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2020-12-31-accounts

Registered Charity No.236806 Registered Company No.185130

THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS

Page Contents

THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees:

I Ajibade D Cockroft E Reilly T Toluhi

Secretary:

V Potbury

Registered Office:

St Michael Paternoster Royal College Hill London EC4R 2RL

A private company limited by shares registered in the UK (England and Wales) (Number 185130) and a charity registered with the Charity Commission (Number 236806).

Auditors: Price Bailey LLP Chartered Accountants 3[rd] Floor 24 Old Bond Street Mayfair London W1S 4AP

Bankers: Unity Trust Bank plc Nine Brindleyplace Birmingham B1 2HB

Investment Advisor: CCLA Investment Management Senator House 85 Queen Victoria House London EC4V 4ET

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THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees (who are also the directors for Company Law purposes) present their report and accounts for the year ended 31 December 2020. The combined annual report contains a Director’s Report as required by Company Law.

CONSTITUTION

The Dunkirk War Memorial Trust Limited (DWMT) is a charity (registered number 236806) and a private company limited by shares (registered number 185130). The governing document is the Memorandum and Articles of Association 1922, altered by special resolutions passed in 1967.

OBJECTIVES

To provide premises and facilities for the benefit of seafarers in the port of Dunkirk.

VISION

To ensure that the needs of seafarers who visit the port of Dunkirk are met and that our services to them are relevant, effective and sustainable.

PUBLIC BENEFIT

The benefits that the DWMT provides ensure that seafarers in the port of Dunkirk, who come from around the world, are able to get from their ships to the town of Dunkirk and that they have somewhere safe and welcoming to go to, that offers them the opportunity to contact home, relax and to access help and advice without fear of being victimised or taken advantage of. The facilities are open to all seafarers of all nationalities and faiths. If they are unable to come to the centre, we visit seafarers at their ships to provide practical support and help as well as a ’listening ear’.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the DWMT’s aims and objectives and in planning future activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The DWMT is a subsidiary of The Mission to Seafarers (note 23). Trustees may be invited from the Board of Trustees of The Mission to Seafarers who are drawn from prominent leaders with a wide experience of seafaring life. Trustees may also be recruited from senior employees at The Mission to Seafarers. The procedure for the election and appointment of trustees is set out in the DWMT Articles of Association.

New trustees are elected by the existing trustees, with a minimum requirement of three and a maximum of ten trustees. There is no time restriction for trustees to serve on the Board. The Board requires a quorum of two trustees and normally meets a minimum of twice per year or as often as required to conduct the DWMT’s business.

Newly appointed trustees are given an induction which provides them with information on the work of the DWMT and highlights their responsibilities as a trustee. Some trustees may also undergo specific training courses as required for their roles. Trustees are also required to sign a Code of Conduct and complete a Register of Interests on appointment.

The DWMT is also a group comprising the charity in the UK and two French entities La Maison Maritime de Dunkerque (MMD) (formerly La Maison du Marin Britannique), a French 1901-type association and La Maison du Marin Britannique (MMB), which was created in 2019 and is a whollyowned trading subsidiary of MMD.

The DWMT does not have any employees and operations in Dunkirk are carried out by the two French entities. MMD employ four members of staff (2019 four), and include two Port Welfare workers, an assistant manager and a bookkeeper. All commercial activities of MMD are conducted through MMB and all charitable activities remain with MMD.

The Port chaplain and centre manager Philip Edell was directly employed and line-managed by The Mission to Seafarers until December 2020 who bore all the employment costs associated with this position. The financial activities and reporting for the DWMT was carried out by the Company Secretary until May 2019 and after that by an employee of The Mission to Seafarers.

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THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

DWMT ACTIVITIES

Pre Covid-19

The principal activities of the DWMT are the provision of a seafarers’ centre, a memorial chapel and ship visiting for the benefit of seafarers in the port of Dunkirk. The centre also provides on-call transport facilities for seafarers from and to their ships during normal centre opening hours as well as a range of activities within the centre itself.

The port of Dunkirk extends along a frontage of 17 km and has two entries for shipping, one in the older, Eastern Port and the other in the more recent Western Port. There is no public transport available in the port, so the provision of transport is vital to seafarers. Situated close to the Eastern port and the town centre, the centre provides transport for seafarers with its two minibuses.

On arrival at the centre seafarers connect to the 200 Mb/s broadband to establish contact with home, exchange currency, enjoy a drink or make extensive use of the table games: pool, snooker, Xbox, ping pong and baby-foot. Located in the historic town-centre, seafarers often go for a walk around town to visit the Port and Operation Dynamo museums or to try out their French skills while ordering local food.

Covid-19 Pandemic

In March 2020 Covid-19 was declared a global pandemic. The immediate impact on the Port of Dunkirk was that, although it continued to operate, seafarers faced heavy restrictions or a total ban on shore leave, meaning a lack of access to facilities they normally enjoyed, including shops, medical support and the Dunkirk seafarer centre. In addition, many were very worried about their families and indeed about the disease itself. All this fed into significantly heightened stress and mental health issues for seafarers.

The DWMT complied with both UK and French national instruction and, when staff and volunteers were first confined to home in March, services to seafarers in Dunkirk were temporarily suspended. However, we continued visiting at the quayside using the Mobile Seafarers Centre (an adapted small van offering WiFi internet access, a selection of basic goods and souvenirs) providing human contact for the seafarers, and most importantly, sims and top-ups so that they could continue to contact lovedones. Ship visiting recommenced in July as lockdown restrictions eased although few seafarers were allowed shore leave. We visited approximately 596 ships and 1,665 seafarers visited the mobile shop (504 ships visited in 2019).

