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
**Page 2 of 14**
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
**Page 3 of 14**
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
**Page 4 of 14**
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
**Page 5 of 14**
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
**Page 6 of 14**
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
**Page 7 of 14**
## 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
**Page 8 of 14**
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
**Page 9 of 14**
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
**Page 10 of 14**
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
**Page 11 of 14**
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
**Page 12 of 14**
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
**Page 13 of 14**
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:
1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. The accounts do not accord with those records; or
3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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
**Page 14 of 14**