The Memorial Trust of the 2nd Air Division USAAF Annual Report for the year ended 5 April 2025 Charity no 269047
The Memorial Trust of the 2nd Air Division USAAF Annual report for the year ended 5 April 2025 Contents Page Chaimian's report Governors, report Independent Examine¢s port Slatement of Financial Activrties Slatement of financial position Notes lo the financial statements 13 Income and expendtlure account appendix
The Memorial Trust of the 2nd Air Division USAAF Chaimian's report for the year ended 5 April 2025 It has been a quiet year for the Trust but a busy year for the American Library. The main ehalbnge for the Trust during the year was lo make the nSSary funds avai18ble lo enable staff to carry out their ambitious programme of events while also meeb'ng some ggnffiKant increases in our running costs. all within the context of a challenging Investment environment. The Trust Libranan. Orla Keftnelly. arKI the American Library staff organwl a e range of activities during the year. Events took place In the Library. on line and in the Wer kxal community. 01 parbcular note were events to math the 80th anniversary of D Day in June and the retum of th6 lo Campus event in November. Work also started in partnership with the Fonjm Trust, lo pul tC#Jelher a major projecl to mark the end of WW11. A joint bKI to the Herrtage Lottery Fund was successful and the Sifver WirKJs. the USAAF in WW11 Norfolk, FKoject will t)e the basis for a wide range of ath"v"es throughout 2025, uJlminats"n9 in a major exhibtr)n at the Forum in September. In May the Board welcomed Simon Jamieson as a Governor, co-opted lor 5 years. Simon has extensive experience of working in financial markets in the UK and the USA and wll bring valuable expertise lo the Board. He agreed lo lake over the chaimianship of the Finance Sub Committee from Jonathan Powell and chaired his first meeb.ng in March. l am extremdy graleftjl for Jonathan's efforts over the last 9 years and l am delighted that he wll remain as a Govefflor. The book value of the Trusfs assets fell from £5.85m to £5.58m dunng the year in the face of uncertainty about Irade tariffs and other factors causing tUrbUkn in the markets Hty&wer. the investment managers. CCLA. we able lo raise the dislributK?n on Iheif income unts by a mc#Jesl 2% whth hel lo offset the increased operating costs. The TrusY5 finanaal pJsib"orb was further assisted by x*ffe gewous donations. induding $7.CNJO frcrfn the Herrtage League which we received after the year ervj. l am grateful lo all the stsff for their efforts and for the suprL)rt of my felh)w Govemors. The Trust remains financially sound and the events planned for the year ahead will ensure that the Ame{in Library will continue to be a living memorial which has an influence on the culural life in East An91. Richard Middleton Chairman 10 November 2025 Page 1
The Memorial Trust of the 2nd Air Division USAAF Charity number: 269047 Governors. report for the year ended 5 April 2025 The Governors present their report and the financial $taleThwts of the Trust for the year end& 5 April 2025. Governors and advisors Governorn Group Captain Rthard MKldleton {ChaiMn) Andrew Hawker Charfes Bolster Thomas Courtauld General Lord Dannatt Joe Dzenowagis Jnr. Dr Samuel Edwards Jacqueline Fear-segal Simon Garnw IsIgned April 2024) David Hill Simon Jamieson (appointed May 20241 Matthew Martin Jonathan Powell David Sisson Bevedy Tomb Chfis Williams Honorary Llfo Governors Mrs Franees Davies JP Hilary Hammond OBE David J Haslings MBE Paul R King OBE DL Princlpal Offk• The Fowm Millennium PLqin Norwch NR2 1AW Solicltor8 Cozens-Hardy LLP Castle Chambers Opie Slreel Norwich NR13DP Bank•r8 Barclays Bank P Red Licffl Street Norwch NR1 3QH Indgpondent Examiner Giles Kerkham FCA Dcha Larking G¢)wen LLP Prospecl H¢)use Rouen Rowj Investment Managfrr CCLA 1 Angd Lane London EC4R 3AB NR1 1RE Treasurer Robert Collin P&¥2
