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← Ray & Diana Harryhausen Foundation

2025-03-31-accounts

THE RAY AND DIANA HARRYHAUSEN FOUNDATION Scottish Charity No: SC001419

Report of the Trustees and Financial Statements

FOR THE YEAR TO 31ST MARCH 2025

H.1594.001-LNK-Charityacc

THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025

The Trustees present their annual report and financial statements for the charity for the year ended 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (issued 2019).

Objectives and Activities Objectives of Trust: The Ray and Diana Harryhausen Foundation was established to hold various items of memorabilia used byJ or created by him during his career as a Special Effects Artist in the Motion Picture Industry in England and in Hollywood, and to collect items which had influenced {in his creation of film stories and characters. The aim is to give a coherent picture of the special effects production method of Model Stop-Motion Animation especially the Dynamation technique (Stop-Motion Photography combined with live action) in the period between the film ‘King Kong’ and the film ‘Clash of the Titans’, which wasi final full scale film.

The Trustees have power to make grants from the Trust Funds and make loans of the items for the benefit of the public for educational purposes to encourage the study, practise and knowledge of the cinematic art technique, to encourage educational work in this field, and to encourage the exhibition of designs, sketches, models and other equipment used in the making of films for the cinema.

Report of the Trustees:

SinceTE, the Trustees of the Foundation have assumed formal legal responsibility for the promotion of his name and work, and the whole of the Harryhausen Collection.

The Trustees are pleased to report continuing activity over the year.

General The Foundation continues to promote {i work through various activities and engagement with the public, including attending and conducting seminars, speaking events, providing written materials and engaging with educational institutions. The Trustees continue to consult as necessary with their advisers, the special effects artist EG and actress(J. The Trustees were also pleased to continue to consult the conservator, Alan Friswell. The Foundation’s Collection Manager, GEES. continued his work in the preservation of the Collection and the promotion of its work.

The Collection

The relocation of the Collection was finalised before the end of 2025.

Significant time was spent preparing archive material for transportation to a new facility identified by the Trustees. This new, bespoke storage location has been specifically designed for the needs of the collection, with appropriate temperature controls, improved security measures and increased storage space.

Security of Digital Assets

The Foundation’s database is managed by Axiell Collections. This upgraded database is securely accessible from any workstation, reflecting the ongoing requirement for access to collections information whilst working away from the Foundation’s archive. The database is backed up daily by database provider, Axiell, with a second backup held securely off site.

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025

Objectives and Activities

Report of the Trustees: The Collection

Cataloguing of Trust Items

Cataloguing work within the Collection continued throughout the period, including ongoing location contro! and rehousing of items where necessary.

Research & Restoration GE continued to assess and restore the models in the Collection throughout the period. The Foundation has continued to catalogue, research and digitally record all of Harryhausen's work. THiS hii ° pldalaliag project for the Foundation. The Foundation is committed to ensuring that the collection ofis work is properly stored and preserved. Education and outreach 3D Scanning A programme of 3D scanning continued with the Glasgow School of Art's School of SnSimulcapturedaeto create“li photogramme a lastingacieialaal”digitalearecord earlierof the items collaborationsarchive. from TheCdforproject the 2020alsooe Centenaryallows beenstudents= at the School of Art to 2 original creations, focusing specifica li za sculptures alongside several Cael aioli and prototypes. Bloomberg Connects Imagery from the Foundation’s archive was made available on the Bloomberg Connects app, a free digital guide used by cultural organisations around the world to improve access to collections. The guide’s initial content offers an introduction to iySs work and the goals of the Foundation, as well as a virtual map of highlights from ‘The Lost Worlds ofgfl ee xipibition at Waterside Arts. The app allows for further curated content related to the Foundation’s ongoing projects and gg oggigiigiiigns. Animation Scotland vane24, introducinggemnaanin’the work and° talkcurrent at the steeringgoals of the meetingFoundation of Animationto a panelScotlandof industry on 8th May professionals, with the aim of generating ongoing support and leads for potential future fundraising.

5 ee

Merchandise and licensing

Publications and press

The Foundation continued to promote the publications on (works by the Trustees including; Harryhausen: Movie Posters; Harryhausen: The Lost Movies and Ray Harryhausen; Titan of Cinema through social media posts and during podcasts, presentations and panels (all detailed below).

Models, Prints & Images

The Foundation’s partnership with Star Ace Toys continued throughout this period, with a third licensing agreement signed in December 2024.

