ChaTIty number: 307534 THE RICHARD ORMONDE SHurrLEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 THE RICHARD ORMONDE SHUTfLEWORTh REMEMBRANCE TRUST CONTENTS Pa98 Reference and Admlnlstrative Detalls of thg Charity, Its T￿￿tee$ and Advisgrs Trusts•s' Roport 3-14 Indep•nd&nt Audltors. Report 15-18 Consolldated Ststsment of Financial Activlt Con$olldat¢d Balanco Sheet 20 Trust Balance s￿et 21 Cons¢lldattd Statement of Cash Flows 22 Notes to the Flnanclal SL*monts 23-51 THE RICH)RD ORMONDE SHLirrLEWOTh REMEMBRANCE TRUST REFERENCE AND ADMINISTRATIVE DEfAILS OF THE TRUST. ITS TRUSTEES AND ￿)VISERs FOR THE YEAR ENDED 31 OCTOBER 2022 Corporate Trust0• Rithard ShuttlMrtI Tn Dlrectors of the Corporal• Trust09 E M Wood. Chairman J Brovm R Bailey Lord Cobham P J A Cooper E A Davies S Gardner C Griffiths A Harries Prinr*ss Hohenlohe M Johnsion T P Routsis R Graff von WaldburTrWoWegg C E S Whitbread Charfty rfjglstorad number 307534 Prlnclpal office Old Warden Park &ggleswade Bedfordshire SG18 9EP S¢¢rotary R J Dalley Ind8pendent audito Peters Elworthy & MrM)rg Chartered Awuntants Salisbury House Ststson Road Cambridg& CB1 2LA Bankers Bardays Bank PLC High Street Bedford MK40 1NJ Sollcltors Chartes Russell Speethtys LLP 5 Fleet London EC4M 7RD Investment portfollo manager Sarasin & Partner5 LLP Juxon House 1CQ Sl Paul's Chjrchydrd London EC4M 8BU Pagg 1 THE RICHARD ORMONDE SHUTfLEWORTh REMEMBRANCE TRUST REFERENCE MD ADK41NISTRATIVE DETAILS OF THE TRUST. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Land Agent RO￿nSC￿ & Hall LLP 118 Bromham Ro*J Bedford MK40 2QN Page 2 THE RICHARD ORMONDE SHUThLEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2022 The TNstses Present their 8nnual rep￿1 toJether wilh tho audtted finandal stslemènts of the Group and the Trust for the 1 November 2021 to 31 October 2022. CHAIRMAN'S STATEMENT 11 has begn my enoM￿S pleasur& and F￿lege to Chair th8 Board of Trustees al Shuttleworth for tho last 9 yeats. I will step from thi$ KM)silion in March Ihis year and pass Ihe Chaimian's reins on to my very aNe fellow trustee, Tim Routsis. Tim has been a ShuWeworth truste8 for 10 years and 1$ wèll known among staff and voluntsers for his work with the cdledion and the a￿atIOn std8 of the trust. Our strategic ￿8n 2021-26 was agreed by the Board after ￿ynsiderable consultation and much th)ughl. Now, hawng successfulty weathere(l the COVKI storm, V￿ feel that ￿ have emetged Trmth eagemess lo build on our strengths and deliver afresh against our tharitable objecttves. bul inevitably inlo a different landscape. The last two years have caused us to reflect further as 8 Board on how we can best deliver against our obJ"ectives and, no doubl after further reflection this is likely lo need Lts to make some changes lo our approach this year to ensure Ihal Shutueworth prospers and continues to ddiver against its charitable objective5 into the fvlure. The Trustees and I would like to thank the entire Shuttleworth community. of staff. volunteers and visitors, for Iheii dedicalion. hard work and support fo¥ ts Twst over the past yEar. l am optimistic for the future and look forward to seeing the Trust develop over the coming stars ur¥Jer Ihe nexl Chair. CHARITABLE AIMS AND ACTIVITIES Purposo The Richa￿ orn￿nde Sh¥Jttleworth Rerr￿7bra￿ce T￿￿¢ (rhe Shuiileworth Trust) connects p80ple and skills For the next generation, Shutleworth Co1￿8 trains skills in agriujlture. falm tethnology. foreslry. horticulture and anim81 management. For cAJr regit)n, the Shutueworth Garden5 aTrJ Park cwsnect pe* the18nd$￿pe and nature For the nation, the Shutdeworth CollectK)fi mainlains unique heritage engineeriThJ and Ilying skills. and inspires everyone with ils wthing o)Ilection of vintage aircraft and vehides. The Trusf5 objective5 celebrate the passions of Richard Shulueworth. who Was a noted ractng car driver and pilot, and who also collected and restored old cars and aircraft. They also ￿lebrate the genesis of the Shutueworth fortune made from an intem8t￿ty sucte$s￿l #gr￿ltural machinery business in the industrtal revolution. The Trtjst has a Strategic Aan 2021- 2026 that wllines Ihe (A4e(*¥es to: Invest in mfyjem and t*ritage skills. trainry. educalicffl and dtscovery Build and Implement an ambibous enwronmental strategy aTrY a dear pian for our estate Tell the Shuiueworth story and use its characters and heritage to make sense of the sile Position the Trust as a valued k)cal partner. a salient regbr)nal player, arKI a reu)gnised national brand Grow and diversfy wr audie￿ to at least match th¢ gr¢Mh anil dN8rsity of our region Buibj financial sustainability wlh a compelling visitor experience and sensitive commercial activity. Page 3 THE RICHARD ORMONDE SHurtLEWORTh REMEMBRANCE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDEO 31 OCTOBER 2022 Actlvltles The Trust fulfils it3 PUTpose to Irain Skil￿ al ShutueW￿ Col* ty. Supporbng The Bertfc￿ College Group in its management ol Shuttleworth College and iEs18amers Supporting the training and apprenticeships wowded by Shutueworth C￿l￿e UslrwJ its Estsle to support lanthbased learning through ShLrtt18W￿ College Funding a research PhD in bTrinnoculants Th8 Trust maintains ¥Jnique heriw ervJinegriry and ftying skills ty. M8intalning and operating tb collection for the wblic to erw wilh MainlainiTh3 unique speualisl practical skills and knowl* In the maintenance and operation of industrfal heritage, in particular the E￿ardIan aircraft Creating apprenbcoships and training OPFQrtunities in herilago engwieering Funding and supwtyng leaming opp(m￿nItieS in sFeuaisl areas, from aviakn'on safety to sustainable forestry The Trust Inspires everyDro with its worknng colEeclion of vint&Je airc¥aft arKI vehid8s by. Prowding access and interpretatw)n to its landscap8s and (xllection of airuaft and vehides. incltjding their maintenance facilitles Organlsing and deliverkng a suile of stwctured learning Programmes for sd)ooL8. youth groups and unlver81ty 5tudgnts Organising relevanl tslks and specialist tou￿ related to its cAlectI￿ and estate Offering and faalitating placements fr)r ¥JnNersity studerbts Offering work eXpellen￿ to students Oiganisirsg partnership and volunleer act￿lfy-led evenl days for the PU￿1¢ Organising handsvon leaming or skills activibes for children and ￿￿n9 peopEe during school tK)lidays Taking specialist kno￿edge and training to olher cwganisailons through OLrtreach Maintalnlng and providing access to a sp8cplist library and a￿lIVe The Shuttleworth Trust supp)rts itsew thr(wh the rnanageTh￿ of Its assets. These ujmprise.. The Shulljeworth Cdledion of wntage aviat¥M and aulornotive transport and agrlculiural techn￿09Y. This is open to the pU￿1C as part of th8 Shuttlewth C(Alectbon & Gardens vtsilor attraction. The Shuttleworth Swiss Garden. a nine atye Grade Il. lisled Lat￿Regen￿ pictu￿$qUe alpine 18ndsc4pe garden with Victorian features added by the ShuIt￿. Thi5 hosts events and weddings and is open as part of the Shuttleworth Collection & Gardens visitor attraction. Shuttleworth House. a Grade Il" listed manston house built by the Shuttlewoth family, and Its, associated Gr8de Il. listed parkland from a prewAB generation of These are used ICK co￿}rate, private and public events and is periodically open as part of the visitor attractK)n. The Old Warden Eslale. which ￿)MprIseS famis. wocxlland, resid￿tI81 properties and commgrcial buSldlngs. whith are let lo provide the base revenue to SUPFth the tharil8bl8 obiectNes. A wh0llw4vn￿j subsidiary eompany. Old Warden Limit8d IOWLI manages the commerc4al opwations of the Tnjst's businesses at the Shuttleworth House and Swiss GaTden. the visilor attradon Visitor Centre shop and rest8vranl. and ccMnmercial revenues from engineering and avh?tion luel sa18S. In setting objectives and plannlng f(Y ac*vilies, the TrU￿eeS hav¢ gNen due consideTation lo general guidan PLsblished by the Charity Commission relating lo public benefiL inclurfing the guidatKe 'PuLlic benefit.. running a charity (P821'. Page 4 THE RICHARD ORMONDE SHLIMEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Charltable objects The fomal objecas oflhe charity are: the promotion of education and tr8inirwJ in the scien￿. practice and hlstory of avialion and automotive transport: and the promotion ol education and trainiro in Ihe Scien￿ arKI wactice of agr1￿￿Ure. and. in so far as It Is ancillary thereto. edU￿tiOn and trainiw in the seienee and pracbc* of f(x)d production and th8 rnar￿gement of rural re￿UrceS by maksng arrnngements the provis*)n and C￿l￿¢t of a ￿llege. The Truslees rKognise the importance of Ihe heritage assels ol the Old Warden Estate and Ihe Shuttlèworth Collection as part of the successful delivery of their tharilable objecb.ves and their moral obligation lo n8tk>nally signffic8nt heritage. Paftngrshlps The Shutueworth Trust its obiecbves and man8ges its assets in partnership wih key organisations. without which it could nol function. These are The Bedford CcAlege Gr￿jP. which manag8s College and its assctiated farn￿ and land The Shutueworth Veteran Aeroplane Soryety. an indwrthnl charIta￿e body set up to support the Shuttleworth collecti￿ with funds arKI vdunlee The Friends of the Swiss Garden. an irKlependent rtsritabl8 set up lo gjppcfft thè Shuttleworth Swlss Garden wlh fijnds and volunteers The Airfield Volunteer Fire Service. a separately constiluted viAunteer organisatKbn that provides fire and first aid cover for air shows and events There are more than 300 actlve vdunteers that a￿st in functions a(xoss the org8ni88tion ineluding the delivory of educational activities lor Schol￿ visits and on air show days.. visitof ex￿rienCe stewardship and hosting guided tours: the resloralion. maintenance. management and operatton of the c￿l￿tion.. the managemenl of the alrfield and ty'ng displa￿,. and the maintenance of the Garden and of the estsle. Volunteers contributed more than 50,000 hours to the Ttust during the year. The Shuttleworth Swss Garden is a Rordl HOrtk￿1lUJaE Soc4ety Partner Garden. It is subject lo