The Memorial Trust of the 2nd Air Division USAAF Governors, report (continued) for the year ended 5 Aprll 2025 Structure, Govemanco and Management Governing document The Trust was estsblished under a DedaratK)n of Trust dated 25 June 1945 and is now administered under a Scheme of the Charity Commission dated 25 June 1997 as aftnded by a Scheme dated 25 September 2000. Governors The Governors of the Trust are listed on page 2. New co-opted Govemors a appointed by the existing Govemofs. Every new co-opted Governor is appointed for a term of fwe years and mInated veMorS tor a lemi of four years after whth penod they may pul themselves forward for p%)intMent. Governor induction and tralnlng New Governors are bnefe(l on their Wl oblhjabons under chanty kqw, the content of ts Schemes and recent financial infomation of the Twst. Governor5 are en¢ouraged to attend aFpropnale external training events where these will facilitste the undertaking of thar role. Organlsation The Tfust is served by a Board of Govemor5. which meets fvAce a year. The day lo day running of the Memorial Library is undertaken by the Trust Libranan, assistants and casual stsff. The Govemors also rely on the services of a Treasurer vtho maintsins the trks and accounting records of Tnjsl and prOVeS financial infomiation lo the Govemors. The Tnjsl preser.ty has sutcommittees, nan the Lbrdry subcommrttee and Finance subcommittee.both of report lo the full mts"rJ ol Gover. Rlsk management The Governors have examined the major strategic. busine$$ and operalk)nal risks whi¢h the Trust faces and have produced a document which sets out the systems and procedu5 to manage major risks. The strategy also includes procedures lo minimise the impact on the Trust shoukl risks materialise. The d¢xument is reviewed annually. Objectives and activities Under the Scheme the incoTh from main endunent of the Trust is the folkm'ng purposes and in the folh)w"ng order of prv)rity". 1 In meeting such part of the cosl of the maintenance of the 2nd Aj'r DlSn U.S.A.A.F. Memorial Library, any branches thereof, and any additional memonal features lch are situated in the countS of Norfolk and Suffolk as is not met by the relevant Library Authorib"e$ including the Memorial Water Gardens and Fountain. 2 In providing library materials Ithal is words. fuures. sounds or data rded in or on any medium and edurats.onal artefaxl for the 2nd 'r Division U S A A.F Memorial Library and its branches which will advance learning and educabon in any resF of or relabng to the history of the Second Air DMSlOn. 3 In provKling library mater01$ (that words, fvJures. sounds or dala rec1 in or on any medium and educational artefaclsl for the 2nd AJ"r DMSK)n U S.A.A.F. Memorial Library and ils txanches will advare learning and education in any respect of or reLib"ng lo Ihe Unrted States of AmerKa. 4 In meeting such part of the cost of the salary and other fees of a librarian and other staff In providing services and dUtS for the 2nd Air DIvisK)n U.S.A.A.F. Memorial Library and ts branches as is not mel by the library authorities P83