Digital Copies of JrIs artwork continue to be made available for purchase ETNAperiod, a number of new a percentageartwork, printsof salesand donatedgifts wereto theadded Foundation.to the website. Throughout this Provisions have been made for the Foundation to sell all of the above merchandise and pULgiggy tiquagigCreenings and events, generating additional income and helping to share information about the Foundation's work. Bespoke merchandise was created for ‘The Lost Worlds of iyBE exhibit at Waterside Arts, with the Foundation receiving a share of revenue from sales.

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025

Objectives and Activities Report of the Trustees: Merchandise and licensing Exhibitions, Screenings & Public Appearances The Foundation continued in-person appearances at events, accompanied by virtual panels throughout this period. A series of new exhibitions were also arranged for 2024/25.

The Lost Worlds of Ray Harryhausen exhibition, Waterside Arts ME0f 57 items from the Foundation’s collection was displayed at Waterside Arts’ gallery in Sale, Manchester from 26th October 2024- 4th January 2025. Inspired by Trustee John Walsh’s 2019 book ‘Harryhausen: The Lost Movies’, the exhibition showcased models and artwork from Ray Harryhausen’s unrealised films, alongside a smaller selection of screen-used models. Thqjggggigipitgggggned with an introductory presentation from the movieFoundation‘Mighty, beforeJoe Young’. an interview withThis exhibit musicianrepresented Hughthe Cornwellfirst exhibition aieeneenenof Mr Harryhausen’s°' 1949 5. work since the ‘Titan of Cinema’ centenary display at the National Museums of Scotland, which concluded in February 2022. Ray Harryhausen: Miniature Models of the Silver Screen, Kalamazoo Valley Museum A further exhibition of 163 items from the Foundation's collection opened at the Kalamazoo Vale Iature ModelsA of therE SilVlicMl exhibit2025.feature She lal tion27" Aprilof material 2 covering Mr Harryhausen’s entirere through to objects from eachwhichofwasalive-streamed ToniiYouTube, alongside !osed witha screeninga presentationof Trusteefrom theEs Foundation, 1990 film ‘Ray Harryhausen: Movement into Life’. This was the first exhibition of Mr Harryhausen’s work in the US since 2017, and is scheduled to be displayed at the Mini Time Machine Museum of Miniatures in Tucson, Arizona from September 2025. Wonderfest USA The Foundation attended the Wonderfest convention in Louisville 1st-2nd of June “2b eee 7 presentations on the work of the Foundation. The Ray Harryhausen Awards mm iw The third Ray Harryhausen Awards ceremony took place in collaboration with the Auchterarder Picturehouse on 29th June 2024, also marking Mr Harryhausen’s birthday. 7 JE. SE tation from the Foundation followed by an interview with local stop-motion animator Wilma Smith, plus a Q&A session.

Entries for the Ray Harryhausen Awards 2025 were opened in November 2024, with entries in the following categories:

Best Feature Film Animation

Best Short Film Animation Po Best Student Film Animation Best Children's Film Animation Harryhausen Hall of Fame Award Spirit of Harryhausen Award Contact was maintained with winners from both years of the programme. Arch Studios director and animator Andy Gent was interviewed for The Ray Harryhausen Podcast to discusson his ownhis winniecarec! film==‘Save Ralph’, and the importance of Mr Harryhausen’s work Se c: . ‘The Lost Worlds of Ray Harryhausen’ exhibit received significant press coverage, including an image gallery feature on The Guardian website, interview with the trustee, Gl Gin) the Manchester Evening news, and discussion with the Foundation within the exhibition space on ITV News. The exhibition also received local coverage from ol as well as being featured as one of ‘The Best Things to hear see or watch in Europe’ on the Euronews website.

