SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
ANNUAL REPORT
and
FINANCIAL STATEMENTS
for the year ended
31[st] MARCH 2025
SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
CONTENTS
| Introduction Chairman’s Review 2025 Statement of Financial Activities Balance Sheet Accounting Policies Notes to the Financial Statements Independent Examiner’s Report |
Page |
|---|---|
3 5 7 8 10 12 14 |
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
INTRODUCTION
The Shuttleworth Veteran Aeroplane Society (SVAS), established in 1965, is a separately registered charity (No. 800095) which exists:
‘To advance the education of the public in the science, practice and history of aviation and automotive transport by the support, maintenance and advancement of the charitable work of the aeronautical section (The Shuttleworth Collection) of the Richard Ormonde Shuttleworth Remembrance Trust’
The Society’s address is Old Warden Park, Biggleswade, Bedfordshire, SG18 9EA, its accountants are Messrs. George Hay, Biggleswade, and principal bankers are the Lloyds Bank. The Annual General Meeting is held in May.
The Society is governed by written constitution and managed and administered by members of the Executive Committee who are elected to remain in office for three years. The Executive Committee consists of not less than 8 members or more than 15. Any vacancy may be filled by invitation or co-option of a member to the Executive Committee, whose name shall be put to the next annual general meeting for election. The constitution does not permit any outside party to appoint a Trustee.
The members of the Executive Committee during the 2024/2025 year were:
| Julian Harcourt | Elected May 2021 | |
|---|---|---|
| Alan Reed | Vice-Chairman | Elected May 2021 |
| Paul Ferguson | Elected May 2021 | |
| Kevin Panter | Chairman | Elected May 2022 |
| Neil Thomas | Elected May 2022 | |
| Bill Grigg | Elected May 2023 | |
| Rosie Hall | Elected May 2023 | |
| Matthew Studdert-Kennedy | Elected May 2023 | |
| John Leary | Treasurer | Elected May 2024 |
Sandy Sawyer is acting as a non-voting secretary to minute meetings
To secure its objective, the SVAS provides finance and voluntary work and services to help the Shuttleworth Collection in its acquisition and maintenance of items of historical value at Shuttleworth (Old Warden) Aerodrome. The executive committee recognises that the Society is holding approximately two years income in reserve. This reserve is considered appropriate given that over 700 of the Societies members are now life members, who will be making no further subscriptions, but to whom the Society has the liability of continuing membership benefits. In addition, the Shuttleworth Collection operates an acquisition policy based upon opportunism, resulting in an unpredictable level of support required from the Society.
The financial position of the Charity is monitored by the trustees at regular meetings and adjustments made to sources of income and expenditure to ensure that Charity
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
objectives are reached whilst appropriate reserves are maintained. The trustees consider the current financial position to be appropriate to meet the Charity’s objectives and liabilities.
In shaping the Charity’s objectives for the year and planning its activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Chairman’s Review of the Year Ending March 2025
It’s hard to believe that the Shuttleworth Veteran Aeroplane Society is turning 60. In fact, we started a year after the initial flying experience first came into being at Old Warden. Since then, we have grown to have around 5000 members, with many members across the world. Shuttleworth itself has evolved in that time, originally a small core of aircraft were operated and the vintage vehicles were demonstrated on the London-Brighton runs. Since then, there have been many additional hangars built to accommodate additions to the Collection such as the Lysander, Miles Hawk Speed Six and Clayton & Shuttleworth heritage items (purchased with funds provided by the SVAS). The vehicle side has also been expanded, but we still take part in the veteran car run. Last year, volunteers entered the Panhard Levassor (the first vehicle collected by Richard Shuttleworth) and all went well until it failed on Hammer Hill. There should be plenty more opportunities to try in the next 60 years!
The past year has seen a time of change at Shuttleworth. There have been changes to many shows, including the first multi-day show for many years. The shows have seen a greater variety of visiting display acts and have proved popular with the public so further changes are planned for the 2025 season. The importance of volunteers in these shows cannot be understated.
Over the past year we have lost many valuable volunteer members of our organisation and we thank everybody who gave the time to help us.
Over the last two years 174 additional volunteers have been recruited. We are proud to have over 300 active volunteers working in a number of different roles at Shuttleworth, from the House to the airfield, from restoring the vintage vehicles and aircraft to educating the public with tours and activities. These volunteers have provided over 56,994 hours of volunteer support over the year. This equates to over £769,419 in labour cost contributions. The SVAS has also taken on the administration of members for the Friends of the Swiss Garden in the past year. Thank you to the small team of volunteers undertaking this work and helping to recruit more members!
