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** 

- 1 - 7 Trustees’ Annual Report 

- 8 – 11 Independent Auditor’s Report to the Members of the Dunkirk War Memorial Trust Ltd 

   - Financial Statements 

- 12 Group Statement of Financial Activities 

- 13 Group Balance Sheet 

- 14 Company Balance Sheet 

- 15 – 26 Notes to Financial Statements 



**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. 

5 



## **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|



6 



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:** 

- give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 December 2020, and of the group’s 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 Companies Act 2006. 

## **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** 

- In our opinion, based on the work undertaken in the course of the audit: 

   - the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

   - the directors’ report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. 

## **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. 

9 



## **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 

11 



## **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<br>**INCOME FROM:**<br>Donations and legacies<br>4<br>Charitable activities<br>5<br>Investments<br>6<br>**Total Income**<br>**EXPENDITURE ON:**<br>Raising funds<br>Charitable activities<br>**Total Expenditure**<br>7<br>**NET (EXPENDITURE)/INCOME**<br>**BEFORE INVESTMENT**<br>**GAIN/(LOSS)**<br>2<br>Net gain/(loss) on investments<br>**NET (EXPENDITURE)/INCOME**<br>**FOR THE YEAR**<br>**OTHER RECOGNISED**<br>**GAINS/(LOSSES)**<br>Foreign Exchange<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward at<br>1 January 2020<br>**TOTAL**<br>**FUNDS**<br>**CARRIED**<br>**FORWARD**<br>18|Unrestricted<br>Funds<br>£<br>50,462<br>124,332<br>2,792<br>177,586<br>7,221<br>215,170<br>222,391<br>(44,805)<br>6,424<br>(38,381)<br>3,912<br>(34,469)<br>43,834<br>9,365|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>6,038<br>6,038<br>(6,038)<br>-<br>(6,038)<br>-<br>(6,038)<br>29,884<br>23,846|**Total**<br>**2020**<br>**£**<br>**50,462**<br>**124,332**<br>**2,792**<br>**177,586**<br>**7,221**<br>**221,208**<br>**228,429**<br>**(50,843)**<br>**6,424**<br>**(44,419)**<br>**3,912**<br>**(40,507)**<br>**73,718**<br>**33,211**|_Total_<br>_Unrestricted_<br>_2019_<br>_£_<br>_72,685_<br>_174,664_<br>_2,710_|
|---|---|---|---|---|
|||||_250,059_|
|||||_6,450_<br>_254,302_|
|||||_260,752_|
|||||_(10,693)_<br>_14,483_|
|||||_3,790_<br>_1,769_|
|||||_5,559_|
|||||_68,159_<br>_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
Tot*1 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 t*rbJ
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.**<br>**STAFF COSTS**<br>Wages and salaries<br>Social security costs<br>Average number of employees during the year|**2020**<br>**£**<br>**62,414**<br>**10,096**<br>**72,510**<br>**No.**<br>**4**|_2019_<br>_£_<br>_63,796_<br>_14,875_|
|---|---|---|
|||_78,671_|
|||No.<br>_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.**<br>**DONATIONS AND LEGACIES INCOME**<br>**GROUP**<br>**2020**<br>**£**<br>General donations<br>**50,462**<br>Grants<br>**-**<br>**50,462**<br>Total restricted income from donations and legacies was £Nil (2019 £29,884).<br>**5.**<br>**CHARITABLE ACTIVITIES INCOME**<br>**GROUP**<br>**2020**<br>**£**<br>Income from the provision of services to seafarers:<br>Refreshments<br>Telephone cards<br>Forex facilities<br>**50,361**<br>**17,396**<br>**5,669**<br>Covid-19 cash flow support<br>**17,716**<br>Deferred income<br>**6,882**<br>Transport and utilities grant<br>**26,308**<br>**124,332**<br>**6.**<br>**INVESTMENT INCOME**<br>**GROUP**<br>**2020**<br>**£**<br>Listed investments:<br>Dividends – equities<br>**2,792**<br>**2,792**||_2019_<br>_£_<br>_42,801_<br>_29,884_<br>_72,685_<br>_2019_<br>_£_<br>_107,917_<br>_26,349_<br>_14,118_<br>_-_<br>_-_<br>_26,280_|
|---|---|---|
|||_174,664_|
|||_2019_<br>_£_<br>_2,710_<br>_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 -----**<br>
7. ANALYSIS OF  Total   Total<br>GROUP EXPENDITURE 2020 2019<br>Direct<br>costs Support Direct costs Support<br>£ £ £ £ £ £<br>Raising<br>funds:<br>Rental<br>property  6,814 407 7,221 6,212 238 6,450<br>Total Raising<br>Funds 6,814 407 7,221 6,212 238 6,450<br>Charitable<br>Activities:<br>Ship visiting<br>and ministry to<br>seafarers  55,713 10,902 66,615 93,144 15,409 108,553<br>Seafarer<br>transportation  41,807 8,181 49,988 50,720 8,390 59,110<br>Centre and<br>facilities for<br>seafarers  87,485 17,120 104,605 74,341 12,298 86,639<br>Total<br>Charitable<br>Activities  185,005 36,203 221,208 218,205 36,097 254,302<br>Total<br>expenditure 191,819 36,610 228,429 224,417 36,335 260,752<br>Analysis of Support costs<br>2020 2019<br>Raising  Charitable  Total Raising  Charitable  Total<br>funds activities  funds activities<br>£ £  £ £ £  £<br>Finance  - 25,156  25,156 - 28,576 28,576<br>Governance  328 8,904  9,232 218 6,908 7,126<br>General  79 2143  2,222 20 613  633<br>admin<br>Total 407 36,203 36,610 238 36,097 36,335<br>**----- End of picture text -----**<br>


