2024-10-31-accounts

Docu$vJ)i Envelopo ID.. E4393616-72F34B29-88EI-CBE5CFA59A77 Registered number: 02712981 Charity number: 1012224 RICHARD SHUTTLEWORTH TRUSTEES (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ADZBP0FV 2710312025 COMPANIES HOUSE AOS

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OocusvJn Env•lopo10.. E4393616_72F34B29.BeEI.CBE5CFA59A77 RICHARD SHUTTLEWORTH TRUSTEES CONTENTS Page Reference and Administrative Details of the Charity, Its Trustees and Advisers Tru8tee8' Report 3-16 Independent Audltorn, Report 17-20 Consolidated Statement of Financlal Activities 21 Consolidated Balance Sheet 22 Charity Balance Sheet 23 Consolldated Statement of Cash Flows 24 Notes to the Flnanclal Statements 25-54

Oo¢usigrèEnvdope ID.. E439361&72F>4B29-B8E1<BE5CFA59A77 RICHARD SHUThLEWORTH TRUSTEES REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Dlrectors T P Routsis, Chaiman J Brown R Bailey Viscount Cobham E A Davies S Gardner C Grrfliths A Harries Princess Hohenlohe M Johnston R Graff von Waldburg-wolfegg C E S Whilbread P J A Cooper (resigned 27 August 2024) Company registered numbor 02712981 Principal offlce Old Warden Park Biggleswade Bedfordshire SG18 9EP Indepèndent audltors Pelers Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CBI 2LA Bankers Barclays Bank PLC High Street Bedford MK40 1NJ Solicitors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Investment portfollo manager Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page 1

Docusign Envalopo ID.. E439361&72F34829.B8E1.CBESCFA59A77 RICHARD sHu￿LEw0RTH TRUSTEES REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Land Agent Robinson & Hall LLP Unit 1 Highfield Court Oakley Bedford MK43 7TA Page 2

DO￿$19k Envolopg 10: E43g3616-72F￿B29-B8E1-C8E6CFA5gA77 RICHARD SHUThLEWORTH TRUSTEES TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees, who are the directors of the charitsble company for the purpose of company law, present their annual report together with the audited financial statements of the Group and the Trust for the 1 November 2023 to 31 October 2024. The Annual Report Se￿eS the purposes of both a Trustees. report and a directors. report under company law. The Trustees confimi that the Annual Report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the charitable company's governing document and the provision of the Statement of Recommended Practice {SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {sKond edition of the charities SORP October 2019). CHAIRMAN'S STATEMENT This reporting year was the first full year of the Trust operating under the revised management structure implemented during 2023. l am pleased to report that there has been steady and positive progress across most operational areas, resutting in the above-budget financial results reported below. These funds are used wholly to support the Trust's charitabl8 objectives and maintain the wider estate. The Trust fU￿11S its agricultural educational objective by means of a long-term arran9ement with the 8edford College Group IBCG). The Group appointed a new CEO. Yiannis Koursis. in November 2023. During our early discussions a number of opportunities have been identified which offer mutual benefit; these will be refined and implemented over Ihe coming months. An early example of this strengthened relationship has been the transfer of farming rights of 128 acres of Trust-owned farmland to the College, providing a more extensive experience to those students studying land-based sciences at Kingshill Farm. I believe the felationship between the Trust and BCG is entering a new and exciling phase which will yield more opportunities lor the Trust to extend its support of education into the land-based sciences and associated disciplines. Recognising the increased pressure on disposable incomes, some changes were made to the number and format of the airshows for which Shutlleworth is renowned. The number of airshows staged was reduced from ten to seven, with some becoming multi-day events. The purpose of this change was to give better value to our visitors, more attractions in the public areas as well as a greater variety of static and displaying aircraft. Changes of this type to well-established custom can never be taken lightly, but l am delighted to report that the public reaction has been overwhelmingly favourable with visrtor numbers up by 70/0 year-on-year, despite staging less airshows than the year before. The only slightly sad note in an otherwise terrific season was that the Edwardian aircraft almost never flew. These aircraft are very weather sensitive and can only be flown in the benign conditions usually found in the earfy evening. Regrettably, the weather simply didn't co-operate this season and the evenings were stubbornly blustery. The Edwardians are historically significant and very popular with the public. so the events team are looking at the structure of next season's events to see if there are refinements which coukl offer our visitors a better chance of seeing the Edwardians fly. The Trust has a portfolio of residential and commercial rental properties which provide operating income to underpin the delivery of the two Charitable Objectives. The improved operating perfomance of the visitor facing activrties means the Trust was able to allocate an additional £300,000 to the maintenance budget, continuing our previous strategy of improving the standard of the rental properties. The Trust has commenced a review of the long-term strategy for this element of its portfolio in light of the inexorably rising costs of maintaining period properties and the changing regulatory landscape. This review has many facets and will be of great importance to the Trust's long-lerm planning, so Trustees have appointed an internal Head of Estates to lead this review and help formulate the long-term strategy. Page 3

Docusi9n Envelop• ID.. E439J61&72F￿B29.e6E1-cBE5CFAs9A77 RICHARD SHUThLEWORTH TRUSTEES TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 All Trust operations are supported by a dedicated group of volunteers who provide an exlraordinarily wide range of skills. Their support is essential to the safe and effective delivery of the Objectives. The Trust is privileged to have the support of over 350 volunteers., there were actually more applicants than could be placed during the last season. These volunteers. together wrth the relatively small number of full-lime staff have been responsible for the delivery of this successful year., I would like to extend my thanks lo them all on behalf of the Shuttleworth Trustees and look forward to building on their achievements over the coming years. CHARITABLE AIMS AND ACTIVITIES Purpose The charitable company, Richard Shuttleworth Trustees, is the sole corporate member of The Richard Ormonde Shuttleworth Remembrance Trust (The Shuttleworth Trust). The Shuttleworth Trust connects people and skills, For the next generation, Shuttleworth College Irains skills in agriculture, fann technology, forestry. horticulture and animal management; For our region, the Shuttleworth Gardens and Park connect people with the landscape and nature., and For the nation, the Shuttleworth Collection maintains unique heritage engineering and fiying skills, and inspires everyone with its working collection of vintage aircraft and vehicles. The Trust's objectives celebrate the passions of Richard Shuttleworth, who was a noted racing car driver and pilot, and who collected and restored old cars and aircraft They also celebrate the genesis of the Shuttleworth fortune made from an internationally Suc￿$S1vI agricultural machinery business in the industrial revolution. The Trust was sel up in 1944 by the widowed Dorothy Shuttleworth, who k>st her only son to a flying accident in the RAF in 1940. Strategy The Trust has a Strategic Plan 2021- 2026 that outlines the objectives to.. Invest in modern and heritage skills. training, education and discovery; Build and implement an ambitious environmental strategy and a clear plan for our estate., Tell the Shuttleworth story and use its characters and heritage to make sense of Ihe site. Position the Trust as a valued local partner, a salient regional player, and a reGognised national brand., Grow and diversfy our audience to at least match the growth and diversity of our region., and Build financial sustainabilrty with a compelling visitor experience and sensitive commercial activity. Page 4

Docusigl Envelope ID.. E43936l6-72F34B2￿BeEl.C8E5cFAS9A77 RICHARD SHurrLEWORTH TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Aclivltles The Trust fulfils its purpose to train skills at Shuttleworth College by: Supporting The Bedford College Group in its management of Shuttleworth College and its students; Supporting the training and apprenticeships provided by Shuttleworth College: Using its Estate to support land-based learning through Shuttleworth College; and Funding research PhDs in relevant disciplines. The Trust maintains unique heritage engineering and flying skills by.. Maintaining and operating ils collection for public benefrt and education as functional artefact8', Maintaining essential specialist practical skills and knowledge in the maintenance and operation of industrial heritage, in particular the Edwardian aircraft and vehicles.. Creating apprenticeships and Iraining opportunities in herrtage engineering., and Funding and supporting learning opportunities in specialist areas. from aviation safety to sustainable forestry. The Trusl inspires everyone with its working collection ol vintage aircraft and vehicles by.. Providing access and interpretation to it8 landscapes and collection of aircraft and vehicles, including their mainlenance facilities.. Organisin9 and delivering a surf<e of structured learning programmes for schools, youth groups and university Students., Organising relevant talks and speciali$l tours related to its collection and estate,. Offering and facilitating placements for university students., Offering work experience lo school sludenls., Organising partnership and volunteer activity-led event days for the public: Organising hands-on learning or skills aclivities for children and young people during school holidays., Taking specialist knowledge and training to other organisations through outreach,. and Mainlaining and providing access to a specialist libFary and archive. The Shuttleworth Trust supports itself through the management of its assets. These comprise.. The Shuttleworth Collection of vintage avialion and automotive transport and agricultural technology. This is open to the public as part of the Shuttleworth Collection & Gardens visrtor attraction- The Shuttleworth Swiss Garden, a nine acre Grade Il. listed late-Regency picturesque alpine landscape garden wrth Victorian features added by the Shuttleworths. This hosts events and weddings and is open as part of the Shuttleworth Collection & Gardens visitor attraclion; Shuttleworth House. a Grade Il. listed mansion house built by the Shuttleworth family, and its, associated Grade Il" listed parkland from a previous generation of owners. These are used for corporate, private and public events and is periodically open as part of the visitor attradion., and The Old Warden Estate, which comprises farms, woodland, residential propertie5 and commercial buildings, which are let to provide the base revenue to support the charitable objectives. A vtholly-owned subsidiary company, Old Warden Limited (OV41L) Manages the commercial operations of the Trust's businesses. In setting objectives ancl planning for activities, the Truslees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit= running a charity (PB2)'. Page 5

