2025-10-31-accounts

SHUTTLEWORTH RICHARD SHUTTLEWORTH TRUSTEES (A company limited by guarantee) TRUSTEES. REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 numEw. 0271 Tr81

Tritstoas, Annvol lep)n 24/25 Releren¢• and odrnln15tratlve dfvlls gf the Tnpst. Its Trustees qnd Adv15er% for ihe year ended 31 On R. G(oFI von woldEJ￿wOlleg9 C. E. S. Vlhikn•od C•mpony r•gl•••r•d numb•r 2712981 Prfn¢lpol •ffi¢• Old War&n Pork 8199lwwode 8•dlordshir• SG18 9EP Ind•p•nd•nl audli•rn PEM Audil limil•d R•9istsf•d Audilors Solisbury Hous• SkJli)n Rood Carnbfidge C812LA 8arcla>ry Bonk Pic H¢gh Stre Bedlord MK40 INJ Sollcll•r• charl￿ RUS￿11 Spw(hFD tlp 5 Fleet Pbco EC4M 7RD Inv•tm•nl p•rtl•llo Sorcsin & Porth•rn LiP Juxon HtsJs• 100 Si Pavl'> Churthyard EC4M 88U Robinson & Hall LLP Unil l Highliel4 Court Ookhy 8edlord5hire MK43 7TA lintyK￿l Cxw> th• Trwt k¢ the I P4J¥qnw 2024 to 31 2tr25 T￿ Anr￿￿1 Rep￿ th• ol ¢J TNth•5' ff•PJrt ord o di￿1￿$. rwrt kn. Ih Tnjthrt th(* Ihv ImryKid with iK• cuThwl i￿UtE¥Y th• ctyip3ny 1 9mhliry &bw Y1191.

TtyY8es' Arlnwl Rewrt 24/25 Contents Refe￿nce & adminislrolive de￿115 of Ihe Charily, its Truslees & Adviser5 Truslees report Independenl oudilors, ￿pOrt Consdidoied slclemeni ol linancial oclivilies 3-22 23.27 28 29 Consolidoied bolonce she 30 Charity balance she Consolidated stalemenl of cashFIow5 31 32-59 Noles lo the linancial slalernents

Tritstoas, Annvol lep)n 24/25 Chalrman's welcome TIM Routsls Choirrnon of the Truslees Th• gw)eToI ronomit conditions this y•af ho￿ placed di¥￿sable ificorn•i un&r ¥Nne preuur•. OrgonisolKJis such 0$ ihe shuttl￿th Tft￿ rnV￿ Iherth oHer ewsreol•r wjlue orKI bthidil 11 o(• k ¢J¥oid a 5hrinkiry atlendonce ond T￿￿lan in the delNery of the Chariloble Obpcli¥•s. thi5 general economic bxkdwi il is very pleosiry to bs able lo reporl a o151rong growth lor Ihe Tfusl (K￿0$ ull or¢os. The lovndot1¢￿5 lor Ihis grty￿h We￿ loid in I￿ cknryes ihol were impl¢mentd lo y•or, h¢MI bthn dmloped ond exponded thii y•or, and rnpr•s•nl o robust base lor th• I￿Vre. Th• ar• kn•rol sign1hc0￿ highlghts lo rnwl.. A hjll liffl•. intwnol l•affl b••n •sbllshd lo Choftty ond ils odivilb•5. Thi$ I￿5 incrnos¢d 9•n•rol Wlf•n95s 01 Shvttl•wrrfh orrfl Wh￿ il can olhr, l•o4ing d•rKfy on itKrnose in loorfoll d•ypilo an vnovoidablo in lickol pricw. The rw4iJed oir lormal has b•en ¥•ry ¥4dl rnceifft4 Iry lh• all•￿IlT£ publiq with o Y￿r￿n￿￿r ncr•¢yw lrt lick•ts sold, dosp'l• o rtduclion in ih• •wmbor ol oir shfs lfvom l O 10 71. Th• FtsliNtil ol Flighi h05 •s1ollish￿ ihdl os o lirm fixlvr• on th• inl•inolional oir Sh￿ cal•ndor with ￿roTh9 ¢Y+WS•QS atknthnce ond •xcellenl sociol medhJ foodback. Tho rtr4isod oirshow I￿rn01 •nobled oll the Ethiodion oircralt to be Ilown durin9 the seoyon - xome on nWhIp￿ ￿(0$10￿5,. a gfeol change Irom Ihe Pri￿ ywr in which one fi•w. . The Bedk>rd Colle9e G￿P goes kn ￿r¢￿9th wsth o n¢w c¢wrye lof ¢JPPfwrfic cyening Qt t￿ Shvttleth cornw. We now ho￿ o lull ￿Jr ol Otymonce da￿ lffjm the solor omjy ￿ the Cdl¥dioTr hon9of li Is 9enEruliTh3 84% OF Ihe silo onnuol con5umplwJn. which I￿5 inymd our coAJon kdFxinl ond ma￿4 our enew cos15. The ow01￿fi$ ol Airfield Vduneer R￿ 5er¥i¢e, a siskr up ol pdesstonol lifdyhiers provdirrfj ¥dunl•er C¢Mir durirt9 •wnl ty. l)oN• btr&n Wed into lh• moirt Tn& b b8cotThe lh• 5huMlefvh Rescue 8 Fid￿hlIng Sgr¥Ke (with Ihe omi meryin9 With the Shkthleth Veleron foplonts Societyl. Thts hos s1re0mlin￿ Ihè odmini51rolion whil• olWir8 in n•w &rn hghiirnj v•hicl•s to ￿•[ SUFPOrt Ihe Coll•d•on AyirMJ ¢)dr¥ili•s in Ihe hJ￿Ie.

TtyY8es' Arlnwl Rewrt 24/25 Chalrman's welcome . Th• Voleron Awcplon• Society ISVASI ho￿ provided h'noncbul SUPFth lor MI only hrn hicle m•nlioned obow. olso lor a 4)or• ersiM lor Ih• Spiilire tsnd ol o ffjre Cloyknn & shullk￿h ￿eoffi wogon, .￿ FenloTh4 Prin¢e55'. fun& offj in oddi11￿ b those prtyided ￿ Ihe SVAS Tru￿ lor Ihe oewo neodvd kn rrKJintoin th¢ col￿110n 01￿10￿ each ￿al - a try nde￿1 lthl ol support. The Trusl conlinu•d b iTrrtst in ImpftyiNJ th• ￿0nd0ft4 01 the ￿rt￿l prwrti•s in its portlolio. This hoi "nyTh￿ Ihe l•nonl •xpw•m 0￿1 rnnts b b• odjuthd occonlingty in line with rnofket Thyms. lookiry kn th• fiAur•, th• Trust is w<Ykin9 on a ntr4V Sirole9ic Plan lo co4•r th skirtirg in 2027. ThSs will loy chjt lh• Slrol•gic Obl•¢t￿ ard d•lswry loi ctxning One rcknb¢• challMg• wlll be odaplin9 OPffjti¢yM lo moot th• ol lh• T•rffwism ol Pmffliwl Ad 2025 I"Motyn'5 Law"). In the inlerim, the $MJnilt(ant grThth in Msik)r allen&wbce h05 highli9htsd tho n••4 10 vpdole the café fotilili os Ihry ore comin9 undef slroin. The Tru$lew hove 0gre¢d kj inTr*wI in o signihcanl ￿1vIbl5hrnenl ol colè ¢Mr th• wil￿r 012025/26 obpclwe d incr￿Sing ¢J¥Otlobh sething 50%, Ihe y•oTrrovnd c4l•rin9 0￿j inhodu¢iTr3 nth¥ tschno￿¥ lo 01F<￿ tyderirg Irom pJr tabl•. r•AJrnped loth'lili•s orn sth•dulod lo op•n in lor Ihtr 2026 sé010n. Th•w opwolioncd r•svlts wouk4 not b• possibl• wilh0￿ Ih onwr8 support ol morny d•dicol•d, •nthusioslic ond skill•d w4Lsnlwts. Th• Trtrni Is •xc•pli(YKJIty lortun(Jts b •njoy this1•4d ol support, ￿ I W¢￿Id lik• lo •xhrd ry h•ortl•h thanks ts oll w4unl••rn on bdloll ol TnAt.

Try*8J' Anrwl ReFKJd 24/25 Charltable alms & actlvitles PURPOSE The chorilable compony, Richord Shviileworth Truslees. is Ihe sole corporole member ot The Richard Ormonde Shuttleworth Ramembronce Trusl (Tha Shuttleworth Trusl). The Richard Ormonde shuttl&￿rth Remembrance Trusi (The Shuttleworth Trusil conneds people ond skills. For th• n•xt g•n•ratlon, Shuttl•worth Coll•g• Iralns skllls In agrf<ultur•, farni technologyi fornstry. hortl¢ultur• and onlmol managem•nl' F•r our r•glon. Swlu Gard•n, W￿d10nd Walk ond th• wld•r Parklond ¢onn•d p•ople wlth th• landKap• and no•vr•: und For ihe natloffj the Shuttleworth Colle¢tlon malntolns vnlqv• h•rllag• •ngln••rlng and Ilylng skllls. and Insplr•s •v•ry•n• wlth Its worklng ¢oll•dl•n of vlnlag• alr¢rolt ond v•hkl•& The Trusl's objedives celebrate Ihe passions ol Richard Shuttleworth, who was a noled racin9 cor driver and pilol, and who collected ond reslored old cors ond aircroh. They also Celebra￿ the 9enesis of ihe Shuttleworth fortune made from an inlernolionally successlul 09ricul￿ru1, mochinery business in Ihe induslriol fevolvlion. The Trust was sel up in 1944 by the widowed Dorothy Shuiilv¥VOrth, wkn losi her only son lo o flying occidenl in the RAF in 1940. STRATEGY The Trust h05 0 Strolegic Plan 2021 2026 Ihol outlines objedives 10: nv••t In mod•rn ond h•rltoge ¥klll•. lrnlnlng• •dv¢atlon ond dlstovery. 8ulld and Implement an omblllovs •nvlronm•ntol strot•gy and a cleor plon for our e51ute. Tell th• Shutrf•worth jtory and Its char￿1•r¥ and h•rllag• to mak• nm of th• slt•. Poshl•n th• Trv•t OJ a volu•d lowl portn•r. a sall•nl r•ghnal play•r. and a rttognlsed nallonal brand. Grow and dlverslfy our avdl•nt• to al least mat¢h the growth and dlv•rthy d •ur r•g••n. Bulld flnontlal svslulnobllity wlth o ¢omp•lllng vlsllor •xp•rl•n¢• ond nshlv• ¢•rnm•r¢lol u¢llvlty.

Tr￿. ArthLd ReKOrt 24/25 ACTIVITIES ¥p The Twst lullils its pvrpose to troin skilh Shuttleworth Colkge by: The Tru￿ mointoins uniqve heriloge engineering arKI flyin9 skills by: Supporting Bedfofd G4lege Grcwp in its monogermnt of Shuttl•Myth Co1￿98 orKI its students. Supporting the Iroining ond opprentiwhips P￿ided ty Shulll2••nrth College. Using ils Eslole k) support bnd-bjsed rning Ihrovgh ShuHItswoOrth G4lege. Funding research PhDs in releffjnt dtsC1￿Ines. Moinlaining ond operoling its Cdledthi public benelil ond educotion 05 hjnclionol ortefacts. Moinloining essenliol speciali51 p￿dical skills ond knowledge in the mointenonce ord QFeiolion d induslriol herila98, in porticvlor the EdMi￿10n 01￿￿)￿ OfKI vehides. Crealing apwenliceships and troiniThJ opp)rtunilie5 In Fritoge engineeTing. FurKling and SUPP￿tIng leomin9 opportvnilie5 In speoolisl oreas, Irorn ¢￿101￿ 50Fdy b S￿￿OI￿ble loreslry. A SL&idiary (￿￿pary, Old Wtsrd￿ limi￿a I¢>VL) the ctynmciol opemibns d tho TNsl'i bJslne5sw. In ¢bj•cli%s ond lor odriti•s, the Tnrnkn•s gi%￿ du• consHl6folvJ) k• gwwul gui¢kJrv publighed ￿ Ihe OKJrity Cixnmi¥51m relotirwj k) pjllic iKluding ￿ gvidgKo 'Public berdil.. rvnrsin9 0 a￿)rity IP821'.

Try8J' Anrwl ReFKJd 24/25 ACTIVITIES The Trnsl inspires everyone with ils wothing Colledion of vintoge oircyoh ond ￿hcle$ The Shvmleworth Trust supports itself thrwh the monogement of its ossets. Comptising: The ShvNIM)rth Colled1￿ of KJtk>n ond oulomotThE trans￿rt and 09ricuIIufoI lechnolcgy. Thls is open k) I puuic as port of the Shuttleworth ColleclK)n & Gofden visilor 011￿cl10n. Swiss Gorden. o nine octe Grade Il. listed lat￿RegencY piduresque alpine londscope 9Otden with VKtorian leoluffjs added ty Ihe Shuttlew)rths. This tswenls ond vffjddings ond is open 05 parf of Ihe Shurtlffi•th Cdledion & Golden Visitor Oll￿th. ShuttkffiM)rth House, a Grodell • listed mansion knvse bulk Shuttl lamb￿, and 115, £￿Sociated Grode Il. liS￿d pothlond from o pwious g￿latIOn J owne￿. These are used lor corporole, pfrvole ond public tr4en15 and15 pw1odic0l￿ ¢)pen 0$ port d itr visibr al1￿Cl10n, Old Walden Esth, whith compris89 loms, V+oodlond, re5klenllol pft)perties ¢Jrd commerciol buildings, thich offj b pThide Ihe &rfJse revpnue to support the chariloble okledives. Prowdin9 occess and inlefprelalion lo 115 londscopes and Colledion d oircfoli ord hides, i￿luding th8ir maintenanc8 o￿aTrIS1ng ond delNerin9 0 suite d slnjdured learning program1r￿ for Schools, yDuih 9￿UP$ ond uni¥Erslty sKKlenls. o￿OnI$l￿3 ￿￿onI knlks ond specio11s1 k￿15 rekned lo its Colled1￿ ond esbts, (Jfering and Focilibiing F4ocements lof unlvefsily shKlents. . CFering a¥wierKo k) sck shdents. ()gonisin9 pOrtre￿hlp ord Nrlunleef odivity-led event ty fof public. C%ganisiThJ handS￿n leomiry or skills odivilies for d)ildw and pirg people during xhool hdid(w. TokirKJ speclalisl krKAdedge I￿1n1Th3 her orgonlsalions ihrcwh oultvcd. Moinlalning ond pThdin9 acce55 10 0 speciall￿ librory ond orchi￿.

