The Memorial Trust of the 2nd Air Division USAAF
Annual Report
for the year ended 5 April 2024
Charity no 269047
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Annual report for the year ended 5 April 2024**
|**Contents**||
|---|---|
||Page|
|Chairman's statement|1|
|Review of activities at the American Library|2|
|Governors' report|3-6|
|Independent Examiner's report|7|
|Statement of Financial Activities|8|
|Statement of financial position|9|
|Notes to the financial statements|10-14|
|Income and expenditure account|appendix|
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Chairman's Report**
## **for the year ended 5 April 2024**
It has been a successful but challenging year for the American Library. The highlight of the year was the visit to Norwich by the Heritage League of the 2nd Air Division, which included veteran Alan Hallett and which is described in more detail in the Governors' Report; it is always a pleasure to welcome the Heritage League to Norfolk. The main challenge for the Trust during the year was to balance ambitions to broaden the American Library's Activities programme with the need to meet a significant rise in staff costs.
The Trust Librarian Orla Kennelly and the American Library staff organised a wide range of activities during the year. Events took place in the Library, on line and in the wider local community and they too are detailed in the Governors' Report. Of particular note, apart from the Heritage League visit, were the inaugural 2nd Air Division History Seminar and Congress to Campus. Both events enabled the American Library to reach a wider audience. We look forward to welcoming Congress to Campus again in 2024 and will hold another Seminar in due course, perhaps in conjunction with our planned activities to mark the 80th anniversary of the end of WW2 in 2025. In May the Board welcomed 2 new Governors, Charles (CJ) Bolster and Dr Sam Edwards, who were both co-opted for 5 years; they will add valuable experience and skills to the Board.
After a lengthy discussion with Norfolk County Council, it was agreed that the Trust would continue to meet staff costs in full. Whilst there would no effect on current staff contracts, the ability to take on new staff, including relief staff, would be constrained by Trust income. As a result, the Governors decided that it would be prudent to maximise income by converting the Capital 2 fund to income units and they will monitor the position carefully over the year. Fortunately, the value of the Trust's funds rose during the year from £5.27m to £5.78m, with a commensurate rise in income. The rise was helped by some generous donations, including $8,000 from the Heritage League. In addition, the Governors carried out a due diligence review of investment brokers and decided to re-appoint CCLA for another 3-5 years.
I am grateful to all the staff for their efforts and for the support of my fellow Governors. A new Governor with extensive experience in financial markets in the UK and the USA is due to join the Board in May and I look forward to welcoming him. Despite the increased draw on income to meet staff costs, the Trust remains financially sound and the American Library will continue to meet the wishes of the veterans for a living memorial which has an influence on the cultural life in East Anglia.
Richard Middleton Chairman 11 November 2024
Page 1
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Review of activities at the American Library**
## **for the year ended 5 April 2024**
American visitors have continued to return to the local area in great numbers this year. The group visit highlight was the Heritage League of the 2nd Air Division USAAF convention in July 2023. The League were joined by the 392nd Bomb Group Wendling reunion. The American Library hosted over 50 of the delegates and their local friends for a day of talks, tours, and research. Guest of Honor was Allan Hallett, veteran, who flew with the 389th Bomb Group out of Hethel, Norfolk, in 1945 at just seventeen years of age. Governors of the Memorial Trust and staff, scholars, and volunteers of the American Library all participated in the week long programme for the League. In September the reunion of the 467th Bomb Group Association took place in Norwich. The 467th flew from Rackheath and this visit included a large group of children and grandchildren of the USAAF personnel. These visits represented an important opportunity to make new connections, reignite old friendships and explore research collaborations.