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025

Objectives and Activities

Report of the Trustees: Merchandise and licensing Media coverage and PR

. The Foundation gave in-depth interviews on the work of the Foundation in issues 127 and 128 of US based magazine Videoscope. Social Media MEEo's Facebook following now exceeds 66,000 followers, with a further 18,000 on X, and 17,000 on Instagram at the time of writing alongside accounts on further platforms Bluesky and Threads. The Foundation’s Ray Harryhausen Podcast has now received over 85,000 listens on Soundcloud alone, with a video ‘Vodcast’ version of each show published to YOUT UjggggggG ggggggigmedia. The Foundation's YouTube channel has areceivedsummary overof 125,000recent news, views.announcements The Foundationandpublishesonline acontent.Sanaa[The Foundation"219also ee holds a Linkedin profile to maintain professional contacts. The Ray Harryhausen Podcast was nominated for Best Multimedia Site in the Rondo Awards 2025. Further podcast episodes were released throughout the year in both audio and video formats. Highlights included a reunion panel with ‘The Golden Voyage of Sinbad’ starsEc Ho EEE. an in-depth discussion with visual effects artist jh GEE, and a discussion with iy BIB, director of HANI winning Arch Model Studio. a Trustee,i> GER:a) popular ‘unboxing’ videos s icial Star Ace Toys replicas, published on the Foundation’s Facebook andi. Video content is shared on Vimeo (https://www.vimeo.com/rayharryhausen) and YouTube (https://www.youtube.com/channel/UCdaaF36EnTzMI72tANRiuPg) Licenses The Foundation licensed digital material for Manchester Museur tll eee once materialand ‘eiBrOv: . "°" company Giant Screen Films, receiving a fee for mm a

Intellectual Property

The Trustees continued to protect their intellectual property rights and took appropriate ii Future Plans

The Trustees continue to plan for future exhibitions to showcase the works with the public, with a new run of worldwide displays continuing through 2025.

A new permanent home for the Foundation has been found and the Collection was relocated to the new facility before the end of 2025. The T Indation have been working to customise the facility so that the Collection is stored in a controlled environment. The Foundation has worked extensively on restoring the artwork created by Mr Harryhausen and will continue to work on this project in the approaching year and beyond.

Achievements and Performance Performance Measurement:

The Foundation’s financial performance for the year is monitored on an ongoing basis by way of Trustee off dic streams and expenditure. The Foundation continually eeaccounts, regular trusteesis reviewedmeetings onand a regularupdates basisfrom bythe wayadministrators of the preparationon the financialof the position. The Foundation held total net assets of £6,856,198.49 at the financial year-end, compared to £6,504,617.95 (2024). Income rose significantly to £571,505.80 from £1 7. B24) due to the gain on sale of heritage assets. Expenditure rose to en2025 equ isoo..95 (2024),34,making a markedthe improvementnet movement fromin funds the previous for the year deficit of £78,357.99 (2024).

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025

Achievements and
Performance
Forward-looking The Foundation is confident that it will continue to be financially stable going forward into
Statement: future financial years. The Foundation expects to undertake further activity in the United
States and globally, representing a source of income through donations. Continuing growth
on social media and further involvement will help toenhance the name recognition ofthe
Foundation and raise awareness of its charitable work among members ofthe public.
The Foundation considers that its most critical expenditure is the secure and suitable
storage of heritage assets, with risk offuture deterioration reduced bythe relocation of the
Collection to a new storage facility in 2025.
Financial Review
Financial Report: The Foundation received income of£571,505.80 (2024 £113,940.96). In the current
year, the Trustees made no donations (2024 Nil) orfuturecommitments (2024 Nil).
No donations were received from anyTrustees (2024 £50,000.00 plus gift aid).
At the Trustees meeting in November 2011, the Trustees decided to ring fence any non-
family donations received by the Foundation for the restoration ofthe Works ofArt
belonging to the Trust. As at 31st March 2025, the Trust held £3,989.07 (2024
£4,555.97) in this designated fund.
At Ray Harryhausen's funeral, some cash donations were received which have been
ring fenced for the Ray Harryhausen Scholarship Fund. There is currently £1,754.90
(2024 £1,754.90) in this designated fund.
The Foundation's ability to make meaningful donations from the Foundation Funds and
make loans ofthe items, is reliant on income from the exploitation ofthe Collection,
royalties and sales of books and memorabilia and private donations and legacies from
individuals or other charities.
The fixed assets ofthe Trust have a combined value of£6,593,538.61 (2024
£6,606,863.67). The Trust has net current assets of£262,659.88 (2024 net current
liabilities (£102,245.72)). Total funds at financial year end therefore amounted to
£6,856, 198.49 (2024 £6,504,617.95).
Reserves Policy: The Trustees are not obliged to pay out the whole income ofany particular year and may
carryforward part orthe whole thereof to the succeeding year or years, provided that at
some reasonable time in the future it is applied forthe Foundation's Purposes. No
donations were paid in the current year (2024 Nil) and the undistributed income balance
as disclosed in the Balance Sheet has been carried forward.
Risk Management: The Trustees have assessed the major risks to which the charity is exposed, in particular
those related to the operations and finances ofthe Foundation and are satisfied that
systems are in place to mitigate their exposure to the major risks.
The Trustees continue to take vigorous steps to protect against infringements of the
Foundation's intellectual property rights.
As the Foundation relies on income from donations and legacies and income from
royalties and sales ofbooks and memorabilia in order tomake meaningful donations
from the Foundation Funds and make loans ofthe items, the principal risk faced by the
Foundation lies in the continuation ofdonations being made to the Foundation, along
with the receipt of royalties and good sales of the books and memorabilia.
The Trustees have mitigated this by collecting royalties due tothe Foundation and
requestingafinancialcontributionforitemslenttoinstitutions.

