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2025-10-31-accounts

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

Charity Registration No. 1101948

Company Registration No. 04478686 (England and Wales)

VULCAN TO THE SKY TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

CONTENTS

Page
Trustees' report 1 – 12
Independent examiner's report 13
Consolidated statement of financial activities 14
Group and charity balance sheet 15 – 16
Group statement of cash flows 17
Notes to the financial statements 18 – 34

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VULCAN TO THE SKY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

1. OBJECTIVES AND ACTIVITIES OF THE TRUST

The principal objects of the Vulcan to the Sky Trust (“VTST”, “the Trust”) are to:

The Trust provides these services throughout the United Kingdom.

Ensuring that VTST delivers on its objects

The Trust reviews its objectives and activities regularly throughout the year, looking at the success of its activities and the benefits that the Trust has brought to the public. The Trustees refer to the advice contained in the Charity Commission’s general guidance on public benefit when deciding on its plans and activities. The particular public benefits generated from our work are detailed later in this report.

Background

After a ten-year restoration project, Avro Vulcan XH558 returned to flight on 18th October 2007, having been grounded on 23rd March 1993 at the end of its RAF career. The Civil Aviation Authority (CAA) approved its operation on 2nd July 2008, issuing a Permit to Fly on 3rd July 2008 that was contingent on ongoing engineering support from Marshall Aerospace. This marked the successful completion of the world’s most complex aircraft restoration project. To date, Vulcan XH558 remains the only Complex category ex-military aircraft to have been returned to the UK Civil Register. Subsequently, Vulcan XH558 was presented by the Trust to the public at air shows and events around the UK in each year following, supported by educational and interpretational activities.

In 2011, the aircraft moved to Hangar 3 at Doncaster Sheffield Airport (DSA). In January 2015, the Trust received notice from BAE Systems and Rolls-Royce, together with Marshalls of Cambridge to whom BAE had delegated design authority for the express purpose of restoring XH558 to flight, that at the end of 2015, they would collectively be withdrawing the Engineering and Design Authority support required as a condition of the aircraft’s Permit to Fly, thereby consequently bringing an end to the flying life of Vulcan XH558. The aircraft’s final flight took place on Wednesday 28th October 2015 at Doncaster Sheffield Airport.

Post-Flight Operations

Since 2015 XH558 has been kept in a safe ground running condition at DSA, attracting significant public interest. Until January 2017 the Trust welcomed visitors for guided tours, talks, events, and retail activities in Hangar 3. When the airport reclaimed the hangar, XH558 was moved outside, effectively ending major revenue generating and public benefit activities and forcing a rapid restructuring.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Recognising the impact, DSA purchased land in 2018 for a new purpose-built hangar, with the Trust responsible for raising construction funds. Planning permission was granted in December 2017 and an initial £4m cost estimate later rose to £4.6m. A business plan demonstrated financial viability.

Fundraising and Lease Issues

A potential private developer withdrew in 2019 over concerns with the proposed lease. The Covid-19 pandemic further disrupted progress. The Trust then developed a new funding model: a £2.4m commercial mortgage and a £2.2m public appeal, “Operation Safeguard,” launched in October 2020. An Agreement for Lease (AfL) was signed in October 2021 requiring funds to be secured by 31st December 2021. After review, DSA declined to extend the deadline and terminated the AfL.

As the Trust no longer had tenure, the appeal failed. All donors were contacted in line with Charity Commission ‘failed appeal’ requirements and offered either a full refund or the opportunity to allow VTST to retain their donation. As recorded in the Trust’s 2024 annual accounts, on the 18th January 2023 the Charity Commission confirmed that all the legal protocols on the failed appeal procedure were effectively and successfully concluded.

A parking lease signed in June 2022 secured the aircraft’s presence until June 2023. The Trust were advised that, in accordance with the lease, “both aircraft will need to be taken off the airfield and removed from DSA by 30th June 2023.”

Airport Closure and Relocation Options

In 2022 Peel Group announced that DSA was no longer commercially viable, and it closed in November 2022. The Trust explored relocation options, including a ferry flight (ultimately unachievable due to lack of Design Authority support) and dismantling and transporting the aircraft by road, then rebuilding XH558 at a new location. The Trust were in negotiations with two potential sites with welcoming landlords.

The Heritage Lottery Fund (HLF), in the form of its legal entity the National Lottery Heritage Fund (NLHF), maintains a charge over Avro Vulcan XH558 on a reducing amount based on the HLF grant and the flying life of the aircraft, which is covered by the aircraft’s Hull insurance. The contract between the VTST and the NLHF is for 80 years from 2005, requiring the Trust to deliver its public benefits based on the aircraft over this time. When XH558 finally ended its flying life, it had completed 346 hours flying since its return to flight in 2007, successfully exceeding its flying commitment to the NLHF of 250 flying hours.

After consultation on the potential relocation, the NLHF awarded a governance and business planning grant in December 2022. Meanwhile, discussions with Peel L&P led to an extension allowing XH558 to remain on site, pausing the need for relocation. Engine ground runs ceased in March 2023 due to the landowner’s insurance constraints, removing an important revenue stream for the charity.

A feasibility study examined using the empty DSA hangar 2 as a home for XH558, but work stalled in July 2023 pending airport ownership decisions. In March 2024 City of Doncaster Council (CDC) secured a 125-year lease of the site and committed to reopening the airport under FlyDoncaster Ltd, a 100% council owned company.

Recent Developments

In December 2024 CDC confirmed long term support for XH558 remaining in Doncaster. NLHF funded work resumed and concluded in April 2025. The aircraft remains on site under a Tenancy at Will while discussions continue for a permanent site.

In August 2025, the Trust were advised that they were to receive 25% share of a deceased’s residuary estate. The solicitor acting on behalf of the Executor of the estate noted that the Vulcan to the Sky Trust is to receive 25% of the estate which they estimate will be around £242,500 at the conclusion of matters which has been recognised in these accounts. It was also advised that it could take a couple of years to conclude matters.

On 8th October 2025, the charity had to launch an urgent fundraising appeal. This was following a number of years of turbulent activity and uncertainty, and the fundraising campaign to donate and have a name in XH558’s cockpit not achieving the forecasted numbers that was based on previous very successful ‘names’ campaigns. These factors, alongside the reduced revenue from popular engine run events that the charity hadn’t been able to carry out since they ceased in March 2023, put the charity in a delicate financial position.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

The urgent appeal quickly generated funds for the charity to survive and protect Vulcan XH558, with two private donors giving a total of £35,000 of match funds. Subsequently, a further £10,000 of match funds was received from another private donor. At the time of the finalisation of this report the appeal has generated £110,000 including the match fund donations.

In addition, after much negotiating over two and a half years, On 7 November 2025, the Trust was informed that engine ground runs could recommence. These runs will support the aircraft’s continued serviceability by allowing the engines and associated systems to be exercised and monitored as part of XH558’s planned maintenance programme. They will also provide opportunities for the public to see and hear XH558 and restore an important income stream for the charity.

