SHUTTLEWORTH TRUSTEES. REPORT 2024/5
Tritstoas, Annvol lep)n 24/25 Reference and admlnlstrailve detalls of the Trust. Its Trustees and Advlsers for the year ended 31 October 2025 Trvst••s who 4•rv•d durlng th• y•or T. P. Rj15, Cfvjirnion J. Brown R. Boiity Vlsccwrd Cobham E. A. D¢svi S. Gordn•r C. Grifiii A. Harni•s Princvss HohMIDh• M. Johnston R. GroFf Von WaldkJff4.Woll•g9 C, E. S. whire0d Prlor y•ar. PichDrd Shumleworth TfusI• T. P. Routsis. CfrKJirfflon J. Brow R. Èoil Visctyjth Cobknm E. A. kni•s S. Gardn•r C. GriHil A. Harries Pnncess Hoh•nlo M. Johnston R. G(oH von Woldn3-V4o9g C. E. S. Whi&>re Tru¥l•• Charlty r•glt•f•d numb•f 307534 Prln¢lpol th¢• Old War&n Pork 8i99l•swod 8edlord5hlr• SG18 9EP Ind•p•nd•nl oudli•rn PEM Avdil Limitsd Registered Audilors Solisbury Fltyjse Skhi*)n Ro Combrid CBI 2L4 Jank•r• 8orcloys Bonk Ptc Hwh Streol 8odlord MK40 1 NJ
Tritstoas, Annvol lep)n 24/25 Sdie Chorl•s Rvswll Sp••¢hfys LiP S Fled PkKe EC4M 7RD I5Mni porrfvho monoger Sorosin & Portrws LiP Juxon HcvJs• 100 Si Poul's Churchyord Londo EC4M 88U lond 09•nl Robinson & Holl LLP Unil l Highlield Courf C)ok 8edk>rd5hif• MK43 7TA The w•wnl th•tr AnnLd Report fv3g*lw with the OLdiled linoncd ol th• Gw ond Trnji br th• l NObOr 2024 kn 31 Ock)È•f 2025. The TrLdkn conhmi lh• Annual RepLIrt and hntsnciol with lh• slolvtory rnquir8m•ftts sel oul rn tr1 Chorilies Ad 201 I, lh• rnquir•ments ol the Chority s conslilvlithty, and th• provisions ol Ihe Sk7ternenl ol Rocofflmend8d Proclice "SORP") applicoble b charilios weparing accounts in ocCdanCe wilh Ihe Fina101 ReWirg Stondord opplicobh rn the UK ond knpvblic ol lrnlond IFRS 102} I(0nd fjdilion - Oclob•r 2019).
TtyY8es' Arlnwl Rewrt 24/25 Contents Chairman's welcome Choritoble oims & odivilies Chanble objectives Portner5hips Choritoble lundroising Future plans Performance report Financial review 10-15 16-19 20-22 Structure, 9overnance & managemenl Consdidaied stalemeni ol finoncial odivilies 28 29 Consolidoied bolance she 30 Trusl bolonce sheel 31 Conx)lidoted stolemenl of coshfltm 32.59 Noks the linoncial slolements
Tritstoas, Annvol lep)n 24/25 Chalrman's welcome TIM Routsls Chairman of the Truslees Th• gw)eToI ronomit conditions this y•af ho placed di¥sable ificorn•i un&r ¥Nne preuur•. OrgonisolKJis such 0$ ihe shuttlth Tft rnV Iherth oHer ewsreol•r wjlue orKI bthidil 11 o(• k ¢J¥oid a 5hrinkiry atlendonce ond Tlan in the delNery of the Chariloble Obpcli¥•s. thi5 general economic bxkdwi il is very pleosiry to bs able lo reporl a o151rong growth lor Ihe Tfusl (K0$ ull or¢os. The lovndot1¢5 lor Ihis grtyh We loid in I cknryes ihol were impl¢mentd lo y•or, h¢MI bthn dmloped ond exponded thii y•or, and rnpr•s•nl o robust base lor th• IVre. Th• ar• kn•rol sign1hc0 highlghts lo rnwl.. A hjll liffl•. intwnol l•affl b••n •sbllshd lo Choftty ond ils odivilb•5. Thi$ I5 incrnos¢d 9•n•rol Wlf•n95s 01 Shvttl•wrrfh orrfl Wh il can olhr, l•o4ing d•rKfy on itKrnose in loorfoll d•ypilo an vnovoidablo in lickol pricw. The rw4iJed oir lormal has b•en ¥•ry ¥4dl rnceifft4 Iry lh• all•IlT£ publiq with o Yrnr ncr•¢yw lrt lick•ts sold, dosp'l• o rtduclion in ih• •wmbor ol oir shfs lfvom l O 10 71. Th• FtsliNtil ol Flighi h05 •s1ollish ihdl os o lirm fixlvr• on th• inl•inolional oir Sh cal•ndor with roTh9 ¢Y+WS•QS atknthnce ond •xcellenl sociol medhJ foodback. Tho rtr4isod oirshow Irn01 •nobled oll the Ethiodion oircralt to be Ilown durin9 the seoyon - xome on nWhIp (0$105,. a gfeol change Irom Ihe Pri ywr in which one fi•w. . The Bedk>rd Colle9e GP goes kn r¢9th wsth o n¢w c¢wrye lof ¢JPPfwrfic cyening Qt t Shvttleth cornw. We now ho o lull Jr ol Otymonce da lffjm the solor omjy the Cdl¥dioTr hon9of li Is 9enEruliTh3 84% OF Ihe silo onnuol con5umplwJn. which I5 inymd our coAJon kdFxinl ond ma4 our enew cos15. The ow01fi$ ol Airfield Vduneer R 5er¥i¢e, a siskr up ol pdesstonol lifdyhiers provdirrfj ¥dunl•er C¢Mir durirt9 •wnl ty. l)oN• btr&n Wed into lh• moirt Tn& b b8cotThe lh• 5huMlefvh Rescue 8 FidhlIng Sgr¥Ke (with Ihe omi meryin9 With the Shkthleth Veleron foplonts Societyl. Thts hos s1re0mlin Ihè odmini51rolion whil• olWir8 in n•w &rn hghiirnj v•hicl•s to •[ SUFPOrt Ihe Coll•d•on AyirMJ ¢)dr¥ili•s in Ihe hJIe.
TtyY8es' Arlnwl Rewrt 24/25 Chalrman's welcome . Th• Voleron Awcplon• Society ISVASI ho provided h'noncbul SUPFth lor MI only hrn hicle m•nlioned obow. olso lor a 4)or• ersiM lor Ih• Spiilire tsnd ol o ffjre Cloyknn & shullkh eoffi wogon, . FenloTh4 Prin¢e55'. fun& offj in oddi11 b those prtyided Ihe SVAS Tru lor Ihe oewo neodvd kn rrKJintoin th¢ col110n 0110 each al - a try nde1 lthl ol support. The Trusl conlinu•d b iTrrtst in ImpftyiNJ th• 0nd0ft4 01 the rtl prwrti•s in its portlolio. This hoi "nyTh Ihe l•nonl •xpw•m 01 rnnts b b• odjuthd occonlingty in line with rnofket Thyms. lookiry kn th• fiAur•, th• Trust is w<Ykin9 on a ntr4V Sirole9ic Plan lo co4•r th skirtirg in 2027. ThSs will loy chjt lh• Slrol•gic Obl•¢t ard d•lswry loi ctxning One rcknb¢• challMg• wlll be odaplin9 OPffjti¢yM lo moot th• ol lh• T•rffwism ol Pmffliwl Ad 2025 I"Motyn'5 Law"). In the inlerim, the $MJnilt(ant grThth in Msik)r allen&wbce h05 highli9htsd tho n••4 10 vpdole the café fotilili os Ihry ore comin9 undef slroin. The Tru$lew hove 0gre¢d kj inTr*wI in o signihcanl 1vIbl5hrnenl ol colè ¢Mr th• wilr 012025/26 obpclwe d incrSing ¢J¥Otlobh sething 50%, Ihe y•oTrrovnd c4l•rin9 0j inhodu¢iTr3 nth¥ tschno¥ lo 01F< tyderirg Irom pJr tabl•. r•AJrnped loth'lili•s orn sth•dulod lo op•n in lor Ihtr 2026 sé010n. Th•w opwolioncd r•svlts wouk4 not b• possibl• wilh0 Ih onwr8 support ol morny d•dicol•d, •nthusioslic ond skill•d w4Lsnlwts. Th• Trtrni Is •xc•pli(YKJIty lortun(Jts b •njoy this1•4d ol support, I W¢Id lik• lo •xhrd ry h•ortl•h thanks ts oll w4unl••rn on bdloll ol TnAt.
Try8J' Anrwl ReFKJd 24/25 Charltable alms & actlvitles PURPOSE The Richord Om)onde Shuttleworth Remembrance Trusl (The Shviileworth Trust) connecs people and skills. For th• n•xt g•n•rntl•n. Shuttleworth Coll•g• trolns skllls In agrl¢ulfvr•. larni t•¢hn•l•gy. f•r•slry. horllculture and anlmol management. For our r•glon. Swlss Gard•n. Woodland Walk and th• wld•r Parkland c•nn•cl p•opl• wlth th• landKop• and nolvr•; and For lh• na110 th• Shuttleworth Colle<tlon malntalns vnlqu• h•rllog• •nglne•rlng and flylng skllls, and Insplr•s •v•ryon• wlth Its worklng coll•dlon of vlnlug• alr¢rgft and v•hl¢l• The Tfu$I'$ objedives celebrok the passions ol Richard Shvmleworth, who wo$ o nokd racir79 cor driver and pilol, and who collected ond reslored old cors ond aircrah. a150 Celebr0 ihe genesis of the Shuttleworth fortune made from on inlernolionolly succe551ul Ogficulra1, machinery business in Ihe induslriol revolution. The Trusl was sel up in 1944 by Ihe widowed Doroihy Shuttleworth, who losl her only son lo o flying accidenl in ihe RAF in 1940. STRATEGY The Trust has a Strotegic Plon 2021 2026 thol outlines objeclives to., Inv•s• In m¢)d•rn ond h•dfvg• skllls. tvalnlngl •dveo•lon ond dlKov•ry. Ild ond Impl•m•nt an ambkl•u• •nvlr•nm•ntal slrut•gy and a cl•or plan •vr •stot•. Tell the Shuttleworth Story and us• Its Char??r and h•rllvge to make ns• of th• sltr•. Poslllon th• Trujt as a valued local pqrln•r. 4 wll•nl r•glon•l play•r. and o r•¢ognl••d nollonal brand. Grow and dlverslfy our ovdl•n(e to at lea matth the gr¢Mih and dIv•ty ol our rnglon. Bulld flnon<lol suslalnabllity wlth a compelllng vlsltor •xp•Aent• and wislllv• mmm•r<lul ocllvlty.
Tr. ArthLd ReKOrt 24/25 ACTIVITIES ¥p The Twst lullils its pvrpose to troin skilh Shuttleworth Colkge by: The Tru mointoins uniqve heriloge engineering arKI flyin9 skills by: Supporting Bedfofd G4lege Grcwp in its monogermnt of Shuttl•Myth Co198 orKI its students. Supporting the Iroining ond opprentiwhips Pided ty Shulll2••nrth College. Using ils Eslole k) support bnd-bjsed rning Ihrovgh ShuHItswoOrth G4lege. Funding research PhDs in releffjnt dtsC1Ines. Moinlaining ond operoling its Cdledthi public benelil ond educotion 05 hjnclionol ortefacts. Moinloining essenliol speciali51 pdical skills ond knowledge in the mointenonce ord QFeiolion d induslriol herila98, in porticvlor the EdMi10n 01) OfKI vehides. Crealing apwenliceships and troiniThJ opp)rtunilie5 In Fritoge engineeTing. FurKling and SUPPtIng leomin9 opportvnilie5 In speoolisl oreas, Irorn ¢101 50Fdy b SOIble loreslry. A SL&idiary (pary, Old Wtsrd limia I¢>VL) the ctynmciol opemibns d tho TNsl'i bJslne5sw. In ¢bj•cli%s ond lor odriti•s, the Tnrnkn•s gi% du• consHl6folvJ) k• gwwul gui¢kJrv publighed Ihe OKJrity Cixnmi¥51m relotirwj k) pjllic iKluding gvidgKo 'Public berdil.. rvnrsin9 0 a)rity IP821'.