'Coffee and Conversations' an invite only virtual meet up for 2nd Air Division family and friends has continued to be a mainstay of the library programme. Autumn 2023 saw the launch of the Americans in WW2 online talks series which has been building audiences monthly. In November, the inaugural 2nd Air Division History Seminar, took place in library and online, attracting an audience of 70. There were panellists from the academic and museum sectors as well as independent researchers and those with family connections to 2nd Air and wider 8th Air Force history. This will be a bi-annual event going forward. The new year saw an upsurge in interest in wider stories of the 8th Air Force due to the Apple TV show Masters of the Air and the upcoming anniversary of D Day. We have been working to build on this enthusiasm for the history and find creative ways to tell audiences in East Anglia and in the USA about the American Library. Online engagement, in particular on Facebook, has increased. In February the Library marked 80 years since Operation Argument with an exhibit, talk and film premier entitled Slipstream '24. The Royal Photographic Society and the East Anglia Documentary Group were behind the images, which focused on Tibenham airbase, home of the 445th Bomb Group.
Congress to Campus in November saw the library partner with American Studies at UEA to host this well attended public forum featuring two former US politicians. Congress to Campus was brought to the UK by the Association of Former Members of Congress, the US Embassy in the UK and the Eccles Centre for American Studies at the British Library.
The Big American Read was the American Library's first Norfolk wide reading promotion. In November and December 2023 this saw a 32% increase in the number of books issued. The programme was significantly supported by the UEA American Library Scholars. The regular book groups continued to attract a full attendance. The first virtual author event saw the library host the New York Times best selling author Shelby Van Pelt.
The American Library participated in the Heritage Open Days Festival and the Libraries Online week. Monthly record clubs also launched at the library in partnership with Reel Connections CIC. The library continues to participate in the East Anglian Military Aviation Heritage Network and the Imperial War Museum aviation heritage network. The IWM network blog featured an introduction to the American Library by the Trust Librarian. A new Friendly Invasion network has launched in South Norfolk and the library has also participated in this group from its foundation. Much of the focus for the next year period moves to commemorating the anniversary of the end of WW2 in 2025.
Trust Librarian
Page 2
**The Memorial Trust of the 2nd Air Division USAAF Charity number: 269047**
## **Governors' report for the year ended 5 April 2024**
The Governors present their report and the financial statements of the Trust for the year ended 5 April 2024.
## **Governors and advisors**
## **Governors**
Group Captain Richard Middleton (Chairman) Andrew Hawker Charles Bolster (appointed 15 May 2023) Thomas Courtauld General Lord Dannatt Joe Dzenowagis Jnr. Dr Samuel Edwards (appointed 15 May 2023) Jacqueline Fear-Segal Simon Garnier David Hill Matthew Martin Jonathan Powell David Sisson Beverly Tomb Chris Williams
## **Honorary Life Governors**
Mrs Frances Davies JP Hilary Hammond OBE David J Hastings MBE Paul R King OBE DL
**Principal Office** The Forum Millennium Plain Norwich NR2 1AW
## **Solicitors**
Cozens-Hardy LLP Castle Chambers Opie Street Norwich NR1 3DP
## **Bankers**
Barclays Bank Plc 5/7 Red Lion Street Norwich NR1 3QH
## **Independent Examiner**
## **Investment Manager**
CCLA 1 Angel Lane London EC4R 3AB
Giles Kerkham FCA DCha Larking Gowen LLP Prospect House Rouen Road Norwich NR1 1RE
## **Treasurer**
Robert Collin
Page 3
**The Memorial Trust of the 2nd Air Division USAAF**
## **Governors' report (continued) for the year ended 5 April 2024**
## **Structure, Governance and Management**
## **Governing document**
The Trust was established under a Declaration of Trust dated 25 June 1945 and is now administered under a Scheme of the Charity Commission dated 25 June 1997 as amended by a Scheme dated 25 September 2000.
## **Governors**
The Governors of the Trust are listed on page 3.
New co-opted Governors are appointed by the existing Governors. Every new co-opted Governor is appointed for a term of five years and nominated Governors for a term of four years after which period they may put themselves forward for re-appointment.
## **Governor induction and training**
New Governors are briefed on their legal obligations under charity law, the content of the Schemes and recent financial information of the Trust. Governors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Organisation**
The Trust is served by a Board of Governors, which meets twice a year. The day to day running of the Memorial Library is undertaken by the Trust Librarian, assistants and casual staff. The Governors also rely on the services of a Treasurer who maintains the books and accounting records of the Trust and provides financial information to the Governors. The Trust presently has two subcommittees, namely the Library subcommittee and Finance subcommittee,both of which report to the full meeting of Governors.