Tr￿. ArthLd ReKOrt 24/25 Charltable oblectlves The fom)al objects of the charity are: • promollon ol •du¢ollon and trglnlng In the Klence, proctlce and hlstory ol avlollon and automotlve Iranjport; and The promotlon d •du¢all•n and tralnlng In th• s¢l•nc• gnd pradl¢• of ogrl¢vltur•: and. In •• lar aj It Is anclllary ih•r•to. •du<atlon ond tr•lnlng In th• Kl•nM and prnellc• of hod productlon and the monagement ol rural re￿u￿•S by maklng arrnng•m•nts f•r th• provlslon und condvd of g ¢olleg•. &r: The Trvslees ￿COgnIse the imporftance ol ihe heritoge assets of ihe Old Warden Estole ond the Shuttleworth Colledion os port ol ihe successful delivery ol their choriknble objedive5 ond their moral obligolion lo notionally signilicani heriloge.

Try8J' Anrwl ReFKJd 24/25 Partnershlps The Shuttleworth Trusl delivers its objectives and monages ils ossets in partnership with key orgonisotions, without which il could nol funclion. These are". THE BEDFORD COLLEGE GROUP , which monoges Shuttlewth College ond ossociaknd famis ond lond. THE SHUTTLEWORTH VETERAN AEROPLANE SOCIETY on independent choriknble bo Sd up lo 5upporl the Shuttlevrt)rth Colkdion wilh funds ond volunleern. p: 1.11, THE FRIENDS OF THE SWISS GARDEN an independenl chori￿61¢ body sel up to pport Swi$5 Gorden wilh funds and unteers. The￿ ore more Ihon 400 oclive volunteers thol ossisl in Fvndions acr055 Ihe orgoni501ion including the delivery of educolionol oclivilies lor school visits ond dvring oir show doy3; Yisilor experience steword5hip ond hosting guided lours,. Ihe ￿$10ratIon, moinlenonce, mcnogemenl ond operolion ol Ihe Colledi<)n,' Ihe monogemenl of the oirfield ond Ilying di5plays,' and the mainlenonce of Swiss Garden ond of the e5tole. Volunleer5 contribihed thon 60,000 hours b the Trust during Ihe yeor, SWI￿ Gorden is o Royal Horticulturol Society Porlner Gorden. 11 is su￿.eCt lo o Memorondvm ol Understonding with Cenlrol Bedfordshi￿ Council. The Trusl is a F￿rtner in the Greensond Counlry Landscape Parlnership," in the DMO Experience BedFordshire and in Bedlordshire Gardens Trust Head Garderbers, Ne1*￿Ik.

Tr￿. ArthLd ReKOrt 24/25 Charltable fundralslng The Trvsl foises lunds through admissions b Ihe Colledion os a Slolic ond os on operolionol oltradion on ￿nI arKI aif show days. ￿ Colleclion olso attrads chariknble donalions ond bequesls. Donalions ore receiNtd Irom the supwling volunteer ond friends chorilies," and ihe Colleclion ond Swiss Garden recei￿ occaslonal small grants. There are no paid prolessional lundraising sk)If ol Ihe Trust.

Tritstoas, Annvol lep)n 24/25 Future plans Shuttleworth's cUr￿n1 live-yeor Stralegic Plon ends in 2026. Greot sleps h¢Jve been taken loword complelin9 ihis plan, which ore delailed below, and the Truslees and leadership leom are currenily working on ihe nexl slrotegic plan for 2027 - 2032. The Twsi hos divided its 2021 . 2026 slralegic plon into Ihe lollowing phoses: Phase I: Access for all wlll revlew. deflne and dev•lop the plons lor our slt• wlth th•s• oblKrfv•5: Sociol access: our visilor experience Is attroclive and relevonl lo people Irom oll bockgrounds. Intelleduol occess,. sile ond progrommes ore presentsd lor all leorning sWe5 ond Iv•els of knowledge. Emolionol occess., erfryone is oble lo coftnect to our Shvttleworth slory. Phyaicol access: our visilor experience is Sul￿ble lor people ol all abilities. Dgitsl access.. our a￿l09ue site is Supported by on excellent digibl loyer. Phase 2: Tho futur• of avlatlon herltage wlll support and w¢ur• our unlqu• •ngln••rlng h•rltag• skllls wlth: Inveslment in Ihe Skills Transfer Pro9romme. Improved energy elliciency in the engineerin9 facilities. Improved en9ineerir£ hangar public threshold. Replocemenl ol the engineering hongar ond blisler hongar roof. Re.engineering the Wesilond lysander. Engaging Ihe public with the SOE slory in Bedfordshire. Improved inlerpretalion ol the hangar and informal recognition of its hisloric slalus.

Tr￿. ArthLd ReKOrt 24/25 Performance report .•v•i' Vlsltor nvmb•rs sln¢• 2020 2025 2024 2023 2022 2021 2020 Colledion & Gorden 72.474 68,349 61,396 90,274 92,600 51,327 Air shtrws 32,971 29,125 27,232 23,574 11,970 9,732 Commerciol events 31,239 24,488 21,245 27,793 28,825 Educotion 16,222 9,309 6,279 6,032 1,645 1,037 TOTAL 152,906 131.271 110.152 147,673 135.040 62.090 10

Try8J' Anrwl ReFKJd 24/25 Performance report Alr shows Despite a planned redL￿10n in the number ol oir shovis in 2025, visitor numbets ond visilor spend remoined robusl, ond Ihe c¥veroll income Irom Ihese events wos stronger than expectsd. Wo olso benefithl Irom good weother ond close conlrol ol costs, ond a￿1011, the air show forniol proved very populor with our visitors, with numbers ond spend increasing. 66 A truty spethicular alr show weekend the content. the dlsplays, the atmosphere. the famlly •ntertalnment. one of the best alr shows I've attended onywhere In years. Air show hi9hlights'. 99 89 visiting octs with 29 ot Festibrl of Aighi olone. 32 aircroh mode Iheif Shuttleworth debul. We wdcomed inlernational acts - six from Europe and one from North America. We Ilew oll live ol our Edknrrdion oircroft. Alr show atknKlance increased by 8% ￿ar0n￿e0r. Alr show Contrib￿lon irKreosed ￿ 58% yeor<n-year.

Tr￿. ArthLd ReKOrt 24/25 Performance report JVL., .Jlil 11- Of Fornial l•arnlng & dlscovery We olso SO14¥ o strong increose in leornlng ond discoNery wilh o higher nvmber of school and pupil visils during Ihe year, ond increosed oulreach eHorts. 66F rom the mom•nt the Chlldren entered Hangar 3, to th•lr drop off by vlntog• bus. they wer• grlppedl I was •gpo¢lally touched by how welcomlng overyone was. from our expert gulde8 to the many Collectlon volunt••rs we met along the way. Fonnol leoming ond discovery highlights: 5.907 Khool children visiled this year on a sch¢)Dl trip. 2.896 holiday adivity children visi1$. 4,817 children visited during oir sh¢)WS. 2,602 0￿rea(h sfvdenl5. 16,222 to￿1 number ol children visiling. Sthpn STEM Do￿. 80 schools. 21 % incTeos¢ in educalson visits. 54% increase in kty stage l ond 2 visits. 32% increose in (iutreach. 99 12

Try8J' Anrwl ReFKJd 24/25 Performance report ,v Apprnntlcashlps & tralnlng Tru31 is Octiw in ènsuring thol corn skills ore properly tronslefred Irom long-lerm experienced engineers ￿ their succe550rs by running o skills Ironsfer progromme comprising o Four-year apprenliceship or up lo o hjrther six years of on-lhe-job Iroining. 01 the seven opprenlices have sbrted th Shvttlevffjrth, are currenfy in their opprenlice5hips, while three who have complekd initiol opprenliceships have Ixcome lull-lime Tru￿ employees lo ollow them lo conlinue developing their skills under experienced prodilioners. The Trust was deligh￿ io NNdcome a new opprenlice in SeplemÈer 2024, usin9 Slonstsd Airporl Acaderny/HaAow College os ils Iroining provider, ond is committed k> building vnique apprenliceship progromme %thich allows young people from oll wolk$ of life the opportunity b build o coreer in oviolion engineering. 66 My stand out memory durlng my apprentlc•shlp s• lar Is worklng an the Ch••tah ryllnder wher• th• valve guldes wern ex¢esslvely worn. Seelng the whole process and havlng th• opporlvnlty to tak• the lead on the r•movul• Puttlng what l•d learnt Into practlce. 99 13

Tr￿. ArthLd ReKOrt 24/25 Performance report Shvtileworth Colleg• Th• Shuttl•wth TnMI IKxh Cdhy, run ￿ Th• Cdl•g• (TKGI, in hj￿1rn•￿ ol pod ol Twjl'i choriknbl• obpdim rngording ogricuhurn. Thtr Colleg• ocw lh• ryion wlih th• moiority coming IT(Th lh• or•as ol B￿￿d$hirn. Hertkydshirn, Hunlirydonshire, ond Mllkn Full lime sfvd¢fil numbefs OC￿ FE Ord HE mnoin stron9 with on 01700 Ivll hme In r Rtr HortK¥Jlfvffjl ond Iwolihcthions. 0n.sikn tocililiffi Iftdud￿ th• £4.3 millim Zoobgical EdK0lC￿ C•nlr• thol hcwJMs o cOlE•d1￿ cl 0￿r 250 VON Iwcol ¥)￿10$ ¥rtyld.closs kKililith, ond one ol Ihtr only bK>m•s wthin o Cdieg•. thai lormj pjrt ol its conw%rlion knryk. In th• y•w, lh• Cdl•g• hal In lh• pkty3icol I•￿jr¢•$ ITh th• ¥￿11￿ 9ord•n ond Iho KlTrJshill Foryn sile. Thij hus COftJKl•rDbk7 mDinlwMJnc• on %>m• ol the old•r buiklirys oro ujd for lombirs lo p￿id0 a bettw onvironffl•nl lor thid¢nts und IS￿. Thor• kns b•¢n signilicanl invwlmenl in fflochinwy and hchnology wthich will grody¢fvJ lo (X￿$& jobs OTh4 Th• Cdloy lo d￿l￿r o wYll.ry)ud¢d and •ngogir¥J rvTrku￿rn ¥knkh n¢eds d th• Klents and thB 5ecth ore lying lo enleT. Thpre qre 5Irong links wilh emplyr5 through I￿ablish•d iyk •xp•riwKe pvogrofflrn4 olwj with n￿fflb•r ol ¥iiiling speakffjrs ond trips to rJh•f •iblishmenls. h is pl•u5ing Ihth o nvmbw c4 these adr4ilh% in%d%e eM.Shurtlewcth sKdeAts who ncrw hth In Ih ond orn abh to shoré th•ir with th• N•xl >W, th• C￿1099 wlll bg m¢Nirg lorwyjrd in &lrverin9 nffjw T in iofid ornl EnYirorm•nl ond ￿ look Iwfd ts Ivrthw deNlopm•nl$ ol lh• Foftm to support Ihts. Op•n Conlin￿ k 9eMrote Inlefgsl ond huh nurnbers ol ottendees wilh oppllcolK#B krf Sember olfeo* 14

Try*8J' Anrwl ReFKJd 24/25 Performance report / ij Sustalnablllty TfW4t's posilion os o lond.owner ond workin9 mitseum, a$ well os its comriiercial octivilies, brin9 challenges and opportunilies for susloingble dthdopm•nl. Suslaingble inilNJli￿s over the lasi five yeors have included: In 2021 we un&rkJok o svbstsnliol tree ￿ontIng progromme ocross our woodlond eslote. As o londowner vrf continve lo seek kn er•couroge g¢)od prod5ce with resped lorn)lond soil omelerioolion. During 2022-23 the Trusl rv¢iewed ils use of woler and FX)wer and, having completsd a major projecl lo replace all its knngar lights wilh LEDS with 0 50% improvemenl on energy eth'ciency, in 2023 undertook o rnore detailed revw4 01 its power usoge. As with many other rnuseums and eslotes. simply reviewin9 usoge and making stsff and lunleers awore of wd proclices while Ptr•ffjr pricos were hi9h had o maleriol ond positive erfed cn our Pa44rf con5umplion. t)vring 2024.25, the Trust instslled panels OCTOSS Our lorge hongor roofs, which has boih si9nificanHy reduced our poknpr bill in 2025, bth also signilicanily benelitted our corbon footprint. Ovr coterlng leom conlinve lo reviLw suoiers and energy usoge, with positi￿ effed, ond have eliminokd sirgle use plostics from its pvblic calering. 15

TtyY8es' Arlnwl Rewrt 24/25 Flnancial revlew The Tnmi deri￿5 IrtyD". Imimions lo its hritoge 051•ts ONI Ihth svppovl its C￿￿￿.￿ble olmi. Tr(Klin9 oclbvilies ID 511pporl its ¥i5itors ond V•Ynl5. Rents and re•Enue Irorn an estats of rnsidential, hrmiw ONI cofflmarcial WDPty. A p)rtE4io ol ￿0Cl5 ond Sho￿. Dw110￿. gffjnts, ond Wcies. Ah•T m ai o of th• sIr￿1Vring In Priof ywr5. ExpondI￿re 1$ eJtpKt¢d kn bv ft¢￿ 12 in line wpih hJmtr+W. Tok•n lopiFr. Ih• ¢)dh)ns rwvh•d in n•1 incorn• 01 £37ZOOO lor 202512024.. Incom• ol £121.OCKII. In¢om• - £6.829,000 {2024 - £6,084.000) Inyeslmenl income 39% {2024- 41%) Donations & legacy income 7% {2024 . 5%) Other trading oclivilies 33% {2024 . 35%) Choritoble octivilies 21% {2024 - 18%) Cjher income {2024 - 0%} Exp•ndltur• - £6.457.000 (2024 - £5.963,000) Cos1 ol trading aclivilies 26% 12024- 27%) CO￿ of investing odivilies 14% 12024 - 14%) oiher costs of njising lunds 12024 - 5%) Chori￿bIe expendilvre Isee nde 81 12024- 58%) 16