a Memorandum of Underslanding with Central Bedford#￿re C￿￿1. The Tnjsl is a partner in the GreensarKI Country Lands(2p8 Partnetship" in the DMO Experience Bedfordshire and in 8edfordshire Gardens Tnjst Head Garde￿r$. Nelw(Kk. Charltable Fundraislng The Trust raises fvnds through admis￿On$ to the Cdlectton as a static and as an 0￿rational attraction on evenl and air show days. It hosts an annual fundrai$ng FtyiThJ Prcrfns event. Thè Caltection also attracts charitable donations and Wuests. Donations are received frryn the supwrtir¥J WO￿nI8￿ and frierbjs charilies" and the Coilectlon and Swtss Garden receive occasional small grants. There are no paKI professional fundraising staff at the Trust and it works with one freelance professional. Pago 5 THE RICHARD ORMONDE sHuTTLE￿TH REMEMBRANCE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Futur8 plan$ The Tnjst has divided its futur8 ￿an$ knio Ihroe phase5 Phase 1.. Ac£ess for Al wll r￿ew. dèfin8 devekp Ihg tyjr sme with these objectives: Socxal Access.. our wsitor expedence Is attractive and rdevanl lo peor48 from all backgrounds Intellectual Access.. our site aNJ p￿Yj￿n￿neS are presented for ￿1 18aming sW8s and levels of knowFgdg? Emotional Access.. everyone Is able to conned to cyjr Shuttteworth story Physical Access.. our wsltor exp8rierK* ￿ Suitable for people of all abilities Digital Access.. our analogu& sile Is suptMJt8d by an 8X¢￿Ilent digital layer Phase 2: The Fulwe ofAvi8tion Hèrilag8 will supF￿ a￿1 Se￿re uiNquè erwJineeriThJ hentag8 skills with.. Investment in the Ski115 Transfer Programm8 Inyroved energy effi￿ncY In tho engineering facilllles Irbwroved engineering hangar thresh)kl Replacement of the englneedng hangar and tAister haroar roof Re￿ngInee￿n9 the Wesll￿d Lysander Engaging tho wblic wSlh thg SOE story in Bethordshlre Improved interpretation ol the hangar arKI infcvmal rnccrfJnilion of its hiskni¢ slatys Phase 3.. Ths pr(4ecl will transfcm the vlsilor expgrfence and capacitywith investment in our visitor facilities P•rfornMnc• w•port Covwj 8nd (x)nsumer sentiment cOnkn￿d io 8ffecl the Tnjst's vtsilor and puWi¢-relaied (Y)eratic￿S durirnJ the year. The 'Omicron Wave. Ihal emerged at the end of 2021 thsed down all the indtJ)r Chdslmas actMti8s and events but the vlsltor attraction remainwj o￿n wth reinforeéd social distsncing and sanitisation. During 2022 y1￿1r￿ numbers continued to r￿er from the knvs in 2020, as strN)wn in the table below. Tabl8: Vlsltor Numb•rn 8ln¢• 2019 HnarKlal ￿ar5 2m" Coilertion and Gardens 9).274 92.fAXI 51.327 41,769 Air shows 23.574 11.970 9,732 28,313 Commeroal events 27.793 28.825 9239 Educatlon 6,032 1.645 IX173 3,799 .Total 147.673 135JJ40 6Ua2 81.120 The Trust slaff and Voluntee￿ organlsed aclith 8s var￿d as the Ewin6ettNJ Open Workshop,. Daffodll Festival. and Shuttleworth In LhJhls. as wdl as attr*trKJ y￿r￿Jer w5ilor5 wlh both Santa arxl the Easlef Bunny flwng in. Partnership events were held with th8 Moth Club, Vintagè AircrÈft Club. Shuttleworth V8t8r8n Aoroplana SOCW. 8ritish Model FlwThJ Association, Darren Harb8r Pkltography. Nalional Gatden Scheme, Friends of the Swlss Garden. aThJ Heritsge Open D8yS. Ten alr shows were hetd between May and Odober. *fjlh thrao evening slknvs offared in a 'CovK1-securp' Drl In fom)al. A variety of audlenG% Were cat8r8d kn. frMI the Jubilea FlyirwJ Circus famlly show with 29% childr&n to th6 Fly Navy offerir4J for enthusiasts. 3.363 under- 16$. an average of 14Yo of the visitors, enjoyed the shows. r show visitors began to rebuild 1￿M the CovkJ- ￿$trICted numbers ￿ wevi(AJS ￿ars, amhough earfy show indement weather conditions ¢￿tr￿Arte(l to depressed nUrnbe￿. Page 6 THE RICHARD ORMONDE SHiirrLEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Formal l•arrAng and dls¢ov•ry An Arts Council grant from the ROH Bridg8 Trust. match fuThJed by Bedfo￿ Crealive Arts and the SVAS. allowed the Educatlon team lo use extemal hdp lo devebp and t￿1 nw rosources. The programme targeted hyper-local schools, homeéduc8tiL￿ groups and Polish schools. New resources and actlvit6ès eA)nneding the Collection wtlh the w￿lorIan h)cal Biggleswadg ifbvenlrff Dan Alb￿)6 8fKI Wl¥Jhkn'ng Poh'sh stories wlhin the Collocilon were trialled and created in collaboration wSth th8 tsrgèt gfwps. 6,032 your¥J lgamgrs from 161 nslitubons and ￿god *ith th8 Trust auoss the year th￿ugh leamlng programm8s and on site athitles, Sndud¥)g s¥x d8diL318d STEM leamlro days. AJI the actimlies were highly supported by the volunteer5 who provhded teac1￿r￿j. 0)ac￿￿ and experi￿)e*S ranging from thg Bofors Gun taam 8xp8rience to vintsge bus The nUmtr￿S are tKok8n down In the table below for th8 2022 finanual 21n2 Year Totsis KSI-2 Schoo15 KS34 schools PCE IPost-compuls0ry education) Adult learnin Youth Leamets "" 6,240 2.405 1.258 405 338 161 51 15 rou 76 Scouts/Guides ATC/CCF STEM Day5 398 183 1,045 208 Outreach Th8 tapacty of Ihe Trust's faalities Igams wwe te5twJ to the wllh th8se numbers tsjt unforbJn818ty a further 816 leam8rs were lum8d away dl￿ lo eapauty constraints. Courses ond conf•f•nc The Trust continued to SUp￿t Ih8 Soil As￿70t￿ in an IntemallcThl programmo of Excellence for F￿est ce￿riCation Trèlning. Whrfe the stwt of the FYogrnmm8 in 2016 was supported on site at Shuiueworth House, sinc£ Covid the progr8mm8 has b88n ddivered inve. Higher Education is offered in agllculture and animal Scien￿ and is ¥￿idated by the unive￿Ity of BedFordshire. Apprenticeships arfj focused on horticulture the part time provision indudes high numbers of students studwng for RO￿ Horticultural Soclety and ffloristy qualiftcaions. On-site facilities induded the new £4.3million Zwkngul EdU￿tion Centre that houses a collection of over 250 rare, tropical speues in wortddass facilities. and one of the only biomes within a College, that fomis part of ils conservation work. In the last yEar the CcAlege has invested Ihe thic41 resources in fhe walled garden and the Kingshill Farm site. This has invdved ¢(￿s￿lerable maintenance Work on some of the older buildings that are used for lambing. to pmvtde a t*tter envÉronment for students and livestock. Wilh our team's hard work, the z¢)okgical centre was successful in a¢h￿ving a zw lio*rKe thts year. The College continues to deliver a wdkrcyjnded and engagiThJ curritwlum whth meets the needs of the students and th8 sectors they are hoping to enter. There are strong links employers through a well*stablished work expe￿enCe programme, aloNJ with number of ￿￿ting speakers and lrfps lo oU)er eslablishmenls. 11 is pleasing that a nLEmber of these activities invofve ex Shuttl8worth stUd￿ts who nchv have careers in the sector arEd are able to share their professional ioumeys wilh the students. Next year th8 Colleg8 wll t* moving forward ¥i defNering the rtew T Level qyajffications in Land and Envir(￿ment and we l(K)k fonmard lo furthef devdLwments at the fami to s¥Jpport this. Open days continue to generate strong inlerest and high numtws of attendees wilh apFlicalions foi Septembor already underway. Sustainability 17.288 trees were planted during the year as part of Ihe renewal programme to combat Ash dieback within the Trust's invhand woodland. The Trusl compbted a maior prolect to rep4a￿ all its hangar lights wilh LEDS wilh 50¥0 improvement on energy etrKiency. an(i it dimw)ated ssngle use plastics from its publK catering. Flnanclal R•vi•w The Shuttleworth Trust derives revenue frcqn.. Admissions to its herilage assets aNJ events that support its charitabSe aims Trading actÉviti&8 lo support its ms1t0￿ and events. Rents and revenue from an eslale of ￿Sidential. farming and commerual propèty A portfolio of stocks and Shares. Donations, giants and legaaes. Page 8 THE RICHARD ORMONDE SHu￿LE￿oRTH REMEMBRANCE TRUST TRUSTEES. REPORT (CONTINUED) FOR TrIE YEAR ENDED 31 OCTOBER 2022 The split in percentage terms of Income aThJ Expenditure is shown Income- £5.877.1)00 (2021- £5,389.000) Investment Income Donations and Legacy Income Other trading actNities Charitat￿e Athvities Oth¢r inwme 12021- 44%) 12021- 6%) 12021- 25%) 12021- 12Vol (2021- 13%) 13% Expendltur•-£5.985.000 {2021- £4.849.000) C05t of Trading Activibes Cost of Investing Activities Other Costs of Raising Funds Charftable Expenditure (See note 8) 26% 13% 5% 12021- 20%) 12021- 14%) (2021- 6%) 2021-60%) In¢lLrdes the ujst of managing the assets of Ihe historic grade r estate Investmtrnt Incomg The Trust investment In￿Me is dertv&J from: an estate of land and wotwties valued at £69.495.000 (2021.. £61.875.000 } as at 31 October 2022. Property income was £2.111.0(M) gross (2021.. £2,240,000) and £1.349.000 net 12021.. £1.123,0001, after malnlenance costs. professional fees and supwt ¢>)sts. a stock exchange portfolio valL￿d at £5.4S%).￿ 12021: £6,162.fX)O) at 31 October 2022. Income from interest and dividends totalled £164.(￿ gross 12021: £163.000} or £171.000 netl2021:£169.000}, after management ch8rges and rebates. The Trust's overall net d8fKit. before gains on investment assels. was £108.