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. R￿j￿15, 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 Waldk*Jff4.Woll•g9 C, E. S. whi￿re0d 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 Wold￿n3-V4o￿￿9g C. E. S. Whi&>re Tru¥l•• Charlty r•gl*t•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 I￿5*M*ni 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 NO￿￿bOr 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 ocC￿danCe wilh Ihe Fina￿101 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 Chan￿ble 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 shuttl￿th Tft￿ rnV￿ Iherth oHer ewsreol•r wjlue orKI bthidil 11 o(• k* ¢J¥oid a 5hrinkiry atlendonce ond T￿￿lan in the delNery of the Chariloble Obpcli¥•s. thi5 general economic bxkdwi il is very pleosiry to bs able lo reporl a o151rong growth lor Ihe Tfusl (K￿0$ ull or¢os. The lovndot1¢￿5 lor Ihis grty￿h We￿ loid in I￿ cknryes ihol were impl¢mentd lo y•or, h¢MI bthn dmloped ond exponded thii y•or, and rnpr•s•nl o robust base lor th• I￿Vre. Th*• ar• kn•rol sign1hc0￿ highlghts lo rnwl.. A hjll liffl•. intwnol l•affl b••n •s*bllshd lo Choftty ond ils odivilb•5. Thi$ I￿5 incrnos¢d 9•n•rol Wlf•n95s 01 Shvttl•wrrfh orrfl Wh￿ il can olhr, l•o4ing d•rKfy on itKrnose in loorfoll d•ypilo an vnovoidablo in lickol pricw. The rw4iJed oir lormal has b•en ¥•ry ¥4dl rnceifft4 Iry lh• all•￿IlT£ publiq with o Y￿r￿n￿￿r ncr•¢yw lrt lick•ts sold, dosp'l• o rtduclion in ih• •wmbor ol oir shf**s lfvom l O 10 71. Th• FtsliNtil ol Flighi h05 •s1ollish￿ ihdl os o lirm fixlvr• on th• inl•inolional oir Sh￿ cal•ndor with ￿roTh9 ¢Y+WS•QS atknthnce ond •xcellenl sociol medhJ foodback. Tho rtr4isod oirshow I￿rn01 •nobled oll the Ethiodion oircralt to be Ilown durin9 the seoyon - xome on nWhIp￿ ￿(0$10￿5,. a gfeol change Irom Ihe Pri￿ ywr in which one fi•w. . The Bedk>rd Colle9e G￿P goes kn ￿r¢￿9th wsth o n¢w c¢wrye lof ¢JPPfwrfic cyening Qt t￿ Shvttleth cornw. We now ho￿ o lull ￿Jr ol Otymonce da￿ lffjm the solor omjy ￿ the Cdl¥dioTr hon9of li Is 9enEruliTh3 84% OF Ihe silo onnuol con5umplwJn. which I￿5 inymd our coAJon kdFxinl ond ma￿4 our enew cos15. The ow01￿fi$ ol Airfield Vdun*eer R￿ 5er¥i¢e, a siskr up ol pdesstonol lifdyhiers provdirrfj ¥dunl•er C¢Mir durirt9 •wnl ty. l)oN• btr&n Wed into lh• moirt Tn& b b8cotThe lh• 5huMlefvh Rescue 8 Fid￿hlIng Sgr¥Ke (with Ihe omi meryin9 With the Shkthleth Veleron foplonts Societyl. Thts hos s1re0mlin￿ Ihè odmini51rolion whil• olWir8 in n•w &rn hghiirnj v•hicl•s to ￿•[ SUFPOrt Ihe Coll•d•on AyirMJ ¢)dr¥ili•s in Ihe hJ￿Ie. TtyY8es' Arlnwl Rewrt 24/25 Chalrman's welcome . Th• Voleron Awcplon• Society ISVASI ho￿ provided h'noncbul SUPFth lor MI only hrn hicle m•nlioned obow. olso lor a 4)or• ersiM lor Ih• Spiilire tsnd ol o ffjre Cloyknn & shullk￿h ￿eoffi wogon, .￿ FenloTh4 Prin¢e55'. fun& offj in oddi11￿ b those prtyided ￿ Ihe SVAS Tru￿ lor Ihe oewo neodvd kn rrKJintoin th¢ col￿110n 01￿10￿ each ￿al - a try nde￿1 lth*l ol support. The Trusl conlinu•d b iTrrtst in ImpftyiNJ th• ￿0nd0ft4 01 the ￿rt￿l prwrti•s in its portlolio. This hoi "nyTh￿ Ihe l•nonl •xpw•m 0￿1 rnnts b b• odjuthd occonlingty in line with rnofket Thyms. lookiry kn th• fiAur•, th• Trust is wVL) the ctynm*ciol opemibns d tho TNsl'i bJslne5sw. In ¢bj•cli%*s ond lor odr*iti•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'. Try*8J' Anrwl ReFKJd 24/25 ACTIVITIES The Trnsl inspires everyone with ils wothing Colledion of vintoge oircyoh ond ￿h*cle$ The Shvmleworth Trust supports itself thrwh the monogement of its ossets. Comptising: The ShvNIM)rth Colled1￿ of KJtk>n ond oulomotThE trans￿rt and 09ricuIIufoI lechnolcgy. Thls is open k) I puuic as port of the Shuttleworth ColleclK)n & Gofden visilor 011￿cl10n. Swiss Gorden. o nine octe Grade Il. listed lat￿RegencY piduresque alpine londscope 9Otden with VKtorian leoluffjs added ty Ihe Shuttlew)rths. This tswenls ond vffjddings ond is open 05 parf of Ihe Shurtlffi•th Cdledion & Golden Visitor Oll￿th. ShuttkffiM)rth House, a Grodell • listed mansion knvse bulk Shuttl lamb￿, and 115, £￿Sociated Grode Il. liS￿d pothlond from o pwious g￿latIOn J owne￿. These are used lor corporole, pfrvole ond public tr4en15 and15 pw1odic0l￿ ¢)pen 0$ port d itr* visibr al1￿Cl10n, Old Walden Esth, whith compris89 loms, V+oodlond, re5klenllol pft)perties ¢Jrd commerciol buildings, thich offj b pThide Ihe &rfJse revpnue to support the chariloble okledives. Prowdin9 occess and inlefprelalion lo 115 londscopes and Colledion d oircfoli ord hides, i￿luding th8ir maintenanc8 o￿aTrIS1ng ond delNerin9 0 suite d slnjdured learning program1r￿ for Schools, yDuih 9￿UP$ ond uni¥Erslty sKKlenls. o￿OnI$l￿3 ￿￿onI knlks ond specio11s1 k￿15 rekned lo its Colled1￿ ond esbts, (Jfering and Focilibiing F4ocements lof unlvefsily shKlents. . C*Fering a¥wierKo k) sck shdents. ()gonisin9 pOrtre￿hlp ord Nrlunleef odivity-led event ty fof public. C%ganisiThJ handS￿n leomiry or skills odivilies for d)ildw and pirg people during xhool hdid(w. TokirKJ speclalisl krKAdedge I￿1n1Th3 her orgonlsalions ihrcwh oultvcd. Moinlalning ond pThdin9 acce55 10 0 speciall￿ librory ond orchi￿. Tr￿. ArthLd ReKOrt 24/25 Charltable oblectlves The fom)al objects of the charity are: • promollon ol •du¢ollon and trglnlng In the Klence, proctlce and hlstory ol avlollon and automotlve Iranjport; and The promotlon d •du¢all•n and tralnlng In th• s¢l•nc• gnd pradl¢• of ogrl¢vltur•: and. In •• lar aj It Is anclllary ih•r•to. •du building vnique apprenliceship progromme %*thich allows young people from oll wolk$ of life the opportunity b build o coreer in oviolion engineering. 66 My stand out memory durlng my apprentlc•shlp s• lar Is worklng an the Ch••tah ryllnder wher• th• valve guldes wern ex¢esslvely worn. Seelng the whole process and havlng th• opporlvnlty to tak• the lead on the r•movul• Puttlng what l•d learnt Into practlce. 