Charity Registration No. 1168973
Company Registration No. 10210480 (England and Wales)
THE NORMANDY MEMORIAL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
THE NORMANDY MEMORIAL TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
General Lord Richard Dannatt
General Sir Peter Wall
Mr David McDonough
Sir Mike Rake
Mr Nicholas Witchell
Baroness Gabby Bertin
Mr John Harrison
Professor Lord Ajay Kakkar
Lord Nicholas Soames
Mr Richard Swallow
Charity number
1168973
Company number
10210480
Registered office
56 Warwick Square
London
SW1V 2AJ
Auditor
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Bankers
Coutts & Co
440 The Strand
London
WC2R 0QS
Barclays Bank Plc
1 Churchill Place
London
EC14 5HP
BNP Paribas
16 Boulevard des Italiens
75009 Paris
France
Solicitors (UK)
Russell-Cooke
2 Putney Hill
London
SW15 6AB
Solicitors (France)
Addleshaw Goddard
32 Avenue Kléber
75116 Paris
France
THE NORMANDY MEMORIAL TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 7
Independent auditor's report
8 - 10
Statement of financial activities
11
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14 - 25
THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors (trustees) present their report and accounts for the year ended 30 June 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Articles of Association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The purpose of the Trust, set out in Paragraph 4 of its Articles of Association, is "to promote good citizenship among the public and to promote the efficiency of the armed forces of the Crown by creating a fitting and permanent public memorial in Normandy, France to those members of the British Armed Forces, including members of other services and those from other Nations who fought directly alongside them, who gave their lives in the landings on "D-Day", 6th June 1944, and in the associated and subsequent fighting which is collectively known as the "Normandy Campaign"".

Public benefit statement

The directors (trustees) confirm that we have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities.

Achievements and performance

The Normandy Memorial Trust Limited was incorporated as a private company limited by guarantee at Companies House on 2nd June 2016: Company number 10210480. The Trust was entered onto the Register of Charities on 30th August 2016 with registered charity number 1168973.

 

The founding directors (trustees) were George Batts (formerly National Secretary of the Normandy Veterans' Association), Alastair Dutch and Nicholas Witchell. A fourth director, Andrew Whitmarsh, was appointed in July 2016.

 

The Trust's initial funding comprised a grant of £50,000 awarded to the Trust on 9th May 2016 by the Chancellor of the Exchequer from the LIBOR fund. The purpose of this grant was to enable the Trust to carry out an initial feasibility study for the Memorial and to locate an optimum site.

 

The Trust retained the architect Liam O'Connor of Liam O'Connor Associates. Among other projects Mr O'Connor had designed the Bomber Command Memorial in Green Park, London and the Armed Forces Memorial at the National Memorial Arboretum in Staffordshire.

 

On 5th March 2017 the Prime Minister announced a grant from the LIBOR fund of £20 million to the Trust to facilitate the construction of the British Normandy Memorial.

 

The Prime Minister said: "We must never forget the courage, sacrifice and selflessness of the British servicemen and women who gave their lives in the D-Day landings."

 

At a meeting of directors (trustees) on 28th March 2017, Lord Peter Ricketts, formerly British Ambassador to Paris and Permanent Under-Secretary at the Foreign and Commonwealth Office, was appointed as a director (trustee) and elected as Chairman of the board of directors (trustees).

 

Three further directors (trustees) were appointed: Lord Robin Janvrin, formerly Private Secretary to Her late Majesty Queen Elizabeth II; General Sir Peter Wall, a former Chief of the General Staff and Mr David McDonough.

 

General Lord Richard Dannatt, a former Chief of the General Staff, was appointed to the board on 13th July 2017; Sir Mike Rake, a former Chairman of BT Group, was appointed a director (trustee) on 26th September 2017.

 

George Batts resigned from the board in March 2017: he was invited to become a Patron of the Trust. Alastair Dutch stood down from the board on 15th June 2017.

THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Baroness Gabrielle (Gabby) Bertin was appointed a director (trustee) on 8th May 2019.

 

In February 2019, the then HRH Prince Charles, Prince of Wales agreed to become the Trust's Royal Patron.

 

The site chosen for the Memorial is on a hillside overlooking "Gold Beach", one of the beaches where British forces landed on 6th June 1944. It is located in the town of Ver-sur-Mer. The choice of this site was endorsed in a consultation exercise with Normandy Veterans in the spring of 2017.

 

After some two years of intense preparatory work in 2017 and 2018 focusing on the funding, siting, design and construction of the memorial (much of which was carried out in close consultation with the French planning authorities and the commune of Ver-sur-Mer), the site was formally inaugurated in a ceremony on 6 June 2019 – the 75th anniversary of D-Day – attended by the then British Prime Minister Theresa May and the President of the Republic of France, Emmanuel Macron.

 

In September 2019, the then chancellor of the Exchequer announced a further £7 million of public funding for the Memorial.