Docuslgn Env8lop• 10.. E439361&72FU829-B8E1-C8ESCFA59A77 RICHARD SHUThLEWORTH TRUSTEES TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Charitable objects The fomial objects of the charity are.. the promotion of education and Iraining in the science, practice and history of aviation and automotive transport.. and the promotion of education and training in the science and practi￿ of agriculture,. and, in so far as rt is ancillary Iherelo, education and training in the science and practice of food production and the management of rural resources by making arrangements for the provision and conduct of a college. The Trustees recognise the importance of the herrtage assets of the Old Warden Estate and the Shuttleworth Collection as part of the successful delivery of their charitable objectives and their moral obligation to nationally significant heritage. Partnerships The Shuttleworth Trust delivers its objectives and manages its assets in partnership with key organisations, without which it could not function. These ara: The Bedford College Group, which manages Shuttleworth College and ils associated farms and land; The Shuttleworth Veteran Aeroplane Society, an independent charitable body set up to support the Shuttleworth Collection with funds and volunteers., The Friends of the Swiss Garden, an independeni charitable body sel up to support the Shuttleworth Swiss Garden with funds and volunteers; and The Airfield Volunteer Fire Service, a separately constituted volunteer organisation that provides fire and first aid cover for air sh¢)ws and events. There are more than 300 active volunteers that assist in functions across the organisation including the delivery of educational activities for school visits and during air show days,. visitor experience stewardship and hosting guided tours. the restoration, maintenance, management and operation of the Collection, the managemenl of the airfield and flying displays,. and the maintenance of the Garden and of the estate. Volunteers contributed more than 50,000 hours to the Trust during the year. The Shuttleworth Swiss Garden is a Royal Horticumural Society Partner Garden. It is Subject to a Memorandum of Understanding with Central Be(ffordshire Council. The Trust is a partner in the Greensand Country Landscape Partnership,. in the DMO Experience Bedfordshire and in Bedfordshire Gardens Trust Head Gardeners, Nelwork. Charitable Fundralslng The Trust raises fvnds through admissions to the Collection as a static and as an operational attraction on event and air show days, It hosts an annual fundraising Flying Proms event. The Collection also attracts charitable donations and bequests. Donations are received from the supporting volunteer and friends charities,. and the Collection and Swiss Garden receive occasional small grants. There are no paid professional fundraising staff at the Trust and works with one freelance professional. Page 6

Do¢usvin Envtlope ID: E439361&72F>4829-88E1£8E5CFA59A77 RICHARD sHu￿LEw0RTH TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Futuro plans The Trust has divided its future plans into the following phases.. Phase 1.. Access for All will review, define arKI develop the plans for our site with these objectives: Social Access: our visitor experience is attractive and relevant to people from all backgrounds; Intellectual Access.. our srte and programmes are presented for all learning styles and levels of knowledge., Emotional Access.. everyone is able to connect to our Shuttleworth story., Physical Arxess.. our visitor experience is suitable for people of all abilities; and Digital Access.. our analogue site is supported by an excellent di9ltal layer. Phase 2: The Future of Aviation Heritage will support and secure our unique engineering heritage skills with.. Investment in the Skills Transfer Programme; Improved energy efficiency in the engineering facilities., Improved engineering hangar public threshold. Replacement of the engineering hangar and blister hangar roof; Re-engineering the Westland Lysander,. Engaging the public wrth the SOE story in Bedfordshire.. and Improved interpretation of the hangar and informal recognition of its historic status. Performance report 2024 has seen another positive year on visitor numbers across the various areas. Collection visits appear lower than the 2021 and 2022 seasons due to the change in admission structure where the front end of the sile became free for the public to access. Similarly ancillary spend from these events remained at a healthy level, despite inflationary pressures and concerns over cost of living. Table.. Visitor Numbers since 2019 2024 2023 2022 2021 2020 2019 Collection and Gardens 68,349 61,396 90,274 92,600 51,327 41,769 Air shows 29.125 27,232 23.574 11,970 9,732 28,313 Commercial events 24,488 21,245 27.793 28,825 9,239 Education 9,309 6,279 6,032 1,645 1,073 3,799 131,271 116,152 147,673 135,040 62,132 83,120 Total The Trust staff and volunteers organised a variety of activities during the year to display the breadth of the Shuttleworth offerings. These included events centred on aviation engineering via Ihe Open Workshop and talks,. gardening events showcasing the Swiss Gardens and Shuttleworth's rich horticultural tradition. Seasonal events such as Christmas lights, and Easter Bunny flying in. Partnership events were held with Vintage Aircraft Clubs. the Shuttleworth Veteran Aeroplane Society, Friends of the Swiss Garden, among many other collaborative events. Page 7

Docusl9n Env•lop• ID: E43936l&72F3482￿88El.cBE5cFAS9A77 RICHARD SHUThLEWORTH TRUSTEES TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Air shows 2024 saw an update to the air show format with a new varied programme including single day and Iwo day weekend shows held behveen May and October. A variety of audiences were catered for, and the trust enjoyed a near 100/0 increase in air show visitors compared to the 2023 season. We also welcomed more famiSies through the door5 than in recent years with 4418 children attending last yearfs air show5. Fomial leamlng and dlscovery A UK Shared Prosperity Fund (UKSPF) levelling up grant from Central Beds Council. match funded by the SVAS, allowed the Education Team to undertake a new project focused on developing and enhancing the visitor attraction's special education need5 and disabilities (SEND) provision. The funding allowed the team to access expert support, including commissioning award-winning sensory consultants Collar & Cuffs as facilitators. The project also involved.. co-creating workshops and developing sensory resources; establishing a pilot group of local SEND school representatives, community groups, families and providers.. creating a bespoke 'What to expect, video with supporting prlnt resources. and establishing bespoke communication symbols to better reflect the Collection and Garden at Shuttleworth. The Education Team worked closely with the University of 8edfordshire Education departmenl to organise programme of study for their final year PGCE Primary cohort of trainee teachers, introducing them to Object Based Learning and the opportunities available to contextualise and reinforce. stretch and challenge learners outside the classroom. This included developing a cross curricula Journeys scheme of worf( that they can take wrth them to their new employers - a package Ihat has already generated bookings from schools new to us. This programme will be extended to the Secondary cohort, and include individual STEM subject areas, in 2025. Last year we welcomed.. 2855 pupils from 74 schools., 1177 young people from 63 youth groups (Girlguides I Air Cadets etc) and 667 adult learners from 21 organisalions. We held 7 dedicated STEM events, hosted an Aviation Education conference and our Education Team were invited to speak about their work at 6 other conferences. We delivered outreach to 1977 learners at 14 other locations. We delivered holiday activities to 2633 children and Discovery Zones for the 4836 children that attended airshows. Overall education reach for the year was 14,145 minds. All activities were highly supported by the volunteers who provided leaching, coaching and varied other learning experiences, The numbers are broken in the table below for the 2024 financial year. Apprenticeships and Tralnlng The Trust is active in ensuring that core skills are properly transferred from long-term experienced engineers to their successors by running a skills transfer programme comprising a four year apprenticeship and up to further 6 years of on the job training. Of the seven apprentices that have started at Shuttleworth, two are currently in their apprenticeships. while three who have completed the initial apprenticeships have become fulltime Trust employees to allow them to continue developing their skills under experienced practitioners. Shuttleworth College The Shuttleworth Trust hosts Shuttleworth College. run by The Bedford College Group (TBCG), in fulfilment of part of the Trust's charitable objectives regarding Agriculture. The College enrols students from across the region with the majority coming from the local areas of Bedfordshire, Hertfordshire, Huntingdonshire, and Milton Keynes. Full time student numbers across FE and HE remain strong with an average of 650 full time students in addition to part time, short course, and apprenticeship students over the last 5 years. Full time students study programmes in agriculture, countryside management. fisheries management, animal management, equine management, horticulture, floristry and outdoor adventure. Alongside their main qualification students Can also retake GCSES in maths and English. The majority of students are studying at level 3 and above. Higher Educalion is offered in agriculture and animal science and is validated by the University of Bedfordshire. Page 8