At the centre, there were fewer seafarers visiting or transported. In 2020 1,848 seafarers visited the centre and 1,414 were transported (8,700 seafarers visiting the centre in 2019 and an average of 24 per day and around 7,100 seafarers transported in 2019.) 230 seafarers were also visited and supported whilst locked down in local hotels and we left fresh fruit outside their doors. At the beginning of 2020 the centre was still closed due to the major improvement works which had commenced in September 2019, including renovating the shop, kitchen and WC facilities and most importantly, essential safety work required by the local authority. This work was delayed by the Covid-19 lockdown but fully completed by the end of July 2020. The centre is a huge space and suitable changes were implemented to ensure that visitors could maintain safe social distancing and PPE was purchased and all sanitising guidance followed to ensure safe contact between staff and seafarers on reopening. Unfortunately with another wave of Covid-19 from late summer and a second national lockdown on 30 October the centre was again closed and remains so as Dunkirk is again in a third lockdown from 19 March 2021.

The improvements to the centre were funded by an interest-free loan from The Mission to Seafarers. The trustees planned to finance that cost by the subsequent sale of the flats above the centre. However during 2020 the purchaser of the flats offered to purchase the whole building and the trustees accepted an offer of €390,000. The contract for the sale was formally signed in March 2021, with an agreement for the purchaser to provide a space within the building for DWMT to continue operations until the end of 2021.

The future of DWMT

The resignation of the chaplain/centre manager Philip Edell, an employee of The Mission to Seafarers (‘the Mission’) in late 2020, combined with the effects of the Covid-19 pandemic, precipitated a review

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THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

by the Mission of their operations and use of resources in Dunkirk. The Mission presented their findings to the DWMT board in November where the main recommendations were to explore a commercial partnership, to focus on mobile ship visiting or to close operations completely. Following further discussions with relevant parties, in January 2021 the Mission trustees recommended to the DWMT trustees a full closure of operations in Dunkirk by the end of 2021. The Mission’s decision was based on many factors including; the DWMT funds were almost exhausted and DWMT was dependent on the Mission for its underpinning support; Dunkirk was not a strategic port for the Mission as ships passing through Dunkirk moved on to Antwerp and Rotterdam where extensive ship welfare operations were in place; there were no supporting Anglican communities in Dunkirk; there were other local maritime welfare providers who could meet the seafarers’ needs in Dunkirk.

After considering the Mission’s decision, in February 2021 the trustees of DWMT agreed to wind up the current operations in Dunkirk by the end of 2021. This decision has been announced to staff and local stakeholders and plans are underway to complete a well-ordered closure including consulting with staff and assisting other local maritime providers to set up or continue services to seafarers in Dunkirk, such as the mobile shop ship-visiting service.

The Board would like to thank the former chaplain/centre manager Philip Edell for his vision and work in re-invigorating the centre and the services to seafarers and for building close working relationships with other Dunkirk maritime agencies including the Port Welfare Committee and Les Amis des Marins . Philip will continue to oversee the sale of the centre and closure of operations as a consultant, working on behalf of the DWMT trustees.

FINANCIAL REVIEW

The group and charity financial statements for the year ended 31 December 2020 are shown on pages 11 to 25.

The total reserves stand at £33,211 (2019 £73,718).

As with many charities, the DWMT suffered a significant downturn in income and has claimed French government support for the continued employment of the four staff. The Group Statement of Financial Activities on page 11 shows that total income was down by 29% at £177,586 (2019 £250,059) and total expenditure was down by 12% at £228,429 (2019 £260,752), resulting in net operating deficit of £50,843 (2019 £10,693 deficit).

Income from the sales to seafarers such as beverages and snack confectionary, toiletries, Filipino snacks and souvenirs, which had increased by 23% in 2019, fell drastically but was partially made up by sales via the Mobile centre. Those sales decreased in 2020 by 31% to £50,462 (2019 £72,685), Donations, including port levies also decreased to £27,619 (2019 £33,483).

The cost of charitable activities which includes apportioned governance costs was £221,208 (2019 £254,302), a decrease of £33,094 (13%) due to a reduction in vehicle running costs as few seafarers were transported and less stock was purchased.

The market value of the investments was £99,453 at 31 December 2020 (2019 £93,029) with a net unrealised gain of £6,424 (2019 £14,483 gain). Unrealised gains and/or losses reflect market movements during the year and are not cash surpluses or deficits. They are not available to fund expenditure unless and until the investment is finally sold. Variations in the stock market can impact on the DWMT reserves. Additionally, the investments provided income of £2,792 (2019 £2,710).

The movements in the foreign exchange rate for the euro have resulted in a foreign exchange gain of £3,912 (2019 £1,769 gain).

In 2021, the sale of the centre for €390,000 will ensure that that DWMT loan and intercompany account from the Mission can be repaid and will provide some funding to cover the closure costs. As a subsidiary of The Mission to Seafarers, the DWMT trustees remain grateful for their ongoing commitment to support DWMT financially through these difficult times.

