. Volunteers. policy The Foundation encourages, welcomes, and recognises volunteers- educating and informing the wider public on the Commission's work having received training funded by MacRobert Trust for speakers and Tour Guides programme: and supporting core Foundation activity by freely lending their time and skills. Remuneration policy for key management personnel The Foundation's key management comprises the Trustees, the Chief Executive, the Director of the Foundation, and the Director of Fundraising.. however. Trustees are unpaid. and the Chief Executive and the Director of the Foundation are not remunerated by the Foundation. The Foundation's approach and policy on remuneration follows that of the Commission, which is that remuneration levels are in lino with median market pay data for the not-for-profit sector as established from salary survey and benchmark data. Pagel 7
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Top Risks and Mitigation The Foundation maintains a register of risks and their mitigation. Risks are categorised as Operationa I, Reputational, and Financial.. mitigation measures are identified for each one. This register is monitored by management and the Trustees to ensure it is kept relevani and up to date. The top risk under each category is: Operational: Overcommitment on projett attiwty before funds are received which is mitigated through business planning comprehensive project management and KPI measurements. Reputational- Threat of cybersecurity breachlhackinglwebsite malfunction- mitigated through staff training, internal IT expertise and resources and clear reporting guidelines. Financial: Insolvency- mitigated by hawng a reseNes policy, financial contro15, and reporting. Reserve Policy The Foundation's unrestricted reseNes at 31 March 2025 are £315k. The Foundation has set a target of having six months payroll costs in reserve, a sum of £90k. Currently the balance is above this level. The Foundation is currently dependent upon high value one off donations with a high proportion of these funds being paid out to grant fund projects. The largest set of costs to be met each year are fundraising costs. specifically salaries. The reserves held are available to be drawn down to cover when income decreases and to cover the fixed costs. The £500k loan facility available from CWGC which can be drawn againsL supports the management of short-term cash, which includes managing the expenditure of the Foundation. In line with the expectation for 2024, £100k was drawn against the loan. In the short term, there is currently no plan to pay backthe loan and the required annual interest has been charged. The loan agreement pay-back period is by 31 March 2027. Unless circumstances change. the Reserves Policy will be reviewed annually after the March year end. Financial view for the year ended 31 March 2025 The financial accounts are prepared in line with best practice in the UK Charities sector (Accounting and Reporting by Charities: 51aiement of Recommended Practice (the -SORP'II and with FRS102. The Trustees consider it appropriate to confirm and prepare the financial 5tatement5 on a going concern basis as a funding model is in place with CWGC. The Foundation had its most successful year in terms of income generated for the year ending 31 March 2025. The largest increase in donations came from legacies. This increased from £129k in 2023124 to £385k in 2024125. The remaining types of unrestricted donations maintained at similar levels. Restricted donation income from grants doubled to £221 k. This was all spent in the same financial year to fund projects delivered by the Commission. Income from the sale of merchandise has grown in 2024125 as the offering in the UK, France and Belgium becomes more established. Overall expenditure has increased, but direct fundraising costs remain at a similar level. The Support Services recharge has increased due to the allocation of Director time from the Page | 8
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Commission to the Foundation. Spend on the Foundations charitable activities has increased in line with the income from resiricied grants. The 2025126 budget has been set to make a surplus. This will be closely monitored and updated throughout the year as there are now plans in place to expand the range of merchandise in shops. This report was approved by the Trustees and signed on their behalf by. Damejudith Mayhewjonas D Chair of Trustees 2 September 2025 Page | 9
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 TRUSTEES. STATEMENT OF RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. The Charities Acc 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including FRS 102 The Financial Reporting standard applicable in the UK and Republic of Irela nd. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the sraie of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to,. select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP (FRS 102) make judgments and accounting estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adeqLJate accounting records Ihat are sufficient to show and explain the charitys transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them ro ensure thar the financial statements comply with the CharitiesAct 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for iaking reasonable steps for the prevention and deteciion of fraud and other irregularities. Disclosure of information to auditor The Trustees confirm that: so far as each Trustee is aware, there is no relevantaudit information of which the charitys auditor is unaware. the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitys auditor is aware of that information. Trustees 2 September 2025 Page | 10