Docusigrf Envelope ID.. E439361&72F3482>68E1-CBE5CFA59A77 RICHARD SHurrLEWORTH TRUSTEES TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Apprenti￿ShipS are focused on horticulture and the part time provision includes high numbers of students studying for Royal Horticultural Society and floristry qualifications. Onsrte facilities included the new £4.3million Zoological Education Centre thal houses a collection of over 250 rare, tropical species in worldclass facilities, and one of the only biomes within a College, that forms part of rts conservation work. In the last year the College has invested the physical resources in the walled garden and the Kingshill Farm site. This has involved considerable maintenance work on some of the older buildings that are used for lambing, to provide a better environment for students and livestock. The College continues to deliver a well-rounded and engaging Curriculum which meets the needs of the students and the sectors they are hoping to enter. There are strong links with employers through well-established work experience programme, along with numbér of visiting speakers and trips to other estsblishments. It is pleasing that a number of these activities involve ex Shultleworth students who now have Careers in the sector and are able to share their professional joumeys wrth the students. Next year the College will be moving forward in delivering the new T Level qualffjications in Land and Environrnent and we look forward to further developmenls at the farm to support this. Open days continue to generate strong interest and high numbers of attendees with applications for September alrgady underway. Sustainablllty Over the last three years the trust has undertaken a substantial tree planting programme across its woodland and reviewed and reduced its use of power and water within the museum las well as replacing hangar lights with LEDS with a 500k improvement in energy efficiency). Solar panels were installed across the museum in 2024, reducing the trust's reliance on external power. NotrNithstanding this welcome reduction in general energy usage, the Trustees commissioned a review of the benefits to both carbon footprint and utility costs which might be achieved by the installation of Photo Voltaic local energy generation. The output of this work showed that a hangar roof mounted system could allow the Collection lo become broadly self-sufficient in green electrical energy. with the associated improvement in carbon footprint and reducing exposure to future energy price volatility. During the latter part of 2024, solar panels were successfully installed across most of the museum hangar roof space, going live in June at a cost of £332k. Power consumpiion in the museum and associated commercial ventures was covered almost entirely from solar power produced by this installation. At the same time our external power supply contract for the rest of Ihe trust was re-lendered on more favourable terms leading to significant cost savings, and including the ability lo 'sell back, solar power into the grid when not required by the trust. We expect the solar panels to pay-back wtthin 7 years, as well as cutting our carbon footprint significantly. Financial Revlew The Shuttleworth Trust derives revenue from.. Admissions to its heritage assets and events that support rts charttable aims., Trading activities to support its visitors and events., Renls and revenue from an estate of residential, farming. and commercial property: A portfolio of stocks and shares,. and Donations, 9rants, and legacies. Visitor numbers and activty increased during 2024, with posrtive and improving attendance levels at air shows and educational visits. Given the change in admissions policy over the last 2 years, where the ticketed gate has moved back, to allow the general public to spend on catering and retail without a paid ticket, like-for-like attendance numbers are not available. However, the improved financial performance reflects both higher Page 9

Do¢usign Envelope10: E439381&72F34829-88E1-C8ESCFA59A77 RICHARD SHUThLEWORTH TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 income from good visitor numbers, and lower and more flexible costs than in 2022 and before. A more flexible cost base and greater use of flexible staff and volunteers has also allowed the trust to limit price rises and maintain value for money, which has been reflected in healthy visitor numbers. During 2024 income from the Trust's core charitable and trading activities increased to.. £3,283,000 (2023: £2,773.000). Similarly the largely unrealised Investment gains of £2,468,000 (2023.. £2,292,000) on the Trust's investments maintained a stable return, albeit it should be noted that a large proportion of these gains are revaluations of heritsge and other real estate assets which are part of the Trust's charitable objectives and as such not realisable. Donations and legacy income increased during the year, contributing lo the increase in the Trust's Income. Expenditure increased during 2024 compared with 2023 to £5,962,000 {2023'. £5,233,000), resulting in Net Income of £122,000 for 202412023: Income of £89,000). Two signrficant capex projects were undertaken in 2024 comprising the solar panel installation at the museum, costing £332k, and the repair and upgrade lo the access route inlo the college, jointly funded with the college, and at a net cost of £180k to the trust. The split in percentage terms of Income and Expenditure is shown below.. Income- £6,084,00012023 - £5,322,000) Investment Income Donations and Legacy Income Other trading activities Charitable Activities Other income 410 50 340/0 200/0 (2023 - 430/0) (2023 - 50k) (2023 - 35°/o) (2023 - 18•/0) (2023 - Ook) 100° Expenditure - £S,962,00012023- £6,233,000) Cost of Trading Activities Cosl of Investing Aclivities Other Costs of Raising Funds Charitable Expenditu￿ (See note 8) 230 (2023 - 270/0> (2023 - 180/0) (2023- 5/¥) (2023 - 500/0) 58% Includes the cost of managing the assets of the historic grade 2. estate Investment Income The Trust investment income is derived from: an estate of land and properties valued at £72,436,000 (2023.. £70,975.000) as at 31 October 2024. Property income was £2,288,000 gross (2023.. £2,122,000) and £1,437,000 net (2023: £1,345,000), after maintenance costs, professional fees and support costs. stock exchange portfolio valued at £7,938.000 (2023: £5,633,000) at 31 October 2024. Incorne from interesl and dividends totalled £180,000 gross (2023.. £170,000) or £180,000 net (2023.. £175,000), after management charges and rebates. Page 10

Dowsl9n Envelope ID.. E439361&72F34829-88E1-CBE5CFAS9A77 RICHARD SHUThLEWORTH TRUSTEES TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 The Trust's overall net surplus. before gains on investment assets, was £122.000 in the year to 31 October 2024 (2023.. surplus £89,000) made up as follows.. £'ooo 2024 107 (873) 888 £'ooo 2023 71 1893) 911 Restricted Funds General Funds Endowment Funds 122 89 Gains on investment assets amounted to £2,328,000 (2023.. £1,699,000), which together with the net income meant an increase in the Trust's Funds of £2.450,000 <2023.. £1,788,000) during the year. Further details are provided in the Statement of Financial Activities and the notes. Total Return The Trust has adopted a Total Return approach to its investments. For 2023124 the Trustees have adopted bNo-step approach to allocating investment returns and net income.. 1. A transfer is made from unapplied total return to endowment funds to maintain the real value of the endowment. This is calculated as a compound return on capital of 30h of endowed capital 2. A transfer to general reserves is made under the spending wle. For 2023124 the spending rule has been agreed by Trustees al 4Q/o. The balance of unapplied total return is shown in Note 24. Support and Governance Costs Support costs of £472,000 (2023.. £535,000) have been reallocated lo the two charitable objectives and investing activities and governance on a percentage basis of lime and usage. The Trust has incurred a total £124,000 {2023.' £156,000) of governance costs, which includes a proportion of the support expendrture. Investment Pollcy The investment portfolio managers for the stocks and shares work to a benchmark which is set in discussion with the Trustees. During the year under review the perfornance was slightly under this benchmark but the trustees accepted this was affected by the movement in the markets. The land agent, Robinson & Hall, manages the wider estate with the aim to achieve the market rate for the rental of the land and property and this is monitored by the Estates Committee. Reseryes Policy The Trust maintains Sign￿leant reserves in capital assets that support the organisation: The Trust has identified a minimum of £1.4m of funds to be retained within its St￿kS and shares as IKiuid assets to call upon as a strategtc reserrfe. It reviews its cash requirement on a rolling 18 month basis and the investment committee ensures that it does not put at risk any funds where they are needed to meet requirements on this lime horizon. This identified reserve remains intact. Page11

Do¢usign Envelop• IO.. E43936l&72F3432￿88E1-CBEScFA59A77 RICHARD SHurrLEWORTH TRUSTEES TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2024 The Heritage Fund comprises the heritage assets owned by the Trust that are not in the permanent endowment. The Capital Assets Fund ¢omprises the land and propety owned by the Trust that is not in the permanent endowment, as well as the tangible fixed assets. AS reported in Note 19 of the Financial Statements. the Endowment Fund of investment propety and olher assets is £50,600,000 (2023.. £50,433,000). Of the figure above the Unapplied Total Return is £17,116,000 {2023.. £17.618,000) and this represents investment gr0￿h not yet allocated over that retained in the Endowment Fund, reference note 24 in the Financial Statements and the Total Return note above. This figure is allocated into the Designated Funds. D•signated Funds: At 31 October 2024 reserves were.. 2024 £'ooo 2023 £'ooo Heritage Fund Capital Assets Fund Insurance Fund 15,467 31,761 75 15,462 30,293 Total 47,302 45,755 Explanation of the designated funds is shown on Note 19. The general funds as at 31 October 2024 amounted to £3,117,000 (2023.. £2,923,000), which is retained for day to day operational activities, which are all free reserves. Rl$k The Trustees maintain a $trategi¢ risk register that is reviewed for each 8oard meeting. The risks identified of key concern for Trustees in 2023124 were.. Cashflow - largely related to Ihe Trusvs financial perfomance in 2023 and 2024, which is driven by variable fact ors such as our cost base and visitor numbers. Uncertainties in the wider economy and inflationary pre ssures have been a cause of concem, however the Trust has been able to reduce its fixed Costs via a staff restr ucturing. providing greater operational and cost flexibility, and has also been able to largely pass on price in¢￿a ses to visitors. At the same time the management team has increased its f¢xus on operational efficie ncies and delivering an improved programme of events targeted at our customer base. Improved financial monitoring and forecasting over the last tsvo years has also increased perfomiance visability for the leadership leam and trustees. Changing demographics the Trust continues lo review and consider its appeal as a visitor attraction as the population within our local area changes and ages. We continue to consider our approach to delivering our charrtable objectives while also remaining attractive to visitors and other stakeholders. Reliance of a high cost base on limited sources of revenue - this has been largely addressed through the recent restructuring, which has reduced staff and other fixed costs, and improved the revenue mix with events targeted at customers. Page 12