99 13 Tr￿. ArthLd ReKOrt 24/25 Performance report Shvtileworth Colleg• Th• Shuttl•wth TnMI IKxh Cdhy, run ￿ Th• Cdl•g• (TKGI, in hj￿1rn•￿ ol pod ol Twjl'i choriknbl• obpdim rngording ogricuhurn. Thtr Colleg• ocw lh• ryion wlih th• moiority coming IT(Th lh• or•as ol B￿￿d$hirn. Hertkydshirn, Hunlirydonshire, ond Mllkn Full lime sfvd¢fil numbefs OC￿ FE Ord HE mnoin stron9 with on 01700 Ivll hme In r Rtr HortK¥Jlfvffjl ond Iwolihcthions. 0n.sikn tocililiffi Iftdud￿ th• £4.3 millim Zoobgical EdK0l*C￿ C•nlr• thol hcwJMs o cOlE•d1￿ cl 0￿r 250 VON Iwcol ¥)￿10$ ¥rtyld.closs kKililith, ond one ol Ihtr only bK>m•s wthin o Cdieg•. thai lormj pjrt ol its conw%rlion knryk. In th• y•w, lh• Cdl•g• hal In lh• pkty3icol I•￿jr¢•$ ITh th• ¥￿11￿ 9ord•n ond Iho KlTrJshill Foryn sile. Thij hus COftJKl•rDbk7 mDinlwMJnc• on %>m• ol the old•r buiklirys oro ujd for lombirs lo p￿id0 a bettw onvironffl•nl lor thid¢nts und IS￿. Thor• kns b•¢n signilicanl invwlmenl in fflochinwy and hchnology wthich will grody¢fvJ lo (X￿$& jobs OTh4 Th• Cdloy lo d￿l￿r o wYll.ry)ud¢d and •ngogir¥J rvTrku￿rn ¥knkh n¢eds d th• Klents and thB 5ecth ore lying lo enleT. Thpre qre 5Irong links wilh emplyr5 through I￿ablish•d *iyk •xp•riwKe pvogrofflrn4 olwj with n￿fflb•r ol ¥iiiling speakffjrs ond trips to rJh•f •*iblishmenls. h is pl•u5ing Ihth o nvmbw c4 these adr4ilh% in%d%e eM.Shurtlewcth sKdeAts who ncrw hth* In Ih ond orn abh to shoré th•ir with th• N•xl >W, th• C￿1099 wlll bg m¢Nirg lorwyjrd in &lrverin9 nffjw T in iofid ornl EnYiror*m•nl ond ￿ look Iwfd ts Ivrthw deN*lopm•nl$ ol lh• Foftm to support Ihts. Op•n Conlin￿ k* 9eMrote Inlefgsl ond huh nurnbers ol ottendees wilh oppllcolK#B krf Se*mber olfeo* 14 Try*8J' Anrwl ReFKJd 24/25 Performance report / ij Sustalnablllty TfW4t's posilion os o lond.owner ond workin9 mitseum, a$ well os its comriiercial octivilies, brin9 challenges and opportunilies for susloingble dthdopm•nl. Suslaingble inilNJli￿s over the lasi five yeors have included: In 2021 we un&rkJok o svbstsnliol tree ￿ontIng progromme ocross our woodlond eslote. As o londowner vrf continve lo seek kn er•couroge g¢)od prod5ce with resped lorn)lond soil omelerioolion. During 2022-23 the Trusl rv¢iewed ils use of woler and FX)wer and, having completsd a major projecl lo replace all its knngar lights wilh LEDS with 0 50% improvemenl on energy eth'ciency, in 2023 undertook o rnore detailed revw4 01 its power usoge. As with many other rnuseums and eslotes. simply reviewin9 usoge and making stsff and lunleers awore of wd proclices while Ptr•ffjr pricos were hi9h had o maleriol ond positive erfed cn our Pa44rf con5umplion. t)vring 2024.25, the Trust instslled panels OCTOSS Our lorge hongor roofs, which has boih si9nificanHy reduced our poknpr bill in 2025, bth also signilicanily benelitted our corbon footprint. Ovr coterlng leom conlinve lo reviLw suoiers and energy usoge, with positi￿ effed, ond have eliminokd sirgle use plostics from its pvblic calering. 15 TtyY8es' Arlnwl Rewrt 24/25 Flnancial revlew The Tnmi deri￿5 IrtyD". Imimions lo its hritoge 051•ts ONI Ihth svppovl its C￿￿￿.￿ble olmi. Tr(Klin9 oclbvilies ID 511pporl its ¥i5itors ond V•Ynl5. Rents and re•Enue Irorn an estats of rnsidential, hrmiw ONI cofflmarcial WDPty. A p)rtE4io ol ￿0Cl5 ond Sho￿. Dw110￿. gffjnts, ond Wcies. Ah•T m ai o of th• sIr￿1Vring In Priof ywr5. ExpondI￿re 1$ eJtpKt¢d kn bv ft¢￿ 12 in line wpih hJmtr+W. Tok•n lopiF*r. Ih•* ¢)dh)ns rwvh•d in n•1 incorn• 01 £37ZOOO lor 202512024.. Incom• ol £121.OCKII. In¢om• - £6.829,000 {2024 - £6,084.000) Inyeslmenl income 39% {2024- 41%) Donations & legacy income 7% {2024 . 5%) Other trading oclivilies 33% {2024 . 35%) Choritoble octivilies 21% {2024 - 18%) Cjher income {2024 - 0%} Exp•ndltur• - £6.457.000 (2024 - £5.963,000) Cos1 ol trading aclivilies 26% 12024- 27%) CO￿ of investing odivilies 14% 12024 - 14%) oiher costs of njising lunds 12024 - 5%) Chori￿bIe expendilvre Isee nde 81 12024- 58%) 16 Tritstoas, Annvol lep)n 24/25 Flnancial revlew Investment Income Th• Tru￿ in¥e5tm•nl i￿)MO 13 d￿l￿d An ol lond and properties ¥alwd al £n.476.￿O12O24: £72.436.0001 as th 31 Oclober 2025. ProFArty income was £2,430,000 9￿1$5(2024., £2.289 ,CwJOI and £l,554.0(YJ ngt12024: £1,437,(KK)), oher moint•n¢nc• £*)sts, prole$5¢0nol l¢•$ ond supwl costs. A sknck •xchany ptyrfolio ¥YJlu6d 01 £7,038,CO)12024.. £6,579.(KMJI ot 31 Od¢>b•r 2024.Incom• I inl•r•sl ond divKlends lot01￿ £240.(XXI gwJs$12024.. £179.CKQI or £206,0(K) nth12024: £173.(KIoI. oh•r rn(Jnog•m•nl ond Th• Tryst'$ wr to 31 Odob•r 202512024.. WfpIu5 £121,CK*)I mode up a5 HkMJ.' 2025 £,000 2024 £,000 Restrided funds 244 Generol lunds (8311 {873} Endowmenl funds 959 887 TOTAL 372 Goins on in¥wlm•nl oM•ls omountd ￿ £536,00012024: £2,328,OCKIi, thich log•ih•r wilh th fflet Snc4>me nwnt on incrno* in tho Twst'i 01 £908,00012024.. £2,449.0001 dvring th Y￿￿. rth•r d•kni1s or• yowd•d in th• ol Finoncial Adivilw orKI th• nokns. Total rnlurn Th• Twsl odw•d o Taknl Rdvrn apPM￿ b its iff+•slrn•nh. Th• TrvJh•s odophd o l%w>st•p opwoth ts ollocthir43 inwjlmwd rntuffli and n•1 incorn. l.A Imnshr li mcx4• Ir<%Tr ￿r￿PPIl•d rI￿rn ID •ndtr*m•rf fvnds k+ matnlain the r•ol ￿1￿• ol •n(k￿Men1. Thii is cokVk>i￿ as o compound rdum on copi￿1 of 3% 01 •ndow•d Copilol. 2.A lyonsler io gènorol ré5rn li modé undèr thè spo￿11ft9 ryl•. For 2024/25. lh• sp•ndiNJ rvh hos l>x• 0gi•ed ￿ Trvsle05 al 4%. The b)lonc• ol unopplied thl is in Note 23. Support & governanc• costs Supptyt co4$ 01 £494.t)J) 12024.. £471.0001 been feallo¢th¢d to d￿Tr￿bI8 ond in¥*sling O¢tivifies ond gtrthnonce ￿ o Pe￿8￿109e l)osis of lime ond Ltyoge. Tr* Trpjsl kns in¢u& o t¢Yol £119.00012024: £124.0001 of 9mmonce co5￿ which indL#4es o pwrtion of Ihe support •xpendiluffj. 