[￿ In the year lo 31 October 2022 12021: Surp1￿ £540.OW} ma¢Je up as fdkFWS". £'ooo 2022 2021 Restricted Funds General Funds Endowment Funds 1931) 822 16051 965 {1081 Galns on Investsnent Assets amounW to £6.986.0(M) (2021: £6,194,iIJOI. whith logether wth the nol Income meant an increase in the TrusY5 Funds to £6.879,(M)0 (2021: £6,733,Ot)Jl during the year. Further details are pmwded in the Statement of Fmntyal Acbvities and the notes. Page 9 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2022 Total Roturn The Tnjst has adopted a Total Retum approad) lo its investments. For 2021r22 the Trustees have adoptsd a slep apFThch to allocating investment relurr15 and net ￿￿rne. l. A transfer is made from unapplied total return to endowment funds to maintain Ihe real value of the endowment. This is calculated as a compound retum on c2pital of 3% of endowed capital 2. A transfer lo general reserves is m* undw Ihe spendirvJ rul8. Fcr 2021r22 the spending rute has been agreed by T￿￿tee$ al 4%. The balance of unapplied totsl relum is SIKh￿ in Note 24. Support and Gov•rn*n¢e Costs Support C0515 of £528.1)JO {2021 £551.OCK)I have been reall￿ted lo the iwo charitsble objectives and investing activtties and govemance on a p8rc8nlag8 basis ol time and usage. The Trust has inujrred a total £131.00012021: £138.000) of govemance costs. which indudes a prop￿￿0[} of the support expenditure. Investh)enl Poll¢y The investment porffdS0 managers for the stocks and shares work to a benchmark which is set in discussion wtth the Trustees. During the year urKler review the perf0mlar￿ was $I￿h￿Y under this benchmark lyjt the TtU5tees 8￿pted this was affected bythe m0ven￿t in ts ma￿ets. The land agertt. Robinson & Hall. manages the wmler estsle wilh the aim to achieve ihe market ral¢ for the fental of the land aThJ propety and this is mMitored by the Eststes C(Knrritr. Reserves Pollcy The Trust m8intains slgnificant reserves in CapiL￿ assets that suppNt Ihe organisati￿. The Trust has Identifies a minimum of £1.4M of fvnds to be retained wthin its stocks and shares as liquid assets lo call upon as a strdlegic reserve. It revws ils cash reqU1reff￿t on 8 rolling 18 month basis and the nvesknenl committee ensures that il does not pirt 8t risk any funds where they are needed lo meet requirem¢nt5 on this time horizon. This identified reserve remains intscL The Heritsge Fund comprises the heritage assets owned by the Trust that are not in the pemianent endowment. The Capital Assets FurKE corrprises the land a￿1 prcwty owr￿j by Ihe Trust that 15 not in the pemianent endowment. as well as the taThji￿O fixed assets. As reported in nots 19 of Ihe Finanrial Statements, the Erknent FuThJ of investmenl propety and other assets is £50,356,0(KI, (2021: £46.928,(KN)). Of the f￿￿re above the Un8pplièd Total Retum is £18.190.OCQ and this represents Investment growth not yel allocated over that retained the Endowment Fund. reference Tr)te 24 in ts Finantial Ststemenls arbd the Total Relum note above. This figure is alk)cated into the Designated Funds. Page 10 THE RICHARD ORMONDE SHUTtLEWORTH RENIEMBRANCE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Designated Funds: Al 31 October 2022 YgseNes were: 2022 £'ooo 2021 Hefttage Fund Capitsl Assets Fund 15,462 28.925 15.027 24.648 Totsl 44,387 39.675 Explanation of the designaled funds is sh)wn on Thjte 19. The general funds a5 al 31 Oclober 2022 amounted to £2.740,0(M) {2021: £4.267.WO}. whith Is retsined for day to day OPEration￿ activities. are all frge reserves. Rlsk The Trustees maintsin a $tr8tegic risk register that is reWel￿ for each Board meeting. Th& risks identified of key ￿nl￿n forTr￿￿e$S in 2021r22 were: Cashflow -18ryety related to the Trusfs ffftanci81 perftwmance d￿lAg 2022 as visitor attractlons fulty reopened after co￿d. Adde(* to this the weakening econornic environment in 2022. and un@xpecied intlalionary pressures, have created Un￿rtaInty in delivering our ¢*aritable objectbves. However. Trust feels that il has SLEfficÈent financAal resources to manage during the short to medium term. and has implemented a re51rucluring lo ensure that we remain fin3ndally vlable into Ihe W term. Changing demc¥Jraphics - the Trust continues to revw and constder Tts appeal as a visitor attraclion as the )PlF1atit￿ within our I￿al area changes and ages. We continue to consider our at)PToach lo delivering our ch8rltsNe objectives whAe also remaining allra¢tive to vi5itor5 avHI other stakeholders. Reliance of a high cosi b8se on limrted Sou￿5 of reverwJe - this is ￿Ing (tsisidered during the Current reslwdurlng. Golng Concern The TnJ$t has COn￿derable )InarKial resourtx and as a C4)nsequènce. the Trustegs beli8V8 that the Tn￿1 is well placed lo manage its busin￿ risks Sltccessfully ar￿ accordingly has a roasonablè &xpectalion that the Trust has adequate resources lo continue in operational existence for at least 12 months from the date the financial stalemenis ar8 sign8d. Ac￿rdInglY. the Trustees cc￿tinue to adopt the golng con￿rn basis in preparing th8 annual report finanlial statsments. Post Balance she8t èvent Dufin9 the winter 2022123 the Bowd of Twstees entered into a C￿$￿&￿tic￿ process wilh the Tnjsl's staff concemin9 a restructuring of the Trust's operations. Inevilably this is expecled to lead lo ￿rtain roles being put at risk or lemiinated. as the T￿￿1 assesses its needs ￿ Tesponse to char￿d demand from its visitors. This restfucturing is intended to better align the Trust's 0￿ratiOnS wth our charitsble objectives in the post-covid era. wh8re th8 public's behavi¢)ur and demands have chaNJed. The costs associated ￿th this restruciuring are exWed to have an effect on the TTusI's financial pWf0m7an￿ in the FYE 2023. Page11 THE RICHARD ORIAONDE SHUTTLEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 STRUCTURE OVERNANCE AND MANAGEMENT Con5titutlon The Richard Ormonde Shulueworth Remembrance TnJsl (The Trusl,). Trust regsstration number 307534, was formed on 26 April 1944 under a deed of trust executed by Mrs Dorothy Clolllda ShLrttfeworth as a registered Trust in memory of her son, Rich8rd Ormonde Shutttewoth. who died hi 1940 whilst serying in the RAF. The sole truslee of The Richard Ormonde ShLbtUewcth Remembrance Trust is 'Richard Shtht]eworth Trustees. IRST), a Company Limited by Guardnlee and also a registsred Twsl. The offieets and professional advisers of the Trust are documented on page 1. The Group includes a subsKliary trading company, Old Warden Limite(l (OWL). The share In OWL is held by RST but as nominee for the Trust. Both the TTUSt 8nd OWL share the common parenl in RST. The Trustee has deemed thal the Tfusl exerts and signifThnl in1luer￿ over OWL and accordingly these entities are consolidaled together. Trnstses The Trustees of Richard Shuttleworth Trusle8s13 company limited by GLFarantee and who are also the directors of the charitsble company for the purposes of company law) in office during the year and at the date of signing were as follows: E M Wt)od J Brown R Bailey Lord Cobham P J A Cooper E A Davies S Gardnef C Griffiths A Harries Princess Hohenloh& M Johnston T P Rouisis R Gr8f von Waldburtywollegg C E S Whitbread Chairman At the meeting in NovembeT 2022, Chaimwn Edmund WoLtrJ indThted his intention to slep down ftom the Board al the nexl AGM after 23 years on the Board. nine as Chair. The Board in(licated its intention to appoinl oxisling Tnjstee Tim Rouisis as chair 8t that time. Trustees of RST are appointed by agre8ment of the full Board of Trustees and shall b8 appointed for a period of three years (a term). Trustees shall not serve more than four consecJJlive temis bul are eliglble for r appointment after the expiry of years from the dale of the relevant retbremonL New Trustees are provided with an induction pack to acqLFaint them with the hSstory of the Twst and its objectives. They are made aware of th￿r responsibilities and provided ti¥Mes of the Tnjsl CommissioneJE' guK1ance on the responsiblilies of a trustee. The TF¥JStees mel three limes as a full Board. in the year ended 31 Ociober 2022. All Tnjstees give of their lime fredy and rKs TTUStees' remunernlion was paid in the year. Details of Trustees. expenses and related paty transoclions are disdosed in nole 27 to the financial stslemenls. Trttslees are required to disclose all rel￿ant interests 8nd regtster them wth the secretsry to the Trust aNJ in accordance with Page 12 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YE)R ENDED 31 OCTOBER 2022 the Trust's PolScy ￿thdraW from deCK8￿ts where a confiid of interest arises. OrganISa￿on The day to day supervisv)n ()f the Trnst is undertaken ty four Commitlees, whlch are responsible to the main Board of Trustees. Each comfflitte8 has its own tenns of reference and (￿npriSeS a number of the Trustees and other co-opted rnembers thosen for their experbse in Ihat sphere of operation. Each commiitee meeting is also attended by the Executive Director. Thèsè committ88s meet on a regular basis throughout Ihe year lo aulhorise aotivilies and expenditures and lo make rec￿MendatI)n$ to the main Board wder ¢￿Siderdb0n. TTUSteès are fre¢ lo att￿￿ any meeting theywi%h. Flnanco. Pernonnel and General Purpos8s Committè8 embership C Grtffilhs (Chairman) Lord Cobham P J A Cooper M Fowler {c￿0P?0d) M Johnston T P Roulsis EMW(xJ R Graf von WaldtMJr*WcAfegg Estste Commlttg Membeiship P J A Cooper Ichairnian) E A Davies R Diggle Ic(wted) S Gar(I￿r A Harrfes Princess Hohenlohe M Johnston C E S Whitbread Emwood Vlsltor Attradlon Commlttee Membership T P Rcwtsis (Chairman) R Bailey J Brown Lord Cobham Princess Hohenlthe E M W(xAI Education and Rosèarch Commltt•e Membership M Johnston (Chairman) R Bailey E A Davies S Gardner Princass Floh8nlthe R Graf von Waldbu￿wolfeg9 EmW¢￿1 Page 13 THE RICHARD ORIIONDE SHUMEWORTH REMEMBRANCE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2D22 In addityon there is a Nomination Commiitee to ￿nSider the 8pwrthent of new Trustees and Iho membershlp of Trust Committe8s. There a￿ also vartws sutp¢xNnmtMees for spth purposes. including a dodic8led Health & Safety Committee. Day to day management of the Tvust is d*ated to a senior managemenl team. The totsl costs of the Key Management Personnel is disdosed in note 10 of the Financial Slatemenls and these salaries are sel by benchmarking against markel ra¢es. Trusto8s' Rgsponslbllftles Statgment The Twslees are respongble preparing the Trustees, Annual ReF*Nt and the finanryal statements In accordarFce with applicable law and Unrted TrQ"ngdom AccvJnting Starmlards Iuniled Kingdon7 Generally Accepted Accounllng Practic*l, including FRS 102 Yhe Financbal ReForting StaThJard applicable in Ihe UK and Republic ol Ireland.. The law apFAi¢abte to charities in England arHJ Wales wuires the Trustees to prepare financial statements lor each finarKial year which gfve a Iwe and f8ir ￿eW of the stste of affair5 of the Trust and of tho incomlng rosources and application of restyJr(*s of the Trust for Ihat pe￿d. In preparing these financial ststemenls, the Trustees are required to: - select suitable acDJuntirrfJ Oicie5 and then apply Ihem consistently. - obseNe the meth¢xls and prinaples in Ihe Charities SORP: - make judgments and estimates thal are reasonable and pwden( - state whether applicable accounting stsndards have been followed., an¢J - prepare the financial stslements on the going conc8m basÉs unles5 it is inappropriate to presume that the Trust will continue in busin8SS. The Tnjstees are resFonsitAe for keeping proper acc￿ntir￿j T￿)rdS that disdose wilh ￿aSonable accuracy at 8ny time the financial position of the Trust and enable them to ensure that the finan(xal statements comply with the Charities Act 2011. the Trust IAco)unts and Reports) Regulattons 2(KJ8 and the provisions of trust deed. The Trustees 8re also responsible for safeguardiry the assets of the Twst and hen￿ for taking reasonable steps for the prevention and det￿lIOn of fra￿1 arxl olher iffewLqrilies. The Trustees are responsible for the Maintenan￿ and integrity of the Trust and financtal information included on the Trust's website. Legtslation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legtslation in other jurisdictions. DI￿10$Ure Each of the petsons who are TrLth at the time when thts Trustees. ReFQrt 1$ approved has (￿nfirMed Ihat.. so far as that Trustee is aware. there 15 r#) rethnt audit irrf0m￿tir￿ of wh¢th the charitable grtyjp's auditors are unaware. and that Trustee has taken all the steps Ihal ought to have been taken as a Trustee in order to be awarè of any r8levanl audil infomalKsn and to estsblish that Ihe charitab￿ group's auditcKs are awaro of thal infomiation Approved membe of of aTrJ swJned on their behaK by. Tn￿le&S on 27 ood Chairman Page 14 THE RICHARD ORMONDE SHiITfLEWORTH REMEMBRANCE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE RICHARD ORMONDE SHurrLEWORTH REMEMBRANCE TRUST OPINION We have audited the firkincial st*em8nts of The Ridwd omKm￿ Shutlleworth Remembrance Trust Ilho 'parenl choritl) and ils subsidiaries {the 'grcwp'l the year ende(1 31 OctobEr 2022 which comprise the ConsolKl3ted sfatement of Fin8ndal Activities, the Consolidated Balance Sheet. the Trust Balance Sheet. the Consol#Yated Slalemenl of Cash Flows and the related I￿tes, indudiro a summary of signfficant accounling policies. The financial rewrting framework that h85 been applied in their preparation is applicable law and Unlted KIn￿oM Accounting Stsndards. inctuding Financaal Reporting Standard 102 Tr Financial Rewrting Standard applicable in Ihe UK arml ReWic of Irekn(r (United Kiwjom Generally knepled Accounllng Practice). The finanual statements have Lwn prepared in accordan￿ th Accxwnb"ng antj Rep)rting by Ch8rili¢$ preparing their accounts in accordance with the Financial Rep￿Ing Stsndards applicable In the UK and Republi of Ireland IFRS 102) in preference lo the Accountin9 and Reporting by Charilies.. Statement of Recommended Prathce issued on 1 Awil 2005 whith is referred to in the extsrrt regL518t￿)fts bjt has been wthdrawn. This has begn d￿8 in order I￿ Ihe accou￿ to pro￿de a true fair in Accordanco ￿￿th th8 Gengrally Accepted Accounting PTactKe effective fc* iewrbng pertsjs begHining on or after 1 January 2015. In our opinh)n the ￿anUal slaten*nts: give a tNe arKI fair viw of the stale of Gr￿Jp'S and of the parent clwitys affairs as at 31 Octob8r 2022 and of the Group's incoming resour￿$ ￿ oP￿1¢allOn of resourc*s, incbjding its income and expenditrjre for the year then ended: have been properly prepared in accordance *ith Unitwl lfjngdom Generalty Accepted ACC￿JnI1n9 Pract6ce' and have been prepared in acfx*dance wÉih the requirements of the Charilies Arj 2011. BASIS FOR OPINION We CL)nduct8d our audit in accordance Internat￿al Standards on AuditÈng (UK) IISAS IUK)18nd applicable law. Our ie5ponsibilities under those standards are further described in the Auditors, responsibilities for the audit of the finarrial statements sectbon of our ￿p)rL We are indep8nd8nt of the Group in accordance with the ethical r8quirem8nts that are relevant to our audit of the finèna81 statements in the United lfjngdom, including the Financial Reporting Council's E￿1￿1 Standard. and we have luffilled our other ethical responsibilities in accordance with these requirements. We belteve Ihat the audit evidence we have obtained is sUffic￿nt and appropriate to provlde a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audthr@ the finanthal statements. we have conduded thal the Trustees, use of the going concern basis of acc(yJnting in the preparalion of the fina￿101 stslements is aprKoprt*e. 8ased on the work have perf￿d. wa have not Mjentified any material uncertainties relating lo events or conditions that. individually or collectively, may rasl significant doubt on the Group's or Ihe parent ¢haritys ability to continue as a going concem for a perfod of at least Iwelve month5 Irom when the financial slalements are authorised for kssue. Our responsibilities and the reSp￿sIbilI11eS of the Tru5tee5 With resF*d to ￿Ing concem are descrlbed in the relevant sections of this ￿pOrt. P89e 15 THE RICHARD ORMONDE SHUTTLEWORTh REMEMBRANCE TRUST INDEPENDETr¥f AUDITORV REPORT TO THE MEMBERS OF THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST (CONTINUED} OTHER INFORMATION The other information comprises lh8 information induded ￿ th& Annual Re￿rt other than the firkincial ststements and our Auditors. Report thereon. Th8 Trustees are responsible for the other infomiation contained within the Annual Report. Oyr opinion on the finarKial statements does not cover the olher infomiation and, except to the exlent otherwse expli¢iUy ststed in (MJT repDrt. we do not express any fomi of assuran￿ conduslon thereon. Our responsibility is lo read the other Infomation and. in doing so. consider whether the other infomiati(In is Material￿ ineL)nsister)t wth the finanaal stslements or cHJr knovledge obtained in the (x)urse of the 8udil, or otherwise appears to be materialty mtssLthd. If we identity such material Inconslstencles or apparent maléftal misslalements. we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If. based on the work we have performed, we C￿c1l￿18 that there is o material misstatemenl of this olher infomwt*)n. ￿ are requirg(I to report that f We have nothing to reFX)rt in this regard. MAThERS ON VIHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the fontrmng matters where the Charities {Accounts and Reports) Regulations 2fA)8 requires us to report lo ￿ rf. in opinKm: Ihe inforrnal*)n gwen in th8 Truste8s' R8rth is irKxwslent in any material respect with the ffinancial statements- or the parent Charitat￿e Trust has not kept suffiaent accounting records". or the parent eharitabte Tru￿ financial statements are nol in agreemont h￿tti th8 accounting records and retums., or we have nol received all the infomiatK)n and eXp1ar￿IK)nS we ￿U1ft fry our aLKlit. RESPONSI8ILmES OF TrUSTEES AS explained more fulty in the TTUStees' Responsi￿1&1￿eS Staiemenl. the Trustees are responsible for the preparation ol the financial state￿nts gNe a tnje and fair view, and for such inlemal control as the Tiuslees deterrnine is necessary to enaNe the prepar3tK)n ol financial statements that are free from material misstatement. whether due lo fraud ￿ eThor. In pr8paring the fmncial s18tements. th8 Tntstees are resFxxts￿e for assessin9 the Group's an(1 the parent chadvs ability to wntinue as a g(4ng concem. di5d05iThJ. as applicable. matters relaled to going concem and uslng the going t￿ncern basis of acccmjnting unless the Trustees either intend io liquidate the Group or the parent charity or to ￿ase operations. or have m realislic altemab¥e bth to do so. P8ge 16 THE RICHARD ORMONDE SHLIrnEWORTH REMEMBRANCE TRUST INDEPENDEp¥f AUDITORS. REPORT TO THE MEMBERS OF THE RICHARD ORMONDE SHurrLEWORTH REMEMBRANCE TRUST {CONTINUED} AUDITORS. RESPONSIBILMES FOR THE AUDrr OF THE FINANCIAL STATEMENTS Wg have been appolnte(l as al￿11￿ under sec*K)n 151 of the Charities kt 2011 and repc*t In acc(*dance with the Act and relevanl regulations made or having effect thereunder. Our objectives 8re to obtsin reasonable assuran￿ a￿ut whether the finan¢tal ststements as a whole are fre8 from malarial misstatement. *thether due to fraud ￿ error. and to issue an Audito￿, Rewrt that indudes OUT opinron. Reasonable assurance is a hvjh level of assuran￿, bul is not a guarantee that an audit conducted in accordance Mth ISAS {UK) wll always delect a material misslatement when it exists. Misslatemenls Can arise from traud or error and alè considered malerial rf, i￿lI￿dUalty or Hi the aggregate, Ihey could reasonably be expected to influence the economic decisions of LEsets laken on the basts of these financaal ststements. Irregularities. includirvj fraud, are Instances of non-complian￿ with laws and regulations. We desSgn procedures in line wlh our r6stK>nsibililies. ovfjir*d above. to detect material mtsstatements in rest*rt of irregularities. induding fraud. The extent to vlhth our prc￿edu￿ are capable of detecting irreguLqriLies, induding fraud 15 (letsiled below: Our 8ppro8eh to Identi￿ng and assessing the risks ol mat•ial misststement in reS￿t of iTregularibes, including fraud and nortwcompliance with laws and reguL4tions. was as follows". . the er4Jag¢ment porbigr ensured that the erKJ8geM￿I team ￿ltie11¥e￿ had Ihe appropriate competence. capabilities and skills to klentify or rec¥yJnise non-0￿￿lan￿ wth apFAi¢able laws and regulalions., • we identified the laws arKI regulalions apptyble to Ihe tharity through dIscus￿n$ th trustees and other management, and from our comrnercial knowled9e and exrMi8nce of the sector. . we obtained an understanding of ts legal atNJ regulatory framework applIca￿e to the entity and how the entity is compliing with that framework: • we idenlified which laws and ￿U￿1￿)nS were signiftsnt in the context of the entity. and ' we assessed the extefil of C￿1p11ance with the laws and regukttons •Jenlified above through maknng enqulriès of management and inspècling legal correspondence. We assessed the susceptibility of the compan￿$ finantial