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THE RAYAND DIANA HARRYHAUSEN FOUNDATION
GENERAL INFORMATION AND REPORT OF THE TRUSTEES
FOR THE YEAR TO 31ST MARCH 2025
Financial Review
Going Concern: The Trustees continue to monitor the Going Concern of the Foundation and believe that
they have taken necessary action to improve the availability ofworking capital, successfully
auctioned non-key Collection items.
Structure, Governance & Management
Founding Document: Declaration ofTrust dated 10th April 1986 and registered in the Books ofCouncil and
meecionee
Appointment of New The power to appoint new Trustees is reserved to the Trustees in office.
Trustees:
Training ofTrustees:
of the operation ofthe Charities and Trustee Investment(Scot
with reference to their duties and responsibilities as Charity Trustees, charity law in
BE Eee General and other areas ofthe law as necessary.
Decision making: All Trustees are actively involved in the decision making process.
Related Parties: The partners of Turcan Connell, Solicitors are directors ofTC Trustees Limited. Turcan
Conn iiiiiic
feesamounted to£90,694.00 (including_——eg
°°):
The Truggy)GoGE
did.notdonate anyfunds to the Foundation
during theyear (2024 £50,000.00, plus gift aid).
a
Structure, Governance & Management
Related Parties: A 100% subsidiarycompany was set up on the 25th August 2017 called "Ray Harryhausen
Films Limited", which is currently dormant. This investment is held at cost and reported in
the balance sheet as such.
Ea
Connected Charity: The latees, hh joint Settlorofthe Foundation was the Settlor ofthe Mrs
D L Harryhausen's 1969 Trust, which is administered byinHI, Princes Exchange
1 Earl Grey Street, Edinburgh EH3 9EE.
is
2GER TC Trustees are also Trustees ofthe 1969 Trust.
Employees: The Foundation hasone employee (2024 One)who is notengaged in the management
of the Foundation. The Trustees have engaged Turcan Connell to undertake the
administration of the Foundation, remuneration for which is recorded in the financial
statements.
Management: _
All Trustees are active in the management ofthe Foundation and meet to discuss it
regularly.
The Trustees are considered to be the keymanagement personnel of the
Foundation in charge of directing and controlling the Foundation and running and
operating the Foundation on a day to day basis.
Reference and Administrative Details
Scottish Charity Number SC001419 (and a Private Foundation forUS Tax purposes)
ie
Address:
Princes Exchange
1 Earl Grey Street
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THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025 Reference and Administrative Details Internet Site: httos:/Awww.rayharryhausen.com/ https:/Awww.harryhausen100.com/ https://Awww.harrynausenawards.com/ https://x.com/ray harryhausen https:/Awww.facebook.com/RayHarryhausen/ https:/Avww.instagram.com/ray.harryhausen/ https://bsky.app/profile/rayharryhausen,bskysocial httos:/Awww. httos:/Awww. youtube.com/@RayHarlinkedin, com/in/rayhar ryh ausen/ausenFoundation httos://soundcloud.com/rayharryhausenfoundation/ httos://jwww.threads.com/@ray.harryhausen

Deed/Assumption: TC Trustees Limited

Advisers: Solicitors Auditors fF Saffery LLP Princes Exchange 9 Haymarket Square 1 Earl Grey Street Edinburgh EDINBURGH EH3 8RY EH3 9EE

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST MARCH 2025

| |

Statement of Trustees' The Trustees are responsible for preparing the Trustees’ Report and the financial Responsibilities in statements in accordance with applicable law and with the Financial Reporting Standards Respect of the Accounts applicable in the United Kingdom and Republic of Ireland.

The law applicable to Charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements preparation

The Trustees confirm that the financial statements for the year ended 31st March 2025 have been prepared, so as to comply with current statutory requirements, the Charity SORP and the Trust's own governing document.