## **Risk management**
The Governors have examined the major strategic, business and operational risks which the Trust faces and have produced a document which sets out the systems and procedures to manage major risks. The strategy also includes procedures to minimise the impact on the Trust should those risks materialise. The document is reviewed annually.
## **Objectives and activities**
Under the Scheme the income from the main endowment of the Trust is applied for the following purposes and in the following order of priority:
- 1 In meeting such part of the cost of the maintenance of the 2nd Air Division U.S.A.A.F. Memorial Library, any branches thereof, and any additional memorial features which are situated in the counties of Norfolk and Suffolk as is not met by the relevant Library Authorities including the Memorial Water Gardens and Fountain.
- 2 In providing library materials (that is words, figures, sounds or data recorded in or on any medium and educational artefax) for the 2nd Air Division U.S.A.A.F. Memorial Library and its branches which will advance learning and education in any respect of or relating to the history of the Second Air Division.
- 3 In providing library materials (that is words, figures, sounds or data recorded in or on any medium and educational artefacts) for the 2nd Air Division U.S.A.A.F. Memorial Library and its branches which will advance learning and education in any respect of or relating to the United States of America.
- 4 In meeting such part of the cost of the salary and other fees of a librarian and other staff in providing services and duties for the 2nd Air Division U.S.A.A.F. Memorial Library and its branches as is not met by the library authorities.
Page 4
**The Memorial Trust of the 2nd Air Division USAAF**
## **Governors' report (continued) for the year ended 5 April 2024**
## **Review of activities and future plans**
For a detailed review of activities and future plans, please refer to the Trust Librarian's report on page 2.
## **Public benefit**
The Governors confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. As a lending library all the books and other materials are available to the public for their use.
## **Principal funding sources**
The main source of income comes from investments in the following funds:
- _**Capital fund:**_ The income provides funding for general expenditure as approved by the Governors in accordance with the Scheme.
- _**Book fund:**_ The income provides funds for book and periodical purchases.
- _**American presence fund:**_ The income provides funding for an American presence in the American Library by awarding scholarships to American post graduate students at the UEA.
## **Financial review**
The results of the Trust are shown on pages 8 and 9 of the accounts, supported by the notes on pages 10 to 14.
## **Investment policy**
The Governors may apply Trust funds at their discretion in any of the investments permitted by law for the investment of Trust's funds. The Trust principally invests in both the COIF Charities Investment Fund income and accumulation units. The aim of the fund over the long term is to achieve an average annual total return of inflation plus 5% and to provide as part of this return a reliable income stream that maintains its real value over time. The investments are monitored half yearly by the finance sub committee against appropriate indices.
It is the Governors' objective to secure investment income towards the costs of running the American Library whilst also achieving sufficient capital growth.
## **Reserves policy**
It is the policy of the Trust to maintain unrestricted funds, which are the free reserves of the Trust, at a level which equates to six months unrestricted expenditure of approximately £50,000. The balance at 5 April 2024 amouts to £54,400
## **Accounts preparation**
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 effective 1 January 2019.
Page 5
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Governors' report (continued) for the year ended 5 April 2024**
## **Governors' responsibilities in relation to the financial statements**
The Governors are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England & Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Governors are required to:
- Select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Trust will continue in operation.
The Governors are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Independent Examiner**
A resolution to reappoint Giles Kerkham FCA DCha independent examiner will be proposed at the Annual General Meeting.
Approved by the Board of Governors on 11 November 2024 and signed on its behalf by:
Group Captain Richard Middleton Chairman
Page 6
## **Independent Examiner's report to the Governors of The Memorial Trust of the 2nd Air Division USAAF For the year ended 5 April 2024**
I report to the charity Governors on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 8 to 14.
This report is made solely to the charity's Governors, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Governors those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibity to anyone other than the charity and the charity's Governors as a body for my work or for this report.