The Memorial Trust of the 2nd Air Division USAAF Governors. report (continued) for the year ended 5 April 2025 Ravlew of activities and future plans For a detailed review of actNil5 and future ns, pkne refer lo the Chaimw's reiMNt on page 1. Publlc baneflt The Governors confirm that, in exercising their p)wers and duts, they have compld wrth their duty to have due regard to the guidance on public benefit published by the Charity Commiswn. As a knding library all the books and other materials are available lo the public for their use. Prlnclpal fundlng sources The main Source of Income comes from investments in Ihe folkmng funds.. Capltal fund.. The income provides funding for general expendrture as approved by the Govemors in accordance with the Scheme. Boolr fund.. The income prOVeS funds for and periodical purchases. Amerl¢an presence fund.. The income provKles ftjnding for an American pre5erK* in the American Library by awarding scholarships to American FK6t graduate Sdents at the UEA. Financlal review The results of the Trust are shown on pages 7 and 8 of the accounts, supp)rted ty the notes on pages 9 to 13. Inveslment policy The Governors may appty Trust funds at their diSCOn in any of the Investments pernrtted by k8w for the investment of Tnjsfs lunds. The Trust prinupalty Invests in tolh the COIF Charrt$ Investment Fund income aTrd accumulation units. The aim of the fund over the long term ts to aChVe an average annual lolal relum of inflatn plus 5% and to provide as part of this return a reliable income stream that maintains ts real value over time. The investments are monitored half yeaty by the finan sub commrttee against apwoprkqte ind. 11 is the Govemors, obiectwe to secure investsnent income todfdS the costs of running the American Library lIst also achieving sufficient capital growth. Reserves policy 11 is the policy of the Trust lo maintain unreslricled funds. which are the free reserves of the Trust, al a level which equates lo six months unIn"Cled expenditure of approximately £50.000. The batance at 5 April 2025 amounts lo £52.008 Accounts preparation The financial statements have been prepared in dance wrth the acc¢Anting lIcIeS set out in note5 Its the accounts and compty with the chanlys goveming d¢xumenl, the Charrties Act 2011 and Accounting and Reporting by Charities. Stslement of Recommended PraCte apPIable lo charib.es preparing their accounts in accordance wlh the Finanryal Reporb"ng Standard applb in the UK and Republic of Ireland effective 1 January 2019. Page 4
The Memorial Trust of the 2nd Air Division USAAF Governors, report {continued) for the year ended 5 April 2025 Governors. responsibilities in rolallon to the financial ststements The Governors are responsible for prepanng the Annual ReFx)rt and financ1 statements in xcordance th applicable law and United Kingdom Accountsng Standards (United "ngdoM Genwalty Apted Acexwnling Practi1. Law applicable to chanties in England & Wales requires the GOvernS lo prepare financial staternenls for each financial year which give a true and fair of the stste of affairs of the Trust and of the incomirkg resoufces a1 application of resources of the Tnjst for lh Fxikid. In prepanng these finawal ststements, the Govemors a required lo.. Select suitable accounb.ng pol185 ar then apply them consiSteny." • observe the methods arKI prinpIeS the Charrties SORP: make judgements and estimates that are reasonable and prudent stale whether applicable accounb.ng standards have tr*en ftlo¥d. subject to any material departures disclosed and explained in the finanaal stslements.. and pfepare the financial statements on Ihe going co1M bags. unless rt is inapproprrate to presume that the Trust will Contrn in operatnn. The Govemors a responsible for keen9 accounting records that discbs6 Wth reasonable accuracy at any bme the finanaal position of the Trust and enable them to ensu that the finanoal statements COM wlh the Charities Act 2011, the Charity IAc¢oL'nts Rewrtsl RegulatK)ns 2008 arKI trust deed. They are aL80 reswnsible for safeguarding the assets of the Trust and hence ior taking reasonab sieps for the prevention and detection of fraud and other egUlaritS. Independent Examiner A resolution lo reapwinl Giles Kerkham FCA Dcha independent exam1 will be pToposed al Annual General Meeting. App ved by the Board of Govemors on 10 November 2025 and swJned on rts behalf by." Group Captain Rhard Mhddleton Chairman page 5