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Approved by the Trustees and signed on their behalf on
—_ Date: 16.12.2025
Director of/TC Trustees Limited
Trustee:Director| o_rustees Limited Date: Ie. 12.2025
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THE RAY AND DIANA HARRYHAUSEN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of The Ray and Diana Harryhausen Foundation for the year ended 31 March 2025 which comprise the balance sheet, the statement of financial activities and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or condition. that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon,

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charity Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due fo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

\Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Office of the Scottish Charity Regulator.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting, the engagement team discussed the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, reviews included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

Auditor’s responsibilities for the audit of the financial statements

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.fre.org.uk/auditorsresponsibilities This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP Statutory Auditors

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9 Haymarket Square
Edinburgh
EH3 8RY
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Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION BALANCE SHEET AT 31ST MARCH 2025

Notes 2025 2024
£ E
Fixed Assets
Heritage Assets - Works of Art 4 6,593,438.61 6,606, 763.67
Investment 3 100.00 100.00
6,593,538.61 6,606,863.67
Current Assets
Merchandise for sale 5 719.24 669.54
Bank Deposit and Current Accounts 472,976.23 13,790.92
Sundry Debtors 6 17,551.52 49,531.12
Total Current Assets 491,246.99 63,991.58
Less:
Liabilities
Creditors: amounts falling due within twelve months 7 (228,587.11) (166,237.30)
Net Current Assets/(Liabilities) 262,659.88 (102,245.72)
Total Assets less net current liabilities 6,856,198.49 6,504,617.95
Net Assets 6,856,198.49 6,504,617.95
The funds of the charity
Unrestricted Funds 6,856,198.49 6,504,617.95
6,856,198.49 6,504,617.95
Approved by the Trustees and signed on their behalf on
Trustee:
Director of		 eae
TC Trustees Limited		 Date: “~)
16.12.2025		 a
Trustee:ea
Directorof
T6-Frustees-cimited		 Date: 16.12.2025

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31ST MARCH 2025

Total Total
Notes 2025 2024
Unrestricted Unrestricted
£ £
Income and endowments from:
Donations and legacies 8 3,823.94 74,256.51
Earned from charitable activities 9 50,514.60 37,281.48
Trading profits 5 1,036.60 2,144.49
Investment 9 3,127.78 235.19
Other income 9 513,002.88 23.29
Total 571,505.80 113,940.96
Expenditure on:
Charitable activities
Support and governance costs 12 (219,925.26) (192,298.95)
Total (219,925.26) (192,298.95)
Net (expenditure) before
otherrecognised gains/(losses) 351,580.54 (78,357.99)
Net expenditure 351,580.54 (78,357.99)
Transfers between funds - -
Net movement in funds 351,580.54 (78,357.99)
Reconciliation offunds
Total funds brought forward 6,504,617.95 6,582,975.94
Totalfundscarriedforward 6,856,198.49 6,504,617.95

All activities are unrestricted.

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THE RAY AND DIANA HARRYHAUSEN FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR TO 31ST MARCH 2025

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|Flows|from|operating|activities|(167,114.69)|(106,578.39)| |Cash|flows|from|Investing|activities| |Proceeds|from|sale|of hertiage|assets|526,300.00|-| |Net|cash|provided|by|(used|in)|investing|activities|526,300.00|-| |Cash|flows|from|financing|activities| |Cash|inflows|from|borrowing|100,000.00|100,000.00| |Cash|and|cash|equivalents|at|31st|March|2025|100,000.00|100,000.00| |Change|in|cash|in|and|cash|equivalents|in|the|reporting|period|459,185.31|(6,578.39)| |Cash|and|cash|equivalents|at|31st|March|2024|13,790.92|20,369.31| |Cash|and|cash|equivalents|at|31st|March|2025|472,976.23|13,790.92| |Net movement|in funds|in|the|year|to|31st|March|2025| |per|Statement|of|Financial|Activities|351,580.54|(78,357.99)| |Adjustments|for:| |Heritage|assets|donated|(8,193.41)| |Gain|on|sale|of|heritage|assets|(512,974.94)|-| |(Increase)/|decrease|in|stocks|(49.70)|(669.54)| |Decrease|/|(increase)|in|debtors|31,979.60|(17,730.56)| |Increase|/|(decrease)|in|creditors|(37,650.19)|(1,626.89)| |Net cash|provided|by/(used|in)|operating|activities|(167,114.69)|(106,578.39)|