Governance

The failed “Operation Safeguard” appeal highlighted that STEM specific education was not included in the Trust’s charitable objects. With legal support from Stone King LLP, the Trust secured Charity Commission consent in June 2024 to amend its objects to include advancing STEM education. Updated Articles were registered in November 2024.

A wider review of governance recommended further updates, including:

A review of the Trust’s statutory records confirmed that there is no registrable person with significant control, and the Companies House record was corrected accordingly.

Other Activities

The Trust continues to plan future activity and expand its educational remit. Fundraising remains essential, supported by an increased volunteer base trained to deliver ground demonstrations. The Trust also delivers off site talks and maintains retail and engineering operations from its unit at DSA.

In May 2016 the Trust acquired English Electric Canberra WK163 with the intention to restore the record-breaking aircraft to flying condition. No restoration work has been possible, owing to the aircraft being based outside with Vulcan XH558. In November 2020 the Trust bought Canberra WT327, which has the original nose section of WK163 and has heritage significance as it was this cockpit which broke the World Altitude Record with WK163 on 28 August 1957. Also, WT327’s cockpit is complete and will save hundreds of thousands of pounds in the restoration of the Canberra. WK163’s restoration will require relocation to a live airfield and remains under review.

The Vulcan Operating Company Ltd relinquished its CAA Maintenance Approvals in 2018 but maintains safety and quality controls to support safe ground operations. Educational and interpretative activities continue to grow, including school programmes aligned with the National Curriculum.

Outlook

With long term support now confirmed by City of Doncaster Council and FlyDoncaster Ltd and financial security from the urgent appeal, the Trust is progressing plans to secure a permanent home for XH558 - The Vulcan Experience. The Trust has a fully costed business plan, building plans which have previously received planning permission, and a site has been identified to build the visitor attraction centre. The Board continues to manage risks associated with site tenure, revenue generation, and regulatory requirements while maintaining its commitment to preserving nationally significant heritage assets and delivering STEM focused public benefit activities.

It should be noted that Marc Walters, former Chief Executive Officer (CEO) and Company Secretary left the Trust on 31[st] December 2025 and was succeeded in both roles on 1[st] January 2026 by Craig Shepherd. The Trustees extend their deep appreciation to Marc, who concludes nine and a half years’ service with the charity, including three years in the roles of CEO and Company Secretary. Throughout his tenure, Marc has played a vital role in the organisation’s

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TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

development, providing dedicated leadership and unwavering support for its mission. The Board is grateful for the significant contribution he has made and acknowledges his work in supporting a smooth transition. The Trustees offer their sincere thanks and wish Marc well in his future endeavours.

2. ACHIEVEMENTS AND PERFORMANCE OF THE TRUST

Public Benefit Delivery: Conservation of Avro Vulcan XH558 in full working order, and of other heritage aircraft and engineering artefacts

Maintenance of Vulcan XH558 continues in accordance with original RAF procedures. For safety, the ejection seat and canopy explosives have been removed, but the aircraft otherwise remains fully serviceable. Confirmation that XH558 can remain in Doncaster avoids the need for dismantling and relocation, which would have significantly reduced its functionality. Negotiations over the last two years have ensured the aircraft’s continued presence on site, safeguarding this important heritage asset.

In May 2016, the Trust acquired English Electric Canberra WK163 and associated spares, including engines. Initial surveys confirm the aircraft is broadly sound, though fuselage corrosion, and full cockpit rebuild or replacement are required. Also, the five Avon 100 series engines require a full service and the completion of a series of the CAA’s Mandatory Permit Directives.

In November 2020, the Trust purchased a second Canberra. WT327 was bought via auction and is stored in the USA. The aircraft includes WK163’s original cockpit, providing technical and heritage advantages. Repatriation will proceed when funding allows, with storage planned until restoration of WK163 can begin. This work will only commence once the new hangar and permanent home for XH558 are secured. A separate targeted fundraising campaign will support the staged return to flight programme for WK163.

The Trustees extend their gratitude to:

Public Benefit Delivery: Presentation of Avro Vulcan XH558

During its eight years of flying, Vulcan XH558 was seen by millions and became a nationally recognised aircraft. The Trustees remain encouraged by its enduring impact, particularly on younger audiences, and the many positive memories it has created.

After flying ceased, the Trust worked with the Airport to agree safe, risk assessed procedures for public engine ground runs. However, since March 2023 only static, non-running tours have been possible. Engine runs were paused due to landlord concerns relating to operation on the closed airport site. With City of Doncaster Council now holding the lease, their company FlyDoncaster is progressing plans to reopen the airport and has granted permission for the Trust to resume engine ground runs. These runs remain highly valued by supporters and are an important income stream, as well as being an important part of the maintenance regime of the aircraft.

Throughout the period, the Trust delivered paid airside tours, enabling visitors to experience XH558 up close, explore the cockpit, and view their names under the aircraft’s wing and bomb-bay. Classic car photography events were also held. Supporters were able to learn about ongoing conservation work, the Vulcan’s history and design, and engage with the team and fellow enthusiasts.

The Trust also delivered a programme of speaker events covering the Vulcan’s history, its Falklands role and XH558’s story. With no onsite facilities, these were held at external venues. Similar events will form part of The Vulcan Experience in future.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

A summary of outreach and events delivered by our volunteers follows, recognising their continued commitment in enabling public access to the aircraft:

2024/25

Underwing/Cockpit Tours 62 sessions with 2,532 guests Special Tours 18 sessions with 90 guests Classic Car visit to XH558 6 sessions with 116 guests Speaker Events 3 sessions with 434 guests Total 89 sessions with 3,172 guests

Air show attendance

We attended two air shows during the year:

Stratford Central Stores Open Days

Open Days were held on:

The double day trial proved beneficial, and it is planned to continue that format in 2026.

Public Benefit Delivery: Education

The VTST continues to focus on its core aims: Honouring the Past and Inspiring the Future . We preserve the historical significance of the Vulcan aircraft through regular communications, highlighting how the Avro Vulcan placed Britain at the forefront of aviation innovation over seventy years ago.

Today, we use that same spirit of innovation to engage young people with the challenges and opportunities in modern aviation, aerospace, future technologies and sustainability, drawing lessons from the past to inspire future thinking all done with Vulcan XH558 as the centrepiece. By involving children and young people early, we aim to broaden their horizons and spark interest in engineering, design and creative problem solving.

Our partnership with The Work-wise Foundation has delivered tailored education programmes across South Yorkshire and beyond. November 2024 to July 2025 saw the partnership build upon the previous year’s programmes and extend our reach, helping in our mission to engage the next generation to learn about, be inspired by and find future careers in science, technology, engineering or manufacturing.

Our education model has changed. Since July 2025, VTST has provided education activities from its new base at Skills Street in Rotherham, South Yorkshire, which will expand the delivery of our education programme. Skills Street is an immersive world of work experience designed to broaden career aspirations for children, young people and adults.