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**<br>**INTANGIBLE FIXED ASSETS**<br>Cost<br>Exchange difference<br>**Net book value:**<br>**At 31 December 2020**<br>_At 31 December 2019_|**GROUP**<br>**Licence**<br>**£**<br>2,661<br>50<br>**2,711**<br>_2,550_|**COMPANY**<br>**Licence**<br>**£**<br>-<br>-<br>**-**|
|---|---|---|
|||_-_|



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**<br>**Cost**<br>1 January 2020<br>Additions<br>Exchange difference<br>**31 December 2020**<br>**Depreciation**<br>1 January 2020<br>Provided during the year<br>Exchange difference<br>**31 December 2020**<br>**Net book value 31 December**<br>**2020**<br>_31 December 2019_<br>**COMPANY**<br>**Cost**<br>1 January 2020<br>Additions<br>Exchange difference<br>**31 December 2020**<br>**Depreciation**<br>1 January 2020<br>Provided during the year<br>Exchange difference<br>**31 December 2020**<br>**Net book value 31 December**<br>**2020**<br>_31 December 2019_|**Property**<br>**Improvements**<br>**£**<br>68,653<br>123,005<br>642<br>192,300<br>-<br>3,744<br>(60)<br>3,684<br>**188,616**<br>_68,653_<br>**Property**<br>**Improvements**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>_-_|**Fixtures &**<br>**Equipment**<br>**£**<br>92,954<br>5,167<br>868<br>98,989<br>81,177<br>7,735<br>(124)<br>88,788<br>**10,201**<br>_11,777_<br>**Fixtures &**<br>**Equipment**<br>**£**<br>74,491<br>-<br>-<br>74,491<br>73,218<br>1,273<br>-<br>74,491<br>**-**<br>_1,273_|**Motor**<br>**Vehicles**<br>**£**<br>65,005<br>-<br>607|**Total**<br>**£**<br>**226,612**<br>**128,172**<br>**2,117**|
|---|---|---|---|---|
||||65,612|**359,901**|
||||28,646<br>8,912<br>(142)|**109,823**<br>**20,391**<br>**(326)**|
||||37,416|**129,888**|
||||**28,196**<br>_36,359_|**227,013**<br>_116,789_|
||||**Motor**<br>**Vehicles**<br>**£**<br>36,158<br>-<br>-|**Total**<br>**£**<br>**110,649**<br>**-**<br>**-**|
||||36,158|**110,649**|
||||27,905<br>2,750<br>-|**101,123**<br>**4,023**<br>**-**|
||||30,655|**105,146**|
||||**5,503**<br>_8,253_|**5,503**<br>_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**<br>**GROUP AND COMPANY**<br>**Market value at 1 January**<br>The Church of England Investment Fund, a multi-asset common fund<br>Unrealised gain(/loss) for the year<br>**Market value at 31 December**<br>The Church of England Investment Fund, a multi-asset common fund<br>**Total**<br>_Historical Cost at 31 December_|**2020**<br>**£**<br>**93,029**<br>**6,424**<br>**99,453**<br>**93,029**<br>_78,546_|_2019_<br>£<br>_78,546_<br>_14,483_<br>_93,029_<br>_93,029_<br>_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**<br>**Dunkerque (MMD)**|**La Maison du Marin Britannique**<br>**(MMB**)|
|---|---|---|---|
|Country of<br>incorporation||France|France|
|% holding/control||100%|100% through MMD who is the<br>sole shareholder|
|No of shares held and<br>value||French 1901-Association, all the<br>members are directors of DWMT|10,000 shares at €10,000|
|Net expenditure 2020||(£6,013)|(£25,313)|
|Net Assets as at 31<br>December 2020||£36,144|£192,183|
|Nature of business||Provides facilities for the benefit of<br>seafarers in the port of Dunkirk on<br>behalf of the DWMT|Sales of food and beverages, gifts<br>and goods.|