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Page 15

THE RAY AND DIANA HARRYHAUSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

1 Accounting Policies

a) Financial statements preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their financial stag cordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (second edition - October 2019), the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Foundation constitutes a public benefit entity 2S ee elie 02: The financial statements have been prepared on a going concern basis. The Trustees ha EF oundation's ability to continue as a going concern and have reasonable expectation that the Foundation has adequate resources to > GEE EEEtence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

b) Fixed Assets

The Foundation’s collection of Wqyggar iPOIdifferent classes. Assets which the Trustees deeqygp be key items and assets whichgggggiigstees deem to be non-kgggige rE PT The Foundation's collection of key items is reported in the balance (ialue, having been reported at cost inCollection the yearsManager up until 31to Marchliaise with 2011theaprofessional auctioneers7 and valuerssional valuers."Profiles inIn 2017/18,History" to thb e :eS sseeof updating the formal valuation of some of the Foundation's specific assets in the Collection. This resulted in a gain in the valuation, to reflect the up-to-date worth of those assets. Some additional assets were also identified and valued. As part of the cataloguing process, the Foundation may obtain valuations for a number of its works of art and will incorporate these in future years. Any gains and losses on revaluation are combined in the Statement Of el tallest S: The Foundation's collection of non-key items is not recognised on the Balance Sheet on the basis that the information on their valuation cannot be obtained aggtejwith the benefit to the users of the accounts and to the charity. The works of art are deemed to have indeterminate lives and the Trustees do not Pt— it appropriate to charge depreciation. At the end of each reporting etea are assessed for indications of impairment. Impairment losses are recognised as a cost of charitable activities in the Statement of Financial Activities.

Expenditure which is required to preserve or prevent deterioration of individual collection items is recognised in the Statement of Financial Activities, within the support costs of the Charitable Activities, when it is incurred.

The Foundation's management policy in respect of its heritage assets is given in Not qgiigiageiiaeetiaeeeaeaaia:

The Trustees acquired the domain name rayharryhausen.org.uk in October 2001. This is included in the financial statements at nil value.

The Trustees continue to take steps, where necessary, to protect themselves against infringements of their intellectual property, including the appointment of agents where appropriate.

A 100% subsidiary company was set up on the 25th August 2017 called "Ray Harryhausen Films Limited”, which is currently dormant. This investment is held or iat °° in the balance sheet as such. c) Income ee Income, including Royalties and sale proceeds of merchandise, is included in the financial statements in the year in which it is receivable, which is when the Foundation becomes entitled to the income, it is probable that it will be received and the amount can et reliably. eT

Page 16

THE RAY AND DIANA HARRYHAUSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

c) Income

Voluntary Income is included in the financial statements together with associated gift aid, where applicable, when the Trustees have been advised of the donation with notification of both amount and intended settlement date.

Interest on funds held on (iaiailiaiieiiataa

upon notification of the interest paid or payable by the bank.

d) Expenditure

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----- Start of picture text -----
Expenditure is included in the financial statements on an accruals basis and is recognised in full as soon as a
constructive obligation exists, the sums payable can a ni he and there is a probability of payment.
Support and and governance costs a
SNEFeesFees charged by Turcan Connell Costs).for 15%legal Costs).for 15%legalfor 15%legal 15%legallegal and accounting services are included in the accounts as follows:
Support (Legal and Administrative Costs) - 85%
These are recorded in the Statement of Financial Activities as appropriate.
Audit fees are recorded in the Stqjgqgumgyt qigiuueaguiinievithin governance costs. aa
All other support and gover sts are recorded in the Aor of Financial Rewicsa
As oer perenne
the charity does not provide Servigggy Gj >RS to other organisations, support and governance
costs are not allocated against individual grants or donations. |S
----- End of picture text -----

e) Support and and governance costs

SNEFeesFees charged by Turcan Connell Costs).for 15%legal Costs).for 15%legalfor 15%legal 15%legallegal and accounting services are included in the accounts as follows: Support (Legal and Administrative Costs) - 85% These are recorded in the Statement of Financial Activities as appropriate.

f) Grants

Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements.

g) Stock

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----- Start of picture text -----
Stock Ee
Stock is stated at the lower of cost and net realisable value.
es |
VAT mm
The Charity is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is
included as part of the expense.
Oe
----- End of picture text -----

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----- Start of picture text -----
h) VAT
----- End of picture text -----

==> picture [517 x 34] intentionally omitted <==

----- Start of picture text -----
i) ReferenceThe Trusteesandadministeradministrationthe Foundation as a Private Foundation as defined by the United States Internal Revenue Code
and the Trustees make annual returns to the US Internal Revenue authorities.
----- End of picture text -----

The Trustees consider these judgements and estimates to be reasonable and consistent with the requirements of the Charities SORP.

