Reglstored numbar: 0268923 Charlty numbor: 1010632 AEROSPACE BRISTOL BRISTOL AERO COLLECTION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8RI8TOL AERO COLLECTION TRUST CONTENT8 Page Tnist8O8' roPQrt Indopandgnt audltofs, r8POrt on tho flnanclal ststemonts Con8olldat#d ¥tatem4nt of Ilnanclal a¢tlvElleg 15 Congolldatad balancè Shoot Charfty balan¢0 shgét C¢n8olldated statsm¢nt of ¢agh flo 18-17 18.19 20 NOtg8 to tho finan¢ial 8tatamgnts 21-44 BR18TOLAERO coLLE￿10N TRU8T TRU8TEES' REPORT FOR THE YEAR ENDED 31 MARCH 202 The Board of frustees ( the Board") ha& pl¥Jasure In presentlng Its annual report tog6th&r wlth the audlted flnfjnclal ytat&monta for the Trust for the year ended 31 March 2025. Tho Annual Report Serves thè purpose$ Of oth a Tru$teos' report and a dlrector$' report under company law. Tho Truste08 aonflrm Ihat the Annual Report and finan¢ial statgmpnts of the chadiable company comply ￿th tha Guffent statutory requlrements, thg requlremonts of the ttharltable company's gov6mlng documènt and the prgvlglon8 of th& Statement of Re¢ommend?d Practice (SORP) appllcgble to ¢hariti08 preparlng thelr acGaunts In accordancewlth the Flnanclal Reportlng Standard appll¢abl6 In th& UK (FRSIQ2) {gffe¢tive l January 2019). Since the group and the Char￿Y quallty ag small under Section 383 ot the Companles Aol 2006, the Group Btratg9l¢ report required of medium and large companle8 under the Compon168 Aot 2006 (stratgglc Roport and Dlrector4' Report) R89ulaUons 2013 ha8 been omltted. Our V181on An aerospace tnduNtrfal museum ond learnlng centre thot Inspires and entertaln& today'8 and future géneratlons through the Ètorles and achlavemehts of 8rl$tol'$ a¢rospac¥ Industy- pa8t, pr¢$ent and future. Page 1 BR18TOL AERO COLLECTION TRU8T TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Refer8nog and admlnlstratlvo detsll¥ of th& Charlty, Its trustses and advl80rn Tru8tea8 Slr l Gray CBE, Chalr J Body C8E. Vl¢e Chalr (reslgn8d 8 DeGember 2024) R PettlL S8cretary J Hensey (appolnted 6 December 20241 P ¢ralg P Chlvers, Vlr6 Chalr M 8ander8 S Smith S Cordwell R Ygandle R CoNer J Wllllams D (31bb¥ (appolnted 19 July 2024) Company regl$tsrgd numb&r 02689238 Charlty raglttsrod numbor 1010632 Roglstsrnd office Aero8pa¢8 Brl8tol Hayes Way Patchway Brlstol BS34 $82 Patron HRH The Prtncess Royal Vlce Patrons Str Georgo Whlte BL Mr. Jack Lopr&s11 MP Indopondent audltor8 Randall & Payno LLP Chartered Ac¢ountant¥ & statutory Auditors Shurdlngton Road Ch¢itenham GlouGostershlie GL514GA 8ank•r# Lloyd8 Bank Canons Hou8 Canons Way Brlstol BS99 7LB CAF Bank Ltd 25 Klng8 Hlll Avenuo West Malllng K8rrt ME19 4JQ Paga 2 BRI8TOL AERO COLLECTION fBu8T TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 ObJecthf08 and a¢tlvltla8 a. Pollcles and obJeGtlves The Tru8tee$ have had du# r¢g8rd, as required. by the charllles Ad 2011, to the Cfiarlty Commlsslon'$ general guldance on public benèlt when revlewlng Its almb and obJectlve8 and In planning It& octSvltFeg.Tho Objects of the Trti$t, as Stated In Its Mgmorandum of Assoclatlon are: 1) To adv4n¢& publlc edii¢atlun In 811 malters concarnino alreraft And the alr¢raft 8nd aBrospace Indu$trl8$, In particular by the provlsion of a museum for the publi¢ dlsplay, restoration and con¥eNallon Of alrcraft, Ilylng boats, mlsslte8, rockets, 8atellltes, other flylng a¢rlal or spac& devlce8 or machlnes and the component parts of them and drA￿n96 or ar¢hlv98 and other products Df, or r8latlng to the alrcraft and aerogpac¥ indusfrles: and 2) To promote or undertake resear¢h Into the history of ¥lr¢raft deslgn manufacture and operatlon Includlng the hi¥tory of the person& and companles involved In these acUv11168 and to publish and dl¥semlnate the uyoful results of that r88ear¢h. Tho 8p8¢lflo public b8ne15ts that fiow from our VSslon and Oblerts ire: To anable a wlde range of peopla to particlpate In and learn about the region's a¥iallon herftaye; To advance leamlng 8ki118 and traSntng, parllcularly In Selenrye. technology, englneetlnG and deglgn a$ wall as heriiage ¢onsoNatlon 8klll8; To ¢on8ervo th8 a￿atIon herftaoe, Includlng Concorde 216, for pr888nt and ftrture genoratlon8 to experlen¢o, appre¢iate and enjoy: and To celebrate the world ¢ta88 achlevaments of the &erospaGe Industry and the people who made It pogslble. Achlev¢m8nts and perfomianc8 Maln a¢hl•vèMents of tha Charlty The financlal yeor 8aw contlnued proyre89 In dovéloplng Aerospac8 Brt$tol's offer, deepenlng communKy conne¢llons, and Strengthenlng our long-tarm plans for 8u8talnablllty, dosplte a ¢hallenglng vlsitor market acr088 the sector. Total vlsltors for thé year were sllghfly lower than last year but Close to 100,000 with standout peaks durfn9 key eventy 8u¢h ag the Car Show, Lego day and February half-ttsm'g Robot Explorers actlvltles. M8Jor exhibltlon& and events onca a9aln proved a draw for n6w and rntumlng vlsllors, Look Upl The Story of Hot Alr Balloonlng in Brlstol launched In partnershlp wl*h Cameron Balloon9, featuring hi8torlc bask6t8, bumarj, an Interacttve exp0rfenGes. In the autumn, we partnered wilh the Brlll8h Airways H8rlts98 Colle¢tlon to dellver Fashlon of Fllght, a strlking dlsplay of unlfomi& from BQAC, BEA, and BA whi¢h attracted 8trong media oov6ragg and praise from bolh vtsltors and Indu8ty partners. The Brabozon 75 dlsplay welcomed yug5ts Into the mu$eum, whlle thè addltlon of Ihe AERALIS Modular Atrcraft model brought a new. forwarthlooklng story to our aarospace gallery, Preparatlong began for our WWII alr rald shelter 8xpertèn¢&, dua to laun¢h along8id8 VE Day commemoratlons In M4y 2025, and consemtlon volunteers made slgnlflcant progre88 on th• 8ollngbrt)ke restoratlon, Including fitting rapllca propeller8 and wlndows. Page 3 BRISTOL AERO COLLECTION TRUST TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Ach18voments and p9rfonnHnc8 {cofttlnufjd) The Learning team bullt on last year's record 8chool vlslt flgure8 With a contlnued strong performance, 8UPPOrtèd by the ranaw6d £31,000 South Gk)uce8tsr8hlre Coun¢ii Iravel bursary, We also launched now Inltiatlves for home educatlon groups. youth clubs, and secondary SGhools. Includlng late openlng8 and gpe¢l*l subject- fo¢u$6d tours. Tho Inaugural GCSE Boo¥t ovent bmught nearly 1,500 local $tudent8 Into ¢onta¢t ￿th employor4, 8peakerB, and a¢tlvEttès to Intsplre thelr next 8tep8. Communlty engag8ment remalned central to our work. We ho8led the tlr$t Chaflton Hayes Festlval, contlnued weekly Internatlonal ¢afa evenlng5 Wtlh Concord Church, and support$d tho church'i Chrl$tmas Hamper¥ ￿th 500 free ￿Ck0t£ for local re¥ldent$ who wouldn* othèThvlse b¢ able to vl8lt tha mu¥eum. Volunteer$ gave thousands of hours a¢royg vl8ltor eng•gamant, ieamlng, ConseN4￿on, the archive and avènts, w]Ih over 45 new volunteers racrultad through th8 year. Commercial growth vts$ 8UPPOrted by a year of tthanga for caterfng. Fosters oan8olldated their first full year as our caterlng partner, Introduclng now menus, Improvlng service, and beglnnlng a malor refurbl#hment of the café Snto Fllghtllne Kltchen + Bar, due to open Easter 2025. Retall spend p¢r vl$itur ro36, hèlped by better 8tock management, Improved polnt¥of4ale ft)r the guldebook, and a new prfdng strategy. The Eventè team welcotned a dlvetse tange of dlent$ for aventg ranging from dlnner8, drink8 receptlon¥ and awards ceremonles to confgrences, meotlng$ anrj product launches. Behlnrl tho scanos, ?lunlficant yroundwork was lald far our futura, We worked elo#èly wtlh V18ion XS to Ilnallse a 10-year Strategy and began plannlnp for major capital projects, Includlng tho rofurblshment of Hangar 16R to bgcome home of the Roll8*Royce Herltage Trust'8 eolle¢tion of englneg, and the pre8eNatlon of the hlstoric cot)trol tower. Fundlng 8u¢ce8se3 In¢lud¥d the firgt Gf three annual Alrbu8 d¢natlong, major support from Roll8 Royce, 8nd the Greatlon of a ￿&￿￿nat&d Transfomiatson Fund from lega¢1¥8 such a8 th& £150,QQO beque3t rè¢elved last year. W• rfj¢glved rooognttlon In thej forni ol aLtrr hlghe8t*ever Vl8lt England score of 94%, 8 pre$tlgiou$ Vlslt England Food & Drlnk award for the ¢alé, a Silver Award at Ihe Bristol, Bath & Somarsat Tourf8m Awards, 8 TrfpAdvl8or Travellerfs Cholca accolade. and our Facllltlg8 and Operatlony te8m being 8hortllstad for Team of the Year at the Museum8 & Herltage Awards. The Tw8t'3 dedlcated staff, volunteer9, members, and supporters have been koy to dellvertn9 th1$ yearfs achlevement$ and layln9 tho foundatlon for Ille excltlng