Independent Examinerfs report to the Governors of The Memorial Trust of the 2nd Air Division USAAF For the year ended 5 April 2025 I report to the charity Govemors on my examinatKJn of the accx>unls of the chanty for the year end•J 5 Awil 2025 which are sel out on pages 7 to 13. This report 1$ made lety lo t charity's Governors, as a body, in accordan section 145 of the Charities Act 2011 and regulations made under se¢b'on 154 of that Ad My work has en undertaken so that I might stste lo the ¢hanty's Govemors those matters l am required to stale to them in an independent examinerfs rep)rt and for no other purFM)se. To the fullest extent pemrtt8J by law, I do not accept or assume reswnsibty to anyone olher than the charrty and the charity's Governors as a brmyy for my work or for this rewrt. Responsibilllles and basls d report As the charitls G)vemors you are resFonsible for the weparatw)n of Ihe xo)unts in &(vdan wrth the requirements of the Charitses Act 2011 1.the Acr) I report in respect of my examinatk)n of the thaws accounls carried out under SeCtn 145 of the Act and in carrying out my examination I have folk)wed all the applicable th.reCtnS gwen by the Chanty Commission under secb'on 145lSllbl of the Act. Independent Examlnerf8 Statement I have c¥)mpleted my examinat. I confim that material matters have come to my attentn in connection wth the examinatson gwing me cause to tElVe that in any material resFect 1 aceounb'ng rec¢rd$ were nol kept in reSpt of the cJ)anty as requred by sl)n 130 of the Ac( or 2 the accounls do not acctyd with those records.. c 3 the accounts do not compty wth the appluble requiremerts concerr4ng the fcffji and content of accounts sel out in the Challties laccounls and ReFQrtsl RegulalK)ns 2C4)8 other than any requirement that the accounts give a 'twe and fair vEv/ wh¢h ts not a matter ¢4)n51Jered as part of an independent examination. I have no concerns and have come across no other matters in connection wlh the ex8minalts)n to Nthich attention should be drawn In this resF*ct in order lo enable a pro1 undersianding of the ac¢ounts lo be reached. Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accountants Norwth 11
The Memorial Trust of the 2nd Air Division USAAF Statement of financial position as at 5 April 2025 Notes 2025 2024 Fixed assets Investrnenls 5.511,069 5 780 390 Current assets Cash al bank and in harKI 160,667 114,530 Creditors: amounts falling due vrthin one year Net current assets 93.951 66,716 45.865 68,665 Net assots 5,5TI,785 5,849,055 Capital funds Endowments 9&12 5.511,069 5.780.390 Income ndS Unrestricted Restricted 10&12 11812 52,1)08 14.708 5.577.785 54.400 14.265 5.849.055 Appro by the d of Governo on 10 November 2025 Group Captain ichard mIddtOn (Chairman) Matthew Ma The notes on pages 9 10 13 fomi part of these accounts. P*Je 8
The Memorial Trust of the 2nd Air Division USAAF Notes to the financial statements for the year ended 5 April 2025 1 Accountlng pollcles A summary of the mtye iMptsnt actounting wJlKies. which have teen applied consistently. is set out beknw. (al Basls of preparatlon of financial statoments The financial statements have prepared In accordance with the Ststement of Recommeryjed pract.. Accounting and Rewrts'ng by CharrtEs prepanng thw"r accounts in dan the Financial Reporbng Stsndard applicable in the UK and Republ of IreiaThJ IFRS 1021 ellethve 1 January 2019 and the Financial Reporting Standard applKabie in the United Kingdom and Republr of Ireiand