slalements to material misstatement, including obtaining an uThJerslanding of how frau¢J might oc4JJr, by. m8knng enquirles of management as to where they cmenL those ctharged wrth governan￿ actual and potenllal IitTrgat1L￿ and claims. There are inherent limiialions tn our audÉt Pr￿j￿re$ describgj above. The more removed that laws and regulations are from finan￿e1 transactions. the less likety il is that we would become aware of nOn￿Omplianco. Auditing standafds also limit the audil procedures required to identify rK)n-cownpliance wth laws and regulations to enq¥Jiry of the direclors and other management and the lrtspedlc￿ of regulatory and legal corfespondence. If any. Material m5sslatements that arise due lo fraud Can be harder to detect than those that arise from error as they may invotV8 dellberale o)nc*alment or collusion. A further description of our resK¥)nsibiliknes for the audit of the financial ststements is lorated on the Financial Reporting Counofs webstte at.. WV4w.frc. .uklauditorsres nsibilities. This descyiplion form5 part of our Auditors, ReF4)rt. USE OF OUR REPORT ThSs report Is made solety to the charivs twslees. as a tr￿)dY, in accordance with PÈrt 4 of the Charities (Acctyjnts a￿] Report51 Regulations 2008. OUT audrÉ work has L*en undertaken so that we might stste to the charitvs trustees those matters ￿ are required to stsle to them in an Avdilors. Report and for no other purpose. To the fullest extent pemiitted by law. we do rK)t accept or assume responsitmlity to an￿ne othor than the charity And ils trustees. as a tr￿y, for our audit work. for thts re￿)rt. or forthe opinions w8 have fom)ed. Peters Elworlhy & Moo Chartered Acc(iuntants Statutory Auditors Salisbury House Stalion Road Cambridge CB12LA Date.. 29 March 2023 Peters Eknrthy & Mth)re are digible to ¥i as auditors in terms of ￿tiOn 1212 of thè Companies Act 2006. Page 18 THE RICHARD ORMONDE sHirnE¥￿RTH REMEMBRANCE TRUST CONSOLIDATED STATEMENT OF FINA14CIAL ACTivmES FOR THE YEAR ENDED 31 OCTOBER 2022 Unrestrlcted RestrEct8d Endowment funds fund$ funds 2022 2022 2022 £000 £000 Total funds 2022 £OOD Total funds 2021 £000 INCOME AND ENDOWMENTS FROM: Donauons and legacies Charitable athitles Other trading activitses Investments Oiher in¢x)me 531 1.104 1.710 252 332 671 1.282 2.403 701 1.104 1.710 2.274 161 1.273 TOTAL INCOME AND ENDOWMENTS 4.186 418 1.273 5,877 5,389 EXPENDrruRE ON: Raising furbds Charitable activities 2.166 £951 451 1.985 TOTAL EXPENDMJRE 4117 417 451 5.985 4.849 NEr {EXPENDrruREyIN COME Net gains on investments 19311 822 (1081 540 2.631 4.091 6,986 6,194 NET INCOME Tr8nsfers be￿een funds 1.700 266 4,913 6.879 6,733 19 1.485 {IA85) NEf MOVEMEMf IN FUNDS 1185 3A28 6,879 6.733 RECONCILIATION OF FUNDS: Total funds bfought forward 942 3.185 3.167 266 44928 3.428 94,037 6.879 87.304 6.733 Net movem8nt in funds TOTAL FUNDS CARRIED FORWARD 47.127 3,433 50.356 100.916 94.037 The Consolidated Stalemwtt of Financ¥al Ackn￿ indudes all gains aThJ losses recogftis8d in the year. The notes on pages 23 to 51 foTm part of these finan(ial slatements. Page 19 THE RICHARD ORMONDE SHurrLEWORTH REMEMBRANCE TRUST CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2022 2022 £000 2021 £000 Note FIXED ASSETS Tangl￿e assets Heritage assets Investrnents 5284 19.963 5A90 69.495 5.201 19.527 6.162 61,875 13 14 Investrnent property 12 100.232 92,765 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 15 16 1,150 2,704 2.065 3.256 Credstors". amounts falling due vAthin c 17 (1.4021 11.436) NET CURRENT ￿SET5 1056 2.472 Creditors.. anK)unts falling due after m than one year 18 11,172) 11.2001 TOTAL NEf ASSETS 100.916 94.037 CHARITY FUNDS Endowment funds Restricted fuNJs Unrestricted funds 19 $0.356 3.433 47.127 46,928 3,167 43.942 19 19 TOTAL FUNDS 100.916 94.037 The financial statements were approved a￿1 authorised for issue by the Twstees on and Sigr￿￿ on their behalf b￿. The rbotes on pages 23 to 51 forn) part of tfwo finanrial slatements. Page 20 THE RICHARD ORIIONDE SHUTTLEWORTH REMEMBRANCE TRUST TRUST BALANCE SHEET AS AT 31 OCTOBER 2022 2D22 £000 2021 £000 FIXED ASSETS Tanglble assets Herltage assets Investments Investrnent property 11 5.201 19.527 6.312 61.875 13 19,963 14 12 69A95 100.382 92,915 CURRENT ASSETS Stocks Debtors Cash at bank and in haThJ 15 16 18 1.326 1.426 10 1,184 2,259 1770 3.453 CreditOTS.' alT￿Unts fallin9 dl￿ Within one year 17 {1.1091 11.176) NET CURRENT ASSErs 1.661 2.277 Creditors: amounts falling due after mwe than orse year 18 11,172} 11.2001 TOTAL NET ASSETS 100.871 93.992 CHARrrY FUNDS Endowment funds Restricted funds Unreslricled funds 19 19 19 46,928 3,168 43.896 3.434 47.081 TOTAL FUNDS 11)0.871 93.992 The finanaal staternents approved and authorised for Issue by the Tn￿leeS on and sV￿d ￿ their behalf by.. The notes on pages 23 to 51 form part of these financial Staten￿ts. Page 21 THE RICHARD ORMONDE SHUMEWORTH REMEMBRANCE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022 2022 £000 2021 £000 CASH FLOWS FROM OPERATING ACTivmES Net cash used in operating actswties 21 12.709) (1,869) CPSH FLOWS FROM INVESTING ACTNMES Dlvidends, interests and rents from investrnents Purchase of tarvJible fixed assets Net movement of investments 2.275 1136) {691 2.403 {428} 16} NET CASH PROVIDED BY INVEsnNG ACTivmES 2,070 CASH FLOWS FROM FINANCING ACTtvmES Cash infiows from new bwovrring 1.200 NET CASH PROVIDED BY FINANCING ACTivmES 1.200 CHANGE IN CA8H AND CASH EQUIVALENTS IN THE YEAR 1.300 Cash and eash equivalents at the beginniThJ of the y 2,704 1.404 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 2.065 2.704 The noles on pages 23 to 51 fomi part ofthese finanoal statements Page 22 THE RICHARD ORMONDE SHi>TfLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES 1.1 BASIS OF PREPARAlloN OF FINANCIAL STATEMENTS Th8 financial stat8ments ha￿ been prepared In a(￿ld￿nce wilh Ihe Charities SORP {FRS 102}- AccounliThJ and Repo￿ng by Chafities: Ststement of ReLX)mmended PracticE applicable lo tharili8S preparing their accounts in a￿Or￿an￿ Ihe Finanual Reporbng Standard applKable in the UK and Republ￿ of Irel8nd {FRS 10215e(x)rKI edition October 2019 leffeclive January 20191. the Financial Reporting Standard applKable in Ihe UK and Republic of Ir8land IFRS 1021 and the Charities Act 2011. Tho Ilnanoal statemenls have been p￿pared to glve a and fair view and have departed from Ihe Charilies IAccwnts and Reports) Regulations 2008 only lo the extent required lo provide a Irue and fail vtew. This departure has involved folbwing the Charities SORP IFRS 1021 published on 16 Jltly 2014 rather than the Acwunting aThJ ReFQTting by ChaTtiies.' Statement of Recommended Practice effecttve from 1 April 2005 whth has sirKe been ￿thdraWn. The Richard Ormonde Shuttkworth Remembran￿ T￿￿1 meets the definition of a publTC benefit entity under FRS 102. Assets and liabililies are inilially re￿gr#S￿￿ at hlstod¢al cost or transaction value unless Othe￿Se stated in the relevant aco)unting policy. The Stslemenl of Fin8noal Activities (SOFA) and Balance Sheet cyjnsolidale Ihe financial statements of the Trust its sister Iradiro company Old Warden Limited {OWLI. rewJnising th¢ substsncg of the trans8Ction as a quasi￿UbSidlary. Both entilies share a common parent in R￿￿ard Shuttt8worth Trustees, 8 company limtied by guarantee. The Trustees have deemed that the Twst exerts control and significant inffuence over OWL. No separate SOFA has been presented forthe Trust alone as penmitted bythe applicable regulations In the Charibes SORP. The nel movemenl in funds for th& Trust alone for the yEar vrds £6.879k surplu$12021: £6,580k surplus). 1.2 GOING CONCERN The Directors have prepared forecasts for the PWKJJ to Aw'l 2024 based on pre pandemlc commercial acliwties ofthe Rthard OmK)nde Shutueworth Reffl￿branCe Trust Based uwn their rBview the Directo￿ believe that the company wll have suffirient resources to meet its liabilities as they fall due the foreseeable fulure atxl continije operations on commefcial temis arKI therefore have continued to adopt the goÈng cw¢em basis in preparing the financial statsments Page 23 THE RICHARD ORMONDE SHUTfLEWORTH REMEMBRANCE TRUST NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEPJi ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES {CONTENUED) 1.3 INCOME All inu¥ne is recognised once th8 Trust has en11￿ment lo the income, il is probable that the income will be rec*ivetl and the 8m(NJnt of incom reCeiv￿e tan bè measured reliably. Vclunt8ry Hicome wrth or willthi donor imposed restrictions are recognised in the Stslement of Financial ACtiV￿eS when the Trust is entitled to it. Restricted income is relained within the Restricted reserves until such time that it is utilised in line with such restrKiions, al whit* point the income is released to general reserves lh[￿h a reswe transfef. For legacies. entiuemenl is taken as the earlier of the date on which etther= the Trust is aware that probate has been granted. the estste has been finali5ed and noltfThtion h85 been m3de by the executorlsl lo the Tnjst that a distribulion ￿111 be made. or when a distribubon is received from the eslale. Re￿Ipl of a W. whole C￿ in part. is only considered probable vknen the amount can be rneasu￿d reliably and the Trust has tr*en notif*d of the execulorfs Intsntion to make a distribution. Where legacies have been notif￿d to the Trust. or Ihe Trust is aware of the granting of probate. and the criteria for income recognitson have rK)t been mel. then the legacy is treated as a contingent asset and discb)sed rf materTral. No amounts are indudetl in the finar￿JaI statements for service5 donated by volunteers. Donated fixed assets are measured at fair value. unless it is impro¢tical lo measure thls reliably. In which case the cost of the itern to the dorK)r shoukl be used. The gain is recognised as incom8 from donations and a correswjnding arn￿nt is induded in tho appropriate fixed asset oaass and depreciated over the useful economÉc life in accordanc8 Tnjst's 8CC￿nting policies. Incomp tax recoverable in