Page 17

THE RAY AND DIANA HARRYHAUSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

3 Investments On the 25th August 2017, a 100% subsidiary company was set up called "Ray Harryhausen Films Limited", which is currently dormant.

4a Fixed Assets - Heritage As 2025 2024
£ £ £
Cost and valuation: Works of Art of Art Works
of Art
Openingvalue as at31stMarch 2024
—		 6,606,763.67 6,598,570.26
New assets donated
Proceeds from sale		 526,300.00 2 8,193.41
-
7
ain		 (13,325.06)
512,974.94		 (13,325.06)
Closing value as at 31st March 2025 6,593,438.61 6,606,763.67
Theitems includedontheBalan
‘it‘cnacomaaia °"consideredtobekeyitemsoftheeee
collection ofworksofarta
eenvalued inaccora llaccounting P(iam ieetiam
© 15. Heritage
assets considered to be non-key
have not b en valued. The auction carried out during the accounting year also included
some ofthe non-key assets, which helps to improve the availability MA and support the Foundation's
ability tomakeloansoftheitemsforSAESUE
cational urposes.
Y
pup
a
The Foundation now holds registered Trademarks, the costs ofwhich have been charged during the period of this
account. The costs of maintenance of the Trademarks and registration in other countries will be written off against
income as they arise.
It is not possible to place a current market value on the Trademarks.
4b Five year financial summary of heritage asset transactions. Ee
2024/25 2023/24 2022/23 2021/22 2020/21
ees : £ £
Additions: my a
Additions
.		 8,193.41 - - -
Revaluation
-
Donations
Cz ee		 -
-		 .
-		 -
-		 -
:
Total
-		 8,193.41 . - -
Disposals:
Carrying value
(13,325.06)		 - - - -
Sales proceeds
526,300.00		 - - - -
512,974.94 8,193.41 - - -
The above information applies only to transactions in works ofart.
5 Stock - Merchandise £
Values as at 31st March 2024 669.54
Add__ stock purchased 986.35
Less: Sale proceeds of stock sold in current year (1,973.25)
Add_ profit on sales
Values as at 31st March 2025
a		 1,036.60
719.24
ee

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----- Start of picture text -----
im man
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==> picture [13 x 10] intentionally omitted <==

----- Start of picture text -----
5
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Page 18

THE RAY AND DIANA HARRYHAUSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

6 Debtors 2025 2024
£ £
Royalties due to year end (plus interest due) 14,809.48 36,081.32
Merchandise income due at year end - 440.00
Speaking fees due at yearend 150.00 360.00
Reimbursement for Collection Manager's expenses 498.95 64.24
Donation income due at year end - 29.95
Accrued income 1,122.50 32.32
HMRC- Gift Aid tax repayment plus interest 27.93 12,523.29
Department ofthe Treasury 942.66 -
17,551.52 49,531.12
7 Creditors 2025 2024
Amounts falling due within twelve months £ £
Legal, Secretarial and Administration expenses - 37,368.00
Audit fee 10,920.00 40,200.00
Payroll Services fee 158.40 129.60
Collection Manager Fees and Travel expenses 686.72 1,236.44
Restoration of models - 632.20
Investment in the share capital 100.00 100.00
EY Frank Hirth 5,400.00 10,800.00
Oil costs 5,475.61 2,324.20
General Property Expense 3,666.02 2,110.68
Cost of merchandise - 423.19
Bank Charges / Expenses 2,180.36 912.99
Loan agreement- interest free and repayable ondemand 200,000.00 100,000.00
228,587.11 166,237.30
8 Donations received 2025 2024
£ £
Assets donated - 8,193.41
Various individuals 36.57 1,132.98
Funds received for lectures /articles / exhibitions 3,787.37 2,430.12
Voluntary Donations (incl GiftAid) - 62,500.00
3,823.94 74,256.51
9 Charitable income, investment and otherincome £ 2025 £ 2024
£
Earned from charitable activities
Rental income 18,000.00 -
Profit on sale of Merchandise (see note 5) 1,036.60 2,144.49
Merchandise income (1,036.60) 2,544.15
Royaltyincome 31,782.38 30,614.44
Entry Fee for Harryhausen Awards 732.22 1,978.40
50,514.60
Investment
Deposit interest 3,127.78 235.19
Other income
Miscellaneous Receipt 27.94 23.29
Gain on sale of Heritage Assets (see note 4) 512,974.94 -
566,645.26 37,539.96

Page 19

THE RAY AND DIANA HARRYHAUSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

10 Related party transactions

The partners of Turcan Connell, Solicitors are directors of TC Trustees Limited. Turcan Connell, Solicitors provide Legal, Secretarial and Accounting services to the Trust for which fees are charged. In the year to 3ist March 2025, Turcan Connell, Solicitors fees amounted to £90,694.00 (including VAT) (2024 £80,778.00).