dovelopments ahead. We extend our sincera thanks to all those who contrfbuted tlme, expertl$e, donatlon$, and enthusl8sm to help u8 pre86rvo and shore over 100 year8 of 8rlgtol's remarkable avlatlon story. Page4 BRISTOLAEROCOLLECTIOM TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Aohlèvements and perfomianco (contlnuod) b. Fundral8lng acllvltles and Incomè g•neratlon Aerospace Bristol does all its fundralsing work Inknhtsu88 and doe8 not outsour¢a any fundralsing nor rely on exlemal ¢xpert]8e. The Trust 1$ roglstBred with the Fundralsing Regulator ft)r whlch the voluntary levy Is pald. Fundra181ng a¢tivlty adheres to the Fundralslng Cod& relatlng to othlca] matter8, fundralslng Standards and best pKctlce. The Truyt has recolved no complalnt8 through tha Fundralsln9 Pr6fgrenca Servfjca. The Trust work$ hard to en8ure that money18 managed r88por(slbly and that a good roputallon Ik malnt&lned by being Iran8parent and trufjiworthy. PèBdback t& welcomed from donors, 8UPPOrter$ and Qihers who aro approach8d for funds and 18 athys taken ?erlou8ty, ¥eTvlng to dovelop and thprove a¢tlvltles and communlcations, The Trust tak&8 very s&rfoufjly Its responsiblllly towards supporters who may be tton8lde￿d to be In vulnarab16 clrcum81ance8. In Ilne belng a Dementla Frl8n.dly Org0n18atlon, the Trust ￿11 carefully conslder donatlons glven by vulnprablg adults anrj when appropthato con¥lder the retum of the donatEon. The taam wlll comply wlth tha d¢natlon8 pollcy which ha$ been approved by the Board of Tntsie&8'. The Trust Is a ¢ompgny Ilrnlted by 9uarantee, Incorporated on 19 February 1992 ￿th numbBr 02889238 and reglst8r8d as a charlty on 24 April 1992 number 1010632. Page 5 BRISTOLAERO ¢OLLE¢TION TRUST TRUSTEE8' REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal ravlgw a. Golng concern Tho Charlty hold8 a loan of £789,234 wlth South Glouoester3hlre Councll. 86oured by a floatlng chargo over Its 888ets. Intsre81 paymenta on the romainlng loan balance comrn8nced tn Aprll 2024, wtth capltal repayments scheduled to b&gln In Aprll 202S. In adclltlon, the Councll has committad to provlde £31,000 annu8lly for the next ygar from alt¢matlve VlkTtsh411 fundlng. olmed at supporttng Incre88ed school tthp a¢tlvity. An overdraft faclllty 01 £1,25 milllon obtalned from Uoyd8 Bank 18 $6¢ured by a guarantee provlded by 8AE Syltsmg, whloh was reduced from £1.3 mllllon In November 2024. The current annual overdmft extends to 30th November 2025 buL SUPPOrtEd by BAE Sy8tem'8 guaranteè, th? Tru8t18 du8 to agroa a new 12 monlhs ¢verdrAft faolltty to 30th November 2026 shortly. Th8$e ftnanclal laollltle8 wmaln neco8$ary to mqnage the lego¢y funding shortlJll rslatlng to capftal expendlture tncurred prfor to the mu89um'$ openlng In October 2017. While th8 rellance un an ov6rdr8ft faclllty pre¥fjnt$ an elèment of Un￿rtaInty, ylvgn that such facllftles can legally be wlthdrawn al short notlcg, th¢ Trustee8 remaln onfldent In the continued 8UPPQrt of BAE Systems and Lloyds Bank, F.urthermure, the financlal re8uIts (beforo the Impa¢1 of deprecSatlon on tlxed a8sel$ and Inter¢st costs) for the yeAr ended 31 March 2025 are pogltlve, wlth encoutaglng trend8 In vl$itor &dml88ions, School and group booklngs. The Trusteès are conldont that the Charlty has adequate finandal regourc&s to m&6t It8 obllg&tlon8 a8 they lall duo, and plan$ ar• In pla¢6 lo begln redu¢lng rellanae on thg Ovordraft faclllly a$ Burplusos are gfrnor8ted. Accordingly. tho Trustee& conslder It approprlata to ¢ontlnue to adopt the golng concern ba81S In preparing these flnanclal statem6nt$, but re¢ognlsed Ihe f[nan￿41 po8ltion of the Trustlg that of negalive unre8trlcted re$¢N88 and rollan¢e upon continued fundlng In ploce wlth South Glcuce8torshlra Councll and Lloydg Bank. b. Flnan¢lal rèvfow A6 at 31 Mar¢h 2028, the Charfty'8 total fund¥ stood at £14,016,162, r8pre8entln9 a decrga8e of £414,174 compared to lh8 posltlon at thp end of 2024, Income for the y¢ar amounted to £2.525,120 (2024,. £3,738,466), wlth the reducllon prlmarlly attrtbutable to lower tfadlng In¢ome from the Charlty'g pfin¢lpal tradlng sub8ldlary. BAC Trading Llmite Expendlture for the year was £1939,294 (2024: £3,686,277), reffactlng thls reductlon In actlvlty. The overall sutt wa8 a d¢tlclt of £414,174 (2024: surplus of £60,189). This deficlt Include$ £339.497 of depreCIa￿on on the Charlty's fixed a88ets. The Charlty'o tradlng $ub31(Jlgry gon8ral&d a ?urplus of £66,467 for tha year, whlch wtll be donatsd to the Charlty under glft ald in the financlal yèar endlng 31 March 2026. Of the Charty'$ tvtal Iljnds. £16,772,61 D IJ deslgnated against Ixed assets and planned 'legaey tran8lorm8tlon° expenditur6 of £15Q.000. The Chadty htsld# re$trlct*d funds of £244,206, earfflarked for future projects, and ha8 negatlve general funds of (£2,088,121). Further d6tally regardlng the Charlty'8 Itnan¢lal outlook arg 88t out In Note 1.2 to lh¢ financlal ¥t8tements. Page 6 BRISTOLAERO COLLEcnoN TRUST TRUSTEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2028 c. R48arvas polloy The Truste8$ alm to en6ur¢ the Charlty malntelns adequats re8eNe8 to safoguard oper8tlons, manage rfsk, and provlde financial stablllty. At 31 March 2025, the Charlty had negative general funds of {£2,088,121), Wlh mo8t re8erve$ Jed up In fued assets and deglgnated prole¢ts. Free r88ervos ara therefore In d8ficlt. The Trustees, long.lerm goal 18 to rebuild free re8eTves and pl&n to achelve thi8 through: Apptylng any avallablg 8urplu$e8 from the tr8ding $ubsldlary and fulurfj fundralslng., Ggn&ratlng regular annual operating surpluses In the Charlty; and Careful cost control and income dlversification. Progre9• ￿11 be revlawod annually and reported In th¢ Trusteg$' Annual Report. d. Prlnclpal rlsk8 and uncortalnttas The Execullvo Management Commlttee, Audtt Commltteo, and Board of Trustoes mDnltor r18k menagomenl on regular basis. The Audlt Commlttee Is spe¢ttlcally r8spon8lble for r89ularly rev10￿n9 the rlsks that the Trust may fa￿, and for en¥urlng that there arè adequat& proe¢durBs lo m4nagB tha identllled rfsks. The maln rlsks faced by thg Tru8t are., Rlblng costs asso¢lated wlth the global energy erlsls could have a real Impact on the ratas and utiiitle8 Gogts. In add]lion to th1$ a c05t of livlng crlsis In the UK and rlalng cost8 for everyono could affect Staff retentlon, v1811or Income 8nd potentlally many other Incom& lines. Th18 Situallon need8 to be monitored ¢108ely and the TN¥t must romaln alert and agile enough to mako dtangos a8 needed. Flnanclal rf$k8 rèiatlng to the repayment of debt as axplalnld In the Flnan¢lal Rovlow abov8. Envlronmental and other rlsk$ such as fir?, ffood and ierrorlsm whlth could lèad to th& damage or destruction of the museum, Mltl9alln9 factar$ Include In8uranc6 ¢0ver, good hou$ekt&plng and eommunlcatlon, om¢rq6ncy plans and 8taff trainlng. Cllmate change cau8lng extreme weath¢r pattem8, With high t¢mperatur¥$ Impactlng * I8rgely Indoor attraction. Conslder8tton.18 bèlng glven to what Impact thls mlght hav& on v181tor numbors and behavlcr and what changes msght bt needèd to th& Indoor and ouldoor oxtending rjutdoor provlslon¥. Incidents cauglng lo88 of reputatlon affectlng vi8ttor number8 and Stskeholdgr eonfid8nce In the Trust, Careful recrultment and staff tralnlng, partlGularly in Vl8ltor ServlGe8. plus cfo8e monltorlng of social mgdta and ¢UBt¢mer feèdback are ways u8Èd to manage th18 rl8k. It the pullcy of Ihe Board to htsld in$uran¢a on its Colledon of artefa¢ts and $r¢hlv81 ma*erlal on Iho b881$ of the po¥8lble repalr and regtDrallon costs andlor altematlve replac¢ment CQ8ts. but not the Ilkefor- Ilk8 replacemtnt ¢ost thot may be in¢urred, as most of Ihe collection Its unlqu6 ond Irrèpla¢èable. Itéms und&r108n are insured for oosts presGrlbed under the terms of loan 8greement. Cytjer rl$k rtymalns a 8lgnlfi¢ant pdncipal rt$k and uncprtalnty. Wa reaugnise the potontlal threats posed by cyberattacks and aro cammltted to ¥afeguardlng our dl9ltal as6otS and protocllng sen¥itive Infomiation, Our robust ¢yber¥ecurfty measures, IT control procedures and ongolng rnonltQFfng efforts alm to mlll98te Ihe Impqet of ¢yb¢r rt8k8 on our operallon8 and stak6holder¥, Page 7 BRISTOL AERO COLLECTION TRU8T TRUSTEES, REPORT ICONTINUED) POR THE YEAR ENDED 31 MARCH 2025 StruGturo, gov&rnan¢e and managgmont a. Con$tStutlttn The Trust Is a company Ilmlted by guarantee, Incorporated un 19 Fgbruary 1992 wlth number 02689238 and reglstered as a Charlty on 24 April 1992 