Roglstered number. 02712981 Charlty numbor: 307534 RICHARD SHurrLEWORTH TRUSTEES (A company Ilmlted by guarantee) TRUSTEES. REPORT AND FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 31 OCTOBER 2022 RICHARD SHUTfLEWORTH TRUSTEES CONTENTS Pgge Ref•rènco and Admlnlstralivg D8talls of the Charlty. Its Trustsos and Advlsors Trustees. R•port 3-14 Independonl Audltors. Report 15-18 Con8olldated Statemènt of Financlal Acllvllles 19 Consolldated 8alancg Shggt 20 Charfty Balance Sheel 21 Consolldatsd Statement of Cash Flot*s 22 Notss lo the Flnanclal Ststements 23-51 RICHARD SH￿￿LEW0RTH TRUSTEES REFERENCE AND ADMINISTRATIVE DEfAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2022 Dlrector5 E M WOCNJ, Chaim)an R Bailey Lord Cobham PJACwper E A Davtes S Gardner C Griffiihs A Harries Princess Hohenlohe M Johnston T P Routsis R Graff von Waldburg-woifegg C E S 1I4hitbread Company reglstered number 02712981 Prlnclpal office Old Warden Park Bugleswade Bedfordshtre SG18 9EP Sgcr8tsry R J D811ey Indepgndgnt audltofs Peters E￿orthY & Moore Chartered Acccyjntants Salisbury House Station Road Cambridge CB12LA BankeTS Bardays Barth PLC High Streèt MK40 1 Solicltors Chades Russell Speethtys LLP 5 Neet Place Lon¢kn EC4M 7RD Investment portfollo managor Sarasin & Partners LLP Juxon HoLEse 1(Ks St Paufs Churchyard LoThJon EC4M 8BU age1 RICHARD sHu￿LEw0RTH TRUSTEES REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TrUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Land A9¢nt Rcbinson & Hall LLP 118 Bromham Road Bedford MK40 2QN age RICHARO SHUTTLEWORTH TRUSTEES TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCT08ER 2022 The Tfustees, are the directors of the chaiitable company for the Pur￿se of company law. present their annual report together th the audited financbal slatements of the Griyjp and the Trust for the 1 November 2021 to 31 o￿ober 2022. CHAIRMAN'S STATEMENT It has been my enormous pleasure and priwlege lo Chair the Board of Trustees at Shultleworth for the last 9 years. I wll step down from thts postbon in March thi5 year and pass the Chairman's reins ￿ to my very able fellow Iruslee. Tim Routws. Tim ha5 been a Shutueworth Iruslee for 10 years and 1$ well known among slaff and volunteers ￿ his work with the collectb)n and the avialion side of the Iru$L Our strale9i¢ plan 2021-26 was agreed by the Board after considerable ￿nSultation and much thought. Now, having successfully weathered the Covid stomi. w$ feel that we have emerged eagemess to build on our strengths and deliver afresh against our charitable 04ectNes. but inevilabty into a different landscape. The last two years have caused us to rèfftèct furthèr as a Board on how we can best deliver againsl our oblècllves and, no doubt after fvrther refiection thls Is likety to need us to make scrfne changes to our approach this year to ensure that Shutueworth pr05pers and continues to delNer a3ainst ils ch8rttable objectives into the futLtre. The Trustees aThJ I would like lo thank the entire Shultleworth o)rnmunlty, of staff. volunleefs and visitors, lor their dedi¢8lion. hard work and support for the Tfusl over the past year. l am optimistic for the future and look foThvard lo seeing the Twsl devel¢)p over the coming years under the nexi Chaif. CHARrrABLE AIMS AND ACTivmES Purpos• The charitable company. Richard Shuttleworth Trustees. 15 the sc4e corporate member of The Richard Ormonde Shutueworth Remembrance Trusl IThe Shutdeworth Twst). The Shultleworth Trust connects peoFle and Sk￿lS For the next geneTalM)n. Shutueworth College tsawts skills tn agr￿￿ttUre. farm tethnobgy, forestry, horticullure and animal management. For our reg￿)n, the Shuitleworth Gardens and Park connect peWe with landscape and nature. For the nation. the Shuweworth Colleclion maintains unw4ue heritage engineering and flying skills, and inspires everyone with its working cdWion of vinlage aircraft aNJ Weh￿les. The Trust's objectives celebrate the passions of Rthard Shuttknrth. who wa$ a noled raclng car driver and piloL and who ako collected and restored old cars aiTcraft. They also celebrate the genesis of the Shutueworth ftxlune made from an Inlemationally sucLessful ag[￿ltural machinèry business in the ￿dustrIal revolution. Strotogy The Trust has a Strategk Plan 2021- 2026 that ouuines the o14ectNes to: Invest in modem and heritage skills. training. edu¢atK)n and discovery Build and im￿eMers1 an ambitious en￿ronmental strategy and a cÉear plan for our estate Tell the Shuttleworth story and use its charactws al￿ heritage lo make sense of the site Position the Trust as a valued local partnw. a salient regional pL7yer. and a rewnised national brand Grow and diveT5rfy cMJr audience lo at least m*ch the growth and diversty of our region Bulld finan(#al suslainabfflty with a compelling visitor expe￿nce 8n¢J sensitive ￿mMercIal aclniity. Page 3 RICHARD SHurrLEWORTh TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Actlvltles The Trust fulfils its purpose lo train skills at shUttlew￿ College by: Supporting The Bedford College Group in its management of Shuttleworth College and its learners Supporting the training and aPprenti￿h1pS provided by Shuiyeworth College Using its Estate to support land-based leamirKJ through Shuttleworth College Funding a Fesearch PhD in b￿)-1nn￿1afits The Twsl m8inlalns unique heritage engineeriTrJ aTrJ fying skllls ty. Mainlaintng and operatirg tis couection forthe to engage vAth Mainlaining unique spe¢ialisl practical skills and kn* in the mainlenance and operation of induslrial heritage, in partiujlar the EdwaTdian aircraft Creating apprenticeships and training opportsjnibes in heritage erKJineering Funding and Supp￿ learning OpF¥￿tunI1Ies in specialist areas. from aviatK)n safety lo sustainable foresty The Twst Insptres everyone wrth its working collection of vinlage aiiuaft and vehth by: Providing access and inteTpretalK)n to tts landscapes and colleC￿n of aircraft and vehides. Including their maintenance facililies Organising and delivering a suile of sltuthjred leaming prc*3rammes for schwls. youth g￿pS and unNersity students Organising relevant talks and specialist tours related to its ￿lleCt￿)n and estate Offering and fa¢ilEialing placements for unNefsity students Offeriry work experience t(> sthool students Org8nising p8rtneishlp and volunteer activty-led event days for the public Organising hands-on leaming or skills act[v￿e5 for children and young people during school holidays Taking specialist knowledge th training to other ￿ganisationS through outreach Maintaining and providing access to a specialist library and archrve The Shuttleworth Tnjst supports itseWthroLwJh the managemenl of Its assets. These comprise: The Shuttteworth Cdledion of vintage aviation arKI autorrb)tive tranSF￿ and ag￿cUltural technoYc*3y. ThtS FS open to the public as part of the Shuttleworth Collecbon & Gardens visilor attradion. The Shutueworth Swss Garden. a nlne 8Gre Grade Il. listed lale-Regency plctsjresque alplne landscape garden wlh Victorian features added by the shUttlew￿. This hosts events and weddings and ts open as part of the Shuttleworth Collecti(m & Gardens visit¢N attractbon. Shl￿lew0rth House. a Gradè Il. listed mansion house built by the Shuttleworth family. and ib, assoclated Grade Il. listed parkland from a previous generation of owners. These are used for cx)fpoiale. private and public &vonts and Is periodicalty open as part of thè visilor attra¢tK)n. The Old Warden Estate. which comprises famts. W￿d18nd. residenb'al propertses and commercial buildings. which are let to provide the base revenue to SUp￿t the charitable obJe¢tsves. A whdly-owned subsidiary o)mpany. Okl Warden Limited (OVIL) manages the commercial operations of the Trust's businesses at thè Shutd8WOrth House arKS Swiss Garden. the vislor attracbon Visitor Centre shop and restaurant. and commercial revenues from engineerin9 and aVIat￿n fvel sales. In settlng otyectives and planning for activibes. the Tru51ees have gwen due considÈralion lo general guidance published by the Charity Commission relabng lo pubbc benefiL ￿)￿l￿ling the guidance 'Publi¢ benefil= running a charity IPB21'. Page 4 RICHARD SHUTTLEWORTH TRUSTEES TrUSTEES' REPORT {coKfiNUEDI FOR THE YEAR ENDED 31 OCTOBER 2022 Charftable objects The fotmal otyects of the charity are: Ihe promotion of education and trainiry in the scIen￿. F￿l￿e and htstory of aviatK)n and automotive transport.. and Ihe promotion of education and training in the sc￿nCe and practice of agr￿Ulture. and. in so far as it is ancillary thereto. education and training in the scten¢e and practice of foLyJ prc¥JuctK)n and the management of fural resources by making artangements fly the provision and conduct of a college. The Trustees recognlse the importance of the heri* assets of the Okl Warden Eslate and the Shuttleworth Colleclion as part of the SUC￿$fid delNery of Iheir ¢hantabbe obie¢tiv83 and Iheir moral obligation to nationally sIgn￿lCant heTltage. Partn•¥shlps The Shuttleworth Trust delivers its obiectkves and manages its assets in partnwship wtth key otganisations. without which it could not function. These are The Bedford College GfOUP. which manages Shuttleworth College and its associaled farms and land The Shutueworth Veteran Aeroplane Swety, an iThdepe￿nI charitable body sel Lbp to support the Shutueworth Collection with fvnds and v(Aunteets The Friends of the Swiss Garden. an independent charitable tKMty set up to $LtPF¢*t the Shultleworth Swss G8rden with funds and volunteers The Airfiekl Volunteer Fire Service. a separatety ￿￿tl￿ted volunteer org8ni5ation that provides fire and first aid cover for air shows aThJ evBnts There are more than actNe vc4unteers that assist in functions across the organisalion including the delivery ol ¢ducalional activities for schoot visils and on air show days.. visitor experience stewardship and hosting guid8d totjrs", the r8StoratK)n, maintenancè. management and operation of the Collection" the managemenl of the airfi¢ld and fying displays.. and the maintenance of the Garden and of the estste. Volunteers con1ributed more than 50,000 hours lo the Trust durirvJ the year. The Shuttleworth Swss Garden is a Royal Horticultural ￿lety Partner Garden. It is $LsbAect to a Mernorandum of Understanding with Cenlral Bedfordshire Council. The Trust is a partner in the Greensand Cwnty L8ndsc8pe