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THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

TANGIBLE FIXED ASSETS

As stated in note 9 to the accounts, no value is placed on the DWMT property in Dunkirk, which was originally received as a donation and consists of the centre premises at 130 rue de l’Ecole Maternelle, 59140 Dunkirk. During 2019 necessary improvements commenced in order to comply with fire and health and safety regulations without which the centre would have been closed down. Those costs are shown as Tangible Fixed Assets Property Improvements at £188,616. The building will be sold in 2021 at €390,000 (close to the 2019 estimation of its value in the region of €400,000) and the improvement costs will be disposed of next year on the sale of the building.

RESERVES POLICY AND RISK

Total group reserves at 31 December 2020 are £33,211 (2019 £73,718) of which £9,365 are unrestricted (2019 £43,834) and £23,846 restricted (2019 £29,884) (see notes 16 and 17). The reserves of the DWMT parent are -£195,104 (2019 -£25,452).

The trustees have established a general reserves policy to hold reserves to mitigate risks. Reserves for this purpose are defined as the total of net current assets and readily realisable fixed asset investments. At 31 December 2020 the amount of reserves of the charity calculated on this basis amounted to negative reserves of -£196,177 (2019 -£21,868) and are inadequate to mitigate the loss of income during the next financial period, hence the charity has sought to realise the group assets and close down its operation.

The major risk to which DWMT is exposed, is that the sale of building falls through or that the French government deducts capital gains tax and that there are insufficient funds to meet all expenses in order to close the DWMT operations. However the DWMT trustees take comfort that The Mission to Seafarers has guaranteed to support DWMT until full closure of the DWMT group.

The previously stated, DWMT will cease operations on 31 December 2021 and will use its reserves and income from the sale of the property to meet the costs of closing the DWMT group. Any remaining balance may be used to fund other providers to support seafarers in the port of Dunkirk.

INVESTMENT POLICY

Under the Memorandum and Articles of Association, the DWMT has the power to make any investments that the trustees see fit. The performance of the investment portfolio continued to be monitored by The Mission to Seafarers’ Investment Committee. The DWMT trustees consider that this is an effective oversight role as they share common investment managers who report to the Investment Committee and a current member the Investment Committee is also a director of DWMT.

Through the Investment Committee, the overall aim in holding investments is to produce the best financial return within an acceptable level of risk, in order to protect them against inflation and produce regular flows of funds to support operations.

In the implementation of this policy, the trustees follow the Charity Commission guidance for the investment of charitable funds. Additionally, the DWMT does not wish to profit directly from, or provide capital to, activities that are materially inconsistent with Christian values. This is ensured as the trustees also follow the guidelines of the Church of England’s Ethical Investment Advisory Group which may prohibit or limit the investment in stocks with exposure to certain sectors, such as armament and tobacco.

The Investment Committee will from time to time make recommendations to the Trustees on the best investment approach to use, perform the oversight of the Investment Manager(s), periodically review the performance, commercial terms and overall services of the Investment Manager(s) and, if appropriate, make recommendation(s) to the Trustees for any change.

Investment Portfolio

CCLA, which is regulated by the Financial Conduct Authority, is the investment manager for the DWMT funds. The assets have been invested by CCLA in the Church of England Investment Fund (Investment Fund) which is a multi-asset common fund worth over £1.1 billion and benefits from charitable status. Investment in the Investment Fund is based on the purchase of units that can be bought or sold at any time.

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THE DUNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

The prime objective of the Investment Fund is to protect and grow the real value of the capital invested and the income that it provides and it is managed in accordance with the policies of the Church of England’s Ethical Investment Advisory Group and therefore fits with the DWMT’s investment policy.

Investment Performance

In 2020 the total return net performance for the Mission’s investments managed by CCLA was a gain of 10.2% (2019: 22.41%).

(Comparator - composite: from 01.01.18 MSCI UK IMI 30%, MSCI World Ex UK 45%, MSCI UK Monthly Property 5%, iBoxx £ Gilt 15% & 7 Day LIBID 5%). At 31 December 2019 none (201889 none) of the funds were held in cash.

FUNDRAISING

Fundraising statement Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although DWMT does not undertake widespread fundraising from the general public, any such amounts receivable are presented in these accounts as “Donations and legacies” and are all voluntary in nature.

In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fundraisers or third parties. The day-to-day management of all income generation is delegated to the Dunkirk centre manager, who is accountable to the Trustees. Although DWMT is not required to be bound by any regulatory scheme, DWMT complies with the relevant codes of practice. DWMT has received no complaints in relation to fundraising activities (2019 none) and understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches including undue pressure to donate.

TRUSTEES INTERESTS

The trustees of the company during the year ended 31 December 2020 and their interests in the shares were as follows:

shares were as follows:
At 31 December 2020 At 31 December 2019
Shares held Shares held
D Cockroft 1 1
E Reilly 1 1
I Ajibade 1 1
T Toluhi 1 1