Located in the aviation zone, we use the Vulcan’s innovative design and XH558’s remarkable story to inspire interest in engineering, technology, aviation and design. Within the zone is the Dr Robert Pleming Engineering Zone, dedicated to the charity’s founding CEO and the man who drove the restoration project, where the charity delivers interactive, hands-on STEM activities themed around aviation, aerospace and the theory of flight, all centred on the iconic Vulcan XH558.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

The facility is expected to welcome around 16,000 young people each year, significantly increasing the charity’s educational reach.

Our relationship with Work-wise will continue via a Memorandum of Understanding rather than a cost-based contract. This enables Work-wise to continue to deliver activities that they and the Trust have developed together with Vulcan XH558 as the centrepiece and enables VTST to reach even further with the Vulcan XH558 Education Programme.

Work-wise Activity:

North Star Science School - November 2024

VTST delivered a co-created workshop with Doncaster UTC for 15 students. The workshop was developed over three months, exploring the principles of flight and hands on building of a simple flying control mechanism. Students learned about the Vulcan XH558’s groundbreaking control system, which influenced modern fly by wire aircraft.

The participants also met Professor Brian Cox and presented a souvenir T-shirt.

IMPACT: 44 Schools | 512 Students | 96 Educators

Get up to Speed with STEM (GUTS) – March 2025

VTST exhibited at this two-day interactive STEM showcase at Magna Science Adventure Centre. The first day focused on secondary students, the second on primary and SEND students.

Doncaster UTC students supported VTST in demonstrating the North Star workshop.

SELSA (Sheffield Engineering Leadership and Service Award) students from the University of Sheffield helped develop an interactive display using a Vulcan wing tip to explain its design and engineering.

IMPACT: 94 schools | 5,866 Young people | 597 Educators

Primary Vulcan Flying Roadshows – 2024/25

New outreach initiative delivering full day STEM activities in primary schools across Doncaster, Sheffield, Rotherham, and Bradford. Activities included aircraft design, rocket launching, drones, helicopters, parachutes, and the science behind flight, concluding with a celebration of learning.

IMPACT: 10 schools | 1,350 Young people | 100 Educators

Summary

The Vulcan XH558 Education Programme in collaboration with Work-wise reached:

This demonstrates continued growth and highlights the charity’s impact in inspiring future generations, fostering innovation, creativity, and diversity in STEM.

Skills Street Activity:

Skills Street officially launched on 7[th] October 2025. In the six-week pilot period leading up to the launch we welcomed:

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Included within the numbers are students with Special Educational Needs and Disabilities (SEND), with Skills Street working to decrease the attainment gap for the most disadvantage communities. The numbers also include:

Skills Street aims to help learners build essential skills, explore opportunities, and prepare for the world of work. This aim is especially important for areas facing deprivation. Areas that experience high levels of unemployment, health inequalities, crime and barriers to living.

Since the official launch a further 874 students have visited Skills Street.

Education Liaison Role

In addition to being a vital part of delivering the Vulcan XH558 Education Programme alongside Work-wise and within Skills Street, Ian Straw, employee and Education Liaison for the Trust, also represents the Trust in other activities that promote VTST’s educational activities.

Ian is an Enterprise Advisor working with Doncaster UTC, Doncaster College and Wath Academy, where they run careers days for year groups as well as transition days for the primary feeder schools into Wath Academy which is part of the Maltby Learning Trust.

IMPACT: 7 schools | 5,402 young people

He supports the delivery of experience days for the Ambition Programme which run a series of career interventions for Delta Academy Trust, locally and at their head office, Education Exchange Knottingley.

IMPACT: 38 Primary schools | 23 Secondary Schools

Through his activities, the Trust supports the BLBW (Better learner Better Workers) Program funded by Sheffield City Council and The Cutlers Company in Sheffield.

Ian delivers career days in his role as Governor at Balby Central Primary and Dunsville Primary School.

IMPACT: Rose Learning Trust – 11 primary schools | Brighter Futures Trust – 5 Primary/Junior schools

Ian also plays an active role in the Employer Advisory Board at Doncaster UTC helping to develop the Employer Projects and Engineering Passports for the students, which includes the ongoing refinement and delivery of the Vulcan Flying Control (redesign the Yoke) project to Y9 Engineering Students year on year.

IMPACT: 80-100 students per year group

Future plans include a number of projects with Harrison College, with delivery starting on the 6th January 2026. Harrison College is a specialist post-16 institution providing a challenging, future focussed provision.

Currently fewer than 1 in 4 young people with high functioning autism access education after GCSE and only 16% are in full time employment. The college believes that these young people deserve better, a better education and a better opportunity to secure employment.

Harrison College prides themselves on delivering quality-first teaching and an inclusive, business and career development provision where learners can thrive, placing no limits on what can be achieved no matter their background or starting point, leading to a secure and prosperous future. VTST is proud to be able to be part of their future success.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

North Star 2025, on 19th November, was our most ambitious co-created workshop working with three other businesses to create hands-on experiences for the visiting students all led and coordinated by Ian. And Ian attends meetings to support/contribute to the LSIP (local skills improvement plan) for the Aviation and Gateway East Advanced Industries Hub which is sponsored by SYMCA.

Public Benefit Delivery: Reach – Newsletter and social media

In January 2025 we had an emailable audience of 46,583. We currently have an emailable audience size of 44,544, a predicted demographic of 25.7% female / 48.9% male / <0.1% Another Identity / 25.4% unknown. The ages of subscribers range from 18 to 65+.

Age range split:

The monthly newsletters contain updates on the ongoing care and protection of XH558, news of educational outreach and articles on the history of the Vulcan, the RAF and the Cold War. Our newsletters were opened 172,388 times during 2025, with an average ‘open rate’ of 33.7%, increasing to an average of 38.3% since August. Both show an increase in open rate from last year’s 33.3%.

Articles that appear in the newsletter are hosted on our website – www.vulcantothesky.org so that educational content can be further shared on social media, where we have a possible reach of 360,976 people. The majority of our social media posts are broadcast on all of our social channels.

Social media followers/likes:

Guardians of Vulcan XH558

Founding Guardians were members of the now disbanded Vulcan to the Sky Club. Originally joining as 'Club members' during the early restoration days of VTST, this group migrated to the Founding Guardians scheme when the Club was wound up.

As it’s not possible to add more ‘Founding’ members, the Guardians scheme was introduced and is now a regular scheme that is offered. The Guardians scheme demonstrates core support and regular giving.

All Guardian types receive a high-quality magazine twice a year. The Winter 2025 magazine was distributed to 2,050 members. Made up of:

For the avoidance of doubt, neither are members of the Trust.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

3. FINANCIAL REVIEW

Total income of the group for the 12 months ended 31[st] October 2025 amounted to £847,232 (2024: £998,474). The Trust’s principal funding comes from several sources such as donations, legacy income, Founding Guardian membership, and merchandise sales. Total expenditure for the 12 months ended 31[st] October 2025 was £802,530 (2024: £908,454).

Expenditure on raising funds for the year totalled £516,262 (2024: £613,555) which generated income of £802,834 (2024: £989,517), being income from donations (note 3) and other trading activities (note 5).