Do¢us¢gn Envglop8 ID: E439361&72F&4B29-88E1-CBESCFA59A77 RICHARD SHUTTLEWORTH TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Going concern The Trust has considerable financial resources and as a consequence, the Trustees believe that the Trust is well pla￿d to manage its business risks successfully and accordingly has a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least 12 months from the date the financial statements ar8 Slgned. Accordingly, the Trustees continue to adopi the going concern basis in preparing the annual report and financial statements. STRUCTURE GOVERNANCE AND MANAGEMENT Constltutlon The Richard Ormonde Shuttleworth Remembrance Trust {'The Trust,), Trust registration number 307534, was formed on 26 April 1944 under a deed of trust executed by Mrs Dorothy Clotilda Shuttleworth as a registered Trust in memory of her son. Richard Ormonde Shuttleworth, who died in 1940 whilst serving in the RAF. The sole trustee of The Richard Ormonde Shuttleworth Remembrance Trust is 'Richard Shuttleworth Truslees. (RST), a Company Limited by Guarantee and also a registered Trust. The officers and professional advisers of the Trust are documented on pagè 1. The Group includes a subsidiary trading company, Old Warden Limited (OWL). The share in OWL is held by RST bul as nominee for the Trust, Both the Trust and OWL share the common parent in RST. The Trustee has deemed that the Trust exerts control and significant influence over OWL and accordingly these two entrties are consolidated together. Trustees Th8 Trustees of Richard Shuttleworth Truslees (a company limited by Guarantee and who are also the directors of the charitable company for the purposes of company law) in office during the year and at the date of signing were as follows.. T P Routsis J Brown R Bailey Viscount Cobham P J A Cooper E A Davies S Gardner C Griffiths A Harries Princess Hohenlohe M Johnston (Chairman since 27 March 2023) (Resigned as Trustee- 27 August 2024) (Vice Chaiman since 27 March 2023) R Graf von Waldburg-wolfegg C E S Whitbread Trustees of RST are appointed by agreement of the full Board of Trustees and shall be appointed for a period of three years (a tem). Trustees shall not serve more than four consecutive terms but are eligible for re-appointment after the expiry of two years from the date of the relevant retirement. New Trustees are provided with an induction pack to acquaint them with the history ol the Trust and its objectives. They are made aware of their responsibilities and provided with copies of the Trust Commissioners. guidance on the responsibilrties of a trustee. Page 13

Docusign Envalopo ID.. E439361&72F34B29-B8E1-CBESCFA59A77 RICHARD sHu￿LEw0RTH TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees met three times as a full Board, in the year ended 31 October 2024. All Trustees give of their time freely and no Trustees, remuneration was paid in the year. Details of Trustees, expenses and related party transactions are disclosed in note 26 to the financial statements. Trustees are required to disclose all relevant interests and register them with the secretary to the Trust and in accordance with the Trust's Policy withdraw from decisions where a conflict of interest arises. Organlsatlon The day to day supervision of the Trusl is undertaken by four Committees, which are responsible to the main Board of Trustees. Each committee has its own terms of reference and comprises a number of the Trustees and other co-opted members chosen for their expertise in that sphere of operation. These cornmittees meet on a regular basis Ihroughout the year to authorise activities and expenditures and to make recommendations to the main Board for wider consideration. Trustees are free to attend any meeting they wish. Flnance, Porsonnel and General Purposes Commltteo Membership C Griffiths (Chair) Viscount Cobham P J A Cooper M Johnston T P Routsis A Harries E A Davies R Bailey R Graf von Waldburg-wolfegg {Resigned as Trustee - 27 Augusl 2024) Estate Committee Membership E A Davies (Chair) P J A Cooper R Diggle (cO￿pted) S Gardner A Harries Princess Hohenlohe M Johnston C E S Whitbread T P Routsis {Resigned as Trustee - 27 August 2024) Visitor Attraction Committee Membership Viscount Cobham (Chair) T P Routsis R Bailey J Brown Princess Hohenlohe M Johnston Page 14

Do¢u8i&ih Envolopo ID.. E4393Gl￿72F>4B2￿68E1￿EscFAS9A77 RICHARD SHurrLEWORTH TRUSTEES TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2024 Educatlon and Research Commlttee Membership M Johnston (Chair) R Bailey E A Davies S Gardner R Graf von Waldburg-wolfegg In addition, there is a Nomination Committee to consider the appointment of new Trustees and the membership of Trust Committees. There are also various sub-committees for specific purposes, including an Investment Committee and a dedicated Health & Safety Committee. Day to day management of the Trust is delegated to a senior management leam. The total costs of the Key Management Personnel is disclosed in note 10 of the Financial Statements and these salaries are set by benchmarking against market rates. Trustees. Responsibilities Statement The Trustees (who are also the direclors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company 18W, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP,. make judgmenls and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with ￿asOnable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial statements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularrties. Dlsclosure Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that.. so far as thal Trustee is aware. there is no relevant audit information of which the charitable group's audrtors are unaware., and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's audilors are aware of that. Page 15

Docu8kn En¥•lop ID.. E439361&72F>482WE1-C8E5CFA59A77 RICHARD sHu￿LEw0RTH TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Approved by order of the members of the board of Trustees and Signed on their behalf by: rib* T P Routsis Chairman Date.. 24 March 2025 Page 16

Oocuslgn Envelopg10: E43g3G16-72F348￿88El.CBE5cFAS9A77 RICHARD SHurrLEWORTH TRUSTEES INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHARD SHurrLEWORTH TRUSTEES OPINION We have audited the financial statements of The Richard Shultleworth Trustees (the 'parent charity,) and its subsidiaries (the 'group') for Ihe year ended 31 October 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Trusl Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statement$'. give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 October 2024 and of the Group's incoming resources and application of resources, including its incomè and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wrth the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audrtors, responsibilities for the audil of the financial statements section of our report. We are independent of the Group in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fuSfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provKle a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audiling the financial statements, we have Èoncluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least fvéelve months from when the financial statements are authorised for issue. Our responsibililies and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other inforrnation comprises the infonnation included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheThvise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements. we are required to determine whether this gives fise to a material Page 17

Docu8ign Envdopo ID.. E439361&72F34B29.88E1£BESCFA59A77 RICHARD SHurrLEWORTH TRUSTEES INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHARD SHUTTLEWORTH TRUSTEES {CONTINUEDI misstatement in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding ol the charitable cornpany and its environment obtained in the course of the audit, we have not identified material misslatemenls in the TfUStees' Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the inlormation given in the Trustees, Report is inconsistent in any material respect with the financial statements., or the parent charitable Trust has not kept sufficient accounting records., or the parent charitable Trust financial statements are not in agreement with the accounting records and retums., or we have not received all the infomation and explanations we ￿qUIre for our audit, RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Slalement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and lor such intèrnal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations. or have no realistic aEternative but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain ￿aSonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihat an audit conduded in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Page 18

Docu5i9n Envelope ID.. E4393616-72F3482M8E1-CBE5CFA59A77 RICHARD sHu￿LEw0RTH TRUSTEES INDEPENDENT AUDITORS; REPORT TO THE MEMBERS OF RICHARD SHUTTLEWORTH TRUSTEES (CONTINUED Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below.. Our approach to Klentifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagemenl team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the aviation and automotive sector- we focused on specific laws and regulations which we considered may have a direcl material effect on th8 financial statements or the operations of the Group, including the Charities Act 2011, and taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit on related financial statement items., we obtained an understanding of the entity's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance., we identified which laws and regulations were significant in Ihe context of the entity,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout th• audit. We assessed the susceptibilrty of the Group's financial statements to material misstatement, including obtsining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we- perfomed analytical procedures to identify any unusual or unexpected relationships., lested journal entries to identrfy unusual transactions; investigated the rationale behind significant or unusual transactions., and we used Audit Data Analytics to review the client data for unusual trendslanomalies, In response to the risk of irregularities and non-compliance with laws and regulalions, we designed procedures which included, but were nol limrted to.. agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged wrth governance., and enquiring of management as to actual and potential litigation and claims. There are inherent limitation5 in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Audrting standards also limit the audit Procedures required to identfy non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Page 19