Tritstoas, Annvol lep)n 24/25 Flnancial revlew Investment Income Th• Tru￿ in¥e5tm•nl i￿)MO 13 d￿l￿d An ol lond and properties ¥alwd al £n.476.￿O12O24: £72.436.0001 as th 31 Oclober 2025. ProFArty income was £2,430,000 9￿1$5(2024., £2.289 ,CwJOI and £l,554.0(YJ ngt12024: £1,437,(KK)), oher moint•n¢nc• £)sts, prole$5¢0nol l¢•$ ond supwl costs. A sknck •xchany ptyrfolio ¥YJlu6d 01 £7,038,CO)12024.. £6,579.(KMJI ot 31 Od¢>b•r 2024.Incom• I inl•r•sl ond divKlends lot01￿ £240.(XXI gwJs$12024.. £179.CKQI or £206,0(K) nth12024: £173.(KIoI. oh•r rn(Jnog•m•nl ond Th• Tryst'$ wr to 31 Odob•r 202512024.. WfpIu5 £121,CK)I mode up a5 HkMJ.' 2025 £,000 2024 £,000 Restrided funds 244 Generol lunds (8311 {873} Endowmenl funds 959 887 TOTAL 372 Goins on in¥wlm•nl oM•ls omountd ￿ £536,00012024: £2,328,OCKIi, thich log•ih•r wilh th fflet Snc4>me nwnt on incrno in tho Twst'i 01 £908,00012024.. £2,449.0001 dvring th Y￿￿. rth•r d•kni1s or• yowd•d in th• ol Finoncial Adivilw orKI th• nokns. Total rnlurn Th• Twsl odw•d o Taknl Rdvrn apPM￿ b its iff+•slrn•nh. Th• TrvJh•s odophd o l%w>st•p opwoth ts ollocthir43 inwjlmwd rntuffli and n•1 incorn. l.A Imnshr li mcx4• Ir<%Tr ￿r￿PPIl•d rI￿rn ID •ndtrm•rf fvnds k+ matnlain the r•ol ￿1￿• ol •n(k￿Men1. Thii is cokVk>i￿ as o compound rdum on copi￿1 of 3% 01 •ndow•d Copilol. 2.A lyonsler io gènorol ré5rn li modé undèr thè spo￿11ft9 ryl•. For 2024/25. lh• sp•ndiNJ rvh hos l>x• 0gi•ed ￿ Trvsle05 al 4%. The b)lonc• ol unopplied thl is in Note 23. Support & governanc• costs Supptyt co4$ 01 £494.t)J) 12024.. £471.0001 been feallo¢th¢d to d￿Tr￿bI8 ond in¥sling O¢tivifies ond gtrthnonce ￿ o Pe￿8￿109e l)osis of lime ond Ltyoge. Tr Trpjsl kns in¢u& o t¢Yol £119.00012024: £124.0001 of 9mmonce co5￿ which indL#4es o pwrtion of Ihe support •xpendiluffj. 17

TtyY8es' Arlnwl Rewrt 24/25 Flnancial revlew Investment poliry The inbstrneni F>Alio monogern lor Ihe $￿Ck1 ord ihorn5 ¥rt)￿ ￿ o beftchmo￿ whdi IS 561 ift discumk with the Tnjsloes. During Ihe yeor under rwith¥ the peAorrTrJnce ¥rtJ5 sligh1￿ Under this benchrnark. kni Ihe TN$lDes (KCop￿1 this wos offed￿ kry Ihe nxymfflent in the rnarkets. Th• lond 09•nt, Aot¥ftson & Hall, his￿1￿1￿ mono9ed Ihe wd•r oim to ochiMI IIN• mo ky ih• rthtal al Ihe lond and property this is monibr•d ￿ Ihe Estd•s C¢nmilte•. During the yoor lh• Twsi decided io undertoke a pla tronsition to brin9 mory ol Ih05• eskjtss r•hknd mott•n In4￿1, and this FX¢X•SS hos b•gun, whil• rnainloining Rokn'njon & Holl lor prrJp•ty r•rtbls, Reserves pollcy Th• Tn￿ rMlntolns ilgniknrt r•M(￿l in coprtral osts lh￿ SUPFXYI thè ￿gon￿1￿10n. Th• Trust id•ntili•d u minimum ol £l.4m ol lund5 k) b• 1•bIn￿ wiihin its 5kds and ihornj a5 liquid ossots to call upon as o ￿raegIC rewrvB. h miew5 115 cojh rqqviremenl on o rollin9 1 &monih LxJ5is ond lhe Im￿lment comfflilt•e ensuffjs that il does not ptst al risk any fun& Ihvy ar• ffl••t r•9Uif8m•nls on this lirn• horizon. This id•nlifiod r•J•ry• rnffloins inlod. Th• Hèriloy fvnd cryisw thé hiltr¥ ¢tss•ls ownd by lh• Tru￿ Ihut orn NJI in th• P•M￿￿nI orKlwm•nl. Th¢ Copiknl A%wls Fund cornprise5 Ihfy land and vn•d by th• Tr￿ Ihth in th• p•rrnan•nt As f•Fwd in not• 18 01 h'rarKiol Skhm•rt lh• En¢Sy*mth Fund d in￿lM•nI PmP•fty ￿h•f ass•ts 1> £49,821,00012024,. £50,OW,o(x)I. OF li9urn obm the Urwiod Totol R•fvrn is £l5,649,OCrt)12024: £17,116,0001 and this I¢Pf•wnts In￿•1M¢nI gmvth rKIl yd 011￿01ed ¢Y••r Ihth rntoind in tho Endowrn•nt Furd, ￿1¢￿enCe nol• 23 in Finondal s￿ements ond T¢Jol Rotum n¢)to obow. This ligur• is olbcoled inkn Oo%¢gnotsd Funds. Deslgnated funds Ai 31 Ocbber 2025 r•wv•s were: 2025 £,000 2024 £,000 Heriloge lund 15,673 15,467 Capilol ossets fund 32,482 31,760 Insuronce fund 75 75 TOTAL 48.230 47.302 Explanalion ol the designa￿1 luTr& 15 sh(Th¥77 on nokn 18, The geneml as 0131 October 2025 amounted to E3,47 3,O¢J)12024: £3.117,CMIOI. whd is reljined for day.lothy operolionol odsvilies. which affj oll Ir¢e reJer¥ts. 18

Tritstoas, Annvol lep)n 24/25 Flnancial revlew Rlsk The TrLryloes mointoin o slrategic risk reglstsT thal 1$ k>r •och Bcy)rd rne•tin9. Ih idtniilid kry c<>ncem lor T￿￿0•3 in 2024/25 were.. Cashlt(W4 - kJfg•ty r•btsd b the Trusfs linoncial Fknnc• dyring tho ￿or. Changing (knwwhKs - IKI Trust conhnues lo and coniidw ils opp•ol oi o ¥isilot oltr¢Klion as ih• FX)pulotion within lrfcl oreo chaw and ogas. We continuo to tonsi&r our opptrJoch b d•li%riNJ our d￿rik161• obpdi¥w whil• al￿ r•￿￿1￿•1¥3 ollrodi¥• lo viiilorn and oih•r stsk•hoW•rs. R•llarK¢ o hx¢d CO￿ wilh lirnlt•d xxJff•s ol . lor whkh conlinu• lo s••k b r•duce ond nwJn(4e OUT Colt kKAe wrAid1ve￿. Golng concorn The Tfust has Cons￿4•robl• fir￿￿¢1￿1 rnsour¢•s ond, 0$ o consoqv•nc•, lh• Trus b•lio¥• ihol Tfusl is w•ll pI¢K•4 lo mono9e its buS1r￿ risks ond occcrfdingly o rposonoble eMpectolTrGYb Ihol TNSI odegu￿ resources to Contin￿ In op•rol*onol exist￿Ce lor al leost 12 monihs lffjm the do￿ lh¢ linorKiol m•nls ort signed. Acctydingfy, th• T￿$10•$ ¢oftlinu• b ad¢pt the goin9 corK¢m bosis in weporirs th• 4nnwil and linoncial 5knknmènls. 19

Tr￿. ArthLd ReKOrt 24/25 Structurei governance & management Constltution Richa￿ 5huttltr￿ R•fflemlyonc• ITh• T￿￿,1. Tnjsl reg43trolioTr nufflb•f 307534, on 20 April 1944 urrtkn a de•d ol frust •xKuhd ￿ Mrs Dorothy Clolildo shu￿1•wO￿k as o rngisl•r TNSI in momory ol son. Ormond• Shurtl•worth, who di•d ift 1940 wh¢lsl seNng ifi Ihe RAF. Th• islee ol Th• Richord Shumleworth RernornbTonc• Trusl is 'Rthrd Shultlevrt)rth Trvsl••s' IRST), o Compony Limitsd fy G￿￿￿•• ord olso o rngistred Tr￿. Th• olhcefs ord prolwionol disws d th• Trusl orn doCuMen￿d on puge l. Th• Grcm) includes o subsidiory l￿dt￿4 cryrry, Old Worden Limiknd ICY¥VLI. The shorn in ONL is held RST bul as nomin•e lof Ihe Trust, Boih the Trust and OWL shoo thè common pJfenl in 1ST. Thè Trusfee hos &erwl Ihat the Trust exerts c￿1 ond ssnilicanl inHyenc• w OWL Und ￿ording1￿ these ￿ 9￿111￿ o ¢ons0lido￿d togeth•f. Trustees Th• TrU￿ee5 of Richad Shuwlvworth TnJsteo5 la wmpoThi limiknl ￿ GLKJTqnle• and oljo the dirn(I ol Ihe chor4k>ble compony lor Ihe FWfPQ393 ol romFXJlry lawl in olh'ce duiing the ywr and al Ihe dthe of Signiry 05 lo11￿., T. P. R(￿1$ J. Br( R. Boilry Vixounl Cobhom P. J. A. Coop E. A. Dws S. Gofdn C Griffit A. Horr Princ•ss Hoh•n M. Johnyon . Gfol WoldbAJrg.Wolhgg C L S. ￿lI)re0d T￿￿¢¢3 ol RST afe op￿intsd ￿ ogrwrn•nl ol th¢ Kll Bood ol ond shall b• oppoind lor o pvr ol ihffje ywrs lo Iwml. Tw$1¢￿ shall s¢Th m¢y• Ihan lour cons•cuti¥• lernis but or• lor wwppoinlment oher lh¢ expiry of yeors lh• dots d lh• rnlthrnt relirem•nt. New TTuslees urn P￿￿ded with on indudion pock b ocquoini IhEm with ihè hisw ol the Tr￿ ond its obje(libY5. a￿ made 0¥4YJre ol Iheii re5pon5ibililie5 and W￿lded with COP￿ ol the Tn￿ Comffli5510nw5' gvidonc• on lh• r•swsibilitiw of o truskn•. Th• Trystses m¥ thrM lin￿$ as a full Boof4 in th• y•af •Trd￿ 31 Ocbber 2024. All Trysleos gi￿ OF their limtr fv••ly ond no Trustee5' rnmunerolion wos poid in Iho Y￿r. D¢loils of Tw5kn¢5' exponses and rela￿d Fxjty Iran5actions orè disclosed in nolè 26 b the hr)onciol S￿tern•n1s. Twsl••s arn rwtsired kn disclos• oll fol0￿nI inl•T•sts ond ryislw Ih•rn with lh• sou•kJry lo the Trvsl ond in OCCOfdanc• wilh Trurfs Policy Tryihdrtyw llom d•cisKKts o conAid ol ifitwest Ofbses. 20

Try8J' Anrwl ReFKJd 24/25 Structurei governance & management Organisalion y to doy $up•r¥isicffj ol th• Tnhl t5 und•rtok•n ￿ ltyjr Commillm which orn r•¥>wsibl• to lh• ffloin )rd of Truskn•s. Each commitlo• has ils own l•rms ol rntsr•nc• ord comprims a r¥umb•r ol the TnJsl••s ond oth•f coop￿1 m•mlx•rs lor thir •xp•rfise in Ihol $ph•r• ol OFrfilion. Th•s¥ ccmnmillees m•81 ¢x o r•gular basis throughoui Ihts y•or lo ouihoTiSè odivlli•J and ￿PendI1VI•S ond b mak8 mcomm￿d0110Tr1 b Ihe rnoin Boofd WKl•f consid$r￿1￿. Tr￿1￿5 ore Ire• lo otl•nd ony mg4ling t￿ wish. Flnonce. Personnel & General Purposes Commltte• M•mb•rthip.' C. Griffiths Ichtsirl Viscovni Cobhgm P. J. A. Cow IResign•d ￿ TnTrskn•- 27 Augu 20241 M. JOhn￿On T. P. Routsii Horries E.A.Do R. Bailey R. Gful Vlald￿￿w0Utyg Estate Commltte• Mwnbwship". E. A. Oavie5 Ichairl P. J. A. (Re59￿1 as TN5h•. 27 Augu￿ 20241 R. Diggle Icowedl S. Gordnor A. Horri Pri￿8$$ Hohenloh• M. John510 C. E. S. Whiibr•ad T. P. Routsls EducaNon & Research Commltle• M•mbershiP.' M. Johnston {Choirl R. 80iley E. A. Dovi S. Godner R. Graf waldbu￿W¢￿1¢g9 In oddition, the￿ is o Nominalion Cornmitlee lo consider Ihe oppoinlmonl ol new Trust￿ ond mefflbefship ol Trvst Commillees. Thern orn also wrious sub<ommrtkns lof SPKFFIC purpoms. indudirKJ on Inveslrnnl Ccrfnmillee ond o dedica￿d Heolth & Sokny G)mmile•. Doy to ￿ monogemonl ol the Tru￿ is delegotsd to o senior m(5nogement IBOM. The bttjl costs cl the W Manog•rn￿I P•rsonnd is discksad in nots 10 ol Ihe Finonclol Sialements and lh￿ salaTi•S orè s•t ben¢hrnorkir#J 090i4W mork rotss. 21