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE COMMONWEALTH WAR GRAVES FOUNDATION Opinion We have audited the financial statements of the Commonwealth War Graves Foundation Ithe "charity,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure for the year then ended," have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Internaiional Standards on Auditing {UK) IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditorf5 responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use ofthe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertaintie5 relating to events or conditions that, Individually or collectively. may cast significani doubl on ihe charity's ability to continue as a going concern for a period of at least e1ve months from when the financial slalements ore authorised for issue. Page | 11
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant settions of this report. Other information The trustees are responsible for the other infomiation contained within the annual report. The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial siaiements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respea of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the tru5tee5' reporL," or sufficient accounting records 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. Responsibilities of trustees As explained more fully in the trusteeg responsibilities statement set out on page 8. the trLtstees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial staiements. the trustees are responsible for a5ses5ing the charitys ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page | 12
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wiih the Acr and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditoffs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit cOndued in accordance with 15As IUK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of Lisers taken on thp baqis of rhe.sp. financi21 starp_mp_nt£. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wMv.frc.or .uk/auditorsres onsibiliii es. This description forms part of our auditoffs report. Extent to which the auditV4as considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities. whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks wthin which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity SORP IFRS 102), and local tax regulations. We assessed the required compliance with these laws and regulations as part of ouraudit procedures on the related financial Statement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitys ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. Page | 13
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 We also considered the opportunities and incentives that may exist within the charity for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and management override of controls. Our audit procedures to respond to these risks included enquiries of management, internal audit, legal counsel and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities. sample testing on the posting of journals and income, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations {irregularitiesl is from the events and transactions refletted in the financial statements. the less likely the inherently limited procedures required by auditing standard5 would identify it. In addition. as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal controls. We are noi responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitys trustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor London, UK 25 September 2025 Page | 14
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Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 ACCOUNTING POLICIES The principal accounting policies and judgements used in the preparation of the financial Statements are: The Trustees, Report and accompanying financial statements have been produced in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice ISORP), applicable to entities preparing their financial statements in accordance with FRS102. and applicable United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice IGAAP) including FRS1021. The Foundation meets the definition of a public benefit entity under FRSI 02. The functional currency is sterling. The Commonwealth War Graves Commission is the 501e member of the Commonwealth War Graves Foundation {Registered charity number l 1719471. These financial statements are therefore also consolidated in the results of the Commission on a