17 TtyY8es' Arlnwl Rewrt 24/25 Flnancial revlew Investment poliry The inb*strneni F>Alio monogern lor Ihe $￿Ck1 ord ihorn5 ¥rt)￿ ￿ o beftchmo￿ whdi IS 561 ift discumk with the Tnjsloes. During Ihe yeor under rwith¥ the peAorrTrJnce ¥rtJ5 sligh1￿ Under this benchrnark. kni Ihe TN$lDes (KCop￿1 this wos offed￿ kry Ihe nxymfflent in the rnarkets. Th• lond 09•nt, Aot¥ftson & Hall, his￿1￿1￿ mono9ed Ihe wd•r oim to ochiMI IIN• mo ky ih• rthtal al Ihe lond and property this is monibr•d ￿ Ihe Estd•s C¢*nmilte•. During the yoor lh• Twsi decided io undertoke a pla tronsition to brin9 mory ol Ih05• eskjtss r•hknd mott•n In4￿1*, and this FX¢X•SS hos b•gun, whil• rnainloining Rokn'njon & Holl lor prrJp•ty r•rtbls, Reserves pollcy Th• Tn￿ rMlntolns ilgniknrt r•M(￿l in coprtral os*ts lh￿ SUPFXYI thè ￿gon￿1￿10n. Th• Trust id•ntili•d u minimum ol £l.4m ol lund5 k) b• 1•bIn￿ wiihin its 5kds and ihornj a5 liquid ossots to call upon as o ￿ra*egIC rewrvB. h miew5 115 cojh rqqviremenl on o rollin9 1 &monih LxJ5is ond lhe Im￿lment comfflilt•e ensuffjs that il does not ptst al risk any fun& Ihvy ar• ffl••t r•9Uif8m•nls on this lirn• horizon. This id•nlifiod r•J•ry• rnffloins inlod. Th• Hèriloy fvnd cryisw thé h*iltr¥ ¢tss•ls ownd by lh• Tru￿ Ihut orn NJI in th• P•M￿￿nI orKlwm•nl. Th¢ Copiknl A%wls Fund cornprise5 Ihfy land and v*n•d by th• Tr￿ Ihth in th• p•rrnan•nt As f•Fw*d in not• 18 01 h'r*arKiol Skh*m•rt lh• En¢Sy*mth Fund d in￿lM•nI PmP•fty ￿h•f ass•ts 1> £49,821,00012024,. £50,OW,o(x)I. OF li9urn obm the Urwiod Totol R•fvrn is £l5,649,OCrt)12024: £17,116,0001 and this I¢Pf•wnts In￿•1M¢nI gmvth rKIl yd 011￿01ed ¢Y••r Ihth rntoind in tho Endowrn•nt Furd, ￿1¢￿enCe nol• 23 in Finondal s￿ements ond T¢Jol Rotum n¢)to obow. This ligur• is olbcoled inkn Oo%¢gnotsd Funds. Deslgnated funds Ai 31 Ocbber 2025 r•wv•s were: 2025 £,000 2024 £,000 Heriloge lund 15,673 15,467 Capilol ossets fund 32,482 31,760 Insuronce fund 75 75 TOTAL 48.230 47.302 Explanalion ol the designa￿1 luTr& 15 sh(Th¥77 on nokn 18, The geneml as 0131 October 2025 amounted to E3,47 3,O¢J)12024: £3.117,CMIOI. whd is reljined for day.lothy operolionol odsvilies. which affj oll Ir¢e reJer¥ts. 18 Tritstoas, Annvol lep)n 24/25 Flnancial revlew Rlsk The TrLryloes mointoin o slrategic risk reglstsT thal 1$ k>r •och Bcy)rd rne•tin9. Ih idtniilid kry c<>ncem lor T￿￿0•3 in 2024/25 were.. Cashlt(W4 - kJfg•ty r•btsd b the Trusfs linoncial Fknnc• dyring tho ￿or. Changing (knwwhKs - IKI Trust conhnues lo and coniidw ils opp•ol oi o ¥isilot oltr¢Klion as ih• FX)pulotion within lrfcl oreo chaw and ogas. We continuo to tonsi&r our opptrJoch b d•li%*riNJ our d￿rik161• obpdi¥w whil• al￿ r•￿￿1￿•1¥3 ollrodi¥• lo viiilorn and oih•r stsk•hoW•rs. R•llarK¢ o hx¢d CO￿ wilh lirnlt•d xxJff•s ol . lor whkh conlinu• lo s••k b r•duce ond nwJn(4e OUT Colt kKAe wrAid1ve￿. Golng concorn The Tfust has Cons￿4•robl• fir￿￿¢1￿1 rnsour¢•s ond, 0$ o consoqv•nc•, lh• Trus* b•lio¥• ihol Tfusl is w•ll pI¢K•4 lo mono9e its buS1r￿ risks ond occcrfdingly o rposonoble eMpectolTrGYb Ihol TNSI odegu￿ resources to Contin￿ In op•rol*onol exist￿Ce lor al leost 12 monihs lffjm the do￿ lh¢ linorKiol m•nls ort signed. Acctydingfy, th• T￿$10•$ ¢oftlinu• b ad¢pt the goin9 corK¢m bosis in weporirs th• 4nnwil and linoncial 5knknmènls. 19 Tr￿. ArthLd ReKOrt 24/25 Structurei governance & management Constltution Richa￿ 5huttltr￿ R•fflemlyonc• ITh• T￿￿,1. Tnjsl reg43trolioTr nufflb•f 307534, on 20 April 1944 urrtkn a de•d ol frust •xKuhd ￿ Mrs Dorothy Clolildo shu￿1•wO￿k as o rngisl•r TNSI in momory ol son. Ormond• Shurtl•worth, who di•d ift 1940 wh¢lsl seNng ifi Ihe RAF. Th• islee ol Th• Richord Shumleworth RernornbTonc• Trusl is 'Rthrd Shultlevrt)rth Trvsl••s' IRST), o Compony Limitsd fy G￿￿￿••* ord olso o rngistred Tr￿. Th• olhcefs ord prolwionol disws d th• Trusl orn doCuMen￿d on puge l. Th• Grcm) includes o subsidiory l￿dt￿4 cryrry, Old Worden Limiknd ICY¥VLI. The shorn in ONL is held RST bul as nomin•e lof Ihe Trust, Boih the Trust and OWL shoo thè common pJfenl in 1ST. Thè Trusfee hos &erwl Ihat the Trust exerts c￿1 ond ssnilicanl inHyenc• w OWL Und ￿ording1￿ these ￿ 9￿111￿ o ¢ons0lido￿d togeth•f. Trustees Th• TrU￿ee5 of Richad Shuwlvworth TnJsteo5 la wmpoThi limiknl ￿ GLKJTqnle• and oljo the dirn(I ol Ihe chor4k>ble compony lor Ihe FWfPQ393 ol romFXJlry lawl in olh'ce duiing the ywr and al Ihe dthe of Signiry 05 lo11￿., T. P. R(￿1$ J. Br( R. Boilry Vixounl Cobhom P. J. A. Coop E. A. Dws S. Gofdn C Griffit A. Horr Princ•ss Hoh•n M. Johnyon . Gfol WoldbAJrg.Wolhgg C L S. ￿lI)re0d T￿￿¢¢3 ol RST afe op￿intsd ￿ ogrwrn•nl ol th¢ Kll Bood ol ond shall b• oppoin*d lor o pvr ol ihffje ywrs lo Iwml. Tw$1¢￿ shall s¢Th* m¢y• Ihan lour cons•cuti¥• lernis but or• lor wwppoinlment oher lh¢ expiry of yeors lh• dots d lh• rnlthrnt relirem•nt. New TTuslees urn P￿￿ded with on indudion pock b ocquoini IhEm with ihè hisw ol the Tr￿ ond its obje(libY5. a￿ made 0¥4YJre ol Iheii re5pon5ibililie5 and W￿lded with COP￿ ol the Tn￿ Comffli5510nw5' gvidonc• on lh• r•swsibilitiw of o truskn•. Th• Trystses m¥ thrM lin￿$ as a full Boof4 in th• y•af •Trd￿ 31 Ocbber 2024. All Trysleos gi￿ OF their limtr fv••ly ond no Trustee5' rnmunerolion wos poid in Iho Y￿r. D¢loils of Tw5kn¢5' exponses and rela￿d Fxjty Iran5actions orè disclosed in nolè 26 b the hr)onciol S￿tern•n1s. Twsl••s arn rwtsired kn disclos• oll fol0￿nI inl•T•sts ond ryislw Ih•rn with lh• sou•kJry lo the Trvsl ond in OCCOfdanc• wilh Trurfs Policy T*ryihdrtyw llom d•cisKKts o conAid ol ifitwest Ofbses. 20 Try*8J' Anrwl ReFKJd 24/25 Structurei governance & management Organisalion y to doy $up•r¥isicffj ol th• Tnhl t5 und•rtok•n ￿ ltyjr Commillm which orn r•¥>wsibl• to lh• ffloin )rd of Truskn•s. Each commitlo• has ils own l•rms ol rntsr•nc• ord comprims a r¥umb•r ol the TnJsl••s ond oth•f coop￿1 m•mlx•rs lor th*ir •xp•rfise in Ihol $ph•r• ol OFrfilion. Th•s¥ ccmnmillees m•81 ¢x o r•gular basis throughoui Ihts y•or lo ouihoTiSè odivlli•J and ￿PendI1VI•S ond b mak8 mcomm￿d0110Tr1 b Ihe rnoin Boofd WKl•f consid$r￿1￿. Tr￿1￿5 ore Ire• lo otl•nd ony mg4ling t￿ wish. Flnonce. Personnel & General Purposes Commltte• M•mb•rthip.' C. Griffiths Ichtsirl Viscovni Cobhgm P. J. A. Cow IResign•d ￿ TnTrskn•- 27 Augu* 20241 M. JOhn￿On T. P. Routsii Horries E.A.Do R. Bailey R. Gful Vlald￿￿w0Utyg Estate Commltte• Mwnbwship". E. A. Oavie5 Ichairl P. J. A. (Re59￿1 as TN5h•. 