with number 1010632, b. Organlsatlonal 8tructuro and declslon4haklng pollclos New Artlcleg of Associatlon wer8 adopted In May 2018 to brlng Ihem Into Ilne wFth current leglslation and be$t praoiice, and to provlde a su6tablo Qorporate governance framework for the fvture. Member$ of tha Trust are requlre(I to renew annually and a reglster of member818 malntslned by the TN8t. The Board met fomially 6 tlmeg plus the Annual General Mee￿n9, durlng the Ilnanclal ye8r. Board Is spon$lblp for pollcy, 89ttlng ¥trateglc objeciives and the overall dlreotron of th¥ Tru8t. The Board remalns éngagad In é review pr00933 to enauro ihat tha Board hag the ne¢a888ry 8kllls. experien¢0 and dlverslty to successfully dlrect and manag¢ the oharlty Into tha futuro. There 18 a ¢ontlnual pnJce8s of Improvement Sn Iha goveman¢e of tha charlty, wlth the planned Introdu¢uon of a Code of Condud for Truste&$, and new Trustees r8Grutted through pubilc 4dvertl$emenL The Tru8t'g AudR Commlttee meets regularfy and has ￿$pCn$lbll{fy for revlewlng, monitoring and rapurtlng to tho Board on financlal ptsrformance, budgtktg and foreca$t8, pollde8 and procedure$, rtak managément, Ihternal contml8, extemal audlt and tha Annual Accounts. An Execuiivg Managemént Team, haadgd by a CEO, 6s responslb16 for the day.tsd8y operatlonal m8nagemont of th¢ TNgY8 a¢tlvttle$, Tha Board and It$ Man89gment aro $UPPOrt¢d by a Herfiage & Collectlon8 Advl80ry Group whi¢h 0￿rates under formal temis ol reference and ar8 ohalrèd by exp$rianc$d Tru¥to88. Annual a¢¢ounls are prepared In accordance ￿th the ac¢ountlng pollcle8 89t out In note 1 to the a¢count$ and comply wlth the Trusf8 Memorandum and Artlcles of Assottlatlon. the Companley Act 2006 and the Statemont of Rocommgnded Pra¢tlc8, 'Accountlng and Raportfng by Charltle8' (FRS 102 SORP). Pagg 8 BRI8TOL AERO CQLLecTION TRUST TRV8TEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 202fj Pl?ns for futUlO Porlod8 The Tru8t'$ new Forward Plan sets out Its strateglc goals and plan of a¢tlon In order to achleve Its charltabla purp08es and m￿ntaIn Its fina￿lat gustalnabllity. To su¢G88¥lully, 3uetainably and $ef¢ly operate a na1lonal1y￿recognlsed and fvSly accrodlted museum Tho Trust 11 aim to: Achteve an operallng surplu8 in each year of operatlon$ and becoma debt.free over the next 10 years Make Improvement¥ agalnst thè itandards set by Museum A¢credltation. malntaln a s¢orÈ ol 90% ot above under th¢ ￿811 Brltaln'8 Vt8Itor Attrac#on Quallty Schem• and achleva Ar¢hlve Accredltatlon. Attra¢t and rotsln hlgh qua16ty profe8Yl¢nal Jtaff. Maintaln a mlnimum of 170 volunt6er8 to support the museum's actlvitles and Improv• the dlv8r8tty of our 8taff, inoludlng volunteers, to refle¢t th8 communlly Served by the museum. cOn￿n￿e to work towards achievlng ngt zero greonhouse ga$ omlsslons by 2050 to meet the ooal for the UK, a$ well as alLqnlng wtth South Glouce$tershlro'g 2030 Zero Carbon targeL To ?dvan¢e learning, tralnlng an(f skllls partlcularly hlstory and heritago, and In sclence, tschnology and engln£ering, Its past, presont and fut¢Jro appll¢atlon$. Tho Trust w511 bulld on Its learnlng and outreach programmés, dev61oplng Its partnershlp ￿1h Ioc81 unlversltles, college8, schools, Industy and communlty organisations. The museum wlll aim to offor More volunttarfng opportunltle$, e$peclAlly for young peopl6 a$ a means of provldlng pathway4 Into tralnlng and $mploym8nt. Tho Trust wdl alm to: Attract a minimum of l O,OQO student vlsll8 in each y¢Ar of oper8tlon$, with an ompha81s on th090 from disadvantaged backgrounds. DeKtver 200 fom)al and Snformal learnlng evgnt8. Ho#tAead c. 5 major &v&nts or projects each year wlth STEM, communlty and h6rftag¢ partfior¥ such a8 unlversiles, Industry and prolesslonal bodies. Partlclpgt8 in or attend 5 major learnlng andlor communlty proSect8 or evenis a year to c¢n$erv& harltage and gnhance the tollectlona for present and future goneratlon to experl8nce, appreclate and 8nJoy. The Trust ￿11 contfnue the major review of it8 re8eNe. collection. digiti86 and rAlalOgUe Ihs MU88um'$ naltonally slgnlficant archive and make our collectsons Increas1ng￿ a¢ces8lbk to the publltt. The Tru8t ￿11 81m to: Make the ¢051ections mora a¢w81ble by documenttng obJOCtg and archives to 8PECTRvwirchl stendards, 8nd increase vlsiblllty of collections through communlty outreach, dl¥play, 8oclal medla, dlgltal platform8 and engagement wth 8peclallst neiwork4. Maintsln a program of prevent8tlvo conge￿atIon and dèllvér pmoross on large ¥cale con8eN8tlon and resloratlon project¥: BulSngbroke, Flghter. and Frelghter. complete 8 wllectlons revtow of the re89rve colleGtlon to 8n8ure the colleGUon3 are approprlats; dl¥posg of objects If roqulred and Identify gapa In tha current coll¢ttiiun. prep?re plans for the development of the naxt phase of gxhtbitlon8. Storage and la¢llities for Bullding 16R and the 'FuturÈ¥' gallery In Hangar 16S. Paga 9 BRI$TOL AERQ COLLECTION TRUST TRUSTEES. REPORT (¢QNTINUED} FOR THE YEAR ENDED 31 MARCH 2025 8tatam6nt of Trugts08' rogpon8lbllltlè8 The Trugtoes (who are a180 the dlre¢tor$ of tha Charlty for the purpo885 of company law) ara ro8ponsibl8 for pr&parfn9 the Tru8tèe3' report and th¢ financiol statsmonts In accordan¢e ￿￿th appllcable law and Unlted Ktngdom A¢countlng Standard8 (Unlts(l Klngdom Gerterally Ac¢epted Accountlng Pra¢tl¢e}. Company law requlres the Tw8tees to p￿pare tlnanclal statoments for each financlal . Vnder company law, th8 Truslees mu8t not approve thg finanolal stat&ment$ unlpss they are satisfied that they glve o true 4nd falr vl¢w of tho State of affalrs of the Group and the Charlty and of thelr Incomlng ie80urces and appllcatlon of resourcos, Indudlng their income and expenditure, lor that perfod. In preparfng these f nanclal statements. the Tru¥tee8 ara requlred to: select sullable accountlng pollcles and then apply thèm ¢onsl$tently, ob8orvo tha method$ and prlnclplas of the Charftles SORP (FR8 102); mak6 ludgements and gc¢ounting estlmates that ar8 rea¥onable and prudgnt., stste whother appllcAble UK A¢counllng Stsndard8 {FRS 1Q2) have been followed, 8ubl¢¢t to any matedal ¢ep8rturB$ dlsc108erJ and oxplalned In the fln8n¢lal ¥tstements,' prepare lh8 Inanclal Statements on the golng concom basis unle$s It ly Inappropriote to pre8um8 that the. Group wlll contlnua in bu¥Sness. The TfUStee8 artt reÉpon8lblo for koaping adequat• accountlng records that 8r8 Bufflclent to ¥hOW and explaln the Group and the Charfty's trangactlon8 and dlsolose wlth rea80nable accuraoy at any tlma the Itnancl81 po$lllon of Ihè Group and Ihe Chsrtty and enablo them to engura that thg flnan¢lal 8tatemont8 eomply wlth the Companles Act 2006. They aro alsoj re$ponslblp for safeguarding the a&8at8 of the Group and tho Chartty gnd h¢n¢è fortaklng reasctnabla stops for tho prevontlon and detectlon of fraud and other trreguladtlas. Dls¢108ur6 of Infomjallon to audltors Each of the petsons who ar• Trus*OS at the tlme when thly Trustaes, r•port18 approved h89 ¢onfirmed that: so far as ihat TNStsa Is aware, thoro Is no relevant eudlt Infomiation of whlch thg charltablg group's audltor3 are unaware, and that TN8tae ha8 takdn all tha step$ that ought lo have bÈen takon a¥ a Tru$t88 In wder to be C¢f any relevant audit Informalton and to 88t8bll8h that Ihe ¢haritable group's audltor4 are aware of that Informatlon. Audltor8 Thg audltors, Randall & Payn8 LLP. have Indlcated thelr wllllngness to conlnue In office. Th& doslgnat6d Tru¥te8s wlll propose a motlon reappoiriung tha audltors at a meeting of Trtist688. App ed by order of the member8 of the board of Trustees and 81gned on th61r bahaif by.. Sir l Gray CBE Chalr of Trust Date.. Page 10 BRISTOL AERO COLLECTION TRUST INDEPENDENT AUDITOR8, REPORT TO THE MEMBER8 OF BRISTOL AERO COLLECTION TRUST Oplnlon We have audltsd thè financial statements of Brf&tol Aero Collectlon Tru$t (the :parent ¢harftsble ¢ompany') an ts subsidlaries (the 'group') for thè year 0nded 31 March 2025 whlch comprl$e the Consolldalecl statement of financlal actlvltles, the Con¥olldated baknce Sheet, the Charlty balanoo sheet, the Con8olldetsd statement of cash flows and tha related notes, Including a Hummary of slgniflcgnt 8CGOUn*lng pollole$. The financlal ropartlng framework Ihat has been applied In th61r preparation Is 8ppllcable law and Unltdd Klngdom Accounting Standards, Indudlng Flnanclal Reporting Standard 102 The Flnan¢lal Reporting Standard appllcable In the UK, (Unied Klngdom Ggnerally Acceptgd Aocouniing