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 n￿SSary 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 W￿er 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{i￿n 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 {ChaiM￿n)
Andrew Hawker
Charfes Bolster
Thomas Courtauld
General Lord Dannatt
Joe Dzenowagis Jnr.
Dr Samuel Edwards
Jacqueline Fear-segal
Simon Garnw I￿sIgned 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 aft￿nded 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 tr￿ks and accounting records of Tnjsl and prOV￿eS financial infomiation
lo the Govemors. The Tnjsl preser.ty has sutcommittees, nan* the Lbrdry subcommrttee and Finance
subcommittee.both of report lo the full m￿ts"r￿J 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 procedu￿5 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 endu￿nent 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 D￿lS￿n U.S.A.A.F. Memorial Library, any
branches thereof, and any additional memonal features ￿lch are situated in the count￿S 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 r￿ded 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 rec￿￿1 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 advar￿e
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 dUt￿S for the 2nd Air DIvisK)n U.S.A.A.F. Memorial Library and ts branches as is not mel by the library
authorities
P￿83

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 actNil￿5 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 dut*s, they have compl*d 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 prOV￿eS 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 S￿dents 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 diSC￿￿On 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 aCh￿Ve an average annual lolal relum of inflat￿n
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 to￿dfdS 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 un￿In"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 PraCt￿e apPI￿able lo charib.es preparing their accounts in
accordance wlh the Finanryal Reporb"ng Standard appl￿b￿ 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 financ*1 statements in xcordance ￿th
applicable law and United Kingdom Accountsng Standards (United ￿"ngdoM Genwalty A￿pted Acexwnling
Practi￿1.
Law applicable to chanties in England & Wales requires the GOvern￿S 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 a￿1
application of resources of the Tnjst for lh* Fxikid. In prepanng these finawal ststements, the Govemors a
required lo..
Select suitable accounb.ng pol￿185 ar￿ then apply them consiSten￿y."
• observe the methods arKI prin￿pIeS ￿ the Charrties SORP:
make judgements and estimates that are reasonable and prudent
stale whether applicable accounb.ng standards have tr*en ft￿lo¥￿d. subject to any material departures
disclosed and explained in the finanaal stslements.. and
pfepare the financial statements on Ihe going co1￿M bags. unless rt is inapproprrate to presume that the
Trust will Contrn￿ in operatnn.
The Govemors a￿ responsible for kee￿n9 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 ￿egUlarit￿S.
Independent Examiner
A resolution lo reapwinl Giles Kerkham FCA Dcha independent exam￿1 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 R￿hard 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 SeCt￿n 145 of the Act and
in carrying out my examination I have folk)wed all the applicable th.reCt￿nS 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 attent￿n in connection
wth the examinatson gwing me cause to tEl￿Ve that in any material resFect
1 aceounb'ng rec¢rd$ were nol kept in reSp￿t of the cJ)anty as requred by s￿l￿)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 pro￿1 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 mIdd￿tOn (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 iMp￿tsnt 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.
DeS￿nated 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 part￿uL￿r restricted
puws.
Reslricled hjnds are funds whKh can onty be used for partKukw reslrthd purposes wthin the oty"eth'ves of
the Trust RestrICt￿n$ anse *tben sFwr￿ by the dor￿ ￿ when l￿d$ are rai*l 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 r￿1vable basis.
Income from the capital fund is unrestncted.
Income Irom the tM)k endo￿nent fund 15 ￿IncIe¢ and used to purchase trmks.
Income Irom the Amencan Presence fu￿1 is used lo ¢onlril)ule towards the costs of fvrKling a
profess¢onal Amefican preser￿ in the American Library.
Donated SerV￿eS 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 canr￿t be
fully recovered, and is reFQrted as part of the expendi￿￿ to wh￿h 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 fin*￿1 sta18rn8rts arn based on the drffare
b&ts￿en 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 staleft*nts as an unT•alts&l 9afft crf IfAS
It) T4n9lbl• fix•d au•ts
l equpmenl arMI c¢)mputets fxJsbr4 th•n É5.fDJ arE*Tthn off ￿ the ￿ ol rxKha5e.
lul For•lon ¢ury•nci•s
Tr8ns8ctions in forwgn curren(ae8 are tran￿alad into stwhvJ ai thè rai• d•xcharqe Tr￿1V￿ LY th• dal• d Ih• Imr￿1￿.