relalKn lo donations r￿1ved under Gift or deeds of covenant is recc43nised et the time of donalion. Incomè from Charilabte ALtiV[￿ relates to act1vrt1￿ run by the Trusl in furtherance of ￿ charftsblo 014ectives and is re(xwJnised on an accruals basi& Income from Trading A￿Ville$ relales lo ts athilw of ts quash%ubsidiary Okl Warden LimÉted. Investment income is eamed thr￿h IK>kling assets for IrwestTh￿nt purposes as property and shares. It indudes rental inu)me, d￿￿terMIS and interest. Investment incom8 is indud8d when the amoltnt can be measured reliably. In￿me tax recyjverable in rela￿n to investment incom is r￿OgnISed at the timè the investment income is receivable. Inte￿t on fvnts held on dotKisit Is induded th rwxrvable and the amount can be measured rdi8bly by the Charl￿, this is nom)ally LtFon nolificatitin of the interest paid or payable by the BanL Page 24 THE RICHARD ORMONDE SHUThLEWORTH REMEMBRANCE TRUST KOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES {COPmNUED) 1.4 EXPENDITURE Expenditure is recognised once there is a kgal or ￿nStrUc￿1Ve Obl￿ation to transfer economic benefit to a third paty. it is probatrA8 that a transfer of eo)nomk benefits will be required in setuement and the amounl of the obli9alion can be measvred relkibly. Expen¢thture is dassrfied by acti¥ity. The cosls of each activity are made up of th& lotsl of direct Costs and shared costs, induding support costs involved in undertaking each actiwty. Dwect o)sts attributable to a sin9le activity are allo(3ted directly to thal acbvlty. Shared costs whith rThtribute to more than one acttwty and support ¢osls whlch are not attribulable to a Sin￿ aclivity are apporti￿Ed behveen those activities on a basis consistent with the use of resources. Central staff costs are allocaled on Ihe basls of time spent, and depreciation charges allcKaled on the Portion of the assefs use. Fundraising costs are thosè in￿rred in seeking vduntsry ts)nlrbbutions arbd do nol include Ihe costs ol disseminatirwJ of InfomTri￿n in SuW￿t of the charitable activities. Support costs are those costs Incurred directly 8UPPOrt of expenditure on the objects of the Trust and indude proiecl management carried oui at Headquarters. Governan￿ costs are thos& incurred in connection with adminislratlon of the Trust and coM￿lance with Constitut￿31 and ststuiory requirements. Costs of generatbng funds are costs incurred in altra(ItThJ vduntary income, those InCu￿ed in trading activities that raise funds. The basis of allocation of sutvKi and govemarK* oJsts Is noted in Note 8. AJI expendIlu￿ is I￿lUsive of Irr￿0Verable VAT. 1.5 GOVERNMENT GRAKrs Gavemment grants relating lo tangl￿e fixed assets are treated 8$ deferred incorne and released to the Consolidated Slatemenl of Financial Aclivthes over the expected useful lives ol the assets concerned. Olhei grants are credited lo the CLY￿Ida￿ Statement of Finanaal Acbvilies as Ihe related expenditur8 is incvrred. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION All a5set5 0)sting more than £500 are catMtalise(l. A for impaimwil of a fixed asset i8 caffied out rf events or donges in arcUMstan￿ indicate thal the carrying v81ue of any fixed asset may not be reg)verable. Shortfalls bèbv88n the Carr￿ng value of fixed assets and their re￿Verable amryjnls ar8 r8cognised as impaimients. Imp8lrmenl Eosses are rec(yJnlsed in the Staternent of Finanrial Actwlbes. Tangible fixed assets are carried at cost, nel of depre¢iation and any provFSK)n for impaiTmenl. Depreciation is provtyjed at rates catwlated lo vrrite off the ¢xst of ffix￿ assets. Eess theii estimated residual value. over their exr*cted useful lives on the fc4k)wing basis.. Freehold land and pr(Wty - Not depreciated Plant and ma(*inery 1(k33% on cost The transitional arrangements of FRS102 vwe ulilised to adopt the freehokl property valuation as its deemed cost. Subsequent addittons to fr88hdd land a￿1 property are held at cosL Pag8 25 THE RICHARD ORMONDE SHLrrrLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POUCIES (CONnMUED) 1.7 HERITAGE ASSETS Heiitage assets are induded al Ihe Trustee% valuatKJn which is a proxy for cost. Any additrons or disposals are record￿ in the year that they (￿1r at u)st. There ￿1[ be no policy of revaluSng these assets. although impairment is considered annualty. A wisler of all assots hekl by the Tru81 is avaiEabl& and the a&8ets tr￿mselveS are a(te&%*A8 to the publk wlth prfor agreement. Hefriage assets are to be held for the foreseaabl& lubjre. 1.8 INVESTMENTS Fixed asset inveslments are a form of financial instrument and are initialty ￿Cognised at thelr transaction cost and subsequenty measured al fair value at the Balan(* Sheet date, unless the value cannot bg measured reliatrAy in whth case it is measured at cost less impairmenL Investment oalns and losses, whether realised or Un￿alIsed. are (x)mbÉned and presented as 'G8insllLo8ses) on Investments. In Ihe Consolidated Ststement of Fmianual Activities. Investmw*ts in subsidiaries S￿ Yalved al Cost less provtsIc￿ for impairment 1.9 REVALUATIONS OF INVESTMENTS Investments include propety aNJ owrted investrnents and are administered und8r 8 Total Retum Approach lo investmenL The Trust has adwled the revaluation M￿e1 lo revalue prtiperties held for investment whose fair value can be measured reliably. The walualions shall be made with sufficient regularity to ensure that the carrying amount does I￿t differ materialty from that vknich be detetmined using fair value at the end ol the rewting penod. OEhw inveslments are revalued annually to open market value. The wlicy in respecl of inveslment suwuses is as folkAvs: - Any increase or decrease in the value of the irweslmenls arKJ the nel inc￿rne is ueditod or debited to the endowment lund. being Ir￿uded in the UnapplEd Total Rebjm". - The Unapplied Total Retum is subject to a transfer to Pern￿￿ènI endowmenl in respect of a sum 8￿hOwd by the Board of Ihe Corporate Truslee. Tr cumulaiive rate used in these slatemonls Is 3%. The transfer És designed to mainlain the ￿1 valve of the TFU5Vs endowment.. - A f¥Jtther transfer is m*Je to gener￿ rese￿e9 in resk*Lt of the 'spending ru18. in a￿￿dance with the Charity Commission Totsl Retum Order. The rate applied in the finanrAal statements is 4% 01 the averdge investment balance for the precediThJ five year& 1.10STOCKS Stocks a￿ valued at the lower of ctst ar¥J net re81isable value after making due alknvance for obsolete and slOw•m￿ng 5to¢*s. 1.11 DEBTORS Trade and other debtors are recogntsed at the settlemenl amount after any trade dSsctsJnl offered. Prepaymenis are valued al the arrrf)unl prepaid net of any trade discounts ¢Jue. Page 26 THE RICHARD ORMONDE sHu￿LEw0RTH REMEMBRANCE TRUST 14OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POUCIES (CONnNUED) 1.12CASH AT BANKAND IN HAND Cash at b8nk and in hand indLFdes cash and thrt4erni highfy liquid investments with a short maturity of three months or less Irom the da*e olacquisillc￿ or opening of the deposit or similar account. 1.13 LIABIUTIES AND PROv￿loNs LiabIl￿eS are recognised when there is an obligatK)n at the Balancè Sh88t date as a result of a past evenl. il is probaNe that a Iransfer of e(yJnomic benefit will be required in sethemènt. and the aFnounl ofthe settknienl c8n be estimated rdiably. Li8billlles are recc*Jnised al Ihe amount that the Trusl anticapates il wll pay to settle the debt or the amount it has rec￿ed as advanced Pa￿nents ft*the gcKKls or seNos it must provkje. Prowsions are measured at the best estimate of the arn￿nts required to sethe the obli9alion. Where the effect of th• time value of money i% material, the prowsion is based on Ihe present value of those amotjnts. discounted at the we-tax disLyJunl rate that rellects th8 risks specific to the liability. The unwtnding of the dI5(￿￿t 15 ￿nised in lh8 Consdidated Statement of Financial Aclivilies as o finance cost. 1.14 FINANCIAL INSTrUMENTS The Trust only has ￿an￿81 assets and finarrial liabilib'es of a kind that qualify as basic financial instruments. Basic finanfial inslruments are illitialty recogni5ed at transactKJn value and subsequently measured at th8ir settlement V81ue ￿th thè exception of bank loans thich are 5ubsequenily measured al aW￿rtIsed cmt using the effeL*ve interest method. 1.15 PENSIONS The Trust operates a defined I￿ntrIbutiOn pension scheme and the pension charge represents the amounts payable by the Twsl to Ihe furK1 in res￿(* ofthe year. 1.16 FUND ACCOUNTING General lunds are unrestricted lunds whith are availatrA8 for use at the discretion of the Twslees in furtherance of the general obi8cbves of the Trust and which have not been designated for other ptjrposes. Designated funds compris8 unfeslricled funds that have been s8t aside by the Trnstees for particular ptjrposes. The wm use of each dwnated fvnd ks set OLrt in the notes to the finanaal statements. Restiicted fijnds are funds whth are to be used in ac¢ordanc% with specific r￿st￿lOn$ imposed by d¢)nors or which have teen raised by the Tnjst for partitsjlar purposes. The costs of raising and 8dministeriro such lunds afe tharged against the $pecrf￿ frJrMI. The aim and us8 of each restricted fund is sel (xrt in Ihe noles to the finantial statements. Endowment funds are funds where the assel must be hekl ￿mi?