Partnetship: In Ihe DMO ExperiencE Bedfordshire and in Bedfordshire Garder￿ Trust Head Gardenets. Nelwork. Charltable Fundralslng The Trust raises fijnds thTough admissKJns to the CoHectw)n as 8 slalic and as an ope￿tIonal atttaction on event and air show days. 11 hosts an annual fundraising FlwTra Pioms event. Th¢ Cotlection a150 attracts charltable donations and tequests. Donations are recewed from the supportiThJ volunteer and friènds ¢haribes: and the ColleCt￿n and Swiss Garden receive occasional small grnnts. There are no paHI wofessional fundraising staff at the Trusl and it worts with one freelance profes$ional. RICHARD SHLrrrLEWORTH TRUSTEES TRUSTEES. REPORT (COIrnNUEDI FOR THE YEAR ENDED 31 OCTOBER 2022 Futurn plans The Trust has divided its fvlure F4ans into three phases Phas8 1.. Access fry All vrrill review, dethe ar¥J davelop Ihe Flans our sfte with Ihe5e ci)l￿tiveS.. Soclal Access.. our visrtor eyrlence Is allracbve and relevant to people from all backgrounds IntèllectU81 Acc85s.' our site arKI programmes are presented for aH I?8mOng styles and levels of kno%¥ledg8 Emotional A(xes5: everyone is able to connect to our Shultleworth story Physocal Access.. our wsitor experience Is Suitab￿ for p8orA& of al abili1Ses Dlgital Access: t)ur analogue srte is Suppc￿ted by an excellent d￿Jital layer Phasg 2: The Futuro of A%latK>n Hertlage will SUPF*Nt and seojre our unique engineering heiitage skllls wilh: Invesknent in the Sknlls TTonsfer Prcyamme Impiov8(l energy effluèncy in the engineerirg fadlties Impiovad 8ngine8ring hangar public Ihrèshjld R¢pla¢¢ment of the &nglngering hangar 8TrJ blister hangar roof Reoroineedng the Wesland LysatKler Engaglng the publk with thè SOE story in Bodfordshlre Im{￿0Ved InterFrtatbn of the hangar and ￿f0Tmal reco3n1th￿ of Its hlsioric sta￿$ Phase 3: This prr4ect wdl Iransf¢fm the visitor experienca and sile capaw th Inv65tsnenl in our visbtor fadlltles. Porfomiance rnport Covtd and consumer sentifflenl cO￿nUed to affod the Tn￿,$ wsiloT and public4elated (Wdb"ons dwing Ihe year. The 'Omicron Wave, that emerged at Ihe end of 2021 ¢loseO all the indwf Chrfstrnas activities and events but the visitor altracknn remained open vmh reinforced soc481 di51andng and sanilisation. Ouring 2022 visilor numbers conts.nued to recover from Ihe lows wlnessed #) 2020. as shown in the table below. Table: V181tor Numbors 8lnc• 2019 FIn￿)dI1 year$ 2ry Collecuon and Gardens 90,274 92.EIX) 51.327 Air show5 23.574 11370 9.732 _A Commerual events 27,793 28.825 Educatton 6,032 1,645 1.073 Totsl 147m 14040 64132 83.120 41,769 28313 9.239 The Trust staff volunteors organised actiwlies as varied as the Englneerfng Ow Workshop,. the DaffodOI Festival. and Shuttlewotlh in Lights. as well as attracting younger v¢srtors wlh both Santa and the Easter Btjnny flying in. Partnership events were held wlth the Moth Club. Vintage Air(xaft Club, Shutueworth Veteran Aaioplang Sc￿ety. B￿lL$h Model Flwng Ass￿Aation. Darren Harbar P￿tC43r8Phy, Nauonal Garden Scheme. Fdends oftho Swlss Garden. and Heritage Open Days. Alr shows Ten air shows were held beh¥een Mty and October, three gvening shovts off8r•l In a'covid-securè, Drlve-ln fom)at. A variety of gudlences were catered for. from the JLtsllee Flying Cffcus famlly wÉth 29% chlldren to the Fly Navy offertro for enlhusiasts. 3,363 under- 16s. an average of 14% of the vlsitor5. enjoyed Iha shows. Alr show visitors began lo rebuild from the Covid- restrlcted numbws in previous years. although eoty show Inclement w8ath8r ￿di1￿)n5 CA)ntrthled to de[￿eSS￿ numbers. Page 6 RICHARD SHiJfTLEWORTh TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Fomlal l•amlng and dlscovory An Arts Council grant from the ROH 8ridge TnJ51. match funded by Bedford CrealNe Arts and the SVAS. allowed the Education team to extemal help to devek*p and test new resources. Th8 pwramme targetetl hyper-thal schools. home-education group5 and Polish schoob. New resoL¢rces and aclfvilles cor)necting the Colledion with the Victorian local Bi9J8swade Inventry Dan Albone and hbJhlh3ht6ng Polish storigs withln tho Collection were trialled and created in cAlaboration with the tsr￿1 gioups. 6,032 young lea￿erS Irom 161 irtstitutions vrstted and engaged y￿th th8 Tnjst acmss the year throughlearning programmes and on sile acllvltles, Including six dedicaled STEM beamlng days. All the activities were highty supported by the volunteeis who provided lèaching, coachiThJ and èxperiences ranging from Ihe BofoTS Gun leam experience to vintage tAJS Iwmeys. The numbers ere broken down in the tab￿ below for th8 2022 nanclal year. 22 Totals KSI-2 Sthools KS34 schools PCE Post-corn Adult learnin Youth rou In5tltutlons 161 51 15 Learners ulso educatlon 405 338 76 Scouts Guides ATC CCF STEM Da 398 183 Outreach 208 The capacty of the Trust's facilities and teams were test￿ to Ihe Ilmit these numbors bul LFnfortun3tety a further 816 learners were tumeA away due to Cwty constraints. Coursos and ¢onf8renc8s The Trust C￿ntinUed to support Ihe SCMI A8sodaticffl fft an inlemational prwamme ot Excell8nc8 for Fofest Certifjcation Training. Whila the stBrt of the pr(wamme in 2016 was supported on site at Shuttleworih Houso, since Covfjd the programme has been delNered in•O)untry. f*Jring the year, 132 dekgates attended Iralnlng courses in Atryjia and Ek1￿. Nigeria: Hat Yai in ThailaTrJ and Phnom Pen, Cambodia. The TTUSI supported Ihe annual Warb¥ds Chvnws. Conference. a resKJentsal tralnlng actlvty for the speclallst flylng communty. arvj a cL)nference for the European Test Pllot fratemtty. Apprgnllcashlps and Tralnlng Th8 Trust Is midway through a 20 Year￿umeY of transfening Ihe skills base from exp&denc$d end-of-caro Shuttleworth engineers to a new generation. It runs a skils transfer programme comprising a four year apprenuceship and further years of Iraining. Of the seven apprents¢e$ Ih8t have started al Shutueworth, two are ojrrenuy In the4r apprenticeships and havè exjnknued wlthln the skllls transfer programm& undor Ihe Omploymenl of tho Trust. The Twst was delwjhted to wekome a new apFWi1￿ in September 2022, ¢Jsfflg the Stansled rport AcademylHarfow College as Its tralning wovxler. PAge 7 RICHARD SHurrLEWORTH TRUSTEES TRUSTEES, REPORT {coKfiNUEDI FOR THE YEAR ENDED 31 OCTOBER 2022 Shuttlgworth College The Shuttleworth Trust hosts Shuitleworth College. run by The Bedford col￿ge Group ITBCG}. the provision of which is part of the Tnjst's tharitsble objectives. The Cdlege enrols students from across the regi{￿ with the majority coming from the local areas of Bedfordshire, Hertfordshire, Hunknngdon5hire, and Milton Keynes. Full time studenl numbers across FE and HE in 202012021 were in the regM)n of 650 full time students In addltlon to part lime. short COLtrrse. and apwenttceship students. Full time students S￿dY programmes in agricutture, countryside management. fEsheries mana9emenl, animal managemonl, equlne management, horticulture, Iloristy and ouldoor adventure. AongsKle their main qualifi(*tion sbjdents can also retake GCSES In maths and English. The majority of studen15 are studying al level 3 and above. Higher EducalKJn is offered in agri¢ullure 2nd animal s(aen¢e and is validated by the Univewty of Bedfordshire. Apprenliceships are focused on horti¢uKur0 and the part b'me provision indudes high numbers of students sludying for Royal Horticultural so￿ety and floristy qualrfThtions. On-site facilities included the new £4.3million Zoological Educotion Centre that houses a collection of over 250 rare, tropical species in wodd-dass fatylities. aryj one of Ihe onty biomes 8 College. that foTms part of ils conservation work. In the last year the College has invested Ihe phys￿[ Tw3ources in the walled gardell and the Kingshill Fatrn site. This has involved considerable maintenance worf( on some of the older buildings Ihal are useiS for lambing. to prov6de a betteT environment for students and liVest￿k. Wrth our £eam's hard Wofk, Ihe zook)9￿1 ¢enlre was successful in aC*￿Ving a zoo IKence this year. The College ¢onlinues to delNer a well•rounded and erygirrfj which meets the ￿edS ofthe students and the sectors they are hoping to enler. There are strong links with employers Ihrough a wo11- established work experience prwramme. along numbw of visitiw speakers and trips to other establishments.11 is pleasing that a number of these 8rbvities invofve ex ShLrttleworth slutlents who now have careers in the sector arKI are able lo share Iheir professM)nal i￿[neyS ￿th the students. 14exl year the College wll be moving forward in delivering the new T Level qualfficatK*ns in Land arKI Environment and we look forn¥ard to further devebpments at the farm to support this. Open days conllnue to generate strong interest and high numbers of atterKlees apwlttxtions fot September already undetway. Sustslnablllty 17.288 trees were planted during the year as part of the renewal prcgramme to combat Ash dièback wtthln the Trust's inthand woodland. The Trust completed a major prolect lo replace all its hangai lights with LEDS with a 50% imwovement on energy effKiency. and it diminaled Single use ￿aSti￿ from its public catering. Flnanclal Revlew The shutt￿Orth Trust derbves revenue from: Admlsslons lo tis herit¥ a￿1$ and events that support its charitable alms Trading activities to support its visit¢xs and events. Rents and revenue from an eslale of residential, famiing and c£xnrnercial propety A portfolio of slcKks and shares. Donations, grants and legaaes. Page 8 RICHARD sHurrLEWORTH TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 The split in percentage tem)5 of Irbcome and Expenditure is shown below: Income- £5,877,00012021- £5,389,000) Investment Income DonalKJns and Legacy Income Other trading activities Charitable Actmties Other income {2021-44%) {2021- 6%} {2021-25%1 12021- 12%) 12021- 13%) 13% 100% Expendlturo- £5.985.00012021- £4,849,000} Cost of Trading ActivF*es Cost of Inveslirig Aclivilie5 Other Costs of Raising Funds Charitable Expersditure (See note 8) 26% 13% 5% 56% 100% 12021 ~ 20%) 12021- 14%) {2021- 6%) 12021- 60Yo) Indudes the cost of managing the assets of the h1$￿¢ grade T estate Invgsiment Income The Trust investrr*nl Income is defived from: an estate of land and PFwerties valued at £69.495,00012021= £61.875,1X)O l as at 31 October 2022. Pfopety income was £2.111.