Try8J' Anrwl ReFKJd 24/25 ACTIVITIES The Trnsl inspires everyone with ils wothing Colledion of vintoge oircyoh ond hcle$ The Shvmleworth Trust supports itself thrwh the monogement of its ossets. Comptising: The ShvNIM)rth Colled1 of KJtk>n ond oulomotThE transrt and 09ricuIIufoI lechnolcgy. Thls is open k) I puuic as port of the Shuttleworth ColleclK)n & Gofden visilor 011cl10n. Swiss Gorden. o nine octe Grade Il. listed latRegencY piduresque alpine londscope 9Otden with VKtorian leoluffjs added ty Ihe Shuttlew)rths. This tswenls ond vffjddings ond is open 05 parf of Ihe Shurtlffi•th Cdledion & Golden Visitor Ollth. ShuttkffiM)rth House, a Grodell • listed mansion knvse bulk Shuttl lamb, and 115, £Sociated Grode Il. liSd pothlond from o pwious glatIOn J owne. These are used lor corporole, pfrvole ond public tr4en15 and15 pw1odic0l ¢)pen 0$ port d itr visibr al1Cl10n, Old Walden Esth, whith compris89 loms, V+oodlond, re5klenllol pft)perties ¢Jrd commerciol buildings, thich offj b pThide Ihe &rfJse revpnue to support the chariloble okledives. Prowdin9 occess and inlefprelalion lo 115 londscopes and Colledion d oircfoli ord hides, iluding th8ir maintenanc8 oaTrIS1ng ond delNerin9 0 suite d slnjdured learning program1r for Schools, yDuih 9UP$ ond uni¥Erslty sKKlenls. oOnI$l3 onI knlks ond specio11s1 k15 rekned lo its Colled1 ond esbts, (Jfering and Focilibiing F4ocements lof unlvefsily shKlents. . CFering a¥wierKo k) sck shdents. ()gonisin9 pOrtrehlp ord Nrlunleef odivity-led event ty fof public. C%ganisiThJ handSn leomiry or skills odivilies for d)ildw and pirg people during xhool hdid(w. TokirKJ speclalisl krKAdedge I1n1Th3 her orgonlsalions ihrcwh oultvcd. Moinlalning ond pThdin9 acce55 10 0 speciall librory ond orchi.
Tr. ArthLd ReKOrt 24/25 Charltable oblectlves The fom)al objects of the charity are: • promollon ol •du¢ollon and trglnlng In the Klence, proctlce and hlstory ol avlollon and automotlve Iranjport; and The promotlon d •du¢all•n and tralnlng In th• s¢l•nc• gnd pradl¢• of ogrl¢vltur•: and. In •• lar aj It Is anclllary ih•r•to. •du<atlon ond tr•lnlng In th• Kl•nM and prnellc• of hod productlon and the monagement ol rural reu•S by maklng arrnng•m•nts f•r th• provlslon und condvd of g ¢olleg•. &r: The Trvslees COgnIse the imporftance ol ihe heritoge assets of ihe Old Warden Estole ond the Shuttleworth Colledion os port ol ihe successful delivery ol their choriknble objedive5 ond their moral obligolion lo notionally signilicani heriloge.
Try8J' Anrwl ReFKJd 24/25 Partnershlps The Shuttleworth Trusl delivers its objectives and monages ils ossets in partnership with key orgonisotions, without which il could nol funclion. These are". THE BEDFORD COLLEGE GROUP , which monoges Shuttlewth College ond ossociaknd famis ond lond. THE SHUTTLEWORTH VETERAN AEROPLANE SOCIETY on independent choriknble bo Sd up lo 5upporl the Shuttlevrt)rth Colkdion wilh funds ond volunleern. p: 1.11, THE FRIENDS OF THE SWISS GARDEN an independenl chori61¢ body sel up to pport Swi$5 Gorden wilh funds and unteers. The ore more Ihon 400 oclive volunteers thol ossisl in Fvndions acr055 Ihe orgoni501ion including the delivery of educolionol oclivilies lor school visits ond dvring oir show doy3; Yisilor experience steword5hip ond hosting guided lours,. Ihe $10ratIon, moinlenonce, mcnogemenl ond operolion ol Ihe Colledi<)n,' Ihe monogemenl of the oirfield ond Ilying di5plays,' and the mainlenonce of Swiss Garden ond of the e5tole. Volunleer5 contribihed thon 60,000 hours b the Trust during Ihe yeor, SWI Gorden is o Royal Horticulturol Society Porlner Gorden. 11 is su.eCt lo o Memorondvm ol Understonding with Cenlrol Bedfordshi Council. The Trusl is a Frtner in the Greensond Counlry Landscape Parlnership," in the DMO Experience BedFordshire and in Bedlordshire Gardens Trust Head Garderbers, Ne1*Ik.
Tr. ArthLd ReKOrt 24/25 Charltable fundralslng The Trvsl foises lunds through admissions b Ihe Colledion os a Slolic ond os on operolionol oltradion on nI arKI aif show days. Colleclion olso attrads chariknble donalions ond bequesls. Donalions ore receiNtd Irom the supwling volunteer ond friends chorilies," and ihe Colleclion ond Swiss Garden recei occaslonal small grants. There are no paid prolessional lundraising sk)If ol Ihe Trust.
Tritstoas, Annvol lep)n 24/25 Future plans Shuttleworth's cUrn1 live-yeor Stralegic Plon ends in 2026. Greot sleps h¢Jve been taken loword complelin9 ihis plan, which ore delailed below, and the Truslees and leadership leom are currenily working on ihe nexl slrotegic plan for 2027 - 2032. The Twsi hos divided its 2021 . 2026 slralegic plon into Ihe lollowing phoses: Phase I: Access for all wlll revlew. deflne and dev•lop the plons lor our slt• wlth th•s• oblKrfv•5: Sociol access: our visilor experience Is attroclive and relevonl lo people Irom oll bockgrounds. Intelleduol occess,. sile ond progrommes ore presentsd lor all leorning sWe5 ond Iv•els of knowledge. Emolionol occess., erfryone is oble lo coftnect to our Shvttleworth slory. Phyaicol access: our visilor experience is Sulble lor people ol all abilities. Dgitsl access.. our al09ue site is Supported by on excellent digibl loyer. Phase 2: Tho futur• of avlatlon herltage wlll support and w¢ur• our unlqu• •ngln••rlng h•rltag• skllls wlth: Inveslment in Ihe Skills Transfer Pro9romme. Improved energy elliciency in the engineerin9 facilities. Improved en9ineerir£ hangar public threshold. Replocemenl ol the engineering hongar ond blisler hongar roof. Re.engineering the Wesilond lysander. Engaging Ihe public with the SOE slory in Bedfordshire. Improved inlerpretalion ol the hangar and informal recognition of its hisloric slalus.
Tr. ArthLd ReKOrt 24/25 Performance report .•v•i' Vlsltor nvmb•rs sln¢• 2020 2025 2024 2023 2022 2021 2020 Colledion & Gorden 72.474 68,349 61,396 90,274 92,600 51,327 Air shtrws 32,971 29,125 27,232 23,574 11,970 9,732 Commerciol events 31,239 24,488 21,245 27,793 28,825 Educotion 16,222 9,309 6,279 6,032 1,645 1,037 TOTAL 152,906 131.271 110.152 147,673 135.040 62.090 10
Try8J' Anrwl ReFKJd 24/25 Performance report Alr shows Despite a planned redL10n in the number ol oir shovis in 2025, visitor numbets ond visilor spend remoined robusl, ond Ihe c¥veroll income Irom Ihese events wos stronger than expectsd. Wo olso benefithl Irom good weother ond close conlrol ol costs, ond a1011, the air show forniol proved very populor with our visitors, with numbers ond spend increasing. 66 A truty spethicular alr show weekend the content. the dlsplays, the atmosphere. the famlly •ntertalnment. one of the best alr shows I've attended onywhere In years. Air show hi9hlights'. 99 89 visiting octs with 29 ot Festibrl of Aighi olone. 32 aircroh mode Iheif Shuttleworth debul. We wdcomed inlernational acts - six from Europe and one from North America. We Ilew oll live ol our Edknrrdion oircroft. Alr show atknKlance increased by 8% ar0ne0r. Alr show Contriblon irKreosed 58% yeor<n-year.
Tr. ArthLd ReKOrt 24/25 Performance report JVL., .Jlil 11- Of Fornial l•arnlng & dlscovery We olso SO14¥ o strong increose in leornlng ond discoNery wilh o higher nvmber of school and pupil visils during Ihe year, ond increosed oulreach eHorts. 66F rom the mom•nt the Chlldren entered Hangar 3, to th•lr drop off by vlntog• bus. they wer• grlppedl I was •gpo¢lally touched by how welcomlng overyone was. from our expert gulde8 to the many Collectlon volunt••rs we met along the way. Fonnol leoming ond discovery highlights: 5.907 Khool children visiled this year on a sch¢)Dl trip. 2.896 holiday adivity children visi1$. 4,817 children visited during oir sh¢)WS. 2,602 0rea(h sfvdenl5. 16,222 to1 number ol children visiling. Sthpn STEM Do. 80 schools. 21 % incTeos¢ in educalson visits. 54% increase in kty stage l ond 2 visits. 32% increose in (iutreach. 99 12
Try8J' Anrwl ReFKJd 24/25 Performance report ,v Apprnntlcashlps & tralnlng Tru31 is Octiw in ènsuring thol corn skills ore properly tronslefred Irom long-lerm experienced engineers their succe550rs by running o skills Ironsfer progromme comprising o Four-year apprenliceship or up lo o hjrther six years of on-lhe-job Iroining. 01 the seven opprenlices have sbrted th Shvttlevffjrth, are currenfy in their opprenlice5hips, while three who have complekd initiol opprenliceships have Ixcome lull-lime Tru employees lo ollow them lo conlinue developing their skills under experienced prodilioners. The Trust was deligh io NNdcome a new opprenlice in SeplemÈer 2024, usin9 Slonstsd Airporl Acaderny/HaAow College os ils Iroining provider, ond is committed k> building vnique apprenliceship progromme %thich allows young people from oll wolk$ of life the opportunity b build o coreer in oviolion engineering. 66 My stand out memory durlng my apprentlc•shlp s• lar Is worklng an the Ch••tah ryllnder wher• th• valve guldes wern ex¢esslvely worn. Seelng the whole process and havlng th• opporlvnlty to tak• the lead on the r•movul• Puttlng what l•d learnt Into practlce. 99 13
Tr. ArthLd ReKOrt 24/25
Performance report
Shvtileworth Colleg•
Th• Shuttl•wth TnMI IKxh Cdhy, run Th• Cdl•g• (TKGI, in hj1rn• ol
pod ol Twjl'i choriknbl• obpdim rngording ogricuhurn. Thtr Colleg• ocw lh•
ryion wlih th• moiority coming IT(Th lh• or•as ol Bd$hirn. Hertkydshirn, Hunlirydonshire, ond
Mllkn Full lime sfvd¢fil numbefs OC FE Ord HE mnoin stron9 with on 01700 Ivll hme
In
Try*8J' Anrwl ReFKJd 24/25 Performance report / ij Sustalnablllty TfW4t's posilion os o lond.owner ond workin9 mitseum, a$ well os its comriiercial octivilies, brin9 challenges and opportunilies for susloingble dthdopm•nl. Suslaingble inilNJlis over the lasi five yeors have included: In 2021 we un&rkJok o svbstsnliol tree ontIng progromme ocross our woodlond eslote. As o londowner vrf continve lo seek kn er•couroge g¢)od prod5ce with resped lorn)lond soil omelerioolion. During 2022-23 the Trusl rv¢iewed ils use of woler and FX)wer and, having completsd a major projecl lo replace all its knngar lights wilh LEDS with 0 50% improvemenl on energy eth'ciency, in 2023 undertook o rnore detailed revw4 01 its power usoge. As with many other rnuseums and eslotes. simply reviewin9 usoge and making stsff and lunleers awore of wd proclices while Ptr•ffjr pricos were hi9h had o maleriol ond positive erfed cn our Pa44rf con5umplion. t)vring 2024.25, the Trust instslled panels OCTOSS Our lorge hongor roofs, which has boih si9nificanHy reduced our poknpr bill in 2025, bth also signilicanily benelitted our corbon footprint. Ovr coterlng leom conlinve lo reviLw suoiers and energy usoge, with positi effed, ond have eliminokd sirgle use plostics from its pvblic calering. 15
TtyY8es' Arlnwl Rewrt 24/25
Flnancial revlew
The Tnmi deri5 IrtyD".