Tr￿. ArthLd ReKOrt 24/25 Structurei governance & management Trvstees. rnsponsibllilies statement TwJl••s Iwkn arn oljo dirnclor5 01 the Cknrity lh• wrpowj ol cryry lowl or• rn5pom1l￿e ILY FwafiNJ ihe Truslees. Rep)rl ond the linonciol stol•ments in occordonc• with opplicobh ITh Uni KiNgd￿Tr kcourtbng S)r#4ords IUnit•d Kirgdom Gtn•rolly Acc•FY•d kcounlin9 PfaCtic•l. Corn￿￿ f•qVirn5 the Truslo•s lo p(yire linonciol ￿018m•n￿ fof ￿ch fin0￿101 por. Under ctynpony w, Trpjslees musl ￿1 oppfo¥e liruncTr)l S￿l¢m¢n￿ unless ty ar• soliskd thoi Ihey o Inj• ond loir ¥1￿ ol the ol olfoir5 01 Ihe Chority ond ol its incomih9 ffjsthJrcos ond opplicolit)n ol resourtes. including tts ond exp?￿11￿￿e, lor tkni period. In pfftpjriry these linoncial ¥glements, Iho Tru51ee5 ore quird to: l•d suikJbl• o¢c￿ntil¥4 policim ond then gpply th?m CL￿1 obs•rvè th• mothds and principles in the Chorits SORP,. • 11￿ke I￿agments ond eslimotes tkni are rec￿nable ond pwdenl,. stak thetheT opplicoble accounlin9 standards have L￿￿ Follow•d,. and prepare the hnanchil stsknrnents on the g(xng concern b0519 unlou il Is inapproprialo to Fx05um Ihal Ihe Chorily W4ry11 C¢￿In￿• in bu5in•sJ. Th• or• respcwiblo for k••piry od•quol• occounliry r•¢ods thal or• $UHIckn￿ to slThv ond •xplain Chority's Ironsaclionl ond discl¢X• With T•0￿r￿ble occurocy ol ony timè lh• liryJncol ptx11ic￿ al Ihè Choirty ond •nable Ih•m to •nsLFTe Ihol Ihe %.nanc￿l ￿OI•mnI5 wilh Ihe Compjnios Acl 2006. Th olso rO¥￿nSIble lor sole9uording lh• ossets ol lh• Charity ond Fof taking f•(isonobh >1 k>r lh• a￿￿11¢n and d•liw ol froud ond oih•r irr•gulorilim. Dlsclosur• Eoch ol lh• p•non$ orn TnNh•s al th• hrn• wh•n this Trusl••J' is appro￿4 hai con11rm￿ thal: so lar as Ihth Trust•• is aw•vr•, 1$ no ¢)udil in1orrng1i￿ ol thich th• d￿nIg618 groiip's a¥Klith of• ￿naWar￿,. a • and Ihat TnJskn has bken all lh• thol aughi b I￿• b••n tskvn 05 0 Iruth• in ¢)rd•r b b• aworn of ary rebtr￿n1 oudil Inlvrmthion ond b •sh)61iih Ihth thgrikJbl• s￿￿p,4 oudllors or• owvr• d IhoP inforrnli¢n. Apwo¥ed by tyder al Ihe members ol boord ol TNslees ord sigred on their beholl by: T. P. R•vl•l• Ch04m)on Oote.. 5 May 2026 22

Try8J' Anrwl ReFKJd 24/25 Independent audltors. report to the Rlchard Shuttleworth Trustees Oplnlon W• kne oLdil th• linoncial stol•m•nts of Richord 51hJttknvrth TNslMs lih• 'poT•nl clh)rity'l ond ils bsidiariw Iihe 'giovp'I lor lh• ywr •ndod 31 Odob•r 2025 thich comprise the CtysoIido￿d Sthm•nl ol Finoncial Acti¥iti•s, lh• Consolidot•d BoloAc• Shod, tK Trust Bolonco Sh•et, th• G)Asoldol Sith•mnl ol Coth ond th• nol•s. Including o summory OF signilicont occounling polici•J. The liN)nc￿l reporling Iromwts4 thol kns bwn appl￿d in Ihe¢r prepothicn is OP￿1¢0b18 low ond Unit•d King¢kn Ac¢¢>Jnling Stsnd¢Jrds, inclvding Finonciol Reporting Siondod l 02 'T￿ Finonciol Reporting Storthrd in ihe UK 0￿1 Rowblic ol1rnSond' Iunsled Ki￿d¢M G•Mrolty Ac<opd A£ccKnling Prodtc•I. In our opinion the linancial sknknnents.. gi% a Irue ond loir ¥1￿ ol the Sta￿ ol ihe Group's ond ol the porerf charity's offoirs os th 31 Ct￿or 2025 ond ol the GIr￿P.5 incorning resource5 ond opplicolion ol rwourte5, indudbng Tts incorr ond •xp¢nditvr kr th• y￿1 ih•n endod; . hm been prnpa¢•d in accodonc• wilh KlTh3dom Gtsn•dly ActeOvd kcountin9 Pradice,. and . h(M been pr•pDr•d In OEcIAonr• wth the requ1T•mw￿1 of the Cornponi•J Ad 2006. Bosls for oplnlon W• conduchd Quf audit in occordonce wilh Inlwnoli¢nol S￿l￿rds Auditing IUKI 11&41 IUKII ond 0ppltcab￿ klw. Our rtsponsibilili•5 under Ihose 5tondords or• lurth•r drfcrib•d IN thè Audilor5' responsibililiti5 the oudil ol the financial slal•ffl•nts $8clion ol Ouf rewl. We ore ir)dependenl ol Ihfr Group in occordonce wilh the •thi¢ol rnguirwn•nts thoi orn le￿￿￿nI b our ovdil a lh• linorK•)I slol•m•rth in Ihe Unid K¢n9dom, in¢lvdirKJ lh• Finon¢iol Rep¢)rting Covncil's Ethicol Sbndurd, ond V• knllilld OLFr dh•r ethbcol re5ponsib'lilI￿ irt occ¢Aonct with Ihese ffjqvirerr￿nts. We belie¥• that the oudil evidenc• havtr ¢)&oind 1$ 5ul%o•nl ord appropri0￿ to o bosi5 lor OUT opinion. Concluslon relatlng to golng Concern In owliling h'n(Jn¢iol slom•nts, condvd•d TruSt••s' of cryK•m knis ol accounling in the F￿pU￿￿1￿ of th• hnoncitil stalernontsls Oppvw￿. 8oxad on Ihe hfft pwlormd, w• hove nol idenhhed any nKtsrial uncertoinlies ffjkning to c+￿ts or condilions that, ir)di¥idually or cdledivety, may c0515gnihcanl on Gr￿P,5 or Ihe F￿re￿I chanty's abllity lo continue os 0 9(Mrg c4xK•m hr o p•nGd ol ol knjst wh•n lh• linoncial sfv)lern¢nts or• outhoriged lor iuuo. Our rnspJtsibTrlll￿tt ord the r•sFrf)nsib¢lilith al th• with rnsp•d 10 goi￿ c(*K•m orn d•￿Ib￿ in lh• rel￿￿1 sodion5 01 this Tep)rt. 23

Tr￿. ArthLd ReKOrt 24/25 Independent audltors. report to the Rlchard Shuttleworth Trustees Other Inforniallon oth•r inlormoti¢)n c¢ynpriMs th• inlorrnalion included in ATrnwJl Rewl dher Ihon the lin0￿101 slof•rn•nls ond Ouf Audilors, Report th•rn¢)n. Th• Trusl•es orn rnsponsibl• lof lh• dh•f infomiotit)n conto¢n•d within ￿ Art￿￿1 Rw)rt. Our opinion i)n lh• linoncial slolèmnlj nol C¢>ver lh• ¢)thèr inFtsmolx)n ond. •xco@ b Ihts txknil oxpliciity sttyknl in f￿r rnport, we do nol express ony form ol ¢J55urance condvsim thgmn. ()Ji responsibility is h> r•od Ihe othw inlormotion ond, in doing $0. consider wh¥ther ih• inlomiolion is mokn.olly inconsislenl with lh• linon¢iol slolemenls or ovr knowledge obbtned in Ihe coulse ol the OLdit, or cAhovMse oppeors lo be Mo1¢f￿1￿ misstoled. 11 we idenlily svch ml¢riol inc¢otsislen¢i•5 or appor•nt mgleriol rni5$1olements, we ore requifed lo deknrnine wheiher tht5 giw45 rise to o nthrial mi551oter￿nI in Ihe hnanciol slolernefits th6fflseh5. 11, bJ5ed on Ihe ¥•trk wtr hob perFomwd. we <ond￿e lh￿ Ih•rn 15 a makniol m15thmenl d this oiher in1orma1b(￿ wè ar• Toqvir•d fo¢t, W• ncthirKJ lo in this rn90￿. Mall•rs on whl<h we ar• requlred to rnport by •xceptlon In the light ol our knowle&3e and Und•f5t0ndi￿ ol the choritoble c<>mpany and its endry)nm￿ obJined in the courye ol Ihe oudil, nol ideniifi•d moleriol mis5talements in the TFu5tees' Report. We ho￿ nothir¥J to rep)rl in rn5p•cI ol the lo11￿ry fflatlers in relthKJn lo which ComFxJniw Acl 2006 jq￿irns U5 lo r•pyl to )vu il. in our opnion,. lh• inlomKrtion gi%w in th• Truth•J' Rep￿1 is If￿on$t1t•nl in ory mal•Aol r•Jp•d with Ihe hnonclol slolements,. or Ihe chofilobh cofflptsry rM)I od•quokn rfeountirg rneords.. of th• chon'labl• cofflpory linarKKJI Jtshrn•nls orn nol in a9r••ffl•nl with lh• occounling rncordx and r•fvmi' ¢r W4 hm ftd r•C•l￿d oll th• inlonnotion ond •xplonalioni w• rnqulr• fof our ow4il. R•sponslbllltles of trustees As exphlr•8d rnG¥• lully in th• Trvst••s' Rwpwibs'lilios Siokn•nt, th• Trust•w orn rnsp¢￿I￿• lof t prpoffjlion ol lh• fir￿￿¢101 s1olemen￿ which 9iw o hv• ond loir orbd kf 5vch inter￿1 os TN31¢es d•knmin• is Aece5$0ry tro er)bh th• prepa￿11¢)￿ d fifionciol Ire• from molwial misslol•rn•nl, whdh•r du• b Iraud or •rffjr. In th• h'Tr)onwl Trusl••s orv fwonsibb h)r oswssing th• GIr￿P,% ond the pornnl chority'5 obility lo conlinuts 0$ o ¢orKern, dixlosirwj, as applicoble. maller5 reloted b goin9 concern ONJ using the going corThrn 60si5 01 accounling unless IhE Tru51ees esiher intend lo liqvthts th• G￿vP or porenl chority of lo ceose ope￿tIons, ar have no raalb5tic olk1r￿li¥e bul to do so. 24

Try8J' Anrwl ReFKJd 24/25 Independent audltors. report to the Rlchard Shuttleworth Trustees Audilors. rn5ponsiblllties for the audit of the financlal statements Our obi•diw•s ar• to o&oin rnOStybobl• oss¢Jranc• obout the hnonciol sh)t•Th•nts 05 0 a(• If•• Irom fl￿terial misstoltmenl, wh•ih•t dL lo Iroud or •rYor, and Io i$5L on Audilors, Rewl ihol includm our opini¢)n. R•osorKJblt ossuronce is o high ol ctssuronce. bui Is rK>t o guofonth Ihol on audsl cor)duckd in txcordonce wiih1&4s IUKI will det•d o mtittillol misstaltsmenl whn it eMt5ts. Misslal•ments can ori Irrffi Iroud or ¢fror ord or¢ ¢￿sid?￿d MUr￿1 il, irdiYdu¢lly or in th• 099r¢gde, ccrtjld rnoYx￿bIY b• •XPed￿ kn inllvenc• Ihe •C￿¢m1¢ d•cisions ol users lok￿ orn IF bosis d lho￿ linonclol sbknr•rts. Inegulorilies. it￿UdI￿ Irovd. rjm inslonce5 of ￿l identi￿.n9 ond 05s•ssiry Ihe risks ol rnoteriol fflisstolem•nl in f•spod ol in•gulorili•s, induding Irovd and non<omplionce with and r•gukni¢m. ¥•OJ 0$ lo110￿.. th• engugem•nt portntrr ensured thot the engagemtrnt teom cdl•di¥ety hod the oppropriale comFtsnc•, capobilitie5 and 5ki115 10 idenlify or reccgnise non<omplMJnce applicable kr￿ ond ryulot¢ons,' wa idenlih'ed the ond ryulali0Trs OP￿1c0b1e to Ihe Cx{￿P th￿V9h discussiorn with Iwvslees and other mono9emenl, and Our comrnercial kn(Aodge and experience ol the oV￿tIon ond aul0rn0ti￿ sodor. we I0￿1￿d on specilic lo￿ ond regulations which t• consider•d nKry ha￿ a dired nK￿rIal eHed on th lironciol sloleff•nls or Ihe QFWOtiw ol lh• Group thjrilabb cofflpony. incI￿ling th• ComwJni¢5 Ad in oddilion. consid•rnd prtr¥isiorf d dh•r lows and r•gvltrtions ¥knich do ￿ h(M o dirnd ell•d on th• lir￿￿101 s￿￿nents bul complianc• vrith which mi9hi be luTrdOrT￿n￿l ￿ th• c¢MTrpJny's obilily lo OP•fol• or lo a¥oKI mal•fioI p￿￿111￿5,. w• o&ain8d on tsnd•rstondin9 01 Ih•1•9al rngulalory lffjmowgrk OFWicabh to charity ond ol th• tharily'$ FolIC￿ and FJryodurM ¢)n com ian¢• wilh laws m9uldions, in¢1￿t￿3 docum•nlolK)n ol ory inSknnC￿ ol non<orn ianc•.' mode erquiries ol rnono9ernenl os kj <on$ider•d Ilwe wK•plibility to Iroud, thoir knoded9e d oduol, suspedd and olk9od Irovd,. • we cThisiderod the inl¢rnol conlrols in ploc• lo rnilKJof• risks ol ond n(yK(yWionc• with lavA ond r¢9uloltyons.' • obtosned on un&rs)rdin9 d ihe enlity's risk assess￿ p￿cess, 1rd￿41r19 the risk ol hoL#4: 05sess¢d Ihe susceptibilrly ol Ihe enllty's linonciol moteritsl mi5slalem•nl, incl￿1￿9 fvuud M￿h* occur,. and lowj and regvlolions id￿till￿ cofflmuni¢obd wiihin th¢ oudil l•om r•9ularty ond th• tsorn r•moin•d ol•rt b inslanc¥ d non<ompliance throv9hoth lh¢ 0￿11.