￿0 gross12021.. £2.240.000) and £1.349.000 nel12021.. £1.123,000), after Maintenan￿ costs. professKJn¥l fees 8nd support costs. stock exchange FQrtfolio valued at £5.490.0(KI12021= £6.162,000} at 31 October 2022. Incom? from interest and dI￿dendS totalled £164.OCK) gross12021= £163.0￿) or £171.000 nell2021-.£169,0001, after m8nagemenl charges and rebates. The Trust's overall net defidL before gains on investment assets. was £108.000 in Ihe year to 31 October 2022 {2021: surplus £540,000) made up as folknws: £'ooo 2022 £'ooo 2021 Restricted Funds General Funds Endowment Funds {9311 822 1605) 1108) 540 Galns on Investsnent Assets artbyjnted 10 £6,986.0(KI (2021.. £6.194.(￿}. whth tC*3ether vmth the nel income meant an increase in the Trust's Funds to £6,879,(th12021: £6.733.OCK)I during the year. Further detads are provided in Ihe Ststem8nt of Finan¢ial A(aivilbes and the notes. Page 9 RICHARD SHUTTLEWORTH TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR TrIE YEAR ENDED 31 OCTOBER 2022 Total R&turn The Trust hos adopted a Totsl Retum approach lo its investments. For 2021122 the TfUSlees have adopted a step approach to allctating investment reknms and nel income.. 1. A transfer is made from unapp11￿ to1￿ rettjm to endo￿nt fuTrts to mainlaln the real value of the endowment. This is cakulatsd as a compound relum on (¥pttal of 3% of endowed ¢apilal 2. A transfer lo general reserves is made urKler the spefKiing rule. For 2021122 the spending has been agreed by Tluslees at 4%. The balance of unapplie(I total Tetum shy•m in Not8 24. Support and Govemance Costs Support costs of £528.000 {2021- £551.0001 have been reallo¢aled lo the tsvo charitable objectives and invesling activities and governance on a percentage basis of lime arKI usage. The Tr¥Jst has in¢uryed a total £131.000 12021: £138.OIXI} of govemance (Lists. which inctudes a propcytson of the support expenditure. Invgslment Pollcy The inveslment P￿tt￿l0 managers forlhe st(th and shares work to 8 benchmark which is set In discussion wllh lh¢ Trustees. During the year under revtew the wf0rrnar￿e was $lightty under thL¥ benchmark bul tho Trustees attepted this was affected by tho movement in the markets. The land agent. Robinson & Hall. manages the wider eslate wilh the aim to achieve the markol rale for the rental of the land and propety and this is monitored by the Eslates Commtttee. Rèsèrvgs Pollcy The Trust maintains s￿nIficant reserves in Ca￿ts1 assets Ihal suptx¥t the organ￿atiOn. The Tnjsl has identrfies a minimum of £1.4M of fuThls lo be retained wilhin rts slocks and shares as liquid assets lo call upon as a Strateg￿ reserve. It reviews ils cash requirement on a rolling 18 month basis and Ihe investment committefj ensures Ihat rt does not put at risk any funds where Ihey aTe neèded lo meet requirements on this lime h￿ZOn. This identffied reserve remains inlacL The Herwe Fund comprises the hwitage a&sets owned by the Trust that are not in the permanent endowment. The Capital Assets Fund comprises the lawvj arKI proFWty owned by the Trust that is not in the pemianenl ermlowment. as well as the langible fixed assets. As reported in note 19 ofthe Financial StsIerb￿nts. the ErMI(Yw￿nl Fund of investment kvopety and olhef assets is £50.356,000, (2021: £46.928,000). Of the figtjre above the Unapplied Totsl Relum is £18.190.rK)O and Ihkq represents investment growth nol yel allocated over Ihal retained in the Endowmtrnl Fund, reference note 24 in the Finan￿al Stalemenls and the Total Retum note above. This figure is alltKated inlo Ihe DeS￿jnated Funds. Page 10 RICHARD SHUMEWORTH TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Deslgnatgd Funds: At 31 October 2022 fesaNes were: 2021 £'ooo £'ooo Heritage Fund Capital Assets Fund 15.462 28.925 15.027 24.648 Totsl 44.387 39,675 Explanation of the desi9nated funds is shcwn on note 19. The general lunds as at 31 October 2022 amountsd to £2,740,(XK) {2021.. £4267.0001. which is retained for day to day operational activthes. whth are all free rtterves. The Trustees Mainta￿ a stratsgic risk regi81er that is revIev￿d for eath Board meoling. The risks idenlifted of key COn￿M for TrLtstees in 2021r22 were: Ca5hflow- largely related to the Tru5fs financial perf0m￿nCe duiing 2022 a$ visitor attractions fully reopen¢d after Covid. Added to this the weakening economic environment in 2022. and unexpected infialionary pressures, have created Un￿rtaInty in delivering our ¢haritsbl& ofyectives. However. the Trusl feels that il has suffiaenl financial resources lo manage during the shrmt to medium term, and has implemenled a restAJcturing to ensure Ihal we remain financialty viable into th8 longer temi. Changing demographitx- the Twst continue5 to review and consider its appeal as a visitor attraction as the rK)pulation within our local area changes arKI ages. We continue to ¢onsKler (Mjr approa¢h to delivering tyjr charblablg obje¢tSves while also remaining attractive to vFsitors and other $takehtslders. Relrdnce of a high cost base on limited scmjrces of revenue- Ihis is being considered during the current r8slru¢turing. Golng con￿rn The Twst has considerable financial resources arKI as a cc¥wuence. ts Twstees bel￿¥8 that the Trust is well ptaced to manage its business risks succe55fttlly and accx)rdingty has a reasonable expectation that the Trust has adequate resources to continue in operational existen￿ for * ￿ast 12 fflonths from the date the financial slalemen15 are signed. Accordingty. the Trustees continue to adopt the going concem basis in preparing the annual report and financial statements. Post Balance sheat gvent During the wntor 2022r23 Ihe Board of Trusl8es entered into a consultation process with tho Trusys staff concefning a restructuring of the Trust's operabons. Inevitably this is expecled to lead lo ¢ertain roles being put at dsk orteminaled. as the TTUSt assesses its ￿edS in response to changèd demand from Its visitors. This restructuring is intended to belter align the Trust's operations wlh our charitable obj8Ctives in the post-covid era. where the public's behavN)ur and demands have changed. The costs asswated ￿th thls resfwclLEring are expected lo have an effect on the Tnjst's financial perfomi8nce fft the FYE 2023. Page11 RIC+IARD SHiTrrLEWORTH TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 STRUCTURE GOVERNANCE AND MANAGEMENT The Richard Ormnde ShLrttleworth R8mèmbrarK* Twst (7he Trust.), Trust registration number 307534, was formed on 26 Aplll 1944 under 8 deed of trvsl exeujted by Mrs Dorothy Ch)tihda Shuttl&worth as a registered TTUSt in memory of her wn. Ri¢hard Omiunde Shutueworth. who d￿d in 1940 whilst serving in the RAF. The sole Irusl88 of The Richard Omionde Shullleworth Remembrance Trust is 'Rthard Shuttleworth TTUStees' IRST). a Company Limited by Guarantee and aL80 a registered TrusL The officers and profe$$lonal advisers of the Tfust do¢umented on page 1. The Group in¢ludes a subsidiarytrading company. Old Warden Limited {OWLI. The share in OWL Is held by RST bul as nominee forthe Trust. Boththe Tfusl and OWL share the common parent in RST. The Trustee has deemed that the Trust exert5 control and spantftcant influence over OWL and accordingly these Iwo entities are isolidaled tC*3ether. The Trustees of Richard ShLrttlewoth Trustees {a (x)mpany ￿rnited ty Guarantee and who are also the ¢Jirectors of the chariiable company for the purposes of (x)rnpany law) in office dLsring the year 8nd at th& date of signing were as follows.. Emwood J Brown R Bailey Lord Cobham P J A Cooper E A Davies S Gardner C Griffiths A Harries Princess Hohenknhe M Johnston T P Roulsis R Gra¥ von WafdbuTg-Wolfegg C E S Whitbread Chairman At the meeting In November 2022. Chainnan Edmund itKIKated hL8 intentDn to slep down from the 8oard at the next AGM after 23 years ors Ihe Board. nine as Chair. The Boatd indicated ils intention to aptx)inl existing Trustee Tim Roulsis as chair at that time. Trustees of RST are apwnled by agreement of the full Board of Tnjslees and shall be appointed fw 8 period of three years la term}. Trustees shall not serve more than lour consecutive term5 but are e[￿ible for re- appolnlm6nl after the expiry of years from the dale of the relevant retirement. New Trustees arè provided wth an Induction pack to acquaint them with the history of the TFUSt and its objectives. They are made aware of their responsibilities and provided with wpies of the Tnjst Commissioners. guKlance on the responsibilib.es of a trustee. The Trustees met three times as a full Board. the year ended 31 O¢toL*r 2022. All Trustees gNe of their time freety and no Trust&es' ￿MUnerat￿l￿ was pawj in the year. Detsils of Trustees. expenses and relaleA paty transactions are di￿10$ed in note 27 to the financial statements. Tmstees are reqL*ired lo disdose retevant interests and regisler them vnih ￿ Secretary to the Trust and in accordance wlth Page 12 RICHARD SHUTfLEWORTH TRUSTEES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 the Trust's Policy vrithdraw from deasions where a conflicl of interest arises. Organlsatlon The day lo day 5upervrston of the Trusl is undertaken by f￿r Committees, whlch are responslble to the main Board of Trustees. Each committee has its tywn of reference and comprises a number of the Trustees and olheT CO￿PIed members chosen for their expertise in that sphere of oper8tlon. Each committee meeting 1$ also attended by the Exec4Jlive Director. These commf(lees rrwl on a regular basis thTOLtghoul the year to aulhorise act(vities and expenditures and to make recommendations to the main Board for wder consideratKsn. Trustees are free to attend any meeting Ihey wish. Flnanco, P8rsonn•l and Gongral Purposes CoTrvnItteo Membership C Griffiths (Chairman) Lord C￿harn P J A Cooper M Fowler (cO￿pIed) M Jolwslon T P Routsis Emwood R Gral von Waldburg-woffegg Estate Commlttto Mernbefship P J A Cooper {Chaim￿n) E A Davle5 R Diggle Iccknoptedl S Gaidnei A Harries Princess Hohenlohe M Johnston C E S Whttbre8d Emwood 511or Attractlon Commlttee Membership T P Routsis {Chairman) R Bailey J Brown Lcid Cobham Princess Hohonlohe E M Wcxxl Educatlofi and Research Commlttee Mèmbership M Johnston (ChaiFmanl R 8ailey E A Davies S Gardner Princess Hohenlohe R Graf von Waldburg-wolfegg Emwood In addition there 15 a Nomination Committee to oJnsbJer Ihe appointrngnl of Trustees and the membership Pgge 13 RICHARD