The Trustee, Ms Vanessa "fs i’ not donate any funds to the Foundation during the year (2024 £50,000.00, plus gift aid).

EkEa for the Foundation's share of property expenses of £7,030.95 (2024 £3,240.50),

for which she will be reimbursed.

|12Support|Support
and governance costs [x Hiiy
|
|e|Support
and governance costs [x Hiiy
|
|e|Support
and governance costs [x Hiiy
|
|e|2025
£||Pe
£| |---|---|---|---|---|---|---| ||Support costs
Secretarial and Legal Fees
StaffCosts (see note 13)
Se
Oil/ Gas / Council Tax / Property expenses||es; 50
36,666.65
15,422.87||69,179.70
eum36-489-49
4,266.51|| ||Trustees’ Costs|||1,085.52||416.65| ||Restoration of models|||2,816.27||2,934.27| ||Collection Manager Fees and Travel expenses|||7,252.91||11,337.11| ||Photography! Film /Publishing/Award
Costs involved in Trademark|||60.00 2
-||11,766.00
20,452.72| ||Web Design/Fees
ee
Other
Insu ance|"||1,415.94
=|
647.||1,379.94
4,273.90
585
6| ||Tax advice & fees/payment|||4,457.34||5,400.00| ||a
Governance costs||||193,181.16|| ||Accountancy Fees|||13,604.10||12,116.70| ||Audit Fee|||13,140.00||11,700.00| ||||||26,744.10|| ||||||219,925.26|192,298.95| || "Other" expenses figure of£45,633.12 includes auction|cost of|£40,155.00.|||| |13|Staff Costs||||2025|2024| ||||||£|£| ||Total staff costs||||35,780.44|35,608.44| ||Employer NI*||||-|-| ||Employer Pension payment
ie||||886.21|881.05| ||SiS||||36,666.65|36,489.49|

*Employer NI is covered by Employment Allowance.

The average number of emplo fas ae... was 1 (2024: 1). No employee received emoluments of more than £60,000 in either the current or a

Page 20

THE RAY AND DIANA HARRYHAUSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31ST MARCH 2025

14 Analysis of Funds 2024 2025
£ £ £ £ £
Open Income Expenditure Revaluation Total
Undesignated 6,498,307.08 569,672.70 (217,525.26) - 6,850,454.52
Designated funds for
restoration (unrestricted) 4,555.97 1,833.10 (2,400.00) - 3,989.07
Designated funds for
Scholarship (unrestricted) 1,754.90 - - - 1,754.90
6,504,617.95 571,505.80 (219,925.26) - 6,856,198.49
2023 2024
£ £ £ £ £
Open Income Expenditure Revaluation Total
Undesignated 6,573,519.40 110,527.01 (185,739.33) - 6,498,307.08
Designated funds for
restoration (unrestricted) 7,665.64 3,413.95 (6,523.62) . 4,555.97
Designated funds for
Scholarship (unrestricted) 1,790.90
6,582,975.94		 -
113,940.96		 (36.00)
_(192,298.95)		 -
-		 1,754.90
6,504,617.95
15 Analysis of Net Debt Disclosure 2024 2025
£ £ £
Total cashflows Total
Cash 13,790.92 459,185.31 472,976.23
Loan fallingduewithin one year
Total		 (100,000.00)
(86,209.08)		 __(100,000.00)
359,185.31		 (200,000.00)
272,976.23
16 Net Asset Reconciliation 2025 2024
£ £
Fixed Assets - Heritage Assets 6,593,538.61 6,606,863.67
Cash in Hand and at Bank 472,976.23 13,790.92
Stock 719.24 669.54
Debtors 17,551.52 49,531.12
7,084,785.60 6,670,855.25
Creditors (228,587.11) (166,237.30)
6,856,198.49 6,504,617.95

Page 21

APPENDIX TO ACCOUNTS

TC TRUSTEES LIMITED

DIRECTORS REPORT EXTRACT

Directors and their interests

The Directors who held office during the year ended 30th September 2025 were as follows :

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Mk 22