Prqcllee). In our opinlon the Ilnancial statements.. gFve a true and falr vlew of thè Stats of the Grt)up's and of the parent charftable company'$ aff•lr8 a$ at 31 March 2025 and of the Group'# incoming resourc65 and applloatlon of re$ourco8, Includlng Its Incoma and expondltur8 for th8 year than ended., hav8 been properly prepar?d In accordance wlth Unlted Klngdom Generalty Accept8d Accountln9 Practice." and have been pr8par$d In a¢cordance ￿th the requirements of the Charl£le¥ Act 2011. Ba81s for oplnlon We conduthd our audlt in a¢cordanc• ￿ Intem8ltonal stsndard$ on Audttlns (UK) (ISA8 (UK)) and applicable law. Our r$spon8ibllltle8 uhcler those 8tsndards are further deacrlbed In the Audltors, responslbilltles for Iho audlt of tho fiThanclal statements sectlon of our report. We are Indepandent of the Group In acctsrdan¢o wifh tha othl¢al requlrement8 that are relevant to our audlt of the financlal 8tatfyments In the Unitod Klngdom, includlng Ihe Fln4n¢lal Raportlng ¢ounril'$ Elh[C￿ Standard, and w8 have fulfilled our other ethlcal respon8lbllltles In accordance ￿th thesfi requir6ment8. We belleve that Ihg gudlt evideneR wp havo oblained Is 8ufflclant and approprlate to provlde a b&sls for our oplnlon. Miterlal uncortalnty rolatad to golng conctsrn W6 draw attanllon to nola 1.2 In the financlal statemen1¥, whlch Indlcalas that there Is A material unrRrtainty In rè$p&cl of golftg Goncorn. Our oplnlon l? not modffied In re8P¢Ct of thls matter. In Iudltlng the financlal statements, we have ¢on¢luded that fhe Tru8te88' U8e of the golng concern bas18 of 4CGountlng In the preparallon of the flnanclo18tatement$13 appropriate. Our respon81bllitlea end tha responslblltties Df the Tru8tee8 ￿ re8PgCt to golng ¢on¢em are descrlbed In the relevant 8ectlon$ of th18 report. Page 11 3R18TOL AERO COLLECTION TRUST INDEPENDENT AUDITOR8, REPORT TO THE MEMBER8 OF BRISTOL AERO COLLECTION TRUST (CONTINUED) other Infom7atlon The other Informatlon comprf8e8 the Informatlon Included In the Annual report other th8n th& ftnandal gtatements and our Auditors, report thereon. The Trusteos are re6pon81blo for the other Infoffnation ¢ontaln¢d withln the Annual report. Our oplnlon on the financlal ststem￿t5 do88 not cover the othor Information and, except to the extent otherwl$e oxpll¢iUy stated In our report, We do not expres8 any fom of a$8uran¢e aon¢luslon theroon. Our reFponslbility 18 to raad the other informatlon and, In dolng 60, ¢on8lder whether the other inform8tlon 18 materfally In¢on¥l8tent with the Ananclal 8tat6monts or our knowledgo obtsined In the ccturse Of th¢ Audlt, or Othe￿$￿ oppear8 to b& materlally mlsNtated. If wa Identlfy Such materfal Incon818toncle& or apparent materlal ml88tstgm6nta, we are requlred to detèmilne whoth¢r th15 glvgs to a materfal ml$8tst¢mont In Ihe ffinanclal 8tatem&nts them8elv8s. If. based on the work we havo performed, we ¢onolude Ihat thero 1$ J malerl81 ml$8tatemant DI th1# other Informatlon, we are required to report thai fact. We hav6 nothlng to report In thlg re99rd. Matt•rn on ￿lCh wè aro roqulrod to rèport by axcgptlon We have nolhlng to report In respeGt of the followlng mAfter8 where the Charftles (Accounts and Report8) Regulatlons 2008 requlres us to report to youll, In our oplnlon: the Informatlun glvon In the Tru$toes' report Is IncO￿lStent In any materlal respect wllh the ffnaneial ¥tstemenl$; or thf* parent tharllable company ha8 not kept Bufficlent accountlng record$; or the parent char6t8ble cDmpany15nanclal 8tatement8 are not In agrttement wtth thé accountlng record3 and rgtyrn8' or we have not recelvod all the Informetlon and wxplonatl+)ng we requlr¢ for our audlt. R&sponslbllltle8 of tru8te89 A8 explalned mor& fully In the TTu8ts08' re8ponsSblt6tl08 8t3tement, the Tru8tè84 (who are also tho dlre¢torg of the charrtable company for the purpo8es of ¢ompany law) are responglble for the preparatton of the finsnolal 8tatements and for belng satlsfEed that they g￿e a tru¢ and falr vlew, and for 3UGh Intemal control as the Tru$teos determlne 18 necessary to enatslq the prepar*lvn of tlnanclal statements Ihat are from materfal m18$tatemen( whether dua to fraud or error. In pr¢parlng th¢ fjnanc181 Statements, the Trusteés are re8pon8lble far assessing the Group's and Ihe parent charltsble ¢ompany'$ ablllty to ¢ontlnu8 as a golng concèrn, dlsclosln9, as appll¢abl8, matterg r¢l8ted to golng concern and uslng tha golng concem bas18 of accountlng unle35 the Tru8teeg either intend to Ilquldattt tha Group or the4 par8nt ¢harltable Company orto ¢ea8e operatlons. or have no raall3Uc alt8rnatlv& but to do ¥>. Pag& 12 gRI8TOL AERO COLLECTION TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BR18TOL AERO COLLECTION TRUST IGONTINUED) Audltors. rnsponslbllltl#g for th• audlt of tho finan¢lal stat8mDfits We have been appDlntsd as audltor under s8Ction 15101 tha Charltlo8 Act 2011 and report In accordance the Act And relgvant regulgtlong mad& or having effeet thereunder. Our obj8¢tlv68 are to obtain reasonable a8suran¢• #bout whelher tho financial statem$nts a¥ a whole are free Irom materfal m189tatement, ￿ether due ta fraud or error, and to i$sue an Audttors, report that In¢ludes our oplnlon. R6ayonable a$suRn¢e 1$ a hlgh level of assurance, but Is not a guarantee that an audtt conductod In ac¢ordanco with ISA8 {UlQ wlll alwayg datect a materlal ml$statement'when It oxlst8. Mls8tatsment8 can ar18e from fraud or effor and are tonsldered malerlat If, Indlvldually tsr In the aggregate. they ¢ould rea¥onably be expected to Infiuence the economlc d&cl8lon$ ¢f users token on thg ba¥18 rjf Ihese Ilnan¢lal Stslement8. Irregularltl6$, Includlng fraud, 8re Instan¢e$ tsf nofvcompllance wfth laws and regulatlons. Wo deslgn prO￿dUreS In IIDe our respon$lbllit1&8, Outllned abovo, tu detect material ml8Statement$ In respect of Irregularftles, Includlng fraud. The extent tts whlch our prouedu￿8 are capgblè of detectlng Irregularities, including fraud Is d¥talled below. Our sudlt planning procesg gave conslderation to the rlsk of matèrfai mjs$tatem8nt In the financlal 8tal¢men U8lng the Calculated materlallty level whlch Itself faotored In the naturè of the Ch8rfty's oper311on8 and the Int¢rprtted levols of Inherent and ¢ontrol rlsk. In a8$886lng the ri&k tsf fraud we revlewed m8nagemenf8 own a¥s¢8sment of potentlal for fraud wlthin enllty and re￿¢Wed Judgement& made by management lo Idontify po$8lble blas, In addltton to any opportunlty and Incentlva for fraud that are In Inh&rent In the nature of the Charlty'8 operatlons. Our det411ed tOStlng Included revlew of accountlng estlmatej and Judgemehts and valldatlon of prime ledger ontrle3. We confirmed our knowledge of tha legal and regulatory envlronmant of the fjniity through dlsrus$lon8 wlth management. Wa analy¥ed all Informallon avallable to us In respect ot r¢levant l&ws and regulatSons, In¢ludln9 the Comp8nle¥ Act 2006. tho charl11￿ SORP and rebvant UK tax leglsl8Uon and gnqulred wllh management 89 to any posslble broaeh8¥ In the afurementioned. We agreed tlw a¢curacy of the Iln&n¢lal statem¢nts to the gupportlng manag*ment Informatlon provlded by the cll•rt and test8iJ indlvlduglly.on a 8ample basls the Income ar*d expandttur& in tho fin•npial $totemonts to con$lder the buglne85 ratlonale behlnd the transactlona and the ac¢uraGy of thé finan¢5al re¢orfJs. Our audlt teslng did not Identlfy any188uas in re8peot of the matters listsd above, In¢ludlng fraud. A further doscrlptlon ol our respun8ibilill6s for the audlt uf th¢ financial 8tatomènts is located on the Flnancial Reportlng Council's webslte at: Thls de$¢ription forms part ol our Audltors, rttport. Us6 of our roport Thls raportls mad* 8olely to the oharltable companls trustee8. ay a body, In accordance vlth Part 4 of the Charltles (Ae¢ounl$ and Reports) Regulatlon$ 2008. Our audlt work ha8 been undetsken 80 that we mlght gtate to the ¢harItable companls tW8tetts those matters Yle afe r&quir8d to state to them In an Audttors, report and for no other purposp. To the fullest extsnt permittsd by law, we do not aecepi or assume responslbllity to anyonè other than th& Gharltabla company and its members, as a body, for our audlt worK for thls roport, or for the oplnion8 w& hava formed. Paga 13 BR18TOL AERO COLLECTION TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBÉRS OF BRISTOL AERO COLLECTION TRUST (CONTINUEO) Ryan Moore CA Csertior Stqlrf*or Rand411 & Payn• LLP Chartered Accountants & 8tatutory Audltor$ Shurdington Raad Cheltenham