SHUTfLEWORTH TRUSTEES TRUSTEES. REPORT ICOP4TINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 of Trust Committees. There are also vario￿% su1￿COmmitteeS for spethc PLWS, Induding a dedFcated Health & Safety Committee. Day lo day management of the Trust i8 delegaled to a senior management team. The total costs of the Key Management Personnel is dis¢Josed in note 10 of the FinarKial Statements and these salaries are sel by benchmarking againsl market rates. Tntst••s' R•sponslbllitS0s Statement The Trustees aTe responsib￿ for prepariw the Tru5tees' Annual R&rKJrt at)d the fin8neial statements in a¢¢ordance with applicable law and United Kingdom Accounts"ng Stsndards (Uniled Kingdom Generally Accepted Accounting PractTh). induding FRS 102 Yhe Fknanrial Re￿r￿"n9 &andard applicable in the UK and Republic of Ireland". The law appli¢at40 lo chadtTes in Eng￿Try and Wales requres the Trustees to prepare financial statemen15 for each financial year which give a twe and fair view of Ihe stste of affairs of the Trust and of the incoming resources and applicabon of resources of the Tfusl for that FerK¥J. In preparuw these financial slatemenls, Ihe Tfustees are required to.. - selecl suitable a¢￿Unting policies ar￿ then apply them [￿￿$tenUy.' - obsglve tho methods and principles in the Charities SORP.. - make Judgments and estimates that are reasonable and prudent.. - stste whelhei applicable accounting standards have been fdlowed,. and - prepare the financial statements going tr)￿em basi5 unless tt i5 inapwok¥kgle to presume that the Tr4JSt wlll wntiriue in business. The Trustees are responsible for keeping proper accounbng recofds that disck)se wilh reason8ble a(turacy at any lime the financial position of the Trust and enab￿ them lo ensure that the financial statements comply with thè Chariti8s A¢t 2011, the Trust (Accounts arKJ Reports) Regulations 2008 and thè provlsions of the trust deed. The Twslees ale also responsible for safeguarding the assets ofthe Trust and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularities. The Trustees are responsible the mainlenance and ffttegnty of the Trust and f￿8￿￿81 infomiation included on the Trust's website. Legislation in the United lQ"ngdom goveming the preparat￿n and dissemination of financial statements may differ from legislatÉon in other juiisdbctions. Olsclosure Each of Ihe ￿r$on8 who are Truslees at the time when this Tru5tees' Report is approved has confirmed that: 50 far as that Twslee is 8W8re. there L8 no retevant audrt infomwbor¢ of which the charitable group's auditors are unaware, and that Truslee has taken all the steps that OL￿h1 lo have been taken as a Truste8 in order lo be aware of 8ny relevant audit Infom￿l10n and tr) estsblbh that Ihe charitable group's auditors are aware of that informat Appfoved by t)rder of the members of the toard of Truslees ￿ and signed on Iheir behaw by.. 27 March 2023 Wood CttaiTman Page 14 RICHARD SHurrLEWORTH TRUSTEES INDEPENDENT AUDITORS. REPORT TO THE MEMBERS THE RICHARD SHUTTLEWORTH TRUSTEES OPINION We have audiled the finandal stalements ol The Rthard (h)¢y￿ Shuttkworih ReMem￿arKe Trust Ilhe'parent charity) 8nd its subsidiaiies {the 'group') for the year en(led 31 October 2022 which Com￿Se the Consolidated Statement of Finaraal Activitses. the Consc4Klal￿ Balance Sheet, trte Twst Balance SheeL the Consolidated Statement of Cash Flows ar￿ the related notes. I￿{KI1n9 a summary of svjnificant accounting pollcves. The financial rew1¢ng framework that has been apPl￿d in their prepaTrth)n is appl￿ble law and Unrted Kingdom A￿nting Standards. including Financial ReFX)rtiry Stsndard 102 7he Fin8noal Repc¥ting Standard appli¢8ble in the UK and Republic of lre￿nrf (United Generalty Awted A(#)yJnting Practice). The financlal statements have been prepared In a¢Lord￿ with Amnting 8rvJ Reporting by Charities preparlng thèir accounts in accordance wth the Financial ReFM)rbng Standards applicable in Ihe UK and Republ￿ of Ireland IFRS 1021 in preference to the Accounting and Rep<￿Ing by Charit￿S.. Statement of Recommended PractKe issued on 1 April 2005 whth is relerred to in the exlar)t regulations but has Lwn wthdrawn. This has been done in order for the acc4)unts lo provide a Irue and fair view in a(xX)rdan￿ with the Generally Accepted Acccmjnting Practice effe¢tNe for repcffliThJ periods beginning on or after 1 January 2015. In OL*r opinion the finanaal statern￿ts: gÈve 8 true and fa￿vIeW of the state of the Group's 0ftr￿ parent chartys affairs as at 31 October 2022 and of the Group's incoming resour¢es and application of resources. Including its income and $xpendttUTe for the year then ended.. have been property pr8pared in ac£ordance UniEed Kingd￿ GeneraltyAccepted Aecounling PractSce" and have been prepared in acconlance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our aLKlÈt in accordan￿ wth Iniemalional Standan15 on AuditirwJ (UK) (ISAS {UK}l and applicable law. Our responsibilities under those standards ar8 further described in the Audftors. re5por)sibilities for the audit of the financial statements section of our report. We are indeperwjenl of the GFOUP in accordance wkh the ¢lhl¢al reqLEiremenls that a￿ retevant to our audit of Ihe financial statements in the UnitBd Kin￿orn, including the Financial Reporting Council's Ethical Stsndard. and we have lulfjlled our other ethical responsibilities in accordan￿ with Ihese requirements. We beI￿ve that the audit evidence we have oblained 15 sufficient and appfopriate lo prov¥Je a basis tor our ownNJn. CONCLUSIONS RELATING TO GOING CONCERN In auditing th8 finan￿al statements, we have conduded th81 the Twstees. use of the 90ing concem basis of a¢coLtnting the preparation of the finanual ststements ts appropriate. Basad on the Wofk we have performed, we h8ve not ident1r￿d any material urKertainties relating lo events or Conditions that, indNidually or collethety, may cast S￿nIfiCant doubl on the Group's or the parent charity's ablllty lo continue as a going concem for a of at least months from tfvthen the financial stslements are authorised for iSSLte. Our responsbi ilities and the resp￿$1￿11[tIes of the Tnjstees with respect lo golng concem are described In the resevant sections of this report. Page 15 RICHARD SHIMLEWORTH TRUSTEES INDEPENDENT AUDffORS' REPORT TO ThE MEMBERS OF THE RICHARD SHUThLEWORTH TRUSTEES (CONTINUED) OTHER INFORMATION The other information comFKWS Ihe infc*matb)n irKluded in Ihe Annual ReF*Nt ots than tho finarKial statem&nts and Auditors. Report theTeon. The Trustees are responsibte for the other informats.on contained wilhin the Annual RepoTL Our opinion on the finar￿la4 statements dcE5 not cover the (knr Information and, èxcÈpl lo the extent othewse expliciuy staled in our reporL we do not exwess any form of assurance conclusion Ihereon. Our responsibility is lo read Ihe other infom)ation and. in d￿ng so. consider whether the other intormatK)n is materially inconsistentwlh the finarrial statements or ourkn¢J¥ledge obtained in the c¥)urse ofthe audtl. orotherwise appears lo be materially misstsled. W we tdentify such malerial inconsistenaes cw apparent material misstalemenls, we are required lo delemiine whether this gwes rise lo a material misstatement in the finanuol slalemenls themselves. If, base(J on the work we have performed, we cort4ude that there is a mated81 misstatement of Ih¢s other Information, we are required to re￿1 that fact. We have nothing to report in this ward. mA￿ERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothlng Io TeFKSrt in respecl of the fdlowing matters where the ChaTiti8s {Accounts and ReFK>rtsl Regulations 20D8 iequires us lo report lo you rf. in our opinw: the Informal￿n gNen in the Tr¥Jstee5' Rep)rt is Int￿n$1$tenI in any material respect with the financial statements: or the parent charitsU8 Trust has not kept SLtfficsenl accr￿nting records; or the parent challtable Tmst financial statements are not in agreement with the acciyjnting records and retums., or we have not received all the infoTmalion and 8xplanatiDns we reqLEire our audit. RESPONSIBILrriES OF TRUSTEES explaine(I mcxe fvlty in the Trustees. Responsibilities StatemenL the Trustees are responsible for the preparation ofthe financAal stslements whth give a true and fairvsew. and for such intemal control as the Trustees determine is necessary lo enable the preparation of fina￿￿dI statements that are free from mater￿1 misstslement, whether due lo fraud or enor. In preparing the financial stslements. the Twstees are ￿s￿)n￿1)le for assessing the Group's and tho parenl eharitys ability to continue as a going concem. disdosing, as applicable, matters related to going ¢oncem and using Ihe going concem basis of accounting unless the Trustees eitl)er inlend lo IM4uidate thè Gioup or the parent charity or to ￿ase operations, or have no realislic allemative bul lo do so. Page 16 RICHARD SHLITfLEWORTH TRUSTEES INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RICHARD SHUThLEWORTH TRUSTEES {CONTINUEDI AUDrroRS' RESPONSIBILfflES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been apwinted as audttor under section 151 of Chartties Act 2011 and report in accordance with the Act and wlevant Fegulations made or having effect thereunder. Our obje¢llves are to obtain reasonable assLtr8nce 8b(*rt whether the financial statements a$ a whole are free from material misslalement. whether due lo fraud or errc*. and lo issue an Auditors. Report Ihat includes our op4nK)n. Reasonable assurance is a htgh level of assurance. bLrt is not a guarantee that an audit conducted in accordartce with ISAS (UK) wll always detecl a material ￿￿￿tatement when it exrsts. Misststements Can arise from fraud or error and are Considered Inalerial if. UKJNidualty or in the aggregate, they coukl rtsasonabty be expected to influence the ec0￿Mi¢ decisions of Use￿ takerb on Ihe basis of these financial slalements. Irregularities, including fraud, are instances of non-compliarKe with laws and regulattons. We des$9n procedures in fine with our reswnsibil￿es. outtine¢J above. to detect material misslatemènts in respect ol irregularities. including fraud. The extent to our prctedLwes are capable of detecting irregulatilies. induding fraud is detailed below: Our approach to identifwng and assessing the risks of material misstalemenl in respèct of irregularities, including