27 Augu￿ 20241 R. Diggle Icowedl S. Gordnor A. Horri Pri￿8$$ Hohenloh• M. John510 C. E. S. Whiibr•ad T. P. Routsls EducaNon & Research Commltle• M•mbershiP.' M. Johnston {Choirl R. 80iley E. A. Dovi S. Godner R. Graf waldbu￿W¢￿1¢g9 In oddition, the￿ is o Nominalion Cornmitlee lo consider Ihe oppoinlmonl ol new Trust￿ ond mefflbefship ol Trvst Commillees. Thern orn also wrious sub pr•surne Ihe TnBI will tmlinue in bvsino3. Th• or• r•spcMNlbh hr k•y'ng prcpr Occ￿nI•￿ r•cord$ thal diKkM wilh rw50nal)l• occurocy ol ony lime Ihe li￿n(lo1 posi1￿rt 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•s￿nsIbl0 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 Tr￿0•$ It¥￿n51b1• lor lh• nwjin1er￿D(e ond intryrity ol Ihe Tru51 ond Ar￿ncial inlornithion Ind￿ed ¢Yb th TrU￿'S w¢bs1￿. L¢9iskJiM)r* in the Unitsd Kingdtyn g¢Mmbng Ihe preporolion ond dimeminoliw ol Ibnonciol s￿l¢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: $0 lor n l Aprbl 21x15 which li rnI•ft￿ b IN thtr tNk>nl rngukth￿$ kni has b••n This has E*en in order accounts lo provide o twe ond kjir vivw in accorda￿6 Wbih Ihe G•n•ml kce*d 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 Oc*b•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 *co￿￿tIng Pr¢di¢•' ond . b••n In txccrfdonc• wrth r•wir•m•nts ol Chorili•s Ad 2011. Basls for oplnlon Wo corductsd I￿1 oudil in ￿¢0(danCe wilh Inlwnoli¢nol Stsrthrds w Auditiry IUKI IISAs IUKII ond opplicoble low. Ovr ￿P￿S1￿MIll￿$ under Ihose S￿nd0rd5 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 rele￿nI lo tyji avdil ol h￿r￿1)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 requiren￿lI. We ￿11¢￿ that th¢ ovdil e*idence hove o&oined is svthoMI ond oppwriakn to wovd• o bosis lor our ￿Inion. Concluslon rnlatlng lo golng concern In 0￿4111n9 Ihè linonoal ￿tsr￿Nts, w• concl￿4•d Ihol th• T(ust•￿' use ol ccYK•m trx)sis of (￿C￿ntIng in the of th• finufKial s*Jlern•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 c*x•rn hr a OF d l•ast nM)nlhs wh•n lh• liftonoal slol•monts art authori*d lor issu•. Our rnswnslbi1sl￿ ord rnswn$ib¢litith of th• TnJ*•s with k> 90iNJ C(x)c•m arn d*￿ib￿d in th• rel￿￿1 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 inf0m￿tion conloin•d within th• Annuol Rtrport. Chjr opinMM on Ihe lirhonciol slol•m•nts does nol cth*r 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 $0, consid*r wh¢thrff th• inkrmoli¢n bs ffiobriolTry Inc￿5151¢nI wilh Ihe linon¢*ol slolemonts or our knowl•dg• ¢)bbifd in th• coulse ol ovdil, or appeots lo be motefiolly misslolgd. 11 denlify such rnoleriol inccwtsislen¢ie5 or gpparent mO￿rIg1 misslotements, we ore wvired to detw¥nir* ¥Akn this rlse lo o nthrial rnisslolernenl in Ihe linoncial skntsments IhemselbY5. 11, ko5ed on Ihe Tr*xyk wtr ha￿ pwlormed, ¥&* l m15thmenl ol Ihis oiher in1orma1b(￿ wè ar• Toqvirnd b 1•P￿ fo¢t, W• ncthirKJ lo in this rn90￿. Mall•rs on whltion in the Trustees, Report li irKonsisl8nl in ony IT￿n￿l with tkn lingnciul 1k)l￿ents,. or lh• por•nl chorilobltr Trusi hos nd képt suHKi•nl occounlivj r•cords.' or lh• porenl chariloble Tr1￿ linoncial 5tatemtrnts ttrn nal in ogrèemenl with th• o¢c¢xmling rK¢M& ond r•I￿rnI,. Of V•* rff•Th•d oll th• inlonnotion orKI •xplonalioni w• rnquir• f¢f our awlil. Responslbllltles of trustees •xploiMd mw lulfy in Twst••s' R¢S[￿sIbilit￿•S th• TnJst••s orn rnsponsibh lor Ik pr•pofOtian ol lh• lir*3nciol slolem•nts which 9iw a Iw• and loir ￿•w, ord kf sKh int•rrnl cortliol os t Ttyslees deknnim is nKwory lo •noblo th• pr•paFolion ol linqncKJl Irw lffjm mol•fKJI misslalmwfil. wh•ih•r dw b Irowl or errty. In weporir#J the fir￿n¢kIl skn*fflents, Tntsths ore responsible hy ouessing the G￿￿P,% arKI the porenl chtrrity's obility lo c¢)nlinue 0$ o goirs concern, disclosiry, 0$ opplscgue, moll•rs rnloted b g01ry concern ond using the going concern bosis ol occovnling unle5$ TnJslee5 e¢iher int•nd h) liqudots Ihe Group or p)rent chority ur fo ceose operolions, or hove no rqalislic 01￿MOt￿¢ buP to do 50. 24 Try*8J' 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 rele￿nI rngvl0li0￿ mod• Of knin9 •FF•d Ih•(wnd•f. Our obi•dh*s er• b o&oin Mos￿￿>1* osiuroncè 30￿nI, aThJ Irtyn Our commerciol knowl•dy ond •xp•n'•rK• ol th• avthion arKI oulomotive s•clor, locus•4 on ¥J•cilic k3￿ ond ryulalions which consder•d moy ha%* a dif•d rnoteriol kn on th• hnoncKJl slolernents or lh• opfrralions cl lh• Group chorilabh cofflpony. including lh* Charilws Ad 2011,, n addiliorK conJid•f•d prowsions ol dher lows ond r•9ulotions which do nd ho￿ a diiaci dl•d on th linonciol S￿1•m•￿ts bLrt complianc• with which migkn b• lurrflormntol b th• compuny's o&lrly lo OP•fol• or lo moknfiol pènolii•s.' • 0&oin￿ on vnd•rsbndin9 d lh• ord rngulolory hom•¥vork oppli¢ol)l• kn lh• charity ond of th• charity's p)lickw ond prcKodvrw w complionu wilh r•gykni(xbs, lrflwling dKumenlrJli¢)n ol orry Inslonces ol nonirtr th• risk of moTh)g•menl OV¢frid• ol conlrots. ifKluding leslSng ol iwrnol •nlries ond oih•r odjuslm•nts lot opproFYiolwwss. erfolvolirlg Ihe busineu MI￿￿01• ol si9niliconl I￿n$4ClI¢fts LyJtsd• Ihe n1yn￿l c¢wrt• ol &Jsin•ss.' • ￿ thyjluoted ihe ossumptiofis and jud9èrThènls usod by ft￿no9•mthl1 within si9niliconl accowving 8s1imol•s ond osswed whetk*r ihese indicotsd e¢id•nc¢ of monoym¢nl bio$,' • ￿ u¥•d Audii Ar￿￿tr¢s Po lh• cl*ni dolo for UftLuuoI trend￿an0MQI1oS,. ond Aornied subslgntive le51iryJ lor a Sofflp￿ 01 trunsocliLW lffjm dieni d(￿mentalIOn to SUPPOrting documenlation and rpcei* Io pn5urv Ihal oll income was appropriatsly Trcosnbsed in the correcl ptr QTKI any rrftridions oppffjpriahly wni50d. In re5WS¢ to ri4 OF Irryvlorilies od ￿KOmPli￿￿e w¢th IM and r•Bulthb¢)ry, ￿ d•4ign•d woc•dyr ich includod, bvt V**rn limitsd to., • 0gre•J thtr linonciol ￿oI*M*nI d13d0su￿ lo vndwkn'ng supporting documentalion,. p 0￿esSed Ihe exleol ol co￿p410nce wrih the I¢Jw5 and rpgulalions Klthih'•d through making ewuiri•3 of rnonagem•nl ond inspecliTra le901 CO￿sPondenCe.. • rnod th• rninule5 01 meelings ol Ihoryd wilh gowrrM>nce," and • w• with dKry•d with 9ry*wnonc• IKhKI Fthliul lill9￿1￿ ond Cbims. Th•rn ar• inh•r•nl limitolions In ¢)ur ovdil yoc•durnts d•wibBd Th rnKy• rnm¢Md Ihai I¢ya¥J ond ulthions orn Iroffl hr￿nchOl tronsoctitins, Ihe less likely is lh￿ we %%Y>uld become oworn ol n¢￿<01￿P[lQnC•. Audilin9 S￿ndardS also limit Ihe audit procfAur•s roquirnd lo identify non 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 Conk and In knnd 3.633 2.096 Cr•dilorJ: amounli folling du• lo within or*• y•or 16 (1,777) 11,0821 NET CURRENT (LIABILmES)/ ASSETS 1,836 1,614 Credikys: frJllin9 d aFt•r ft￿rn thon om 17 (1,017) 11,0711 TOTAL NET ASSETS 106.018 105.108 CHARITY FUNDS Endowmerf lunds Re5lric￿d hjds Unreslri(Jed hnds 18 18 18 49.821 4.598 51,$99 50,480 4,088 50,540 TOTAL FUNDS 100,018 105,108 Thè slolernents wern ov0￿d for issu• by the Tnth ond sgn•d On Iheir behom ￿,, rism foOsiS T. P. R•vls1• Trvslee Dok.. 5 May 2026 Th¢ notss on po9e5 32 kn 59 form port ol theje linanciol 5￿MInts. 30 Try*8J' Anrwl ReFKJd 24/25 Consolldaled statement of cash flows for the year ended 31 October 2025 2025 £000 X124 £000 CASH FLOWS FROM OPERATING ACTNMES Nel Cosh used in opwuling ts¢livilies (1.844) 12,1591 CASH FLOW5 FROM INVESTING ACTIVITIES "vrflendi, inleiests ond rnnls Irom invwlmvnls Purch(M ol tangible Ibxed assels Nel mtrrfmenl ol invtslmenlj 2.670 1257) 2,468 13521 11021 NET CASH PROVIDED BY INVESTING AcrnimES 2.398 1014 CASH FLOWS FROM FINANaNG ACTNMES rnpuymtrrlts ol bryio¥wing 1501 NET CASH USED IN FINANCING ACTIVITIES (Jo) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR soo 1,991 (193) 2.186 C05h ond cosh •quivol•ftts b•giNning OF I￿ y• CASH AND CASH EQUIVAIENTS AT THE END OF THE YEAR 2.491 31 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles 1. l Basls of preporatlon of flnanclal statements Th• linancial stolem•nls ho%• b8•n pr•paf•d in 0¢¢￿0￿¢8 with tho chari11￿ SORP IFRS I O?1 h£¢ounlir43 ond R•porfin9 ￿ Choril￿S.. Siolèfft•nt ol R•comffl•nd•d Pro¢lic• opp1K0b￿ lo chofilies Pfapofin9 Ih•ir cK¢￿Al3 in occtydon¢• wilh the Finonciol Reporting Siondord opplKobl• in lh• UK ond Republic Ir•lond IFRS 1021 Second •dItI￿ Odob•r 2019 l•ll•di¥• JonLKlry 20191. 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 P￿pOrtd lo gr¥n o 'tru• ond Ivir vithy ond deported kom lh• Cl￿nI}eS IAccounts ond Re￿rts> 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¢T￿nded P￿dIce 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 hI￿￿C01 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 corn￿ry Old Ward•n Limibd IOWLI. rnco9niiing lh• sUbS￿nc0 01 th• Irons¢Ktion 0$ 0 gvtssl.su6sid￿ry. Boih •nlilseJ shor• o comrn￿ por•nl in RKhord Shultl*w£*rth TruslM4 0 compony limiknd ￿ 9uoffjrts•. Th• Trv¥•es do*m•d Ihot th• Tr￿1 •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 w1p1￿l2024.. £2,449k surpluil. 1.2 Golng ¢on¢•rn Th• Tru$1 hos ctsmideffjble linonciol re￿￿1cm 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 I￿SOnable exFxdul￿ ihal tho Trvst has adequale r•sourc•J lo continuo in 0￿rollOn0] existenco for al leosl 12 months From Ihe do th• linonc￿l SIOknn￿ ore signed. According￿. th• Trn$1￿5 continue k> odov lh• going conc•rn ljasis in pryiring th• annual r•port and linandal th>tthi￿h. 32 Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.3 Income All incorn• is rnCO9nbsed once Ihè Trwl kns en11t￿m•nI lo incorn•. il Is probobh Ihe incoffle will b• recei¥*d or*d Ihfj amtyJAI ol IrKome can be meosut•d r•liobty. Volunlory I￿orn* wilh or wiihtyJt d￿lY impos¢d Ostrid￿N$ or• rKcgniJ•d in Ihe SkJlem•rtt of Fifionod Adivilios then th¢ Tru* is •n11￿ k) it, incorn• is felolmd within Ihe R¢slricknd vnlil svch hm• tkni il is uhlisth4 in line with such r￿rI¢l￿. oi wthich p>nl Ihe inc¢m• hs okns•d to g•n•ral r•wv•s Ihrtwgh o tronil•r. For Wi•5, •nlidèm•nt is lok•n oi the •odiw ol Ihtr doh on *&ich •ither. lh• TnAt li tr4¥01• pn>b(rt• h05 been 9Ton&, the e5tats h05 been linoli%d and rbOtihcthvJn IKn bBen r7KKle by Ihe executs(sl lo the Trusl thal o dislritwlion will be rTKxle, or tkn a di51rbbu*ion is ￿cell￿ Irom the eslole. leceipl ol a cy, whol• or in port, is only c¢)nsKhred probable om¢)vnl con be meosured rt1￿b￿ ond I Trusl hos b￿n nolili￿ ol tho ex￿￿1￿,5 int•ntion lo make a distribution. Whw* k90c￿ b• notilied ￿ th• Tr￿, or Iho Trusl i* (r￿T0 ol Iho granlbng ol proEots, ond ihe crilerio for inc¢xhè rncognilion h¢yv• b••n m•1, Ih•n th• Wcy li ITe01￿ ￿ a £t￿lIng•nI assol and di5cloMd il rnol•riol. No Offl￿￿￿ orn indth in th• linoKiol Jtoknrt thnl••rK Dc*yJtsd Iwd ojs•ts orn M￿sur1d ot loir unt•Js il is lffyoclicol 19 m•Dsur• Ihii di￿. in which cosè Il* cosi ol lh• ilern to ￿ d(￿Or sh¢xkl us•d. Thé 9osn Is r•co9niI￿ os income lffjrn donoli¢y ond a Corresp￿￿1￿9 omounl is included In the oppropriole li¥ed ossel ckm and d•prncthd th• sdul •cble Activylie5 r•k>tss ￿ odivilw Trysl in hJfth¢runc• ol lh• choriklA• 0￿.•￿1￿￿5 ond ij rncognised on an accn￿lI I￿45. Inc4)ffl• Tffjding kti¥7￿$ rnlotss lo the odivtli•s ol lh• qvosi*ub$4diary Old Vlafd•n tsfflihd. In￿sIm￿ income is •om•d thwh ￿￿k11ft9 ossets lor in4*s1mont puw 0$ Ixupety OTh4 5horos. 