line-by-line basis. The financial statements have been prepared on a going concern basis. The Foundation's financial statements are in a net asset position of £315k at 31 March 202512024 - £75k). The Foundation currently has cash balances of £378k 12024 - £194k). The Foundation expects its membership, donations, and other income to both continue and grow over the medium term, as the charity increases its ability to both identify and attract new sources of grant and charitable funding. In the year to 31 March 2024. the Foundation has drawn down £1 Ook on the loan facility from the Commission. The repayment date for loan balances is by 31 March 2027. On the basis set out above. the Foundation is a going concern for a period of at leo5t 12 months from the date of approval of these financial statements. Fund accountin The Foundation holds unrestricted and restrirted funds. Unrestricied income funds comprise those funds which the Trustees are free to use at their discretion in furtherance of the objectives of the Foundation. Restricted funds are subject to specific restrictions imposed by the donors. Income reco nition Income is recognised once the Foundation has entitlement to the income, it is probable thai the income will be received, and the amount can be measured reliably. Income from the sale of goods is recognised at the time of salelpayment. Donations recerved are recognised on a cash basis. Legacies are included in the statement of financial activities when the charity is entitled to the legary. the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to Page | 18
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either. the charity is aware that probate has been granted. the estate has been finalised. and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part is only considered probable when Ihe amount can be measured reliably. Income from the supporters, membership scheme is treated and recognised as a donation when the amount of income receivable can be measured reliably. Donated services facilities and oods The Foundation receives seNices. facilities. and goods free of charge in support of its finance, human resources. legal. management and operational activities including marketing activities. The value of these is recognised as donated services. Donated seNices and facilities received free of charge are shown as donations in kind and recognised in income with an equivalent amount recognised as an expense under charitable costs. The valuation attribuied to these donations is as follows." rhe Foundation has been allocated 5% of the running costs of both the leper Information Centre and the Beaurains Visitor Centre, 0.5% of CWGC'S total applicable back-office support costs and 100% of the staff costs for the dedicated finance and 50% for social media support. Donations of book stocksfrom the Commission are recognised in the period that theyare received. Funding from organisations supporting the Foundation's objectives is treated as restricted funds and shown separately in the statement of financial activities where this is mandated by the grant agreement5. The full income is recognised in the year in which the Foundation becomes fully entitled to receive it. Reco nition of ex enditure All expenditure is accounted for in the statement of financial activities on an accrual basis. The Foundation's expenditure is analysed between fundraising cost5 and charitable activities. Ex enditure on raisin funds Expenditure on raising funds includes the costs to manage the supporter scheme. marketing, and promotion costs to raise income, other direct costs attributable to raising funds including a portion of the donated in-kind support cost from the CWGC. The resources expended on raising funds include 75% of staff costs for those individuals responsible for fundraising. The cost of donations in-kind costs includes administrative supporL finance support and other donated costs. These three cost areas are allocated between expenditure on raising funds and expenditure on chariLdble activities. The following proportion of the donations in kind are allocated to expenditure on raising funds,. Administrative support 75%, finance support 50%, other costs 50%. Page | 19
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Expenditure on charitable activities includes- all expenditure relating to the charitable activities of the Foundation,. resources expended on managing and administering the charity rhe direct cost of delivering the charitable activities,. grants payable,. and a portion of the donated in-kind support cost from the CWGC. The costs of donations in-kind are apportioned across expenditure on raising fund5 and expenditure on charitable activities. Donations in kind costs include administrative support, finance support and other donated costs. These three cost areas are allocated between expenditure on raising funds and expenditure on charitable activities. The following proportion of the donations in kind are allocated to expenditure on charitable activities,- Administrative support 25%, finance supports 50% and other costs 50%. Chariiable activities are