fraud and non-comp11an￿ with laws and regulatkons. was as follows: . the engagement partr￿r ensured that the engagement team colkntNely had the appropriate competence, ¢apabililies and skills to identify or recognise rK)n-(X)Fnpliance applicable kaws 8TrJ regul8tions', . we Édentified the laws and reguktK)ns appllcable lo the charity through dI￿s1On$ wSth trustees and other management. and from our commercial kno￿edge and eXper1er￿ of the sector. • we obtaineij an understanding of Ihe legal and regulatory framvHork applicable to the entity and how the enif(y is eomplying with that framewoth: . we identifi¢d which laws antj ieguL8tions were signtfKant in the contexE of the entity" and . we assessed the extent of compliance wslh the laws and reg¢JIab￿S identified atove through making enqulries of management and inspectiTh3 legal ¢orrespondence. We assessed the sUS￿pIlbIllty ofthe company's finanual statements to materi81 misststement. induding obtaining an understanding of how fraud might occur. by: . making enqviries of management as towhere they consmlered was ￿SCeptibIlIty lo fraud, th8ir knO￿edge of actual, suspected and alleged fraud: and . ￿nsIderIng the internal o)ntrcAs in [Aa￿ to mithJale risks of fraud and non•compl1ar￿ wth laws and regul8tion$. To &ldress the risk offraud through management bias and oveNide of controls. we: • tested loumal entries to identrfy unusual transactKJrts; • assessed whether ludgemenls arKI a55umptions made in dete￿ining Ihe accounting estimates sel out in the a￿untIng wdicies were Indi(xlive of poterstial bias: • we assessed the SUS￿ptib1lty of the entity's finan(#al ststwments to material misslatemgnt. induding how fratjd might 0¢￿1¥., and Page 17 RICHARD SHIMLEWORTH TRUSTEES INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE RICHARD SHUThLEWORTH TRUSTEES {CONTINUED) • we tested significant transactions. in parts"(yJlar the evaluati￿ of the lyjsiness rationale f￿ any which appeared uriijsual or outside the compan*s normal course of business. In response lo the risk of irregularities and r￿￿-¢￿mpI￿￿ WFih laws aThJ regulations. we designed procedures which included. but were not lim>ted lo= • agreeing finanual stalement dlsckn5ures to uThkrtying supporting documentalion". . reading the minutes of meeb'ngs of those charyed wilh govemance; arKI . we discussed with mallagemenl. those charged with 9ovemonce a￿￿￿1 and potential lillg8tion and claims. There are inherenl limitations in cmjr audit Fw*dures described atrw)ve. The more removed that laws and regulations are from financial transactions. the less likety it is that we would become aware of non-compliance. Auditing standards also limit the audit Pr￿ed￿re$ required lo identty non4ompliance with laws and regL>lations lo enquiry of the directors and other management ond the HispectKJn of regulalory and legal correspondence. rf any. Mgtefial miystalemenls thal arise dtje lo fraud can be harder lo dele¢t than those that arfse from èrror as they may involve delibefale con¢ealmenl or collusion. A fijrther description of our rgSP(M1sl￿1rt1e$ for the audit of Ihe financial statements is 1¢￿ted on the Finan¢kal RepO￿.￿g Council's website aL vMv.trc.or .uklauditorsre nsibilities. This des¢ription form5 part ofour Auditors, Rewrt. USE OF OUR REPORT Thls reF¢rt is made s¢Jely lo thg thariws trustees. as 8 b￿ly. in acCOrdar￿ ￿ Part4 of the Charities (Accounts arml Reports) Regulations 21J)8. Our audil work has been undertaken so that we rn￿ht stale to the chartty's tru51ees those matters we ale iequired to stale lo them in an ALKlitors' Report aThJ for no other purpose. To the fullest extent permttted by18w. we do not acLept or assume responsibility lo anyone other than the ¢hartty and Its trustees. as a body, for our aLhJit worK this rewrt, orfor the opinK)r￿ ￿ have fowmed. Kelly Bretherick Petors Elworthy & Moor• Chartered A¢¢ounlants Statutory Au¥Jrtors Salisbury House Station Road CaM￿dge CB12LA Date.. 29 March 2023 Peters Elworthy & Moore are eligible to act as a¢Jditors in temis of sectk)n 1212 of the Companles Act 21)06. Page 18 RICHARD SHLrrrLEWORTH TRUSTEES CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 OCTOBER 2022 Unrostrlctod funds 2022 £000 Restrict￿ Endowment funds nds 2022 2022 Totsl funds 2022 Totsl funds 2021 £￿0 INCOME AND ENDOWMENTS FROM: Don8lions and legacies ChaTilable actNities Other trading a¢tFvilies Investrnents Other Income S31 1.104 1,710 252 332 671 1.282 1,104 1,710 2.274 161 1273 701 TOTAL INCOME AND ENDOWMENTS 4186 418 1.273 5,877 5.389 EXPENDITURE ON: Raising funds Chari18Ne a¢tiwt*$ 1166 1951 451 1650 3,335 1.985 2.864 TOTAL EXPENDrruRE 4117 417 451 5,985 4.849 NET IEXPENDITUREYIN COME Nel gains on investments {931) 822 11081 540 2,631 4.091 6.986 6.194 NET INCOME Transfers between funds 1,700 4.913 6,879 6.733 19 1.485 11,485) NET MOVEMENT IN FUNDS 3,185 3.428 6.879 6,733 RECONCILIATION OF FUNDS: Total funds brought fO￿ard Net movement in funds TOTAL FUNDS CARRIED FORWARD 43,942 3.185 3,167 266 46.928 3.428 94,037 6,879 87.304 6,733 47,127 50.356 100,916 94,037 The Consolidated Statement of Finanoal Athides Inclu(Jes all gwns and t05ses reccgnised in the year. The notes on pages 23 to 51 fonn part of these financial statements. Page 19 RICHARD SHUTTLEWORTH TRUSTEES CONSOUDATED BALANCE SHEET AS AT 31 OCTOBER 2022 2022 2021 FIXED ASSETS Tanglble assets Heritag8 assets Investments 11 13 14 12 &284 19,963 5,201 19,527 6,162 61,875 Investment propety 69.495 100.232 92,765 CURRENT ASSETS stocks 15 Dèbtors Cash al bank arKI in hand 16 1.099 2.065 1,150 2.704 3.258 3.908 Creditors.. amounts falling due wilhin one yoar 17 (1,402) {1,436) NET CURRENT ASSETS 2,472 Creditors." aFnounts fallir#J due after more than one year 18 (1.172) {1.200) TOTAL NET ASSETS 100.916 94,037 CHARrfY FUNDS Endowment funds Restric18d fvnds Unrestricted funds 19 19 19 rA).356 3,433 47.127 46,928 3,167 43.942 TOTAL FUNDS 100,916 94.037 The financial statements were apptuved and authoris&J for I￿Ue by the Trustees ¢)n J7 /-1,:1 J and sNJn¢d on their behalf by: EMW Ttust The notes on pages 23 10 51 foFrn part of these financial statements. Page 20 RICHARD SHLrrrLEWORTH TRUSTEES CHARITY BALANCE SHEET AS AT 31 OCTOBER 2022 2022 £000 2021 £000 FIXED ASSETS T8ngiNe assets Heritage assets Inveslw*nls Investment propety 11 13 14 12 CURRENT ASSErs Stocks Deblors Cash at bank a￿1 in hand 15 16 Credltor5: amounls falling due wlihin one year 17 NEf CURRENT ASSETS Creditols". amounts falling due after more th8n one year 18 TOTAL NET ASSETS CHARITY FUNDS Endowment funds Restricted fvnds Unrestricted funds 19 19 19 TOTAL FUNDS The financlal statements were approved and aUttY)rI￿ for ￿sue by the Trustees on 27" 11,.,./ k-23 and signed on thew behall by: Tnjs The notes on pages 23 to 51 form part oflhese financial statemenls. Page 21 RICHARD SHUTTLEWORTH TRUSTEES CONSOUOATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022 2022 £000 2021 £c4)0 CASH FLOWS FROM OPERATING ACTMTIES Net cash used in operating actiwtÉes 21 {2.709) {1.869} CASH FLOWS FROM INVESTING ACTMTIES Dlvidends. interests and rents from investrnents Purchase of tangible fixed assets Nel movement of investments 2,275 1136) 169) 2.403 (428} 16) NET CASH PROVIDED BY INVESTING ACTIVMES 2.070 1,969 CASH FLOWS FROM FINANCING ACTIVMES Cash infiows from new bonowlng 1,200 NET CASH PROVIDED BY FINANCING ACTivmES 1.200 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 1639) 2,704 1,300 1.404 Cash and cash equNalents at the Winniry of Ihe year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 22 2.065 2,704 The notes on p4es 23 to 51 fonn part of these finanlaal statemenls Page 22 RICHARD SHiJrrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POUCIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordan￿ with the ChaTities SORP IFRS 102)- Accounltng and Reporting by Charities: Slatemenl of Recommended Practice applicable lo Charities preparing their acccHJnts in accordance with the Flnanckil Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) second edrtion October 2019 (effective January 2019), the Financial ReFQrting Stsndard 8pplubfe in the UK and Republlc of Irefond {FRS 1021 and the Charit￿S A¢t 2011. The financial statements have been prepared lo give a 'tftJe and faiv view and have departed from the Charities (Accounts arKI Reports) Regulations 2008 onty to Ihe extent iequire(I to provide a ￿lIe and faif Wew. Thls departure has invofved followng the ChatitiÈs SORP IFRS 1021 published orl 16 July 2014 rather than the Accounting and Rekxjrting by Charrties: Stalement of Recommended Pfacllce effective from 1 April 2005 whid) has since been wilhdrawn. The Richard Ormonde Shuiueworth Re￿￿bTance Trust meets the definitK)n of a wblK benefit entity under FRS 102. Assets and liabiltties are Inft￿lty rewjnised at histOTical cost or Iransaction value u￿e$S othe￿ise slated in the relevant arL¥unting Folicy. The Slaiement of Financial ActNities ISOFAI and Balan￿ Sheet COfls01idate the financial slalements of the Ttusl and its sister trading company Okl Warden Limiied IOWLI. recognising the substance of the transa¢lion as a quasi-subsidiary. Both entities share a common parent in Richard Shulueworth Truste85. a company limited by guarantee. The Tntslees have deemed that the Trust exerts ￿￿trol and significanl influence over OWL. No separate SOFA has been presented for the Trust alone as permiited by the apPI￿able regulations in Ihe Challties SORP. The nel movement in fuNJs f￿tha ch8rft8ble company alone for the year was £Nil12021'. £NIII. 12 GOING CONCERN The Directors have prepared forecasts for the period to Aprs12024 based pre pandemic wmmer¢lal activitie5 of the Richard Ormonde Shutlleworth Remembrance Trust. 