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
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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)
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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.
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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
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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.
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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.
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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
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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
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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
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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.
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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.
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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 cOndu￿ed 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.
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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
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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