The Queen Elizabeth Castle of Mey Trust Trustee's report and consolidated financial statements Charity Number SC024983 For the year ended 31 March 2025
The Qun Elizabcth C35tleof WTrust Trustee's report and financlal rt3tem&)ts For theyear ended 31 March 2025 Contents Trustees Report Report ofthe Independent Audltorsto theTruXeeofThele Ellbeth Cè#leof WTrust Consolldat&l statent of financial *iwties io Parent ¢haflty statement offinancial actiwties li Balance sheet (parent charltyand group) 12 Con5011dated cash flow statement 13 Parent cash flow rtatement 14 Notesto thefinanclal statemwts 15-31
Thel]uÈen Elizabeth Castle of Mey Trust Trustee's report and financial statements Forthe year d)ded 31 March 2025 Roportolthe Trusteeforthe yearended31 March 2025 The Trustee presents its report and financial statementsfor the year ended 31 March 2025. This report is prepared in accordance wlth theTrust Deed and the recommendations of thestatement of Recommended PrKticeappllcable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 letstive I January2019). Constitutlon TheTrust was e5tabli5hed by a Deed of Trust executd on 11 June 1996 and is reco8nlsed by HMRC as a Scottish charity. Recrultment and appointment ofTrustee The management of the Trust is the responslbility of the Trustee who Is appointed under the twms of the Deed of Trust. New Trustees may beappolnted by resolutlon oftheTrustee. Organ15atlonal structure TheTrustee Boaid meet5 quarterly, and day to day runnin8 of the charity is mana8ed by theAdminlstrator. Objectives and Actlvltles The Trust is establlshpd for the benefit of the Inhabitants of theunited Kingdom. and of Scotland partlcularly, wlth thefollowing Obl1Ve5.. The pre5ervatlon in pwpetulty for the public benefit of the Casile of Mty, itscontents. it58round and land. The preservatlon of building5 and monuments, particularly within Scotland, of historic importance andlor rchitectural interest. The advancement of the hlstorical and archltLYtural educatlon of the publlc by effertlng opportunltles for the access by the publlc Into such bulldlngs or monuments. The preservation of Aberdeen Angus Cattleand North Country Chevlot Sheep and theeducatlon of the public about the origins 8nd genealogical delelopments of these breeds. Theencouragernent of educational prolects, esplalIV those relatlng to the study of the historlc building5 of Scotland and breeds of sheep and cattle indlgenousto the Unlted Kingdom, parlicularlyscotland. The foundatlon and endowment of study groups or other educational media at centre5 of learnin8, Wlth particular emphasls on the study of hisioric bui Idin85 i n Scotland and breeds of sheep and cattle indigenous to the United Klngdom, particularly Scotland. The encouragemty)t of thestudy and practice of any useful branch of human knowledge by the provlsion of bulldings equipment or otherwise. The provision of financial assistance in any form to charitable organisations concerned with the conservatlon and restoration of the heritage of Scotland. Page I
TheQun Elitsbdh Castle ofMEyTru51 Tru5tce'5 report and ffnancial statements For theyear wded 31 March 2025 REPOrt olthe Trustee forthe ye¥ended 31 March 2025 Icontlnued) IUskmana8em•nt TheTTU5tee hasasse55ed themajor rlsksto which ihe charltY15 exposed, In particularihose related to theoperations and finwce50ftheTrust, and15 satlsfted that systemsare in placeto mitl8ateexposureto those rlsks. In 2021 thecharltvscharitable parent company soleTrust< TheKin¢s Found#lon (TheFoundationl, wasthesubjÉrt ofa number of pra%s reportsinto hlstoric fvndrai5in8 piacticesatthe Foundation In relatlon to c•Jtaln donat5ons historic3llyrKefjved by theFoundatlon and In ctttèln Case5 bythecharity. Ihe Fcundation'sTrustee5asked their le8al advisorsto tommlsslon an independent inve5ti8alion iftto thepress reportsabout the Foundation includin6those relatingto donatlons historically received bythecharity. In 2021. the Foundation Trustee5, thecharityTrUstaThd OSCR had reC8vj thefindings3risingfrom th investJEation and the Foundatlon Trusteesand charltyTrusteehad commisoned and rewiewed le8al advlce on thefindlnRsofthe report. In 2023, OSCR Confirmtthat Its In¥e5ti8atlon Into the Foundatlon would spllt into two 5trand5-onefocusln8on h15torlc matters and the other rdatingto turrent ongoin88overnance In Septber 2023. OSCR tonllrmed that it wassatlsfftLyJ with the improvernent5that had b madeto address areas olconceJn prlouS1¥0t1fjned in relation to thecurrtht and ongoin8 governancertrand. In January2025. OSCR confirmal that It5 Investl8atlon Into hlstorlc matters had also conclud£¥J, wlth no fvrtheractlon artng. R•s•rvts pollcy The Queen Elizabeth Casllecf WTrust airnsto hold three months ofopttatin8 e%penditureln reserve. Golng concern has bÈpn consldered and thls 15 dlscussed in Note l. Restrlcted fvnds The restricted fvndsafÈthndsreeeivtsd a speclffic purpos¢ General fvnd The8eneral fund r•)IeI5theUnre5tf1tted fvnd5arlsln8from past opuatlng result Investment pollcyand perfomiabKe In accordance with the Deeij of Trust, the Trustee has the power to Invest In stock5, share5, Investments and property as It sees fit. The Trust contlnuesto invest wlth Rufv LLP, Revlewofthe developrnent xtl¥ltlesofthe chwlty Th15 set of cOunt5 includes the period l Aprll 2024 to 31 [ch 2025, the duration of which The Queen Ejlzabeth Castleof WTrust ItheTrustl W45 under the trust1V ofThe K5n5 Foundatlon. The Trust is a stand-alone ch¥ity. re8ulateil by The Offlce of thescottish Charity Re8ulator IOSCRI. Mi55 Shlrley Farquhar15the Tru5( Admliii5tra¢or and has responsibility for ovtrwnB the activitie5 of the Trust and its tradin8 sub51diary, Castle and Gard$ of W Litnited. The Tru# Is headquartered attheCa5tleofW. in C•thnes& P4e2
TheQueen Elizabeth Castleof Mty Trust Tnjstee's report and financial statements F0rtheYearded 31 March 2025 Report ofthe Trustee forthe yearended 31 March 2025 fcontlnued) Revlew of the development actlvltlesofthe ch¥lty fcontinuedj The Lodge The Granary Lodge saw a steady InCrSe In v551tors throughout the year. peak ng in April and May. There has been a noticeable Increase In rept visitors With many vistors bookillg foi a return visit next Year. The Granary Lodge continues to promote local food and drink where polbIe and, due to the remote country location, also offers guests ev1n8 platter5 which have been very popular. The use ofthe local supply chain is important asweaim to support local businesses. Castle Vlsators Visitor numbers InCrsed from 19,167 In 2023124 to over 20,000 in 2024125. This year on year Increase reflects a re4lval in pwple's intue51 in the North Coast 500 and reco8nltion of Thecastle of Mey as a key visitor attraction on that route. Castle Gxden5 There continue5 to be a strong coMmitmt to en8age the local community in garden projects, which this year included an ambitious avenue of tree5 being planted to commemmorate His Majesty the Kin8's 75th birthday and bird boxes placed throughout the wood5 to encourage the younger genoration to get ifjvolved with nature and braCing The Queen Elizabeth Castle of M Trust's objective5 of Education, Farming and Community. The garden prod uce continued to be used in the tearoom and sold to visitors ot the Castle shoo. The F¥m Longoe Farm was very