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UNKIRK WAR MEMORIAL TRUST LIMITED TRUSTEES. ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 AUDrroRS A resolution to apFX)int Prts Ba Chartered Accountsnts as audrtots will be put to tha members a the Annual General Meeb"ng. TRUSTEES, RESPONSIBILMES STATEMENT The trustee5 (who are abo olreclors of the DWMT for the purpc6es (A company I￿) are responsibk for preparir¥J Twstees, Annual RetDrt and the fir￿n¢la1 statements in xccthnce wilh applic&Y¢ law and United ￿'ngdOM Accounting Stsndards (Uniied Kingdom Generally Accepknj AC￿Unti Practse). Compary18w requires the trustees to prepare financial statements for each financial year. Under tha law the directors have elected to tryare the financial slatements in a(xx)rdance with United Kin9dur Generally Accepted Accounting Pr¥￿e (Unrted Kingdom Accounting Standards and applThble I￿) Under company the directors must not approve the financial ststements unless they are &itisfiec that they give a true and fair viwi of the state of affairs of the charitsble group arKI company and the incoming resources and applKatK•n of resources, includiry the income and eXp8rKli￿re, of the charitable group arKI company for that period. In Fyeparing these financial staterrents, the trustees are required to: sel&t suitabte accounts'ng KK)licie8 arKI then ap￿ them consistenty,. observe the rrthods and principles in the Charities SORP 2019 {FRS 102),. make jUdgn￿nts and ac(x)unting estimates that are reasonable and p￿￿ent state whether applubl8 UK AccountiNJ Standards have been follrywed, SUbi￿t to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going COn￿M basis unless it is irHpproryi to rKesume that the charitable group and Company will continue in operation. The trustees are responsble for keeping adequate accounting records that are sufficient to and explain the transactions of the charitsble group and company and disck)se with reasonable accu at any the fiftanc￿ posilion of the charitabkn group and axnpany ar#J enable them kn ensu￿ that the financial sLqtements c¢ynF4y with the Companies Act 20￿. They are also responsible for safeguarding the assets of the charitable group and o)mpany and hence for taking reasonable steps for the preventKJn and detection of fraud and other irregularities. The trustees are resFK>nsible for the maintenance and integrity of the corrmxate arKI financial informab'(x) included M the charitable company's website. LegislatK>n in the Unrted Kingdom goveming the preparation and dissemwlation of finarKial statern￿ts ry Ort￿r from legislatK)n in other Jurisd￿110n5. In so far as the trustees of the chatity at the date of approval of this are awa￿. there is no relevant audit infornpti￿ of whid) the charitable Ixxnpany's auditor is unware,. and the trustees have taken all steF6 ttpt ought to have been Id(en to make themskn aware of any relevant audit infonrolion and to establsh that the auditor is 84vare of that The Trustees. report has been wepared in accordance with applicable UK accounting standards. including the Statement of Recomff*nded Practice - Accounting and RetK)rting by Charities (SORP (FRS102)) and has taken aJvanta9e of the exernptsy￿ availalAe to small companies under the Companies Act 21x16. App ed and autharised tr issue by the Board on 6 September 2021 and signed on rts behalf by". D Cockroft Director

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE DUNKIRK WAR MEMORIAL TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020

Opinion

We have audited the financial statements of The Dunkirk War Memorial Trust Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2020 which comprise of the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheet and notes to the financial statements, including a summary of 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company 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.

Emphasis of matter – basis of preparation

We draw attention to Note 1 to the financial statements which explains that the trustees intend to close the group and parent charitable company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in this respect of this matter.

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 course of 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 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE DUNKIRK WAR MEMORIAL TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 users taken on the basis of these financial statements.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE DUNKIRK WAR MEMORIAL TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

We gained an understanding of the legal and regulatory framework applicable to the Charitable Group and the sector in which it operates and considered the risk of the Charitable Group not complying with the applicable laws and regulations including fraud; in particular those that could have a material impact on the financial statements, including financial reporting which could have a material impact on the financial statements. In relation to the operations of the Charitable Group this included compliance with the Charities Act and SORP 2019, GDPR, employment law, safeguarding and health & safety.

The risks were discussed with the audit team and we remained alert to any indications of noncompliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation and enquiries of management and officers of the Charitable Group. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk and evaluated the business rationale of significant transactions to identify large or unusual transactions. We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions.

We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including treatment of legacies and grant income, and the valuation of investments.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE DUNKIRK WAR MEMORIAL TRUST LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance the act. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Helena Wilkinson BSc FCA DChA (Senior Statutory Auditor)

For and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors

3rd Floor, 24 Old Bond St, Mayfair, London W1S 4AP

16 September 2021

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THE DUNKIRK WAR MEMORIAL TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Investments
6
Total Income
EXPENDITURE ON:
Raising funds
Charitable activities
Total Expenditure
7
NET (EXPENDITURE)/INCOME
BEFORE INVESTMENT
GAIN/(LOSS)
2
Net gain/(loss) on investments
NET (EXPENDITURE)/INCOME
FOR THE YEAR
OTHER RECOGNISED
GAINS/(LOSSES)
Foreign Exchange
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward at
1 January 2020
TOTAL
FUNDS
CARRIED
FORWARD
18		 Unrestricted
Funds
£
50,462
124,332
2,792
177,586
7,221
215,170
222,391
(44,805)
6,424
(38,381)
3,912
(34,469)
43,834
9,365		 Restricted
Funds
£
-
-
-
-
-
6,038
6,038
(6,038)
-
(6,038)
-
(6,038)
29,884
23,846		 Total
2020
£
50,462
124,332
2,792
177,586
7,221
221,208
228,429
(50,843)
6,424
(44,419)
3,912
(40,507)
73,718
33,211		 Total
Unrestricted
2019
£
72,685
174,664
2,710
250,059
6,450
254,302
260,752
(10,693)
14,483
3,790
1,769
5,559
68,159
73,718

All activities will cease at 31 December 2021.