 

Main construction work commenced in the summer of 2019. It was undertaken by Eiffage Route, the French company selected by the Trust to be its principal contractors. They were supported by the principal sub-contractors S.McConnell & Sons (stonework), Odorizzi (paving) and Carpenter Oak (timber). Excellent progress was made through the summer and autumn of 2019. This continued over the winter of 2019-20 despite some interruptions caused by severe weather on the Normandy coast. Nonetheless the programme remained on schedule until March 2020 and the onset of the Covid-19 pandemic. The general lockdown imposed by the governments in France, the UK and elsewhere forced the suspension of all construction work.

The Trust actively took steps to monitor the impact and implications of the shutdown through its Project Manager and Contract Administrator. The positive spirit and cooperation of all the contractors in dealing with the challenges of the pandemic permitted a phased resumption of construction work from May 2020 with work being carried out in accordance with the social distancing guidelines set out by the French authorities.

 

The different components of the Memorial took shape: the central feature known as ‘Memorial Court’ enclosing the bronze sculpture of three British soldiers by sculptor David Williams-Ellis; the ‘D-Day Wall’ bearing the names of those lost on D-Day itself; the 160 pergola columns on which are inscribed the names of those lost between 7 June and 31 August 1944; the ‘Wreath and Shield’ at the centre of the main quadrangle; the ‘Waymarkers’ orientating the visitor to the 5 D-Day beaches; the “steles’ positioned along the Memorial Walkway from the car park to the Memorial which chart the course of the Battle of Normandy and the wildflower meadow below the Memorial, augmenting the atmosphere of tranquillity as the visitor gazes out across Gold Beach.

 

Major construction continued until October 2020 when the site was formally handed back to the Trust by Eiffage Route. Work on the landscape continued over the winter of 2020-21 by the French landscape contractors Vallois.

 

The Trust expresses its gratitude to all those (particularly the Commonwealth War Graves Commission) who helped to compile the list of 22,442 names for inscription on the Memorial. This was an original piece of research led by trustee Andrew Whitmarsh and the Trust’s lead researcher Jane Furlong.

 

The Trust is also greatly indebted to all those in Ver-sur-Mer and the wider community who supported the Memorial and to all the individuals and benefactors from trusts and foundations who contributed to the funding of the Memorial. The names of all principal benefactors have been inscribed on one of the side walls of Memorial Court.

 

The Memorial was officially opened on 6 June 2021 by the Trust’s patron the then HRH Prince Charles, Prince of Wales in a live televised link-up between the memorial site and the National Memorial Arboretum in Staffordshire where a number of Normandy Veterans and other guests gathered.

 

The Trust has developed an “app” for visitors to enrich the experience of visiting the Memorial. The app acts as a guide around the memorial and tells many of the individual stories of those whose names are inscribed upon it.

THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

With the completion of the memorial’s construction and its official opening to the public, Lord Peter Ricketts decided to step down as a director (trustee). In a unanimous decision by trustees, the chairmanship of the board of trustees was taken over by Lord Richard Dannatt with effect from 20 October 2021. Lord Ricketts became the Trust's 'Honorary President'.

 

Mr John Harrison was appointed a director (trustee) on 18 January 2022. The Rt Hon The Lord Kakkar was appointed a director (trustee) on 12 July 2022. Andrew Whitmarsh resigned as a director (trustee) on 28 May 2023.

 

With the relaxation of Covid restrictions the summer of 2022 was the first period of ‘normal’ operation of the memorial. However visitor numbers from the United Kingdom were significantly lower than in pre-pandemic years. Responses from those who did visit were very positive.

 

For the Trust, a major task is to ensure that the memorial remains in the pristine condition befitting such an important national memorial. To this end the Trust has entered into a commercial contract with the Commonwealth War Graves Commission who employ the full-time staff who maintain the memorial’s grounds and bring their considerable expertise to the task.

 

For three years from the opening of the memorial the Trust received no support from the British government towards the costs of the memorial’s maintenance. In the autumn of 2023 the British government agreed to take over the core costs of the care of the memorial’s grounds for a period of three years from April 2024. The trust remains responsible for all other costs of running the memorial site: utilities, the maintenance of the public toilets, insurance of the site and the fees of the Trust’s small team of consultants. To meet these ongoing costs a small charge is levied for car parking at the memorial: there are also opportunities for visitors to make electronic donations. The Trust has also set up a “Guardian” scheme which allows supporters to make monthly payments, and a small range of merchandise is offered via the Trust’s website.

 

Lord Nicholas Soames was appointed a director (trustee) on 10 February 2023.