IFRS 1021 and the Charities Act 2011 The financial statements are prepared in c(rfdan the historral Cost convent>)n. wrth the excepb'on of listed securitses, which are staled al market value. (bl Fund aceountlng Unreslricled funds a available for use al the discretion of the Govemors in furtherance of the general objectNes of the Trusl and whth have not teen designated for othef purwses. DeSnated funds are fijnds can be used for parbcJJLqr restricted purpctses wthin the objectives of the Trusl. RestrictL)n$ arise Sp by the dwr or when fvnd5 are raised for partuLr restricted puws. Reslricled hjnds are funds whKh can onty be used for partKukw reslrthd purposes wthin the oty"eth'ves of the Trust RestrICtn$ anse tben sFwr by the dor when ld$ are rail ts particular trIcted purposes. The Trust holds capital funds. Note 9 describes the caplal fvnd baÈnces that must be hekl Fernanentty and the capital funds that. al the GovemGrs' discretion. may be expended. Icl Income Donations. *a¢ie$ and gifts are induded in the financial slalements when received. Income from investments and deFM)sts is included in the finanaal statements on a r1vable basis. Income from the capital fund is unrestncted. Income Irom the tM)k endonent fund 15 IncIe¢ and used to purchase trmks. Income Irom the Amencan Presence fu1 is used lo ¢onlril)ule towards the costs of fvrKling a profess¢onal Amefican preser in the American Library. Donated SerVeS and faulith.es are induded at the vlue to the Trust where this Can be quantified. {dl Expendlture Expenditure Is recognised on an a(mak basis. Expendtture Incl any Value Athjed Tax canrt be fully recovered, and is reFQrted as part of the expendi to whh rt relate5." Charitable expendibjre comprises tliose costs incurr•J by the Trust in the delNery of rts tivitI.e8. It includes costs that can be allocated both diredy and indirectty10 Such activities and any management and administrative expenses incurred in the day to day running the chanty. Page 9
The Memorlal Trust of the 2nd Alr Dlvlsion USAAF Notes to the financial statements (continued) for the year ended 5 April 2025 lel Inv8Stment policy Realised and unrealised gains and lJst•s on Th88lrnent 8&8ets are ded fft Ihè fin1 sta18rn8rts arn based on the drffare b&tsen Ihe own rnarkel value of Ihe in¥esbrnnt ai 1 Aw"1 or cost of purchase Ihe ar to 31 March and Sa proce8d5. The investrn•ni assets are Val at Ihe 31 March each Any ase oroecrease th v8lualhJn crmpared th the valu8bon at 14)ril or o)sl ol purchase m Iht ytsr to 31 Marth finanrjal staleftnts as an unT•alts&l 9afft crf IfAS It) T4n9lbl• fix•d au•ts l equpmenl arMI c¢)mputets fxJsbr4 th•n É5.fDJ arETthn off the ol rxKha5e. lul For•lon ¢ury•nci•s Tr8ns8ctions in forwgn curren(ae8 are tranalad into stwhvJ ai thè rai• d•xcharqe Tr1V LY th• dal• d Ih• Imr1. Ihl Creditor8 Lrabililies arè reeegfid when Ih8r8 V8 an 81) at the balan 8h8el d• as a resurt ofa p88t event. il 15 Wobab that 8 tra[fer of econrynic benefrt wll be required In setberwi. aTrJ the amjnt of the settlement b8 8sbma18d r81&qbly. LiabililBs are r8CO9nised al the am(4Jni that cknwty anwtes p¥y ijebt wrfjunl rt has fecep4ed as advJr¥xl forUE go18 or 8orvic•• mu51 pro¥ ExeApt for InvesThents, are maswed as dgtsled li Ihe p(. W thafrty th has fmarJal assels and firsarthl Iiabililigs of a kind that qualify as bas hanual 1Th51renls 8asK finaTKwl 1nstrWIs are ai trans) vAk arKI subwL*nity measured al their settlernenl val. 2 EMndItUrn Unr•sinct•d Reststhd Caprfal fu1 furKI luThJ$ 2025 Tolal 2024 Vnre8trfcted Re8tricted Totsl fuTh fund Copital funds 12,812 11812 11.488 11.488 R8fUthShffnl prc¥ecl Markeiiw ond events ArchNing Scholarships.. Amer¢an Presence Charles Walker sthoL8rshp Exchange drflerence5 Trust Lts•ri•n aThY asststsnts Travel Staff trainiThJ EquyNht Sundry èypofis88 Examinees lee A¢¢ounian¢y Tolal eXnditre 7.637 5.778 13.370 5.778 13.370 21SOO 20.LK 1.181 105.444 2.548 7C6 92.481 7C6 89.481 102.444 2,240 6,531 107 2.240 6.531 107 143 3.425 119.751 3.425 163.563 3,425 169,156 3.425 125.603 43.812 Th8 Trust utilises rts premEtt a hc•rte fv 125 years (from 19981 Iiom Norfdk County Couwl Pryg 10