The notes 1 to 25 form part of these financial statements

12

COMPANY NUMBER 186130 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 INTANGIBLE FIXED ASSErs 2,711 FIXED ASSET8 Tangible assets Investhents Tot1 fix•d M•ots?I ' 227.013 99A63 329,177 116, T89 93,029 212.368 10 CURRENT ASSErs £)ebtors Cash at bank aThJ in hand Total curr•nt as80ts 12 11,057 54,895 43.926 57h20 74.035 CURRENT uA￿ur&s Creditors". arrrf￿rrt$ falling due wthin one year NET CURRENT LIABILMES 13 (363.050) (188.932J 1295,630) (t 14,897) TOTAL ASSETS LESS CURRENT UABILMES 33,547 97.4TI Creditors: anKwnts taNiro due after rrANe than one year ProvisKin fDr liabilty 14 1324) (324) (23,477) TOTAL NE[ ASSErs 33.223 73. 730 SHARE CAPtrAL AND RESERVES C4led up share capital 15 12 12 Unrnstrl¢W Fund•- Ger￿al fund 16 9,365 17 TOTAL CHARfry FUNDS 33223 73, 730 These accounts have been prepared in accordance with the proviston$ applicable to companies J.￿1 to the small rA)mpanie8' regimg wihin Part 15 ofthe Companies Act 20Ch8. Apwoved by the Board aLthcKK*￿ for issue on 6 September 2021 D Cfxkroft Director Th• not•8 1 to 25 forni p•rt ¢rfth••• fi￿￿la1 •tat•m•nts 13

THE DUNKIRK WAR MEMORIAL TRUST UAIITED COMPANY NUMBER 186130 COMPANY BALANCE SHEEr AS AT 31 DECEIABER 2020 2020 2019 FIXED ASSErs Tangiblo assets Investments 9,526 93.029 102, 10 104,955 CURRENT ASSErs Debtors Cash at bank and in trbJ 12 1,457 17.313 14631 14,631 18.770 CURREMf UABILMES Cr•yitr￿$. kn)unts falling due within or year PIET CURRENT LIAB￿rriEs 13 13143061 (14Q453) 1299,735) (127,683) TOTAL ASSETS LESS CiIRRENT LIABILMES {1¥780) (25. 128) Cr￿1110r8.' ￿rtts faming due aftw more than c4)e year 14 (3241 (324) TOTAL NET ASS (195,104) (25.452) SHARE CAprrAL AND RESERVES Calle(1 ￿ share (¥pital 15 12 12 Unr•strkt•d Fund•- GeneTrl fvnd 18 1196,118 (25,464) TOTAL CHARrrY FUNDS 1194104 (25,452) These accounts have been ￿pared in wrth the provisi¢m8 ap￿Icable to corn￿ subj¥1 to the smdl Lx)mpanles' regirr* within Part 15 of ￿ Compgni8s Act 21Xffj. Apwoved by and authryi8ed for tssu8 on 6 Septembw 2021 JATOI ue D Cc¢kroft DirKlor The not•• I to 25 fomi part of thM• flnancl•l •tat•m 14

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1.

ACCOUNTING POLICIES

The Dunkirk War Memorial Trust Limited (DWMT) is a charity (registered number 236806) and a private company limited by shares (registered number 185130) registered in England and Wales. The registered address is St Michael Paternoster Royal, College Hill, London, EC4R 2RL. The principal address is L’Ange Volant Seaman’s Club, 130 Rue de L’Ecole Maternelle, 59140 Dunkerque.

The principal activities of the DWMT are the provision of a centre, a Memorial chapel and ship visiting facilities for the benefit of seafarers in the port of Dunkirk.

The presentational currency of the financial statements is Pound Sterling

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the Financial Statements are shown below.

a) Basis of preparation

The statutory financial statements are prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP (FRS102)) (effective 1 January 2019) and the special provisions of the Companies Act 2006 relating to small companies.

The DWMT group meets the definition of public benefit entity under FRS102 and these accounts are drawn up under the historical cost convention except that investments held as fixed assets are carried at fair value.

b) Going concern The trustees of DWMT have decided to close operations in Dunkirk by the 31 December 2021 and these financial statements have been prepared on a basis other than that of a going concern. This has not resulted in any adjustments in respect of writing down assets, which are currently measured at their net realisable value. No leases or contracts have been provided for as none are thought to be onerous and these financial statements do not include any provision for future costs of closing the charity as there were no commitments at the balance sheet date.

c) Group Financial Statements

The Financial Statements consolidate the results of the charity and its wholly owned subsidiaries MMD and MMB on a line-by-line basis and by eliminating intra-group transactions. No separate Statement of Financial Activities has been presented for the Company alone, as permitted by section 408 of the Companies Act 2006 . A summary company ‘Statement of Financial Activities’ (SoFA) can be found at note 23.

d) Fund accounting Unrestricted funds are general funds which have not been designated for other purposes and are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

e) Capital grants Capital grants are credited to the Statement of Financial Activities (SoFA) as restricted fund income and expensed to unrestricted funds over the estimated useful lives of the assets to which they relate, matching depreciation charged to the unrestricted funds.

f) Fixed assets Intangible fixed assets are non-monetary assets which will be amortised on a straight-line basis over the useful life of the asset. Intangible and Tangible fixed assets are stated in the Balance Sheet at historical cost less amortisation/depreciation.

15

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

f)

Fixed assets continued

Fixed assets are depreciated on a straight line basis at the following rates calculated to write off the cost of the assets over their estimated useful lives.