￿entlY by the Trus( it in¢lydes gains trom the dispos81 arKt ex￿oItat￿jn of rKopety and the revaluation of investments assots, less amounts transferred urHler the Tolal Rotum Poly. Pag8 27 THE RICHARD ORMONDE SHiITTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES (CONTINUED) 1.17 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are Cr￿tir￿allY evaluated and are based on Nslorical expeTlaTl¢e and other factots. induding expect￿ of future events that ar& believ￿j to be reasonable under the circLtmsl8nCeS. Crikncal accountir4J estimates and assumptions: The Tnjst makes estimates and assumpbons ¢7>ncemiThJ the fijture. The resulting accounting estimales and assumptyons will. by defin￿(￿, se￿Orn equal the re￿Ied athal results. Th& estirnates and assumptKJns that have a si9nificant risk of (3USsng a material adjustment to the caryng amounts of assets and liabilities within the next f4)ancial sear are di￿$sed bekjw. Valuation ofproperttss Followng managemenfs instructtyjn. in 2022 properfies held for investment by the Trust were appraised by Robin50n & Hall LLP. Chartered SuFveyors. Management accepted the valuation reported and. in ar£ordance th the ￿u￿ting reva￿ell the propertles held by the Trust 8LxordIng￿. V81ualNon of quotedinv8sth1 Annually the Trustees are V*ilh a Valuat￿ of its quoted irweslments by the Trusfs investment advisers Sara￿n and Partners. whth the TnJ5tees deem to represent the fair value of Ihg holding at the year end. Haritagg assets The Trust's heritsge assets are spfEt into Iwo olegories.. Exhibits at the Collection and Paintings and Artefacts. 80th of these categories were valued by the Trustees on 1 November 2012 for £17m and £2.5m respeclively. The Paintings and Artefacts are valued every fNe years by professional valueis. and this is re¥￿v￿ against the original valuations for reasonabl8noss. Whh regards to the Exhibits these are nol subjecl to professional valuat￿￿ due to ts antiopated cost that would be incurred due tr) the unlque nature of the hoklrbJ. Page 28 THE RICHARD ORklONDE SHUTTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 INCOME FROM DONATIONS AND LEGACIES Total fvnd$ 2022 £000 Total fund8 2021 funds 2022 £000 2022 Don8￿n$ and legacies Restrktsd SVAS (frjnation 531 585 102 230 531 252 332 TOTAL 2021 15 317 332 INCOME FROM CHARrrABLE ACTivmES Unreslrl¢ted funds 2022 £000 Total funds 2022 £000 Totsl funds 2021 £000 Avtation and aulomobve transp(*l 1.104 1.104 671 Total income received in 2021 from tharil*Ae 8(thIt￿ W89 unrestrthd. INVESTMENT INCOME Unrestrl¢ted RestrIc1￿ ENlowment funds funds funds 2022 2022 £000 Tolal funds 2022 £000 Totsl lunds 2021 £000 Rental inc4)me 745 93 1,273 2.111 164 2.240 163 Diwdend incL)me 161 1,273 2.274 2,403 TOTAL 2021 158 2.403 Pago 29 THE IUCHARD ORMONDE SHLITTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 OTHER INCOMING RESOURCES Unrgstrlclgd Restrlcted funds funds 2022 2022 £000 £000 Total funds 2022 £000 Total funds 2021 £000 Govemment grants Other 9r8nts 700 TOTAL 2021 700 Govemment gwants represent 8mounts I￿Nable under the Coronavirus Job Retentton Stheme {CJRS) of £NIL {2021- £36k) lo cover Salaries of furfoughed staff. EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME Unrestricted Restricted Endowment funds funds fund$ 2022 2022 2022 £000 Total fvnd$ 2022 £000 Total furKIs 2021 £000 Slaff costs Investment aclivities Trading activili8s (excl staff costs) sUp￿rt and govemanee r•)sts 739 317 739 579 693 31 429 824 824 272 401 275 272 2.152 31 429 2,612 1.948 TOTAL 2021 1.362 393 1.948 Trading costs including Staff (￿sIS are £1.450k12021- £841k). Page 30 THE RICHARD ORMONDE SHUMEWORTH REMEM8RANCE TRUST NOTES TO THE FINANCIAL STATEAqENTS FOR THE YEAR ENDED 31 OCTOBER 2022 INVESTMENT MANAGEMENT COSTS Unrestrlct8d Resiflctod Endowment fvnds fvnds fund5 2022 2022 2022 £000 Total funds 2022 £000 Total funds 2021 Inveslment management fees 15 23 TOTAL 2021 14 38 ANALYSIS OF EXPENDrruRE BY ACTMTIES Activities undertakgn dlfècty 2022 £0 Support Costs 2022 £000 Total lund5 2022 £000 Total funds 2021 £ODO Awalion and automotive transp Agriculture and land based industy Govemance 2.547 260 352 45 2,899 305 131 2,471 255 138 131 2.807 528 3.335 2.864 TOTAL 2021 2.313 551 Page 31 THE RICHARD ORMONDE SHLrrTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 ANALYSIS OF EXPENDITURE BY ACTMTIES (CONTINUED) ANALYSIS OF SUPPORT COSTS Avlatlon ￿rfe￿ltU and and land automotive baso Governance 2022 2022 2022 Total nds 2022 £000 Total funds 2021 £000 Staff costs Premises costs Office costs Non.recoverable VAT Professional fees 164 136 51 24 278 136 241 111 139 27 27 57 45 131 528 551 TOTAL 2021 376 37 138 551 The basis allo(ztr"ng Supp￿ (x)sts to dtfferent acbwties is Ilone on a percentsge basis. AUDITORS. REMUNERATION The audilors. remuneration amounts to an auditor fee of £27.000 P021 £25.000), and non-audil seMce$ of £8,(th12021- £12.￿). Pago 32 THE RICHARD ORIAONDE SHUThLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 10. STAFF COSTS GTOUP 2022 Group 2021 Tfust 2022 £000 Tnjsl 2021 £000 Wages and salaries Social securtty costs Other pensions costs 1082 161 67 1,937 126 57 1,560 126 57 161 67 2.310 2.120 1.788 1.743 No redundancy payTnents were made in the year12021- £NILI. The average number of persons employed by the T￿￿t during th8 y8ar was as follows: Group 2022 No. Group 2021 No. Colleciion SuppL¥t 49 13 53 The number of empbyees wkne emp￿ beneffts {eXdud￿9 empwr Fension costs) exceeded Group 2022 Group 2021 In the b8nrJ £60.001- £70.¢XW) In the band £70.001 - £80.( Tho Trust consmlers its key management p￿rSonnel cwwtse ￿ Trustees and thè seven managers 12021- seven) of the Senior Management Team {AcctxJnts, H(wse & Parkland. Executive Director, HR, Commerual, Marketing and Chief Eryineer). The total emplownenl benefts induding employer pension contributions of the key mar￿ger(￿nI persorsnel were £381k12021.. £316k). No Tnjstee receiv&J any remuneration from office as Tnth (2021: £NIL}. Page 33 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 11. TANGIBLE FIXED ASSETS GROUP AND TRUST Frnehold Plant and pro￿rty machlnery £000 £000 Total £000 COST OR VALUATION At 1 November 2021 1.169 119 6.252 135 Add￿[￿$ Disposals 16 (31n (317) At 31 October 2022 5.099 971 6.070 DEPRECIATION At 1 November 2021 Chargè for Ihe ypar On disrM)sals 1.052 52 {3171 1.052 52 1317) At 31 Octoter 2022 787 787 NET BOOK VALUE At 31 Ortober 2022 5,284 At 31 October 2021 118 5.201 Pag& 34 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRAIICE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 12. INVESTMENT PROPERTY GROUP Freehold Investment prO￿rty £000 VALUATION At 1 Novembef 2021 Surplus on revalualion 61.875 7.620 At 31 October 2022 69.495 TRUST Freehold Investment property £000 VALVATION At 1 November 2021 Surplus on revalualion 61.875 7.620 At 31 October 2022 69.495 The freehold inv8Stment properties were ievalved by extemal valuers. Robinson & HaH LLP. Chartereij SuTheJors. as at 31 Oclober 2022. on the basis of market value in accordance with RICS Valuation Stsndards. The Valuer has been a signatory to the valuation of Investment properties for Ihe Trust sin 2002 (eX￿p1 in 2008 and 2015) and Roknnson & Hall LLP have urKlertaken the valuation since 2002 (including 2¢)08 and 2015). Robinson & H811 LLP act a5 external managing agent to provide the Trust pro￿rty seNices and this relationship has existed since the ftyJndiThJ of Ihe Trust. The prop)rtion of total fees Paydble by the Trust to the totsl fee income ofthe valuir¥J in the finn's prer*ding fina￿al yt8r was between 5% and 10%. Page 35 THE RICHARD ORMONDE SHurrLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31 OCTOBER 2022 13. HERrrAGE ASSETS GROUP AND TRUST Assets rn¢ognisod at cost Exhlbits at the Colloction 2022 £000 Palntings and artefacts 2022 £000 Total 2022 £000 Carrying value al 1 November 2021 Additions 17,027 435 2,500 19.527 435 17.462 2,500 19,963 Page 36 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST NOTES TO THE HNANCiAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 13. HERITAGE ASSM (CONTINUED) GROUP AND TRUST {continuedl The Trust was formed in 1944 for the purpose of prwding 8 permanent memorial to the memory of Richard Orniond8 Shutueworth. who was killed in 1940 in a fi￿ng aeehyent whilst on active service in the RAF. by the wovision of a museum and coNege. Thi5 has been achieved by the estsblishment of The Shuttleworth Collection, an aGiive museum of pnncApally pre Second Wortd War air(¥aft, many unlque and in flying Cond￿on with hangers arKI airfield. and also the provision and support to The Shutheworth College. whth uses the Mansion and surrryjnding premises and parkland for its 8ctivilies. The propety is fundamentsl to the core actiwlie5 of the Charitab￿ aclivibes and Ihe TnASt's objecls. as are the exhibits and historic artefacts dqxctiThJ the Shutttffivoth inherilance, many of whith are irreplaceable and of natM)nal impjrtance. These pn)p8rti8s and artetscls a￿ not assets in the normal sense as they have penmanence while Ihe Trusl has a conknnuing reSrKM)sÉ￿11ty lo Fyotect and maintain them for fviure generations. the ¢￿Sts of whid) cannot be asse5s&J. Palntlngs and Artofacts Mansion contsins a Farge number of painlings. artefacts fumittsre collected by the Shullleworth Family. an inventory ot which is maintsine(I by Chri%lies, valuer. recording the nature, PTovenance and location. The Trusl has thpts a policy to value Ihe (x)ntents of the Mansion every 5 years for insurance purpos8s. the last valuabon was undertaken by Chiislies in JLFne 2022. The TrLtstees kl8c4d the ffigU￿ of £2.5 milkn as Ihe market valLP of Ihese assets as al 1 November 2012 and have revthyed this fvJure in I￿ht of the June 2022 Valuat￿ and considor the value stl appropriate. The paintings undeTwent a conditions s*Jrvey in 2007 by an inde￿ndent (x)nservator and following this a 10 year repair programme was agreed by the TA￿1. The fumlture is review￿$ by Christies on a fiv8 yeaty basis and repairs done on an ad ￿ basis. Exhlblts at the coll￿110n These are made up of the air(¥af( e￿b￿. fTM)torcydes. propel￿rS and costumes. Inventorles are maintained and the Trustees placed a cortservative ￿10M￿l valuation of £17 million on these assets as at 1 November 2012 and consider the value still appropriate. Since this dale net aLY4uisitions have been made in the sum of £462.OW. Th8 aircxaft arxl txrs are deemed lo have indeteminoté lives and the Trustees believe Ihal the beneffts of obtaining fom)al valualions would notjuslify the cost. additionally this would be drffiojli dtse to thair unique nabjre. It i8 the Colsection's polbcy lo maintain the aircraft. motor vehicles afid molorcydes in full working order and rna1ntenan￿ costs ère charged lo the Stslement of Financial Actiwts'es. A5 I￿ted