8ased upon their revièw Dire(*ors bebeve that the company will have slfftienl f&sourceg to meet its Ik4bilities as they fall dueforthe foreseeable future and continue operatsons on commerci81 lem)s and therefore have Continu￿ lo adopt the ￿ng c￿nCern basis in tKeparirKJ the flnanclal statemenls. P¥23 RICHARD SHurrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POUCIES (CONTINUED) 1.3 INCOME All Income is reccyJntsed once the Trust has entillement to the inctyne. il is Probable that the income 11 be received and the amounl of in￿¥￿e receivable can be measured reliably. Voluntary hcome wilh or without donor imFosed reslricilon5 are re¢oJnised in the Slalemenl of Financial Activtties when thè Trust is entitled to it. Resthcted income is ￿tal[led within the Restricted reserve5 until such time that it Is utilised in line with suc* restricti￿￿. at which point the Income is released to general resetves through a reserve tsansfer. For lega¢ies. entidement is taken as Ihe eartier of the dale on whth either. the Trust is aware that probate has been granted. the estale has been finalised and notificatic￿ has been made by the executor{sl lo the Trust that a distribution %wll be made. ￿ when a distribulion is [￿1Ved Irom the eslate. Rec8ipl of a Wcy. whdè 01 in part. is only considered probable wh8n the amount be measured relia￿ and the Trust has been notified of the executorfs int8nlK)n lo make a distribution. Where legacTes have been notified to Ihe Trust. or the Trust is aware of the granting of plobate. and Ihe criteria lor income rewJnÉlion have nol been met, Ihen the legacy is treated as a contingent asset and discl(1sed if matefial. No amounts are induded in the financAal ststemenls for servKes donated by volunteers. Donated fixed a￿ts are measured al fair value. unless it is impra￿lCal to measure this reliably. in which case the cost of the ilem to the donor shoukl be used. The galn is recognised as income from donalions and a corresponding amwnl induded in the appropriate fixed asset class and depreciated over the usefvl ecL)nom￿ lrfe in accoTdance wrlh Ihe Trusfs ac£ounting poli¢ies. Income tsx recoverable in relatton to donatio￿ receiv&g under Gift Aid ￿ deeds of covenant 15 recognised at the time of donation. Income from ChaTitable Acliwties relates to actNities run by the Trusl in furtherance of the charilable oble¢lNes and i8 recognised on an accruals basis. Inujme from Trading ActNli*s relates lo ts activities ofthe quaswb5idkary Qkl Warden Limlted. Investment income is eamed through holding assets for investment purposes such as propety and shares. It includes rental income. dwidends and inteiosl. Investment income is induded when the anK)unl can be measured reliably. Income tax recoveraNe relation to investsnent irKorne ￿ rewnlsed al the time the investrnent income is recgNaU8. Interest on ftjnds held on deposit is induded when receivable and the amountcan be measured reliabty by the Charity" this is n(￿7allY uwn nottfication of the inlerest paid or payablo by the Bank. Page 24 RICHARD SHUMEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTIIIG POLICIES (CONTINUED) 1A EXPENDrruRE Expenditure is recognised ¢)n¢e Ihele is a legal or (x)nstru¢tive obligalKJn to transfer economtc benefit to a third p8ty, it is probatle thal a transfer of economic benefits will be required in se￿ement and the amount of the obligation can be measured reliabty. Expendibjre is classffied by activity. The costs of each activity are made up of the tot81 of direct costs and shared cosls. including support costs invofved tn urKlertaking eath activity. Direct costs attributable to a Sing￿ activity are allocated directly lo that a¢lNtty. Shared costs whth cx)ntrÈbule to more than one actNity and support ¢osts which are not attn"bLti8ble to a single activity are apporboned belween those activities on a basi3 (xjnsistenl with the use of resouTces. Central staff costs ale althaled on the basis oflime spenL and depreciation charges allctated on the wtion of the asset's use. Fundraising costs are those incuryed in seeking voluntary contributions and do not include the costs of disseminating of infomwtion in support of the Charitable actNilies. Support costs are those costs incurred diredy in support of expenditUTe on the obj-ects of the Trust and indude projecl managèment ¢arried out al Headquarters. Governance costs are those incurred in conwlion Y￿th administratlon ol the Twst ond compliance with ¢onslilutional and stalulory requirements. Costs of generating fLtnds are cDsts incurred in attracttwJ voluntary income, and those incurred in trading activitÉes that raise fvnds. The basis of all1>cal￿ of suppNt and gO￿ance costs is rwted in Note 8. l expendÈtiJre is indusNe of irrecoverable VAT. 1.5 GOVERNMEiif GRANTS Govemment grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concetned. Other grants are credtted lo the Cor*solidated Statemenl of Financi81 Activittes as the retated expend¢ture 15 incurred. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION All assels costwvJ more than £5LKJ are ￿￿talISed. A review for impainient of a asset is Ca￿led out rf evenls or changes in circumstances Indicate th81 the canw.ng value ofany fixed asset may not be Tecoverable. Shortfalls between the carrying value Df fixwj assets and their reCOvera￿e amounts are recognised as impairments. ImpaiTment losses are recfjynised in the Statèment of Financial Activilies. Tangible fixed assets are carried al (x)sl. net of deweoation and any proVis￿n for impairment. Depreualion is provided at ratès (*luJlaled to write off the cost of fixed assets, tess thoir estimated residual value, over their expected useful INes on the fdlowng basis: Freehotd land and kyopety Planl and machinery - Nol depreciated - 1(b33% on cost The transitional arrangements of FRS102 were ufilised to adopt thè freehold propety vduation as its deemed cost. Subsequent addrttons to freehold land and PrO￿rty are held at cost. Page 25 RICHARD sHu￿LEw0RTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES (CONTINUED) 1.7 HERITAGE ASSETS Heritage assets are induded at the Trustee's valuation which is a proxy for cost. Any 8ddllions or disp)sals are recorded in the year that they occur at ￿St. There will be no policy of revaluing thes assets, although impairment 15 (xjnsidered annualty. A register of all assets held by the Trust is 8valabl6 and the 8ssèts thèmselve5 are arLessible to the public vrilh wlor agreement. Heritage assets are to be held for the foreseeable future. 1.8 INVESTMENTS Fixed asset investmenls are a fomi of financial instrument and are initialty re¢c*anised al their trarEsactwJn cost and subsequenly measured at fair value at Balance Sheet date, Ltnless the value cannot be measured reliably in whth case il is measured at cost less imp8imient. Investment gains and lossos. whether iealised or unrealised, are combined and presented as 'Gainsl{Losses) on investrnenis. ￿ the Con￿lIdated Statement of Finanaal Activil￿. Investments in substdtaries are valu&J at cost less provi%ion for impaimenL 1.9 REVALUATIONS OF INVESTIAENTS Investments include WOFety and quoted invesknents and are administered under a Total R8turn ApprDach lo investmenl. The TTU$t ha$ adopted the revaluatic￿ model to revalue properties held for investment whose fair value can be measured reliably. The revaluations shall be made with Suff￿tent rogularity lo ensure that the carrying amount does not differ wnaletidty from that whth would be delem)ined uslng fart value al the end of the reporting period. Other 6nvestments are revalued annually to open markel value. The pL4icy in respect of investment surptuses is as follows.. - Any increase or decrease in the value of the invesknents and the net income is credilgd or debllgd to the endowment lurKI. being induded in the Unapplied Total Return.. - The Unapplied Total Retum 15 subject to a transfer to pemianent endowment in respecl of a sum authorised by Ihe Board ofthe Corporate Trustee. The cumulattve rale used in these statements is 3%. Th8 transfer is deslgned to maintain the real vabje of thg Trusfs endowment: - A further transfer is made to general reserves in respect of the'spending rute. in accordance with the Chaiity Commission Total Retum Ordef. The rate appl￿ in the fina￿la1 Statements Is 4% of the average investment balance for the pr￿dIng fve years. 1.10 STOCKS Stocks are v8lue(l al the loww of ¢ost and net reali5able value after Makn￿ due allowan￿ for obsolete and slow-moving stocks. 1.11 DEBTORS Trade and other debtors are rwnised at the sethement arTh)unt after any trade discounl offered. Prepayments are valued at the amount prepaKI net of any Irade discounts due. Page 26 RICHARD SHirrrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUKfiNG POUCIES (CONTINUED) 1.12 CASH AT BANK AND IN HAND Cash at bank 8nd in hand i￿l￿deS cash and short-tefft hKJhly liquid invostmen15 with a short maturity of three months or less from the dale of acquistlion or opening of the deposll or similar account. 1.13 UABILrriES AND PROVISIONS Llabilities are re￿nIS￿ when Ihere 15 an o￿lgatIOn at the Balance Sheet date as a rtrsult of a past event. il is probable that a transfer of e￿)noMIC benefit wÈll be required in settlernent. and the amount of the settlement be estimated rdiably. Liabiliks are fecognised al the amount that the Trust anWpales r( w￿1 pay to settle the debt or the amount it has received as advarted payments for the gwds or services tt must provide. Provis¢ons are measured at the best estimate of the amounts required to settle the obl￿￿tiOn. Where the effect of the time value of money is material. the Provision is based on the Pfesent value of those amounts, discounted at the pre-tsx discount rale that reflects the risks spe¢rfi¢ lo the liability. The unwinding of the discount rec(yJnised In the Consolidated StBtemenl of Flnanclal Activities as a rinancE cost. 1.14 FINANCIAL INSTrUMENTS The Trust only has finarKFal assets and financial liabli ifies of a kind that qualtfy as basic financial slwmenls. Basic finanaal instruments are inifially recognised al transaction val¥Je and subsequently measured at IheSr settlement value vrith the exception of bank loans whkh are sub5equenty measured 818mortised t))st using the effective interest melhod. 