currenily associated with two activities- Advancing public education on First and Second world wars and promoting and supporting activities undertaken by CWGC. The total cost of the expenditure on charitable activities is apportioned 50=50 to these artivities. Governance costs Governance cost5 represent direct expenditure incurred by. or on behalf of. the Foundation. for external audit and legal costs. Other reco nised Gainllosses The expenditure within other gains and losses relates to exchange differences. Invento Cost for the stock of merchandise is included in current assets. Merchandise, directly purchased by the Foundation's Belgian and French branches, is valued at cost. Merchandise at head office for on-line sales is valued at cost. The Commission's historic stock of books and maps has been donated to the Foundation free of charge. Provision Provisions for future liabiliiies are recognised if there is a legal or constructive financial obligation that can be readily estimated and for which there is a reasonable expectation that payment will be made. Forei n currencies Transactions in foreign currencies are translated at the monthly average exchange rate. Currency balances at the year-end are translated at the year-end rate. The net exchange loss was £0, {2024'. £3.6kl. eratin lea The Foundation currently has no operating leases. Rent is not currently charged for Foundation engagement activities conducted at Commission locations. i.e.. the leper Information Centre and Page | 20
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 French Visitor Centre. The use of the Information and Visitor Centres is donated in kind by the Commission and is accounted for under donations and expenditure in kind. Value Added Tax The Foundation's trading activities have not yet reached the VAT thresholds in the UK, France, or Belgium and therefore it is not currently required to register for VAT. Where contractual revenue cannot be allocated with certainty, but is related to the current financial period. an estimate of the income is booked within the financial statements based on the anticipated completion value. Losts are allocated on an accruals basis for costs incurred within the current financial period. ement Membership income is recognised in the month it is received ratherthan being amortised over the twelve-month subscription period. This revenue recognition approach has been adopted because the membership fee is in substance a donation and no substantive benefits accrue to members and no refunds are made. Page | 21
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 NOTES TO THE FINANCIAL STATEMENTS 1. Income Donations including legacies and grants Donations- unrestricted 2025 2024 Donations - received at Head Office Legacies - received at Head Office Donations - Belgium, leper Information Centre Ilc) Donations - France, Beaurains Visitor Centre (VC) Gift Aid - Claims from donations Donations in kind - valued cost for services from CWGC 115.021 384.802 4.135 6.527 6.315 135.910 652.711 125.872 128,560 5,159 4,466 1,958 112,655 378,670 Of the total legacies received, £290,382 (2024- £75,560) was paid from the CWGC to the CWGF and £94,401 12024: £53.0001 was received directly to the CWGF. Donations- restricted 2025 2024 Post Office- Speakers programme Post Office- For Evermore Post Office - Heritage trails Post Office- Stories portal Hugh M Tarbutton Jr- Guides programme Acre properties -Tanzanian Oral History Acre properties - Bayeux lighting MacRobert Trust- Speakers & Tour Guides Maple Leaf Trust- EOHO, Speakers, Tour Guides & Trees Menin Gate Donation Other Grants 15.000 60.000 20.000 2,000 49,997 7,964 5,000 25,000 49.750 20.000 50.000 26.000 220.750 109,961 Charitable activities 2025 2024 Investment income Membership income Membership income- gift aid Income from sponsorship 14.556 67.062 11.885 21.000 114,503 5,417 59,257 4.249 500 69,423 Page | 22
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 Tradlng activlties 2025 2024 Ticket sales events Merchandise sales Books Sale of wreaths Tour & coach fees- Beaurains, France School & university visits - Beaurains. France 17.874 39.772 10.081 6,750 2.834 2.263 79.574 10,017 12,140 18,742 9.687 2,925 2,908 56,419 2. Expenditure on raising funds a. Fundraising costs Staff Costs Other Costs Total 2025 Staff Costs Other Costs Total 2024 Fundraising costs Support services recharge 179,156 104,957 284,113 182,108 361.264 30,953 135.910 213,061 142.797 45,213 188,010 158,144 300,947 15,235 60.448 173,379 497.174 361.389 b. Charitable activities Total 2025 Total 2024 Unrestricted Restricted Unrestricted Restricted Advancing public education on the First and Second World Wars Promoting and supporting activities undertaken by CWGC 55,250 220.750 276,000 53.220 126,611 179,831 55,250 55.250 53,220 53,220 110,500 220.750 331.250 106,440 126,611 233,051 3. Governance costs 2025 2024 Fees payable for the audit of financial statements Professional fees in branches in Belgium & France 6.840 236 5,580 894 7,076 6,474 These amounts are inclusive of VAT. Page | 23