Tr￿. ArthLd ReKOrt 24/25 Independent audltors. report to the Rlchard Shuttleworth Trustees Auditors. rn5ponsiblllties for the audit of the financlal statements (contlnued) As o resvh of obo¥E risk assejsrnenl P￿cedureS we identified the greole4 risk ol tiyyefiol M1￿101eMenl on the linonciol sloternents orisity Irom ir1eguloril￿ ond fvaud within wkntrol lor monogemefil lo coftlroLs, to ex•rt &'os Ihe owJmplKKd ond jUdg•n￿ts usod in rtJp•ct ol th signihconl occovnting tr5tirr￿t$ tsgoih•r with tho risk ol I￿￿dUlent rtrnlU• rncognition. Wt CtJnsidtrd tho rbsk ol Froudulent mnue rncognition b Èe most in th• cyioH d ￿￿rtL￿. In rnSFonse kn th• id•nlit risks, we d•signod Proc￿vr•S inclvd•d, bLrt w•r• nd lifflil•d b.. pgrknrn•d ar)1￿1c￿l pfocth4ur•s lo id•nlify any unusual or un•xpKtsd relolionships,. rfofm•d oudil work owr lh• risk ol mon0vm￿l owNid• ol contrds, including teling ol i¢￿M01 onl ond oih•f odjuslments for oppffjpriol•ru. ¥oluoling th• fotionole ol signiliconl Ironsocliofts L￿tsId& lh• ntyrnol couts• ol ￿￿SIns$,. • tr•YJlu¢JknJ th• oMumplMMS ond judg•m•nts fflona9èm•nl wiihin signilkonl occ¢)unli aslimol•s ond osswed Whtrth￿r ihese indK¢ted •vid•nc¢ ol Monoymt￿ bi¢s,' • ￿ u¥•d Audii Dots Ar￿￿tr¢s lo lh• clni dolo for UftLuuoI rnhd￿un0MOlkn.. ond Aornied 5ub51onlive knling lor o 3omple ol Ironsoction5 from Cli•￿ docunwnation lo supwlirg documenlation and receip15 lo thol oll Ironw wos appropria￿ rnco9nised in Iht corred PqfKd QTKI any rrftridions oppffjpriahly rtcognised. In re¥rAJnw to the rijk ol Irr•gulorilieJ oTrd wompli0￿1 wlth Irm ryuknirJns, w• drf•gTrfjd yoc•durnJ ich includod, bvt Vrn limitsd to., • ogreod thtr linoncial ￿OI•mnI di3d￿v￿ lo vndeth'ng supportin9 doojmentalion,. 055es5ed ikn exlenl ol compliance with the kn¥s ond re9ulotlons K1•nlih￿I obm thwh rnoklThJ ewuiri•3 of rnonagem•nl ond in5pecliTra le901 CO￿sPondence.. • rnod th• rninule5 01 meelings ol Ihoryd wilh gowrrM>nce," and • w• with dKry•d with 9rywnonc• IKhKI Wnliul lill9￿1￿ ond Cbims. Th•rn orn inh•mnl liffliloticmu In cyji OLK411 proc•durns d•sCrIb￿ obtrrt. Th• mor• 1•fflth￿ thol l¢)ws and ulthions offj Irorn ￿nant￿l Imnsoclions, Ihe less likely Il is ikni ￿ wovld bocomè a￿￿)1• d non<omplKJncé. Audilin9 skjndards 0130 Iirnii Iho oudil procedures rnquiv•d lo idenlify non<ornplionco with ond r•gulolions Ir* •nguiry ol lh• direclcn ard oth•r mon09•n￿nI ond th• insp•dion ol ard 1•901 Corrry￿1•ftC•. il ory. M¢tslol misslal•nwnts Ihd orim du• b houd con b• tro dd•d tknn Ihol oriM from •fror 05 A hjrt￿ d￿(rIPl10n o+ our rn5poniibilit4w ovdil ol linonciol $thIr￿ts ij loc¢hd on th• Finonciol Rowtirs C¢vndl's w•bsile ol: , Thbs deKriplion lrym$ wirt of our Audrtors, Rewl. 26

Tri8s' ArKwl 24/25 Independent audltors. report to the Rlchard Shuttleworth Trustees Use of our report This is n￿d0 sd•ty kn lh• choritabki c¢ynporfs ￿Mb•r$. 05 a bcdy, in occordonc• with CF 3 01 Port 16 cl lh• Componi•s 201)6. Our oudit hos undwtok•n $0 Ihol w• mTrghi sh)ts b ihe chorikjble compyty's rtmb•rs thost motitrJ f•qusr•d them in on Audiltys, R•wl lor no dh•r purpose. To tkn fvll•Jl exl•nl ￿rmI￿d ￿ ILYW, we do nol occ•pl or 0ssurn• rB5ponsTrbility lo onyone tyhw thon cF#)rilobA¢ Com￿rY and ils membws, 0$ o E#)dy, Ax oLKlil worl lor Ihis report, or lor Ihe opini¢)ns v• lorm•d. Kelly Bretherick PEM Audll Llmlted Registered auditor Salisbury House Slolion Road Cambridge CBI 2LA 0￿.. 5 May 2026 Pfm Audil Limi*l orn •ligi14• ￿ tsd ￿ oudilorn in ol wdi¢)n 1212 01 th• CoM￿nI•S A¢1 2(X16. 27

Tr￿. ArthLd ReKOrt 24/25 Consolldated stalemenl of flnanclal actlvltles for the year ended 31 October 2025 2025 2025 2023 2￿4 Nol• INCOME & ENDOWMENTS FROM: 59 1.512 423 482 1.512 2.165 1670 333 1,234 2.049 2.468 Choritobkn ocliyili her lrtMlin9 adivlll In*¥menls 993 202 1.475 TOTAL INCOME & ENDOWMENTS 4,729 625 1,475 6,829 6.084 EXPENDITURE ON: Roisiry lunds Choribbl• oclivili 2,250 3.309 46 336 510 1812 3.643 2.514 3.449 TOTAL EXPENDITURE 382 516 0.437 5,903 NET (EXPENDITURE)/ INCOME 959 372 (830) 243 N•1 90141$ Oh Imioshmn 128 219 189 536 2,328 NET (EXPeNDITURE)/ INCOME (702> 462 908 2,449 Tfonsl•rn bo￿ lur 18 1.927 11,927) NET MOVEMENT IN FUNDS 1.225 402 (779) 908 2,449 RECONCIUATION OF FUNDS: Totol lund$ brou9kn lorwafd Nel mov•m•nl in 50.419 1.225 50.61)0 (779> 105.153 908 102.704 2.449 462 TOTAL FUNDS CARRIED FORWARD 51.644 4.590 49.821 106.061 105,153 The C<xwlldo￿d Siot¢wni ol FirK¥nciol Aclivilies IfKkJdes oll ggins 0￿1 k)sse¥ ￿09￿1¥ed in the yeor. on pow 32 b 59 Iofffl Port ol lh¢￿ li￿r<i01 28

Try*8J' Anrwl ReFKJd 24/25 Consolldated balance sheet as at 31 October 2025 2025 £000 2024 No FIXED ASSETS Tongibk) oss•ts Hw7109o ass•h Ilw￿Men11 InV￿lMOn1 wopoty io 5.329 20,173 7.051 72.476 5,426 19.968 6.585 72.436 105.029 104,415 CURRENT ASSETS Skxks 76 1,371 1491 64 1.030 1,991 Cosh oi bonk ard in hond 3,938 3,091 Cr•dstorn: Orn￿nts Idliry du• to within on• y•or 10 11.888) 11,2821 NET CURRENT (UABILmES)/ ASSETS ojo 1,809 Cf•diloTh'. ornovnts Iglling du• nMx• iknn w• (1.017) 17,0711 TOTAL NIT ASSETS 106.002 105,153 CHARITY FUNDS Endowrnefht lundb Retrided Ivnd5 49.B21 4.597 31.644 50,6QJ 4,134 50,419 TOTAL FUNDS 106,062 105,153 Thè slolernents wern ov0￿d for issu• by the Tnth ond sgn•d On Iheir behom ￿,, rith hlsis T. P. R•vls1• Trvslee Dok.. 5 May 2026 Th¢ notss on po9e5 32 kn 59 form port ol theje linanciol 5￿MInts.

Tr￿. ArthLd ReKOrt 24/25 Charfty l>alance sheet as at 31 Odober 2025 2025 £000 2024 £oco N•1• FIXED ASSETS Ton9iblo osselj io In¥•strr•rhts InV￿lmen1 WOP•fty CURRENT ASSETS Stocks 14 15 12 931 .753 1.300 2.326 Cosh ol l>onk and In knnd 3.633 2.096 Cr•dilorJ: amounli folling du• lo within or*• y•or 16 (1,777) 11,0821 NET CURRENT (LIABILmES)/ ASSETS 1,836 1,614 Credikys: frJllin9 d aFt•r ft￿rn thon om 17 (1,017) 11,0711 TOTAL NET ASSETS 106.018 105.108 CHARITY FUNDS Endowmerf lunds Re5lric￿d hjds Unreslri(Jed hnds 18 18 18 49.821 4.598 51,$99 50,480 4,088 50,540 TOTAL FUNDS 100,018 105,108 Thè slolernents wern ov0￿d for issu• by the Tnth ond sgn•d On Iheir behom ￿,, rith hlsis T. P. R•vls1• Trvslee Dok.. 5 May 2026 Th¢ notss on po9e5 32 kn 59 form port ol theje linanciol 5￿MInts. 30

Try*8J' Anrwl ReFKJd 24/25 Consolldaled statement of cash flows for the year ended 31 October 2025 2025 £000 X124 £000 CASH FLOWS FROM OPERATING ACTNMES Nel Cosh used in opwuling ts¢livilies (1.844) 12,1591 CASH FLOW5 FROM INVESTING ACTIVITIES "vrflendi, inleiests ond rnnls Irom invwlmvnls Purch(M ol tangible Ibxed assels Nel mtrrfmenl ol invtslmenlj 2.670 1257) 2,468 13521 11021 NET CASH PROVIDED BY INVESTING AcrnimES 2.398 1014 CASH FLOWS FROM FINANaNG ACTNMES rnpuymtrrlts ol bryio¥wing 1501 NET CASH USED IN FINANCING ACTIVITIES (Jo) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR soo 1,991 (193) 2.186 C05h ond cosh •quivol•ftts b•giNning OF I￿ y• CASH AND CASH EQUIVAIENTS AT THE END OF THE YEAR 2.491 31

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles 1. l Basls of preporatlon of flnanclal statements Th• linancial stolem•nls ho%• b8•n pr•paf•d in 0¢¢￿0￿¢8 with tho chari11￿ SORP IFRS I O?1 h£¢ounlir43 ond R•porfin9 ￿ Choril￿S.. Siolèfft•nt ol R•comffl•nd•d Pro¢lic• opp1K0b￿ lo chofilies Pfapofin9 Ih•ir cK¢￿Al3 in occtydon¢• wilh the Finonciol Reporting Siondord opplKobl• in lh• UK ond Republic Ir•lond IFRS 1021 Second •dItI￿ Odob•r 2019 l•ll•di¥• JonLKlry 20191. th• Fil￿nC￿oI Reptylityj Siondord opplKabh in lh• UK ond Rowblic ol 1rnlo￿ IFRS 1021 ond th• Compon4M Acl 2006. Th• slo1wn￿l d FIr￿nCl01 Adiyities ISOFAI ond Bolonce sh￿ conxlidole the hnonciol of th• Tru51 its sister troding ¢ompJry Old Warden Lj'miied IOWLI, ocognising Ihe 5ub5tonc• ol IF 1ron5odion 05 0 qVU5ifju65diory. Boih enli1s Shore a cornn￿n portnl in RKhord Shvltltrwrrth Trvskn4 0 ctynporry Ibrnrfed by gvorcnte•. The Truses IvJve deemod Ihot the Truil e¥wts ond si9nihcarnl influ￿9 OWL No SOFA knj b••n Pf•WAl•d for lh• Tnmt p•miithd th• opplicobl• r•gulolioni In thfr Chorilits SORP. Th• mtr+wr￿￿I In luThls kn thfr TNXI olonb lor th• )yr vrtjs Nil surp￿1[2024.. Nil surplvsl. Rid￿rd SlwNknrth TNJt••J nwts d•finilK>n ol o b•n•lil ertity und•r FRS 102. 1.2 Golng concern Th• Tn￿ hos c&isidwoble linonciol 0$ o cons•wenc•, Twstq•s beliv4• Ihai the Twsl is ell fTh)noy its business ris￿ 1￿c￿ShJIty ond occordin9ly hos o ffjosonobk exp•dolv)n ihol the Irv￿ hus odqqv(￿e ostyJrces lo conlinve in OF￿￿11¢￿1 existence lor at leo51 12 months From the dd• the linancwJl slalements are sEned. kcording￿. the TnjS*g￿ continue kn adop¢ Ih 90ing concern bJ5ii in preparing the onnual report and linanoal skterTth. 32

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.3 Income All incorn• is rnCO9nbsed once Ihè Trwl kns en11t￿m•nI lo incorn•. il Is probobh Ihe incoffle will b• recei¥d ord Ihfj amtyJAI ol IrKome can be meosut•d r•liobty. Volunlory I￿orn wilh or wiihtyJt d￿lY impos¢d Ostrid￿N$ or• rKcgniJ•d in Ihe SkJlem•rtt of Fifionod Adivilios then th¢ Tru is •n11￿ k) it, incorn• is felolmd within Ihe R¢slricknd vnlil svch hm• tkni il is uhlisth4 in line with such r￿rI¢l￿. oi wthich p>nl Ihe inc¢m• hs okns•d to g•n•ral r•wv•s Ihrtwgh o tronil•r. For Wi•5, •nlidèm•nt is lok•n oi the •odiw ol Ihtr doh on &ich •ither. lh• TnAt li tr4¥01• pn>b(rt• h05 been 9Ton&, the e5tats h05 been linoli%d and rbOtihcthvJn IKn bBen r7KKle by Ihe executs(sl lo the Trusl thal o dislritwlion will be rTKxle, or tkn a di51rbbuion is ￿cell￿ Irom the eslole. leceipl ol a cy, whol• or in port, is only c¢)nsKhred probable om¢)vnl con be meosured rt1￿b￿ ond I Trusl hos b￿n nolili￿ ol tho ex￿￿1￿,5 int•ntion lo make a distribution. Whw k90c￿ b• notilied ￿ th• Tr￿, or Iho Trusl i (r￿T0 ol Iho granlbng ol proEots, ond ihe crilerio for inc¢xhè rncognilion h¢yv• b••n m•1, Ih•n th• Wcy li ITe01￿ ￿ a £t￿lIng•nI assol and di5cloMd il rnol•riol. No Offl￿￿￿ orn indth in th• linoKiol Jtoknrt thnl••rK DcyJtsd Iwd ojs•ts orn M￿sur1d ot loir unt•Js il is lffyoclicol 19 m•Dsur• Ihii di￿. in which cosè Il cosi ol lh• ilern to ￿ d(￿Or sh¢xkl us•d. Thé 9osn Is r•co9niI￿ os income lffjrn donoli¢y ond a Corresp￿￿1￿9 omounl is included In the oppropriole li¥ed ossel ckm and d•prncthd th• sdul •cble Activylie5 r•k>tss ￿ odivilw Trysl in hJfth¢runc• ol lh• choriklA• 0￿.•￿1￿￿5 ond ij rncognised on an accn￿lI I￿45. Inc4)ffl• Tffjding kti¥7￿$ rnlotss lo the odivtli•s ol lh• qvosiub$4diary Old Vlafd•n tsfflihd. In￿sIm￿ income is •om•d thwh ￿￿k11ft9 ossets lor in4*s1mont puw 0$ Ixupety OTh4 5horos. 11 includes rnnlol incorn•. dMd•rds ond inlor•sl.1Thrystrnenl irKom• tx includ•d wh•n Ihe am￿nI con bft rn•owr￿ r•liobty. Incoffl• tax r•cmffjbl• in rnknion lo inv•slnwnl Incom• li wimd al lime lh• in￿1•m•nI Incom• is r•c•1￿)bkn, Inl•ml on lunds h•ld on d•poJil Is indA•d wh•n and omounl con b• m•osur•d rnliobky by Ihe Cknrity," Ihis Ls nolilicolion ol the intern4 poid or poyobh Bonk. 33