Imimions lo its hritoge 051•ts ONI Ihth svppovl its C.ble olmi.
Tr(Klin9 oclbvilies ID 511pporl its ¥i5itors ond V•Ynl5.
Rents and re•Enue Irorn an estats of rnsidential, hrmiw ONI cofflmarcial WDPty.
A p)rtE4io ol 0Cl5 ond Sho.
Dw110. gffjnts, ond Wcies.
Ah•T m
Tritstoas, Annvol lep)n 24/25
Flnancial revlew
Investment Income
Th• Tru in¥e5tm•nl i)MO 13 dld
An ol lond and properties ¥alwd al £n.476.O12O24: £72.436.0001 as th 31 Oclober 2025.
ProFArty income was £2,430,000 91$5(2024., £2.289 ,CwJOI and £l,554.0(YJ ngt12024: £1,437,(KK)),
oher moint•n¢nc• £)sts, prole$5¢0nol l¢•$ ond supwl costs.
A sknck •xchany ptyrfolio ¥YJlu6d 01 £7,038,CO)12024.. £6,579.(KMJI ot 31 Od¢>b•r 2024.Incom• I
inl•r•sl ond divKlends lot01 £240.(XXI gwJs$12024.. £179.CKQI or £206,0(K) nth12024: £173.(KIoI.
oh•r rn(Jnog•m•nl ond
Th• Tryst'$
TtyY8es' Arlnwl Rewrt 24/25 Flnancial revlew Investment poliry The inbstrneni F>Alio monogern lor Ihe $Ck1 ord ihorn5 ¥rt) o beftchmo whdi IS 561 ift discumk with the Tnjsloes. During Ihe yeor under rwith¥ the peAorrTrJnce ¥rtJ5 sligh1 Under this benchrnark. kni Ihe TN$lDes (KCop1 this wos offed kry Ihe nxymfflent in the rnarkets. Th• lond 09•nt, Aot¥ftson & Hall, his11 mono9ed Ihe wd•r oim to ochiMI IIN• mo ky ih• rthtal al Ihe lond and property this is monibr•d Ihe Estd•s C¢nmilte•. During the yoor lh• Twsi decided io undertoke a pla tronsition to brin9 mory ol Ih05• eskjtss r•hknd mott•n In41, and this FX¢X•SS hos b•gun, whil• rnainloining Rokn'njon & Holl lor prrJp•ty r•rtbls, Reserves pollcy Th• Tn rMlntolns ilgniknrt r•M(l in coprtral osts lh SUPFXYI thè gon110n. Th• Trust id•ntili•d u minimum ol £l.4m ol lund5 k) b• 1•bIn wiihin its 5kds and ihornj a5 liquid ossots to call upon as o raegIC rewrvB. h miew5 115 cojh rqqviremenl on o rollin9 1 &monih LxJ5is ond lhe Imlment comfflilt•e ensuffjs that il does not ptst al risk any fun& Ihvy ar• ffl••t r•9Uif8m•nls on this lirn• horizon. This id•nlifiod r•J•ry• rnffloins inlod. Th• Hèriloy fvnd cryisw thé hiltr¥ ¢tss•ls ownd by lh• Tru Ihut orn NJI in th• P•MnI orKlwm•nl. Th¢ Copiknl A%wls Fund cornprise5 Ihfy land and vn•d by th• Tr Ihth in th• p•rrnan•nt As f•Fwd in not• 18 01 h'rarKiol Skhm•rt lh• En¢Sy*mth Fund d inlM•nI PmP•fty h•f ass•ts 1> £49,821,00012024,. £50,OW,o(x)I. OF li9urn obm the Urwiod Totol R•fvrn is £l5,649,OCrt)12024: £17,116,0001 and this I¢Pf•wnts In•1M¢nI gmvth rKIl yd 01101ed ¢Y••r Ihth rntoind in tho Endowrn•nt Furd, 1¢enCe nol• 23 in Finondal sements ond T¢Jol Rotum n¢)to obow. This ligur• is olbcoled inkn Oo%¢gnotsd Funds. Deslgnated funds Ai 31 Ocbber 2025 r•wv•s were: 2025 £,000 2024 £,000 Heriloge lund 15,673 15,467 Capilol ossets fund 32,482 31,760 Insuronce fund 75 75 TOTAL 48.230 47.302 Explanalion ol the designa1 luTr& 15 sh(Th¥77 on nokn 18, The geneml as 0131 October 2025 amounted to E3,47 3,O¢J)12024: £3.117,CMIOI. whd is reljined for day.lothy operolionol odsvilies. which affj oll Ir¢e reJer¥ts. 18
Tritstoas, Annvol lep)n 24/25 Flnancial revlew Rlsk The TrLryloes mointoin o slrategic risk reglstsT thal 1$ k>r •och Bcy)rd rne•tin9. Ih idtniilid kry c<>ncem lor T0•3 in 2024/25 were.. Cashlt(W4 - kJfg•ty r•btsd b the Trusfs linoncial Fknnc• dyring tho or. Changing (knwwhKs - IKI Trust conhnues lo and coniidw ils opp•ol oi o ¥isilot oltr¢Klion as ih• FX)pulotion within lrfcl oreo chaw and ogas. We continuo to tonsi&r our opptrJoch b d•li%riNJ our drik161• obpdi¥w whil• al r•1•1¥3 ollrodi¥• lo viiilorn and oih•r stsk•hoW•rs. R•llarK¢ o hx¢d CO wilh lirnlt•d xxJff•s ol . lor whkh conlinu• lo s••k b r•duce ond nwJn(4e OUT Colt kKAe wrAid1ve. Golng concorn The Tfust has Cons4•robl• fir¢11 rnsour¢•s ond, 0$ o consoqv•nc•, lh• Trus b•lio¥• ihol Tfusl is w•ll pI¢K•4 lo mono9e its buS1r risks ond occcrfdingly o rposonoble eMpectolTrGYb Ihol TNSI odegu resources to Contin In op•rol*onol existCe lor al leost 12 monihs lffjm the do lh¢ linorKiol m•nls ort signed. Acctydingfy, th• T$10•$ ¢oftlinu• b ad¢pt the goin9 corK¢m bosis in weporirs th• 4nnwil and linoncial 5knknmènls. 19
Tr. ArthLd ReKOrt 24/25 Structurei governance & management Constltution Richa 5huttltr R•fflemlyonc• ITh• T,1. Tnjsl reg43trolioTr nufflb•f 307534, on 20 April 1944 urrtkn a de•d ol frust •xKuhd Mrs Dorothy Clolildo shu1•wOk as o rngisl•r TNSI in momory ol son. Ormond• Shurtl•worth, who di•d ift 1940 wh¢lsl seNng ifi Ihe RAF. Th• islee ol Th• Richord Shumleworth RernornbTonc• Trusl is 'Rthrd Shultlevrt)rth Trvsl••s' IRST), o Compony Limitsd fy G•• ord olso o rngistred Tr. Th• olhcefs ord prolwionol disws d th• Trusl orn doCuMend on puge l. Th• Grcm) includes o subsidiory ldt4 cryrry, Old Worden Limiknd ICY¥VLI. The shorn in ONL is held RST bul as nomin•e lof Ihe Trust, Boih the Trust and OWL shoo thè common pJfenl in 1ST. Thè Trusfee hos &erwl Ihat the Trust exerts c1 ond ssnilicanl inHyenc• w OWL Und ording1 these 9111 o ¢ons0lidod togeth•f. Trustees Th• TrUee5 of Richad Shuwlvworth TnJsteo5 la wmpoThi limiknl GLKJTqnle• and oljo the dirn(I ol Ihe chor4k>ble compony lor Ihe FWfPQ393 ol romFXJlry lawl in olh'ce duiing the ywr and al Ihe dthe of Signiry 05 lo11., T. P. R(1$ J. Br( R. Boilry Vixounl Cobhom P. J. A. Coop E. A. Dws S. Gofdn C Griffit A. Horr Princ•ss Hoh•n M. Johnyon . Gfol WoldbAJrg.Wolhgg C L S. lI)re0d T¢¢3 ol RST afe opintsd ogrwrn•nl ol th¢ Kll Bood ol ond shall b• oppoind lor o pvr ol ihffje ywrs lo Iwml. Tw$1¢ shall s¢Th m¢y• Ihan lour cons•cuti¥• lernis but or• lor wwppoinlment oher lh¢ expiry of yeors lh• dots d lh• rnlthrnt relirem•nt. New TTuslees urn Pded with on indudion pock b ocquoini IhEm with ihè hisw ol the Tr ond its obje(libY5. a made 0¥4YJre ol Iheii re5pon5ibililie5 and Wlded with COP ol the Tn Comffli5510nw5' gvidonc• on lh• r•swsibilitiw of o truskn•. Th• Trystses m¥ thrM lin$ as a full Boof4 in th• y•af •Trd 31 Ocbber 2024. All Trysleos gi OF their limtr fv••ly ond no Trustee5' rnmunerolion wos poid in Iho Yr. D¢loils of Tw5kn¢5' exponses and relad Fxjty Iran5actions orè disclosed in nolè 26 b the hr)onciol Stern•n1s. Twsl••s arn rwtsired kn disclos• oll fol0nI inl•T•sts ond ryislw Ih•rn with lh• sou•kJry lo the Trvsl ond in OCCOfdanc• wilh Trurfs Policy Tryihdrtyw llom d•cisKKts o conAid ol ifitwest Ofbses. 20
Try8J' Anrwl ReFKJd 24/25 Structurei governance & management Organisalion y to doy $up•r¥isicffj ol th• Tnhl t5 und•rtok•n ltyjr Commillm which orn r•¥>wsibl• to lh• ffloin )rd of Truskn•s. Each commitlo• has ils own l•rms ol rntsr•nc• ord comprims a r¥umb•r ol the TnJsl••s ond oth•f coop1 m•mlx•rs lor thir •xp•rfise in Ihol $ph•r• ol OFrfilion. Th•s¥ ccmnmillees m•81 ¢x o r•gular basis throughoui Ihts y•or lo ouihoTiSè odivlli•J and PendI1VI•S ond b mak8 mcommd0110Tr1 b Ihe rnoin Boofd WKl•f consid$r1. Tr15 ore Ire• lo otl•nd ony mg4ling t wish. Flnonce. Personnel & General Purposes Commltte• M•mb•rthip.' C. Griffiths Ichtsirl Viscovni Cobhgm P. J. A. Cow IResign•d TnTrskn•- 27 Augu 20241 M. JOhnOn T. P. Routsii Horries E.A.Do R. Bailey R. Gful Vlaldw0Utyg Estate Commltte• Mwnbwship". E. A. Oavie5 Ichairl P. J. A. (Re591 as TN5h•. 27 Augu 20241 R. Diggle Icowedl S. Gordnor A. Horri Pri8$$ Hohenloh• M. John510 C. E. S. Whiibr•ad T. P. Routsls EducaNon & Research Commltle• M•mbershiP.' M. Johnston {Choirl R. 80iley E. A. Dovi S. Godner R. Graf waldbuW¢1¢g9 In oddition, the is o Nominalion Cornmitlee lo consider Ihe oppoinlmonl ol new Trust ond mefflbefship ol Trvst Commillees. Thern orn also wrious sub<ommrtkns lof SPKFFIC purpoms. indudirKJ on Inveslrnnl Ccrfnmillee ond o dedicad Heolth & Sokny G)mmile•. Doy to monogemonl ol the Tru is delegotsd to o senior m(5nogement IBOM. The bttjl costs cl the W Manog•rnI P•rsonnd is discksad in nots 10 ol Ihe Finonclol Sialements and lh salaTi•S orè s•t ben¢hrnorkir#J 090i4W mork rotss. 21