|**11.**<br>**STOCK**<br>Year end stock valuation|**2020**<br>**2020**<br>_2019_<br>**Group**<br>**Company**<br>_Group_<br>**£**<br>**£**<br>_£_<br>**5,405**<br>-<br>_8,083_<br>**5,405**<br>-<br>_8,083_|_2019_<br>_Company_<br>_-_|
|---|---|---|
|||_-_|



21 



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

|**12.**<br>**DEBTORS**<br>**GROUP**<br>**2020**<br>**£**<br>Trade debtors<br>**1,395**<br>Prepayments<br>**457**<br>Other debtors<br>**6,237**<br>**8,089**<br>**COMPANY**<br>**2020**<br>**£**<br>Other debtors<br>**-**<br>**-**<br>**13.**<br>**CREDITORS:**amounts falling due within one year<br>**GROUP**<br>**2020**<br>**£**<br>Trade creditors<br>**8,493**<br>Tax provision and social security<br>**21,006**<br>Amount due to parent intercompany<br>**122,777**<br>Amount due to parent loan<br>**182,915**<br>Other creditors and accruals<br>**17,859**<br>**353,050**<br>**COMPANY**<br>**2020**<br>**£**<br>Trade creditors<br>**-**<br>Tax provision and social security<br>**1,448**<br>Amount due to parent intercompany<br>**122,777**<br>Amount due to parent loan<br>**182,915**<br>Other creditors and accruals<br>**7,226**<br>**314,366**<br>The loan from the Mission to Seafarers is to undertake essential repairs to the centre.  It<br>once the centre has been sold and is at a zero interest rate.<br>**14.**<br>**CREDITORS:**amounts falling due after more than one year<br>**GROUP AND COMPANY**<br>**2020**<br>**£**<br>Other creditors<br>**324**<br>**324**|_2019_<br>_£_<br>_-_<br>_-_<br>_11,057_|
|---|---|
||_11,057_|
||_2019_<br>_£_<br>_1,457_|
||_1,457_|
||_2019_<br>_£_<br>_5,492_<br>_12,721_<br>_88,863_<br>_50,004_<br>_31,852_|
||_188,932_|
||_2019_<br>_£_<br>_-_<br>_1,448_<br>_88,863_<br>_50,004_<br>_6,138_|
||_146,453_|
||is repayable<br>_2019_<br>_£_<br>_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.**<br>**SHARE CAPITAL**|||||
|---|---|---|---|---|
|Ordinary shares of £1 each<br>**16.**<br>**UNRESTRICTED FUNDS**<br>**GROUP AND COMPANY**<br>Opening balance<br>Income<br>Expenditure<br>Net investment and foreign exchange gains<br>**Closing balance**<br>**17.