 

Throughout 2023 the Trust developed plans to create an Education Centre on the memorial campus to ensure that the significance of the British contribution to D-Day and the stories of some of the men and women whose names are recorded on the memorial are fully understood and appreciated by younger generations, today and in the future. Consultants Barker Langham were commissioned to produce designs for an Education Centre. The Trust worked closely with STM, the Communaute de Communes, Seulles Terre et Mer, to raise funding from the Normandy Region and the Calvados Departement. In the UK, funding for the education centre was received from BAE Systems as ‘principal sponsor’ and others including the UK Ministry of Defence and the Garfield Weston Foundation. Following an open tender, Eiffage Route were appointed as principal contractors. They worked closely with the construction company Spie Batignolles. Work on the building, to be called ‘The Winston Churchill Centre’, began in December 2023.

 

On 6 June 2024 the official British commemoration of the 80th anniversary of D-Day took place at The British Normandy Memorial in the presence of Their Majesties King Charles III and Queen Camilla and the President of the Republic of France Emmanuel Macron and Madame Macron. In pride of place were some 40 Normandy Veterans. In his address, the King spoke of the “profound sense of gratitude” with which all those who lost their lives in the Second World War were remembered. It was, he said, a reminder of the lesson of history that free Nations must always stand together to oppose tyranny.

After the service of commemoration the King (the Trust’s Patron) and Queen opened the newly constructed Winston Churchill Centre and viewed its two exhibition galleries, an education room, shop and café. Entrance to the centre is free of charge.

A separate company “NMT Trading France SAS” was set up to handle the commercial operations in the cafe and shop of the Winston Churchill Centre. This company was incorporated in France on 5 June 2024.

A further notable feature of the spring and summer of 2024 was the presence in the wildflower meadow of the memorial of 1,475 giant silhouettes of British soldiers, sailors and airmen. The figure represented the number of those in British units who lost their lives on D-Day itself. The installation was the work of the British charity Standing with Giants who worked closely with the Trust. Plans are in hand for the giant silhouettes to return to the memorial for the spring and summer of 2025.

 

THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The memorial received an estimated 250,000 visitors over the spring and summer of 2024.

Lord Robin Janvrin stepped down as a director (trustee) on 23 July 2024. Mr Richard Swallow was appointed a director (trustee) on 19 November 2024.

Looking to the future the Trust will further develop the Winston Churchill Centre’s capacity to host school groups and to broaden the scope of its educational offering. It has already developed an Education Pack in collaboration with the British Council and a video presentation is in production, hosted by Normandy Veteran Ken Hay, to welcome school and other groups to the Centre and to explain the significance of D-Day and the United Kingdom’s part in the restoration of freedom in Western Europe.

Financial review

The Statement of Financial Activities set out on page 11 of the accounts show how the Trust's incoming resources have been expended in the year ended 30 June 2024.

 

The income amounted to £2,794,473 (2023: £395,072), comprising donations and grants of £1,969,508 (2023: £285,768), charitable activities of £763,618 (2023: £55,938) and investment income of £61,347 (2023: £53,366).

 

The revenue expenditure amounted to £955,698 (2023: £850,808), with £42,734 for costs of raising funds (2023: £70,913), £876,901 (2023: £751,773) on direct charitable expenditure and £36,063 (2023: £28,122) on governance costs.

 

Net gains on investments were £107,294 (2023: Net loss on investments were £18,347).

The resulting surplus for the year was £1,946,069 (2023: deficit of £474,083).

 

As The Winston Churchill Centre opened on 6 June 2024, restricted funds of £2,233,646 fall to be transferred to unrestricted funds as shown on the Statement of Financial Activities.

 

The Statement of Financial Position set out on page 12 of the accounts shows the financial position of the Trust at 30 June 2024.

 

Intangible assets of £60,291 (2023: £107,025) are the capital costs incurred in designing and developing the Trust's app to enhance the visitor experience at the British Normandy Memorial.

 

Tangible assets of £2,589,885 (2023: 87,902) are the capital costs incurred in designing, constructing and fitting out The Winston Churchill Centre.

 

Heritage assets of £26,654,245 (2023: £26,647,970), are the capital costs incurred in acquiring the land at Ver-sur-Mer and for the construction of the British Normandy Memorial.

 

Investments of £1,004,917 (2023: £1,761,018) comprise, the share capital of the NMT Trading France SAS of £2,581 (2023: £Nil), listed investments of £997,460 (2023: £1,750,444) and cash deposits of £4,876 (2023: £10,574).

 

Current assets amounted to £1,218,012 (2023: £517,976), which is represented by other receivables of £683,213 (2023: £29,054) and cash at bank of £534,799 (2023: £488,922). Non-current assets comprise other receivables of £67,000.

 

Current liabilities of £690,574 comprise payables of £40,965 (2023: £127,117) and accruals of £649,609 (2023: £37,067).

 

At 30 June 2024, the Trust had net current assets of £594,438 (2023: £353,792). The total net assets amounted to £30,903,776 (2023: £28,957,707) which is represented by the balances on the restricted income funds and unrestricted income funds of £Nil (2023: £65,500) and £30,903,776 (2023: £28,892,207) respectively.