11 includes rnnlol incorn•. dMd•rds ond inlor•sl.1Thrystrnenl irKom• tx includ•d wh•n Ihe am￿nI con bft rn•owr￿ r•liobty. Incoffl• tax r•cmffjbl• in rnknion lo inv•slnwnl Incom• li wimd al lime lh• in￿1•m•nI Incom• is r•c•1￿)bkn, Inl•ml on lunds h•ld on d•poJil Is indA•d wh•n and omounl con b• m•osur•d rnliobky by Ihe Cknrity," Ihis Ls nolilicolion ol the intern4 poid or poyobh Bonk. 33 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.4 Expendlture Expèndilure is r•ccgnised once 1hÈ￿ ts 018901 or cons1fud1￿ obligalion lo Iffjnsler •conomi¢ knolil lo o third p)rty, il is proboblv o Ifonskn ol economic b•ndils ￿11 b• requir•d in sdilèmenl orrfl Ihe omounl ol th• obtigo*i¢)n con bo m8osur¢d r•lh?bly. EXF￿￿11￿￿ is clossili•d by ocli¥ily. Th¢ costs ol •oth odivily or• mod• up ol lh• i¢Yol ol dirfd cosls ond shor•d costs. inclvdin9 SUPPOrt cosls inth•d in vnd•rtokin9 •och odmty, Dirod costs ol1rib￿0b￿ b o s¥n91¢ oclwvity orn alkK¢)tod diiedty lo Ihol odivlty. Sknred ¢0 whKh ¢￿*￿"bv￿ lo morn ihon ong odNIty ond svpwl msls whith orn nol ottribvt¢blv lo o single ¢Xtivity ore opp)rf?cA)od thw octivities on o1>)5is ¢onsiJl•nl wilh ihe us• ol rnsour¢•s. Cenlffjl stoll costs ore allo¢otsd ￿ th• basis ol limq ip•nl. ond deprnciuIw￿ chDrg•5 oIIDcatsd on lh• portion ol th• 0$￿,% FUnd￿•s1n9 cosIJ OT• Iho* incurred in geeking ¥Y)luntary contributions and do not include the costs 01 dIs￿mInalIng ol Infrymolion $upport ol choritoble octivities. Supporl cojls orn ctxls irKvN dirnth￿ in SUP￿ ol oxwdilur8 on objoctrs ol the Tr￿￿ ond irKlud• proj•d fflono9•m•nl comed oul ot Heodquortt15. Gtemenl ol Financiol upon the complelbon ol t￿ rel?￿nI FxrlormcrKe ￿10￿1 Klilion5, Other gronls thol afe Su￿.•Cl lo perf0m￿nCe-￿tded condilions ore crediied ￿ the Consoltht•d Sthmenl ol Financial h£irvili•s 0$ th gffjftt pro¢••d$ or• rncei¥tr4. Gfonls rnceJ¥•d fv to lh• r*•trV• r•cognitlon uil•rK¥ being solislied or• rncognised os o liability. 1.6 Tanglble flx•d assets & deprnclotlon Tongibl• hx•d ¢)ssths Co￿lTI9 £500 or mor• or¢ copblised und rn¢0gnis•d luhJr• economic b•n•h'is ore proboble ond lh• cost or ¥alu• ol th• 0$￿ can b• m•¢tsurnd Ton9ibl• ats•ts lnilial￿ rnco9niMd ot coxl. Altsr rwnilion, Ihe cost model. langibh h'¥•d Ossols ore rneasured al c051 I￿ occumuk1￿ &preciolion and ory occumulaknd impJirm¢nt losse5. Al £4)sts InCvr￿ to o lun9ible h'xed uss¢1 into 11$ inknided wtykir9 ¢ondill¢￿ Sh￿k1 ke included in I me05uwnent ol cosl. 34 Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1.6 Tanglble flxed assets & depreclatlon (contlnued) Tan9ibl¢ l¢x•4 ¢)ssets ar• corried al cost, Mt ol deprnciolion ond ory prtrision lor ifflpjtftrnnl. D¢prK￿lOn is wid•d ot ffj18s ¢okul¢tsd lo Wri￿ OH Iht ccdt ol ltyod assets. Ih•ii eslim0￿d rnsthl ¥olu¢ o¥er Ihebf •XF*dd liws on th• following I￿1$.. Fr••knkl brKI ond propthy depffjcic￿￿ dher Ihon 25 yeors lin• Plorf ard fflochin•ry 10.33% on cojt Th• I￿n$111¢Y￿11 orrong•ffl•nts ol FRSIO? ulilis•d to o(W th• h￿hold wopwty ¥alUgli￿ os ils d••m•d cosl. subs•qL￿lI addili¢wbs b Ir••hold lond ond PfOP•ffy or• W ol COO. 1. 7 Herltage assets Herilop a$￿ts ar• indwlod ol lh• Truslw's ¥oluoll￿ is o proxy lor cosl. Any addl11cb￿ or disFAxal$ or• rncord•d in th• y•or Ihth OCCUf al cost. th•r• wll b• no polKy of rvffjluin9 ouols, although irnpoirrn•nl is consbd•r•d onnuolly. A r•9iSt•¢ ol oll hdd ￿ th• Trust is i pensi¢￿ ond th• P￿￿10￿ d￿￿Je wr•wnts offlounts pu>r￿e by the Trust ts Ihe hjrd in resped ol Ihe ywr. 1.17 Fund a¢counlln9 Gwwal funds uTrr•SlriC￿ lundi or• Cmiilabh for at th dlKf¢tion ol lh• Trusl•M in lurth•ronc• ol g•wal obi•di%Th d th• Tru￿ and which b••n dosignth•d lor oth•r pl•rpo￿. D•$MJ￿I￿ lundi eompris• unr•slric*l OU￿13 IlxJl ha4* asid• ￿ th• Trusw lor FXJrtituk>r purposes. Th• oim a￿1 vs• ol d8si9rMyknd furd 1$ 3•1 in nakn b th• h'nonciol 5kfvim• Rwlrid•d hjnds ore Ivndj whith orn b b• uJ•d Fn occordonc• *iih sycihc rn51￿16￿ iffyty•d by dono whith ho￿ b•en ruis•d Tfust lof particulur pvrpJs•s. Th• costs ol roisiry ond adminisl•ring such nds Of• chory¢d 0901n￿ lh• spooh'c Fund. lh• oim ond uJ• of •¢Kh lund is sel tyJl in th• nc the linoncsol slolements. Endowmnl h1￿$ ow fvnds WF￿ the bo10K￿ rnu￿ ￿ Tr￿ld POfrnaft¢nily Tnth, 11 inclvdw gains lffjm th• disposol ond exploilvli¢>n ol Pro￿tty ond Ihe rn¥uluotion ol in¥eslmenls ossels. less amounts Ironslwrnd vnder ihe Tdol Re￿rn Pdicy. Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 l .Accounllng pollcles (contlnued) 1. 18 Crltlcal a¢counllng estlmates & areas of ludgement E$lir￿leS and jud9em•nls orn ccffjIinL￿1￿ evolt￿led ond or• based On hisloricol tMpriwKe ond dhaf lodols. indLdiNJ exp•doll￿￿ ol hjlure ihol ore bgli•v4d I•0&￿able undef ￿ urcumslonces. The Tn￿1 mok41 e￿lMot•S ond assvfflplions conc•rnir*J I￿￿1•. Th• mvliing accovnling o￿lmO1•S and a￿UmP11r￿S will, ￿ d•lIniti￿. ￿ ¢quol th• rduled odvol rnsuhs. Th• ￿lMOth ond 05sumptions Ih ho¥p a signihcont risk al cousing o mglerigl Odj4tstrr￿rt ￿ the carying ol ond li￿114*1•5 within t￿ ￿xI h'nancial yaor a￿ di50Jssed bew. Th• lair ¥olu• ol Irwkdd iTrth•nl proporthm d&hmiinod ￿ monagem•)I, 0$ 0131 Odobor 2025. on on open mokn knsi5. Th• valuation w05 vndorkjkvn ￿ monogM*nl Ixmd on iThFThm￿1￿ Publi￿¢d by Ihid poty sp•cialith iuch as Knsht F￿nk or S(Thills. Valualion al q￿tsd in¥thert AnNO1￿ lh• Trn$1￿ orn pthid•d with o Ftholio ¥ol￿t￿n ol its 9Lk)tsd in￿$•mOn￿ ty lh• Trusl's in¥*s*m•nl o&4isws Saffjsin ond Portw& thich Ihe TNsl*•J d••m lo r•y•s•rt+ th• loir KI1￿? ol thè hoklin9 th• Ind. H•rifta9• Q40ts Th• Tru￿,$ orn splil iftto ¢ol•goriM'. Exhibits ot lh• Coll•dicffi ond Poinliny o Arth. 80th ol these ialwies were wjlvad ￿ lh8 I￿51ee8 on l Novambw 207 2 lor £17rn ord £2.5m ￿speCI1¥e1y, The PDinlin95 ond Artdods or• I￿1Ved yn & outlxnolive IrOn¥￿rt 4r1¢Ul￿re & btss¢d industry 2.844 306 335 40 119 4179 340 315 124 3.150 494 3,645 3.449 TOTAL 2024 Z977 471 3,448 Analysls of support cosls outomoilv• Agrf¢ulhw• & Gov•rnqN• 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 k*r ollocotirs supptyl costs kn difleMI txlivilies is done on o percenloge l)osis. 8.Audltors' renumeratlon audilm, rnmUn•ral￿rt an￿*nts lo on auditor l•a d £39.03012024 . £36.7501, ord non0￿411 vic•$ 01 £7.90512024 . £7,675). 