sUCcful at the Ca[thnS County Show wlnning Male and erall Chanipion for a shearli ng ram and al wlnnln8the Female and Over311 ChampSon with a 4irop ewe. It attained best in class al the Black Isle show. Longoe continues to excel at breeding North Country Chevlotsand Aberdeen An8U5 C31tle. Anlmal Centre One of the core values of The Queem Elizabeth Castle of Mey Trust is educatlon, and freeentry to the Castle and Gardens of Mey to the local community and visitors is considered a key part of affordingthem theopportunity to 8et close to theanimal& They can hold a hatched thlck, help feed the lambsand feed our donkey A ice. Thls year a150 saw the addition of two whlte pi8S to thecentre. Thls is dsned to heip young people learD about both food proVanCe and the food chain in general. Visltorcentre Shop Wecontinueto support our local communlty and kottish herltage by offering a range of local and unique products in both the shop and tearoom for Visito to enjoy. TheTearoom promotes daily home baked produce and usesgarden produce when avallable. TheTearoom's reputation for 8ood, wholesome bakin8 has been a driverfor repeat visitor5. Both shop and tearoom did well in the 24125 season. Page3
The Queen Ellzabeth Casrleof Mey Trust Trustee's report and financial statements Fortheyearended 31 March 2025 Report of the Trustee forthe yearended 31 March 2025 (continued) Eventsand Achlevementsand a note of 8ratitude to our President We are deli8hted that the Castle of Mw and Gard5 of Mey once again retain their 5 star Visit Scotland Kcredltatlon. None of this is achievable without the hard work and dedication of the Staff, ensuring the Castle continues to welcome visitors and give them the best e¥perience possible. Staff also helped to promotethe local ar.. Wearevery 8rateful to our Royal Founding President, His Majesty, Kin8Charle5111, for hisongoingsupport of theTru5t. His Majesiy's support is hugely befiCIal to the Castle and in turn to the local economv. Financia review I n the year to 31 March 2025 the Trust recorded a Increase in funds of £207,087 12023124: decrease £130,987). There is corresponding increaseln net assetsfrom £8,518.707 at 31 March 2024 to £8,725.794 at 31 March 2025. Total income rose year on year from £1,351,832 to £1.512,605. drlven partly by an Improved performance of tradlngsubsldlary Castle and GardS of Mry Lifflite(J. and highei Vvdr on year donation income. Total expenditure decreased year on year from £1,401,143 to £1,311,486, dueto lower yearon year cost5 at Lon8oe Farm and publlc eriterprlse expen5e4 offset sllghtly by hlgher year on year e¥penditurefor Ca5tleand Gardens of Mey Limit&J. Net Kalnson Investmentof£5,968werean improvementon Drlorythr12023124: net decreaseof£81.675). Plansfor future perlods The Trust Is forward focused on Its charitableactivities and it5 promotion of the Castleof Mey. through Interactlons with the publlc, use of local produceand promotlon of livestock and farm to tabl& Page4
The Qjjeen &lzabeth Castleof MeyTrust Trustee's report and financlal staiements For theyear erded 31 March 2025 Report of the Trustee for the ended 31 March 2025 (contintsedj Reference and Admlnistrativt Informatlon Charity name The Queen Ellzabeth Castleof MeyTrust Charlty reglstratlov number SC024983 RB8isiered office5 Castlèof Mev Mey Caithness KW14 BXH Royal Founding President Hi5 Majesty KingCharles111 Trustee The Kln8'5 Foundatlon Icharlty reStratIOn number SC0387701 Subsidiary The Trust ha5a wholly owned subsldlary. Castleand Garden50f Mey Umlted, whlch Isa company reglstered In Scotland IreferenceX2471631 and act5 asthetradln8 arrn of theTnJst. Investment monagers Ruffer LLP 80 Vlctorla Street London SWIE SJL Secretary and Admlnistrator 8anker5 Coutts & Co 440, The Strand London WC2R OQS Royal Bank of Scotland 11 Olrlgstreet Thur KW14 78L Auditors 5affery LLP 9 Hayrnarket Square Edinburgh EH3 8RY Sollcltors Turcan Connell Princes Exchanse l Ead GreyStTeet Edinburgh EH39EE Pase 5