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 4. Stock of merchandise 2025 2024 Books and Maps Merchandise- stationery, badges & pins 2,653 28.295 30.948 3,177 10,199 13,376 5. Debtors- arnounts falling due within one year 2025 2024 Prepayments Accrued Donations Intergroup balance owed by Commonwealth War Graves Commission 5.791 1,872 2,617 6,130 52.786 60.449 8,632 17,380 6. Creditors Creditors: amounts falling due within one year 2025 2024 Trade creditors Trade accruals Other creditors 9.537 27.306 10.872 47.715 16,773 17,073 9,646 43,492 Creditors- amounts falling due after more than one year 2025 2024 Loan balance owed to Commonwealth Ware Graves Commission Interest 100,000 7.442 107.442 100.000 6,164 106,164 Page | 24
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 7. Retained funds Brought fonvard 0110412024 Carried forward 3110312025 Incorne Expenditure Restricted funds Eyes On Hands On= 29th May 1961 Charitable Trust Medlock Trust Maple Leaf Speakers & Tour Guides: Post Office Remembrance Fellowship IPORF) McCorquod31e Charitable Trust MacRoberr Trust For Evermore.. PORF 5.000 5.000 18.000 5.000 5,000 18,000 15,000 5.000 49.750 60.000 50.000 5.000 8.000 220.750 846.788 15,000 5,000 49,750 60,000 50,000 5.000 8,000 220.750 607,674 Menin Gate Donation Film Freezing- William Delafield Charitable Trust Other amounts less than £5,000 Total restricted funds Unrestrirted funds 75.456 314,570 Total funds 75.456 1.067.538 828.424 314,570 Brought forward 0110412023 Carried forward 3110312024 Income Expenditure RestrTCted funds Interns Post Office - Speakers Programme Post Office - Heritage Trials Post Office - Siories Portal 15,000 115,0001 120,0001 12.000} 149.997) 11,6501 (7,964) 15,0001 125,0001 {126,6111 1471,4881 1598.099) 20,000 2,000 49.997 1.650 7,964 5.000 25,000 Lawson Trust- Highlighting Hawkinges's Heroes M Tarbutton JR- Guides Programme Acre Properties- Tanzanian Oral Histories Project Acre Properties- Bayeux ghtIng Total restricted funds 15.000 42.432 111.611 504,512 Unrestrirted funds 75,456 Total funds 57.432 616.123 75,456 The Eyes On Hands On programme allows volunteers across the country to reconnect with history and heritage on their doorstep and help the Commission ensure that war graves are clean and well-tended. Speakers and Tour Guides helps support the cost of volunteers providing talks and guided tour5 across the UK. Page | 25
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 For Evermore is about Stories of the Fallen and is a combination of an online portal to search for stories and supported by a mobile exhibition that is travelling the UK to share stories with the public. Film Freezing is a project with the National Conservation Service (NCS) to freeze important archival film for long term storage. A variety of films and negatives will be frozen to preserve them at the NCS facility in Oxfordshire. 8. Staff costs In 2025 the Foundation had four employees12024: three). One employee earned between £70,000 and £80,00012024". no employees earned over £60.000). Key management personnel comprise the Trustees and the Chief Executive. none of whom receive any remuneration from the Foundation. The Director of the Foundation cost is incorporated within the Donated Support Service cost. Staff costs are set out below: 2025 2024 Wages & Salaries Social security Costs Pension contributions Staff costs - donated fram CWGC 142.754 14.433 12.668 104.957 274.812 160,445 16,547 13,807 88.907 279,706 9. Support services and facility costs 2025 2024 Facilities in France & Belgium Legal, Marketing etc Payroll for Finance & Management 15.385 13,368 15.568 17,103 104.957 82.184 135.910 112,655 10. Related party transartions The parent organisation and controlling party of the Foundation is the CWGC. Consolidated accounts for the group are available on the Commission's website. The Foundation has, as its sole member, the CWGC. Material transactions comprised.. The Foundation was owed £52k by the Commission for the intergroup {'current accounYI balance (2024: £8k) at the year-end. The Foundation's loan draw down remains at £1 Ook from Lhe Iu(Iri facili(y provided from the Commission. Including interesL the loan account balance at 31 March 2025 was £107k12024- £106kl. Page | 26
Commonwealth War Graves Foundation Statement of Accounts for the year ended 31 March 2025 E331 k was paid over to rhe Commission during the year to fund specific projects. Of this. £221 k was from Restritted Donations12024- £127k}, with £11 Ok being donated from Unrestricted FLJnd512024: £106k). During the year legacies totalling £290k were paid from CWGC to CWGF. Back-office support and sewices are donated by the Commission to the Foundation free of charge. These were valued at £135k12024: £113kl. In 2025 three (2024= three) Trustees have Foundation memberships. The amounts received from these trustees were £108 (2024- £1121. One Trustee paid for two years membership in July 2023 to cover 2023124 and 2024125. Other donations from Trustees totalled £6.695 (two Trustees), 2024 £5,000 lone Trustee). In 2025 no Trustees claimed any expenses. In 2024 one Trustee claimed £190 for attendance at Trustee meetings. Page | 27