The expenditure on raising funds represents the day-to-day management of the charity and includes tasks such as, managing volunteers, operating the online retail business, managing events, carrying out charitable fund-raising, promoting the Trust's activities, liaising with supporters and administrating the database of supporters, supporting the maintenance of XH558, and complying with mandatory governance requirements. We have invested in future plans, and this includes negotiations with potential new landlords and business planning to underwrite a secure future, along with ensuring day to day costs of the business and maintaining the aircraft are covered.

Once the future plans become formally agreed, focussed fundraising may begin to secure that future, investing in a permanent home and the associated revenue streams (visitor tickets, physical retail store, corporate events).

The net assets of the group as at 31[st] October 2025 were £1,088,509 (2024: £1,043,807).

The group’s fixed assets comprise the Avro Vulcan XH558, its associated spare parts, ground equipment and tools, together with miscellaneous items, and are valued as at 31[st] October 2025 at £706,743 (2024: £719,926).

There is a charge over the aircraft in favour of the National Heritage Lottery Fund in the amount of £427,000 reducing on a straight-line basis from 31[st] October 2016 until 2085. The amount repayable is currently limited to £371,308.

The Trustees believe that income in the form of donation streams, the Guardian scheme, and merchandise revenues will allow the Trust to continue its activities for the foreseeable future. Central to the future plans will be to secure funding through sponsorship to build a new home for the Vulcan at the current site in Doncaster.

Reserves Policy

The Trust’s reserves policy has been to aim to build up, over time, free reserves (unrestricted funds less fixed assets) to a level equivalent to 6 months of core expenditure, being approximately £360,000. As at 31st October 2025 the Group’s funds totalled £1,088,509, of which £Nil is restricted and £1,088,509 is unrestricted. The group’s free reserves (unrestricted funds less fixed assets) totalled £381,766 (2024: £307,281), the equivalent to 6 months of expenditure. The trustees retain the 6-month policy as an important target, and, subject to the success of future fundraising appeals, intend to use any surplus to assist with the Trust’s running costs whilst discussions with the City of Doncaster Council over possibilities at the current site take place.

4. PLANS FOR FUTURE PERIODS

The Vulcan to the Sky Trust’s objectives for future periods are to:

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

5. ORGANISATIONAL STRUCTURE, GOVERNANCE AND MANAGEMENT

Vulcan to the Sky Trust was granted charitable status on 6th February 2004 and is registered with the Charity Commission under number 1101948.

Vulcan to the Sky Trust is constituted as an incorporated company limited by guarantee, its governing document comprising its recently reviewed and updated Articles of Association.

The Trustees (who are also the Trust’s Directors) who have served since 1[st] November 2024 are as detailed in section 6.

The Board of Trustees met three times between 1[st] November 2024 and 31[st] October 2025. There have also been regular email communications throughout the period. The Trustees are the only Members of the Trust. None of the Trustees received any remuneration or benefits apart from receipted expenses.

Recruitment and training of Trustees

Historically, Trustees were drawn largely from the aviation sector. As the Trust’s activities have broadened, recruitment now focuses on candidates from engineering, industry, education and the wider South Yorkshire region. All new Trustees are appointed under the Articles of Association and receive an induction pack covering governance, operations, finances and future plans.

Since November 2024, one Trustee has joined the Board: Barry Cunliffe (April 2025).

On 28[th] November 2025, Steve Liddle resigned as a Vulcan to the Sky Trustee after more than 14 years’ service. The Board wishes to express the Trust’s warmest thanks for Steve’s major contribution to the project over the years. The charity would be pleased to welcome Steve back as a Trustee in the future.

Activities of the Board

The Board sets overall policy and strategy but delegates operational authority to the Executive. The Executive throughout the entirety of the Trust’s financial year was Marc Walters (CEO and Company Secretary) succeeded by Carig Shepherd (in both roles) from 1 January 2026. This structure will evolve as staffing for The Vulcan Experience is developed. Marc Walters provided regular updates to the Board. Key management remuneration is approved by the Chairman and benchmarked against similar sized charities.

As at 31[st] October 2025, the Trust employs four full time and three part time staff, supported by a significant volunteer base contributing to public relations, events, merchandising and air show activity.

Subsidiaries

Vulcan to the Sky Enterprises Ltd is the Trust’s retail trading subsidiary, gifting taxable profits to VTST under Gift Aid.

Three further subsidiaries, Vulcan Marketing Company, Vulcan Operating Company and Vulcan Property Management Company, were established to support operations at Hangar 3 but are now dormant. Marc Walters served as director of all subsidiary companies since 1[st] January 2023. This responsibility was assumed by Craig Shepherd from 1[st] January 2026.

Risk Management

Management continues to identify and monitor major risks, supported by established procedures and a Safety Management System. Health and Safety matters are reviewed regularly.

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Principal risks include:

Public liability and aviation related risks for operating Vulcan XH558 are insured through K M Dastur & Co. Ltd, including cover for aircraft damage, war and terrorism, and aircrew personal injury.

6. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS

Trustees

Air Commodore Edward Jarron (Chairman) Sir Gerald Howarth (Deputy Chairman) Mr John Sharman FRAeS Mr Richard Clarke

Dr Stephen Liddle CEng MRAes (resigned 28[th] November 2025)

Mr Phillip Spiers

Mrs Marie Cooper Mr Steven Roberts Mr Barry Cunliffe (appointed 29[th] May 2025)

Company secretary

Mr Marc Walters (resigned 1[st] January 2026) Mr Craig Shepherd (appointed 1[st] January 2026)

Charity number 1101948

Company number

04478686

Principal address

Unit 4, Delta Court Third Avenue Doncaster Sheffield Airport Doncaster DN9 3GN

Registered office

Unit 4, Delta Court Third Avenue Doncaster Sheffield Airport Doncaster DN9 3GN

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VULCAN TO THE SKY TRUST

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Independent examiner Paul Barnett FCCA Newby Castleman LLP West Walk Building 110 Regent Road Leicester LE1 7LT Bankers HSBC Bank Plc 58 High Street Winchester Hampshire SO23 9BZ Solicitors Stone King LLP Offices at: Bath | Birmingham | Cambridge | Leeds | London | Manchester - www.stoneking.co.uk

7. SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Signed on behalf of the Trustees

…………………………………. Air Commodore Edward Jarron

Chairman of Trustees

23-07-2026

Approved by the Board of Trustees on …………………………….

VULCAN TO THE SKY TRUST

INDEPENDENT EXAMINER’S REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

I report to the charity trustees on my examination of the consolidated accounts of the Group comprising Vulcan to the Sky Trust (‘the charity’) and its subsidiary undertakings for the year ended 31 October 2025.