41 Tn*' Annuol W 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 9. StaH cost$ Gv•up 2025 Group 20?4 2025 £000 2024 £c(Jo Wop$ & solo¥i•¥ Sociol ￿CurIty cosls Cthef pensbons CLX 2,010 177 147 1,755 120 119 1.434 177 147 1,148 126 119 1.758 1.393 rin9 the th• Chorlty Intury￿ radundoncy toth ol £NII12(r24 . £23kl. Th• redundancy cosh to q rnslnxturiry ol s￿lF. Th• &undonry co￿1 were Irom uni•thidd Iufmh. Th• nvmb•f ol Perw￿ •mploy•d ￿ th• Tft￿ durfng th• y•ar was os follm,. Grovp 2025 Group 2024 Colthion Supp¢rf 44 37 45 85 The number wk¥x• •mpltrrf•• b•n•fits l•xclLdiNJ •n4)Iwr p•nsion co¥sl •xc••&d £60,000 wos: Orwp 202J Group 2024 In th• bond £60,C#)I . £70,¢XKI In Ihe &Jnd £70.WI . £80,0(K) In Ihe i¥Jnd £80,001 . £90,0(X) The TfUSt ccffisideTh its key mono9emenl FeTr￿ne1 comwi5e the Tnjstses ond Iho lour mona9er512024. ￿1) al Ihe Sfrnw Monogernenl Teom be4ng Accounls, commerc￿1, Heod ol Eslates Chiel En9ineef12024.. (ACC￿nts, COrnM￿C￿l, Heod ol Es10￿5 and Chiel Engi1￿rI. The lokjl employrnenl benelits irKludin9 efftpknr Per￿1￿ coTrtribuliw4 ond r•dundoncy costs ol Ihe kry moTr)g•rn•nl pwsonn•l w•re £312k12024.. £21 Okl. RoduTh4oncy cojls incurr•d in rnsp•d of kty rnon Al 31 Oclob•f 2025 5.099 934 6.033 DEPRECIATION Al l Nty4•mbBr 2024 Cknrp lof lh• y On dispo￿1$ 892 79 (4771 1.032 70 (477> Ai 31 Oclob•f 2025 210 494 704 NET BOOK VALUE Al 31 Ckiober 2025 4.889 440 5.329 Al 31 Odo6•r 2024 4,959 467 5,426 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 I l .Investment property Group & trust Fr••hold Inveslment prop•rty VALUATION Al l N¢y4ornbor 2024 OTr rnvoluolion 72.436 Ai 31 Odobar 2025 71476 lolr vulw ol IT•ohdd irY*Wt￿ pWi•s d•*erminod ￿ morng•fflth, a$ al 37 Oclob•r ?IY25, on an OP￿ b￿1$. The vo1140tiM und•rtok•n ￿ n￿n09•MOn1 bowd OA 1nl0rfflthi￿ pvblish thild paty sp•ciolssts s￿1 ￿ Knig￿ Frank ¢y S¢r*ills. 12.H•rltage oss•ts Group & trust ASSETS RECOGNISED AT COST Exhlblts at th• Palnllngj & C•ll•¢tlon ortel￿ts 2025 2023 £000 2025 Corylry Nvlvv th l N￿omb•1 2024 Addilions Dispow 17,468 200 {i 2.5rJo 19,968 206 17.673 20,173 Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 12.Herltage assets (contlnved) Group & trust (contlnued) The Tfusl wos Fom)•d in 1944 lor pu(pose of pThidsng o niwnofTroI lo Ihe mgmory of Ormond¢ Shurtleworth. who wos killed in l 940 in a IIyin9 o¢¢idèni whilsl on swice in RAF, ￿ the prcMSiM ol o mus•um ofid ¢olle9e. This hos b••rb ¢xhI￿d by esbblishm•nl ol Th• Collodi¢Jn. an ocli¥* mLfj•um ol pinctpolty pr• S•cond Wt)dd Wor oircroh, mony unw In IFyin9 condr1¥￿ with hanggrs ond oididd. ond olso Ihe pry)vision and stspport lo The Shithkn*ffjrth Coll¢g•, which vws th¢ Monsion otsd surwvndin9 pr¥misw ofid po￿lO￿a lor its s)diVili￿. Ih pffjp•ty is Ivndomvnknl b the corn acll¥ili•s ol the Chun￿blO 0clivili￿ ond Tru￿,5 objecls, as ore the exhi&'ts and histsic artdods depbcling lh• shv1t1￿ffjrth inherilotK•. mony ol which irrnplaceoble ond d ndional bfflprytsnce. These propertie5 ond ortelDcts nat a55els in the normal Sen￿ as iFw permonenc• while the hos a conlinuing r￿￿SIbIlI1V to P￿¢1 ond rnoinkjln them lor IvtrJrv 9eneffjlioni, the co which connot b¢ ful￿ as￿51¢d. Poinlingi & ort•ladJ Th• Monjlon conloini o laffJ• number ol wait*lrys. orfelocts and lumilur• collectsd Shvmlththh FamiFy, on Invenkny ol which Is moinlained ￿ Chrislies. valuor, recoftlSn9 Ihe nolure, PrO￿nanCe ond location. ThD Twjl has odopted o policy lo Valu• lh• conlen15 OF the JlAon$KJn wary 5 y•an for iMuron¢• purpow, lh• kni ￿1Vati￿ ￿￿•￿ak•n ￿ ChTi¥lb05 in Jun• 2022. Thè Trusts6s ￿0¢•d the h9ur• 01 £2.5 msllth os Ihè mokn ltslvè ol tho5• oss•l$ 0$ ol l November 2012 and ho￿ rni•4¥•d this inlghi ol tho Jun• 2022 ￿lUth1On orhd Ihe exhibils or l)viklings sn chDritoble use o copiknlised. 45 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 12.H•rilage assets (continued) Analysls of herltage asset transactlons Group 2025 £000 2024 2023 £000 2022 £000 2021 PURCHASES Poinlir4Js & ort•loc Exhibits ol th• Colhclion 206 435 TOTAL ADDITIONS 206 435 DISPOSALS Poinllrys & orteloc Exhibits d th• co1￿h0n TOTAL DISPOSALS PROCEEDS FROM DISPOSALS Exhibrts ￿ th• Coll•clion TOTAL SALE PROCEEDS 46 Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 13.Fixed asset Investments Group Ilst•d Cash h•ld al Inv•slments broker £000 £000 VALUATION Al l Noveffllxr 2024 Addilions Revolwti 0,579 6,S85 4SO 450 Al 31 2025 7.038 13 7.051 Nfr BOOK VALUE Ai 31 •f 2024 6,579 0,585 Trvst Inv•ilm•nts In •ub•ldlgry Llsi•d Co•h h•ld e•mpanles knv•%lm•nts broker Tolal £000 COST OR VALUATION £000 £000 Al l Novembw 2024 Addilions R0volL￿10n1 C05h movemernl 130 6.579 0.735 450 450 Al 31 O¢t•b•r 2025 150 7.038 13 7.201 NET BOOK VALUE Ai 31 O¢tsb•r 2025 150 7,038 13 7,201 Ai 31 Cklobw 2024 150 6,579 6,735 47 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 13.Fixed asset Investments (conllnued) AJI in%wlm¢nls are corried th Iheir Foir value. In¥eslmenl in equitie5 ond Èxed inter￿ %curities ore oll Irod¢d in quoknj public mork¢ts. primarily in the lond￿ Stock Exchon9e. Hdding in cornmon irfywtm•nt lunds, vnil InJ5Is tsnd op•n4nd•d inN*th•nl comwnim orn ol th• bid pric•. The bosis ol loir volu• lor guded Inveslments 15 equiwjlent lo the rnarket ￿lu4 using the Eyd pric•. Al￿ ￿11% arKI arn rncogni5•d al tho da* ol Irode al c051 lthal 15 lh￿r Irans(Klion voluo). The chority ij Orffliling on in￿$*m￿l policy prrNides lor o dg9r•e ol divarsifrication ol hoklings with diknnl cornm￿ In￿81rn¢fiI lundi. This helps lo miligakn Ihe impod ol jigniliconl m(w•ffl•nls in ¢xhary• roles ond locolis•d issues affecting th¢ volue ol lh8 pyrfdio. The chortly does nol rnoke use ol d￿￿￿1¥•1 ond similor complex linonciol irntruffvJnls ￿ il tokw th• Wi th￿ irnslmwnls orn h•kl lor thpif k)ng•f lerm gIty￿h oryl onnuol irfonw. Th• chority h05 no mohfiol In￿lIM•￿ holdings in ffl¢Jfk*s iubi•d to •x&irfj• control$ ¢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 Try*8J' 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 cl￿1 Am(yJTrts owed ￿ group und•rtokin95 oihèr toMoti￿ & ￿cial Security Oihw