## **Responsibilities and basis of report**
As the charity's Governors you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this respect in order to enable a proper understanding of the accounts to be reached.
Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accountants Norwich
Page 7
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Statement of Financial Activities for the year ended 5 April 2024**
|Notes
**Income**
**Income from generated funds**
Voluntary donations and legacies
Investment income
Deposit interest receivable
**Total income**
**Expenditure**
Charitable activities
**Total expenditure**
2
**Net income**
Investment gains/(losses)
5
Transfer
10 & 11
**Net movement in funds**
Fund balance at 6 April 2023
**Fund balance at 5 April 2024**
12|Unrestricted
funds
£
49,561
103,482
50
153,093
125,603
125,603
27,490
-
(13,511)
13,979
40,421
**54,400**|Restricted
funds
£
-
43,248
113
43,361
43,553
43,553
(192)
-
(7,123)
(7,315)
21,580
**14,265**|Capital
funds
£
-
-
-
-
-
-
-
484,325
20,634
504,959
5,275,431
**5,780,390**|**Total**
**2024**
**£**
**49,561**
**146,730**
**163**
**196,454**
**169,156**
**169,156**
**27,298**
**484,325**
**-**
**511,623**
**5,337,432**
**5,849,055**|Total
2023
£
25,686
146,554
20
172,260
151,248
151,248
21,012
(191,351)
-
(170,339)
5,507,771
5,337,432|Unrestricted
funds
£
25,686
103,483
-
129,169
109,788
109,788
19,381
-
(16,811)
2,570
37,851
40,421|Restricted
Capital
funds
funds
£
£
-
-
43,071
-
20
-
43,091
-
41,460
-
41,460
-
1,631
-
-
(191,351)
(3,604)
20,415
(1,973)
(170,936)
23,553
5,446,367
21,580
5,275,431|
|---|---|---|---|---|---|---|---|
The notes on pages 10 to 14 form part of these accounts.
Page 8
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Statement of financial position as at 5 April 2024**
|Notes
**Fixed assets**
Investments
5
**Current assets**
Cash at bank and in hand
**Creditors:**
amounts falling due within one year
6
**Net current assets**
**Net assets**
**Capital funds**
Endowments
9 & 12
**Income funds**
Unrestricted
10 & 12
Restricted
11 & 12|**2024**
**£**
**5,780,390**
**114,530**
**(45,865)**
**68,665**
**5,849,055**
**5,780,390**
**54,400**
**14,265**
**5,849,055**|2023
£
5,275,431|
|---|---|---|
|||114,082|
|||(52,081)|
|||62,001|
|||5,337,432|
|||5,275,431
40,421
21,580|
|||5,337,432|
Approved by the Board of Governors on 11 November 2024
Group Captain Richard Middleton (Chairman)
Matthew Martin (Governor)
The notes on pages 10 to 14 form part of these accounts.
Page 9
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Notes to the financial statements for the year ended 5 April 2024**
## **1 Accounting policies**
A summary of the more important accounting policies, which have been applied consistently, is set out below:
## **(a) Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011
The financial statements are prepared in accordance with the historical cost convention, with the exception of listed securities, which are stated at market value.
## **(b) Fund accounting**
Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Designated funds are funds which can only be used for particular restricted purposes within the objectives of the Trust. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Restricted funds are funds which can only be used for particular restricted purposes within the objectives of the Trust. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The Trust holds capital funds. Note 9 describes the capital fund balances that must be held permanently and the capital funds that, at the Governors' discretion, may be expended.
## **(c) Income**
- Donations, legacies and gifts are included in the financial statements when received.
- Income from investments and deposits is included in the financial statements on a receivable basis.
- Income from the capital fund is unrestricted.
- Income from the book endowment fund is restricted and used to purchase books.
- Income from the American Presence fund is used to contribute towards the costs of funding a professional American presence in the American Library.
- Donated services and facilities are included at the value to the Trust where this can be quantified.