**<br>**RESTRICTED FUNDS**<br>**GROUP AND COMPANY**<br>**Vehicle fund**<br>Opening balance<br>Income<br>Depreciation<br>**Closing balance**||**2020 and 2019**<br>**Allotted**<br>**called up and**<br>**Authorised**<br>**fully paid**<br>**£**<br>**£**<br>**100**<br>**12**<br>**2020**<br>**£**<br>_2019_<br>_£_<br>**43,834**<br>_68,159_<br>**177,586**<br>_220,175_<br>**(222,391)**<br>_(260,752)_<br>**10,336**<br>_16,252_<br>**9,365**<br>_43,834_<br>**2020**<br>_2019_<br>**£**<br>_£_<br>**29,884**<br>**-**<br>_-_<br>_29,884_<br>**6,038**<br>_-_<br>**23,846**<br>_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<br>assets<br>Tangible fixed<br>assets<br>Investments<br>Current assets<br>Current liabilities<br>Long term liabilities<br>Provision for<br>liability|Unrestricted<br>funds<br>£<br>2,711<br>203,167<br>99,453<br>57,420<br>(353,050)<br>(324)<br>-<br>**9,377**|Restricted<br>funds<br>£<br>-<br>23,846<br>-<br>-<br>-<br>-<br>-<br>**23,846**|**2020**<br>**Total**<br>**£**<br>**2,711**<br>**227,013**<br>**99,453**<br>**57,420**<br>**(353,050)**<br>**(324)**<br>**-**<br>**33,223**|_Unrestricted_<br>_funds_<br>_£_<br>_2,550_<br>_86,905_<br>_93,029_<br>_74,035_<br>_(188,932)_<br>_(324)_<br>_(23,417)_<br>_43,846_|_Restricted_<br>_funds_<br>_£_<br>_-_<br>_29,884_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_29,884_|_2019_<br>_Total_<br>_£_<br>_2,550_<br>_116,789_<br>_93,029_<br>_74,035_<br>_(188,932)_<br>_(324)_<br>_(23,417)_<br>_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<br>Gains/(loss) on investments<br>Expenditure<br>**Net (expenditure)/income**<br>Gain/(loss) on foreign exchange<br>Total funds brought forward<br>**Total funds carried forward**|**2020**<br>**£**<br>_2019_<br>_£_<br>**2,792**<br>_2,710_<br>**6,424**<br>_14,483_<br>**(179,129)**<br>_(86,656)_|
|---|---|
||**(169,913)**<br>_(69,463)_|
||**262**<br>_(496)_<br>**(25,452)**<br>_44,507_|
||**(195,103)**<br>_(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<br>Charitable activities<br>**Total Income**<br>Charitable activities<br>**Total Expenditure**<br>Net (expenditure)/income<br>**Net (Loss)/Gain Retained in Subsidiary**|**2020**<br>**£**<br>**50,462**<br>**50,534**<br>**100,996**<br>**(107,009)**<br>**(107,009)**<br>**(6,013)**<br>**(6,013)**|_2019_<br>_£_<br>_72,685_<br>_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<br>Cost of Sales<br>**Gross Profit**<br>Administration<br>Donation to La Maison Maritime de Dunkerque<br>**Net (Loss)/Gain Retained in Subsidiary**|**2020**<br>**£**<br>**73,798**<br>**(38,528)**<br>**35,270**<br>**(60,583)**<br>**-**<br>**(25,313)**|_2019_<br>_£_<br>_37,779_<br>_(21,179)_|
|---|---|---|
|||_16,600_|
|||_(11,426)_<br>_-_<br>**_5,174_**|



26