 

The Trust is committed to maintaining a level of reserves which is prudent to meet on-going liabilities sufficient to ensure that the Memorial can be maintained and to protect the long-term future of its activities. At 30 June 2024, the Trust had free reserves of £527,438. The trustees are satisfied that the Trust has adequate resources to meet with the ongoing costs to maintain the British Normandy Memorial for the foreseeable future.

THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

Investment policy and performance

The directors (trustees) have the power to invest in such assets as they see fit under paragraph 5 of the company's Articles of Association.

 

The directors' (trustees') objectives are to seek long term capital growth from capital not presently required to meet commitments, nor earmarked for future projects, acting prudently and after taking professional advice.

 

In October 2021 the board of trustees decided to establish a Finance, Audit, Investment and Risk (FAIR) sub-committee to focus on those issues and with a view to developing a prudent investment policy. The sub-committee held its first meeting on 8th December 2021 with Lord Dannatt in the chair and three other trustees, John Harrison, Mike Rake and Nicholas Witchell. Terms of Reference had been drafted and were agreed: the sub-committee would deal with the complete range of finance, investment, audit and risk issues, incorporating a general overview of all financial issues and reporting to the main board of trustees. Fundraising would be treated as a separate issue. Delegated financial limits and a reserves policy were agreed and an independent investment commentator was appointed.

 

The Chairman and the independent investment commentator met three investment houses and after discussion with sub-committee members it was decided to appoint Cazenove Capital to handle the trust's investment portfolios in Sterling and Euros. These portfolios were opened in May 2022.

 

All investments are reviewed by the sub-committee on a regular basis with the trust's investment advisors who report as follows on performance to the end of June 2024:

 

"Risk assets enjoyed a strong twelve-month period to 30th June 2024, with global equity markets up +20.6% (total return in GBP) as measured by the MSCI All Country World index. Equities have been buoyed by the improving fundamental picture as inflation fell closer to central bank targets whilst growth has remained robust especially within the US. Meanwhile the “Magnificent Seven”  and other AI related stocks were the strongest performers, with the latter group producing returns of 53% and Nvidia almost trebling over the period. Bond markets were generally more muted as interest rate expectations fell dramatically towards the end of 2023 before reverting back to the “higher for longer” narrative so far in 2024, although credit markets fared better as spreads tightened. Elsewhere commodities performed well across the board with gold, copper and oil prices all increasing significantly.

 

Against this backdrop, the Normandy Memorial Trust Sterling portfolio generated a return of +12.4% for the year to June 2024, whilst the Euro portfolio returned +11.2%."

Structure, governance and management

The Trust is a company limited by guarantee incorporated in England and Wales. The Trust is also a registered charity in accordance with the Charities Act 2011, with charity registration number 1168973.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

General Lord Richard Dannatt
Lord Robin Janvrin
(Resigned 23 July 2024)
General Sir Peter Wall
Mr David McDonough
Sir Mike Rake
Mr Nicholas Witchell
Baroness Gabby Bertin
Mr John Harrison
Professor Lord Ajay Kakkar
Lord Nicholas Soames
Mr Richard Swallow
(Appointed 19 November 2024)
THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

Among the Trust's trustees are senior figures who have held senior positions of responsibility within the Foreign and Commonwealth office, The British Army and the corporate and other sectors. They have been recruited in order to bring to the Trust a range of proven skills and experience and the highest levels of probity and responsibility. All have been appointed by unanimous decisions of the board of trustees.

 

Trustees are expected to identify their training needs and to take measures to ensure that these needs are met.

 

The trustees meet on a bi-monthly basis to review progress and direct strategy.

The Trust's day to day activities are delegated to Nicholas Witchell who is supported by a Finance Manager, a Director of Development focussing on fundraising and relations with the Normandy Veteran community and an Operations Manager (France) focussing on relations with the French authorities, the town of Ver-sur-Mer and the operation of the memorial and the Winston Churchill Centre.

The trustees are responsible solely for the consideration and authorisation of the funds held by the Trust. All trustees give their time freely. Expenses reimbursed to them are disclosed in Note 8 to the accounts.

 

In the event of the dissolution of the Trust, the liability of each member is limited to £10.

Future plans

As stated above, the Trust’s first priority is to ensure that there is funding for the long-term maintenance of the memorial.

 

The Trust is also actively engaged in the management of The Winston Churchill Centre as a facility for visitors and gradually to extend the range of its educational activities. There are also early plans to site a statue of Winston Churchill in proximity to the memorial and to add further names to the memorial as an “Addenda”. These objectives will constitute a third and final phase of the memorial’s construction.

Risk statement

The trustees are aware of their responsibility to ensure that the major risks to which the Trust is exposed are identified and to establish systems to mitigate those risks. They believe that there are in place adequate controls and systems to mitigate any external and internal risks that the Trust must face.