Responsibilities and basis of report

As the trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (‘the Charities Act’) and the Companies Act 2006 (‘the Companies Act’) and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Company and the Group are not required by charity law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the Companies Act and are eligible for independent examination, I report in respect of my examination of the consolidated accounts. I have carried out my examination under section 145 of the Charities Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the consolidated accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Charities Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records with respect to the Company and its subsidiaries were not kept as required by section 386 of the Companies Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 or the Companies Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Paul Barnett FCCA (Independent Examiner) Newby Castleman LLP Date: 24 July 2026 Chartered Accountants Statutory Auditor West Walk Building 110 Regent Road Leicester LE1 7LT

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST (LIMITED BY GUARANTEE)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

Unrestricted Restricted Total Total
funds funds 2025 2024
Notes £ £ £ £
Income from
Donations and legacies 3 659,188 - 659,188 818,667
Charitable activities 4 33,233 - 33,233 899
Other trading activities 5 143,646 - 143,646 170,850
Investments 6 2,627 - 2,627 1,618
Other 7 8,538 - 8,538 6,440
──────── ──────── ──────── ────────
Total 847,232 - 847,232 998,474
──────── ──────── ──────── ────────
Expenditure on
Raising funds 8 499,662 16,600 516,262 613,555
Charitable activities 9 286,268 - 286,268 294,899
──────── ──────── ──────── ────────
Total 785,930 16,600 802,530 908,454
──────── ──────── ──────── ────────
Net income / (expenditure) for the year / 61,302 (16,600) 44,702 90,020
Net movement in funds
Reconciliation of funds
Total funds brought forward 1,027,207 16,600 1,043,807 953,787
──────── ──────── ──────── ────────
Total funds carried forward 1,088,509 - 1,088,509 1,043,807
════════ ════════ ════════ ════════

All income and expenditure derive from continuing activities.

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

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

GROUP AND CHARITY BALANCE SHEET

AS AT 31 OCTOBER 2025

Group Charity Group Charity
2025 2025 2024 2024
Notes £ £ £ £
Fixed assets
Tangible assets 14 3,024 2,998 5,493 5,369
Heritage assets 15 703,719 703,719 714,433 714,433
Investments 16 - 5 - 5
───────── ───────── ───────── ─────────
Total fixed assets 706,743 706,722 719,926 719,807
───────── ───────── ───────── ─────────
Current assets
Stocks 17 67,560 - 73,486 -
Debtors 18 322,238 505,449 80,625 283,468
Cash at bank and in hand 103,765 89,919 269,904 238,784
───────── ───────── ───────── ─────────
Total current assets 493,563 595,368 424,015 522,252
Liabilities:
Creditors: Amounts falling
due within one year 19 (111,797) (110,512) (100,134) (100,115)
───────── ───────── ───────── ─────────
Net current assets 381,766 484,856 323,881 422,137
───────── ───────── ───────── ─────────
Total assets less current liabilities 1,088,509 1,191,578 1,043,807 1,141,944
───────── ───────── ───────── ─────────
Total net assets 21 1,088,509 1,191,578 1,043,807 1,141,944
════════ ════════ ════════ ════════
The funds of the charity
Restricted funds 20 - - 16,600 16,600
Unrestricted funds 1,088,509 1,191,578 1,027,207 1,125,344
───────── ───────── ───────── ─────────
Total charity funds 1,088,509 1,191,578 1,043,807 1,141,944
════════ ════════ ════════ ════════

These financial statements have been prepared in accordance with the provision applicable to companies subject to the small companies’ regime.

As permitted by s408 Companies Act 2006, the charity has not presented its own statement of financial activities and related notes. The charity’s surplus for the year was £49,634 (2024 - £76,462).

For the year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

GROUP AND CHARITY BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2025

23-07-2026

The financial statements were approved and authorised for issue by the board of trustees on ……………………. and are signed on its behalf by:

………………………………….. Air Commodore Edward Jarron Chairman of Trustees Company Registration No. 04478686

The notes on pages 18 - 34 form part of these financial statements.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

GROUP STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 OCTOBER 2025

2025 2024
Notes £ £ £ £
Net cash (outflow) / inflow from
operating activities 26 (167,733) 95,305
Cash flow from investing activities
Purchase of tangible fixed assets (1,033) (1,028)
Interest received 2,627 1,618
───────── ─────────
Net cash (outflow) / inflow from investing activities 1,594 590
───────── ─────────
Net (decrease) in cash of cash equivalents (166,139) 95,895
Cash or cash equivalents at 1 November 2024 269,904 174,009
───────── ─────────
Cash or cash equivalents at 31 October 2025 103,765 269,904
════════ ════════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

Charity information

Vulcan to the Sky Trust (“the charity”) is a private company limited by guarantee, incorporated in England and Wales. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the reference and administration section of the trustees’ report.

The group consists of Vulcan to the Sky Trust and all of its subsidiaries (“the group”), being Vulcan to the Sky Enterprises Limited, The Vulcan Operating Company Limited, The Vulcan Property Management Company Limited, and The Vulcan Marketing Company Limited.

1.1 Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with: the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities applying FRS 102 (2019), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

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

These financial statements are prepared under the historical cost convention, modified to include the revaluation of certain heritage assets. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this charity, which are intended to give a true and fair view of the assets, liabilities, financial position and net movement in funds of the group. The charity has taken advantage of the exemption from preparing a statement of financial activities and a statement of cash flows on the basis that these are incorporated into the group statement of financial activities and statement of cash flows.

1.2 Basis of consolidation

The consolidated financial statements incorporate those of Vulcan to the Sky Trust and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3 Going concern

These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the group will continue in operational existence for the foreseeable future. The group is reliant on the continued support of the National Lottery Heritage Fund, the City of Doncaster Council and its 100% owned airport operating company – FlyDoncaster Ltd., and the future financial support from its donors to be able to continue operating.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting Policies (continued)

The trustees have prepared forecasts for the period ended 30 September 2027. Based on these forecasts, and the voluntary income that has been received since the year-end date, the trustees are of the opinion that the group will receive sufficient donations, and income from its merchandise sales and public events, for a period of at least 12 months from the date of approval of these financial statements to continue operating. However, donations are intrinsically uncertain, and the ongoing support of the charity’s current donors and supporters will be fundamental until the new trading model has been established.

On this basis, the trustees consider it appropriate to prepare the financial statements on the going concern basis.

1.4 Charitable funds

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors, or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.5 Income recognition

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

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

Legacies are recognised at the earlier of the charity being notified of an impending distribution or the legacy being received. Where legacies have been notified to the charity but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Government grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured with reliability. If entitlement is not met, then the amounts are deferred.

Income from charitable activities includes hangar tour, engine ground-run and educational visit income.

Tour income is recognised when the tour takes place. Income from ticket sales received in advance of the tour are deferred.

Engine ground-run income is recognised when the ground-run takes place. Income from ticket sales received in advance of the ground-run are deferred.

Income from trading activities primarily includes income earned from the sale of merchandise and raffles.

Sale of merchandise represents all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, have been transferred to the customer.

Investment income is earned through holding assets for investment purposes. It comprises bank interest and is recognised on an accruals basis.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting Policies (continued)

1.6 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is recognised under the following headings:

Irrecoverable VAT has been posted to other costs included in support costs (note 11).

1.7 Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and costs of raising funds and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objectives of the charity. Support costs are allocated to costs of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 11.