## **(d) Expenditure**
Expenditure is recognised on an accruals basis. Expenditure includes any Value Added Tax which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
- Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities. It includes costs that can be allocated both directly and indirectly to such activities and any management and administrative expenses incurred in the day to day running the charity.
Page 10
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Notes to the financial statements (continued) for the year ended 5 April 2024**
## **(e) Investment policy**
Realised and unrealised gains and losses on investment assets are included in the financial statements and are based on the difference between the open market value of the investment at 1 April or cost of purchase in the year to 31 March and sale proceeds. The investment assets are valued at the 31 March each year. Any increase or decrease in valuation compared with the valuation at 1 April or cost of purchase in the year to 31 March is included in the financial statements as an unrealised gain or loss.
## **(f) Tangible fixed assets**
All equipment and computers costing less than £5,000 are written off in the year of purchase.
## **(g) Foreign currencies**
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling on the date of the transaction.
## **(h) Creditors**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **(i) Financial instruments**
Except for investments, which are measured as detailed in the investment policy, the charity 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.
## **2 Expenditure**
|Special endowment book purchase
Refurbishment project
Relaunch
Marketing and events
Archiving
Scholarships:
American Presence
Charles Walker scholarship
Meetings
Exchange differences
Trust Librarian and assistants
Postage, stationery and computer
Staff training
Equipment
Sundry expenses
Examiner's fee
Accountancy
**Total expenditure**|Unrestricted
fund
£
-
2,269
5,778
13,370
-
-
706
89,481
2,240
6,531
107
1,696
3,425
125,603|Restricted
fund
£
11,488
6,065
-
-
-
20,000
3,000
-
3,000
-
-
-
-
-
-
43,553|Capital
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2024**
**Total**
**£**
**11,488**
**8,334**
**-**
**5,778**
**13,370**
**20,000**
**3,000**
**-**
**706**
**92,481**
**-**
**2,240**
**6,531**
**107**
**1,696**
**3,425**
**169,156**|2023
Total
£
11,860
-
10,838
-
-
26,750
(500)
489
(791)
93,613
258
2,137
1,391
126
1,652
3,425
151,248|Unrestricted
fund
£
-
-
10,838
-
-
-
-
139
(791)
90,613
258
2,137
1,391
126
1,652
3,425
109,788|Restricted
fund
£
11,860
-
-
-
-
26,750
(500)
350
-
3,000
-
-
-
-
-
-
41,460|Capital
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|---|---|---|---|---|---|
|||||||||-|
The Trust utilises its premises under a licence for 125 years (from 1998) from Norfolk County Council
Page 11
## **The Memorial Trust of the 2nd Air Division USAAF**
## **Notes to the financial statements (continued) for the year ended 5 April 2024**
## **3 Remuneration**
The Governors received no remuneration or benefits from the Trust. Norfolk County Council remunerates the Trusts Librarians and assistants. The costs of employment are subsequently recharged to the Trust. These costs amount to £92,481 for the current year (2023: £93,613)
## **4 Independent Examiner's remuneration**
The Independent Examiner's remuneration was £1,696 (2023: £1,652).
## **5 Fixed asset investments**
|Historical cost at 5 April 2024
Market value at 6 April 2023
Sale proceeds
Investment gains/(losses)
Additions
**Market value at 5 April 2024**
Allocated:
**Permanent endowment**
COIF Charities Investment Fund income units
**Non-permanent endowment**
COIF Charities Investment Fund income units
(see note 9)
COIF Charities Investment Fund income units
(see note 9)
COIF Charities Investment Fund accumulation units
(see note 9)|**2024**
**£**
**4,310,461**
**5,275,431**
**(272,747)**
**484,325**
**293,381**
**5,780,390**
**5,482,191**
**272,121**
**26,078**
-
**5,780,390**|2023
£
4,230,182|
|---|---|---|
|||5,446,367
(3,323)
(191,351)
23,738|
|||5,275,431|
|||5,027,144
-
17,008
231,279|
|||5,275,431|
The non-permanent endowment is available for use at the Governors' discretion
## **6 Creditors**
|Accruals
Other creditors
**7**
**Financial Instruments**
**Financial Assets**
Financial assets measured at fair value through income and expenditure|**2024**
**£**
**3,425**
**42,440**
**45,865**
**2024**
**£**
**5,780,390**|2023
£
3,325
48,756|
|---|---|---|
|||52,081|
|||2023
£
5,275,431|
Financial assets measured at fair value through income and expenditure are comprised of listed investments
Page 12
**The Memorial Trust of the 2nd Air Division USAAF**
## **Notes to the financial statements (continued) for the year ended 5 April 2024**
## **8 Related party transactions**
There are no related party transactions during the period requiring disclosure (2023: Nil).