 

Trustees' insurance and indemnities
The Trust has entered into qualifying third party indemnity arrangements for the benefit of all trustees in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year.
Fundraising statement

The Trust is registered with the Fundraising Regulator and is compliant with the Code of Fundraising Practice and the Fundraising Promise. There have been no instances of non-compliance with the Fundraising Regulator to date.

The Trust engages the services of V Fundraising Limited for its fundraising activities. There is regular and ongoing contact with V Fundraising Limited on all fundraising action.

 

The Trust's fundraising activities includes public appeals through media outlets, such as national newspapers and the Trust's own website, together with an active programme to recruit "Guardians of the Memorial", a small online shop, as well as focusing on relationships with institutions and a small number of individuals.

 

No complaints were received in relation to the Trust's fundraising activities.

THE NORMANDY MEMORIAL TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Statement of trustees' responsibilities

The trustees, who are also the directors of The Normandy Memorial Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees 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, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees 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; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

 

The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions.

 

The trustees' report was approved by the Board of Trustees.

Mr Nicholas Witchell
Trustee
Dated: 19 March 2025
THE NORMANDY MEMORIAL TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED
- 8 -

Opinion

We have audited the accounts of The Normandy Memorial Trust Limited (the ‘Trust’) for the year ended 30 June 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

-

give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its 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 Trust 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the accounts and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the accounts are prepared is consistent with the accounts; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

THE NORMANDY MEMORIAL TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' 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 accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the accounts are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' 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 take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the Trust’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 Trust or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

The 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

 

THE NORMANDY MEMORIAL TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE NORMANDY MEMORIAL TRUST LIMITED
- 10 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

David Marks FCA (Senior Statutory Auditor)
for and on behalf of TC Group
19 March 2025
Statutory Auditor
5th Floor
3 Dorset Rise
London
EC4Y 8EN
THE NORMANDY MEMORIAL TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Unrestricted
Restricted
Total
Total
funds
funds
2024
2023
Notes
£
£
£
£
Income from:

Donations and grants

2
386,362
1,583,146
1,969,508
285,768
Charitable activities
3
163,618
600,000
763,618
55,938

Investments

4
61,347
-
61,347
53,366
Total income
611,327
2,183,146
2,794,473
395,072
Expenditure on:

Raising funds

5
42,734
-
42,734
70,913
Charitable activities
6
897,964
15,000
912,964
779,895
Total expenditure
940,698
15,000
955,698
850,808
Net gains/(losses) on investments
11
107,294
-
107,294
(18,347)
Net (expenditure)/income before transfers
(222,077)
2,168,146
1,946,069
(474,083)
Gross transfers between funds
2,233,646
(2,233,646)
-
-
Net movement in funds
2,011,569
(65,500)
1,946,069
(474,083)
Fund balances at 1 July 2023
28,892,207
65,500
28,957,707
29,431,790
Fund balances at 30 June 2024
30,903,776
-
30,903,776
28,957,707

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE NORMANDY MEMORIAL TRUST LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
60,291
107,025
Tangible assets
13
2,589,885
87,902
Heritage assets
14
26,654,245
26,647,970
Investments
15
1,004,917
1,761,018
30,309,338
28,603,915
Current assets
Debtors falling due after one year
16
67,000
-
Other receivables
16
683,213
29,054
Cash at bank and in hand
534,799
488,922
1,285,012
517,976
Creditors: amounts falling due within one year
17
(690,574)
(164,184)
Net current assets
594,438
353,792
Total assets less current liabilities
30,903,776
28,957,707
Income funds
Restricted funds
19
-
65,500
Unrestricted funds
30,903,776
28,892,207
30,903,776
28,907,707
30,903,776
28,957,707
The accounts were approved by the Trustees on 19 March 2025
Mr Nicholas Witchell
Trustee
Company Registration No. 10210480
THE NORMANDY MEMORIAL TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,116,108
(560,711)
Investing activities
Purchase of tangible assets
(1,988,698)
(8,919)
Purchase of heritage assets
(6,275)
(16,009)
Investment in subsidiary
(2,581)
-
Proceeds from disposal of investments
865,976
-
Investment income received
61,347
53,366
Net cash (used in)/generated from investing activities
(1,070,231)
28,438
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
45,877
(532,273)
Cash and cash equivalents at beginning of year
488,922
1,021,195
Cash and cash equivalents at end of year
534,799
488,922
THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Charity information

The Normandy Memorial Trust Limited is a private company limited by guarantee incorporated in England and Wales. The Normandy Memorial Trust Limited is also a registered charity in accordance with the Charities Act 2011, with charity registration number 1168973. The registered office is 56 Warwick Square, London, SW1V 2AJ. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.1
Accounting convention

The accounts have been prepared in accordance with the Trust's Articles of Association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these accounts are rounded to the nearest £.

The accounts have been prepared under the historical cost convention save for investments held at market value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the Trust's objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in Note 19 to the accounts.