TheQueen &lzabeth Castle ofw Trust Trustee's report and financlal ststwnents For theyear ended 31 March 2025 Statement of TTustee'sresponslblllties in re5pertof the Trusteel reportand the flnanclal A•tements The charlty Trustee is responslble for preparlng a Trustee's annual report and consolidated financlal statements in xcordance with applIcJe1aW and Unlted Klngdom Accountingstandards ILlnited Klngdom GenerallyAccepted kcountlng Practice). The law applicableto charities in Scotland requIrthetharltyTrUSteelo prq)arefinanclal statementsfor each year whlch glvea true and falr vlew of the state ol affalrs of the charity and the group and of the Incoming r¥urCeS and appllcatlon of resour¢& of the charlty and the 8roup forthat periotj. In preparlngthosefinancial statentS. theTrustee Is requlred to.. select suitsble accounting policies and then apply thern cons55tently,' obsaNethe mÈthodsand principles in the Charltles SORP 2015 (FR5 1021,. makejud8ements and estlm>te5that are reasonable and prudent: statewhether applicable UK Accounting Standards have followed, subject to any merial departur8sdiKlosed and explalned In thefinancial statvMents- and preparethefinancial statements on a golng concern b$, unle55 It Is Inappioprlateto presumethat thegroup and the charitable company wlll contlnuelts actlvlties. TheTrurtee Is responslble for keepln8 proper accountln8 records whleh dlsclose wlth reasonableaccuracy at any tITnethe Inanclal posltlon of the charlty and the group and to enable It to ensurp thèt the tonsolldated finclaI Statem£tS comply with The Charitie5 and Trustee Inve5tment1Scotlandl kt 2005. the Charlty Accounts (Scotlandl Regulatlons 2LK)6 amended), and theprovi51on5 of the Trust deed. It Is also respon5iblefor safeguardln8 theassets of thecharlty and theyoupand tskln8 reasonable5tep5forthe pre¥entlon and detectlon of fraud and other Irro8u1itIes. The Trustee Is responsibleftsrthe malnienanceand Integrity of thecorporateand financial informatlon includd on the charitabletrvst's web&te. Statement •sto dlsc109Jre of Informatlon to audltors In K far a5theTrustees arÈaware: there Is no rdwant audit Informatlon of whlch thecharltablecompanls audltor Is unaware: and theTrUstS havetaken all stepsthat theyoughtto have taken to makethL¥nse.Ives aware of any relevant audlt Informatlon and to establlsh that theaudltoT Is awareofthat InfoTmatlon. Hn•ncl•l Inlormatlon The re5uIt5 for the perfod areset out in the accounts on pases 10 to 31. This report wasapttroved by thp.Triittpp.on ... . and sl8ned on Its behalf by Page6
TheQueÈn Elizabeth CastleolMeyTrust Trustee'sreport and financlal statements Fortheytrèr Ènded 31 March 2025 Rtport ofthe Indepéndent AlItOrstOtheTfs[eeQf7he Queen Ellzabeih Cortle ofMeyTwust Opinlon Wehaveauditd thefinanclal statements ofTheQu&n EIIz3beth Castle of Trust ¢the'parent charitrfl and its subsldiarylthe'8roup'lfor they&r 31 March 2025 which cornprise theconsolldated Statement of Flnanclal Actlvlil4 Parent Statement ofFlnancl41 ActlvltlES, the Consolldated BalaThce Sheet, the Parent Balance Sheet, the C¢nsolidated Cath Flow Statemthi, the Parent Cash Flow Statem¢nt and notes to the fin•c131 statements, Ineludlng signifiCt arcounring policles. The financlal reportln8framewDrkthat hasbeen applied In thar prep¥atlon Is applicable lawand