1.15 PENSIONS The Trust operates a defined contribution penslon scheme and the pension charge represents the amounts payable by the Trust lo the fund in respect of the year. 1.16 FUND ACCOUNTING General funds are unreslricted funds which are available for use al the discTetion of the Trustees in furtherance of the general objectives of Ihe Twsl and whlch have not been design8ted foi other pL1fp￿s. Designated funds compdse unrestrkted furKls that have been set aside by the Twstees for partlcular purposes. The oim and use ofeach destgnated fund is set in Ihe notes lo the financial slatemenl5. Reslrided funds are funds whth are to be used in acwrdan¢e with specsfic restrictions imposed by donors or which have been raised by the Trust for partlwlai purposes. The costs of raising and adminislerifig such lunds are charged against Ihe specific fund. The aim and use of each restricted fund is set oul rft the notes to the financial statemenls. EndowTnent ￿ndS are funds where the asset must be held pemianentty by the Trust, it Include5 9ain$ from the disposal and expk)itabon of propÈrty arK5 the revaluation of investments assets. less amounts transferred under ￿ Tolal Re￿rn Polry. Page 27 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POUCIES (CONTINUED} 1.17 CRMCAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates arKIILtdgements are continualty evaluated and are based on historical experience and other factors, Induding expectati￿$ of fU￿re events that are believed to be reasonablè under the cumstances. crttical accounting estimat8s and assumption5: The Trust makes estimates and assumpt1￿$ ￿nCernIng the future. The resulting acwunting estimates and assumptions will. by definiti￿. seldom equal the related actual results. The estimates and assumplions that have a significant risk of causing a material adjustrnenl lo the carying amounts of assets and liatNlttie5 ￿thin the next finan(aal year are discussed betow. Valuation ofpmpeths Followng managem$nVs instruction. in 2022 prop8rknes held for investment by the Trust were appraised by Robinson & Hall LLP. Chartered SuNeyors. Management accepted the valuation reported and. in accordance with the accounting revalued the properties held by the Trust accordingty. Valuation ofquotedinvestment Annually the Trustees are provided with a portfolio v81uation of ifs quotefl Investrnents by th8 Twsvs in￿StMent advisers Sarasin and Partners. wh￿h the Truslees deem lo represent the fair value of the )Iding at the year end. Hentage *￿ts The Ttusys herilage assets are S￿1t into kn categories". Exhibits at the Collection and Paintings and Artefacts. Both of these calegortes were valued by the Twslees on 1 November 2012 for £17m and £2.5m respectivety. The Paintings and Artefacts are valued every five years by professional valuers, and this is reviewed against the original valuations for reasonablèness. With regards lo Ihe Exhlbits these are nol subject lo professional vduation due to the arblicipaled eost that would be incurred due to the unique nature of the hdding. Page 28 RICHARD SHu￿LEwoRTH TRUSTEES NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 INCOME FROM DONATfONS AND LEGACIES Unrestrlcted Restrf¢t•d funds funds 2022 2022 Totsl lunds 2022 £000 Tolal funds 2021 £000 Donations and Eegaaes Restdcted SVAS donation 531 585 198 102 230 198 531 252 332 TOTAL 2021 15 317 332 INCOME FROM CHARrrABLE ACTIVKflES Unrestrleted funds 2022 £000 Totsi fund5 2022 £000 Total funds 2021 £ocx) Aviation and automotNe transFQrt 1.104 1,104 671 Tolal income ￿e1Ved in 2021 from charitable acbvths was unrestricied. INVESTMENT INCOME Unrostrfcted Restrlcted Endowmont funds funds funds 2022 2022 2022 £000 Total funds 2022 £000 Total funds 2021 £000 Rental inwne DNidend In￿Me 745 1.273 2.240 163 161 1.273 2274 2,403 TOTAL 2021 158 1,380 2.403 Page 29 RICHARD SHLr￿LE￿oRTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 OTHER INCOMING RESOURCES Total funds 2022 £000 Total funds 2021 £000 Unr•$trfctgd Rgstrlcted d5 2022 funds 2022 £000 £000 Govemmenl grants Other grants 664 700 TOTAL 2021 700 Govemment grants represent amt￿nts reolvable under the Coronwrus Job Relention Scheme {CJRS} of £NIL12021- £36k) to cover salaries of lurfoughed staff. EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME Unrestrfc19d Restrlcted Endowrngnl funds funds funds 2022 2022 2022 £000 £oDo Total funds 2022 £000 Total furKIs 2021 £000 Staff cos15 Investrnent aclivtyes Trading activilies lexd 5tsff costs) Support and govemanc* costs 739 739 579 693 317 31 777 824 824 272 401 275 272 2.152 31 429 2,612 1.948 TOTAL 2021 1.362 193 393 1,948 Trnding costs including staff o)sts are £1,450k (2021- £841k). Page 30 RICHARD sHu￿LEw0RTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 INVESTMENT MANAGEMENT COSTS Unrnstrlcted Restrlcted Endowment funds funds funds 2022 2022 2022 £000 £000 £000 Total funds 2022 £000 Total lunds 2021 £o¢)o Investment managerwtt fees 15 23 40 TOTAL 2021 14 22 38 ANALYSIS OF EXPENDMJRE BY ACTWMES Actlvitles undertaken dlrertly 2022 £000 Support costs 2022 £000 Total funds 2022 £000 Total fund$ 2021 £000 Aviation and aulomolive transport Agriculture and lat￿ based industy Governance 2,547 352 2,899 305 131 2.471 255 138 131 2.807 528 3,335 TOTAL 2021 2.313 551 Page 31 RICHARO SHLirrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ANALYSIS OF EXPENDITURE BY ACTMTIES IcoKllNUED) ANALYSIS OF SUPPORT COSTS Avlation Agriculiure and and land aulomotlvo basè Govtmance 2022 2022 2022 £000 Total funds 2022 £000 Total funds 2021 £000 Staff costs Premises costs Office costs Non-recoverable VAT Professional fees 24 278 136 241 111 139 136 51 13 27 57 352 45 131 528 551 TOTAL 2021 376 37 138 551 The basis for allttating support cos1$ to dffterenl ac11vit￿$ is done on a Per￿lage basts. AUDITORS. REMUNERATK)N The auditors, remuneration amounts Io on audilor fee of £27.c￿ f2021 - £25.IN)O), atNI non-audit services of £8,lY)012021 - £12,0(M)). Page 32 RICHARD SHuftLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 io. STAFF COSTS Group 2022 Gr(￿p 2021 Trust 2022 £000 Trust 2021 Wage5 and salaries Social security costs Other pensK>ns costs 2.082 161 1.937 126 57 1.560 161 67 1.560 126 57 2.310 2.120 1.788 1,743 No redundancy payments were made in the year12021- £NIL). The average number of persons empbyed by the Trust during the year was as fdlows.. Group 2022 No. Group 2021 No. Collection Support 45 13 53 The number of emwees whose empbyoe benefits lexduding employer pension costs) &xce8<18d £60.000 was: Group 2022 No. Group 2021 In the band £60,001 - £70,000 In the band £70,001- £80,th)0 The Trust ConS￿eTS sts key managemenl personnd comprise the Trustees and the seven managers {2021 seven) of the Sensor Managemer*t Team {Aixwnts. House & Parkland. Executive Director, HR, Commerciaj. MarketiThJ and Chiel Engin8erl. The total employment benefits induding employor penslon conlributions of the key management personnel were £3B1k (2021: £316k}. No TDJstee receiv&J any remuneratK)n from holding office a5 Tnjstee {2021: £NIL). age RIC14ARD SHUTfLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 11. TANGIBLE FIXED ASSETS GROUP Freehold Plant and propgrty machlnery £000 Total £000 COST OR VALUATION At 1 November 2021 Additions Dbsposals 5.083 16 1.169 119 {3171 6.252 135 (317) Al 31 October 2022 971 6,070 DEPRECIATION Al 1 November 2021 Charge for the year On disposals 1.052 52 1317) 1,052 52 13171 At 31 October 2022 787 787 NEf BOOK VALUE At 31 October 2022 S,099 5,284 Al 31 October 2021 5.083 118 5,201 Page 34 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 12. INVESTMENT PROPERTY GROUP F￿hOld Investment propgrty £000 VALUAYION At 1 November 2021 surP￿Js on revBlualK 61,875 7.620 At 31 October 2022 69.495 The freehobj inveStrn￿t properties were revalued by extemal valuers, Robinson & Hall LLP. Chartered Surveyors. as al 31 October 2022. on the basis of mavket value in occord8nce wtth RICS Valuation Standards. The Valuer has been a sKJnatory tr) the year end valuation of Irwestrnent properties for the Trust SIn￿ 2CQ2 (ex￿pt in 2008 and 20151 and Robin50n & Hall LLP have undertaken the valuation SIn￿ 2002 (including 2008 and 2015}. Robinson & Hall LLP act as external managing a9ent lo provkle the Trust propety services and this rdationship has exi%led since the lounding of the Trus1. The proportion of tolal fee5 payable by th8 Tnjst lo Ihe toial fee income of the valuiThJ fimi in Ihe fimi's preceding finan￿al year was betsveen 5% and 100h. Page 35 RICHARD SHUTTLEWORTH TRUSTEES MOTES TO THE FINANCEAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 13. HERITAGE ASSErs GROUP Assots rocognlsed at cost Exhlblts at th8 Collectlon 2022 Palntlngs and artgfacts 2022 £000 Total 2022 £000 Carying value al 1 November 2021 Additions 17.027 435 19,527 435 17.462 2.500 19.963 Page 36 RICHARD SHi￿EWoRTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 13. HERITAGE ASSETS {CONTINUED) GROUP (contlnu•d) TheTrLFStwasformed in 1944 lorthe pweofproviding a t￿Manent memortal to the memory ol Richard Ormonde Shuttleworth, who was kilted in 1940 in a tlying acchjenl whilst on active service in the RAF, by the provision of a museum and wllege. This has been achieved by the eslablishmenl ofThe Shuttleworth Collection. an active museum of principally pre Second World War aircraft, many unique and in flying condition with hangers and 8irfield. and 8Lso tt)e prowsion and suP￿rt to The Shuttleworth College, which ses the frAansion and suNounding premises and parkland for its activities. The proF¢ty is fundamental to the core activities of the chaiilable activtties and the Tnjsfs objects. as are the exhibits and historic artefacts depicti￿ the Shuttleworth inheritance, many of which are irreplaceable and of natlonal importance. These Fyoperties anil artefacts are not assets in the nomial sen$e as they have pemanence whlle the Trust ha5 a continuing responsibilty to protect and maintain them for fu￿re ganeratlons. the costs of which cannot be fully assessed. Palntlng$ and Artofa¢ts The Mansion contairts a lafge number of paintings. artofa¢ts and fumiture collected by the Shuttleworth Family. an invenlory of which is maintained by Christies. valuer. recordirtrg the nature. provenance and locauon. The Trust h8$ adopts 8 ¥h)li¢y to value thè contents of the Mansion every 5 years for insurance purF¥)ses, Ihe last valLfation Was undertaken by Christie5 ￿ June 2022. Tho Trustees placed the figure of £2.5 million as the market value of these assgls as at 1 November 2012 and have reviewed thi8 figure in Ib3ht of the June 2022 valLtation and considei the value slfill ap[￿op￿8te. The palntings underwenl a conditions survey in 2Tr)7 by an independent ￿nServator and following this a 10 year repair prcgramme was agreed by the Trust. The fumilure 1$ revieV￿d by Chiisties on a frve yearly basis and repairs done on an ad basis. Exhlb5ts at the Collectlon These are m8de up of the alrcraft. er¥JI￿S. motorcydes. propel￿rS and costumes. Invenlofies are mainlairsed and the Twslees placed a conservative infornial valualion of £17 million on these assets as at 1 November 2012 and consider the value still appropriale. Since this dale nel acquisitions have been made in the sum of £462.000. The aircraft and cars are deemed to have indeterminate lives and the Trustees believe that the benefits of obtaining fomial valuations would not juslrfy the o)st, additionally this would be difficutt due to their unw4ue nature. 