DOCu￿9n Envelope ID.. £439361&72F￿829-B￿E1.CBE6CFA59A7T RICHARD SHUTTLEWORTH TRUSTEES INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHARD SHUTTLEWORTH TRUSTEES (CONTINUED) Malerkql misstatements that arise due to fraud can be harder to detect than those thal arise from error as they may involve deliberate concealment or colluslon. A further descrlption of our respon8lbilltles for the 8udlt of the. flnancial statements is locatèd on ihe Flnanclal Reporting Council's website al.. www.frc.org.uklaudilorsr8sponsibilities. This d8scriplion forms part of our Audliors, Report. USE OF OUR REPORT This report Is made solely io the charitable companys members, as a body, in Bccordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we might state lo the charltable companrfs members those matters we are required lo siale lo them in an Audltors, Report and for no other purpose. To the fullesl extent permitted by law, we do rK)t accept or assume responsiblllty to anyone olher than the charltsble company and its members. a8 a body, for our audit work. for Ihls report, or for the opinions we have formed. Kelly Bretherick Peters Elworthy & Moor• Chartered Accountants Statutory Audllors Sallsbury House Station Road Cambridge CB12LA Date: 24 March 2025 Pelers Elworthy & Moore are eligible to act as auditors In terms of section 1212 of the Companies Acl 2006. Page 20

Docuslgn Envelope ID.. E43936l&72F3482￿88El￿BESCFAs9A7T RICHARD sHu￿LEw0RTH TRUSTEES CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted funds 2024 £000 Restricted Endowrnent funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Note INCOME AND ENDOWMENTS FROM: Donations and lègacies Charitable aelivilies Other trading activities Investments Other inwme 47 1,234 2,049 900 333 1,234 2,049 2,486 256 934 1,839 2,292 180 1,388 TOTAL INCOME AND EXPENDITURE ON: Raising funds Charitable a¢ts'vili8S 1,976 3,127 39 320 500 2,514 3,448 2,468 2,765 TOTAL EXPENDITURE 359 500 NET (EXPENDITURE>IIN COME Nel gains on invesknents 1873 107 888 122 89 744 434 1,160 2,328 1.699 1129) 541 2,038 2,450 1,788 Transfers be￿een funds NET MOVEMENT IN FUNDS 19 1,871 (1.871) RECONCILIATION OF FUNDS.. Total funds brought forward 48,678 3,593 50,433 102,704 100,916 Net movement in funds TOTAL FUNDS CARRIED FORWARD 1,742 541 167 2,450 1.788 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 25 to 54 form part of these financial ststements. Page 21

DoBU81gn Env•lope 10.. E439361&72FN829-B8E1-COE5CFA59A77 RICHARD SHUThLEWORTH TRUSTEES CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2024 2024 £000 2023 £000 Note FIXED ASSETS Tangible 8SS8ts 5,426 5.209 Heritage assets 13 19,968 19,963 Inveslment9 14 6,585 5,633 Investment property 12 72,436 70,975 104,415 101,780 CURRENT ASSETS Stocks 15 64 70 Debtors 18 1,036 1,104 Cash at bank and In hand 22 1,991 2,186 3,091 3,360 Credltors: arnO￿ts falllng due wlthln one ye8r 17 (1,282) (1,314) NET CURRENT ASSETS 1,809 2,046 Credllows.. amounts lalllng due aftei more than one year 18 (1,071) (1,122) TOTAL NET ASSETS CHARITY FUNDS ErKlowmenl funds 19 50.600 50,433 Restrlcted fvnds 19 4,134 3,593 Unrestrlcted lunds 19 50,419 48.678 TOTAL FUNDS The financial statements were approved and authorlsed for issue by the Trustees and slgned on their behalf by: T P Routsls Trustee Date: 24 March 2025 The notes on pages 25 to 54 form part of these financial slatements. Page 22

Docuslgn Emlope ID: E4393616-72F3482WE1UE5CFA59A77 RICHARD SHurrLEWORTH TrUSTEES CHARITY BALANCE SHEET AS AT 31 OCTOBER 2024 2024 £000 2023 £000 Note FIXED ASSETS Tanglble assets Heritage assels Investments Investment propety 13 14 12 CURRENT ASSETS Stocks Deblors Cash al bank and In hand 15 16 Credllorn: amounts falllng due wlthln one year 17 NETCURRENT ASSETS cred110￿. amounts fallSng due after more than one year 18 TOTAL NET ASSETS CHARITY FUNDS Endowment funds Restricted fvnds Unrestrlcted funds 19 19 19 TOTAL FUNDS The financial statements were approved and authorised for Issue by the Trustees and signed on their behalf by: T P Roulsls Trustee Date.. 24 March 2025 The noies on pages 25 to 54 form part of these financial statements. Page 23

Docusi9n Envelop• ID.. E43936lfv72F34B2￿8BEl￿8E5cFAS9A77 RICHARD SHufrLEWORTH TRUSTEES CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 OCTOBER 2024 2024 £000 2023 £000 Not6 CASH FLOWS FROM OPERATING ACTIVITIES Nel cash used in operating activitl8S 21 12,159) (1.973) CASH FLOWS FROM INVESTING ACTIVITIES Dividends. interests and rents Irom investments 2,468 2,292 Purchase of tangible fixed assets (352) (41) Net movement of inv8strnents (1021 (107) NET CASH PROVIDED BY INVESTING ACTIVITIES 2,014 2,144 CASH FLOWS FROM FINANCING ACTIVITIES Repoyments ol borrowing 150) (50) NET CASH USED IN FINANCING ACTIVITIES (60) (so) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 11951 121 C85h and cash equivalents al the beginning of the year 2,186 2,065 CASH ANDCASH EQUIVALENTS AT THE END OF THE YEAR The notes on pages 25 to 54 fom part of these financial statements. Page 24

t>oLaJsign En¥elopa ID: E439361fv72F3462￿B8E1-cbE5cFAS9A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCT08ER 2024 ACCOUNTING,POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial ststements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Richard Shuttleworth Trustees meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of The Richard Ormonde Shultleworth Remembrance Trust and its Slster trading company Old Warden Limited (OVVLI. Both enlilies share a common parent in Richard Shuttleworth Trustees, a company limited by guarantee. The Trustees have deemed that the Trust exerts control and significant influence over OWL. No separate SOFA has been presented for the Trust alone as pennitted by the applicable regulations in the Charities SORP. The net movement in funds for the charitable company alone for the year was £Nil {2023'. £Nil). 1.2 GOING CONCERN The Trust has considerable financial resources and as a consequence, the Trustees believe that the Trust is well placed to manage its business risks successfully and accordingly has a reasonable expectation thal the Trust has adequate resources to continue in operational existence for at least 12 months from the dale the financial statements are signed. Accordingly, the Trustees continue to adopt the going concern basis in preparing the 8nnual report and financial statements. 1.3 INCOME All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Voluntary income with or without donor imposed restrictions are recognised in the Statement of Financial Activrties when the Trusl is entitled to it. Restricted income is retained within the Restricted reserves until such time that il is utilised in line with such restrictions, at which point the income is released to general reserves through a reserve transfer. For legacies, entitlement is taken as the earlier of the date on which either.. the Trust is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made. or when a distribution is received from the estate. Receipt of a legacy, whole or in part, is only considered probable when the amount can be measured reliably and the Trust has been notified of the executor's intention to make a distribution. Vvhere legacies have been notified to the Trust, or the Trust is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. No amounts are included in the financial statements for services donated by volunteers. Page 25

Oocusign Envdopo 10.. E439361G_72F￿839_BBEl.cBE5cFAS9A77 RICHARD sHu￿LEw0RTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES (CONTINUED) Donated fixed assets are measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Trust's accounting policies. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation. Income from Charitable Activities relates to activities run by the Trust in furtherance of th• charitable objectives and is recognised on an accruals basis. Income from Trading Activities relates to the activities of the quasi-subsidiary Old Warden Limited. Investment income is earned through holding assets for investment purposes such as property and shares. It includes rental income. dividends and interest. Investment income is included when the amount can be measured reliably. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Interest on fund5 held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank. 1.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefil lo a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activrty are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo Ihal activity. Sha￿d costs which contribute to more than one activrty and support costs which are not atlributable lo a single aclivity are apportioned between those activities on a basis consistent with the use of reSoUr￿s. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating of information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Trust and include project management carried out at Headquarters. Governance costs are Ihose incurred in connection with administralion of the Trust and compliance wrth constitutional and statulory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. The basis of allocation of support and governance costs is noted in Note 8. All expenditu￿ is inclusive of irrecoverable VAT. Page 26