## **9 Endowments**
|Balance at 6 April 2023
Transfers between funds
Investment gains
**Balance at 5 April 2024**
Balance at 6 April 2022
Transfers between funds
Investment losses
Balance at 5 April 2023|Book
fund
£
394,852
-
35,741
**430,593**
409,728
-
(14,876)
394,852|American
presence
fund
£
929,952
7,123
84,585
**1,021,660**
961,311
3,604
(34,963)
929,952|Capital
fund
£
3,950,627
13,511
363,999|Total
£
5,275,431
20,634
484,325|
|---|---|---|---|---|
||||**4,328,137**|**5,780,390**|
||||4,075,328
16,811
(141,512)|5,446,367
20,415
(191,351)|
||||3,950,627|5,275,431|
The capital fund was established in 1945 and is represented by fixed asset investments. At 5 April 2024 £4,056,016 is held permanently and the balance of £272,121 is expendable and available for use at the Governors' discretion (see note 5). The income from the fund is available for general purposes (see note 10).
The American Presence fund was established in 2008 and is represented by fixed asset investments. At 5 April 2024, £995,582 is held permanently and the balance of £26,078 is expendable and available for use at the Governors discretion..The income from the fund is restricted with the object of maintaining as far as possible the availability of an American presence in the Library or failing this for the general purposes of the American Library (see note 11).
The special endowment fund (Book fund) is represented by fixed asset investments and is held permanently. The income is used to purchase books and periodicals and is treated as a restricted fund (see note 11)
## **10 Income funds (unrestricted)**
|Balance at 6 April 2023
Income
Expenditure
Transfers
**Balance at 5 April 2024**
Balance at 6 April 2022
Income
Expenditure
Transfers
Balance at 5 April 2023|General
fund
£
40,421
153,093
(125,603)
(13,511)|
|---|---|
||**54,400**|
||37,851
129,169
(109,788)
(16,811)|
||40,421|
The transfers of £13,511 (2023: £16,811) shown shown above represents surplus funds that have been invested in the capital fund.
Page 13
**The Memorial Trust of the 2nd Air Division USAAF**
## **Notes to the financial statements (continued) for the year ended 5 April 2024**
## **11 Income funds (restricted)**
|**11 Income funds (restricted)**||||||
|---|---|---|---|---|---|
|American Library refurbishment project
C L Walker scholarship fund
Digitization project fund
American presence fund
Endowment book fund
Dede W Casad lecture fund
American Library refurbishment project
C L Walker scholarship fund
Digitization project fund
American presence fund
Endowment book fund
Dede W Casad lecture fund|Balance at
6 April 2023
£
6,065
6,973
269
2,748
923
4,602
21,580
Balance at
6 April 2022
£
6,065
1,809
249
9,176
1,302
4,952
23,553|Transfer
£
-
-
-
(7,123)
-
-
(7,123)
Transfer
£
-
-
-
(3,604)
-
-
(3,604)|Income
£
-
4,664
113
27,103
11,481
-
43,361
Income
£
-
4,664
20
26,926
11,481
-
43,091|Expenditure
£
(6,065)
(3,000)
-
(23,000)
(11,488)
-|**Balance at**
**5 April 2024**
**£**
**-**
**8,637**
**382**
**(272)**
**916**
**4,602**|
|||||(43,553)|**14,265**|
|||||Expenditure
£
-
500
-
(29,750)
(11,860)
(350)|**Balance at**
**5 April 2023**
**£**
**6,065**
**6,973**
**269**
**2,748**
**923**
**4,602**|
|||||(41,460)|**21,580**|
The American Library refurbishment project was set up as a restricted fund to identify the costs of updating the library facility. The project was completed in 2021. The surplus of £6.065 carried over from the previous year has been used to supply upgraded conferencing equipment.