1.4
Incoming resources
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are credited to the Statement of Financial Activities when they are receivable. Grants that are awarded for specific purposes are treated as restricted incoming resources.

 

Grants where entitlement is not conditional on the delivery of a specific performance by the Trust are recognised when the Trust becomes unconditionally entitled to the grant.

 

Donated services are recognised at their estimated open market value, with an equivalent amount recognised under resources expended.

Income from trading activities is recognised at the point of sale.

 

Income from parking charges is recognised at the point of sale.

 

Investment income is recognised net of witholding tax, when the Trust is legally entitled to it.

THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis.

 

Expenditure on charitable activities comprises expenses incurred in pursuance of the Trust's principal activities.

 

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

 

Governance costs, which are included in expenditure on charitable activities, are those incurred in the governance of the Trust and its assets, and are primarily associated with constitutional and statutory requirements.

1.6
Intangible fixed assets other than goodwill

Intangible fixed assets, being intellectual property owned by the Trust, are capitalised at cost and amortised over the estimated useful life of the asset.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website and software
5 years on a straight line basis
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land
Not depreciated
Buildings
2% on a straight line basis
Plant and equipment
20% reducing balance basis
1.8
Heritage assets

A heritage asset is defined as a "tangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture".

 

The British Normandy Memorial falls within the definition of a heritage asset and is considered to be inalienable.

 

The British Normandy Memorial is capitalised at cost. It is not depreciated as it is deemed to have an indefinite life, but is subject to impairment reviews, where damage or deterioration is reported.

1.9
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Financial Activities for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.12
Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Trust's Statement of Financial Position when the Trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the accounts, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.13
Taxation

No liability arises as the Trust's charitable activities are exempt from corporation tax.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the Statement of Financial Activities for the period.

1.15

Group accounts

The financial statements present information about the Trust as an individual undertaking and not about its group. The subsidiary undertaking was incorporated on 5 June 2024 with a share capital of €3,000 (£2,581) and undertook no commercial activities to 30 June 2024, Accordingly, the Trust has taken advantage of the exemptions not to prepare group accounts as provided under:-

 

i. Section 399 of the Companies Act 2006, on the basis of the Trust and the subsidiary undertaking comprise a small-sized group; and

 

ii. Section 24.13A of "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 (FRS 102) (effective 1 January 2019)" on the basis the subsidiary undertaking is immaterial to the preparation of the Trust’s financial statements for the year under review.

THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
2

Donations and grants

Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
£
£
£
£
Donations and gifts
341,066
568,613
909,679
285,768
European Union FEDER
-
298,517
298,517
-
Departement du Calvedos
-
253,966
253,966
-
Ministry of Defence
-
250,000
250,000
-
Region Normandie
-
169,311
169,311
-
Seulles Terre et Mer
-
42,739
42,739
-

Donated services

45,296
-
45,296
-
386,362
1,583,146
1,969,508
285,768
For the year ended 30 June 2023
190,695
95,073
285,768

Donated services

Donated services comprise maintenance costs borne by the Ministry of Defence.

3
Charitable activities
2024
2023
£
£

Trading income

39,273
4,864

Sponsorship income

600,000
-
Parking income
124,345
51,074
763,618
55,938
Analysis by fund
Unrestricted funds
163,618
55,938
Restricted funds
600,000
-
763,618
55,938
4

Investments

2024
2023
£
£
Income from listed investments
50,774
49,882
Interest receivable
10,573
3,484
61,347
53,366
THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
5

Raising funds

2024
2023
£
£

Trading costs

27,544
59,878

Investment management fees

4,097
6,887
Parking commission
11,093
4,148
42,734
70,913
6
Expenditure on charitable activities
2024
2023
£
£
Direct costs
Amortisation of intangible fixed assets
46,734
46,734
Depreciation of fixed assets
95,818
21,976

Fundraising

103,250
76,378

Event management costs

33,876
40,110

Media coverage including website and app

84,498
65,824

Insurance fees

40,637
37,757

Security fees

13,669
3,510

French property taxes

299
694

Foreign exchange (gains)/losses

(13,631)
6,173

Consulting fees

177,380
139,007

Utilities costs

16,312
18,038

Legal and professional

38,990
87,135

Travel and subsistence costs

35,637
17,833

Memorial maintenance

203,432
190,604
876,901
751,773
Governance costs (see note 7)
36,063
28,122
912,964
779,895
Analysis by fund
Unrestricted funds
897,964
734,822
Restricted funds
15,000
45,073
912,964
779,895
THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
7
Governance costs
2024
2023
£
£
Audit fees
7,000
6,500
Accountancy
16,220
11,500

Bank charges

8,136
7,325

Sundry expenses

4,707
2,797
36,063
28,122
8
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

 

Expenses for travel, meeting costs and printing, postage and stationery for the Trust as a whole of £33,121 (2023: £17,603) was reimbursed to 2 trustees (2023: 1 trustee).