Tr. ArthLd ReKOrt 24/25 Structurei governance & management Trvstees. rnsponsibllilies statement Trusbjm ore rnjwsie Iof pr•poriThJ th InAl. Annuol R•wl ard th• linafwl in occrydanc• with opplicoblo and Unied Kingdom Accojnling snd05 IUni•d Kingdoffl G•nerally Actewd Accounling Proc•1, including FIS I2 'Th• Fimncial R•porting Sbndurd ¢wplicobl• in th• UK nd Rowblic ol Irdond The low OFpli¢oble to ¢horties in Engbfd und Woles lh¢ TnJsle¢s lo Prep0 linonclol S•m¢nts lor •och liThJrKioI which gfft ts tr ond loir view ol Ihe slole ol ofloirs d Ihe Tn1 ol the incoming resource5 ofKI applicgllon ol r(e$ ol the kf thd pericd. In preFaring Ihese financiol oI¢m?s, Iho rnquirnd kn: l•d suikJbl• o¢cntil¥4 policim ond then gpply th?m CL1 obs•rvè th• mothds and principles in the Chorits SORP,. • 11ke Iagments ond eslimotes tkni are recnable ond pwdenl,. stak thetheT opplicoble accounlin9 standards have L Follow•d,. and prepaTe the linanciol stalenlts on Ihe 90ing conc•m l13 unless il 13 irKppwt• k> pr•surne Ihe TnBI will tmlinue in bvsino3. Th• or• r•spcMNlbh hr k•y'ng prcpr OccnI• r•cord$ thal diKkM wilh rw50nal)l• occurocy ol ony lime Ihe lin(lo1 posi1rt ol th• TnJsl ond •rtoble them lo •rtsur• thol linoncial Jlolemènts corn wilh th• Chorili•s ki 2011. lh• IAcctyJTrts ond R•porlJl R•gulolions 2¢JJ8 and Iho PfOViSiOrnS ol lh• IN Th• Trusl••s orn al30 r•snsIbl0 lor soF•9uording th• aswls ol the Tnmt ond hnc• Iw loking r•ownobh krf lh• prnv•filion and dol•clion d lffjvd ond oih•f irr•9uboriliw. Thv Tr0•$ It¥n51b1• lor lh• nwjin1erD(e ond intryrity ol Ihe Tru51 ond Arncial inlornithion Inded ¢Yb th TrU'S w¢bs1. L¢9iskJiM)r in the Unitsd Kingdtyn g¢Mmbng Ihe preporolion ond dimeminoliw ol Ibnonciol sl¢m diller Iroffl h9islthion in 1urixliclic. Dlsclosvr• E(Kh ol th• p•rJ¢)n$ arn Trust••s d th• lim• wh•n this Tw5tws' R•wl li opwoThl hoi cwlirrn•d thth: $0 lor <M Ihol Twsl•¢ is o¥h•rn, Ih•r• li no r•lvffjnl 0th4t inhyfflthbon ol which th• chorttsl4• gmup'j oudiiors or• unowor•,' and • ond H1 Twst•• hos lok•n oll th• s tht oughi b h¢M b• 0$ o TnAl•• in crfd•r lo be ol any rnltrffjnt audil inlorrMlion ond to •stoblith Ihol th• cknritobl• gff)LP'S oudilcKs ore of Ihot iTrbrir4Jlion. Apwo¥ed by order ol Ihe members ol Ihe Ird ol Tryslees ond sigTh•d on the'br belboll by.. T. P. Il•ul•l• chos0 Dole.. 5 May 2026 22
Try8J' Anrwl ReFKJd 24/25 Independent audllors. report to the members of the Rlchard Ormonde Shuttleworth Remembrance Trust Oplnlon Wo ow4itd Ih• li31 of Th• RiC1[d Shuffiknh R•m•rnbronc• Tru lihe 'por•nl chority'l ond ils $4J6sidiorh•s lih• 'wp'l lor lh• yor ondd 31 Ocbbw 2025 which c¢%npris• ihe ConsdKlotsd sMen1 ol FitY)NcoI A£li¥iti•s, Ih Consolbdoted Bok)nc• Sh, Iho Trvsi Bolanc• Shoth, Ihe Consdidaled S3t•monl ol Cosh Flows ond th• rdotod notes, inCIlIng o Jummory ol signiliconl ¢xcounling pdi¢i•s. The h'nonciol rw)orling Irom¢%th thol b•gn ¢ppli•d in thth"f preporolion is oppli¢o619 low OTh Uniknl Kin9dom Accounling Si)n&bds, irKluding Finonciol Reporting Stondurd 102 'Th¢ Fin¢nciol Reporti Snd0rd applKabh in the UK ¢Jnd R•public of Ir•iond' Kirydom G•n•ffjlly kc¢pknd Accounli Praclicel. The linoncial stsments htr4• beth prewred IN octodance thounlin9 and ReporNng ChoriFs prepariry their occovnts in occothnce wilh lhe Financiol Reporting Sndards applicoble in the UK ond Ropvblic ol lrnlond IFRS 1021 in w•hr•nc• ID tkn Accovnling orKI R•wliry Chorili•s.' stulem• ol Recommwthd Pr(1¢? <>n l Aprbl 21x15 which li rnI•ft b IN thtr tNk>nl rngukth$ kni has b••n This has Een in order accounts lo provide o twe ond kjir vivw in accorda6 Wbih Ihe G•n•ml kced Accounling Pnjclice elhclNe for reporting b¢ginning or oftQf l January 2015. In our opinion linonciol 5talem•nts: gi a Irne ond loir vitr ol lh• al lh• Group'i ond el Iho par•rf charily' offoin al th 31 Ocb•r 2025 QIMI ol th• GI(P.$ ifKoming rKourc•5 ond OPFAicalitin ol npsourc•5. including its incorm and •xp•nditvr• lof th• y•af Ih•n •ndod.. . b••n prowfy pv•purnd in accordonc• Ath Unil•d Kirgdoffl G•n•rn Accwd cotIng Pr¢di¢•' ond . b••n In txccrfdonc• wrth r•wir•m•nts ol Chorili•s Ad 2011. Basls for oplnlon Wo corductsd I1 oudil in ¢0(danCe wilh Inlwnoli¢nol Stsrthrds w Auditiry IUKI IISAs IUKII ond opplicoble low. Ovr PS1MIll$ under Ihose Snd0rd5 orn lurther described in the Audilors, respon5ibililvdS for the ovdii ol the Iinonciol se¢lion ol Ouf report. We ore indewthnl ol the Group in occordonce wilh ethicol wuirements thoi ole relenI lo tyji avdil ol hr1)I slglemerts in Iho Uniknl Kingdryn, in¢lvdin9 Ihe Financial Rep¢yling Council's Ethicol Sbndtsrd, OTh4 V• ho Fvllilled our dhef thicol SponSI,11•I in occordonce with Ih¢se requirenlI. We 11¢ that th¢ ovdil eidence hove o&oined is svthoMI ond oppwriakn to wovd• o bosis lor our Inion. Concluslon rnlatlng lo golng concern In 04111n9 Ihè linonoal tsrNts, w• concl4•d Ihol th• T(ust•' use ol ccYK•m trx)sis of (CntIng in the of th• finufKial sJlern•nls is oppwth. B(Md on Ihe • h(Mi pwlorm4 wp have idenhhed any muterial •rtainl1&S to Vffibts or Condilions thi, irdividuolly ty coilKt¢vefy, moy cost Si9nihconl on lh& GftyJP'S or p)rnnl chority's obility lo conlinv• os 0 9tyng cx•rn hr a OF d l•ast nM)nlhs wh•n lh• liftonoal slol•monts art authorid lor issu•. Our rnswnslbi1sl ord rnswn$ib¢litith of th• TnJ•s with k> 90iNJ C(x)c•m arn dibd in th• rel1 seclions ol this roFQrt. 23
Tr. ArthLd ReKOrt 24/25
Independent audllors. report to the members of the
Rlchard Ormonde Shuttleworth Remembrance Trust
Other Inforniallon
inlornithion CC#fPfTra inknthion irdth4•d in Annvol Rep cAher Ihan lirlonciol
slof•m•nls ond 1 Auditors, RO Ih•rnM. The Trusl••s Of• reswsibl• For oth•f inf0mtion conloin•d
within th• Annuol Rtrport. Chjr opinMM on Ihe lirhonciol slol•m•nts does nol cthr th• oihtrr inltrmolim and,
•xcopt b Ihe extent oiherwise explicify skjled in Ouf report, w• do nol express orry lorni 01055uronc•
condvsim thefwn. Ovr fesponsi&'lity is to reod the tnltymth1 ord, in doing $0, considr wh¢thrff th•
inkrmoli¢n bs ffiobriolTry Inc5151¢nI wilh Ihe linon¢ol slolemonts or our knowl•dg• ¢)bbifd in th•
coulse ol ovdil, or appeots lo be motefiolly misslolgd. 11 denlify such rnoleriol
inccwtsislen¢ie5 or gpparent mOrIg1 misslotements, we ore wvired to detw¥nir ¥Akn this rlse lo o
nthrial rnisslolernenl in Ihe linoncial skntsments IhemselbY5. 11, ko5ed on Ihe Trxyk wtr ha pwlormed, ¥&
Try8J' Anrwl ReFKJd 24/25
Independent audllors. report to the members of the
Rlchard Ormonde Shuttleworth Remembrance Trust
Audilors. rn5ponsiblllties for the audit of the financlal statements
W• b••n opwirknd 05 aLdilor urdef wdion 15101 ih• Cknrili•s Ad 2011 ond report in occordon
wilh lh• Act ond relenI rngvl0li0 mod• Of knin9 •FF•d Ih•(wnd•f.
Our obi•dhs er• b o&oin Mos>1 osiuroncè <A)OLrt whdhr ih linonciol 0$ o orn fr••
Irrth mottriol misslohmenl, whethef dw lo Ivd or error, ond lo issu• on Audilcrfs, R¢port ihol Includ our
opini. oMun)nce is o hi9h Iml ol ossuron¢e, bvl Ss nol o guoffjnfee Ihol on ¢vdil Condted in
0¢¢dnCe wilh ISA5 IUKI will ow deted o motefiol misstoloml wknn il exisls. Miss+01ertts Con orise
Irckn Irovd or orror ond are considtrred moleriol tsl, irdividuolty or in th• oggregale, Ily could oas¢lblY be
•xpeclod lo inlluthKe the •c(yMiC dKi5i¢#N ol usm en orn th? bosii al Ihese linontiol
lry•guks1ilie% indydiry Iroud. om iwlon¢•s al rw¢ynplon¢? wilh laws ond W• &sign
rx•dvf•s lft lin• wilh ¢)Vf r•sp)nsibiliIs, oudin•d ab, to d•t¢d fflol•rial miMlot•m•nts in of
Imgvlarities, iludi[¥ ITDud. The exknt thich our procedures or capoble ol det¢ding irftgulurili•s,
includbng Iroud is dthailed below.. Our appffjach b identi"9 arml 05Mssiry the ri5k5 01 maerial fflisstralem•nl
in rnsped ol iryulorilies, induding Iravd and non<ompliance with Iow5 rogUklS, as lo11..