United Kingdom A¢couniin85tandèrd5, IncludlnB Flnanclal Reportln8 5t4ndafd 102, the Flnancial Reportin8 St¥ndd appllcable in the UK antl Republic of Ireland Iunlted Kingdom Genwally AcceptedAcctsuntin8 Prxticel. In our oplnlon th?fiNanclal Staternts. wve a true and fair view ol the State of the group's and parent charitrfs affalrs as at 31 March 2025. and of the 8rovp's and parent charws incomln8 resourcw and application ofresourcesincludlngthe group'sand pweni charltws Sncoffled expwdlture, fortheyear then thd41, havebeen properlyprepared in xcordancewlth United Klngdoffl GwerallyAccepied Accountin8 Practlce.. ènd have been prepared In accordènce with the requirernent5 of the Companies Act 2006. the Chadtles and Tru¢ee 1nv8strnt (Scotlandl Act 200S and re8ulatlons 6 and 8 of thecharitles kcounts IScotlandlRe4ulations 2006 lasamÈnd8dl. Ba51sk)roplnlon Weconductod our audit in acctsrdirtcewlth Intern•tlonalStandardsonPAJdltln81UKI IISAslUKll•nd appllcable law. responslbllltle5 under thosestandards are further descrlbed In the AudltOV'5 responslbllitles for the audlt ef the financial stateménts section ol our report. Wè are Indepdent of the 8TOUP ané parent chdrltablecompany In dLLurdance with iheethical requlrernentsthat are relant to our audit 0ftheRne1ol statornents Inihe UK. Includin8 the FRC'S Ethlcal Standard, and we h¥4e fulfilled our other ethical responslbllitips in 3ccordanr.p wlth these r¥uirements. We belleve thatthe aud1tw1dce we have obtalned lswffi¢lent and approprlateto providea basfor our oplnlon. Concluon$re1ITrIto Rolngconcern It) audltln8 Ihefinancl statementi we hwe concluded that theTru5tee5useofthe8oln8concern basisof accountln8lntheprep8rlon oftheftnancial 5tatemwts isapproprlate. on theworkwehweperformed, we havenot Identlhed any materlal urtertalntles rdatln8to tlsOrC0dItIOn5that, Indlviduallyorcollectlvdyi m cast 8nIfiCaffit doubt on theparent charltablecompany'sabllityto contlnueas•8oln8concern fora pLYlod ol leasttwelvemc+nthsfrom wh£m Iheflnanclal Slaternt5 areauthorlsed fr)r Issu& ChJrresp0nb1lII]esad theiesponslbilltlesofthetWSteeswlth respttt to 8oln8conc¥n afedeIlbtd In the relevant 5Éttlons of thlsreport. Othei InfOrn?On TheTrurtee5 are re5ponsiblefor theother InformatloTh. The tstherlnlormwlon ¢ornprlse5 the informatlon Included In th• annual report, othorth7 thefinanclal stemwts and ouraudltor's rèport thwÉon. Our oplnlon on thefinancial sratements doe5not covertheotherlnformation and, exceptto theextentotherw15e plicltlystated In our report, wedo notexpres5 fgrrn oFassuianceconcluslon thereon. Our responslblllty Is tg reaé the othw Inlormatlon and, In duln8 so, conslder wheiher the other Informatlon Is rn3tErlally Incon$15tl wlth the finènclal statvnent50r our knowledgeobtained in thecourseof th¢ audlt or otherw15eappeaTSto be materiallyrni&5tat4d. Ilwe Sdèntify such materlal lneonsisrÈnci0r apparènt material mIsstètLents, we arè reouired to dwermlne whether this gives rise to a matenal rnissratement in the fln)cièl staternents themse5vek If, basJ on the workwehaveperformed. weconcludethat there15a Mat¥1 misstatem¢ of thls other Inforrnatlon,. wearerequired to report that fact. We have nothln8 to report Inthlsregard. PAarterson whlch we ¥e r•quir¢d to report byexceptlon We have nothln8 to rèport In regpLt ofthe followlng mtèrs whererhe Ch•rltSeskcounts Iscotlandl Re8ulaiions 2006 la5 amended) requlre u5to reportto you if, In tsur oplnlon., thelnformion glven In thetrustee< annua reportls Incornsi5twt in afiyrnaterial re5PKt with theffinanclal statements,. or theparent charlty ha5 not kept properaccDUlltin6 re£ords,' or theparwt ¢hafit(sfinancial statements are not in egreement wlth the accountin8recordsand returns. or we have not e1ved all the inlormatlon and explanètionswerequlreforouraudlt. Page 7