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.4 Expendlture Expèndilure is r•ccgnised once 1hÈ￿ ts 018901 or cons1fud1￿ obligalion lo Iffjnsler •conomi¢ knolil lo o third p)rty, il is proboblv o Ifonskn ol economic b•ndils ￿11 b• requir•d in sdilèmenl orrfl Ihe omounl ol th• obtigoi¢)n con bo m8osur¢d r•lh?bly. EXF￿￿11￿￿ is clossili•d by ocli¥ily. Th¢ costs ol •oth odivily or• mod• up ol lh• i¢Yol ol dirfd cosls ond shor•d costs. inclvdin9 SUPPOrt cosls inth•d in vnd•rtokin9 •och odmty, Dirod costs ol1rib￿0b￿ b o s¥n91¢ oclwvity orn alkK¢)tod diiedty lo Ihol odivlty. Sknred ¢0 whKh ¢￿￿"bv￿ lo morn ihon ong odNIty ond svpwl msls whith orn nol ottribvt¢blv lo o single ¢Xtivity ore opp)rf?cA)od thw octivities on o1>)5is ¢onsiJl•nl wilh ihe us• ol rnsour¢•s. Cenlffjl stoll costs ore allo¢otsd ￿ th• basis ol limq ip•nl. ond deprnciuIw￿ chDrg•5 oIIDcatsd on lh• portion ol th• 0$￿,% FUnd￿•s1n9 cosIJ OT• Iho incurred in geeking ¥Y)luntary contributions and do not include the costs 01 dIs￿mInalIng ol Infrymolion $upport ol choritoble octivities. Supporl cojls orn ctxls irKvN dirnth￿ in SUP￿ ol oxwdilur8 on objoctrs ol the Tr￿￿ ond irKlud• proj•d fflono9•m•nl comed oul ot Heodquortt15. Gtemenl ol Financiol upon the complelbon ol t￿ rel?￿nI FxrlormcrKe ￿10￿1 Klilion5, Other gronls thol afe Su￿.•Cl lo perf0m￿nCe-￿tded condilions ore crediied ￿ the Consoltht•d Sthmenl ol Financial h£irvili•s 0$ th gffjftt pro¢••d$ or• rncei¥tr4. Gfonls rnceJ¥•d fv to lh• r•trV• r•cognitlon uil•rK¥ being solislied or• rncognised os o liability. 1.6 Tanglble flx•d assets & deprnclotlon Tongibl• hx•d ¢)ssths Co￿lTI9 £500 or mor• or¢ copblised und rn¢0gnis•d luhJr• economic b•n•h'is ore proboble ond lh• cost or ¥alu• ol th• 0$￿ can b• m•¢tsurnd Ton9ibl• ats•ts lnilial￿ rnco9niMd ot coxl. Altsr rwnilion, Ihe cost model. langibh h'¥•d Ossols ore rneasured al c051 I￿ occumuk1￿ &preciolion and ory occumulaknd impJirm¢nt losse5. Al £4)sts InCvr￿ to o lun9ible h'xed uss¢1 into 11$ inknided wtykir9 ¢ondill¢￿ Sh￿k1 ke included in I me05uwnent ol cosl. 34

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.6 Tanglble flxed assets & depreclatlon (contlnued) Tan9ibl¢ l¢x•4 ¢)ssets ar• corried al cost, Mt ol deprnciolion ond ory prtrision lor ifflpjtftrnnl. D¢prK￿lOn is wid•d ot ffj18s ¢okul¢tsd lo Wri￿ OH Iht ccdt ol ltyod assets. Ih•ii eslim0￿d rnsthl ¥olu¢ o¥er Ihebf •XFdd liws on th• following I￿1$.. Fr••knkl brKI ond propthy depffjcic￿￿ dher Ihon 25 yeors lin• Plorf ard fflochin•ry 10.33% on cojt Th• I￿n$111¢Y￿11 orrong•ffl•nts ol FRSIO? ulilis•d to o(W th• h￿hold wopwty ¥alUgli￿ os ils d••m•d cosl. subs•qL￿lI addili¢wbs b Ir••hold lond ond PfOP•ffy or• W ol COO. 1. 7 Herltage assets Herilop a$￿ts ar• indwlod ol lh• Truslw's ¥oluoll￿ is o proxy lor cosl. Any addl11cb￿ or disFAxal$ or• rncord•d in th• y•or Ihth OCCUf al cost. th•r• wll b• no polKy of rvffjluin9 ouols, although irnpoirrn•nl is consbd•r•d onnuolly. A r•9iSt•¢ ol oll hdd ￿ th• Trust is <woilobS• 0￿1 the Ih•rnkw or• occ•uible lo tho wblic wilh 0gr••ff•nl. H•ritrog• 0￿￿5 arn lo b• hdd lof th• lornw•obt• I￿￿r•. 1.8 Investments Pix¢d osw inNstments or o lorm ol Pinonciol Inslrvm•nl ord ¢Jrt in1liol￿ ffj¢¢9nised d I￿lT lffjnsocllon cl￿ ond subsequenfy measured ai fair ¥olue th the Bolonce Shed dole, unkn the volw connot be m•osur•d rdiobly in wthich cow 51 is mfjo$u& d co41¢ss impoimwil. Imwlrnenl goins and l¢)sw, wh￿her f¢oli5•4 or unwlis¢d, orn comkn'rd ond pr￿•￿tsd w 'G¢l￿(lo$S￿l w Irhth￿, in th• Consolthted Siolemenl ol FinarKial knilws. Irrrtsthith)ts in w6sKlioriM orn volu•d th cosl Pn*iSN)n lor imp01m￿l. ImYskn•nts h•ld gs lix•d 05￿3 or• thown Iws provision k)r impoimi•nt,

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 9 Revaluatlons of Inveslments Inwslm•nts include prop•ty ond quoid iTrffjsln￿ ond or• odminisknrnd und•r o Totsl R•hJm Approoth lo in¥eslmenl. Th• Tru￿ hos odw•d th rtroluoli¢)A mod¢1 ts r•¥olu• wop•ili6s how k)r sn%slm¢ni loif ¥nlue con meosvrnd rnliably. Th• te¥oluthioAs shtill fflodv with svlh'ci¢nl ffjgvlofity to Msur• th￿ th¢ carrwry movnl does nol dillef mot•riolly Irorn thol would bv dolermined vsin9 loir ¥olw ol iht end ol the r•porting h•r or• onnu01￿ lo op•n mork•l ¥olu•. Th• potiry in d in¥wtTnth %urptuw i¥ 05 lolhm: Any irKrno or d•cf•O in lh• ¥olu• cd lh• inwslm•nts and th n•t incoff￿ is crndil or d•Eol•d lo ikn endowrneni lund, bBing Includ￿ in th• Unopplied yo￿1 R4vm.' The Unappliqd Tdol R•tum is subpd kn o twDnsf•r lo ptrmtsnenl •nd(ywm•nl in rnsped of o Jurn athhorised by ihe 8cod d the Tru5t•e. The cumultstiN rote usod in Ihose 51olemènls li 3%. The tTonsler is designed to moinlain Iho rool %YJlue d Ihe Tnjsl's eTrdowrn•nl,' A lurth•i tronsler is mode ￿ g•n•rol r•wrves in res￿ <11 Ihe 'sF•ndin9 rvle, In excordgnce with th• Chatily C¢￿MiSsion T¢)ol R•lurn Order. Th• ralo applied in th• h'nonciol sthm•nh is 4% 01 lh• ¢r4fo9• in¥tthn•At bolonc• lor lh• prnc•dir8 IN• y•0 1. 10 Investment property Irh51merrt properl•s orn inc14Klod at lair ¥Y¥lue ond Ihe oggffjole surplus (w deficit is trffjnskrred End¢Jwrnenl Reser¥s. A lorrnal VDluation 15 perlonned ct ieost v4ery 3 yeor5 lor comrnerciol prcperti•5 atyj 5 for ruKlenliol propertie5. For Ihe inlerveniry ywJr5, ryional ylelds publi5h•d ￿ third party ¥Jech7lis15 s￿h 05 Knigkn Fronk of S(Nilh ore used as the bosii ol the %yl¢Jation ol the P￿PerIbe5. Ihe Trusl8e5 may request a lonnol bYJlLKJtion in the infw￿lIng yeor5 $I￿ld it dwm•d nKwJory. Th• lasi lorn￿1 ￿l￿at10n wos corriod by Robinson Hall 05 0131 0¢￿be1 2023. 1.11 Stocks 5iocks orn ol Ih lower ol CO￿ ond n81 r•oliwbh w)lu• ohr mokin9 ollmrK• lor 06sol•te ond $It￿n¢4)ng ￿. Cosl iAdLth oll dsrncl cojls ond on oppropriol• woptylion ol hx¢d orrfl ¥OfioUe 1. 12 Debtors Trode ond other d•6k¥s orn rncognised ol tF#) settlemnl omount aft•¢ ony lffjde dixounl ollernd. PoFwnw15 0￿ valued oi the aft￿1￿1 pppod ol ony lffJde disc¢vnts due, 1.13 Cash at bank & In hond Cosh al knnk ond in hand includu c05h and $h(Kt4orm hw3hty Itq41id iThwlfflents wilh o short molurity ol Ihrn• mnths or Ims Irom th• dotre ol 0cquisill￿ or oponiry d iho d•posit or sifflilaf acc¢)urt. 36

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 14 Llabllltles & provlslons Liobililigs 010 when is on obligolion ol BahrKe Shod do￿ os a rosuh ol o pasl 4%•71. il is prob)bh Ihol o ImnsFef ol •conornic ben•hi will be rtyuir¢d in s¢Mlom8fit. ond th• omounl ol I settlement con be ￿lm￿•d r•l￿b1V. iiokn'liliw Qfe r•ccsnl3od ot the thol th¢ Tn￿ onlKipot¢3 il will pay th• d•& or lh• On￿j￿ il kns ￿1¥¢d 0$ o&¢nced poym?nts lor the or s•rvic•5 il rnvO ptyid•. are meosured th the e￿lMO￿ ol Ihe omouftts required lo the obllgoli￿. Wh•re lh• el+od ol Il lirne ¥olue ol money is rnateriol, Ihe pnJvision Ss based on the pre5enl Nulve 01 th05e amounh, dtscovnknj al the P￿.tal dixovrf rrjte thd reAects the risk5 specilK b the liability. The urn¥inding d lh• dixoynk is rKogni¥•d in th• Sthrnent ol fina￿91 klivili•¥ gj a linon¢• co¥1. 1. 15 Flnanclal Instruments The Gn)up onfy hos liNJDciol ass•ls ond linonciol liabililt•s 01 o kind that quolify th bo5ic knonclol inslrum•nts. Bosic linonciol inslwm8nls arn in1lbol￿ rnc¢9nis•d ol trransodion volu• ond subs•qu•nfy m•o$ur•d ol thty'r s•11￿ment ￿1￿• with •xcWion ol Ixbnk ¥knlch ar• subsoqv•￿￿ m•owr•d ol omtytis•d CO￿ usiry ihe •ll•diw int•r•5t mhcKI. 1.16 Penslons The Tw51 OP¢fthJ o delined ctythibthh>i pensi¢￿ ond th• P￿￿10￿ d￿￿Je wr•wnts offlounts pu>r￿e by the Trust ts Ihe hjrd in resped ol Ihe ywr. 1.17 Fund a¢counlln9 Gwwal funds uTrr•SlriC￿ lundi or• Cmiilabh for at th dlKf¢tion ol lh• Trusl•M in lurth•ronc• ol g•wal obi•di%Th d th• Tru￿ and which b••n dosignth•d lor oth•r pl•rpo￿. D•$MJ￿I￿ lundi eompris• unr•slricl OU￿13 IlxJl ha4 asid• ￿ th• Trusw lor FXJrtituk>r purposes. Th• oim a￿1 vs• ol d8si9rMyknd furd 1$ 3•1 in nakn b th• h'nonciol 5kfvim• Rwlrid•d hjnds ore Ivndj whith orn b b• uJ•d Fn occordonc• *iih sycihc rn51￿16￿ iffyty•d by dono whith ho￿ b•en ruis•d Tfust lof particulur pvrpJs•s. Th• costs ol roisiry ond adminisl•ring such nds Of• chory¢d 0901n￿ lh• spooh'c Fund. lh• oim ond uJ• of •¢Kh lund is sel tyJl in th• nc the linoncsol slolements. Endowmnl h1￿$ ow fvnds WF￿ the bo10K￿ rnu￿ ￿ Tr￿ld POfrnaft¢nily Tnth, 11 inclvdw gains lffjm th• disposol ond exploilvli¢>n ol Pro￿tty ond Ihe rn¥uluotion ol in¥eslmenls ossels. less amounts Ironslwrnd vnder ihe Tdol Re￿rn Pdicy.