the en9Qgthment portner ensured Ihal the engcygment l•Jrn cdIec1Ne hod the oppropriale com[,
copobililies and skills to idenlity Of rKo9nise Tr)n
Tr. ArthLd ReKOrt 24/25
Independent audllors. report to the members of the
Rlchard Ormonde Shuttleworth Remembrance Trust
Auditors. rn5ponsiblllties for the audit of the financlal statements
(contlnued)
As o resvli ol Ihe ab¢ risk Ossessment prc
Try8J' Anrwl ReFKJd 24/25 Independent audllors. report to the members of the Rlchard Ormonde Shuttleworth Remembrance Trust Use of our report This r•porl is mode sol•ty b th• cknrily's trus 0$ o bo, in occtydorK• with Port 4 Charili (Accounts ond R•ptytsl Regulolionj 2008. Our avdii hos been und•rtok•n thol Mh1 stol• kn th• chority's trusw Ihtsse motl•ts we or r•qureèd b stol• to thm in an Avdilors, Reporl and lor no thhèr 11p. To Ihe hJI1 extent pwmiNod by ltyrf, do nol occepl ctssum• rnsporniEM'lily lo onw oth•r thon chority ond its Iruslew. 05 0 bo*, lor our uudil th for ihis f•POrt, or lor lh• ¢ptnions Forn)•d. PEM Avdll Llmh•d Registeied ouditoi Solisbury Hwse Stolion Rood Combridge C87 2L4 Dakn.. 5 May 2026 PEM Awlil LSrniknd or• di9ikA• lo od awlith In l•rnw ol s•ctkn 1212 01 th• C¢ynponl Act 2006. 27
Tr. ArthLd ReKOrt 24/25 Consolldated stalemenl of flnanclal actlvltles for the year ended 31 October 2025 Unr•slrlctsd R•¥trlrtpd Endmvmenl Toknl lunds 2025 lundi 2025 fi•ndi 2025 202S £000 Tobl hJnd$ 2024 Nol• INCOME & ENDOWMENTS FROM: 59 1.512 423 482 1.512 2.165 1670 333 1,234 2.049 2.468 Choritobkn ocliyili her lrtMlin9 adivlll In*¥menls 993 202 1.475 TOTAL INCOME & ENDOWMENTS 4,729 625 1,475 6,829 6.084 EXPENDITURE ON: Roisiry lunds Choribbl• oclivili 2,250 3.309 46 336 510 1812 3.643 2.514 3.449 TOTAL EXPENDITURE 382 516 0.437 5,903 NET (EXPENDITURE)/ INCOME (830) 243 959 372 N•1 90141$ Oh Imioshmn 128 219 189 536 2,328 NET (EXPeNDITURE)/ INCOME (702> 462 908 2,449 Tfonsl•rn bo lur 18 1.927 11,927) NET MOVEMENT IN FUNDS 1.225 402 (779) 908 2,449 RECONCIUATION OF FUNDS: Totol lund$ brou9kn lorwafd Nel mov•m•nl in 50.419 1.225 50.61)0 (779> 105.153 908 102.704 2.449 462 TOTAL FUNDS CARRIED FORWARD 51.644 4.590 49.821 106.061 105,153 The C<xwlldod Siot¢wni ol FirK¥nciol Aclivilies IfKkJdes oll ggins 01 k)sse¥ 091¥ed in the yeor. on pow 32 b 59 Iofffl Port ol lh¢ lir<i01 28
Try*8J' Anrwl ReFKJd 24/25 Consolldated balance sheet as at 31 October 2025 2025 £000 2024 No FIXED ASSETS Tongibk) oss•ts Hw7109o ass•h IlwMen11 InVlMOn1 wopoty io 5.329 20,173 7.051 72.476 5,426 19.968 6.585 72.436 105.029 104,415 CURRENT ASSETS Skxks 76 1,371 1491 64 1.030 1,991 Cosh oi bonk ard in hond 3,938 3,091 Cr•dstorn: Ornnts Idliry du• to within on• y•or 10 11.888) 11,2821 NET CURRENT (UABILmES)/ ASSETS ojo 1,809 Cf•diloTh'. ornovnts Iglling du• nMx• iknn w• (1.017) 17,0711 TOTAL NIT ASSETS 106.002 105,153 CHARITY FUNDS Endowrnefht lundb Retrided Ivnd5 49.B21 4.597 31.644 50,6QJ 4,134 50,419 TOTAL FUNDS 106,062 105,153 Thè slolernents wern ov0d for issu• by the Tnth ond sgn•d On Iheir behom ,, T. P. R•vls1• Trvslee Dok.. 5 May 2026 Th¢ notss on po9e5 32 kn 59 form port ol theje linanciol 5MInts.
Tr. ArthLd ReKOrt 24/25 Trust balance sheet as at 31 October 2025 2025 £000 2024 £oco N•1• FIXED ASSETS Ton9iblo osselj io 5.329 20.173 7.201 72.470 5.420 19.908 6,735 72.436 In¥•strr•rhts InVlmen1 WOP•fty 105,179 104.565 CURRENT ASSETS Stocks 14 15 12 931 .753 1.300 2.326 Cosh ol l>onk and In knnd 3.633 2.096 Cr•dilorJ: amounli folling du• lo within or*• y•or 16 (1,777) 11,0821 NET CURRENT (LIABILmES)/ ASSETS 1,836 1,614 Credikys: frJllin9 d aFt•r ftrn thon om 17 (1,017) 11,0711 TOTAL NET ASSETS 106.018 105.108 CHARITY FUNDS Endowmerf lunds Re5lricd hjds Unreslri(Jed hnds 18 18 18 49.821 4.598 51,$99 50,480 4,088 50,540 TOTAL FUNDS 100,018 105,108 Thè slolernents wern ov0d for issu• by the Tnth ond sgn•d On Iheir behom ,, rism foOsiS T. P. R•vls1• Trvslee Dok.. 5 May 2026 Th¢ notss on po9e5 32 kn 59 form port ol theje linanciol 5MInts. 30
Try*8J' Anrwl ReFKJd 24/25 Consolldaled statement of cash flows for the year ended 31 October 2025 2025 £000 X124 £000 CASH FLOWS FROM OPERATING ACTNMES Nel Cosh used in opwuling ts¢livilies (1.844) 12,1591 CASH FLOW5 FROM INVESTING ACTIVITIES "vrflendi, inleiests ond rnnls Irom invwlmvnls Purch(M ol tangible Ibxed assels Nel mtrrfmenl ol invtslmenlj 2.670 1257) 2,468 13521 11021 NET CASH PROVIDED BY INVESTING AcrnimES 2.398 1014 CASH FLOWS FROM FINANaNG ACTNMES rnpuymtrrlts ol bryio¥wing 1501 NET CASH USED IN FINANCING ACTIVITIES (Jo) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR soo 1,991 (193) 2.186 C05h ond cosh •quivol•ftts b•giNning OF I y• CASH AND CASH EQUIVAIENTS AT THE END OF THE YEAR 2.491 31
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles 1. l Basls of preporatlon of flnanclal statements Th• linancial stolem•nls ho%• b8•n pr•paf•d in 0¢¢0¢8 with tho chari11 SORP IFRS I O?1 h£¢ounlir43 ond R•porfin9 ChorilS.. Siolèfft•nt ol R•comffl•nd•d Pro¢lic• opp1K0b lo chofilies Pfapofin9 Ih•ir cK¢Al3 in occtydon¢• wilh the Finonciol Reporting Siondord opplKobl• in lh• UK ond Republic Ir•lond IFRS 1021 Second •dItI Odob•r 2019 l•ll•di¥• JonLKlry 20191. the Financbol RewlitVJ Siondord opplKabh in lh• UK ond Rowblic ol 1rnlo IFRS 1021 ond th• Chorili•s ki 2011. Th• linorthl stul¥m•nts haw bBen PpOrtd lo gr¥n o 'tru• ond Ivir vithy ond deported kom lh• ClnI}eS IAccounts ond Rerts> IleguSoli> 2¢yJ8 only Ihe exl•nl r¢quir•d b pffjvido o 'lwe ond fair, ¥iv. This departure hos in¥oked lollowin9 ihe Charilies SORP IFRS 1021 Publish in Odober 2019 Tdher Ihon the AcctyJnlin9 ond ReFvliry Chorili•5.' Stulerneni ol R•COm¢Tnded PdIce InJm l April 2005 taith n(0 Ixen wiilMlrqAn. Th• Richod OrThKMd• Sh4th1tworih R•mwn6eonc• TrLtyI m•811 th• d•hnilion ol o public bor.1 •ntty under FRS 102. As2¢15 ond liabili1% or• Initial recogniwd oi hIC01 CO or Val unl•Js h•rwlsè sloknl In th• r•l•¥anl I)Ounting poIKy. Th• Stoknnenl ol Financiol Adivilies ISOFAI and Balonce Sheth conwli&Jts Iho hnancial slolernen15 of th• Tnjsl and 115 sisler troding cornry Old Ward•n Limibd IOWLI. rnco9niiing lh• sUbSnc0 01 th• Irons¢Ktion 0$ 0 gvtssl.su6sidry. Boih •nlilseJ shor• o comrn por•nl in RKhord Shultlw£rth TruslM4 0 compony limiknd 9uoffjrts•. Th• Trv¥•es dom•d Ihot th• Tr1 •wls £r01 ond siwihcoA inluthK• ry•r OWL No s•pmte SOFA kns Ix•n Pf•Wnt•J fof th• ol P•fmiMDd th• gpplicabkn r•gvkAion$ In Chori% YJRP. In hJTras For th• TNSI alom lor Ilw y•or V*Vi £91 Ok w1p1l2024.. £2,449k surpluil. 1.2 Golng ¢on¢•rn Th• Tru$1 hos ctsmideffjble linonciol re1cm ond os o c¢)ns•wnce, tkn Trust b•lhy4e Ihoi th• Twusl li well phc•d kn monoge its buJin•ss risks svCC•sshJl ond accordingly hos o ISOnable exFxdul ihal tho Trvst has adequale r•sourc•J lo continuo in 0rollOn0] existenco for al leosl 12 months From Ihe do th• linoncl SIOknn ore signed. According. th• Trn$15 continue k> odov lh• going conc•rn ljasis in pryiring th• annual r•port and linandal th>tthih. 32
Try8J' Anrwl ReFKJd 24/25
Notes to Ihe flnanclal statements for the year ended
31 October 2025
l .Accounllng pollcles (contlnued)
1.3 Income
All incorn• is rnCO9nbsed once Ihè Trwl kns en11tm•nI lo incorn•. il Is probobh Ihe incoffle will b•
recei¥d ord Ihfj amtyJAI ol IrKome can be meosut•d r•liobty.
Volunlory Iorn wilh or wiihtyJt dlY impos¢d OstridN$ or• rKcgniJ•d in Ihe SkJlem•rtt of Fifionod
Adivilios then th¢ Tru is •n11 k) it, incorn• is felolmd within Ihe R¢slricknd vnlil
svch hm• tkni il is uhlisth4 in line with such rrI¢l. oi wthich p>nl Ihe inc¢m• hs okns•d to g•n•ral
r•wv•s Ihrtwgh o tronil•r.
For Wi•5, •nlidèm•nt is lok•n oi the •odiw ol Ihtr doh on &ich •ither. lh• TnAt li tr4¥01• pn>b(rt•
h05 been 9Ton&, the e5tats h05 been linoli%d and rbOtihcthvJn IKn bBen r7KKle by Ihe executs(sl lo the
Trusl thal o dislritwlion will be rTKxle, or tkn a di51rbbuion is cell Irom the eslole. leceipl ol a
cy, whol• or in port, is only c¢)nsKhred probable om¢)vnl con be meosured rt1b ond I
Trusl hos bn nolili ol tho ex1,5 int•ntion lo make a distribution. Whw k90c b•
notilied th• Tr, or Iho Trusl i (rT0 ol Iho granlbng ol proEots, ond ihe crilerio for inc¢xhè rncognilion
h¢yv• b••n m•1, Ih•n th• Wcy li ITe01 a £tlIng•nI assol and di5cloMd il rnol•riol.