in note 29. the SVAS provkles volunl88r gAJPPOrt in the ma￿tenanCe of the exhibits plus an annual donation towards the costs. Expèndlturg on tho abovg ass¢ts The costs of preservatKMI, restoration 8nd malntenance of al the abt>ve assets has boen charged to the Statement of Finarrial Activities. Any addth)s to the exhibib or buildings in charilable use are capilalised. Page 37 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 13. HERITAGE ASSETS (CONTINUED) Analy81$ of herltw asset transadlony GROUP AND TRUST 2022 £000 2021 £000 2020 £000 2019 £000 2018 £000 PURCHASES Paintings and artefacts Exhibits at the Collection 226 TOTAL ADDMONS 435 226 DISPOSALS Paintings and artefacts Exhibits at the Collection {801 TOTAL DISPOSALS 1801 Page 38 THE RICHARD ORMONDE SHitrrLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 14. FIXED ASSET INVESTMENTS Listed Investments £000 GROUP COST OR VALUATION Al 1 November 2021 A￿￿￿OnS Revaluations 6.162 17411 AT 31 OCTOBER 2022 Investments In subsidiary Llst8d companies Inveslments £000 Total £000 TRUST COST OR VALUATION At 1 Novgmber 2021 Add￿on$ Revalualior 150 6.162 6.312 69 {744) 17411 AT 31 OCTOBER 2022 150 5.490 AJI investsnents are c*rried at their fairvalue. Investrnenl in eqilltses and ftyed interest sec5Jrilies are all traded in quoted public markets. primarity in the London Stod( Exchange. Holdings in commn Investment *Jnds. unit trusts and ￿[￿en(led inveslmfrnt comp8ntes are al the bid price. The basis of fair value for qwte(F investments is equivalenl to the maiket value, using the bid pri￿. Asset sales and purth8ses are reGrwk8ed al the date of trade at o)st {that bs their transadM)n value). The charity is o￿latIng an investment that provhjes for a degree of diverslfi(*tion of holdings with dsfferenl cL)mmon inveslment furxls. This helps to mitigale the impact of signtficant movements In exchange rates and lo¢alised economic issues affecling the value of the pK)rtfolio. The charity does not make use of derivatives and simlar fJ)mptex financial instruments as it takes th8 ew that investments are hdd for thelr kn￿Jer temi grtr*lh and annual in(xJme. The charity has no material investment hold1r￿ in maTkets sutied to excthang8 c4)ntrols or trading restrictKJns. Page 39 THE RICHARD ORMONDE SHUTTLEWORTH REMEM8RANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 15. STOCKS Group 2022 Group 2021 £000 Trust 2022 £000 18 Trust 2021 £000 10 Relail I fu81 siod 16. OEBTORS Group 2022 Group 2021 Trust 2022 £000 Trust 2021 £000 Trade debtors Amounts owed by group undertakings Other debtors PrePa￿￿ents and awued inc 160 172 116 297 876 37 87 124 902 71 875 75 1,150 1.326 1.184 Page 40 THE RICHARD ORMONDE SHUTTLEWORTH REMEM8RANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 17. CREDITORS: AMOUNTS FAWNG DUE wmiiN ONE YEAR GTOUP 2022 Group 2021 Trust 2022 £000 Trust 2021 £000 Bank loans Ttade creditors Other tsK8tion and sooal security Other Creditors Accru81s and deferred income 28 202 143 274 101 164 241 90 133 182 1.402 1.436 1.109 1.176 Group 2022 £000 Group 2021 £000 Trust 2022 £OOD Trust 2021 £000 DEFERRED INCOME Defrrred income at l November 2021 Resources deferred during year Amounls (e￿ased fr(4n previ(yJs pwiods 210 214 1210> 203 12141 171 (6) DEFERRED INCOME AT 31 OCTOBER 2021 203 214 D8ferred incom8 relates lo forweddings arKI events. Page 41 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 CREDrroRS: AMOVNTS FAWNG DUE AFfER MORE THAN ONE YEAR Group 2022 Group 2021 £000 Trust 2022 £000 Trust 2021 £000 Bank loans 1,172 1200 1.172 1,200 Induded vrrithin the atme a￿ amounts fallThJ due as folh)w&" Group 2022 Group 2021 £000 Trust 2022 £000 Twsl 2021 £000 BETWEEN ONE AND TWO YEARS 8ank loans 28 BETWEEN TWO AND FIVE YEARS 8ank loans 160 155 155 OVER FIVE YEARS Bank loans 1.017 1,017 The bank loan is secJJred against 60% of the market value for Middle Farm. Hoo Farm and Hill Fami which are all irtduded sJnder investment properties. Instslments of interest only are monthly from the drawdown dale for the firsl ￿ years and thereafter inslalments of capital and interest are repayable. The interest rale is fwl at 3.5% per annum. Pagè 42 E¢441 ? o iu c> o o C4 V V) tXCLrlJ D o i)Q) LO VJC Iv o I() (0000 )00 o ¢n o (D 000 ri u L) i THE RICHARD ORMONDE SHUTfLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 OCTOBER 2022 20. ANALYSIS OF NET ASSEfs BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricied Restrlctsd Endowment fun(ts funds funds 2022 2022 2022 £000 £000 Total fund$ 2022 £000 Tangible fixed assets Fixed asset investments Investment propety Heritsgg assets Current assets Creditofs within one year c￿￿110r9 due in more than one year 2.930 5.284 5.490 69.495 19.963 3.258 {1,4021 {1,172) 2.OYI 3.433 42.926 15.463 3.258 (1.402) (1.172) TOTAL 47.127 50.356 100,916 ANALYSIS OF NET ASSEfs BEtWEEN FUNDS- PRIOR YEAR Unrestricted lunds 2021 Restsicted Endowment funds fijnds 2021 2021 £000 £000 Total ftJn(Is 2021 £000 T8ngible fixed 8ssels Fixed asset investrnents Investment property Heritage assets Current assets Creditors due within one Cre(Jitors due in more than one sear 2.271 2.930 5.201 6,162 61,875 19.527 3,￿9 11,4361 11,200) 3,167 22,377 15,027 39,498 4.500 {1.436) {1.200) TOTAL 43.943 3,167 46,928 94.038 Pagè 48 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTMTIES 21. Group 2022 £000 Group 2021 £000 Net income for Ihe ￿ar (as per Statement of Financial kliwbes) 6.879 6,733 ADJUSTMENTS FOR: Depreciation charges Gains on investments DivSderKls, interests 8nd rents from investffle Don8tÈons in kind Decreasel{irbcreasel in stocks Decreasel{increase) in debtors Increasel{decrease) in cr8ditors 52 16,877) 12.275) 1436) 141) 51 71 16.1491 12.4031 13271 201 162) NET CASH USED IN OPERATING ACTMTIES (2.7091 {1.8691 22. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2022 £000 2.065 Group 2021 £000 Cash in harml 2.704 TOTAL CASH AND C￿sH EQUIVALENTS 2,065 2,704 23. ANALYSIS OF CHANGES IN NET DEBT Other non- At31 October 2022 £000 Novembgr 2021 Cash flows £000 Changes £000 £000 2.704 Cash at bank and in hand Debt due wtthin 1 SEar Debt due after 1 year {639} 2,065 128) 11.172) (28} 28 {1.200) (6391 Pagè 49 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 24. MEMORANDUM OF UNAPPUED TOTAL R￿uRN 2022 £000 2021 £cKJo Unapplied total relum bought forward Increase in value during the year Transfer to permanent end0¥￿ent I￿tion of unap￿led lotsl ￿l￿rn 15.395 4.911 {631) 11.485) 12.885 4.601 16121 {1,4791 18,190 15.395 PENSION COMMITMENTS The Trust operates a defined contribution penS￿n scheme. The assets of the schem8 are held separately from those of the Trust in independenty administered funds. The pension cost chorges rtspresents tt¢ntribultons paydtAe by the Trust to the fvnd aThJ amounted lo £6Th (2021: £57k). Pension payable at year end was £13k (2021.. £NIL) Ind￿led in (xedilors. 26. MEMBERS. UABILITY Each member of the Charital￿e company undertakes to contribute to the assels of the company in the event of tt being wtyjnd up while helshe is a member. or vAthin Or￿ ￿ar after helshe ceases lo be a member. such amount as may be required. not exceediThJ £NIL for the debts and Ilabilth8s cL)ntracled before helshe cease5 to be a memb9r. 27. RELATED PARTY TRANSACTIONS The TrLtst has considered the disclosure reqLttrements of Ihe Stst¢menl of Reo)mmended Pract¢ce for Charilies and of Finanaal Reporting Standard 102 Tr Finar￿&￿I Reporting Stsndard applicable in the UK and Republic ot Ireland and belwes that the fdlowiro related party transactions requires disdosure". During Ihe year undef wew one Trustee {2021: NIL) received reimbursemenl of travel and subsistence expenses in the sum of £49212021: £NILI. No Trustee receNed any remunèration from holding office as Truslee12021- £NIL). The Trust has taken advantage of exemptM)n. under the tern￿ of Financ4&1 Reporting Standard 102 The Finarrial Reporting Standard applicable in Ihe UK an(1 Rewblic of Ire18rHJ'. not to disclose transactions vmlh group undertaknngs or invest(￿ in the 9￿p qUalIf￿ng as related partbe5. on the grounds it is a whollyowned subsidiary and W*ill be induded in tis parent C4Jmpany pubtidy available consol¥Jated financial statements. Page 50 THE RICHARD ORMONDE SHUTTLEWORTH REMEMBRANCE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 28. INSURANCE BuildiTr3 and Contents Insurance o)ver is arranged to provKte for the full replacement cost of buildings to a similar starTrdard lo that existing beforo any evenl. Contents of premises are insured for loss and reinststemenL The exhlblts displayed al th8 Cdlection, whth a￿ wedominantly unique and Irrepla￿b1e. are insured vthen static and in fl￿ht. SHUThLEWORTh VEfERAN AEROPLANE SOCIETY (SVAS The SVAS was established in 1964 and is an Independent Trust. number 800095. which exists to support The Shuttleworth Collection. Substsnb81 Supp￿ is given by volunteers to the work undertaken 81 the Colecl¥)n in addilion to finandal support. CONTrOLLING PARTY The Trust is a vthdly owned subwdiary of Richard Shuttleworth Tnjstees la company limited by guardnteel. which is regarded as the V￿mate f))ntrollirvJ party. The group of which Richard Shuttteworth Trustees is the parent organisalion, fomis the largest group preparing consolidaled financial ststements which indude The Richatd Omionde Shultleworth Remembrance Trust. The smallest gr￿Jp preparing onsolt(J*ed finanoal slalements are The Richard OrrTh)nde Shuttleworth Remembrallce Tfust and ils Sister stsbsidiary Old Warden knmiled. Copies of the Richard Shutljeworth Tnjstees (x)nsoiidated financial statements can be cl)lained from Companies House at Cornpan￿ House. Crown Way. Maindy, Cardffl. CF14 3UI 31. PRINCIPAL SUBSIDIARIES The fdlowirKJ was a subsmltary UTwJertaking of the Tnjst: Name Company number Holdlng Induded In ¢onsolldatlon Old Warden Limited 063e*5021 11))% Yes The financial resutls of the subsidiary for the year were: Nam• In¢om• Expenditure Profitl{Lossl I Surplusl (Doficlt) for th* year £000 Net a$sgts £000 Old Warden Lhmfted 1.766 {1.555) 211 195 Page 51