Motor vehicles - 20% Capital refurbishments - 5%, 6.67%, 10% Fixtures & Equipment - 20%, 25%, 33.33%

g) Foreign currencies

Assets and liabilities are expressed at the rate of exchange ruling at the balance sheet date. Local income and expenditure items are translated using the average rate of exchange for the year. Gains and losses arising from translation are included in the SoFA. The financial statements are presented in Pound Sterling as the parent company, the DWMT, is registered in the UK but the operations in France are conducted in Euros. The amount of exchange difference recognised in the SoFA was a gain of £3,912 (2019 gain of £1,769).

h) Cash flow statement

The financial statements do not include a cash flow statement as the charity has adopted the exemption under the FRS102 SORP available to small charities.

i) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the bid price, as reported by the investment managers. Net gains and losses on revaluation and disposals throughout the year are shown in the SoFA. The DWMT does not acquire put options, derivatives or other complex instruments.

All gains and losses are taken to the SoFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the 1 January. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SoFA .

The main form of financial risk faced by the DWMT is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors.

j) Stocks

Stocks are stated at the lower of cost and net realisable value.

k) Debtors Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable are included at the best estimate of the amounts receivable at the balance sheet date.

l) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors

Creditors are recognised where the DWMT has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.

16

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

n) Financial instruments The DWMT only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets are recorded at depreciated historical cost. All other assets and liabilities are recorded at cost which is their fair value. Investments are also recorded at fair value and note 10 details all unrealised gains and losses.

o) Income and Expenditure The value of all income is recorded in the SoFA as soon as the DWMT is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.

Expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

p) Allocation of costs Costs of raising funds consist of fundraising trading and investment management costs. Costs of charitable activities comprise expenditure directly relating to the objects of the company. Governance costs comprise those costs relating to constitutional and statutory requirements.

All costs are directly attributable apart from governance costs that are absorbed by raising funds and charitable activities based on % of total costs.

q) Judgements and key sources of estimation uncertainty No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.

The trustees make estimates and assumptions concerning the future based on their knowledge of the DWMT and the environment in which it operates. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual outcome.

2. NET EXPENDITURE BEFORE INVESTMENT GAINS/(LOSSES)

Net expenditure of £50,843 (2019 £10,693) is stated after charging depreciation of £20,391 (2019 £8,754) and auditors’ remuneration of £9,232 (2019 £6,138) for the audit of the accounts.

3.
STAFF COSTS
Wages and salaries
Social security costs
Average number of employees during the year		 2020
£
62,414
10,096
72,510
No.
4		 2019
£
63,796
14,875
78,671
No.
4

During the year no employee (2019 none) received remuneration in excess of £60,000. All staff are employed by La Maison du Marin Maritime de Dunkerque, a French association, which is controlled by the DWMT and who carry out the majority of the administration at the centre.

The 2020 senior management team comprised manager/chaplain directly employed by The Mission to Seafarers and line managed by the Regional Director (Europe) of The Mission to Seafarers in London.

17

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4.
DONATIONS AND LEGACIES INCOME
GROUP
2020
£
General donations
50,462
Grants
-
50,462
Total restricted income from donations and legacies was £Nil (2019 £29,884).
5.
CHARITABLE ACTIVITIES INCOME
GROUP
2020
£
Income from the provision of services to seafarers:
Refreshments
Telephone cards
Forex facilities
50,361
17,396
5,669
Covid-19 cash flow support
17,716
Deferred income
6,882
Transport and utilities grant
26,308
124,332
6.
INVESTMENT INCOME
GROUP
2020
£
Listed investments:
Dividends – equities
2,792
2,792		 2019
£
42,801
29,884
72,685
2019
£
107,917
26,349
14,118
-
-
26,280
174,664
2019
£
2,710
2,710

18

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

----- Start of picture text -----
7. ANALYSIS OF Total Total
GROUP EXPENDITURE 2020 2019
Direct
costs Support Direct costs Support
£ £ £ £ £ £
Raising
funds:
Rental
property 6,814 407 7,221 6,212 238 6,450
Total Raising
Funds 6,814 407 7,221 6,212 238 6,450
Charitable
Activities:
Ship visiting
and ministry to
seafarers 55,713 10,902 66,615 93,144 15,409 108,553
Seafarer
transportation 41,807 8,181 49,988 50,720 8,390 59,110
Centre and
facilities for
seafarers 87,485 17,120 104,605 74,341 12,298 86,639
Total
Charitable
Activities 185,005 36,203 221,208 218,205 36,097 254,302
Total
expenditure 191,819 36,610 228,429 224,417 36,335 260,752
Analysis of Support costs
2020 2019
Raising Charitable Total Raising Charitable Total
funds activities funds activities
£ £ £ £ £ £
Finance - 25,156 25,156 - 28,576 28,576
Governance 328 8,904 9,232 218 6,908 7,126
General 79 2143 2,222 20 613 633
admin
Total 407 36,203 36,610 238 36,097 36,335
----- End of picture text -----

Support costs not directly attributable to the headings on the Statement of Financial Activities are reallocated on a time apportionment basis. Total restricted expenditure from raising funds and charitable expenditure was £6,038 (2019 £Nil).

19

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. FIXED ASSETS

8.1
INTANGIBLE FIXED ASSETS
Cost
Exchange difference
Net book value:
At 31 December 2020
At 31 December 2019		 GROUP
Licence
£
2,661
50
2,711
2,550		 COMPANY
Licence
£
-
-
-
-

The licence was acquired to enable activities at the Dunkirk Seafarers’ centre and was transferred to the trading company MMB during 2019.