No Offl orn indth in th• linoKiol Jtoknrt thnl••rK
DcyJtsd Iwd ojs•ts orn Msur1d ot loir unt•Js il is lffyoclicol 19 m•Dsur• Ihii di. in which
cosè Il cosi ol lh• ilern to d(Or sh¢xkl us•d. Thé 9osn Is r•co9niI os income lffjrn donoli¢y
ond a Corresp19 omounl is included In the oppropriole li¥ed ossel ckm and d•prncthd th•
sdul •c
Tr. ArthLd ReKOrt 24/25
Notes to Ihe flnanclal statements for the year ended
31 October 2025
l .Accounllng pollcles (contlnued)
1.4 Expendlture
Expèndilure is r•ccgnised once 1hÈ ts 018901 or cons1fud1 obligalion lo Iffjnsler •conomi¢ knolil lo o
third p)rty, il is proboblv o Ifonskn ol economic b•ndils 11 b• requir•d in sdilèmenl orrfl Ihe omounl
ol th• obtigoi¢)n con bo m8osur¢d r•lh?bly. EXF11 is clossili•d by ocli¥ily. Th¢ costs ol •oth odivily
or• mod• up ol lh• i¢Yol ol dirfd cosls ond shor•d costs. inclvdin9 SUPPOrt cosls inth•d in vnd•rtokin9
•och odmty, Dirod costs ol1rib0b b o s¥n91¢ oclwvity orn alkK¢)tod diiedty lo Ihol odivlty. Sknred ¢0
whKh ¢"bv lo morn ihon ong odNIty ond svpwl msls whith orn nol ottribvt¢blv lo o single ¢Xtivity
ore opp)rf?cA)od thw octivities on o1>)5is ¢onsiJl•nl wilh ihe us• ol rnsour¢•s. Cenlffjl stoll costs
ore allo¢otsd th• basis ol limq ip•nl. ond deprnciuIw chDrg•5 oIIDcatsd on lh• portion ol th• 0$,%
FUnd•s1n9 cosIJ OT• Iho incurred in geeking ¥Y)luntary contributions and do not include the costs 01
dIsmInalIng ol Infrymolion $upport ol choritoble octivities. Supporl cojls orn ctxls irKvN
dirnth in SUP ol oxwdilur8 on objoctrs ol the Tr ond irKlud• proj•d fflono9•m•nl comed oul ot
Heodquortt15. G
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.6 Tanglble flxed assets & depreclatlon (contlnued) Tan9ibl¢ l¢x•4 ¢)ssets ar• corried al cost, Mt ol deprnciolion ond ory prtrision lor ifflpjtftrnnl. D¢prKlOn is wid•d ot ffj18s ¢okul¢tsd lo Wri OH Iht ccdt ol ltyod assets. Ih•ii eslim0d rnsthl ¥olu¢ o¥er Ihebf •XFdd liws on th• following I1$.. Fr••knkl brKI ond propthy depffjcic dher Ihon 25 yeors lin• Plorf ard fflochin•ry 10.33% on cojt Th• In$111¢Y11 orrong•ffl•nts ol FRSIO? ulilis•d to o(W th• hhold wopwty ¥alUgli os ils d••m•d cosl. subs•qLlI addili¢wbs b Ir••hold lond ond PfOP•ffy or• W ol COO. 1. 7 Herltage assets Herilop a$ts ar• indwlod ol lh• Truslw's ¥oluoll is o proxy lor cosl. Any addl11cb or disFAxal$ or• rncord•d in th• y•or Ihth OCCUf al cost. th•r• wll b• no polKy of rvffjluin9 ouols, although irnpoirrn•nl is consbd•r•d onnuolly. A r•9iSt•¢ ol oll hdd th• Trust is <woilobS• 01 the Ih•rnkw or• occ•uible lo tho wblic wilh 0gr••ff•nl. H•ritrog• 05 arn lo b• hdd lof th• lornw•obt• Ir•. 1.8 Investments Pix¢d osw inNstments or o lorm ol Pinonciol Inslrvm•nl ord ¢Jrt in1liol ffj¢¢9nised d IlT lffjnsocllon cl ond subsequenfy measured ai fair ¥olue th the Bolonce Shed dole, unkn the volw connot be m•osur•d rdiobly in wthich cow 51 is mfjo$u& d co41¢ss impoimwil. Imwlrnenl goins and l¢)sw, whher f¢oli5•4 or unwlis¢d, orn comkn'rd ond pr•tsd w 'G¢l(lo$Sl w Irhth, in th• Consolthted Siolemenl ol FinarKial knilws. Irrrtsthith)ts in w6sKlioriM orn volu•d th cosl Pn*iSN)n lor imp01ml. ImYskn•nts h•ld gs lix•d 053 or• thown Iws provision k)r impoimi•nt,
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 9 Revaluatlons of Inveslments Inwslm•nts include prop•ty ond quoid iTrffjsln ond or• odminisknrnd und•r o Totsl R•hJm Approoth lo in¥eslmenl. Th• Tru hos odw•d th rtroluoli¢)A mod¢1 ts r•¥olu• wop•ili6s how k)r sn%slm¢ni loif ¥nlue con meosvrnd rnliably. Th• te¥oluthioAs shtill fflodv with svlh'ci¢nl ffjgvlofity to Msur• th th¢ carrwry movnl does nol dillef mot•riolly Irorn thol would bv dolermined vsin9 loir ¥olw ol iht end ol the r•porting h•r or• onnu01 lo op•n mork•l ¥olu•. Th• potiry in d in¥wtTnth %urptuw i¥ 05 lolhm: Any irKrno or d•cf•O in lh• ¥olu• cd lh• inwslm•nts and th n•t incoff is crndil or d•Eol•d lo ikn endowrneni lund, bBing Includ in th• Unopplied yo1 R4vm.' The Unappliqd Tdol R•tum is subpd kn o twDnsf•r lo ptrmtsnenl •nd(ywm•nl in rnsped of o Jurn athhorised by ihe 8cod d the Tru5t•e. The cumultstiN rote usod in Ihose 51olemènls li 3%. The tTonsler is designed to moinlain Iho rool %YJlue d Ihe Tnjsl's eTrdowrn•nl,' A lurth•i tronsler is mode g•n•rol r•wrves in res <11 Ihe 'sF•ndin9 rvle, In excordgnce with th• Chatily C¢MiSsion T¢)ol R•lurn Order. Th• ralo applied in th• h'nonciol sthm•nh is 4% 01 lh• ¢r4fo9• in¥tthn•At bolonc• lor lh• prnc•dir8 IN• y•0 1. 10 Investment property Irh51merrt properl•s orn inc14Klod at lair ¥Y¥lue ond Ihe oggffjole surplus (w deficit is trffjnskrred End¢Jwrnenl Reser¥s. A lorrnal VDluation 15 perlonned ct ieost v4ery 3 yeor5 lor comrnerciol prcperti•5 atyj 5 for ruKlenliol propertie5. For Ihe inlerveniry ywJr5, ryional ylelds publi5h•d third party ¥Jech7lis15 sh 05 Knigkn Fronk of S(Nilh ore used as the bosii ol the %yl¢Jation ol the PPerIbe5. Ihe Trusl8e5 may request a lonnol bYJlLKJtion in the infwlIng yeor5 $Ild it dwm•d nKwJory. Th• lasi lorn1 lat10n wos corriod by Robinson Hall 05 0131 0¢be1 2023. 1.11 Stocks 5iocks orn ol Ih lower ol CO ond n81 r•oliwbh w)lu• ohr mokin9 ollmrK• lor 06sol•te ond $Itn¢4)ng . Cosl iAdLth oll dsrncl cojls ond on oppropriol• woptylion ol hx¢d orrfl ¥OfioUe 1. 12 Debtors Trode ond other d•6k¥s orn rncognised ol tF#) settlemnl omount aft•¢ ony lffjde dixounl ollernd. PoFwnw15 0 valued oi the aft11 pppod ol ony lffJde disc¢vnts due, 1.13 Cash at bank & In hond Cosh al knnk ond in hand includu c05h and $h(Kt4orm hw3hty Itq41id iThwlfflents wilh o short molurity ol Ihrn• mnths or Ims Irom th• dotre ol 0cquisill or oponiry d iho d•posit or sifflilaf acc¢)urt. 36
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 14 Llabllltles & provlslons Liobililigs 010 when is on obligolion ol BahrKe Shod do os a rosuh ol o pasl 4%•71. il is prob)bh Ihol o ImnsFef ol •conornic ben•hi will be rtyuir¢d in s¢Mlom8fit. ond th• omounl ol I settlement con be lm•d r•lb1V. iiokn'liliw Qfe r•ccsnl3od ot the thol th¢ Tn onlKipot¢3 il will pay th• d•& or lh• Onj il kns 1¥¢d 0$ o&¢nced poym?nts lor the or s•rvic•5 il rnvO ptyid•. are meosured th the elMO ol Ihe omouftts required lo the obllgoli. Wh•re lh• el+od ol Il lirne ¥olue ol money is rnateriol, Ihe pnJvision Ss based on the pre5enl Nulve 01 th05e amounh, dtscovnknj al the P.tal dixovrf rrjte thd reAects the risk5 specilK b the liability. The urn¥inding d lh• dixoynk is rKogni¥•d in th• Sthrnent ol fina91 klivili•¥ gj a linon¢• co¥1. 1. 15 Flnanclal Instruments The Gn)up onfy hos liNJDciol ass•ls ond linonciol liabililt•s 01 o kind that quolify th bo5ic knonclol inslrum•nts. Bosic linonciol inslwm8nls arn in1lbol rnc¢9nis•d ol trransodion volu• ond subs•qu•nfy m•o$ur•d ol thty'r s•11ment 1• with •xcWion ol Ixbnk ¥knlch ar• subsoqv• m•owr•d ol omtytis•d CO usiry ihe •ll•diw int•r•5t mhcKI. 1.16 Penslons The Tw51 OP¢fthJ o delined ctythibthh>i pensi¢ ond th• P10 dJe wr•wnts offlounts pu>re by the Trust ts Ihe hjrd in resped ol Ihe ywr. 1.17 Fund a¢counlln9 Gwwal funds uTrr•SlriC lundi or• Cmiilabh for at th dlKf¢tion ol lh• Trusl•M in lurth•ronc• ol g•wal obi•di%Th d th• Tru and which b••n dosignth•d lor oth•r pl•rpo. D•$MJI lundi eompris• unr•slricl OU13 IlxJl ha4 asid• th• Trusw lor FXJrtituk>r purposes. Th• oim a1 vs• ol d8si9rMyknd furd 1$ 3•1 in nakn b th• h'nonciol 5kfvim• Rwlrid•d hjnds ore Ivndj whith orn b b• uJ•d Fn occordonc• *iih sycihc rn5116 iffyty•d by dono whith ho b•en ruis•d Tfust lof particulur pvrpJs•s. Th• costs ol roisiry ond adminisl•ring such nds Of• chory¢d 0901n lh• spooh'c Fund. lh• oim ond uJ• of •¢Kh lund is sel tyJl in th• nc the linoncsol slolements. Endowmnl h1$ ow fvnds WF the bo10K rnu Trld POfrnaft¢nily Tnth, 11 inclvdw gains lffjm th• disposol ond exploilvli¢>n ol Protty ond Ihe rn¥uluotion ol in¥eslmenls ossels. less amounts Ironslwrnd vnder ihe Tdol Rern Pdicy.