The ()Jw Ellzabeth Castleof WTrust Trnstee's report and financial stat8ments Fortheyear endgj 31 Mirch 2025 Repgrt of the IndependentAudltorsto the Trusree of The Queen Ellubeth Gleof Me¥Trust Icontlnuedl Responslbllllles ofTrustee A5 e¥plainal more fvlly in the Statement of Trustees, Responslbillties Iset out on pa8p 51. the trustees are responsible for the preparatlon of the ftnanclal statementsand for being satisfied that thLTwve 3 true and fair view, and for such internal control as the trustSetermine is nece55aiv to enablethepreparaticn offinancia statementsthat arefreefrom rnatvial rni55tatement, whether dueto fraud orerror. In preparlngthèfinancial stateMt& thetrustees are responsible for asse55ing the8roup's and parent charitablecornpanvs abilityto contlnue as a going concern. dSstlosing as applicable, matters related to going contem ané u&n8 the 8oingconctrn ba51s of accovntin8 unless thetrustees elther Intendto 1lquidatetheOup orthe part charitablecompanyorto cea5eoperatlon5, or have no reallstlc alternatlve but to do so. AudItorfsre5ponbll{t10sI0fth dIt of thèllnAntlal st•tements We have been appointed as auditors undw the Charitles and Trustee Invertrnent Iscotlandl Act 2005 and report In accordance wlth regulatlons made undef that Act. Our obSe¢tlves are to obtaln reasonable aSsurce about whether the youp and parent flnanclal st)ternent5 Js a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue an audltor's report that Includes our opinlon. Re3sonablè assurance15 a hl8h level of assurcl but Is not a guarantee that an audlt conducted In accordance wlth ISAS IUKI will always detect a material mlsstatemenl when it exist5. Mi55tatementscan arisefrom fraud or error arid dre conslderej maierlal If, individually or the ag8re8at¢ thrycould reasonably be expected t¢ Inlluencetheeconomic de¢ision50f useT5taken on thebasi50fthesefinancial StateMt9. IrrelaTI1e5, Includln8 fraud, arelnstances of non<ompllance wlth law5 and rltonS. We deslgn procedures in Ilnewlth our responslbilltles. outlined abov4 to detect material misstatements in respect of irre8ularities, includingfraud. Ihespttific procalure5for thls en8asnt and the eXtt to which thesearecapableof detectin8 irre6vlarille5, Including fraud aredetallbj below. Identlfylng•nd wesslns r15kJrelated to IrreEularltle& We asstssed the susceptibility of the 0Up and parent charltvs ffinantlal stat*ment5 to materSal misstatement and how fraud mi8ht occur, Includlng throuth d15CU5slons Wlth the trustees, dlscusslons wlthln our audit team plann5ng meetln& updatlns our record of Intunal controls and w)5urlng these controls operatLYl as intended. We evaluated posslble Incentive5 and opportunities for fraudulent M1p1at10n of the flnanclal srdiemeriis. Weldentlfted lawsand regulatlonsthat aTeolslgniftcanceln the context ofthe group and parent charityby dI5CU59ons wlth trustees and updatin8OUf understandin8 of the sectorsln whlch the8roup and parent charity opffat Laws and regulations of direct 516nificance In the context of thegroup and parent charity include theCharitie5 and Trustee Investmtht Ikotlandl t 2CM)S. theCharltle5 kcount51Scotlandl Regulations 2006 las amLmdedl and guldance Issued by theofflce of thescortlsh Charlty Re8ulator, Audlt response to rlskldebfflled: We Consider the extent of compliancewiih these laws and re8ulations as part of our Budit procedures on the rdated financlal statement itttns Including a rev¢eN of financial statement di5(losuie5. We reviewed the parent charltvs record5 Qf bTexhe5 of law5 and re8ulations, minutes of meetings and coirespondence with rant authorities to Identify potential material mlsstaternent5 arisin8. We discussed the parent charltvs policies and proc8Jureslor compliance wlth lawsand re8ul6tion5wlth MnbS of Thanagement responslbleforcompllance. Pw8