8.2 TANGIBLE FIXED ASSETS

GROUP
Cost
1 January 2020
Additions
Exchange difference
31 December 2020
Depreciation
1 January 2020
Provided during the year
Exchange difference
31 December 2020
Net book value 31 December
2020
31 December 2019
COMPANY
Cost
1 January 2020
Additions
Exchange difference
31 December 2020
Depreciation
1 January 2020
Provided during the year
Exchange difference
31 December 2020
Net book value 31 December
2020
31 December 2019		 Property
Improvements
£
68,653
123,005
642
192,300
-
3,744
(60)
3,684
188,616
68,653
Property
Improvements
£
-
-
-
-
-
-
-
-
-
-		 Fixtures &
Equipment
£
92,954
5,167
868
98,989
81,177
7,735
(124)
88,788
10,201
11,777
Fixtures &
Equipment
£
74,491
-
-
74,491
73,218
1,273
-
74,491
-
1,273		 Motor
Vehicles
£
65,005
-
607		 Total
£
226,612
128,172
2,117
65,612 359,901
28,646
8,912
(142)		 109,823
20,391
(326)
37,416 129,888
28,196
36,359		 227,013
116,789
Motor
Vehicles
£
36,158
-
-		 Total
£
110,649
-
-
36,158 110,649
27,905
2,750
-		 101,123
4,023
-
30,655 105,146
5,503
8,253		 5,503
9,526

20

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. PROPERTY

The company owns property in Dunkirk consisting of the centre premises. No value is shown for this on the balance sheet as the property, which was originally received as a donation, is held in the accounts at zero value after it was rebuilt following the damage during World War II. The DWMT has not adopted the revaluation model for freehold property as those assets are recognised at the lower of their historical cost or impaired value.

10. INVESTMENTS

10.1 LISTED INVESTMENTS
GROUP AND COMPANY
Market value at 1 January
The Church of England Investment Fund, a multi-asset common fund
Unrealised gain(/loss) for the year
Market value at 31 December
The Church of England Investment Fund, a multi-asset common fund
Total
Historical Cost at 31 December		 2020
£
93,029
6,424
99,453
93,029
78,546		 2019
£
78,546
14,483
93,029
93,029
78,546

10.2 INVESTMENTS IN SUBSIDIARIES

The Company controls the following active subsidiaries, the results of which have been consolidated.

Name of company Name of company La Maison Maritime de
Dunkerque (MMD)		 La Maison du Marin Britannique
(MMB)
Country of
incorporation		 France France
% holding/control 100% 100% through MMD who is the
sole shareholder
No of shares held and
value		 French 1901-Association, all the
members are directors of DWMT		 10,000 shares at €10,000
Net expenditure 2020 (£6,013) (£25,313)
Net Assets as at 31
December 2020		 £36,144 £192,183
Nature of business Provides facilities for the benefit of
seafarers in the port of Dunkirk on
behalf of the DWMT		 Sales of food and beverages, gifts
and goods.
11.
STOCK
Year end stock valuation		 2020
2020
2019
Group
Company
Group
£
£
£
5,405
-
8,083
5,405
-
8,083		 2019
Company
-
-

21

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12.
DEBTORS
GROUP
2020
£
Trade debtors
1,395
Prepayments
457
Other debtors
6,237
8,089
COMPANY
2020
£
Other debtors
-
-
13.
CREDITORS:amounts falling due within one year
GROUP
2020
£
Trade creditors
8,493
Tax provision and social security
21,006
Amount due to parent intercompany
122,777
Amount due to parent loan
182,915
Other creditors and accruals
17,859
353,050
COMPANY
2020
£
Trade creditors
-
Tax provision and social security
1,448
Amount due to parent intercompany
122,777
Amount due to parent loan
182,915
Other creditors and accruals
7,226
314,366
The loan from the Mission to Seafarers is to undertake essential repairs to the centre. It
once the centre has been sold and is at a zero interest rate.
14.
CREDITORS:amounts falling due after more than one year
GROUP AND COMPANY
2020
£
Other creditors
324
324		 2019
£
-
-
11,057
11,057
2019
£
1,457
1,457
2019
£
5,492
12,721
88,863
50,004
31,852
188,932
2019
£
-
1,448
88,863
50,004
6,138
146,453
is repayable
2019
£
324
324

Other creditors includes £324 which represents the proceeds from the sale of the site of the English Church in Dunkirk and is repayable if and when the company is wound up.

22

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. SHARE CAPITAL

15.
SHARE CAPITAL
Ordinary shares of £1 each
16.
UNRESTRICTED FUNDS
GROUP AND COMPANY
Opening balance
Income
Expenditure
Net investment and foreign exchange gains
Closing balance
17.
RESTRICTED FUNDS
GROUP AND COMPANY
Vehicle fund
Opening balance
Income
Depreciation
Closing balance		 2020 and 2019
Allotted
called up and
Authorised
fully paid
£
£
100
12
2020
£
2019
£
43,834
68,159
177,586
220,175
(222,391)
(260,752)
10,336
16,252
9,365
43,834
2020
2019
£
£
29,884
-
-
29,884
6,038
-
23,846
29,884
29,884

Vehicle Fund

The fund balance comprises the net book value of a vehicle which was funded by a grant from The Mission to Seafarers and the expenditure represented the depreciation charge.