Ihl Creditor8
Lrabililies arè reeegfi￿d 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 go￿18 or 8orvic••
mu51 pro¥
ExeApt for InvesThents, are maswed as dgtsled li Ihe p(*. W* thafrty th has fmar*Jal assels and firsarthl Iiabililigs
of a kind that qualify as bas￿ hanual 1Th51r￿enls 8asK finaTKwl 1nstrW￿Is are ai trans￿￿)￿ vAk* arKI subwL*nity
measured al their settlernenl val￿.
2 EM￿ndItUrn
Unr•sinct•d Reststhd Caprfal
fu￿1
furKI
luThJ$
2025
Tolal
2024 Vnre8trfcted Re8tricted
Totsl
fuTh
fund
Copital
funds
12,812
11812
11.488
11.488
R8fUthShff￿nl 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 eX￿ndit￿re
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 empbYn￿nt 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 Charrt￿S 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, discret￿n
The investrnents are valued at 31 March each year in accordance wlh the accounting polKy. Be￿een
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 reCoVe￿d 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 Per1￿j 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 Amer￿an Presence fund was estsbli5hed in 2008 and is re￿sented 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 Tr￿r EXEeThjibJ￿ S April 2025
American ￿brary refijrbffjh￿nI VC4ed
C L Walker $Ch￿arShip
'grtizalion prgect lurvj
American preSer￿e fund
End0¥￿ent book fund
Dede W Casad18ctur• lund
8.837
4,7S8
(s,￿)
7￿95
12721
916
27.7&5
11,711
125.SXII
{12.8121
1014
{1851
4.602
14,708
14.265
143.8121
Balance at
6 Apnl 2023
BaLance at
Incoff* Exp&vJrture 5 April 2024
Transler
American Library refuth"shrnent woject
C L Walker scholarship fvnd
gl￿za￿n proiecl ru￿1
Amencan ftjnd
End￿￿￿ent ￿ ftjntj
C*de W Cas&J l*lure fund
6.rffjs
6.973
16.C651
13,(XlOI
8,637
382
12721
916
4.602
14.265
113
27.103
11.481
2.748
923
4.602
21.580
17.1231
123,Cl))I
111,4881
17.1231
43.%1
143.5531
The L Walker sdKlarsW fund vas eststAthd to as6tst frun th8 sbJd*s at
the UnNersty 01 East An91￿ the rA)st of attendiThJ a uwwersty USA Icrf a y of ts cwr3e.
The D￿that1C￿ Pro1￿1 to arc*ive the 2nd t*w"sw ￿en￿n* Lkn8ry wa8 ILthJ ¢Jrt ofthe reM￿r￿ of a legacy
from Ihe estste of Bmrd J Ne￿ de(*ased in F*¢¥KVS YWS.
The Ame￿an p￿sence lund was eslat4ished to maintain as far as p￿tle •0110￿"￿ty ofan Amertan Weser￿ in the
American Library.
De¢Je W Casad Pfowded funds lor an annual l&aure in Me￿ ol Charfes L Walk•r IChL£kl. *thJn9 in t￿ll￿1￿)n vrith
the UEA
The income from the endovmient book fund is used lo purchase bc*)ks and peric￿lS for tho Arneitan Library.
12 Analys16 of net assets between funds
lthre6tnrthJ Resln"cled
luThJs
funds
Ca￿1
nds
Total
202S
Inveslrnents at market value Tr)te 51
Cash at bank •)d in h8ThJ
Credli￿5
S.511.(￿9 5.511.069
160.667
117.083
65,075
52,(
43.584
28,876
14,708
5.511.069 5.577.785
Catmfal
lunds
Total
2024
fur•ts
Investmen1$ 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 dIffe￿nceS
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¢1￿￿r$h1P fvnd
Investment Income
Scholarship
(Deficitllsurplus)
4,758
4,664
3,000
Overall summary of Income and EXpendI￿re
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
Ap￿1X