1.8 Tangible fixed assets

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

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

Fixtures, fittings & equipment 20% straight line Motor vehicles 20% straight line

1.9 Heritage assets

Heritage assets comprise the Avro Vulcan G-VLCN (XH558) and the English Canberra (WK163). The Vulcan is stated at valuation less depreciation, whilst the Canberra is stated at cost. Depreciation is provided on the Vulcan at a rate calculated to write off the valuation less estimated residual value over its useful economic life, being 70 years from the date which the Vulcan ceased to fly. Depreciation is not yet provided for the Canberra because the asset is not yet available for display.

The trustees have estimated the remaining useful economic life of the Vulcan to be to October 2085 and the residual value of the aircraft to be £Nil. The charity’s current policy is to maintain the aircraft in full working order and associated maintenance costs are charged to the Statement of Financial Activities.

1.10 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Financial Activities (SOFA) unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.11 Investments in subsidiaries

Investments are stated at cost less any provision for diminution in value.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting Policies (continued)

1.12 Stock Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Stock cost is recorded as invoice price net of any discounts received. Calculation of provisions for slow moving and obsolete stocks requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment, on the expectation that the group will continue in operational existence for the foreseeable future.

1.13 Cash and cash equivalents Cash and cash equivalents include cash in hand; deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. 1.14 Financial instruments Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.

1.15 Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. 1.16 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.17 Leases Rentals payable under operating leases, including any lease incentives received, are charged to the SOFA on a straight-line basis over the term of the relevant lease. 1.18 Taxation Vulcan to the Sky Trust is a registered charity and no taxation provision is required as its income from charitable activities falls within the various exemptions available to registered charities. 2 Critical accounting estimates and judgements In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Calculation of provisions for slow moving and obsolete stocks requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment, on the expectation that the group will continue in operational existence for the foreseeable future.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of heritage asset (Vulcan)

The valuation of the Vulcan is reassessed annually by the trustees and, when necessary, amended to reflect current estimates.

Allocation of support costs

The allocation of support costs is sensitive to changes in the level of work undertaken on each activity by the charity. The allocation is reassessed annually and amended when necessary to reflect current estimates.

Income from donations and legacies
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Regular donations 51,327 - 51,327 58,173
One-off donations 29,655 - 29,655 1,997
Other donations 135,939 - 135,939 95,636
Gift aid recovered 16,253 - 16,253 73,246
Legacies 242,500 - 242,500 (2,949)
Names campaigns 183,514 - 183,514 592,564
──────── ──────── ────────
───────
659,188 - 659,188 818,667
════════ ════════ ════════
═══════
Unrestricted funds 818,667
Restricted funds -
───────
818,667
═══════
Income from charitable activities
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Exhibition and display 33,233 - 33,233 899
──────── ──────── ──────── ────────
33,233 - 33,233 899
════════ ════════ ════════ ════════
Unrestricted funds 899
Restricted funds -
────────
899
════════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

5 Income from other trading activities
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Sale of merchandise 138,538 - 138,538 135,979
Raffle and lottery income 3,304 - 3,304 28,828
Commission income 1,804 - 1,804 6,043
──────── ──────── ──────── ────────
143,646 - 143,646 170,850
════════ ════════ ════════ ════════
Unrestricted funds 170,850
Restricted funds -
────────
170,850
════════
6 Income from investments
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Interest receivable 2,627 - 2,627 1,618
──────── ──────── ──────── ────────
2,627 - 2,627 1,618
════════ ════════ ════════ ════════
Unrestricted funds 1,618
Restricted funds -
────────
1,618
════════
7 Other income
Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Miscellaneous income 8,538 - 8,538 6,440
──────── ──────── ──────── ────────
8,538 - 8,538 6,440
════════ ════════ ════════ ════════
Unrestricted funds 6,440
Restricted funds -
────────
6,440
════════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

8 Expenditure on raising funds
Unrestricted
funds
Restricted
funds
Total
2025
Total
2024
£
£
£
£
Fundraising and publicity
Staff costs
141,869
-
141,869
130,930
Purchase of merchandise
65,123
-
65,123
64,425
Consultancy costs
6,220
16,600
22,820
9,997
Carriage and packaging
31,064
-
31,064
22,350
Advertising and promotion
140,797
-
140,797
251,401
Other costs
14,418
-
14,418
11,235
────────
────────
──────── ────────
399,491
16,600
416,091
490,338
Share of support costs (note 11)
100,171
-
100,171
123,217
────────
────────
──────── ────────
499,662
16,600
516,262
613,555
════════
════════
════════ ════════
Unrestricted funds
613,555
Restricted funds
-
────────
613,555
════════

The expenditure on raising funds represents the day-to-day management of the charity and includes tasks such as, managing volunteers, operating the online retail business, managing events, marketing and carrying out charitable fund-raising, promoting the Trust's activities, liaising with supporters and administrating the database of supporters, supporting the maintenance of XH558, and complying with mandatory governance requirements. We have invested in future plans, and this includes business planning and updating the charity’s Articles of Association to underwrite a secure future, along with ensuring day to day costs of the business and maintaining the aircraft are covered.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

9 Expenditure on charitable Activities Support Total Total
activities undertaken costs 2025 2024
directly
(note 10) (note 11)
£ £ £ £
Restoration and maintenance 164,468 25,867 190,335 184,513
Exhibition and display 89,496 6,437 95,933 110,386
────────
────────		 ──────── ────────
253,964 32,304 286,268 294,899
════════
════════		 ════════ ════════
Unrestricted funds 286,268 294,899
Restricted funds - -
──────── ────────
286,268 294,899
════════ ════════
10 Expenditure on activities undertaken
directly		 Restoration
and		 Exhibition Total Total
maintenance and display 2025 2024
£ £ £ £
Staff costs 47,290 - 47,290 43,644
Depreciation 10,714 - 10,714 10,714
Aircraft costs 5,725 54,043 59,768 66,033
Hangar costs 92,308 - 92,308 85,135
Air show events - 20,292 20,292 16,023
Travel costs 8,431 - 8,431 5,293
Printing, postage and stationery - 15,161 15,161 29,784
──────── ──────── ──────── ────────
164,468 89,496 253,964 256,626
════════ ════════ ════════ ════════
11 Expenditure on support
costs		 Raising Restoration
and		 Exhibition Total Total
funds maintenance and display 2025 2024
£ £ £ £ £
Staff costs 25,017 - 2,779 27,796 24,012
Depreciation 2,651 851 - 3,502 2,694
Computer costs 14,474 5,169 1,034 20,677 23,048
Bank charges 7,568 - - 7,568 14,255
Rent and utilities 6,193 2,212 442 8,847 7,790
Other costs 44,268 17,635 2,182 64,085 89,691
──────── ──────── ──────── ──────── ────────
100,171 25,867 6,437 132,475 161,490
════════ ════════ ════════ ════════ ════════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Support costs have been allocated to activities on a relevant basis to the nature of the underlying costs in proportion to resources used. Other costs include governance costs totalling £13,458 (2024 - £22,138). Governance costs include auditor’s remuneration totalling £9,509 (2024 - £15,467).

12 Trustees’ remuneration

None of the trustees received any remuneration or benefits from the charity during the year, or the previous year.