23

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. ALLOCATION OF NET ASSETS BETWEEN FUNDS

GROUP AND COMPANY

Intangible fixed
assets
Tangible fixed
assets
Investments
Current assets
Current liabilities
Long term liabilities
Provision for
liability		 Unrestricted
funds
£
2,711
203,167
99,453
57,420
(353,050)
(324)
-
9,377		 Restricted
funds
£
-
23,846
-
-
-
-
-
23,846		 2020
Total
£
2,711
227,013
99,453
57,420
(353,050)
(324)
-
33,223		 Unrestricted
funds
£
2,550
86,905
93,029
74,035
(188,932)
(324)
(23,417)
43,846		 Restricted
funds
£
-
29,884
-
-
-
-
-
29,884		 2019
Total
£
2,550
116,789
93,029
74,035
(188,932)
(324)
(23,417)
73,730

19. TRUSTEES

No trustees received any remuneration from the company (2019 none) and no travel and subsistence costs were paid to the directors to attend meetings during the year (2019 £916).

20. RELATED PARTY TRANSACTIONS

The Mission to Seafarers holds eight shares (67%) of the DWMT. It is a related party to DWMT and the ultimate controlling party. The Mission to Seafarers objectives are to promote the spiritual, moral and physical wellbeing of seafarers and their families worldwide. Their principal activities include providing ship visiting, welfare services and friendship to seafarers worldwide through chaplains, volunteers and centres.

The four DWMT directors consist of one former Mission to Seafarers’ trustee and three senior members of The Mission to Seafarers staff. Each director holds one share (as detailed on page 6). The company secretary is also an employee of The Mission to Seafarers. The Dunkirk centre manager and chaplain is also the sole director of the trading subsidiary MMB and is employed and remunerated by the Mission to Seafarers at a cost of £50,723 plus a £1400 consultancy fee (2019 £52,213 employment costs and no consultancy fee).

At the year end DWMT owed The Mission to Seafarers £305,692 (2019 £138,867) including £182,915 as part of the loan to undertake the improvements to the centre and to separate the flats. The loan was originally repayable once the flats have been sold, but will now be repaid once the centre is sold, and is at a zero interest rate. DWMT made no repayment to The Mission to Seafarers (2019 none) to clear the rest of the intercompany balance.

The Mission to Seafarers made grants of £44,024 to the DWMT group (2019 £57,288) which consisted of £17,007 in transport grant (2019 £16,835), £9,301 for contribution to utilities (2019 £10,569), £17,716 cash flow support in aid of Covid-19 (2019 £29,884 vehicle grant).

The Mission to Seafarers paid expenses of £8,143 on behalf of DWMT (2019 £5,739) and these expenses were recharged to DWMT.

The DWMT is consolidated into the financial statements of The Mission to Seafarers, which are

24

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. RELATED PARTY TRANSACTIONS CONTINUED

available from the Registered Office address at St Michael Paternoster Royal, College Hill, London EC4R 2RL.

There were no further transactions with other entities within the group in 2020 (2019 none). There were no other related party transactions (2019 none).

21. ULTIMATE CONTROLLING PARTY

The ultimate parent is The Mission to Seafarers, registered company number 6220240 and registered charity number 1123613 in England and Wales.

22. CAPITAL COMMITMENTS

At 31 December 2020 the DWMT had a capital commitment of £9,000 (2019 £85,200) in relation to completing the refurbishment of the Dunkirk centre. There is no other contracted capital expenditure for the group or company.

23. POST BALANCE SHEET EVENTS

The contract for the sale of the centre was agreed in March 2021 for €390,000.

24. SUMMARY SOFA FOR THE DUNKIRK WAR MEMORIAL TRUST COMPANY NO. 185130

Income
Gains/(loss) on investments
Expenditure
Net (expenditure)/income
Gain/(loss) on foreign exchange
Total funds brought forward
Total funds carried forward		 2020
£
2019
£
2,792
2,710
6,424
14,483
(179,129)
(86,656)
(169,913)
(69,463)
262
(496)
(25,452)
44,507
(195,103)
(25,452)

25. SUBSIDIARY AND CONNECTED UNDERTAKINGS

25.1 La Maison Maritime de Dunkerque (MMD)

The MMD was established in 1960 to provide services to seafarers at the Dunkirk centre and around the port of Dunkirk on behalf of the DWMT and is a French 1901-type association. It was formerly known as La Maison du Marin Britannique until 2019. MMD is effectively controlled by virtue of the members being the directors of the DWMT.

25

THE DUNKIRK WAR MEMORIAL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

25.1 La Maison Maritime de Dunkerque (MMD) continued

Donations
Charitable activities
Total Income
Charitable activities
Total Expenditure
Net (expenditure)/income
Net (Loss)/Gain Retained in Subsidiary		 2020
£
50,462
50,534
100,996
(107,009)
(107,009)
(6,013)
(6,013)		 2019
£
72,685
136,865
209,550
(203,682)
(203,682)
5,868
5,868

25.2 La Maison du Marin Britannique (MMB )

MMB is a wholly-owned French trading subsidiary established in 2019. MMD is the sole member and owns the whole of the issued share capital of MMB. The sole director is also the Dunkirk centre manager and chaplain but receives no remuneration for doing so.

MMB is a retailer of food and beverages, gifts and goods required by seafarers. Any taxable profit from trading may be gifted to MMD.

Turnover
Cost of Sales
Gross Profit
Administration
Donation to La Maison Maritime de Dunkerque
Net (Loss)/Gain Retained in Subsidiary		 2020
£
73,798
(38,528)
35,270
(60,583)
-
(25,313)		 2019
£
37,779
(21,179)
16,600
(11,426)
-
5,174

26