Gloucestershire GL514GA Date: 10 DeceM6er 202S i+or Randall & Payn8 LLP are ellglble to act os audltors In tems of sectlon 1212 of the CompanSeg Act 2008. Page 14 BRISTOL AERO COLLECTION TRU8T CON80LIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATINO INcoMe AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2026 Ro8trl¢t•d Unraatrl¢ted funds funds 2026 202 Total fund8 2025 Total funds 2024 Note Incom• from: Donati¢n8 and legacie Charitable actEvllle$ Othar tradlng actMtI83 220.000 210,887 1,087,711 1,006,822 430,586 1.087,711 1,008,823 421, 747 1.188,089 2,124630 Total Incomè 220,000 2,308,120 2,$28,120 3, 736,466 Expèndlturo on: Ralsing fundg Charftsble a¢tivSlle8 634,189 2,222,109 834,189 2,3Q5,105 1,524,119 2162.158 82,996 T1)t￿ èxpendlturn 82,996 20B8.298 2,939,294 3,688,277 Not MoV￿n9nt In fund8 137,004 (SBI,1781 {414,174} 50.189 Rett¢nclllatlon of fundg,. Total funds brought forward Nét movement In fursds 107,201 f37,004 1434138 1551,178 14,429,335 (414,174> 14,379,1 50,189 Total funds ¢arrl8d forward 244,205 13,770,957 14,010,162 14,429,335 The Consolldatsd Statement of Flnanclal Activ611¢8 Include8 au galn8 and1098es r8cogni8ed In tha year. The note& on pagas 22 to 48 lomi part of these flnanclal 8tatement8. Pago 15 BR18TOL AERO COLLECTION TRU8T REGISTERED NUMBER: 02689238 CONSOLIDATED ÈALANCE SHEET AS AT 31 MAR¢H 2025 2025 2024 Nots Flxed as89ts T4nglble 8s8et8' Hertsg8 assets 10 11 15,397,879 234,992 15 72&324 234,992 15,832,871 15,960,316 Curront a¥86ts Stock5 Debtor Cash at bank and In hand 13 14 53,742 289,818 Ql.401 56,301 286,626 193,257 414,959 536,184 Current Ilabllltlos Creditors. arn￿nts falllng due wtthln one year 15 (1,292,424) (1,371,500) Not curront Ilatsllltloa 1878,476) (775,318) T¢Aal a888ts curr•nt118bllltlo8 14,764,398 14185,000 Credltor8." amount8 18lllng due after more than one year 16 (739,234) (755.664) Total not asset8 14,015,162 14,429,S36 ¢h8rlty funds R65trlcted funds Unro8triCted funds 18 18 244,206 13,770,957 107,201 14,322.1$5 Total fund8 14,014162 14,429,336 Tho Chartty wa5 entltled to exemp.tlon from audlt undèf sectFon 477 of the Companles Act 2008. The member8 have not requlred Ihe entlty to obtsln an audlt for the year In questTon In accordance wIth 8eotlon 478 of the Compan103 Act 2008. However, an audlt Is requlr¢d In a¢cordance wkth 8edon 151 of the Charftle$ A¢t 2011, The Trustee$ admowledgts Ihelr responslbllltfea for complylng )Mlh the requlrenlants of the Act wtth raspect to aecounling record8 and prep8r8tlon of finanelal 8tatsm6nts. The Ilnanclal 8tstèment8 have been prepared In ac¢ordan¢e vlth the provl$lon8 appllcable to entltleg gublgct to the small Gompanles reglmé, Page 16 B.RISTOL AERO COLLECTION TRUST REGISTEREO NUMBER: 02689238 CONSOLIDATED BALANCE SHEET {CONTINUEDI AS AT 31 W4RCH 2025 Tlle financlal statements wèrè approved and authort8ed fvir18$ue by the Trusteos and $lgned on thelr behalf by: Sir l Gray CBE Chelr of Trustees Date.. 2@2< The notes on pageg 22 to 46 form part of these ftnanclal Statements. Page 17 BRI$TOL AERO COLLECTION TRUST REGIgTÉRED NUMBER: 02689238 CHARITY BALANCE SHEET AS AT 31 MARCH 2026 2026 2024 Not Flxed assots Tanglble a8sel8 Harftage a88tts Investments 10 11 12 15,387,620 234,992 15,717,465 234,992 15,622,613 15,952.458 Current asset8 Debtors Ca$h at b4rtk.and In hand 14 157,499 83,989 190,426 112,980 241,488 3(73.406 Current Ilabllltlos Credltors: amounts falltng due wthln one ye8r . 15 11,176,174> {1,18T.322) Not ourrgnt Ilabllltlo9 (934,886) (883, 916) Total a$80ts less current Ilabllltle$ 14,887,927 15,068,542 Credltors: amounts falling due after mora than one yfrar 16 1739,234) {756,684J Total nat assels 13,948,693 14,312.878 Qharlty funds Re8trlGted funds Unr¢$trlrt¢d fiJnd8 18 18 244,204 13,704,489 107,201 14.205,677 Totsl fundg 13,948,693 f4,312.878 The Charlly'8 net movemont In fvnds for thg year wao £(358,781) (2024- £4gQ3). The Charlty was entitled to exemptlon from audlt under 8ect1on 477 of the Companles Act 2006. The members have not requlred tho entity to obtaln an audlt for tha year In questlon In accordance wlih geGtlon 476 of the Companle8 Act 2006. OW8ver, an audffitlg requlrod In accordance with sectlon 151 of the Charltle8 Act 2011. The Trustees acknowledge fheir responsi￿111168 for complyjng wtth the requiTement$ of tho Act wlth re9peot to aGcounllng records and proparatlon of ftnancial 8tstements. Page 18 BR18TOL AERO COLLECTION TRUST REGISYEREO NUMBER: 02689238 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The finan¢lal 8tatgments hava bÈen prepared In ac¢ordance wlh the provlslons applittabl8 to anttties subject to the ymo11 companleB reglme. The tlnanGlal Statsments were approved and authori88d for Issue by the Trust¢e6 and 8ign¢d on Iheir behalf by: Sir l Gra¥ CBÈ (Chalr of Tru D8te: 3r4 202f Tha noV¢s on poges 22 to 48 lorm part oflhe8e financlal statements. Page 19 BRISTOL AERO COLLECTIQN TRUST CONSOLIDATED STATEMENT OF CA8H FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flow8 from oparatlng a¢tlvltlog Net ca$h used In opera￿n9 activlllel 1187,945) 281,956 Cash flo￿ from Invp8tlng actlvltié$ Purchaye of tanglble fixed a$8ets 113,272) (19,547) Net ratsh u8od In investlng actlvltl8$ 113,272) ¢19,647) Cash flowry from flnanGlng a¢tlvltl88 In6Y8a8el{rÈpald) on bank overdrsft Increase l (r¢payménts) of borro￿n9 Release of South GlouGester8hlro Councll Loan (Note 16) L)Ivldènd raceived from BAC Tradlng Llmited 6,875 (18,S97} (935,960) 79,23S (57,600) 66.231 108,083 Net ¢a$h provldod byl(u8gd Inl flnancing actlvltleg 99,381 1248,0941 Changè In cash and cash equlvalents In tha yea Cash 8nd cash equivalents at th& beglnnlng of the year {101,856) 193,257 14,315 178.942 Ca$h and cagh 8qulvalgnts at tha end Df tha year 91,401 193,2S7 The notes on pages 22 to 48 fomi part of thase ftnanGI81 ststemènty Pagè 20 BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Ac¢ountlng pollcle8 1.1 Basls of preparatlon of financlal gtatomants The Itnanclal sfatemont8 have been prepared In a¢cordan¢e with the Charitses SORP (FRS 102) Accourttlng and Reportlng by Charltie$: Statement of RoGomménd8d Praeiic6 appllcable to charltlgs prgparln9 th&lr accounts In a¢cordance wllh the Flnanclal R6POrtlng Standard appllcable In the UK (FR8 102) {affectlv8 l January 2019), the FlnanGlal Reportlng stsndard 4ppll¢able In th¢ UK {FRS 102> and the Companlos Act 2006. Brl8tol Aero Collectlon Trust meet$ thp definlllon of g publlc beneflt entity under FRS 102. As8et8 and Ilabllltle3 are initially T￿ognIsed at hlstortcal CO￿ or transacllon value unlo98 QtheNJlge 8tatgd In the rolevant 8G¢ountlng pollcy. The Consofidated st4tem8nt of flnanG181 a¢tlvltlg8 (SOFA) and Con$olldated balance shett con¥olidate the financlal statement$ pf the Charfty and Itg 8ubyldiary undertakln9. The regult8 ¢f the subsld18ry are consolldated on s Ilne by Ilne batsls. Tts& Charfty has tsken advantage of tho exemptlrm allowad under section 408 of tha Companies Act 200$ and has not presented Its own Statement of t]nonclel actfvltlo$ In these finan¢l81 ¥tat$ments. 12 Golng con¢grn The Charlty hold8 a IDan of £789,234 th South Glouce8torshlre Councll, secured by a fl04ting charg& over Its gS#&t$. Interest paymeni$ on the remalnlng loan bal8n¢e commenced In Aprll 2024, wlth ttapltal repayments $cheduled to begln In April 2025. In addltion, Ihe Councll has ¢ommltted to Provide £31,000 annually for the next year from altematlve Whlt6hall fijndlng, almed at supportlng In¢rea8ed school trlp actI￿ly. An overdraft facllity of tl.25 mllllon obtained from Uoyd8 Bank Is secured by a guaranteo provlded by BAE Sy8toms, whlch was reduced from 21.3 mllllon In November 2024, The Current annual overdraft extend¥ lo 30th November 2025 but, 8UPPOrted by BAE 8yytgm'& guarantee, the TNst ss dua to agree a new 12 months overdraft fa¢lllty to 30th Novemtygf 2026 shortly. Thege ftnanclal facllltie8 remaln necessary to manage tho i&gacy fundlng shortfall relatlng to captsl expendltur¢ Incurred prlor to the museum's opanlng In October 2017, Whlla the rolionce on an ovardraft facllty presents an element of uncertalnty, given that su¢h faciiitles can legally be wlthdrawn at short notlce, the Trustees romaln oonffdent in the ¢ontlnued Support of BAE Syslem$ and Lloyd8 Bank. Furthgrmor&, the Ilngnclal re$ult8 {beloro the Impact of depra¢latlon on ftxed a$$ets and interest co8t¥) far the year ended 31 Mar¢h 2025 ar8 po8ltlv8. wlth encouraglng trend& In vl8ltor admlssionl, school and group booklngs. The