Docuslgn Envolopfr ID.. E439361&72F34B29-B8E1-C8E5CFA59A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.5 GOVERNMENT GRANTS Government 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 concerned. Other granls are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION All assets costing more than £500 are capitalised. A review for impairrnent of a fixed asset is carried out rf events or changes in circumstances indicate that Ihe carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statemenl of Financial Activities. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Freehold land and property Plant and machinery Not depreciated other Ihon the road at 25 yèars 10-33% on cost The transitional arrangements of FRS102 were utilised to adopt the freehold property valuation as deemed c.ost. Subsequent addition8 to freehold land and property are held at cost. 1.7 HERITAGE ASSETS Heritage assets are included at the Trustee's valuation which is a proxy for cost. Any additions or disposals are recorded in the year Ihat they occur al cost. There will be no policy of revaluing these assets, although impairment is considered annually. A register of all assels held by the Trust is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future. 1.8 INVESTMENTS Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losse5) on investments, in the Consolidated Statement of Financial Activities. Investments in substdiaries are valued at cosl less provision for impaiment. Page 27

Docusign Env•lop• ID.. E439361&72F34829.B8EI_CBE5CFA59A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.9 REVALUATIONS OF INVESTMENTS Investments include property and quoted investments and are administered under a Total Return Approach to investment. The Trust has adopted the revaluation model to revalue properties held for investment whose fair value can be measured reliably. The revaluations shall be made with sufficient regularity lo ensure that the carrying amount does not differ materially from that which would be determined usin9 fair value at the end of the reporting period, Other investments are revalued annually to open mathet value. The policy in respect of investment surpluses is as follows.. Any increase or decrease in the value of the investments and the net income is credited or debited to the endowment fund, being included in the Unapplied Total Retum., The Unapplied Total Return is subject to a transfer to pemanent endowment in respect of a sum authorised by the Board of the Corporate Trustee. The cumulative rate used in these statements is 30A. The transfer is designed to maintain the real value of the Trust's endowment,. A further transfer is made to general reserves in respect of the 'spending rule, in accordance Wlth the Charity Commission Total Return Order. The rate applied in the financial statements is 40/0 of the average investment balance for the preceding five years. 1.10 INVESTMENT PROPERTY Investmenl properties are included at fair value and the aggregate surplus or deficit is transferred to Endowment Reserves. A formal valuation is perfomed at least every 3 years for commercial properties and 5 years for residential properties. For the inleryening years, regional yields published by third paty specialists such as Knight Frank or Savills are used as the basis of the valuation of the properties. However, the Trustees may request a fomial valuation in the intervening years should it be deemed necessary. The last fomial valuation was carried out by Robinson and Hall as at 31 October 2023. 1.11 STOCKS Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.12 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments a￿ valued at the amount prepaid net of any trade discounts due. 1.13 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-temi highly liquid investments with a short malurty of three months or less from the date of acquisition or opening of the dep¢)Sit or similar account. Page 28

Docusvjn Envelop8 ID.. E4393616-72F34B29-B8E1-CBE5CFAS9A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.14 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amounl il has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the tirne value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 1.15 FINANCIAL INSTRUMENTS The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instwments are initially recognised at transaction value and subsequently measured at their settlement value with the ex￿ptIon of bank loans which a subsequently measured al amortised cost using the effective inlerest method. 1.16 PENSIONS The Trusl operates a defined contribution pension scheme and the pension charge represents Ihe amounts payable by the Trust to the fund in respect of the year. 1.17 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aS￿e by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statemenls. Restricted funds are funds which are to be used in accordance with specific restrictions irnposed by donors or which have been raised by the Trust for particular purposes The costs of raising and administering such funds are charged against the specrfic fund. The aim and use of each restricled fund is set out in the notes to the financial statements. Endowment funds are funds where the balances must be held pemianently by the Twst, rt includes gains from the disposal and exploitation of propety and the revaluation of investments assets, less amounts transferred under the Total Retum Policy. Page 29

DcKu8ign Envfjlop• ID: E439361fv72F34B29-88E1-CBE5CFA59A77 RICHARD SHurrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.18 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimales and judgements are continualty evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Trust makes estimates and assumptions conceming the future. The fesulting accounting estimates and assumplions will, by definition, seldom equal the related actual results. The estimales and assumptions thal have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilrties wrthin the next financial year are discussed below. Valuation olproperties The fair value of freehold investment properties was determined by management. as at 31 October 2024, on th8 basis of market value. The valuation was undertaken by management based on information published by third party Specialists such as Knight Frank or Savills. Valuation ofquoted investment Annually the Trustees are provided with a portfolio valuation of its quoted investments by the Trust's investment advisers Sarasin and Partners, which the Trustees deem to represent the fair value of the holding at the year end. Heritage assets The Trust's heritage assets are splrt into Iwo categories.. Exhibrts at the Collection and Paintings and Artefacts. Both of these categories were valued by the Trustees on 1 November 2012 for £17m and £2.5m respectively. The Paintings and Artelacts are valued every five years by professional valuers, and this is reviewed against the original valuations for reasonableness. With regards to the Exhibits these are not subject to professional valuation due to the anticipated cost that would be incurred due to the unique nature of the holding. Page 30

Docusiqn Envolopo ID: E439361&72F>4B29-B8E1£8E5CFA59A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Gift aid admissions Donations and legacies 44 80 22 Restricted SVAS donation 175 175 229 Restricled Road donation 75 75 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Aviatlon and automolive Iransport Total income received in 2024 from charrtable activities was unrestricted. Page 31

Do¢u*gn Env•lopo ID.. E4393s1&72F34B2￿88E1-C8EsCFAs9A77 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 INVESTMENT INCOME Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Renlal income 793 107 1,388 2,288 2,121 Dividend income 107 73 171 OTHER INCOMING RESOURCES Restricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Olhar grants TOTAL 2023 Page 32

Oocu8ign Env8lop8 ID.. E43g3616-72F34B2￿B8E1-cBE5CFA59A7T RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME Unrestricted Restrlcled Endowment funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Staff costs 730 730 722 Inveslment activities 243 38 496 777 776 Tradin9 activities (excl staff Costs) 684 676 Support and govemance costs 317 317 256 Trading costs including staff costs are £1,182k (2023 - £1,346k). INVESTMENT MANAGEMENT COSTS Unrestrlcted Restricted Endowment funds funds funds 2024 2024 2024 £000 £000 £000 Total fund8 2024 £000 Total funds 2023 £000 Investrnent management fees Page 33

Docusign Envelopo ID.. E4J93616-72F34B2￿8BE1-C6E5CFA59A7T RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltles undertaken directly 2024 £000 Support costs 2024 £000 Total funds 2024 tooo Total funds 2023 £000 Aviation and automotyve transport 2,701 308 3,009 2,234 Agriculture and land based industry 275 40 315 376 Governance 124 124 154 ANALYSIS OF SUPPORT COSTS Avlatlon Agrlculture and and land automotive base Governance 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Staff eosl8 102 10 168 238 Premises costs 159 169 157 Office costs 45 29 23 97 Non-recoverable VAT Profe55ional fees 61 Trustee c05t5 The basis for allocating support costs to different activities is done on a percentage basis Page 34

Docusl9n Envelopo ID: E439361&72F34B29-88E14BE5CFA59A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 AUDITORS, REMUNERATION The auditors, remuneration amounts to an auditor fee of £36,750 R023 £35,140), and non-audit seNices of £7,675 (2023 - £8.105). 10. STAFF COSTS Group 2024 £000 Group 2023 £000 Charlty 2024 £000 Charity 2023 £000 Wages and salaries 1,755 1,928 Social security coslg 126 138 Other pensions costs 60 During the year the Charity incurred redundancy costs 01 £23k (2023.. £191k). The redundancy costs relate to a restructuring of staff. The redundancy costs in the year are funded from unrestricted lunds. The average number of persons employed by the Trusl during the year was as follows.. Group 2024 Group 2023 No. Collection 31 41 Support 14 14 Page 35

Docusi9n Env8lop8 ID.. E439361&72F3482￿B8El￿8E5cFAS9A77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2024 No. Group 2023 In the band £60.001- £70.000 The Trust considers its key management personnel comprise the Trustees and the four managers (2023 three) ol the Senior Management Team being Account5, Commercial, Head of Estates and Chief Engineer {2023.' (Accounts, Commercial and Chief Engineer). The total employment benefits including employer pension contributions and redundancy costs of the key management personnel were £216k (2023.. £241k). Redundancy costs incurred in respect of key management personnel were £Nil (2023.. £59kl. Pay in lieu of notice costs incurred in respect of key management personnel were £9k (2023.. £45k). No Twstee received any remuneration from holding office as Trustee (2023: £NIL). Page 36

Dqcuslgn Envelopo10.. E439361&72F34829.88EI-CBE5CFA59A77 RICHARD SHurrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. TANGIBLE FIXED ASSETS GROUP Freehold property £000 Plant and machlnery £000 Total £000 COST OR VALUATION Al 1 November 2023 5,099 1,012 6,111 Additions 347 347 At 31 October 2024 5,099 1,359 6,458 DEPRECIATION Al 1 November 2023 70 832 902 Charge for the year 70 130 Al 31 Oclober 2024 140 892 1,032 NET BOOK VALUE Al 31 October 2024 At 31 October 2023 Page 37