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 18 Crltlcal a¢counllng estlmates & areas of ludgement E$lirleS and jud9em•nls orn ccffjIinL1 evoltled ond or• based On hisloricol tMpriwKe ond dhaf lodols. indLdiNJ exp•doll ol hjlure ihol ore bgli•v4d I•0&able undef urcumslonces. The Tn1 mok41 elMot•S ond assvfflplions conc•rnirJ I1•. Th• mvliing accovnling olmO1•S and aUmP11rS will, d•lIniti. ¢quol th• rduled odvol rnsuhs. Th• lMOth ond 05sumptions Ih ho¥p a signihcont risk al cousing o mglerigl Odj4tstrrrt the carying ol ond li1141•5 within t xI h'nancial yaor a di50Jssed bew. Th• lair ¥olu• ol Irwkdd iTrth•nl proporthm d&hmiinod monagem•)I, 0$ 0131 Odobor 2025. on on open mokn knsi5. Th• valuation w05 vndorkjkvn monogMnl Ixmd on iThFThm1 Publi¢d by Ihid poty sp•cialith iuch as Knsht Fnk or S(Thills. Valualion al qtsd in¥thert AnNO1 lh• Trn$1 orn pthid•d with o Ftholio ¥oltn ol its 9Lk)tsd in$•mOn ty lh• Trusl's in¥sm•nl o&4isws Saffjsin ond Portw& thich Ihe TNsl•J d••m lo r•y•s•rt+ th• loir KI1? ol thè hoklin9 th• Ind. H•rifta9• Q40ts Th• Tru,$ orn splil iftto ¢ol•goriM'. Exhibits ot lh• Coll•dicffi ond Poinliny o Arth. 80th ol these ialwies were wjlvad lh8 I51ee8 on l Novambw 207 2 lor £17rn ord £2.5m speCI1¥e1y, The PDinlin95 ond Artdods or• I1Ved y<ery fi¥e yeors PTofessiorKJI 4olLf5, and Ihis li rtrrf1od 09ain$l th• originol ¥olvolbons lor reownaW. With ryords Exhibits Ihw or• not svbj¢cl to profeyKwl volvth40n du¢ lo lh¢ onl•cipot¢d cost vuld be irKurY¢d dve unM4U• nolvr• of I1Th9. 38
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 2.Incorne from donotlons & legacles Unr•strl¢t•d R•sirfrt•d Totol lunds 2023 lunds 2023 lunds 2023 £000 Totsl furKls ?024 Gth old IxlrnisA$ t%%lon$ & legoci Rricl SVAS dOnaA R•e[d Ilorad donolion 54 50 373 104 373 82 175 75 423 482 333 TOTAL 2024 47 286 333 3. Income from charltable acllvltl•s Unr•strf¢t•d Yotol lund 2023 Iwd• 2025 £000 Tdal 2024 A¥lolion & oulomolive troniwl 1,512 1.512 1,234 Tolal Iame receivqd Trn 2025 Irom Charlble acli¥iliu w05 unr111ct•d. 4.Investm•nt Income Unr•sM¢t•d ItMtrkhd fnd•wm•n• Tthl nd 2025 Ivnd* 2025 lund¥ 2023 Iwids 2025 £000 £000 Totsl hJnd$ 2024 Renlal IoM• Dividend inC4yM 825 168 1,475 1430 240 2,289 179 72 202 1,475 2.670 TOTAL 2024 1,388 2,468
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 5.Expendilvre on rnisln9 fvnds Costs of ralslng voluntary Income Unv•thlrt•d R•slrkl•d fndowm•nl T•hl IvD& 2023 lund 2025 Ivnd 2025 lund$ 202S £000 £000 Tolal hjndj 2024 SbH costs Inv•slm•nl ocli¥ili•s TrodSn9 ad1vill (gxd. ikjll costs) Support & goY•rnonc• c*xli 733 334 733 875 730 497 790 381 790 381 317 2,238 497 2.7n 2,508 TOTAL 2024 1,974 38 490 2,508 Trtdin9 c¢)th Ind19 skJH co311 ur• £1.693k12024 . £1,427kl. 6.Inv•stment management costs Unr••trtd•d •s•A<t•a fndowm•nl Totol IvTrd• 2025 lund# 202S lunds 2023 lunds 202J £000 £000 Tdol 15 2024 In¥men1 nk)wem•nl 13 19 34 TOTAL 2024 40
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 7. Analysls of expenditvre by actlvltes A¢ltvhl•s ¥nd•rtok•n Suppart ¢•sts T•hl dlY•dy 2025 2023 lund• 2025 £000 Totsl hJnds 2024 Avialk>n & outlxnolive IrOn¥rt 4r1¢Ulre & btss¢d industry 2.844 306 335 40 119 4179 340 315 124 3.150 494 3,645 3.449 TOTAL 2024 Z977 471 3,448 Analysls of support cosls outomoilv• Agrf¢ulhw• & Gov•rnqN• 2025 land 2025 2023 lunds 2025 £000 £000 Totsl lurth 2024 Siom cc4 Prtmiws c05 OFlice costs Norpf•co¥èrobh VAT Pdessionol l••s TnJ51eD costs 122 197 15 54 184 197 08 159 97 30 23 39 39 40 335 119 494 471 TOTAL 2024 307 124 471 Th• basis kr ollocotirs supptyl costs kn difleMI txlivilies is done on o percenloge l)osis. 8.Audltors' renumeratlon audilm, rnmUn•ralrt an*nts lo on auditor l•a d £39.03012024 . £36.7501, ord non0411 vic•$ 01 £7.90512024 . £7,675). 41
Tn' Annuol W 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 9. StaH cost$ Gv•up 2025 Group 20?4 2025 £000 2024 £c(Jo Wop$ & solo¥i•¥ Sociol CurIty cosls Cthef pensbons CLX 2,010 177 147 1,755 120 119 1.434 177 147 1,148 126 119 1.758 1.393 rin9 the th• Chorlty Intury radundoncy toth ol £NII12(r24 . £23kl. Th• redundancy cosh to q rnslnxturiry ol slF. Th• &undonry co1 were Irom uni•thidd Iufmh. Th• nvmb•f ol Perw •mploy•d th• Tft durfng th• y•ar was os follm,. Grovp 2025 Group 2024 Colthion Supp¢rf 44 37 45 85 The number wk¥x• •mpltrrf•• b•n•fits l•xclLdiNJ •n4)Iwr p•nsion co¥sl •xc••&d £60,000 wos: Orwp 202J Group 2024 In th• bond £60,C#)I . £70,¢XKI In Ihe &Jnd £70.WI . £80,0(K) In Ihe i¥Jnd £80,001 . £90,0(X) The TfUSt ccffisideTh its key mono9emenl FeTrne1 comwi5e the Tnjstses ond Iho lour mona9er512024. 1) al Ihe Sfrnw Monogernenl Teom be4ng Accounls, commerc1, Heod ol Eslates Chiel En9ineef12024.. (ACCnts, COrnMCl, Heod ol Es105 and Chiel Engi1rI. The lokjl employrnenl benelits irKludin9 efftpknr Per1 coTrtribuliw4 ond r•dundoncy costs ol Ihe kry moTr)g•rn•nl pwsonn•l w•re £312k12024.. £21 Okl. RoduTh4oncy cojls incurr•d in rnsp•d of kty rnon<KJement pefsonn•l Wr• £Nil 12024 . £Nill. in leu not* cts inoJn•d In rt1p ol kty morwmtrnl pmonn•i £Nil12024 . £9kl. No orly rnmunemlim lThn IK4din9 cIFKe as TnJslge12024: £NILI. 42
Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l O.Tangible flxed assets Group & trust Pr••hold Plani & property fflo¢hlnery £000 £000 COST OR VALUATION Al l Noveffllxr 2024 Addilions Dispoyjls 1.359 52 (4771 6,458 52 (477> Al 31 Oclob•f 2025 5.099 934 6.033 DEPRECIATION Al l Nty4•mbBr 2024 Cknrp lof lh• y On dispo1$ 892 79 (4771 1.032 70 (477> Ai 31 Oclob•f 2025 210 494 704 NET BOOK VALUE Al 31 Ckiober 2025 4.889 440 5.329 Al 31 Odo6•r 2024 4,959 467 5,426
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 I l .Investment property Group & trust Fr••hold Inveslment prop•rty VALUATION Al l N¢y4ornbor 2024 OTr rnvoluolion 72.436 Ai 31 Odobar 2025 71476 lolr vulw ol IT•ohdd irYWt pWi•s d•erminod morng•fflth, a$ al 37 Oclob•r ?IY25, on an OP b1$. The vo1140tiM und•rtok•n nn09•MOn1 bowd OA 1nl0rfflthi pvblish thild paty sp•ciolssts s1 Knig Frank ¢y S¢r*ills. 12.H•rltage oss•ts Group & trust ASSETS RECOGNISED AT COST Exhlblts at th• Palnllngj & C•ll•¢tlon ortelts 2025 2023 £000 2025 Corylry Nvlvv th l Nomb•1 2024 Addilions Dispow 17,468 200 {i 2.5rJo 19,968 206 17.673 20,173
Try8J' Anrwl ReFKJd 24/25
Notes to Ihe flnanclal statements for the year ended
31 October 2025
12.Herltage assets (contlnved)
Group & trust (contlnued)
The Tfusl wos Fom)•d in 1944 lor pu(pose of pThidsng o niwnofTroI lo Ihe mgmory of
Ormond¢ Shurtleworth. who wos killed in l 940 in a IIyin9 o¢¢idèni whilsl on swice in
RAF, the prcMSiM ol o mus•um ofid ¢olle9e. This hos b••rb ¢xhId by esbblishm•nl ol Th•
Collodi¢Jn. an ocli¥ mLfj•um ol pinctpolty pr• S•cond Wt)dd Wor oircroh, mony unw
In IFyin9 condr1¥ with hanggrs ond oididd. ond olso Ihe pry)vision and stspport lo The Shithknffjrth
Coll¢g•, which vws th¢ Monsion otsd surwvndin9 pr¥misw ofid polOa lor its s)diVili. Ih pffjp•ty is
Ivndomvnknl b the corn acll¥ili•s ol the ChunblO 0clivili ond Tru,5 objecls, as ore the exhi&'ts and
histsic artdods depbcling lh• shv1t1ffjrth inherilotK•. mony ol which irrnplaceoble ond d ndional
bfflprytsnce. These propertie5 ond ortelDcts nat a55els in the normal Sen as iFw permonenc•
while the hos a conlinuing rSIbIlI1V to P¢1 ond rnoinkjln them lor IvtrJrv 9eneffjlioni, the co
which connot b¢ ful as51¢d.
Poinlingi & ort•ladJ
Th• Monjlon conloini o laffJ• number ol waitlrys. orfelocts and lumilur• collectsd Shvmlththh
FamiFy, on Invenkny ol which Is moinlained Chrislies. valuor, recoftlSn9 Ihe nolure, PrOnanCe ond
location. ThD Twjl has odopted o policy lo Valu• lh• conlen15 OF the JlAon$KJn wary 5 y•an for iMuron¢•
purpow, lh• kni 1Vati •ak•n ChTi¥lb05 in Jun• 2022.
Thè Trusts6s 0¢•d the h9ur• 01 £2.5 msllth os Ihè mokn ltslvè ol tho5• oss•l$ 0$ ol l November 2012
and ho rni•4¥•d this inlghi ol tho Jun• 2022 lUth1On orhd <oldr th• Vol slill opproprht.
Th• poinlin95 o etydilions WrV in 21)07 on irthp1 c&1wl01 0Th4 lollowing Ihij o
l O y•or PjiT pwffjrnm• w05 ogrood lh• Trusl. Th• furnihjrn li Chrislim M a IrbYJ y4oAy
bosis and rtpaits done on on od hoc bosis.