As a thank you to our volunteers the Shuttleworth Trust has now introduced long service awards as recognition for the continued hard work put in by many. Thank you to you all. If anybody you know is interested in joining the ranks of volunteers, there are vacancies for event stewards, admissions teams and education guides among others, Debbie Land is coordinating volunteer activities and would be happy to hear from any prospective volunteers.
The amount that the SVAS has contributed to the Collection over the years has been significant with around £1 million pounds being donated over the past 5 years. We are expecting further significant donations in the future with plans being outlined by the Trust for enhancing the visitor experience.
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Towards the end of our financial year the opportunity arose to purchase Richard Shuttleworth’s 1905 Wolseley. This had been sold in the 1930s by Richard to allow the purchase of the Marot Gardan quadricycle, but prior to being sold had been driven in London to Brighton Runs by his mother Dorothy. The SVAS was pleased to be able to support this by providing funds to cover the cost of the purchase, as space is at a premium at the Collection, we have agreed that the SVAS donated Austin Burnham could be sold to provide additional space if required.
The SVAS is pleased to support the educational activities at Shuttleworth, we have provided match funding to support the application to develop the SEND (Special Educational Needs & Disabilities) experience at Shuttleworth. We have also supported educational visits from 4,369 learners from 49 Key Stage 1-2 schools, 13 Key Stage 3-4 schools and 63 post compulsory education institutions and youth groups.
SVAS Student Section members provided holiday activities and discovery zone air show activities for children.
This gave a total educational reach of 13,815 people.
Flight line tours throughout the season were good and we remain hopeful for a good year again this year.
There are many more Saturday air shows planned for the new season which gives us an opportunity to perhaps fly some of the very old aeroplanes which we rarely get a chance to see flying. The SVAS is pleased to be able to support one of these events in particular. On the Saturday of the Festival of Flight show, the Red Arrows will be appearing which will be totally funded by the Shuttleworth Veteran Aeroplane Society.
The site is busy all year, particularly now the Cambridge Flying Group are fully installed on site and recently we have heard the Legends Aero will be flying their two seat Spitfire in future from the airfield. All this activity on the airfield means that a group of volunteers in particular stand ready and are hopefully never needed. The Airfield Volunteer Fire Service (registered charity 1094593) have kept our operations safe for many decades and their members have recently voted to become more closely linked to the SVAS.
This will be voted upon by members of the SVAS at our upcoming AGM to accept their request.
K Panter
Kevin Panter SVAS Hon. Chairperson April 2025
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Statement of Financial Activities for the Year Ending March 2025
| INCOMING RESOURCES Notes Subscriptions, Donations and Legacies Subscriptions Legacies Donations Gift Aid Reclaim Total Subscriptions, Donations and Legacies Trading Activities Surplus Sales Regalia Sales Total Trading Activities 1 Other Activities to Generate Funds 1 Bank Interest Total Income Costs of generating funds Net incoming resources available for charitable application |
2025 Unrestricted Restricted Total Funds £ Funds £ £ 133,195 133,195 55,773 55,773 26,602 694 27,296 31,370 31,370 |
2024 Total £ 135,340 605,197 33,717 32,830 |
|---|---|---|
| 246,940 694 247,634 |
807,084 | |
| 3,043 3,043 3,286 3,286 |
3,674 2,823 |
|
| 6,329 6,329 |
6,497 | |
| 6,197 6,197 28,868 28,868 |
5,368 14,649 |
|
| 288,334 694 289,028 |
833,598 | |
| 7,022 7,022 |
3,223 | |
| 281,312 694 282,006 |
830,375 | |
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
| CHARITABLE EXPENDITURE Notes Postage Stationery & Printing Prop-Swing Magazine - Printing Telephones, Internet & Email 3.1 Consumables Repairs & Renewals of Equipment Sundry Expenditure Expensed equipment 3.2 Insurance Advertising Donations to Shuttleworth 3.2 Bank charges Education Motor Section Support 3.4 Total charitable expenditure Support Costs Accountancy Fees Accountancy System Cost 3.1 Total Support Costs Monies collected for other Charities 4 Total Expended Net Incoming before investment gains/(losses) Net gains/losses on investments NET MOVEMENT IN FUNDS Reconciliation of funds: Total Funds Brought Forward Total Funds Carried Forward 5 |