The Charles L Walker scholarship fund was established to assist an undergraduate from the school of American studies at the University of East Anglia with the cost of attending a university in the USA for a year of their course.
The Digitization Project to archive the 2nd Air Division Memorial Library was mainly funded out of the remains of a legacy from the estate of Bernard J Newmark deceased received in previous years.
The American Presence fund was established to maintain as far as possible the availability of an American presence in the American Library. The transfers of £7,123 (2023: £3,604) shown above represents surplus funds that have been invested in the funds.
Dede W Casad provided funds for an annual lecture in memory of Charles L Walker (Chuck), working in conjunction with the UEA.
The income from the endowment book fund is used to purchase books and periodicals for the American Library.
## **12 Analysis of net assets between funds**
|**12 Analysis of net assets between funds**||||
|---|---|---|---|
|Unrestricted
funds
£
Investments at market value (see note 5)
-
Cash at bank and in hand
82,007
Creditors
(27,607)
**54,400**
Unrestricted
funds
£
Investments at market value (see note 5)
-
Cash at bank and in hand
73,252
Creditors
(32,831)
40,421|Restricted
funds
£
-
32,523
(18,258)
**14,265**
Restricted
funds
£
-
40,830
(19,250)
21,580|Capital
funds
£
5,780,390
-
-|**Total**
**2024**
£
**5,780,390**
**114,530**
**(45,865)**|
|||**5,780,390**|**5,849,055**|
|||Capital
funds
£
5,275,431
-
-|Total
2023
£
5,275,431
114,082
(52,081)|
|||5,275,431|5,337,432|
Page 14
**The Memorial Trust of the 2nd Air Division USAAF**
## **Income and expenditure account Year ended 5 April 2024**
## **Library operations**
|**Income**
Capital fund investment income
Deposit interest
General donations
**Expenditure**
Trust Librarian and assistants
Refurbishment project
Archiving projects
Relaunch
Marketing and events
Exchange differences
Postage stationery and computer
Staff training
Equipment
Sundry expenses
Examiner's fee and accountancy
**Surplus**
**Endowment fund income for the purchase of books**
Investment income and donations
Books purchased
**Deficit**
**American presence fund**
Investment income
Administration
Scholarship
**Surplus**
**C L Walker scholarship fund**
Investment income
Scholarship
**Surplus**
**Overall summary of Income and Expenditure**
Refurbishment project (note 11)
Net surplus
Endowment fund deficit
American presence fund surplus/(deficit) (note 11)
Charles L Walker scholarship fund (note 11)
Dede Casad fund
Digitisation project fund (note 11)
**Net income see page 8**|**2024**
**£**
**103,482**
**50**
**49,561**
**153,093**
**89,481**
**2,269**
**13,370**
**-**
**5,778**
**706**
**-**
**2,240**
**6,531**
**107**
**5,121**
**125,603**
**27,490**
**11,481**
**(11,488)**
**(7)**
**27,103**
**(3,000)**
**(20,000)**
**4,103**
**4,664**
**(3,000)**
**1,664**
**(6,065)**
**27,490**
**(7)**
**4,103**
**1,664**
**-**
**113**
**27,298**|2023
£
103,483
-
25,686|
|---|---|---|
|||129,169|
|||90,613
-
-
10,838
139
(791)
258
2,137
1,391
126
5,077|
|||109,788|
|||19,381|
|||11,481
(11,860)|
|||(379)|
|||26,926
(3,000)
(26,750)|
|||(2,824)|
|||4,664
500|
|||5,164|
|||-
19,381
(379)
(2,824)
5,164
(350)
20|
|||21,012|
Appendix