Tru8teg¥ ar8 confEdent that the Chartty hos adequate financial resou￿￿9 to meet Its obl14a￿On8 ag thoy fall due, and plans ara In plaGe to be9ln reduclng reliancè on the overdraft facility as Surpluses ard gonorated. AccordlngEy, tha Trustees cunslder It approprfats to co￿nUe to adtspt Ihe gaing concem ba818 In preparin9 these financial gtatoments, but r8cognl$¢d tha financlal posltlon of the Trust ly that of negative unrestrtcted reser188 and rellance upon contlnued fundlng ITI pla¢e wlth South Glouce3tershir8 Council and Uoyd$ Bank. Page 21 BRI8TOLAERO CoLLE￿ON fRU8T NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng poll¢lg5 (¢ontlnuod) t.3 Incomo All Income 18 re¢oynl8ed once the Charlly ha8 ent5tlement to. the In¢ome, It 18 probable that the Income wlll be re¢elved and tha amount of Income recelvable can bg measur6d rellably. The r8cognlllon of Income from legacles 18 dependent on e8tabllshlng entitlement, thè probabiuty of recelpt and the ¥blllty to ¢$tlmate with sufficlent accur8Cy th¢ amount reGelvable. Evldence of entlllement to a logaGy exists wh611 the Charlty ha8 aufflclent evidenco that a uift ha8 been left to them (through knowledgo of the axist6n¢e of a valld wlll and the doath of th& benefactor) and the executor18 $8tlsfied that th& property In que$tlon wlll not be requlred to S8ts4fy clalm$ In the ostate. R8¢elpt of a legacy must be recognlsed when11 is probable that It ￿11 be rèceived and the falr value of tha amount recelvable, whlch ￿11 generally Eje the expected cash amount to ba dlstributed to the Charlty. can be rellably measured. 1.4 Expendlture Expendlture Is recognl8&d onca Ihero Is a legal or constructlve obllgollon to tr¥n8fgr econom1¢ benafft to a thlrd paty, It Is probable that a transfer of gconoml¢ benefits wlll be requlred in Settlement and th8 amuunt of tha obllgotlon can be mpa$urod rellably, Expendlture 18 ¢188$lfied by 8Ctlvlty. The costs of each actsvlty are made up of the total of dlrect costs aD(J shored c0518, Includlng support cost8 Involved In undertakjng aach 8ctlvlty. Dlr&Gt ttiSt$ attrlbutsblo to 8 8ffinyle aGtivlty are allocated dlrectly to that actlw'ty. Shared costs whlch conirlbutg to more than one acuvlty and 8UPPQrt ¢ost8 whlch are not attrlbutable to a slngle aotlvlty are apportEoned between those act1vt￿ets on 8 ba$ls con$lgtsnt ￿th Ihg u80 of resour¢es, Centr81 $taff ¢o$ts are allocated on the bas18 ot tlme Spent, and dgpr&ciatlon ¢harge8 8llo¢ated on tha portlon of the assor$ u8e. Expendltur8 on ralgFn9 fvnds Include8 all expendlture In¢urred by the Group to raise fund8 for It charitable purp08es artd In¢ludo9 Costs of all fundra181ng actlvSlle8 events and non.chorltable tradlng, Exp&ndiiure on charftablo actlvitles IB In¢urred on diroctty undertaklng the act5vll1￿ which further the Group'g obJ6ctlve4 85 w811 as any a8goclated 8ilPPOrt costs. All •xpendltura 1$ Incluslve Qf Irrecovorablg VAT. 1.5 Tanglblè flx•d asséts and depraclatlon Tanglb16 fixed 88sets cogtlng £1,000 or more ar8 ¢apl*all8ad and r8cogn186d whan fulurg 8conomlc beneflts are probabl& atld Iha ￿&t or value of Iho as58t can be measured rellebly, Tartglbl8 ffxod aG8ets are Intttally re¢ognlsttd at Cogt. After recognltlon, under tho cost model, t8nglble fixed a38ets are measured at co$t lesy accumulated depro¢latlon and any aocumulatsd Impalrment losses. All costs Inourred to brfng o tangible fixed as¥et intC•.its Intend&d worklng ¢ondltlon 8hould bo InclU¢ed h tho mea8uroment of cost. Paga 22 BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 31 MARCH 2028 Ac¢ountlng poll¢lo$ (contlnuad) 1.6 Tan9lblo fjx•d a889ts and doprgeladon (Contlnued) Depreclation 18 charged so a8 to allo¢ate the co$t of tanglble Ilxod 488et¥ 1688 Ihelr re3idu41 ￿lue over thelr e8ttmatad useful Ilves, ublng the stralght-Iln6 method. DepreCIa￿onI8 provlded on tho followlng ba¥8s', Long-temi18a8ehold propety Exhibitions and colle¢tlons Fixtures and fittlngs Length of lease, stralght Ilne 20 y&ars gtralght Ilne 7 years stralght Ilne The1988e of the 8lte 13 for 150 year$ andlng Eiecember 2168, Leasghold land and bulldlngs wo revl8wad annually by the Tru8tee8 for any Indl¢atlon of Impa5nnent. Only assets co8tlng more than £1,000 aro capltallS8d, 1.8 Harltag• a980ts Where herltag6. ag$ets have been acqulred and there are rgcord8 avallabl8, th8So ara recognSsed at ost togtsther wtth direct re$toratlon costs. Where no 8u¢h records arè avallabl¥, thè herltO9e a$g9ts are not recognlsed ¢n the balance sheet on the ground8 that th¢ co8t of obtalnlng th18 Infonyjatlon would oUt￿l9h the benetlt in dolng so. The herltago ?88¢19 acqulr8d are consldored to have Indefinltfr Ilvos by the Trustfjag and therefore are not deprpci•ted. Annu8lEy at thè reportlng data, the herltsge asBets are reviewed by the Tiugtee8 for Indl¢allon3 of Impalrmant. Con¥ervation cos1$ af• wrltten off each year as an expense. 1.7 Invastm•nts Flxed a88et Inve8tmenta ar8 a form of Itnanclal InstrLwnent and ar8 Inltlally reco9nl8ed at thelr tran88cUon cost and ¥ub8¢quently mea¥ured at fair value at the Balance 8hÈat dat6, unlo8$ the v8lue cannot bo measured rellably In whl¢h ¢a$t 6t Is measured at ¢ost less Impalnnent. Inve$tment gains and tosses, whelher r&allged or unroallsed, are ¢ombinod and presented as 'Galn$l(Lo86es) on Inve8tmant&' In tho Cohs01idat¢d statemortl of flnanclal actlvlties. Invoatrnents In ¢ubsld14rl88 are valued at ¢08t1688 provi8lon for Smpalrni8nt. 4.8 8to¢ks Stocky are valued Ht Ihe lower of cost and net r68li$ablfj valuo after maklng due allowane? for ok)8olete and ylow-movlng stocks. Cost Include8 all dir¢ct C08t8 and an 4pproprtate proportlon ol fixed and varlabl? overhaad8. 1.9 Dabtor8 Trade and other debtor5 ar6 recugnlsed at the aettltment amount after any trade dl8¢ourrt offer¢d. Propayments are valued at tho amouni prepald net of any irade dlscounts due. Page 23 BRISTOL AERO COLLECTION TRUST NOTE8 TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢l?s (contlnued) 1.10 Co8h at bank and In hand Cash at bank and In hand Includos cash and $hort-tem hlgttty Ilquld Inve8tm8nts wlth a 8hort maturfty of three months or legs from the date of acqul<lon or openlng of the deposlt or 81mllar account. 1.11 Llabllltl08 and provlslon Llablllties ara recognl8ed when Ihera14 an obllgatlon at the Balance 8heat date a8 a roiult of a past event,1118 probable Ihat a transfer o* economic btsnefit will be requlrad In #èttlttment, and tho amount of tho 8ettTement Can be estimated rellably. Llablliiie8 8re recognlsed at the amount that thè Charlty anll¢lpatè8 tt Wtll pay to 88ttle the debt or tho amount It has recelved as advanced payrt]8nts for the goDd$ or 8ervl¢e8 It must provld¢. Provl8lon8 measured at the best e8tlmat8 of the amounts requlfed to 8ettl$ the obllgatlon. Where the effeGt of the Ilme value ol mon6y Is matertal, tho provt8lon1S ba8•d on thg prgsent value of tho aFnounts, dlscounttsd at the pre.t8x dlsotsunt rate that reflects the risks sp&clfl¢ to the1Sablllty. The unwlndlng of tho thscount Is reGognl8ed In the Consolldated statemént of financial actlvltl08 as a fin￿e0 co81. 1.12 Flnanclal InstNmgnts The Group only h8$ flnanclal a$8e18 and ffnanttlal Ilabilltle8 of a kind that quallfy as ba8lG financlal Instrumants. Bas1¢ ftnanclal Instruments are Inltlally re¢ognl8ed at tran88Ctlon valua and sub#equenlly moasured at Ihelr Bettlemant value wlth the ex¢epllon of bank loan8 which are gub8aquenlly moajvred at amortlsed Cost uslng th6 effectfve Intere8t mothod. f.13 Pgn81on8 The Group operatej a d&fln8d contrlbullon penslon 8cheme and tha pen8lon ¢harge réprosents the amounts payabla by the Group to the Iljnd In re8ped Ot the year. 1.14 Fund accountlng General funds (free fund¥) are unr&strfcted fvnds whlch are avallabl8 for us8 at the dljcrefjon of the Twste8s In furthorance of the general obJ¢cttvo5 of the Group and whl¢h hav¢ not been deslgnated for ofher purpo868. De8lgnated funds ¢ompr18e unrestrlctsd funds that havg baen set 4sldo by the Truytee$ for partlcular purposes. The alm and ugo of each deslgnated fund Is Set out In the notes to the finanoial tatements. Re8lrlct¢d funds are fund8 whlch are to be u06d In accordancg gpeclltc restrfcttons Impo$¢d by donors or whlch have be&n ral8¢d by the Group for partlcular purpose8. The of fai8lng and admlnlsterlng $uch fund& are rJiarg¢d agalnst the 8peolfic fund. Th& alm and UB6 of esch restrlcted fjJnd18 8et out In the note8 to the flnanclal statements, Page 24 BR18TOL AERO ¢OLLECTION TRUST