11 is the CollectK)n's polity to maintsin Ihe aircraft, motor vehides and motorcydes in full working or(ler and maintenance costs are charged to Ihe Statèment of Financial A¢livities. As twled in note 29. the SVAS provides volunteer support in the maintenance of the exhibils plus an wnual dOna￿fi towards the (x)sts. Expondtttsr¢ on th• abovo 0s$0ts The costs of presèrvation. restoration and maintenance of all the at)ove 8sse15 has been charged to the Ststemenl of Financial Actwities. Any additions to the exhibits or buildings in ctharttable use are capitali5ed. Page 37 RICHARD SHiirrLEWORTh TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 13. HERrrAGE ASSETS (CONTINUEOI Anatysls of herftage assèt transacllons GROUP 2022 £000 2021 2020 £000 2019 £000 2018 £000 PURCHASES Paintings and artefacts Exhibits al the Colleclion 435 226 TOTAL ADDITIONS 435 226 DISPOSALS P8intings and artefacts Exhibits al the Col¢clK>n 1801 TOTAL DISPOSALS 1801 Page 38 RICHARD SHiJTfLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 14. FIXED ASSEf INVESTMENTS Ll$t&d Investments £000 GROUP COST OR VALUATION Al 1 November 2021 Additions 6.162 Revaluations 1741> AT 31 OCTOBER 2022 5.490 All investsxents are carried al their fair value. Investment in equifies and fixed interest securities are a traded in quoted public markets. pfimarity in the London Stock Exchange. Holdings in common investment funds, unit trusts and openonded investment ¢ompanies are at the bid price. The basis of falr valw for quotsd investments is equivalent to the market value. using the bid pri￿. Asset sales and purchasès are iecognised at the date of trade at ￿st (that is their transaction value). The charity Is operating an investment policy that provides for a degree of diversification of holdings with different common investment funds. This hèlps to mitigate the Nnpacl of Signif￿nI movemen15 in excha1￿ rates and Ictalised e(1)r￿1￿ issues affectiry the value of the portfollo. The charity does not make use of derÈvabves and similar corrplex financial instrLMnents as it takes the view that inveslments are hek1 for their term growth and annual incoff*. The charity has rÈo material investrnent hohjings in mathets subjecl to exchange controls or trading restrictions. Page 39 RICHARD SHIITTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 15. STOCKS Group 2022 £000 Group 2021 Charlty 2022 £000 Charity 2021 £000 R$lail I fuel stock 16. DEBTORS Group 2022 Group 2021 Charlty 2022 £000 Charily 2021 £000 Trade debtoys Amounts owed by gnyjp LEndertakings Olher d6blors Prepayments and accrue(l in(x#ng 160 172 875 75 1,150 Page 40 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 OCTOBER 2022 17. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR Gmup 2022 £000 Grcmjp 2021 Charlty 2022 £000 Charfty 2021 Bank loans Trade creditors Other taxation and soaal se(xJrrty Other (xediioTS Accr¥Jals and deferred inex)me 202 143 274 101 665 396 1.402 1.436 Group 2022 Group 2021 Charity 2022 £oDo Charity 2021 £(￿)0 DEFERRED INCOME DeferTed income at l November 2021 Rèsources (Seferred during Ihe year Amounls feleased from previous periods 214 210 214 1210) 203 1214) DEFERRED INCOME AT 31 OCTOBER 2022 203 214 Deferred income rolales to depxjsits for weddings and 8vents. Page 41 RICHARD SHUTfLEWORTh TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 CREDITORS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR Group 2022 Group 2021 £000 ChaTIty 2022 £000 Charity 2021 £000 B8nk loans 1.172 1.200 Included I￿1n the above are 8ffKMJrts fallww due as follows.. Group 2022 Group 2021 ChaTIty 2022 Charity 2021 £(vJo BETWEEN ONE AND TWO YEARS Bank loan5 28 BETWEEN TWO AND FIVE YEARS Bank loans 160 155 OVER FIVE YEARS Bank loans 1.017 The bank loan ts se￿[8￿ against 60% of the market value for Middle Farm. Hoo Fami and Hill Farm which are all induded ut)der investmenl properties. Inslalments of interest only are due monthly from the drawdown dale for the first Iwo years and thereafter instslments of capital and interest a￿ repayable. The interest rate i8 fixed al 3.5% per annum. Page 42 VJ 0 45 J o Iu ai I o) to (+) ooo 00 (¥ ry ry RICHARD SHLrrrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 OCT08ER 2022 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Total funds 2022 £000 funds 2022 £￿0 funds Endowment 2022 funds 2022 £000 Tangible f￿ed assets Fixed asset investments Investment prop Heritage assets Current assets Creditois due wthin one year Creditors due in nwe than w year 2,930 6,284 S,490 69,495 19,963 3,258 11,402) 11,172) 2.057 26.569 15.463 3,258 (1.4021 11.1721 3.433 42.926 4,500 TOTAL 47.127 3.433 50.356 100.916 ANALYSIS OF NET ASSETS BEtWEEN FUNDS- PRIOR Unreslrthd funds Restiicted Endowment Jnds funds 2021 £000 Totsl lunds 2021 £000 2021 2021 Tangible fixed assets Fixed a5Sèt imiestments Investment propety Herilage assets Current assets Creditors du8 Wthin on8 year Creditors due in more than one year 2271 2.995 22.377 15.027 3.9)9 11.436) I1.2￿) 2.930 5,201 6.162 61.875 19.527 3.909 11,4361 {1,2001 3.167 39.498 4,500 TOTAL 43.943 3,167 46.928 94.038 Page 48 RICHARD SHiifTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTivrnES 21. Group 2022 £000 Group 2021 £o(x) Net income for the year {a$ per State[r￿nt of FÉnancial Actsvi￿) 6,879 6,733 ADJUSTMENTS FOR: Deprecialion charges Gains on investments Dividends, interests arvj rents from investments DonatFons in kind Decreasel{Incteasel in slot*s De(*easel{increasel in debtors Increaselldecreasel in creditors 52 71 16,149} 12.403} {6,8771 12,2751 14361 {411 51 {621 1327) 201 NET CASH USED IN OPERATING ACTivmES (2.709) 11.869) ANALYSIS OF CASH AND CASH EQUIVALENTS Gn>up 2022 £000 2,065 Group 2021 £000 2,704 Cash In hand TOTAL CASH AND CASH EQUIVALENTS 2,065 2,704 23. ANALYSIS OF CHANGES IN NET DEBT At1 November 2021 Cash flows OthoT non- At31 October 2022 £000 2,065 1281 {1,1721 chan90$ £000 £000 1639) Cash al bank and In hand Debt due wtthin 1 year Debt due after 1 year (281 28 (1.21)0) 1639) 866 Page 49 RICHARD SHiwfTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 MEMORANDUM OF UNAPPUED TOTAL REFURN 2022 £000 2021 £000 Unapplled total retum bought fo￿ard Increase in value during the year Transfer to peimanenl endcPm￿nt Application of unapplied total retum 16,395 4,911 16311 (1,4851 12.885 4.601 1612) (1.479) 18.190 15.395 25. PENSION COhlMITMENTS The Tnjsl operates a defined o)ntributin pension scheme. The assets of the scheFne are held separatety from those of the Trust in indepervjently administer￿ funds. The pension eosl charges represents conlribuflons payable by the Trust to the fund and amcAJnted to £67k12021.' £57k). Pension pay8ble al year end was £13k {2021: £NILI indyded in ¢feditors. MEMBERS. LIABILITY Each memberof the charilable rA)mpany undertakes to contribute to the assets ofthe o)mpany in the event of il being wound up while helshe is a member. or within one year after holshe cease5 to be a member. suth amounl as may be required. not exceeding £NIL fof Ihe debls and liabtlities contracted before helshe C8ases lo be a member. 27. RELATEO PARTY TRANSACTIONS The Trusl has rymsilered Ihe disdogjre requwements oflhe Statement of Rec£smmended Pradce for Charities and of Fina￿al RewbThJ StsNlard 102 The Financial ReForbr4J Standard applicable in the UK and RepublK d Ire]and Wieves Ihat the foltcfiMrwJ related paty transa¢fv)n5 requires di5closuie: During the year under review one Trustee12021.' NIL) receiveil reimbjrsement of travel and subsistence expenses In the sum of £492 (2021: £NIL}. No Trt￿lee received any remuneration from holding office a5 Trustee (2021.. £NILI. The Trust has taken knntage of axempkn, under the terms of Finandal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not lo dlsclose transactions group undertakings or investors in the gTOUP qualifying as ￿lated parties. on the ground5 It Ès a wholty owned subsidiary and will be included in its parent company publicly availablè consolldated finanaal statements. ge RICHARD SHUTTLEWORTh TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 INSURANCE Buldlng and Contents Insurance cover is arrar¥Jed to provxle for the full replacement C4)st of buildings to 8 slmll8r standard lo that existing before any event. Contents of premises are insured f¢y loss arKJ reinstatement. The exhibits displayed al Ihe Colleclon. are IKedominanty unique and Kr8platxble. are Insured when static and in flight. 29. sHurrLEWORTH VETERAN AEROPLANE SOCIETY {SVAS) The SVAS was established in 1964 and is an independent TN5t . number 800095. whKh exists to support The Shuttleworth Collection. Substanli81 supfk)rt i8 gNen by volunteers to th? work undertaken at the Colleclion in addition to financi￿ supp￿. 30. CONTROLUNG PARTY The Trust is a Whol￿ 0￿e￿ 5ubshdtary of R￿rd shUtt￿h Twstees la company limiled by guaranleel. whl¢h Is regarded as the ults'mate controlling p8ty. The group of whKh Richafd Shsjtleworth Trustees Is the parent organisatiorb, forms the largest group preparing ￿nsOl1daled financial stslemenls which Include The Richard Omionde shUt￿ewOrth Remembtance Tiust. The smallest group p￿Paring ￿nsol1daled financial statements are The Rthard OmK)nde Shuitttrwoth Rernernbran￿ Trust and Its sistsr subsidiary Old Warden Limited. Copies of the Richard Shultl8WOrth Tntstees consolidated financial stalemonl$ ¢8n bo obtained from Companies House at Companies House. Crown Way. Maindy. Catdrff. CF14 3UZ. 31. PRINCIPAL SUBSIDIARIES Tho followlng wa5 8 subsKliary undertaknng of the Twsl: Narnè Charltyl Company number Holding Included In consolidatlon The Richard Omionde Shutdeworth Remembrance Trust 307534 1(Xi% Old Warden Limiled 06366021 100% Yes Yes Th¢ fin8n¢lal results of Ihe subsKliary for the year wer8: Name Income Expendlture ProfiVILoss) £000 I Surplu$ I {Deficit} for the yèar £000 6,879 Ngt assels £000 Th8 Rtchard Omonde Shuttleworth ReMembrar￿e Twst Okl Warden Limited 4523 14,630 100.871 1.766 11,555) 195 Page 51