cr•di1ty5 Accrwils & delerr•l ifKQm• 57 560 55 168 $7 454 232 80 675 279 55 113 46 82 114 640 305 676 483 145 1.888 1,282 1.777 1,082 Gr•up 2025 Grtsjp 2024 Tru•t 2023 £000 TNsi 2024 £000 DEFERRED INCOME Dderred Incomo at l NO￿rnber 2024 Rexwrces delerrwj during the yoor AmtyJnts r•l6tssd Irom pr•¥irJJs P•fiodi D•f•ff•d In¢•m• al 310rf0l)•r 2024 180 250 1180) 151 33 59 {33) 22 33 1221 1157} 250 180 59 33 Delpfrnd inc¢)m• rvkJ*% ￿ dap05its lof 7h*dding1 and •Mnl 49 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 17.Crodilors: amounts falling due after morn then one year Grnup 2025 Group 20?4 2025 £000 2024 £c(Jo Bonk k￿Tr5 1.017 1,071 1.017 1,071 Ifflcludod within th• ab(yM (x• amwnh lalliry du• OJ lollw. Gr￿P 2025 Gw 2024 Trv•t 2023 £000 Tfusl 2024 £0 BETWEEN ONE & TWO YWtS Bonk l¢Jo 53 53 BETWEEN TWO & HVE YEARS Bonk lou 178 172 178 172 OVER FIVE YEARS 8onk lotsfts 846 784 Th• bonklogn is s•curnd ¢>301n￿ lh• mork•t ￿11￿• kn Mi&41e Fonn. Hoo Fonn and Hill FonTr whith arn all irKILd•d ufidef itw8stm•nt pffjprti•s. In￿OIMentS ol inleffjsl onfy or• monthly Ifoffl ih• dThtltywn dote lor Ihe ts¥o >wrs ond 1p*r￿ller in￿01m*￿ ol cop'tol ond inle1￿1 orn ry>oyobl•. Th• inl•wl rol• li lixd 013.5% p•r onnuffl 50 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 19.Analysls of net assets between funds Analysls of nel assets between funds - current year Unr•slrkl•d R•sfrkt•d End•wm•fil T•lol Ivn lund* 202S Ivnds 2023 lund# 202S 2025 £000 38 4,379 Tongsble lixed 055ets Ftxd Ossgl inveslme Inv•slmonl PfOP8fty il(y 0Ss•ts 2,361 2,672 30.085 15,492 3,941 11.8881 2.930 3.329 7.051 72.476 20,172 3.941 (1.888) (1,017> 42.391 4.5Th) 180 du• wiihin one yfjor Cr¢dikn tkn in ffMY• thon oi• y￿￿ TOTAL 57,646 4,597 49,821 106.064 Analysls of nel assets betw••n funds - prlor yeor un(￿trIC￿d R•slrbd•d Funds lynd$ 2024 2024 £0 Erdowmtftl lund$ 2024 £000 2.930 To￿1 Ivnds 2024 Tan9ibl• lix•J 05Mts FIX￿ osMI in￿lM￿ In¥•slmonl proFthy Pknilo9e 0550ts Currenl ossets Credikxs du• wiihin on• y•tsr Cr•dikKs du• In ffKY• th•n on• 2,496 2,451 29,266 15.468 3,093 11,2821 11.0711 50,421 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 Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 20.Recon¢illatlon of nel movement In funds to net cash flow from operatlng actlvllles Grovp 2025 Group 2024 N•1 inctyr* lor th• los p•r Siolem•rt ol Fsnanciol Actiwiliesl 908 Z449 ADJUSTMINTS FOII Lhyrfiotion chof90S L05s•5 oll investments Dividends, inter•s15 & t•nts Irom Decr*¢se/lincr805•I in sfvcks LhcrnoM/lincr•tss•l in ddmors D•rreus•/lincr•Js•1 in u•dilo 149 (490) 11670) 130 12.307 12.468) (3361 67 137) N•1 In op•rnllng a¢llvlt•¥ {2,160) 21.Analysls of cash & cash equlvalents Or•vp 2025 GrcMJp 2024 Cwh in knnd 1491 Included within cosh in IK4nd d 31 OctO￿r 2025 is £2,OSOk12024,. £1,359kl ￿k)lIr￿j k* on orntyJnl Inwthd in o mon•y fflarkd acc¢￿nI whKh 1$ occ•ssibl• wiihin 2 to 5 d4V4. 22.Anolysls of chang•J In n•t debt Ai31 O(l•b•r 2025 N•v•mb•r 2024 ¢)Ih•r no C•*h Ilow• ¢ash £han9•1 £000 £000 Cosh ￿ bunk & Ir) hond Dek4 dw wsthin one yoor dm ah•r ono y•ar 1.991 {53) soo 2.491 (s (1,017> 54 865 410 142 57 Tr￿. ArthLd ReKOrt 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 23.Mernorandvm of vnapplled total rntvrn 2025 £000 2024 £c(Jo Uwpld relum kKoughi lorwpTd Incr•¢tsè In volu• during Ihtr y•ur Tranjler lo wrmononl endow￿* Appl¢coliM ol uwltyod relwn 17.110 1.149 (6891 (1,927) 17,678 2,038 1669 11,8711 15.649 17,116 24.Penslon Commllments Th• Tn￿ oF*r0￿ a deh'nod pensi¢)ft sd)èff*. Thè ojstrts OF th• $d￿me ore htrkl s•FYJrot•ly lryn Ihoso ol ihe Tru￿ in independen1￿ odministernd knrds. Th• pension cost dxJryes ffjpreJ¢nts C*y*lribLrtions po>rble Ihe knnd ord onwntsd b £147k {2024: £719kl. P•rffjion pu>rbl• vwr •nd £1 Ok12024: £ l Okl Cf•dikKs. 25.M•mbers' Iloblllty Eoch rn•mb•r ol lh• chan￿bI• compony und&rtDkm b cothbvkn lo I￿ ass•ts ol Ihe company In lh• t￿￿1 ol il b•in9 WI￿nd vp while he/sho is a m•mb•r, or wiihin ono y•or olkn h•/sh• ceosos b b• a m•mbw. 5vch omounl os moy ￿ wvirnd, not exce¢d4n9 £NIL lor ihe debts und liobililies ¢onlroded /she ceosw b be o m•mber. 26.Related party transQCtlons Th• Tru# CC*HKkn•d th• di$d￿u￿ rnquirnm•nts & th• R•comm•nd•d Pffjdic• f¢r ond of Financbal Rewtrin9 S￿ndord 102 'The FiNJnciol Rewtiry Stomdord applicoblo in lh• UK nd Rybllc d Ir•kJnd' and thot ih• lolkn¥ing Irorthgdws r•quirns diKknuTr: Lhriry the yeor v￿er ￿1**¢ lh￿ Tru51ee512024 . rpimk￿￿ler￿lt ol Ira¥EI and sub5islerte exFen5es in Ihe sum of £2,88512024 . £4,301 l. No Truslee IKe1￿ any remuneffjli¢Jn hom holdin9 office 05 Truslee12024 - £NILI. Dufiry the yeor ￿￿er rnite* a rnember kry mofW)9emenl peTronnel rKei%d luel ond en9ineering repai r¥ices for o tdol of £10412024 . £NIII at on orrns t￿1, At the •nd of th• no balonco V4 ￿)ts￿ndI￿j{2o24 . £NIII. The Trust hos tsken od¥onloge ol •x•mpllon, und•r knTns d Fnoncial R•wtiNJ Stondord l (r2 'The Finoncsol Reportiry Siandord oppiicablfr in the UK ond Rowblic ol Irdond., lo disclose ITonsodions wilh gr￿P und•rknkin95 or Irwoston in lh• gioup qtsolifyiNJ os r•lotsd p]rti•s. on tho gm4Jnds il is o wholty owned iubsdKsry and will b• indwl•d in its cryryy wblicly o¥oilobl• consalidotsd h'non¢￿1 slol*rn•nls. 58 Try*8J' Anrwl ReFKJd 24/25 Notes to Ihe flnanclal statements for the year ended 31 October 2025 27.Shuttleworth Veteran Aeroplane Soclety (SVAS) Th• SVAS was è51ablish•d in 1964 ond is on in&pfid￿l Trysl , number 8(W5. whbch éxists lo iw) Th• ShuMle¥tsr*rth 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 SubS￿410ry 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 Shuttltr*4Y￿h 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 9t￿P pr•poring consolidol•d linonc￿E stol•m•nls arn The Ormonde Shuttlwèt*rth R•m•mbrarK• its sist•f svbsidiory Old Worth Limi Cow•5 ol lh¢ RKIKrd Shywknwrth Trwtws cpnsolidothl h￿n￿)I s*knrnents 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