2025 Unrestricted Restricted Total Funds £ Funds £ £ 5,534 5,534 535 535 12,391 12,391 1,259 1,259 154 154 0 0 1,227 1,227 1,251 1,251 348 348 233 233 173,500 173,500 2,995 2,995 4,209 4,209 445 445 |
2024 Total £ 8,854 1,339 8,347 2,574 369 12 2,157 348 196,767 3,575 0 200 |
|---|---|---|
| 199,872 4,209 204,081 |
224,542 | |
| 846 846 3,454 3,454 |
810 5,569 |
|
| 4,300 4,300 |
6,379 | |
| 250 250 |
- | |
| 204,422 4,209 208,631 |
230,921 | |
| 76,890 -3,515 73,375 -531 -531 |
599,454 54,156 |
|
| 76,359 -3,515 72,844 |
653,610 | |
| 2,265,274 139,276 2,404,550 2,341,633 135,761 2,477,394 |
1,750,940 2,404,550 |
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Balance Sheet
| Notes FIXED ASSETS Capital Equipment CURRENT ASSETS Cash at Bank and in Hand Stock 1 Artemis Portfolio Walker Crips Portfolio Rathbones Portfolio DEBTORS Debtors - HMRC Gift Aid Reclaim 6 Debtors - Accrued Interest TOTAL CURRENT ASSETS CURRENT LIABILITIES Creditors 6 NET CURRENT ASSETS SOURCE OF FUNDS Year Start Balance Net Movement in Funds UNRESTRICTED ACCUMULATED FUNDS 7 RESTRICTED ACCUMULATED FUNDS TOTAL ACCUMULATED FUNDS |
2025 £ - 1,246,095 4,538 304,860 80,455 807,029 2,442,977 31,370 17,504 48,874 2,491,851 -846 2,491,005 2,404,550 72,844 2,477,394 2,341,633 135,761 2,477,394 |
2024 £ - 1,168,750 3,312 332,932 859,942 0 |
|---|---|---|
| 2,364,936 | ||
| 32,635 7,512 |
||
| 40,147 | ||
| 2,405,350 | ||
| -800 | ||
| 2,404,550 | ||
| 1,750,940 653,610 |
||
| 2,404,550 | ||
| 2,265,274 139,276 |
||
| 2,404,550 |
Approved on behalf of the committee:
S Sawyer
J Leary
Sandy Sawyer (Hon. Secretary)
John Leary (Hon. Treasurer)
Date 21/05/2025
Date 21/05/2025
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Accounting Policies
1. ACCOUNTING POLICIES
General
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in preparation of the financial statements are as follows:
a) Basic preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)).
The Shuttleworth Veteran Aeroplane Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
- b) Reconciliation with previous Generally Accepted Accounting Practice In preparing the accounts, the trustees have considered whether by applying accounting policies required by FRS 102 and Charities SORP FRS 102 the restatement of comparative items was required. It has been decided that reclassification would be impractical due to the size and nature of the transactions involved.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
All Equipment costing in excess of £1000: 33% on cost
Expensed Equipment
Office and computer equipment has been expensed where the purchased value is less than £1000 per item.
Subscriptions
Income from subscriptions represents cash receipts in the year, with no provision being made for the difference between the financial and membership year.
Life Membership
Subscriptions received for Life Membership are treated as income in the year of receipt.
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
2. FIXED ASSETS
The Society currently holds no fixed assets.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025.
There were no trustees' expenses paid for the year ended 31 March 2025
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
Notes to the Financial Statements for the year ending 31[st] March 2025
| 1 TRADING ACTIVITIES Surplus Sales Regalia Sales Total STOCK Opening Stock (cost price) Purchases (cost) Sold Stock (cost) Closing Stock (cost price) Opening - Closing stock Sale Receipts Profit Margin (%) 2 OTHER ACTIVITIES TO RAISE FUNDS 500 Club Competitions Prop-Swing Advertising Total |
Proceeds £ Costs £ 2025 Net £ 2024 Net £ 3,043 0 3,043 3,674 3,286 1,226 2,060 1,543 |
|---|---|
| 6,329 1,226 5,103 5,217 |
|
| 2025 £ 2024 £ 3,312 1,822 3,268 2,770 1,990 1,280 4,538 3,312 -1,226 -1,490 2,684 1,543 694 263 35% 21% Proceeds £ Costs £ 2025 Net £ 2024 Net £ 5,763 2,882 2,882 3,155 384 122 262 270 50 0 50 0 |
|
| 6,197 3,004 3,194 3,425 |
3 CHARITABLE EXPENDITURE
The costs for the Uniconta Accounting System have been moved from "Telephones, Internet & 3.1 Email" to "Support Costs" as they are more relevant here.