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 18 Crltlcal a¢counllng estlmates & areas of ludgement E$lir￿leS and jud9em•nls orn ccffjIinL￿1￿ evolt￿led ond or• based On hisloricol tMpriwKe ond dhaf lodols. indLdiNJ exp•doll￿￿ ol hjlure ihol ore bgli•v4d I•0&￿able undef ￿ urcumslonces. The Tn￿1 mok41 e￿lMot•S ond assvfflplions conc•rnirJ I￿￿1•. Th• mvliing accovnling o￿lmO1•S and a￿UmP11r￿S will, ￿ d•lIniti￿. ￿ ¢quol th• rduled odvol rnsuhs. Th• ￿lMOth ond 05sumptions Ih ho¥p a signihcont risk al cousing o mglerigl Odj4tstrr￿rt ￿ the carying ol ond li￿1141•5 within t￿ ￿xI h'nancial yaor a￿ di50Jssed bew. Th• lair ¥olu• ol Irwkdd iTrth•nl proporthm d&hmiinod ￿ monagem•)I, 0$ 0131 Odobor 2025. on on open mokn knsi5. Th• valuation w05 vndorkjkvn ￿ monogMnl Ixmd on iThFThm￿1￿ Publi￿¢d by Ihid poty sp•cialith iuch as Knsht F￿nk or S(Thills. Valualion al q￿tsd in¥thert AnNO1￿ lh• Trn$1￿ orn pthid•d with o Ftholio ¥ol￿t￿n ol its 9Lk)tsd in￿$•mOn￿ ty lh• Trusl's in¥sm•nl o&4isws Saffjsin ond Portw& thich Ihe TNsl•J d••m lo r•y•s•rt+ th• loir KI1￿? ol thè hoklin9 th• Ind. H•rifta9• Q40ts Th• Tru￿,$ orn splil iftto ¢ol•goriM'. Exhibits ot lh• Coll•dicffi ond Poinliny o Arth. 80th ol these ialwies were wjlvad ￿ lh8 I￿51ee8 on l Novambw 207 2 lor £17rn ord £2.5m ￿speCI1¥e1y, The PDinlin95 ond Artdods or• I￿1Ved y<ery fi¥e yeors ￿ PTofessiorKJI 4olLf5, and Ihis li rtrrf1￿od 09ain$l th• originol ¥olvolbons lor reownaW. With ryords Exhibits Ihw or• not svbj¢cl to profeyKwl volvth40n du¢ lo lh¢ onl•cipot¢d cost vuld be irKurY¢d dve unM4U• nolvr• of I￿1Th9. 38

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 2.Incorne from donotlons & legacles 2023 202$ 202$ Gth old Ixlrnis￿A$ t%%￿lon$ & legoci R￿ric￿l SVAS dOna￿A R•￿￿e[d Ilorad donolion 54 50 373 104 373 82 175 75 423 482 333 TOTAL 2024 47 286 333 3. Income from charltable acllvltl•s kn¥k 20?4 202J 2025 A¥lolion & oulomolive troniwl 1,512 1.512 1,234 Tolal I￿ame receivqd Trn 2025 Irom Charl￿ble acli¥iliu w05 unr￿111ct•d. 4.Investm•nt Income 302S 102J 2025 3025 £000 Renlal I￿oM• Dividend inC4yM 825 168 1,475 1430 240 2,289 179 72 202 1,475 2.670 TOTAL 2024 1,388 2,468

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 5.Expendilvre on rnisln9 fvnds Costs of ralslng voluntary Income 1tt•21 2025 202S tooo 2029 202> SbH costs Inv•slm•nl ocli¥ili•s TrodSn9 ad1vill￿ (gxd. ikjll costs) Support & goY•rnonc• c*xli 733 334 733 875 730 497 790 381 790 381 317 2,238 497 2.7n 2,508 TOTAL 2024 1,974 38 490 2,508 Trtdin9 c¢)th Ind￿1￿9 skJH co311 ur• £1.693k12024 . £1,427kl. 6.Inv•stment management costs 2025 2025 202$ 202> 24 In¥￿men1 nk)wem•nl 13 19 34 TOTAL 2024 40

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 7. Analysls of expenditvre by actlvltes A¢ltvhl•s ¥nd•rtok•n Suppart ¢•sts T•tal lunds dlY•dy 2025 2023 2025 £000 T¢bl fvnds 2024 Avialk>n & outlxnolive IrOn¥￿rt 4r1¢Ul￿re & btss¢d industry 2.844 306 335 40 119 4179 340 315 124 3.150 494 3,645 3.449 TOTAL 2024 Z977 471 3,448 Analysls of support cosls outomoilv• Agrf¢ulhw• & Gov•rnqN• T•t•l Ivnd• 2025 land 2025 2023 2025 £000 £000 To￿1 lunds 2024 Siom cc4 Prtmiws c05 OFlice costs Norpf•co¥èrobh VAT Pdessionol l••s TnJ51eD costs 122 197 15 54 184 197 08 159 97 30 23 39 39 40 335 119 494 471 TOTAL 2024 307 124 471 Th• basis kr ollocotirs supptyl costs kn difleMI txlivilies is done on o percenloge l)osis. 8.Audltors' renumeratlon audilm, rnmUn•ral￿rt an￿*nts lo on auditor l•a d £39.03012024 . £36.7501, ord non0￿411 vic•$ 01 £7.90512024 . £7,675). 41

Tn' Annuol W 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 9. StaH cost$ Gv•up 2025 Group 20?4 2025 £000 2024 £c(Jo Wop$ & solo¥i•¥ Sociol ￿CurIty cosls Cthef pensbons CLX 2,010 177 147 1,755 120 119 1.434 177 147 1,148 126 119 1.758 1.393 rin9 the th• Chorlty Intury￿ radundoncy toth ol £NII12(r24 . £23kl. Th• redundancy cosh to q rnslnxturiry ol s￿lF. Th• &undonry co￿1 were Irom uni•thidd Iufmh. Th• nvmb•f ol Perw￿ •mploy•d ￿ th• Tft￿ durfng th• y•ar was os follm,. Grovp 2025 Group 2024 Colthion Supp¢rf 44 37 45 85 The number wk¥x• •mpltrrf•• b•n•fits l•xclLdiNJ •n4)Iwr p•nsion co¥sl •xc••&d £60,000 wos: Orwp 202J Group 2024 In th• bond £60,C#)I . £70,¢XKI In Ihe &Jnd £70.WI . £80,0(K) In Ihe i¥Jnd £80,001 . £90,0(X) The TfUSt ccffisideTh its key mono9emenl FeTr￿ne1 comwi5e the Tnjstses ond Iho lour mona9er512024. ￿1) al Ihe Sfrnw Monogernenl Teom be4ng Accounls, commerc￿1, Heod ol Eslates Chiel En9ineef12024.. (ACC￿nts, COrnM￿C￿l, Heod ol Es10￿5 and Chiel Engi1￿rI. The lokjl employrnenl benelits irKludin9 efftpknr Per￿1￿ coTrtribuliw4 ond r•dundoncy costs ol Ihe kry moTr)g•rn•nl pwsonn•l w•re £312k12024.. £21 Okl. RoduTh4oncy cojls incurr•d in rnsp•d of kty rnon<KJement pefsonn•l Wr• £Nil 12024 . £Nill. in leu not￿* c￿ts inoJn•d In rt1p￿ ol kty morwmtrnl pmonn•i £Nil12024 . £9kl. No orly rnmunemlim lThn IK4din9 cIFKe as TnJslge12024: £NILI. 42

Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l O.Tangible flxed assets Group & trust Pr••hold Plani & property fflo¢hlnery £000 £000 COST OR VALUATION Al l Noveffllxr 2024 Addilions Dispoyjls 1.359 52 (4771 6,458 52 (477> Al 31 Oclob•f 2025 5.099 934 6.033 DEPRECIATION Al l Nty4•mbBr 2024 Cknrp lof lh• y On dispo￿1$ 892 79 (4771 1.032 70 (477> Ai 31 Oclob•f 2025 210 494 704 NET BOOK VALUE Al 31 Ckiober 2025 4.889 440 5.329 Al 31 Odo6•r 2024 4,959 467 5,426

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 I l .Investment property Group & trust Fr••hold Inveslment prop•rty VALUATION Al l N¢y4ornbor 2024 OTr rnvoluolion 72.436 Ai 31 Odobar 2025 71476 lolr vulw ol IT•ohdd irYWt￿ pWi•s d•erminod ￿ morng•fflth, a$ al 37 Oclob•r ?IY25, on an OP￿ b￿1$. The vo1140tiM und•rtok•n ￿ n￿n09•MOn1 bowd OA 1nl0rfflthi￿ pvblish thild paty sp•ciolssts s￿1 ￿ Knig￿ Frank ¢y S¢r*ills. 12.H•rltage oss•ts Group ASSETS RECOGNISED AT COST Exhlblts at th• Palnllngj & C•ll•¢tlon ortel￿ts 2025 2023 £000 2025 Corylry Nvlvv th l N￿omb•1 2024 Addilions Dispow 17,468 200 {i 2.5rJo 19,968 206 17.673 20,173

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 12.Herltage assets (contlnved) Group (contlnued) The Tfusl wos Fom)•d in 1944 br pu(pose of pThidsng o niwnofTroI lo Ihe mgmory of Ormond¢ Shurtleworth. who wos killed in l 940 in a IIyin9 o¢¢idèni whilsl on swice in RAF, ￿ the prcMSiM ol o mus•um ofid ¢olle9e. This hos b••rb ¢xhI￿d by esbblishm•nl ol Th• Collodi¢Jn. an ocli¥ mLfj•um ol pinctpolty pr• S•cond Wt)dd Wor oircroh, mony unw In IFyin9 condr1¥￿ with hanggrs ond oididd. ond olso Ihe pry)vision and stspport lo The Shithknffjrth Coll¢g•, which vws th¢ Monsion otsd surwvndin9 pr¥misw ofid po￿lO￿a lor its s)diVili￿. Ih pffjp•ty is Ivndomvnknl b the corn acll¥ili•s ol the Chun￿blO 0clivili￿ ond Tru￿,5 objecls, as ore the exhi&'ts and histsic artdods depbcling lh• shv1t1￿ffjrth inherilotK•. mony ol which irrnplaceoble ond d ndional bfflprytsnce. These propertie5 ond ortelDcts nat a55els in the normal Sen￿ as iFw permonenc• while the hos a conlinuing r￿￿SIbIlI1V to P￿¢1 ond rnoinkjln them lor IvtrJrv 9eneffjlioni, the co which connot b¢ ful￿ as￿51¢d. Poinlingi & ort•ladJ Th• Monjlon conloini o laffJ• number ol waitlrys. orfelocts and lumilur• collectsd Shvmlththh FamiFy, on Invenkny ol which Is moinlained ￿ Chrislies. valuor, recoftlSn9 Ihe nolure, PrO￿nanCe ond location. ThD Twjl has odopted o policy lo Valu• lh• conlen15 OF the JlAon$KJn wary 5 y•an for iMuron¢• purpow, lh• kni ￿1Vati￿ ￿￿•￿ak•n ￿ ChTi¥lb05 in Jun• 2022. Thè Trusts6s ￿0¢•d the h9ur• 01 £2.5 msllth os Ihè mokn ltslvè ol tho5• oss•l$ 0$ ol l November 2012 and ho￿ rni•4¥•d this inlghi ol tho Jun• 2022 ￿lUth1On orhd <o￿ld￿r th• Vol￿ slill opproprht. Th• poinlin95 o etydilions WrV￿ in 21)07 ￿ on irthp￿￿1 c&1w￿l01 0Th4 lollowing Ihij o l O y•or ￿PjiT pwffjrnm• w05 ogrood ￿ lh• Trusl. Th• furnihjrn li Chrislim M a IrbYJ y4oAy bosis and rtpaits done on on od hoc bosis. Exhiblts ot Collvdion ThM• or• mod• up ol th• oith, oryinm. rrdofcycIw prcp•lkns ond cNlUn￿. InNwIcrns or• moinloiThed ond Ihv TrusoM ploced o conJ¢Thrtiv• inforrnl bolwlion ol £17 mill•on on ossets 0$ al l Ntyffjmber 2012 ortl consider tho ￿lU¥ still Oppwria￿. Since th4$ dole n¢1 ¢¢qvi$ilions hoN• bwn mode in the sum 01 £673,000, The al￿￿1 ¢ars ore dpemtrd lo hfft indeteffiiinute lives ond the Truskn 6elif• Ihol lh• b•nelits ol ab￿lnIng k￿￿￿1 ¥aluotK)ns would nol jusliFy th• cosl, oddilionally Ihij )uld b• dilliculi dvo ￿ Ihwif uniq1￿ r*olvrn. It is Ihfr Collociion's plicy to mainlain Iho 01￿￿]￿, ￿￿10T hicl•J ond m¢)loffjycl•s in hJll working and moinl•nonc• cojls or• Ihe exhibils or l)viklings sn chDritoble use o copiknlised. 45

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 12.H•rilage assets (continued) Analysls of herltage asset transactlons Group 2025 £000 2024 2023 £000 2022 £000 2021 PURCHASES Poinlir4Js & ort•loc Exhibits ol th• Colhclion 206 435 TOTAL ADDITIONS 206 435 DISPOSALS Poinllrys & orteloc Exhibits d th• co1￿h0n TOTAL DISPOSALS PROCEEDS FROM DISPOSALS Exhibrts ￿ th• Coll•clion TOTAL SALE PROCEEDS 46

Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 13.Fixed asset Investments Group Ilst•d Cash h•ld al Inv•slments broker £000 £000 VALUATION Al l Noveffllxr 2024 Addilions Revolwti 0,579 6,S85 4SO 450 Al 31 2025 7.038 13 7.051 Nfr BOOK VALUE Ai 31 •f 2024 6,579 0,585 47

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 13.Fixed asset Investments (conllnued) AJI in%wlm¢nls are corried th Iheir Foir value. In¥eslmenl in equitie5 ond Èxed inter￿ %curities ore oll Irod¢d in quoknj public mork¢ts. primarily in the lond￿ Stock Exchon9e. Hdding in cornmon irfywtm•nt lunds, vnil InJ5Is tsnd op•n4nd•d inNth•nl comwnim orn ol th• bid pric•. The bosis ol loir volu• lor guded Inveslments 15 equiwjlent lo the rnarket ￿lu4 using the Eyd pric•. Al￿ ￿11% arKI arn rncogni5•d al tho da ol Irode al c051 lthal 15 lh￿r Irans(Klion voluo). The chority ij Orffliling on in￿$m￿l policy prrNides lor o dg9r•e ol divarsifrication ol hoklings with diknnl cornm￿ In￿81rn¢fiI lundi. This helps lo miligakn Ihe impod ol jigniliconl m(w•ffl•nls in ¢xhary• roles ond locolis•d issues affecting th¢ volue ol lh8 pyrfdio. The chortly does nol rnoke use ol d￿￿￿1¥•1 ond similor complex linonciol irntruffvJnls ￿ il tokw th• Wi th￿ irnslmwnls orn h•kl lor thpif k)ng•f lerm gIty￿h oryl onnuol irfonw. Th• chority h05 no mohfiol In￿lIM•￿ holdings in ffl¢Jfks iubi•d to •x&irfj• control$ ¢f Iradtng r•slrKti¢)n& 14.Sto¢ks lknp 2025 £000 Group 2024 Chorlty 2025 Chority 2024 R•loil/lud 76 12 15.Debtors Ornup 2025 GrThJp 2024 th•rlty 2025 Ckntlty 2024 Tr(wJ• d*btss Cher dobtss Prepaym•nh & a¢ou•d incoffl• 33 1.040 227 58 872 61 812 73 239 1,371 1,030 1,300 931 48

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 16.Credllors: amounts falling due wlthin one yoar Grnup 2025 Group 20?4 Ch•rlty 2025 Cl￿rity 2024 £000 £c(Jo Bonk bon5 Trodg cl￿1 Am(yJTrts owed ￿ group und•rtokin95 oihèr toMoti￿ & ￿cial Security Oihw cr•di1ty5 Accrwils & delerr•l ifKQm• 57 560 55 168 $7 454 232 80 675 279 55 113 46 82 114 640 305 676 483 145 1.888 1,282 1.777 1,082 Gr•up 2025 Grtsjp 2024 c•￿VIty 2025 Chority 2024 £000 £000 DEFERRED INCOME Dderred Incomo at l NO￿rnber 2024 Rexwrces delerrwj during the yoor AmtyJnts r•l6tssd Irom pr•¥irJJs P•fiodi D•f•ff•d In¢•m• al 310rf0l)•r 2024 180 250 1180) 151 33 59 {33) 22 33 1221 1157} 250 180 59 33 Delpfrnd inc¢)m• rvkJ% ￿ dap05its lof 7h*dding1 and •Mnl 49