Three (2024: One) trustees were reimbursed a total of £415 (2024: £73) for travel expenses. One trustee was owed £82 at the year-end for reimbursed travel expenses.

13 Employees

Number of employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Management and administration 6 5
Aircraft crew 1 1
─────── ───────
7 6
═══════ ═══════
Employment costs 2025 2024
£ £
Wages and salaries 202,739 184,495
Social security costs 10,518 10,688
Pension costs 3,698 3,403
─────── ───────
216,955 198,586
═══════ ═══════

There were no employees whose annual remuneration was £60,000 or more during the year.

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2025 2024
£ £
Aggregate compensation 56,821 56,821
═══════ ═══════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

14 Tangible fixed assets

Fixtures, Motor Total
fittings & vehicles
equipment
£ £ £
(a) Group
Cost
At 1 November 2024 31,543 13,592 45,135
Additions 1,033 - 1,033
Disposals (3,533) - (3,533)
─────── ─────── ───────
At 31 October 2025 29,043 13,592 42,635
─────── ─────── ───────
Depreciation
At 1 November 2024 28,209 11,433 39,642
Charge for the year 1,343 1,523 2,866
Eliminated in respect of disposals (2,897) - (2,897)
─────── ─────── ───────
At 31 October 2025 26,655 12,956 39,611
─────── ─────── ───────
Net book value
At 31 October 2025 2,388 636 3,024
═══════ ═══════ ═══════
At 31 October 2024 3,334 2,159 5,493
═══════ ═══════ ═══════
(b) Charity
Cost
At 1 November 2024 13,568 13,592 27,160
Additions 1,033 - 1,033
Disposals (3,533) - (3,533)
─────── ─────── ───────
At 31 October 2025 11,068 13,592 24,660
─────── ─────── ───────
Depreciation
At 1 November 2024 10,357 11,434 21,791
Charge for the year 1,245 1,523 2,768
Eliminated in respect of disposals (2,897) - (2,897)
─────── ─────── ───────
At 31 October 2025 8,705 12,957 21,662
─────── ─────── ───────
Net book value
At 31 October 2025 2,363 635 2,998
═══════ ═══════ ═══════
At 31 October 2024 3,211 2,158 5,369
═══════ ═══════ ═══════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

15 Heritage assets

Heritage assets
Vulcan Canberra
(valuation) (cost) Total
£ £ £
Group and Charity
Carrying amount at 1 November 2024 653,574 60,859 714,433
Depreciation / impairment (10,714) - (10,714)
─────── ─────── ───────
Carrying amount at 31 October 2025 642,860 60,859 703,719
─────── ─────── ───────

At 31 October 2025 the charity held two heritage assets:

The Avro Vulcan B.MK2 G-VLCN (XH558)

XH558 was the last Vulcan to leave RAF service, flying on from 1986 to 1993 as the single RAF Display Vulcan, a career of 33 years. In 1997, a small team headed by Dr Robert Pleming started an audacious plan to return her to flight at Bruntingthorpe Aerodrome in Leicestershire. In 1999 Marshall of Cambridge Aerospace was appointed Engineering Authority for the restoration project. In December 2003, the Heritage Lottery Fund announced a grant of £2.7million for XH558’s restoration. After extensive restoration work and tests, the Vulcan returned to the sky in October 2007.

However, the CAA Permit to Fly was withdrawn at the end of the 2015 calendar year, and so despite being technically able to fly, the aircraft was not permitted to fly. As a result, the trust’s business model changed, from flying a globally unique heritage asset to having the aircraft as the still-serviceable centrepiece of a new visitor attraction and education facility. This change in the status of the asset has had an impact on its residual valuation. As at 31 October 2015, the board valued the aircraft at £750,000. The nature of the asset means it is not possible to derive a market valuation. The trustees therefore valued the aircraft, based on their knowledge and experience of working in the aviation industry. As at 31 October 2025, the board have reassessed their valuation of the aircraft and still consider it to be reasonable. The value of the aircraft is being depreciated in accordance with note 1.9 to the accounts.

The aircraft has developed a loyal following of many thousands of supporters. She is and will remain the best preserved all-British four-engined jet aircraft anywhere in the world still capable of powered ground runs.

XH558 is maintained in the current working state, albeit not flying, under the terms of the trust’s contract with the National Lottery Heritage Fund (NLHF) until 6 February 2085. The aircraft is subject to a first charge by the Trustees of The National Lottery Heritage Fund (see note 22 for further details).

English Electric Canberra B.2 (WK163)

The English Electric Canberra aircraft was the Royal Air Force's first jet bomber and entered service in January 1951. The design was very successful, and the type was in service for more than 50 years. Many aircraft were sold around the world to the air forces of 17 countries. The trust's example, Canberra WK163 (G-CTTS) captured the world altitude record of over 70,000 feet in August 1957 and is a very important national aviation heritage asset.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

15 Heritage assets (continued)

Five-year financial summary of heritage asset transactions (group and charity)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024|2023|2022|2021| |£|£|£|£|£| |Purchases| |Vulcan|-|-|-|-|-| |Canberra|-|-|-|-|9,033| |────────|────────|────────|──────── ────────| |-|-|-|-|9,033| |────────|────────|────────|────────|────────| |Charge for impairment| |Vulcan|-|-|-|-|-| |Canberra|-|-|-|-|-| |────────|────────|────────|──────── ────────| |-|-|-|-|-| |────────|────────|────────|────────|────────|

----- End of picture text -----

16 Fixed asset investments

(a) Group

The group holds no investments

(b) Charity

----- Start of picture text -----
||| |---|---| |Shares in| |group| |undertakings| |£| |Carrying amount| |At 1 November 2024|5| |───────| |At 31 October 2025|5| |═══════|

----- End of picture text -----

Holdings of more than 20%

The charity holds 100% of the ordinary share capital in the following companies registered in England and Wales:

Subsidiary undertakings Principal Activities Vulcan to the Sky Enterprises Limited VTSE That of selling merchandise through its (04899710) website store and at air shows. The Vulcan Operating Company Limited TVOC Dormant. (03787161) The Vulcan Property Management TVPMC Dormant. Company Limited (09924223) The Vulcan Marketing Company Limited TVMC Dormant. (09906368)

Where applicable, the subsidiaries covenant all available profits to Vulcan to the Sky Trust.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

16 Fixed asset investments (continued)

The trading results for the period and the aggregate amount of capital and reserves, as extracted from the financial statements of the subsidiary companies, are summarised below:

Total Total
TVOC TVMC TVPMC VTSE 2025 2024
£ £ £ £ £ £
Turnover - - - 140,342 140,342 142,023
Cost of sales - - - (94,872) (94,872) (82,889)
─────── ─────── ─────── ─────── ─────── ───────
Gross profit - - - 45,470 45,470 59,134
Administrative expenses - - - (50,645) (50,645) (46,108)
─────── ─────── ─────── ─────── ─────── ───────
Operating profit - - - (5,175) (5,175) 13,026
Interest receivable - - - 242 242 533
Interest payable - - - - - (1)
─────── ─────── ─────── ─────── ─────── ───────
Profit/(loss) before
taxation - - - (4,933) (4,933) 13,558
Tax charge - - - - - -
─────── ─────── ─────── ─────── ─────── ───────
Profit/loss for the year - - - (4,933) (4,933) 13,558
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
Assets and liabilities:
Assets 11,636 16,003 19,095 86,154 132,888 156,064
Liabilities (13,805) (6,612) (12,566) (202,970) (235,953) (254,196)
─────── ─────── ─────── ─────── ─────── ───────
Total net assets (2,169) 9,391 6,529 (116,816) (103,065) (98,132)
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
Capital and reserves:
Called up share capital 2 1 1 1 5 5
Profit and loss account (2,171) 9,390 6,528 (116,817) (103,070) (98,137)
─────── ─────── ─────── ─────── ─────── ───────
(2,169) 9,391 6,529 (116,816) (103,065) (98,132)
═══════ ═══════ ═══════ ═══════ ═══════ ═══════
Statement of movement
on profit and loss:
Balance at 1 November
2024 (2,171) 9,390 6,528 (111,884) (98,137) (111,695)
Profit/(loss) for the year - - - (4,933) (4,933) 13,558
Donations paid to parent
charity - - - - - -
─────── ─────── ─────── ─────── ─────── ───────
Balance at 31 October
2025 (2,171) 9,390 6,528 (116,817) (103,070) (98,137)
═══════ ═══════ ═══════ ═══════ ═══════ ═══════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

17 Stock Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Goods for resale 67,560 - 73,486 -
─────── ─────── ─────── ───────
67,560 - 73,486 -
═══════ ═══════ ═══════ ═══════
18 Debtors Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Amounts falling due within one year:
Trade debtors 639 - 592 -
Amounts due from subsidiary undertakings - 187,933 - 207,198
Other debtors 264,458 264,458 25,826 26,072
Prepayments and accrued income 57,141 53,058 54,207 50,198
─────── ─────── ─────── ───────
322,238 505,449 80,625 283,468
═══════ ═══════ ═══════ ═══════
19 Creditors: Amounts falling due within one Group Charity Group Charity
year 2025 2025 2024 2024
£ £ £ £
Trade creditors 54,637 49,658 58,154 46,726
Amounts due to subsidiary undertakings - 11,621 - 11,621
Other creditors 1,029 1,029 673 673
Accruals and deferred income 50,405 45,482 37,319 37,107
Taxes and social security costs 5,726 2,722 3,988 3,988
─────── ─────── ───────
───────
111,797 110,512 100,134 100,115
═══════ ═══════ ═══════
═══════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

20 Restricted funds Balance at Balance at
1 Nov 2024 Income Expenditure 31 Oct 2025
Group and Charity £ £ £ £
National Lottery Heritage Fund 16,600 - 16,600 -
─────── ───────
───────		 ───────
16,600 - 16,600 -
═══════ ═══════
═══════		 ═══════
Balance at Balance at
1 Nov 2023 Income Expenditure 31 Oct 2024
Group and Charity £ £ £ £
National Lottery Heritage Fund 16,600 - - 16,600
─────── ───────
───────		 ───────
16,600 - - 16,600
═══════ ═══════
═══════		 ═══════

National Lottery Heritage Fund

With news in June 2022 that the Trust’s aircraft were required to “be taken off the airfield and removed from DSA by 30th June 2023”, the Trust began planning for the relocating of the aircraft and ensuring that the business plan for The Vulcan Experience in a new location was feasible. To aid the costs of the work to assess the business plan, the Trust applied for grant funding from the National Lottery Heritage Fund (NLHF) and in December 2022 the Trust were informed that they were successful in that bid. VTST updated the NLHF of all changes mentioned within the Trustees’ report and a completion date of the end of April 2025 was agreed with NLHF. This work has now been completed.

21 Analysis of net assets between funds

Unrestricted Restricted Total Unrestricted Restricted Total
(a) Group funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Funds balances are
represented by:
Tangible fixed assets 3,024 - 3,024 5,493 - 5,493
Heritage assets 703,719 - 703,719 714,433 - 714,433
Current assets 493,563 - 493,563 407,415 16,600 424,015
Creditors: amounts
falling due within one
year (111,797) - (111,797) (100,134) - (100,134)
─────── ─────── ─────── ─────── ─────── ───────
1,088,509 - 1,088,509 1,027,207 16,600 1,043,807
═══════ ═══════ ═══════ ═══════ ═══════ ═══════

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Unrestricted Restricted Total Unrestricted Restricted Total
(b) Charity funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Funds balances are
represented by:
Tangible fixed assets 2,998 - 2,998 5,369 - 5,369
Heritage assets 703,719 - 703,719 714,433 - 714,433
Investments 5 - 5 5 - 5
Current assets 595,368 - 595,368 505,652 16,600 522,252
Creditors: amounts
falling due within one
year (110,512) - (110,512) (100,115) - (100,115)
─────── ─────── ─────── ─────── ─────── ───────
1,191,578 - 1,191,578 1,125,344 16,600 1,141,944
═══════ ═══════ ═══════ ═══════ ═══════ ═══════

22 Contingent liabilities

In previous years the trust received funding from the National Lottery Heritage Fund (NLHF) in the sum of £2,734,000. The trust may be required to repay some or all of this grant in the event of the sale, disposal or mortgage charge of the plane without prior approval of the NLHF. The amount repayable is currently limited to £371,308.

The trust will also require an interest in the plane or right to the exclusive use and possession of the aircraft to 6 February 2085.

23 Operating lease commitments

At 31 October 2025 the group and charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group Charity Group Charity
2025 2025 2024 2024
£ £ £ £
Within one year 32,867 29,000 11,117 7,250
Between two and five years 36,250 36,250 - -
─────── ─────── ─────── ───────
69,117 65,250 11,117 7,250
═══════ ═══════ ═══════ ═══════

Lease payments totalling £71,600 (2024 – £71,600) have been recognised as an expense during the year.

24 Ultimate controlling party

The charity is controlled by its trustees acting in accordance with the terms of the memorandum and articles of association.

25 Related parties

The charity has taken advantage of the exemption given by FRS 102, from disclosing transactions with its wholly owned subsidiaries.

Docusign Envelope ID: 4EA99D48-E1F1-8A12-83F7-46EDBABA1A62

VULCAN TO THE SKY TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

26 Net cash flow from operating activities
2025 2024
£ £
Net income/(expenditure) for the year 44,702 90,020
Investment income (2,627) (1,618)
Depreciation of heritage assets 10,714 10,714
Depreciation of tangible assets 2,866 2,694
Loss on disposal of tangible fixed assets 636 -
Movements in working capital:
Decrease in stocks 5,926 3,355
(Increase)/decrease in debtors (241,613) 19,896
Increase/(decrease) in creditors 11,663 (29,756)
─────── ───────
Net cash flow from operating activities (167,733) 95,305
═══════ ═══════
27 Analysis of changes in net funds
During the year the group had no borrowings or obligations under finance leases. The changes in net funds
of the charity therefore solely comprise of cash and cash equivalents.