Do¢u$ign Envelop8 ID.. E4393616-72F3482M8E1-CBE5CFA59A77 THE RICHARD ORMONDE SHurrLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 12. INVESTMENT PROPERTY GROUP Freehold Investment property £000 VALUA TION At 1 November 2023 70,976 Surplus on revaluation 1,461 At 31 October 2024 TRUST Froehold investment property £000 VALUATION At 1 November 2023 70.975 Surplus on revaluation 1,461 Al 31 October 2024 The fair value of freehold investment properties was determined by management, as at 31 October 2024, on the basis of market value. The valuation was undertaken by management based on informalion published by third party specialists such as Knight Frank or Savills. Page 38

Dqwsign Envelope ID.. E4393616-72F3482948E1-CBE5CFA59A77 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 13. HERITAGE ASSETS GROUP Assets recognised at cost Exhibits at the Collection 2024 £000 Palntings and artafacls 2024 £000 Total 2024 £000 Carrying value at 1 November 2023 17,463 2,500 19,963 Addition8 The Trust was formed in 1944 for the purpose of providing a permanent memorial lo the memory of Richard Ormonde Shuttleworth, who was killed in 1940 in a flying accident whilst on active service in the RAF, by the provision of a museum and college. This has been achieved by the establishment of The Shuttleworth Collection, an active museum of principally pre Second World War aircraft, many unique and in flying condition with hangers and airfield, and also the provision and support to The Shuttleworth College, which uses the Mansion and surrounding premises and parkland for its aclivrties. The property is fundamental to the core activilps of the charitable activities and the Trust's obiects, a5 are the exhibits and historic artefacts depicting the Shuttleworth inheritance, many of which are irreplaceable and of national importance. These properties and artefacts are not assets in the normal sense as they have permanence while the Trust has a conlinuing responsibility to protect and rnaintain them for future generations, the costs of which cannot be fully assessed. Paintings and Artefacts The Mansion contains a large number of paintings, artefacts and fumiture collected by the Shuttleworth Family, an inventory of which is maintained by Christies, valuer, recording the nature, provenance and location. The Trust has adopted a policy to value the contents of the Mansion every 5 years for insurance purposes, the last valuation was undertaken by Christies in June 2022. The Trustees placed the figure of £2.5 million as the market value of these assets as at 1 November 2012 and have reviewed this figure in light of the June 2022 valuation and consider the value still appropriate. The paintings underwent a conditions survey in 2007 by an independent conservator and following this a 10 year repair programme was agreed by the Trust. The furniture is ￿vieWed by Christies on a five yearly basis and repairs done on an ad hoc basis. Page 39

Docuslgn Envdop• ID: E4393616-72FNB29-B8EI-C8E5CFA59A77 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Exhibits at the Collection These are made up of the aircraft. engines. motorcycles, propellers and costumes. Inventories are maintained and the Trustees placed a conservative informal valuation of £17 million on these assets as at 1 Novembef 2012 and consider the value still appropriate. Since this date net acquisitions have been made in the sum of £467,000. The aircraft and cars are deemed to have indeterminate lives and the Trustees believe that the benefits of obtaining formal valuations would not justify the cost, additionally this would be difficult due to their unique natura. It is the Collection's policy to maintain the aircraft, motor vehicles and motorcycles In full working order and maintenance costs are charged to the Statement of Financial Aclivilies. As noted in note 29. the SVAS providès volunteer support in the maintenance of the exhibits plus an annual donation towards the costs. Expendlture on th• above assets The costs of preservation, restoralion and rnaintenan¢e of all the above assets has been charged to the Statement of Financial Activities. Any additions to the exhibits or buildings in charitable use are capilalised. Analysls of heritsge assel transactions GROUP 2024 £000 2023 £000 2022 £000 2021 £000 2020 £000 PURCHASES Palntings and artefacts Exhibits at the Collection 435 TOTAL ADDITIONS 435 Page 40

Dqwsijn Envolop• ID.. E4393616-72F3482&B8E1.CBESCFA59A77 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 14. FIXED ASSET INVESTMENTS Listed Cash held at Investments broker £000 £000 Total £000 GROUP COST OR VALUATION At 1 Noveml)er 2023 5.532 101 6,633 Additions 197 197 Revaluations 851 851 Cash movement 195 (95) AT 31 OCTOBER 2024 All investments are carried at their fair value. Investment in equities and fixed interesl securilies are all Iraded in quoted public markets, primarily in the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (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 helps to mitigale the impact of significant movemenls in exchange rates and localised economic issues affecting the value of the portfolio. The charity does not make use of derivatives and similar complex financial instruments a$ it takes the view that investments are held for their longer term gr0￿h and annual income. The charity has no material investment holdings in markets subject to exchange controls or trading restrictions. Page 41

Docusign Envdope ID: E4393616-72F34B29-B8E1-CBE5CFA59A77 RICHARD SHurrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 16. STOCKS Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Retail I luel stod( 16. DEBTORS Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Trade debtors 158 Amounts owed by group undertakings Other debtors 812 910 Prepaymenls and accNed income 73 36 Page 42

DoEusSOn Envelope ID.. E439361fv72F34B2&88E1-CBE5CFA59A77 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 17. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Bank loans 55 50 Trade creditors 168 139 Amounts owed to group undertakings Other laxation and social ￿CUrity 130 other creditors 672 Accnjals and defèrred incomo 305 323 Group 2024 £000 Group 2023 £000 Charlly 2024 £000 Charity 2023 £000 DEFERRED INCOME Deferred income at 1 November 2023 151 203 Resources deferred during the year 180 151 Amounts released from previous periods {1511 {2031 Deferred Income at 31 October 2024 Deferred income relates to deposits for weddings and events. Page 43

Oocusiw Envelopo ID.. E439361fv72F34B2￿8eEl.c8ESCFAsgA77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2024 £000 Group 2023 £000 Charity 2024 £000 Charity 2023 £000 Bank loans Included within the above are amounts falling due as follows.. Group 2024 £000 Group 2023 £000 Charlty 2024 £000 Charity 2023 £000 BETWEEN ONE AND TWO YEARS Bank loans BETWEEN TWO AND FIVE YEARS Bank loans OVER FIVE YEARS Bank loans The bank loan is.secured against the markel value for Middle Farm, Hoo Farm and Hill Farm which are all included under investment properties. Instalments of interest only are due monthly from the drawdown date for the first two years and thereafter instalments of caprtal and interest are repayable. The interest rate is fixed at 3.5% per annum. Page 44

ErN•b)y10 E4J9301&72FJ481￿BBEl￿5E5CPA5vl77 RICHARD SHUTTLewoRTH TRUSTEES NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 OCT08ER 2024 19. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR 88lanc• at 1 Novomb•r 2023 Éo Balanco at Galn•l 31 October ILtssses1 2024 £000 Èooo Trnn•forn Inlout In¢om• Expondl¢ur• £000 £000 UNRESTRICTED FUNDS OESIGNATeD FUNDS Hed1agèft￿j 15,462 16,467 30.293 1,467 31,780 Insuran￿ 78 45,755 1.$47 47.302 GENERAL FUNDS G•n•ial fundB- 41 TOTAL UNRESTRICTED FUNDS 48.678 4,230 10.1041 1071 744 50,419 Pagè 45

ETh¥￿0￿• ID.. E4393611-72F>482￿8E1￿E5cPAs9A77 RICHARD sHu￿LEw0RTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOA THE YEAR ENDED 31 OCTOBER 2024 19. STATEMENT OF FUNDS ICONTINUEDI ENDOWMENT FUNDS Ins$￿1n¢ prwrty 43.003 1,388 18001 11.8711 1,1SO 43,170 2,000 2,000 HBrrta9B WSS•ts- P8inlinB$ •nd •rt•tsgL• 2.800 2,600 Lnd ind prop•rty In ¢h•ritI￿a u 2.930 2,930 60,433 1.388 Isooi 11,8711 1,160 RESTRICTeD FUNDS i$$* Kioy 8cholar8hip fvnd 272 313 Cdl•dion r•8lnct•d furl¥ 3.320 iJse 400 3.820 Olhor reslnthd 3,593 13591 434 4,134 Page 46