NofES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 MARCH 2026 Incomè from donallong and lagaclos RestrlGtsd Unrfr$trl¢ted fund8 nd8 2025 2025 Tot41 funds 2025 Total rut7ds 2024 Donatton? anrj prant8 Spon8oryhlp Le9acy 220,OOQ 210,087 500 430,087 800 261, 747 10,000 150,000 220,000 210,587 430,587 421.747 Incom&from ¢harltablo a¢tlvlti Unra8trl¢tod fvnd$ 202B Total fund$ 2025 Total lun'ds 2024 Vlsltor adml8slons Fllmlng 1,061,181 28,550 1,061,161 26,550 t,132,028 56,061 Totsl 2025 1,Q87,711 1,087,711 1.188,089 Expandlturg on ral8lng fundts Co8ts of ralolng voluntary Income Unro8trlcted funds 2025 Total fvndg 2025 Total funds 2024 Costs of yenpratlng donated Income Costs of ral¥lng voluntary In¢omg - wage8 and $alarfB3 ¢0818 of ra181ng voluntary Income - Nl Costs of ralslng voluntary Income- penslon costs 32,343 53,273 4,207 985 32,343 03,273 4,207 IQ863 15,540 1,390 90,808 90,808 27.897 Total 2024 27,897 27,897 Pagg 26 BRISYQLAERO COLLECTION TRU8T NOTES TO THE FINANCIAL 8YATEMENrs FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on ralslng fund8 l¢ontlnu8d) Othar tradlng exponseg ' Unre$lrl¢tèd fund8 2026 Total fund8 2025 Total funds 2024 Cost of 8ole8- operationo of BAC Trading Llrnlted Cost of Sales Admlnlstratlon expen809 148,325 392,966 2,100 143,325 392,956 2,100 1,072,903 420,843 2.478 543,381 ,3B1 1,496,222 Total 2024 1,496,222 1,496,222 Analy81a of ￿pend￿tUre on ttharltablo a¢tlvltl88 Summary by lund typè Restrfctod Unro8trl¢tsd lund funds 202S 2025 Total 2Q2S Tolal 2024 Vl8ltor 8ervlce$ Leamlng and volunteering Mus8um facllltles management and d&velopment Costs Colle¢tlon ¢onservatlon and management 82.996 495.818 262.946 678,814 282,946 647,103 194053 1,453,183 10,162 1,463,183 10,162 1,265 724 55,278 82,996 2,222,109 2,305,106 2,162,158 Paga 28 RISTOL AERO COLLECTION TRUST NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Analyg18 of expendlture by actlvltlg5 Actlvltle8 undfjrtakon dlre¢tly 2026 8upport C08ts 2025 Totsl lunds 2025 rot81 fvnds 2624 Vl$ltor $ervic89 Lèaming and volunteertng Museum and facllltles management and development costs Colledtion ¢on$eNatlon and management 312,684 142,708 266,130 120,240 678,814 282,546 647,103 194,053 805.708 6,032 647,479 5,130 1,453,183 10,162 1,285, 725 1,286,130 1,038,975 2,301106 2,162, 158 Page 27 BRIBTOL AERO COLLECTION TRU8T NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 Anaty$lB of exp8ndltur8 by a¢tlvltle8 {¢ontlnu?dl Analy$ls of dlraGt Costs Musoum and fa¢llltlg$ managemont Collgctlon and con80rv#tlon d8velop6nt and ¢osts managament 2026 2025 L¢Arnlng Vl8Stor and $oNlce¥ voluntsarlng 2025 2025 Total funds 2025 Staff eo6t8 Othar dlrect C08t8 247,738 64,948 fj18,608 24,098 280,340 525,388 648,686 819,443 5,031 312,884 142,706 805,708 5,031 1,268,129 Prior yèar analy8ia of Dlre¢t Costs Total staff costs for 2024 were £467,806 Dlrect Costs br 2024 wer¢ £688,021 Analy$58 of sUPPOrt co8tB Mu8oum and facllltl88 management Collection and ¢onsorvatlon d&vglop&nt and ¢08ts monagement 2025 2026 Leamlng Vlsltor and ¥orv1¢08 voluntè&rlng 2028 2025 Total funds 2025 staff co￿$ Othpr wpport costs Govemanc8 Qosts 82263 172,217 11,650 38.868 81,372 209.302 438,173 1,658 3,473 332,091 69S,236 11,660 266,130 120,240 647,475 5,131 1,038,976 Piloryaar analy818 of Support Costs Total staff G08ts for2024 wqre £267,335 Other sUPPQrt costs for2024 were £777,347 Gov$m&nce oosts for 2024 wgro £11,850 Page 28 BRISTQL AERO COLLECTION TRU8T NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 Audltor8' ramuneratlon 2025 2024 Fe88 payablo to tho Ch3rlty'8 audltor for Ihe audlt of Ihe Ch8rfiy'g annual aGcounts (all $ervi¢es) F&eS payablè to tha Charity8 auditor In rospèct of. Audlt of tho 8ub8ldlary financl818iatgmants All non-8udlt 8ervlces not Includod above 9,000 8,850 3,250 4,625 3,050 4,325 Stsff cogts Group 20 Gmiip 2024 Charlty 2025 Charfty 2024 Wag08 and s8larles Soclal $ecurlty cos13 Contrlbutlon to dgfin¢d ¢ontrlbutlon pen$i¢n schomes 946,130 74,646 689,127 50,657 gdS,130 74.648 689,127 6Q,857 17,467 12,389 17,487 12,389 q,037,2I3 752,t73 .1,037,243 752,173 Tho avemge number of persons employed by th8 Charlty durlng the year w88 as follow8.. Gn)up 2024 No. 2025 No. Employeos 36 35 The avèrage nLtmber of employee8 (headcount) durfng th? year was 36 (2024: 36.). The employ608 of the Group are employed by tha Charlty, a Gharge of ttmploy4e tlmo that18 Ut51tsad by the tradlng subsldkry l¥ involGed tts BAC Tradlng Llmlted 89 a managemont charge. The number of employee8 whosa employee bqneflt8 (excludlng fjmployer pen$50n ¢08t8) ex¢8eded £60.000 wa8: Group 2025 No. Group 2024 No. In the b8nd £80,001- £90,000 The total aggregate employment benèftts, Indudlng employer panjlon ¢08ts and employer's nallonal Insurance ¢ontrlbutbns, recefved by key management personnel wero £361,563 (2024 - £285,144). Page 29 RISTOL AERO ¢OLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS POR THE YEAR ENDED 31 MARCH 2023 TrustO88' ramungfatlon and ¥xp8n8e8 None of th& TTU8tee$ (or any persons connected wJth them) recelved any remuneratton or beneflts from tha Charfty for tholr work as Tru8tee%. How8Vor, the CEO, Sally ¢ordw¢ll, who was also an appolnted Trustee during the year, dld recplve r8muneratlon and oul of pocket expenses In fulfilllng her full flmo management rola, Remuneratlon of a Trustee Is permltted under the govemlng dOcUm￿t and an ordor from the Chorfty Commisslon. Tha value of Trustaes, remuneratlon and other b8ngfit8 was as follows: 2026 2024 S Cordw811 R•muneratton PenÉlon contrlbutEons pald 82,000 1,321 76, 724 1,265 Durfng the year gnded 31 March 2028, no Trustee exp8n868 have been incurred (2024 - £NIL). Page 30 lj" R I BR18TOL AERO COLLECTION TRU8T NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202$ q1. Harltsgo a888ts Group and Charlty A$80ts r8¢0gnl84d at ¢0ot Horltago Total 2025 2026 Carrylng value at 1 Aprll 2024 and 31 March 2025 234,992 234,992 234,992 234,992 12, Fbtgd ag8ot Inv08tfflents Invostm&nts In $ubsldlary companlè8 Charlty Gost or vuluatlon Al 1 Aprll 2024 At 31 March 2025 Not book valuo At 31 March 2026 At 31 2024 Page 34 BRiaTQL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 34 MARCH 2025 12. Flxod a68et Inve8tmgnts (¢ontlnuod) Prln¢lpal 8ubgldi#rios Tho followlng wa8 a 8ub$ldl8ry undertaklng of the Charlty: Name Country Prlnclpal actlvlty Class of Holdlng 8hare8 BAC Tradlng Llmlted England anrj To cerry out retall, W¥l68 event8 and caterlng act￿ltIe8 Wtlhln facllltl89 provlded by Brt8tol Agro Colle¢tlon Trust. Ordlnary 100Qh The financlal retsults of tho $ubsldlary for th8 year ware., Income Expendlturg Proflfl{L069) for tho yoar. Name Net assèts BAC Tradlng Llmlted 694,Q48 1636,956 58,188 66rt68 13. $to¢k8 Group 2026 Group 2024 Goods for re8al8 33,742 56,301 14. Debtoro Group 2025 Gmup 2024 Charlty 2025 Charlly 2024 Due wlthln one y8ar Tr8de debtor8 Othor debtor¥ Prepayments and accnjecl income 124,954 22,304 122,658 137,203 52,IT1 97,252 61,606 118.816) 114509 113,417 (13,699) 90, 708 269,816 286,626 157,459 190,428 Page 38 BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 15. Credltors: Amounts fvlllng duo wlthln one year Group 2025 Gmup 2024 Charlty 2026 Charfty 2024 Bank overdr1ft8 Covld 19 '8oun¢g sa0￿ loan Coundl loan Trade crodStOT8 Other taxatlon and 80¢1818ecurfty other credttor8 Accrual$ and defwred Income 832,637 10,833 g0,ooo 197,286 2$,716 9,640 166,323 828.762 10,000 50,000 235, 784 832,637 10,833 59,000 146,209 825,762 10,000 5Q,QOO 183,094 10,843 179,131 9,640 12e,8S 1Q843 127,623 1,293,434 1,311,500 1,176,174 1, 187,322 16. Crèdltor8: Amounts falllng dug aftar moro than onè year Group 202S Group 2024 Charlty 2029 2024 covld 19 '8ounGe Ba¢k' loan Councll loan 10,833 744,83t 10,833 744,831 739,234 739,234 739,294 755,664 YJè,234 755.664 - A bank loan w61h capltsl totslllng £1,000,000 from Lioyds Bank wgs due for rop8ymont$ on 30 Aprll 2019 but was Gonvertod to an overdraft by the bank. The tsvordraft 1$ guaranteed by BAE Syatem8 who have an thdemnlty agreement the Cherfty. Thls facllfty 18 extended untll 30 Novembgr 2025 and, 8$ an overdraft, ly repayablg on domand. The total faclllty avallabl8 as at 31 March 2025 5$ £1,260,000. The loan frnm South Gloucester8hlre Council IS sacured by a floalng ¢har96 over the Charltls asgets and wag orl9ln8lly due for repayment on 30 March 2019. In tho prlor year, the Councll walved a portlon of the loan totalIlng £315.888, wlth £258,288 roloa$ed In 202&23 and the remalnlng £57,600 applle(I to accwed Intsre8t In 202V24. Thls