9
Auditor's remuneration
Fees payable to the Trust's auditor and associates:
2024
2023
£
£
Audit of the Trust's annual accounts
7,000
6,500
Non-audit services
All other non-audit services
16,220
11,500
10
Employees

There were no employees during either the current or prior year.

11
Net gains/(losses) on investments
2024
2023
£
£
Revaluation of investments
72,403
(8,950)
Gain/(loss) on sale of investments
34,891
(9,397)
107,294
(18,347)
THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
12
Intangible fixed assets
Website and software
£
Cost
At 1 July 2023 and 30 June 2024
233,670
Amortisation
At 1 July 2023
126,645
Amortisation charged for the year
46,734
At 30 June 2024
173,379
Carrying amount
At 30 June 2024
60,291
At 30 June 2023
107,025

Intangible assets represent expenditure incurred in developing the visitor experience and education "app" for visitors to the British Normandy Memorial.

13
Tangible fixed assets
Land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2023
-
135,118
135,118
Additions
2,451,793
146,008
2,597,801
At 30 June 2024
2,451,793
281,126
2,732,919
Depreciation and impairment
At 1 July 2023
-
47,216
47,216
Depreciation charged in the year
49,036
46,782
95,818
At 30 June 2024
49,036
93,998
143,034
Carrying amount
At 30 June 2024
2,402,757
187,128
2,589,885
At 30 June 2023
-
87,902
87,902

Tangible fixed assets include land and buildings of £2,402,757 and plant and equipment of £113,968 relating to the construction of The Winston Churchill Centre.

THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
14
Heritage assets
£
At 1 July 2023
26,647,970
Additions
6,275
At 30 June 2024
26,654,245

The British Normandy Memorial is a permanent public memorial in Normandy, France to those members of the British Armed Forces, including members of other services and those from other Nations who fought directly alongside them, who gave their lives in the landings on "D-Day", 6th June 1944, and in associated and subsequent fighting which is collectively known as the "Normandy Campaign".

 

The British Normandy Memorial records the names of the 22,442 servicemen and women under British command who fell on D-Day and during the Battle of Normandy in the summer of 1944. This includes people from more than 30 countries. Inscribed in stone, their names have never been brought together before.

 

The site also includes a French Memorial, dedicated to the memory of French civilians who died during this time.

 

The British Normandy Memorial is preserved and maintained, under a commercial arrangement, by the Commonwealth War Graves Commission who have two of their staff permanently based at the site to carry out day to day maintenance tasks.

2024
2023
15
Investments comprise:
£
£
Investment in subsidiary
18
2,581
-
Listed investments
997,460
1,750,444
Cash deposits
4,876
10,574
1,004,917
1,761,018
Movements in non-current investments
Total
Cost or valuation
At 1 July 2023
1,761,018
Additions
161,194
Valuation changes
72,474
Disposals
(989,769)
At 30 June 2024
1,004,917
Fixed asset investments revalued

Listed investments are held at their fair value on the open market at 30 June 2024. The historic cost of listed investments at 30 June 2024 is £970,847.

THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
16
Other receivables
2024
2023
£
£
Amounts falling due within one year:
Grants receivable
599,360
-
Other debtors
59,691
7,059
Prepayments and accrued income
24,162
21,995
683,213
29,054
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
67,000
-
Total debtors
750,213
29,054
17
Creditors: amounts falling due within one year
2024
2023
£
£
Payables
40,965
127,117
Accruals
649,609
37,067
690,574
164,184
18
Subsidiaries

Details of the Trust's subsidiary at 30 June 2024 are as follows:

Name of undertaking
Registered
Class of
% Held
office
shares held
Direct
NMT Trading France SAS
France
Ordinary
100.00
NMT Trading France SAS was inactive during the year ended 30 June 2024. The capital and reserves at 30 June 2024 were £2,581.
THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
19
Restricted funds

The income funds of the charity include restricted funds which are held on trust for specific purposes, as follows:

At 1 July 2023
Incoming resources
Resources expended
Transfers
At 30 June 2024
£
£
£
£
£
The Normandy Veterans' Association
10,000
-
-
(10,000)
-
The Sheffield and District Normandy Veterans Association
5,500
-
-
(5,500)
-
The Sandy and Zorica Glen Charitable Settlement
50,000
-
-
(50,000)
-
BAE Systems Limited
-
600,000
-
(600,000)
-
European Union FEDER
-
298,517
-
(298,517)
-
Departement du Calvedos
-
253,966
-
(253,966)
-
Ministry of Defence
-
250,000
-
(250,000)
-
The Garfield Weston Foundation
-
250,000
-
(250,000)
-
Region Normandie
-
169,311
-
(169,311)
-
The Barbour Foundation
-
50,000
-
(50,000)
-
Teledyne LLC
-
50,000
-
(50,000)
-
Addleshaw Goddard LLP
-
50,000
-
(50,000)
-
Seulles Terre et Mer
-
42,739
-
(42,739)
-
S. Hillman Estate
-
40,000
-
(40,000)
-
The Dorfman Foundation
-
25,000
-
(25,000)
-
Zone Vale
-
20,000
-
(20,000)
-
The Royal British Legion
-
18,000
-
(18,000)
-
British Airways Limited
-
15,000
-
(15,000)
-
Nationwide UK Limited
-
14,613
-
(14,613)
-
The Charles Wolfson Charitable Trust
-
10,000
-
(10,000)
-
KOSB Association
-
3,000
-
(3,000)
-
Project 71
-
3,000
-
(3,000)
-
Sherwood SRY
-
2,500
-
(2,500)
-
Givepenny Limited
-
2,500
-
(2,500)
-
Airbus Operations Limited
-
15,000
(15,000)
-
-
65,500
2,183,146
(15,000)
(2,233,646)
-
THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Restricted funds
(Continued)
- 24 -