The Memorial Trust of the 2nd Air Division USAAF Notes to the financial statements {continued) for the year ended 5 April 2025 3 Remuneration The Govemors ed no remuneratM)n or t*nefits from the Tnjst. Norfdk County Council remunerates the TnJsts Libranans and assistanls. The costs of empbYnnt are subsequently recharged to the Trnst. These costs amount to £105.444 for the current year12024. £92.4811 4 Independent Examinerfs remuneration The Independent Examiner's remuneration was £1,680 {2024.' £1.6961. 5 Flxed asset Investments 2025 2024 Historical cost at 5 Awl 2025 4,310,461 4.310,461 Market value at 6 April 2024 Sale proceeds Investment Ilossesllgains Additions Markot value at 5 Aprll 2025 5.780.390 5,275,431 1272,747) 484,325 293,381 5.780,390 1269,3211 5.511,069 Allocated. Pernianent endowment COIF CharrtS Investment FuThl unts Non-pgrrnanent endowment COIF Charrties Investment Fund ncx)me units COIF Charities Investment Fund ineome unrts S,226,112 5,482,191 (see note 91 {5ee ni)te 91 269,443 25.514 5,511,069 272,121 26.078 5,780.390 The non-Femianenl endowment is available for use at the Governors, discretn The investrnents are valued at 31 March each year in accordance wlh the accounting polKy. Beeen the valuats.on dale and 5 Apn"12025 the investment values dipFed ty £185,78013.37%1 By eaTty May 2025 the values had fully reCoVed lo their 31 March 202518¥el. This indKates that the dip as lemForary and no provision has been made lo the valuabon 6 Croditors 2025 2024 Accruals Other creditors 3.425 90,526 93,951 3,425 42,440 45,865 7 Financial Instruments 2025 2024 Financial Assets Financial assets measured al fair value through inccffje and expendrty 5 511069 5.780,39) Financial assets measured al fair value through income and expenditure are comprised of listed investments Pw3e 11
The Memorial Trust of the 2nd Air Division USAAF Notes to the financial statements (continued) for the year ended 5 April 2025 8 Related party transactions There are no related party transactsons during the Per1j requiring disck)sure12024.' Nill. 9 Endowments American presence fvnd Book nd Caylal fu Total Balance at 6 April 2024 Transfers between funds Investment losses Balance at S April 2025 430,593 1.021.660 4.328.137 5.780.390 20,C63 410,530 47,601 974,OS9 201,657 4,126,480 269,321 5,511,069 Balance al 6 April 2023 Transfers between funds Investment gains Balance at 5 Awil 2024 394.852 929.952 7.123 84,585 1.021.660 3.950.627 13.511 363,999 4.328.137 5.275.431 20,634 484,325 5.780.390 35,741 430.593 The capital fund was estsblished in 1945 and is presented by fixed asset investments. At 5 April 2025 £3,867,037 is held permanently and the balantr of £259.443 is expendable and available for use at the Govemor5' discretion (see note 51. The income from the fvnd is available for yeneral purposes (see note 101- The Ameran Presence fund was estsbli5hed in 2008 and is resented by fixed a55el inveslmenls. At 5 Apryl 2025. £948,545 is held perrnanenlty ar the balance of £25.514 is exper%Jatye ar7d available for use at the Governors discretion.The income from the fund is restricted wlh the object of maintaining a5 lar as possible the availability of an American presence in the Library or failing this for the general PLtrposes of the American Library Isee note 11). The special endowment ftjnd (Book fund) is represented by fixed asset investments and is held pemianentty. The income is useil to purt*ase books and riOd1¢al$ aThJ is treated as a restricted fund (see note 111 10 Ineome funds lunrestricledl General fund Balance at 6 April 2024 In¢ome Expenditure Transfers Balance at 5 April 202S 54,400 117,359 1119,751) 52,008 Balance at 6 April 2023 Income Expendilu Transfers Balance at 5 April 2024 40.421 153,093 1125,6031 13,511 54,400 The transfers of £13,511 shown shown above rewesents surplus fvnds that have been invested in the Capital fund Page 12
The Memorial Trust of the 2nd Air Division USAAF Notes to the financial ststements (continued) for the year ended 5 April 2025 11 Incomo funds {rfjslrlclod} Balance at 6 AW 2ff24 Trr EXEeThjibJ S April 2025 American brary refijrbffjhnI VC4ed C L Walker $CharShip 'grtizalion prgect lurvj American preSere fund End0¥ent book fund Dede W Casad18ctur• lund 8.837 4,7S8 (s,) 795 12721 916 27.7&5 11,711 125.SXII {12.8121 1014 {1851 4.602 14,708 14.265 143.8121 Balance at 6 Apnl 2023 BaLance at Incoff Exp&vJrture 5 April 2024 Transler American Library refuth"shrnent woject C L Walker scholarship fvnd glzan proiecl ru1 Amencan ftjnd Endent ftjntj Cde W Cas&J llure fund 6.rffjs 6.973 16.C651 13,(XlOI 8,637 382 12721 916 4.602 14.265 113 27.103 11.481 2.748 923 4.602 21.580 17.1231 123,Cl))I 111,4881 17.1231 43.%1 143.5531 The L Walker sdKlarsW fund vas eststAthd to as6tst frun th8 sbJds at the UnNersty 01 East An91 the rA)st of attendiThJ a uwwersty USA Icrf a y of ts cwr3e. The Dthat1C Pro11 to arcive the 2nd tw"sw enn Lkn8ry wa8 ILthJ ¢Jrt ofthe reMr of a legacy from Ihe estste of Bmrd J Ne de(ased in F¢¥KVS YWS. The Amean psence lund was eslat4ished to maintain as far as ptle •0110"ty ofan Amertan Weser in the American Library. De¢Je W Casad Pfowded funds lor an annual l&aure in Me ol Charfes L Walk•r IChL£kl. thJn9 in tll1)n vrith the UEA The income from the endovmient book fund is used lo purchase bc*)ks and periclS for tho Arneitan Library. 12 Analys16 of net assets between funds lthre6tnrthJ Resln"cled luThJs funds Ca1 nds Total 202S Inveslrnents at market value Tr)te 51 Cash at bank •)d in h8ThJ Credli5 S.511.(9 5.511.069 160.667 117.083 65,075 52,( 43.584 28,876 14,708 5.511.069 5.577.785 Catmfal lunds Total 2024 fur•ts Investmen1$ 8t market Val (see rK)te 51 Cash al bank arKJ In hand Credrtor8 5.79).39) S.7.39) 114.530 45. s.7.) 5,849.055 32.$23 18,258 14,265 Page 13
The Memorial Trust of the 2nd Air Division USAAF Income and expenditure account Year ended 5 April 2025 Library operations 2025 2024 Income Capital fund investment ir DeF)OSit interest General donat$ 112,954 2,840 1.565 117,359 103,482 50 49,561 153.093 Expenditure Trust Librarian and assstants Refurbishment project Archiving Pfojects Marketing and events Exchange dIffenceS Travel Staff training Equipment Sundry expenses Examiner's fee and accountancy 102A44 89,481 2.269 13.370 5,778 7.637 1,181 2,240 6,531 107 5.121 125,603 143 693 5,105 119.751 {Deficllysurpl (2,3921 27.490 Endowment fund Income for the purchase of books Investment Income and donations Books purchased Deficit 11.481 11.488 {7} 12.812 American presence fund Investment income Administration Scholarship Surplus 27,786 {3.0001 22,500 2.286 27.103 13.0001 20,000 4,103 C L Walker S¢1r$h1P fvnd Investment Income Scholarship (Deficitllsurplus) 4,758 4,664 3,000 Overall summary of Income and EXpendIre Refurbishment project Inole 111 Nel Ideficilllsurplus Endowment fvnd deftil American presence fund surplus Inole 11) Chades L Walker scholarship fvnd Inole 11) Digilisalion project fund Inote 111 Net {expendltureVlncome (see page 7) 16.C651 27,490 171 4,103 12.3921 2.286 17421 113 27,298 11,9491 Ap1X