walver was reeognlsed as donation in¢omg In 2024. No further adluitments to tho loan balanae OGGurred durfng the year ended 31 Marth 2026. The outstandlng b8lanc8 on the loan as at 31 March 202519 £789.234. The balance of acGrued int8re8t on tho loan of £4,80918 included wlthln AGcrual3 and d￿erred Income. Page 36 BRI8TOL AERO COLLEGTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 17. Flnv4n¢lal Ingtruments Group 2026 Charlty 2026 Charlty 2024 2024 Flnanclal ag8Ots Flnanclal assets méasured at falr valu& through InGome and expendlture 11,404 193,257 83,989 112,980 Flnanclal as$ets mea$ur6d et falr v81uo through Income and txpgnditure ¢ompr18e cash at bank and In hand, Page 37 BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 18. Statemont of funds 8tatomant of fund6 . ¢urront y•ar Palan¢o at 31 Mareh 2025 Balan¢e at I Aprfl 2024 Tran8farn Inlout In¢offto Expondlture UnroBtrlGted fund8 Dgslgnatad fundg Flxed as¥et fund Legacy Tran8formallon Fund IS,952A58 150.000 (33Y,3971 15,622,810 1JO,QOO 18,102,468 (337,397) 7,061 18,772,610 Goner41 fundg General Funds- all fund8 Inter4t)tity tran8actlon8 Re$orve$ (BAC Tradlng Llmlle Statemant of tund&- prlor yèar Balanvg at st Maro 2024 58lance at 1 April 2023 Tr•n8fers litsout InGom& Ex￿ndItur& Unro8trlot•d fund8 Do$lgnatod fund8 Flxed a8SOt fund Lggacy Tran8forrywtlon Fund 16,324926 (387.294) 13,826 15,952,458 150,000 150,000 1&325,928 (387,294) 163.826 16,102,458 Qantsral funds G6ner41 Fund3- ali fund8 Inter-enllty transactlon$ Reserves (BAC TRdlng Llmited) (2,075 130) 2,034,631 (1, 758,68fj) (97,596) (1,896,780) 69,849 1,606,834 (1,493,994) (66,231) 116,362 (2,005,280) 3, 841,465 (3 252,680) (163, 826) (1,780,321) Total Unra8tr1ctgd lunds 14,32Q,846 3,641,465 (4639,974J 14,322 137 R6strlcted funds Aerogpa¢e Brlytol fund Re8toration fund othor ra81fj¢ted funds 286 16.882 41,334 286 15,752 91,163 (1. 130) (45171) 95,000 58,502 95,000 (48,301) IOT,201 Total ol funds 14,379,148 3,7S6,465 (3,886,275) 14,429,338 Page 39 BRI8TOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS POR THE YEAR ENDED 31 MARCH 2025 18. summary tif fund$ {conunuod) Summary ol fundg - cuttgnt year Balanc• at 31 March 202 Balance at Aprll 2024 Tran$ler8 Inlout Inoomo Expendltur• De8lgnated fund General funds Restrfcted fund8 16,102,456 {337,397) 11,780,321I 2,305,119 {2,518,900 107,201 220,DQts <82.996) 7,561 15,772,610 17,5511 {2,001,653) 244,206 14429,336 2,628,119 {2,939,2931 14,015,162 Page 40 BRl8foL AERO COLLECTION TRUST. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 18. Summary Of furKls (conllnued) Free funds {Oen•ral Fund8) The free funds of tha Charlty are used In Ilne wlth Its purpo3e& at th6 dla¢rÈtlon of the Tru8tee¥. The fr¢e funds of the Charlty are In de*lclt at Iha year-end. LJ$ually tho Gre4fion of a deslgnated fund cannot re$ull In a negatlve genttral fiJnd$ posiuon, However, tho Tru¥t¢o¥ have chosen to show the not book value of th6 langlble Ixgd as8ets and herltage a$sets a¥ a dg8lgnat&d ftjnd In order to clearly Show thg negatlv free Fe$ètV¢8 PO8hlon of thè Charfty. Flxod a88Ot lund (DoBlgnatod Fund8) Th18 fund, deslgnated by the Tru$igeg, 1$ let 881d8 at the net book value of tho ¢harftable flxed a899ts gnd harltage *8sat8. Transformallon fund (Deslgnat•d Fund¥) Th18 fund, was d8slgnatsd by thg Trust6&s In the flnanclal yoar end8d 2024 followlng th4 recelpt Of a legacy and Is set aslde to #upport plAnned Transformallonol pro}octs at the Trust. Rgstrloted Fun(J8 Aoroipa¢• Brlstol fund The fund Incorporaté$ all the re$trl¢t¥d fund8 rocglved ypeclllcally relatlng to creatlng Aerospace Brlstol le85 related overhead co¥ts and caplt81 trangfer¥ to the Fixed as¥ot fvnd. The remalnlng r&8tricted funds ara hald to complete oulststtdlhu bulldlng Work rglating to bulldlng 16M. R08tOMtlon fund Prevlously, Indlvldual fundg war& astabli$hed for tha rÈstoratlon of a Bolingbroke alrcrt a Brlytol Flghter F2B aircraft gnd additlonally, In 2017, funds were e8tabllshed for the acqul¥ltlon ot the Brl8tol Frelghter, The funds relatlng to the Brlstol Flghter and 8rlstrJl Frelghter Were fully utlllgad In 2018 and prlor year8. Thlj, therelore leave8 fundg gpecltl¢alty rfjstrlcted for tho restoratlon of the Bollngbroke alr¢raft. 18R pioJ¢Gt (duo *0 laun¢h In tha summer of 2025) Aero$pacg 8dstol Is set to launch a penytanent landmark dl8play of 70 rare Rolls.Royce englne$, made posslble through a collaboratlon wkth the Rolls-Roycg Hgrttage Trust and $uppr)rted by a gengrous £18D,000 donatton from Rolls-Royvo pl¢, whlch wlll brlng these Iconlc englnes to a wlder audlence for the very flr8t Ilme. Othor Re8trl¢tod furKI8 Th18 Includd8 a numbw o19rants reGolved for 8peclfi¢ 8hort temi projects and a¢tlviUe3. Page 41 BRISTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 18. summary of fund8 (contlnugd) Summary of funds - prEor ygar Balance at 31 Mat 2024 8alanc6 at 1 Aprll 2023 Translers In/DUt Jncome Expoi￿ltUre Deslgn4ted fuhds General funds Restrlcted fund8 16.325.926 (387,294) (2,005,280) 3, 641,465 (3.252,680) 58.502 98,000 (46,301) 165,826 16. 102458 (163,826) {1, 780,321J tQ7,201 14,379,148 3,786,465 (3,6$6,275J 14,429,338 19. Analy818 of not a$$ot8 botrwoon lund8 Analy818 of not a890ts b•trNoon funds Wr ¢urrgnt year Rgstrl¢tod Unro8trlcted fund$ funds 2026 2025 Totsl funda 2026 Tangibi& flxed asyets HÈrftage atssets Current a88ets Credltor8 due ￿thIn ona year Credltors due In more than one year 15,397,879 10,39¥.879 234,992 234,992 170,753 414,958 (1293,434> {1,293A34) {739,2341 1739,234) 244,205 Total 244,205 13,770,957 14,015,182 Page 42 BRI8TOL AERO COLLECTION TAUST NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENIJED 31 MARCH 2026 19. An4lyal$ of ngt aÈAèts botwegn funds {QontIn￿d} Analys1$ of net assets batween fund¥ . prlor yoar Reslhcted Unmstrlcted lund8 ftinds 2024 2024 Totel funds 2024 Tanglble fix¢d 8$8et8 Herltage 88$eis Current assef$ Creditor8 due wlthln one year Credltprs due In more than one y¢ar 15, 725,324 15. 725,324 234,992 234,992 428,983 536,184 {1,311,5(Kl) (1,3YI,S00) (755,664) (755,6&4) 107,201 Totsi 107.201 14.322, *35 14,429.336 Rgcon¢iitsfjon of net thov6m8nt In funds to ngt ¢a$h flow from opgratlng a¢tlvltl Group 2025 Group 2024 Net Incom61expendrture ftsr the year (as per Staternent of FlnanGla AGtivltles> (4q41741 50,189 Adjusthionts for: Depreclatlon. ¢h?rgeg Do¢ffjas01{Incr6ase) In stocks De¢reayel(incr6as8) In debtors Increasel(decr¢a8e) In ¢redltors 337,397 2,559 16,810 (25,774) 388,353 (Y3,9Q6) (262,4Q2) 53,491 Net caah provldwd byl(u8Bd In) opgrotlng a¢tlvltlg9 {83,182) 215 725 21. A￿ly8]S of ¢a8h and ca8h equlvalènt8 Group 2025 Gmup 2024 Cash In hand 91A01 193,2$7 Total cash and cash èqulvalonts 94,401 194257 P8gg 43 BRIgTOL AERO COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2028 2& Analy618 of cbangos In nfyt debt At l Aptll 2024 Cagh flowg At 31 March 2028 Cash at bank and In hand Bank ovttrdraft8 ropayobl8 on demand Debt dué wlthln 1 year Oebt due after 1 year 193,2S7 (825,762) (60,000) (766,864) {101,866) 91,401 (6,875) (882,63Y) {833) (60,833) 10,430 (739,234) {1,448,169) 193,134) 11,541,303) 23. Contlngent Ilabllltleg In the event of the $de of the propety, tha Natlonal Lottery H6rltage Fund have the rlght to reGelve £4,682,OOD for a perlod 0120 years from tho ¢ompletJon and Dpènlng of the museum whlch occur8d In October 2017. Na provlslon has beÈn made in re8PQCt of the grant a8 tho condRlon8 aro d¢emed unllkgly to occur. 2& Pgn¥lon commltments Thp charlty QP6ralag a defined ¢ontrlbutlon pension scheme. The aBsgt8 of the schem¢ are held gepgrately from tho88 of the group In an Independently adm5nlstered fund. Tho p&n$lon co$t chargo repregente contrlbutlons payable by the group tolhe fund and amounted to £17,486 (2024- £12,390). 28. Oporallng l•a40 ¢ommltmont8 The Group and tha Charfty had no cammltments undor non-can¢8llable oporatlng Ipa88s ai 31 March 2(>25, 28. Related party tran$a¢iion$ BAC Tradlng Llmlted l& the tradlng sub8dlary of Bf58tol Aero Collecllon Trust. In tho flnanclal year endgd 31 March 2025 BAC Tr8dlng Llmiterj made a glft ald donatton of 2108,083 (2024 £66,231) lo Brlstol Aoro ¢oll¢¢tlon Trust. In addltlon to thls, BAC Tradlng Llmited pald management chfjrges of £345,050 <2024: E893,943) to th¢ Charlty In respect of r¢nt and overheads. There wertt no amounta clue to the Charlty from th& 8ubsldlary at the year end (2024: £nil). There ware no other related paty transacllons other than th03e dls¢lotsed In th¢ 4cMunts. Page 44