The following donations were received as contributions towards phase 2 of the British Normandy Memorial, being the construction of the Winston Churchill Centre ("WCC"). All monies have been applied in the construction of the WCC in the year. Following the opening of the WCC on 6 June 2024, the restriction placed on the funds was satisfied and therefore all amounts were transferred to unrestricted funds. The donations were as follows:-

 

(a) The Normandy Veterans' Association - £10,000 received on 16 June 2020.

 

(b) The Sheffield and District Normandy Veterans Association - £5,500 received on 18 March 2022.

 

(c) The Sandy and Zorica Glen Charitable Settlement - £50,000 pledged on 12 August 2022.

 

(d) BAE Systems Limited - £600,000 pledged during the year ended 30 June 2024.

 

(e) European Union FEDER - £298,517 pledged during the year ended 30 June 2024.

 

(f) Departement du Calvedos - £253,966 pledged during the year ended 30 June 2024.

 

(g) Ministry of Defence - £250,000 received on 10 June 2024.

 

(h) The Garfield Weston Foundation - £250,000 received on 8 March 2024.

 

(i) Region Normandie - £169,311 pledged during the year ended 30 June 2024.

 

(j) The Barbour Foundation - £50,000 pledged on 20 June 2024 which was received on 5 July 2024.

 

(k) Teledyne LLC - £50,000 received on 26 January 2024.

 

(l) Addleshaw Goddard LLP - £50,000 received on 6 March 2024.

 

(m) Seulles Terre et Mer - £42,739 pledged during the year ended 30 June 2024.

 

(n) S.Hillman Estate - £40,000 received on 17 October 2023.

 

(o) The Dorfman Foundation - £25,000 received on 6 March 2024.

 

(p) Zone Vale - £20,000 received in four instalments of £5,000 on 6 July 2023, 9 November 2023, 12 March 2024 and 9 May 2024.

 

(q) The Royal British Legion - £18,000 received on 25 June 2024.

 

(r) British Airways Limited - £15,000 received on 23 January 2024.

 

(s) Nationwide UK Limited - £14,613 received on 26 October 2023.

 

(t) The Charles Wolfson Charitable Foundation - £10,000 was received on 4 June.

 

(u) KOSB Association - £3,000 received on 28 February 2024.

 

(v) Project 71 - £3,000 received on 3 June 2024.

 

(w) Sherwood SRY - £2,500 received on 29 January 2024.

 

(x) Givepenny Limited - £2,500 received on 27 July 2023.

 

A donation of £15,000 from Airbus Operations Limited was received as a contribution towards the cost of a fundraising event held on 26 April 2024.

THE NORMANDY MEMORIAL TRUST LIMITED
NOTES TO THE  ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
20
Analysis of net assets between funds

Unrestricted funds

Restricted funds

Total
£
£
£
Fund balances at 30 June 2024 are represented by:
Intangible fixed assets
60,291
-
60,291
Tangible assets
2,589,885
-
2,589,885
Heritage assets
26,654,245
-
26,654,245
Investments
1,004,917
-
1,004,917
Current assets/(liabilities)
594,438
-
594,438
30,903,776
-
30,903,776
21
Related party transactions

No donations were received from trustees during the year under review.

 

No transactions occurred with the subsidiary during the year under review.

22
Analysis of changes in net funds

The Trust had no debt during the year.

23
Cash generated from operations
2024
2023
£
£
Surplus/(deficit) for the year
1,946,069
(474,083)
Adjustments for:
Investment income recognised in statement of financial activities
(61,347)
(53,366)
(Gain)/loss on disposal of investments
(34,891)
9,397
Fair value gains and losses on investments
(72,403)
8,950
Amortisation of intangible fixed assets
46,734
46,734
Depreciation of tangible fixed assets
95,818
21,976
Movements in working capital:
(Increase)/decrease in receivables
(721,159)
15,449
(Decrease) in payables
(82,713)
(135,768)
Cash generated from/(absorbed by) operations
1,116,108
(560,711)
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