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 17.Crodilors: amounts falling due after morn then one year Grnup 2025 Group 20?4 Ch•rlty 2025 Cl￿rity 2024 £000 £c(Jo Bonk k￿Tr5 1.017 1,071 1.017 1,071 Ifflcludod within th• ab(yM (x• amwnh lalliry du• OJ lollw. Gr￿P 2025 Gw 2024 Cl￿1•￿ 2023 Chority 2024 £000 £0 BETWEEN ONE & TWO YWtS Bonk l¢Jo 53 53 BETWEEN TWO & HVE YEARS Bonk lou 178 172 178 172 OVER FIVE YEARS 8onk lotsfts 846 784 Th• bonklogn is s•curnd ¢>301n￿ lh• mork•t ￿11￿• kn Mi&41e Fonn. Hoo Fonn and Hill FonTr whith arn all irKILd•d ufidef itw8stm•nt pffjprti•s. In￿OIMentS ol inleffjsl onfy or• monthly Ifoffl ih• dThtltywn dote lor Ihe ts¥o >wrs ond 1pr￿ller in￿01m￿ ol cop'tol ond inle1￿1 orn ry>oyobl•. Th• inl•wl rol• li lixd 013.5% p•r onnuffl 50

T￿￿, Ardwl 24/25 Notes to the flnan¢lal statements for the year ended 31 October 2025 18.Statement of funds Statement of funds - current year Bala￿• ol 31 October 2025 November 2024 UNRESTRicfED FUNDS £000 DESIGNATED FUNDS HeritO9e IvrKI Copiknl ossets futxl Insurance lund 1 5.467 31.700 75 206 IS.673 31444 75 47.302 890 48.192 GENERAL FUNDS rol hJryJ5 . 011 lu￿15 3.117 (5.559) 1.030 128 3.452 TOTAL UNRÈSTRICTED FUNDS $0.419 4.730 (5.559) 1.926 128 51.644 51

TnS•J' Anmal pw 24/25 Notes to the flnan¢lal statements for the year ended 31 October 2025 183tatement of Ivnds (¢ontlnved) Bala￿• ol 31 October 2025 November 2024 £000 ENDOW114ENT FUNDS Irb￿l￿eThI propety HwilL)90 ossets . Coll&*ion Heriloge 055éts . Poinliry5 & or lond & bn cknriknble use 43.170 1.475 {510) (1.927) 189 42.391 2.500 2.930 Isoo 1930 1.475 (516) 189 49.821 RESTRICTED FUNDS Cissi• Kirby sckthrship fm4 Colbed>on re5tricknJ lun& her rnstrichd hJr#Js 313 3.820 19 200 338 4.250 (332) {47) 49 623 (381) 219 4.597 TOTAL OF FUNDS 105.153 6.830 16.456) 536 106.062 52

T￿￿, Ardwl 24/25 Notes to the flnan¢lal statements for the year ended 31 October 2025 18.Statement of funds (Contlnued) Designated funds H•riW Fund. 1•pr￿lf9 th• Tntst's H•rW osmts nc4 in &Jr#ls. C(JPbkJl oss•ts lund . r•F•WrtliNJ Tru#'s lix•d oss•ts 01￿ in¥•S1￿ FYq)•rti•s h•ld in Efidow￿ h)￿41. Endowment funds A lease of lond own¢d by the Tru gronkd lry o ffnxirnuffl period ol 21 y•oB 5eFthib•r IW5 lor mrnerol extrockn ond o fvrth¢f le4)se Wts5 9rontsd on oddilbonol kJNI ￿ 18 April 2007 1)n simik>r pro¥tsior&. reolised were Capi￿115￿ arKI Ar• nol ovoilatAe lor ynorol chaiik>ble oxptsndtrhJf• unlil th• ado￿¥￿￿ ol a Tokjl Ralurn k> inbwlmth in 2003. •r&wrnant hjnd r8pMwnts ￿inS th8 dup05d OTh4 •xpltythi ol wop•ty, ol in¥•slTh•rt assd5 (which lorrn8d port ol th8 of191r￿1 0nd￿nn￿1 or which wern wrcknsed Irom luds fmffl r￿liSatiO(￿ of th• 0ri9inal endowm0￿). End￿rnI ass•ts w•re id8ntil￿ as ol ) NoYwnb•r IW5 for Total Tl (19irnl wthwmtrnl is induded in the linthKid Tnthe w11￿￿lan lye• 121 wlhwe reweswd rjs ¢m in￿lMent rJs341. Th knlarre 05 0131 OLknI)•r 2025 is nKKlt Vp ol Urwid Toknl R¥urn IrKkn 231 ol £15.649k12024 . £17,116kl fWKI unT•￿￿a al £34.173k12024- £33,484kl. Ci551e Kirby schdor5hip lund . The Ci55ie KI￿ SclK)kJF5hip was en(knd TnJ4 lor pjfjx￿ ol Fyoviding 5clthf5hips lor re5eorch or experimentsl work. fv) sfv&nts ol the Cdw and the e￿)ed income is ouocthj to o IWO. hMKI is adrnini4wed on o T¢*Jl Retwn bosis 05 the fvfth ore Sepam￿Y ina from the txthjnce ol Iho T￿￿.9 inves1ff￿ts. 53

TnS•J' Anmal pw 24/25 Notes to the flnan¢lal statements for the year ended 31 October 2025 18.Statement of funds (Contlnued) Statement of funds - prior year Bala￿• ol 31 October 2025 November 2024 UNRESTRicfED FUNDS £000 DESIGNATED FUNDS HeritO9e IvrKI Copiknl ossets futxl Insurance lund 15.462 30.293 I S.467 31.760 75 1.467 75 45.755 1,547 47,302 GENERAL FUNDS rol hJryJ5 . 011 lu￿15 1923 4.230 13.104) 324 744 3.117 TOTAL UNRÈSTRICTED FUNDS 48.678 4.230 {5.104) 1.871 744 50.419 54

T￿￿, Ardwl 24/25 Notes to the flnan¢lal statements for the year ended 31 October 2025 183tatement of Ivnds (¢ontlnved) Bala￿• ol 31 October 2025 November 2024 £000 ENDOW114ENT FUNDS Irb￿l￿eThI propety HwilL)90 ossets . Coll&*ion Heriloge 055éts . Poinliry5 & or lond & bn cknriknble use 43.003 1.388 {500) 1.150 43.170 2.500 2.930 Isoo 1930 30.433 1.388 1.871 $0.600 RESTRICTED FUNDS Cissi• Kirby sckthrship fm4 Colbed>on re5tricknJ lun& her rnstrichd hJr#Js 272 3.320 o) (350) 313 3.620 456 41)0 3.593 (359) 4.134 TOTAL OF FUNDS 102.704 6.084 15.963) 2.328 105.153 55

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 19.Analysls of net assets between funds Analysls of nel assets between funds - current year 2025 £009 2023 9025 £000 2025 Tongsble lixed 055ets Ftxd Ossgl inveslme Inv•slmonl PfOP8fty il(y 0Ss•ts 2,361 2,672 30.085 15,492 3,941 11.8881 38 4,379 2.930 3.329 7.051 72.476 20,172 3.941 (1.888) (1,017> 42.391 4.5Th) 180 du• wiihin one yfjor Cr¢dikn tkn in ffMY• thon oi• y￿￿ TOTAL 57,646 4,597 49,821 106.064 Analysls of nel assets betw••n funds - prlor yeor 2024 £C 2024 2024 2024 Tan9ibl• lix•J 05Mts FIX￿ osMI in￿lM￿ In¥•slmonl proFthy Pknilo9e 0550ts Currenl ossets Credikxs du• wiihin on• y•tsr Cr•dikKs du• In ffKY• th•n on• 2,496 2,451 29,266 15.468 3,093 11,2821 11.0711 50,421 2.930 5,426 6,585 72,436 19.968 3,093 11,282 11,071) 4,134 43.170 4,500 TOTAL 4,134 105.155 56

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 20.Recon¢illatlon of nel movement In funds to net cash flow from operatlng actlvllles Grovp 2025 Group 2024 N•1 inctyr lor th• los p•r Siolem•rt ol Fsnanciol Actiwiliesl 908 Z449 ADJUSTMINTS FOII Lhyrfiotion chof90S L05s•5 oll investments Dividends, inter•s15 & t•nts Irom Decr¢se/lincr805•I in sfvcks LhcrnoM/lincr•tss•l in ddmors D•rreus•/lincr•Js•1 in u•dilo 149 (490) 11670) 130 12.307 12.468) (3361 67 137) N•1 In op•rnllng a¢llvlt•¥ {2,160) 21.Analysls of cash & cash equlvalents Or•vp 2025 GrcMJp 2024 Cwh in knnd 1491 Included within cosh in IK4nd d 31 OctO￿r 2025 is £2,OSOk12024,. £1,359kl ￿k)lIr￿j k on orntyJnl Inwthd in o mon•y fflarkd acc¢￿nI whKh 1$ occ•ssibl• wiihin 2 to 5 d4V4. 22.Anolysls of chang•J In n•t debt Ai31 O(l•b•r 2025 N•v•mb•r 2024 ¢)Ih•r no C•*h Ilow• ¢ash £han9•1 £000 £000 Cosh ￿ bunk & Ir) hond Dek4 dw wsthin one yoor dm ah•r ono y•ar 1.991 {53) soo 2.491 (s (1,017> 54 865 410 142 57

Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 23.Mernorandvm of vnapplled total rntvrn 2025 £000 2024 £c(Jo Uwpld relum kKoughi lorwpTd Incr•¢tsè In volu• during Ihtr y•ur Tranjler lo wrmononl endow￿ Appl¢coliM ol uwltyod relwn 17.110 1.149 (6891 (1,927) 17,678 2,038 1669 11,8711 15.649 17,116 24.Penslon Commllments Th• Tn￿ oFr0￿ a deh'nod pensi¢)ft sd)èff. Thè ojstrts OF th• $d￿me ore htrkl s•FYJrot•ly lryn Ihoso ol ihe Tru￿ in independen1￿ odministernd knrds. Th• pension cost dxJryes ffjpreJ¢nts CylribLrtions po>rble Ihe knnd ord onwntsd b £147k {2024: £719kl. P•rffjion pu>rbl• vwr •nd £1 Ok12024: £ l Okl Cf•dikKs. 25.M•mbers' Iloblllty Eoch rn•mb•r ol lh• chan￿bI• compony und&rtDkm b cothbvkn lo I￿ ass•ts ol Ihe company In lh• t￿￿1 ol il b•in9 WI￿nd vp while he/sho is a m•mb•r, or wiihin ono y•or olkn h•/sh• ceosos b b• a m•mbw. 5vch omounl os moy ￿ wvirnd, not exce¢d4n9 £NIL lor ihe debts und liobililies ¢onlroded /she ceosw b be o m•mber. 26.Related party transQCtlons Th• Tru# CCHKkn•d th• di$d￿u￿ rnquirnm•nts & th• R•comm•nd•d Pffjdic• f¢r ond of Financbal Rewtrin9 S￿ndord 102 'The FiNJnciol Rewtiry Stomdord applicoblo in lh• UK nd Rybllc d Ir•kJnd' and thot ih• lolkn¥ing Irorthgdws r•quirns diKknuTr: Lhriry the yeor v￿er ￿1¢ lh￿ Tru51ee512024 . rpimk￿￿ler￿lt ol Ira¥EI and sub5islerte exFen5es in Ihe sum of £2,88512024 . £4,301 l. No Truslee IKe1￿ any remuneffjli¢Jn hom holdin9 office 05 Truslee12024 - £NILI. Dufiry the yeor ￿￿er rnite a rnember kry mofW)9emenl peTronnel rKei%d luel ond en9ineering repai r¥ices for o tdol of £10412024 . £NIII at on orrns t￿1, At the •nd of th• no balonco V4 ￿)ts￿ndI￿j{2o24 . £NIII. The Trust hos tsken od¥onloge ol •x•mpllon, und•r knTns d Fnoncial R•wtiNJ Stondord l (r2 'The Finoncsol Reportiry Siandord oppiicablfr in the UK ond Rowblic ol Irdond., lo disclose ITonsodions wilh gr￿P und•rknkin95 or Irwoston in lh• gioup qtsolifyiNJ os r•lotsd p]rti•s. on tho gm4Jnds il is o wholty owned iubsdKsry and will b• indwl•d in its cryryy wblicly o¥oilobl• consalidotsd h'non¢￿1 slolrn•nls. 58

Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 27.Shuttleworth Veteran Aeroplane Soclety (SVAS) Th• SVAS was è51ablish•d in 1964 ond is on in&pfid￿l Trysl , number 8(W5. whbch éxists lo iw) Th• ShuMle¥tsrrth G4l•dion. Sub51antiol Jupporl is 9rv•n ￿ volynknfS to ts work un&rtaken al lh• Coll•dion in oddilion to linonoal $UPF￿. 28.Controlllng porty group ol which R•chord 5huttknih Twst••$ vs lh• Frtirenl or¢JoniwI•￿, th¢ hrg•91 group pr•FMJriThJ consdidd•d linonciol ilatern•nts which include Th• Richard Omond? sh￿knh Remernbrance Twsl. The smoll•sl 9rovp preparing consolidthed lirK>ncial stol•rnents ar• Th• Richord mond• shull￿h R•wombranc• Trusl and ils $45l•r sub$diory Old Worden knmihd. 29.Prlnclpal subsldlarl•s Th• lollowing wos a sthidiory uTrknking ol th• TNSI: Nom• Com￿nY nvmb•r H•ldln9 In¢lud•d In ¢•ns•14daN•n Old Ward•r+ Limiknd 06366021 io0% Th• Ricknrd Ormty Shuill•￿h R•mombffjtK• Trwl 307534 I LK)% Th• hnorKial rnsvhs d ifrlè subsidiary kt the iffjor *wv". Pr•th/lioMV SurpluJ/ (D•ll¢lt) l+x th• year Nom• Incom• Exp•nd1￿r• £000 N•t as￿11 £000 Old Woth kn'ffliknl 1144 (1.737) 407 194 Th¢ Ricl¥Jrd Offi￿d• Shuttlewh Remembffjnt• Tn 4.085 (4.7201 (35) 106.002

SHUTTLEWORTH MUSEUMS HAVE CURATORS. WE HAVE ENGINEERS Shuttleworth Old Warden Park Biggleswode Bedfordsh ire SG18 9EP 01767 627 927 [e-mail] huttleworth.org Rtyrskned num1￿. 02712981