Enwknp• IO". E4J•JIt&12F3462MeEI-CBESCFA69A77 RICHARD SHUTTLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 19. STATEMENT OF FUNDS ICONTINUEDI D¢•lgna¢•d Fund• Heritage lund- re￿$•ntIng the TN$l'& Herrtage a55ets not held in EndowThnl lunda. Capital 888et$ fund. representin9 the Tru81's fixed 8B5els and Investment Pfopertie$ not held in Endo%wnenl funds. Insurance Fund- reprtssenling mnie$ sel aside by the Trust in the event 010 significant evvnl not cov•rod by insurance. Endl￿M+nI Fund• A I￿1 of lond wned by the Truil wo8 granted fv 8 Maximum wriod of 21 years commenang ￿ 29 September 1995 for mineral axtr3Ctvn a furth•r lease was gronlod on addIt￿n31 land on 18 April 2007 on Jirnilar provi$ion5. RtyaAiè$ r•aliied w•r• capiiali$ad and were not avaiL8ble for 9enwal charrtab •xpendilure until th¢ adoption of a Total Return Approacb lo Inveslmenl In 2003. The endowment fund reproseni$ the gains from the disposal and èmploiiatien ol property, the revgluation ol investment as$ets (which formed part ol the original endowmenl or which were purch8$e¢ Irom lund$ from realisalions of tha original endowmenii. Endowment a55elS were Identilied a$ at 1 November 1995 for Tow Return purpese and a gro￿￿ rate ho8 been oppliad 10 thè •ndtrm¢nl Invesimeni a8wi in accordance wrth the accounlinq pol￿19$ adopl•d. Th• Original 18 included in Ihg Fin8n¢ial St8lemgnls at Trustee voluotion l$ee note 131 except where rgpr•8•nl•d a8 an inv•8lment al￿t. The balance as al 31 October 2024 is rnaole up ol Unapplied Total Retum (note 24101 £17,11ek12023'. £17,618kl And unr•strict•d p•rm•n•nt end￿rnent of £33,484k12023'. e32.815kl. R•8trlct•d Funds- unexpended baKgneo$ of donalk?n and grant5 hdd on Trust to b8 appli•d for $p8crfic P￿poSe8.. CissB Kirby scholarship fund . Th? Cissie Kirt)y Schdarship Fund was endow¢d lo Iht Tru8t for the purpose of providin9 schokgrnhips for iludy. reM4￿h or experirn•ntal work, to sludenls of thè College and the earned income 15 allwaled lo a restrLted fund. The fund ￿ not administered on a Total Return basi5 88 the funds are $?poratety in￿ted frcffi the baLgnce of Ihe Tiusl's inve$lmenl8. Colkrycticjn restricted funds- IBgacie$ and denaiions mcoived that Bro rvstricled for uvj al the Shutt1eworth Collectbn. Other re8trict8d funds- Incorr￿ received for specrfK pulp0￿ other than th050 id•ntffjtd abtsve. Page 47

0g¢y•*n Env•knp• ID." E439M1&72F3482MOEI.CBE3CFA69ATT RICHARO SHUTTLEWORTh TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 19. STATEMeNT OF FUNDS ICONTINVEDI STATEMENT OF FUNDS. PRIOR YEAR Balance al 1 November 2022 £O(Xi Balance at Gainsl 31 O¢lob8r (Losses) 2023 £000 £000 Translèrn inlout tooo Incomè Exp•ndrtur £000 £000 UNRESTRICTEO FUNDS oesiGNATEO FUNDS Hèiit89è lund 1S,462 15.462 C•pthl •59•ts 28.925 1,388 30,293 44.387 45,755 GENERAL FUNDS Ge￿rnI Funds. Ill fvnda TOTAL UNRESTRICTED FUNDS 47,127 3.610 14.5031 1,829 615 48.678 Page 48

Do>J￿￿Tr En¥dDp• ID.. E439361&12F3482WEIUE5CFA5V417 RICHARD SHUTTLEWORTH TRUSTEES NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ENDOWMENT FUNDS Inwgthentprop• 42,926 1,313 14021 11,8291 995 43,003 2,000 2,000 H8ntaa8 8gStts- Pairtings •nd art•facts 2,500 2,500 L•nd •nd property in ¢h•nt4ty• u¥• 2,930 2,930 XS,358 1,313 14021 11,8291 995 50.433 RESTRICTEO FUNOS Ci8118 Kirby ¥chd•r¥hp fund 289 272 Colthlion restricted ￿r￿J5 3.164 358 12901 88 3,320 Oth•r rtstrictsd fu￿ja 1331 3,433 399 13281 89 3,593 TOTALOF FUNDS Pa9e 49

Docuslgn Envdope ID.. E439361&72F34B29-B8E1£BE5CFA59A77 RICHARD SHurrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Tangible fixed assets 2,496 2,930 5,426 Fixed assel inveslmenls 2,451 4.134 6,585 Investment propety 29,266 43,170 72,436 Heritage assets 15,468 4,500 19,968 Current assets 3,093 3,093 Creditors due wilhin one year (1,282) (1,282) Cffjdilors due in rnor8 than one year (1,071) 11,071) TOTAL ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR PERIOD Unrestricted funds 2023 £000 Restricted Endowment funds funds 2023 2023 £000 £000 Total funds 2023 £000 Tangible fixed assets 2,279 2,930 5,209 Fixed asset investments 2,040 3.593 5.633 Investment property 27,972 43,003 70,975 Heritage assets 15.463 4,500 19,963 Current assets 3,360 3,360 Creditors due wilhin one year (1,314) (1,314) Creditors due In moré than one year (1,122) (1,122) TOTAL Page 50

Cl$ig"n Envelope ID.. E43936l&T2F34B2￿8EI-C8EscFA5gA77 RICHARD SHUThLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 21. ACTIVITIES Group 2024 £000 Group 2023 £000 Net income for the period (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreclallon ¢har9e$ 130 115 Gains on investments (2,307) (1,493) Dividends, interests and rents from investments (2,468 (2,292) Decreaso In stocks 24 Decreasellincreasel in debtors 67 (4) Decrease in creditors (37) (111> NET CASH USED IN OPERATING ACTIVITIES 22. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2024 £000 Group 2023 £000 Cash in hand Included within cash and cash equivalents at 30 September 2024 is £1,359k (2023.. £NIL) relating to an amount invested in a money market account which is accessible within 2 to S days. Page 51

Do¢usign En￿lope ID.. E439361&72F34829.88E1.CBE5CFA59A77 RICHARD sHu￿LEw0RTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 23. ANALYSIS OF CHANGES IN NET DEBT Atl November 2023 Cash flows £000 Other non-cash changes £000 At31 October 2024 £000 £000 2,186 Cash al bank and in hand 11951 1,991 Bank overdrafts repayable on demand Debt due within 1 year {60) (6) (65) Debt due after 1 year (1,122 61 (1,071) 24. MEMORANDUM OF UNAPPLIED TOTAL RETURN 2024 £000 2023 £000 Unapplied lotsl return bought foTriard 17,618 18,190 Increase in value dunng the year 2.038 1,906 Transfer lo permanent endowmenl 1669) <649) Application of unapplied totsl return (1,829) 25. PENSION COMMITMENTS The Trust opeTales a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in independently administered funds. The pension cost charges represents contributions payable by the Trust to the fund and amounted to £119k {2023.- £60k). Pension payable at year end was £10k12023.' £Nil) included in creditors. Page 52

Do?sfgn Envglop• ID: E4393G16-72F￿B2&B8El-cBE5CFA59A7T RICHARD SHurrLEWORTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 26. MEMBERS. LIABILITY Each member of the charrtable company undertakes to contribute to the assets of the charilable company in the event of it being wound up while helshe is a member. or within one year after helshe ceases to be a member, such amount as may be required. not exceeding £NIL for the debts and liabilities contracted before helshe ceases to be a member. 27. RELATED PARTY TRANSACTIONS The Trust has considered the disclosure requirements of the Statement of Recommended Practice for Charities and of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and believes that the following related paty transactions requires disclosure.. During the year under review three Truslees (2023.. four) received reimbursement of travel and subsistence expenses in the sum of £4.3k (2023.. £3.5k). No Trustee receNed any remuneration from holding office as Trustee (2023.. £NIL). The Trust has taken advantage of exemplion, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to dixlose transactions with group undertakings or investors in the group qualifying as related parties. on the grounds it is a wholly owned subsidiary and will be included in its parent company publicly available consolidated financial slalemenls. 28. INSURANCE Building and Contents Insurance cover is arranged to provide for the full replacement cost of buildings to a similar standard to that existing before any event. Contents of premises are insured for loss and reinstatement. The exhibits displayed at the Collection, which are predominantly unique and irreplaceable, are insured when static and in flight. 29. SHUThLEWORTH VETERAN AEROPLANE SOCIETY ISVAS The SVAS was established in 1964 and is an independent Trust , number 800095, which exists to support The Shuttleworth Collection. Substantial support is given by volunteers to the work undertaken at the Collection in addition to financial support. Page 53

Dow819n Envalopg ID.. E4393Gl&72F34B2￿B8El.CBE5cFAS9A7T RICHARD sHu￿LEw0RTH TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 30. CONTROLLING PARTY The group of which Richard Shuttleworth Trustees is the parent organisation. forms the largest group preparing consolidated financial statements which include The Richard Ormonde Shuttleworth Remembrance Trust. The smallest group preparing consolidated financial statements are The Richard Omionde Shuttleworth Remembrance Trust and its sister subsidiary Old Warden Limited. 31. PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking of th8 Trust.. Name Charityl Company number Holding Included In onsolldatlon The Richard Omond8 Shuttleworth Remembrance Trust Old Warden kn'mited 307534 06366021 100% Yes The financial results of the subsidiary for the year were.. Name Income £000 Expenditure £000 Profitl{Loss)l Net assets Surplusl £000 (Deflcit) for the year £000 The Richard Omionde Shutlleworth Remembrance Trust 4,035 (3,844 1,788 102,659 Old Warden Limited 1.896 (1,5291 367 194 Page 54