| 3.2 EXPENSED ITEMS Trailer equipment Publicity Material (Banners, tablecloths etc) TOTAL 3.3 VEHICLE SECTION SUPPORT Club Memberships Section Equipment/Manuals TOTAL 3.4 DONATIONS TO SHUTTLEWORTH Aircraft Spares Vehicle Spares Portable Boiler Air Show Fuel support Programmes Support for Events Ground Facilities / Sundry |
2025 £ 0 1251 1251 2025 £ 270 175 445 2025 £ 90,000 25,000 20,000 20,000 10,000 5,500 3,000 |
2024 £ 2157 0 |
|---|---|---|
| 2157 | ||
| 2024 £ 200 0 |
||
| 200 | ||
| 2024 £ 116,000 28,000 6,000 20,000 0 0 4,500 |
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
| Transit Van Bofors Gun Total |
0 0 173,500 |
20,000 1,500 |
|---|---|---|
| 196,000 |
| 4 Monies collected for other charities: We have used our card machines to sell Programmes on behalf of the Shuttleworth Trust and Subscriptions on behalf of the Friends of The Swiss Garden (FoSG) 5 RESTRICTED FUNDS Balance Income Spent 2024 £ 2025 £ 2025 £ Education Fund 34,873 694 4,209 Mercury Appeal Fund 99,913 0 0 C & S Heritage Fund 4,490 0 0 TOTAL 139,276 694 4,209 6 DEBTORS/CREDITORS Debtors 2025 £ Inland Revenue (Gift Aid Tax Claim) 31,370 Accrued Interest Earl Shilton Building Society 254 Close Bros. 1,382 Hampshire Trust Bank 2,896 United Trust Bank 2,794 Cambridge & Counties 3,787 Redwood Bank 3,433 The Charity Bank 2,958 17,504 Total Debtors 48,874 Creditors 2025 £ George Hay 846 TOTAL 846 7 ANALYSIS OF NET ASSETS BY FUND 2025 Unrestricted Funds £ Restricted Funds £ Total £ Fixed Assets Current Assets 2,342,479 135,761 2,478,240 Current Liabilities 846 846 Net Assets 2,341,633 135,761 2,477,394 |
4 Monies collected for other charities: We have used our card machines to sell Programmes on behalf of the Shuttleworth Trust and Subscriptions on behalf of the Friends of The Swiss Garden (FoSG) 5 RESTRICTED FUNDS Balance Income Spent 2024 £ 2025 £ 2025 £ Education Fund 34,873 694 4,209 Mercury Appeal Fund 99,913 0 0 C & S Heritage Fund 4,490 0 0 TOTAL 139,276 694 4,209 6 DEBTORS/CREDITORS Debtors 2025 £ Inland Revenue (Gift Aid Tax Claim) 31,370 Accrued Interest Earl Shilton Building Society 254 Close Bros. 1,382 Hampshire Trust Bank 2,896 United Trust Bank 2,794 Cambridge & Counties 3,787 Redwood Bank 3,433 The Charity Bank 2,958 17,504 Total Debtors 48,874 Creditors 2025 £ George Hay 846 TOTAL 846 7 ANALYSIS OF NET ASSETS BY FUND 2025 Unrestricted Funds £ Restricted Funds £ Total £ Fixed Assets Current Assets 2,342,479 135,761 2,478,240 Current Liabilities 846 846 Net Assets 2,341,633 135,761 2,477,394 |
Balance 2025 £ 31,358 99,913 4,490 |
|---|---|---|
| 139,276 694 4,209 |
135,761 | |
| 2025 £ 31,370 254 1,382 2,896 2,794 3,787 3,433 2,958 17,504 48,874 2025 £ 846 846 2025 Unrestricted Funds £ Restricted Funds £ Total £ 2,342,479 135,761 2,478,240 846 846 |
2024 £ 32,635 935 1,636 3,090 1,595 256 |
|
| 7,512 | ||
| 40,147 | ||
| 2024 £ 800 |
||
| 800 | ||
| 2024 Total £ 2,405,350 800 |
||
| 2,341,633 135,761 2,477,394 |
2,404,550 |
Annual Report and Financial Statements for the year ended 31[st] March 2025
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SHUTTLEWORTH VETERAN AEROPLANE SOCIETY (SVAS)
INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF
THE SHUTTLEWORTH VETERAN AEROPLANE SOCIETY
I report to the charity trustees on my examination of the accounts for the charity for the year ended 31[st] March 2025 which are set out on pages 7 to 13.
Respective responsibilities of members and examiner
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charites Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under the section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts five a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters, in connection with the examination, to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Emma Wilsher FCA
George Hay Partnership LLP Unit 1B Focus Four Fourth Avenue Letchworth Garden City Hertfordshire SG6 2TU
Date 22/01/2026
Annual Report and Financial Statements for the year ended 31[st] March 2025
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