Exhiblts ot Collvdion
ThM• or• mod• up ol th• oith, oryinm. rrdofcycIw prcp•lkns ond cNlUn. InNwIcrns or•
moinloiThed ond Ihv TrusoM ploced o conJ¢Thrtiv• inforrnl bolwlion ol £17 mill•on on ossets 0$ al
l Ntyffjmber 2012 ortl consider tho lU¥ still Oppwria. Since th4$ dole n¢1 ¢¢qvi$ilions hoN• bwn
mode in the sum 01 £673,000, The al1 ¢ars ore dpemtrd lo hfft indeteffiiinute lives ond the
Truskn 6elif• Ihol lh• b•nelits ol ablnIng k1 ¥aluotK)ns would nol jusliFy th• cosl, oddilionally Ihij
)uld b• dilliculi dvo Ihwif uniq1 r*olvrn. It is Ihfr Collociion's plicy to mainlain Iho 01], 10T
hicl•J ond m¢)loffjycl•s in hJll working and moinl•nonc• cojls or•
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 12.H•rilage assets (continued) Analysls of herltage asset transactlons Group 2025 £000 2024 2023 £000 2022 £000 2021 PURCHASES Poinlir4Js & ort•loc Exhibits ol th• Colhclion 206 435 TOTAL ADDITIONS 206 435 DISPOSALS Poinllrys & orteloc Exhibits d th• co1h0n TOTAL DISPOSALS PROCEEDS FROM DISPOSALS Exhibrts th• Coll•clion TOTAL SALE PROCEEDS 46
Try*8J' Anrwl ReFKJd 24/25
Notes to Ihe flnanclal statements for the year ended
31 October 2025
13.Fixed asset Investments
Group
Ilst•d Cash h•ld al
Inv•slments
broker
£000
£000
VALUATION
Al l Noveffllxr 2024
Addilions
Revolwti
0,579
6,S85
4SO
450
Al 31 2025
7.038
13
7.051
Nfr BOOK VALUE
Ai 31
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 13.Fixed asset Investments (conllnued) AJI in%wlm¢nls are corried th Iheir Foir value. In¥eslmenl in equitie5 ond Èxed inter %curities ore oll Irod¢d in quoknj public mork¢ts. primarily in the lond Stock Exchon9e. Hdding in cornmon irfywtm•nt lunds, vnil InJ5Is tsnd op•n4nd•d inNth•nl comwnim orn ol th• bid pric•. The bosis ol loir volu• lor guded Inveslments 15 equiwjlent lo the rnarket lu4 using the Eyd pric•. Al 11% arKI arn rncogni5•d al tho da ol Irode al c051 lthal 15 lhr Irans(Klion voluo). The chority ij Orffliling on in$ml policy prrNides lor o dg9r•e ol divarsifrication ol hoklings with diknnl cornm In81rn¢fiI lundi. This helps lo miligakn Ihe impod ol jigniliconl m(w•ffl•nls in ¢xhary• roles ond locolis•d issues affecting th¢ volue ol lh8 pyrfdio. The chortly does nol rnoke use ol d1¥•1 ond similor complex linonciol irntruffvJnls il tokw th• Wi th irnslmwnls orn h•kl lor thpif k)ng•f lerm gItyh oryl onnuol irfonw. Th• chority h05 no mohfiol InlIM• holdings in ffl¢Jfks iubi•d to •x&irfj• control$ ¢f Iradtng r•slrKti¢)n& 14.Sto¢ks lknp 2025 £000 Group 2024 Trv•t 2025 Trusl 2024 R•loil/lud 76 12 15.Debtors Ornup 2025 GrThJp 2024 2025 Tru 2024 Tr(wJ• d*btss Cher dobtss Prepaym•nh & a¢ou•d incoffl• 33 1.040 227 58 872 61 812 73 239 1,371 1,030 1,300 931 48
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 16.Credllors: amounts falling due wlthin one yoar Grnup 2025 Group 20?4 2025 £000 2024 £c(Jo Bonk bon5 Trodg cl1 Am(yJTrts owed group und•rtokin95 oihèr toMoti & cial Security Oihw cr•di1ty5 Accrwils & delerr•l ifKQm• 57 560 55 168 $7 454 232 80 675 279 55 113 46 82 114 640 305 676 483 145 1.888 1,282 1.777 1,082 Gr•up 2025 Grtsjp 2024 Tru•t 2023 £000 TNsi 2024 £000 DEFERRED INCOME Dderred Incomo at l NOrnber 2024 Rexwrces delerrwj during the yoor AmtyJnts r•l6tssd Irom pr•¥irJJs P•fiodi D•f•ff•d In¢•m• al 310rf0l)•r 2024 180 250 1180) 151 33 59 {33) 22 33 1221 1157} 250 180 59 33 Delpfrnd inc¢)m• rvkJ% dap05its lof 7h*dding1 and •Mnl 49
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 17.Crodilors: amounts falling due after morn then one year Grnup 2025 Group 20?4 2025 £000 2024 £c(Jo Bonk kTr5 1.017 1,071 1.017 1,071 Ifflcludod within th• ab(yM (x• amwnh lalliry du• OJ lollw. GrP 2025 Gw 2024 Trv•t 2023 £000 Tfusl 2024 £0 BETWEEN ONE & TWO YWtS Bonk l¢Jo 53 53 BETWEEN TWO & HVE YEARS Bonk lou 178 172 178 172 OVER FIVE YEARS 8onk lotsfts 846 784 Th• bonklogn is s•curnd ¢>301n lh• mork•t 11• kn Mi&41e Fonn. Hoo Fonn and Hill FonTr whith arn all irKILd•d ufidef itw8stm•nt pffjprti•s. InOIMentS ol inleffjsl onfy or• monthly Ifoffl ih• dThtltywn dote lor Ihe ts¥o >wrs ond 1prller in01m ol cop'tol ond inle11 orn ry>oyobl•. Th• inl•wl rol• li lixd 013.5% p•r onnuffl 50
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 19.Analysls of net assets between funds Analysls of nel assets between funds - current year Unr•slrkl•d R•sfrkt•d End•wm•fil T•lol Ivn lund* 202S Ivnds 2023 lund# 202S 2025 £000 38 4,379 Tongsble lixed 055ets Ftxd Ossgl inveslme Inv•slmonl PfOP8fty il(y 0Ss•ts 2,361 2,672 30.085 15,492 3,941 11.8881 2.930 3.329 7.051 72.476 20,172 3.941 (1.888) (1,017> 42.391 4.5Th) 180 du• wiihin one yfjor Cr¢dikn tkn in ffMY• thon oi• y TOTAL 57,646 4,597 49,821 106.064 Analysls of nel assets betw••n funds - prlor yeor un(trICd R•slrbd•d Funds lynd$ 2024 2024 £0 Erdowmtftl lund$ 2024 £000 2.930 To1 Ivnds 2024 Tan9ibl• lix•J 05Mts FIX osMI inlM In¥•slmonl proFthy Pknilo9e 0550ts Currenl ossets Credikxs du• wiihin on• y•tsr Cr•dikKs du• In ffKY• th•n on• 2,496 2,451 29,266 15.468 3,093 11,2821 11.0711 50,421 5,426 6,585 72,436 19.968 3,093 11,282 11,071) 4,134 43.170 4,500 TOTAL 4,134 105.155 56
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 20.Recon¢illatlon of nel movement In funds to net cash flow from operatlng actlvllles Grovp 2025 Group 2024 N•1 inctyr lor th• los p•r Siolem•rt ol Fsnanciol Actiwiliesl 908 Z449 ADJUSTMINTS FOII Lhyrfiotion chof90S L05s•5 oll investments Dividends, inter•s15 & t•nts Irom Decr¢se/lincr805•I in sfvcks LhcrnoM/lincr•tss•l in ddmors D•rreus•/lincr•Js•1 in u•dilo 149 (490) 11670) 130 12.307 12.468) (3361 67 137) N•1 In op•rnllng a¢llvlt•¥ {2,160) 21.Analysls of cash & cash equlvalents Or•vp 2025 GrcMJp 2024 Cwh in knnd 1491 Included within cosh in IK4nd d 31 OctOr 2025 is £2,OSOk12024,. £1,359kl k)lIrj k on orntyJnl Inwthd in o mon•y fflarkd acc¢nI whKh 1$ occ•ssibl• wiihin 2 to 5 d4V4. 22.Anolysls of chang•J In n•t debt Ai31 O(l•b•r 2025 N•v•mb•r 2024 ¢)Ih•r no C•*h Ilow• ¢ash £han9•1 £000 £000 Cosh bunk & Ir) hond Dek4 dw wsthin one yoor dm ah•r ono y•ar 1.991 {53) soo 2.491 (s (1,017> 54 865 410 142 57
Tr. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 23.Mernorandvm of vnapplled total rntvrn 2025 £000 2024 £c(Jo Uwpld relum kKoughi lorwpTd Incr•¢tsè In volu• during Ihtr y•ur Tranjler lo wrmononl endow Appl¢coliM ol uwltyod relwn 17.110 1.149 (6891 (1,927) 17,678 2,038 1669 11,8711 15.649 17,116 24.Penslon Commllments Th• Tn oFr0 a deh'nod pensi¢)ft sd)èff. Thè ojstrts OF th• $dme ore htrkl s•FYJrot•ly lryn Ihoso ol ihe Tru in independen1 odministernd knrds. Th• pension cost dxJryes ffjpreJ¢nts CylribLrtions po>rble Ihe knnd ord onwntsd b £147k {2024: £719kl. P•rffjion pu>rbl• vwr •nd £1 Ok12024: £ l Okl Cf•dikKs. 25.M•mbers' Iloblllty Eoch rn•mb•r ol lh• chanbI• compony und&rtDkm b cothbvkn lo I ass•ts ol Ihe company In lh• t1 ol il b•in9 WInd vp while he/sho is a m•mb•r, or wiihin ono y•or olkn h•/sh• ceosos b b• a m•mbw. 5vch omounl os moy wvirnd, not exce¢d4n9 £NIL lor ihe debts und liobililies ¢onlroded /she ceosw b be o m•mber. 26.Related party transQCtlons Th• Tru# CCHKkn•d th• di$du rnquirnm•nts & th• R•comm•nd•d Pffjdic• f¢r ond of Financbal Rewtrin9 Sndord 102 'The FiNJnciol Rewtiry Stomdord applicoblo in lh• UK nd Rybllc d Ir•kJnd' and thot ih• lolkn¥ing Irorthgdws r•quirns diKknuTr: Lhriry the yeor ver 1¢ lh Tru51ee512024 . rpimklerlt ol Ira¥EI and sub5islerte exFen5es in Ihe sum of £2,88512024 . £4,301 l. No Truslee IKe1 any remuneffjli¢Jn hom holdin9 office 05 Truslee12024 - £NILI. Dufiry the yeor er rnite a rnember kry mofW)9emenl peTronnel rKei%d luel ond en9ineering repai r¥ices for o tdol of £10412024 . £NIII at on orrns t1, At the •nd of th• no balonco V4 )tsndIj{2o24 . £NIII. The Trust hos tsken od¥onloge ol •x•mpllon, und•r knTns d Fnoncial R•wtiNJ Stondord l (r2 'The Finoncsol Reportiry Siandord oppiicablfr in the UK ond Rowblic ol Irdond., lo disclose ITonsodions wilh grP und•rknkin95 or Irwoston in lh• gioup qtsolifyiNJ os r•lotsd p]rti•s. on tho gm4Jnds il is o wholty owned iubsdKsry and will b• indwl•d in its cryryy wblicly o¥oilobl• consalidotsd h'non¢1 slolrn•nls. 58
Try8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 27.Shuttleworth Veteran Aeroplane Soclety (SVAS) Th• SVAS was è51ablish•d in 1964 ond is on in&pfidl Trysl , number 8(W5. whbch éxists lo iw) Th• ShuMle¥tsrrth G4l•dion. Sub51antiol Jupporl is 9rv•n volynknfS to ts work un&rtaken al lh• Coll•dion in oddilion to linonoal $UPF. 28.Controlllng porty Th• Tn 1$ o SubS410ry ol Richord ShuHl•worth Trvsle•J (a c¢ynpory lifflil•d gvoront••l, which is r•gordth4 lh• uliimal• corfdllh9 party. Thtr 9roup al which Richord Shuttltr4Yh Tnrnt•O5 is th• parenl w9oni3atK>n, lom th• loryejl grotsp pr•pJring con501idoted linancial 01•mon?5 which inclLKle Th• Rthfd Orrnond• Shultl•worth R•m•mbranco TnJ. Th• smollesl 9tP pr•poring consolidol•d linoncE stol•m•nls arn The Ormonde Shuttlwètrth R•m•mbrarK• its sist•f svbsidiory Old Worth Limi Cow•5 ol lh¢ RKIKrd Shywknwrth Trwtws cpnsolidothl hn)I sknrnents Gon b• obtoin•d Ivom Comwn4•1 Hgvse th Crynios H¢xtJe, Crwi Wgy, Mai, QJfdiH, CF14 3UZ. 29.Prlnclpal subsldlarl•s The lollowing o svbsidiory und•rtoking 01 th• Trusl: Ngm• Company nvmb•r Holdlng In¢lvd•d In solldollgn Old Worden LimÈknl 06366021 loo% Th• hThJnciul T•suh5 01 Ihtr su&idiory lor y•or *ryre'. Svrplv (D•ll¢lt) lor th• y•ar Nom• Ixp•ndllw• £000 £000 £000 Old word Lim 144 (1,737) 407 194
SHUTTLEWORTH MUSEUMS HAVE CURATORS. WE HAVE ENGINEERS Shuttleworth Old Warden Park Biggleswode Bedfordsh ire SG18 9EP 01767 627 927 enquiries@shuttleworth.org huttleworth.org Rtyrskned num1. 02712981