TheQUe Elizab*h Ca5tleof Mey Trust Trustee's report and )Inancl?I statements For theyeai ended 31 March 2025 Report of the Independent Audltorsto the Trustee ofThtr Queen Ellnbeth Cartle of MeyTrust {contlnued) Audlt re5ponseto risks Identlfied Icontinuedj: Duringthe plannin8meetln8Wlth the audit team, theen8a6emt partner drew attention to thekareaS whlch might involve non<ornpllance with laws and re8ulationsor fraud. Weenquired of rnanaEement whetherthey wereawweof any Instances of non-compllance wlth laws and regulations or knowledge of any actual, suspected or allegLxl frJJd. Weaddie55ed the rSsk of fraud through management overrldeof controls by testingthe appropriatene550flournal entriesand identlfyln8 any si8niff cant transactions that were unusual or outsidethe norm31 courseof business, Weassessed whetherjudgement5 madeln makingaccountin8estimates 8ave rise to a possible indication of management bias. At the completion stageof the audit. thèen8a8ement partner's review Included enwrlngthat theteam had approached their work wlth appropiiate profe55ional 5¢fPticism and ihu5 thecapacityto Identify non<ornpllancewlth law5 and re8ulatlonsand fraud. Thereare Inherent lirnitations In the audlt procedures describ above and thefijrther removed non-compliancewith lawsand rewlationsis from the Éwentsand transactlons refiected In thefinanclal stat£yments, the le55 likely wewould become aware of It, Wso. Ihe risk olnot detectin8 a materlal mlsstatement dueto fraudls hlgher than therisk (trf not ddÈrtin8 one ie5ultin8from error, asfraud may involvedeliberate concealment byi fDr example, forgery orlntentlonal misrepresentations, orthrou8h ¢ollusion. A further descrlption of our r@SponbIlItIeS for the audlt of the financlal statements is located on the Financlal Reportlng Councll's websiteat www.frc.orR.uklaudltorsresoonslbillties. Thlsdescrlotlon forms Dart of our ReDOli olthe IndeDendeni Audltor5. (Isè of our report Thls report is made soldy to the parent charltws trustees, a5 a body. In accordance with Regulatlon 10 of the ChaTltle5 Accounts (Scotlandl Re8ulations 2006. Our audlt work has been undertaken so that we mi8ht 5tateto theparent ¢harity'Strtsstee5 those matters we are requlrExI to state to them In an audltor's report and for no other purpose. To the fvllest extent permitted by law. we do not accept or assume responslbllltv to anyone other thèn the parent charlty and the parent charSty's trustees as a body, for our audit work, for thls report, or for the opiniDns we haveformed. Saffery LLP Siatutory Audltors 9 Ha¥market Square Edlnburgh EH3 8R Y j{sT Saftwy LLP Iseli8ibleto act asan audltor In terrnsof section 1212 of theCompanie5Act 2006 Pase 9
The(kIe 8lzabeth Ca5tleofWTrust Trustee's report andfinancial 5tatoments Forthevearend&l 31 March 2025 Consolldated stat•m¢ntoffinaKlal xtlvltles rintorporatlnffan Incomé andÈxpenditure account) Foriheyeorended3J fvbrclj 202 N•tes General Fund$ R•rlcted Funds Tot41 2025 Total 2024 Income arnlendowmentsfrom: Don•tlonsand lepcles DonatSons 591,242 2,000 593,242 S29.7SS Ch¥StableArtlt[• lonKoeFarm Inceme Ca5tle3nd ertate Income Public Enterpr15e Income Investrnentlncome 126,510 7,848 14,114 46,142 126,510 7.848 14.114 46.142 107,96Z 29.S20 12,182 38,952 17 Tr•Jln8Actlvlt115 Callleand Gardensaf WLirnlted Total in¢om¢ 724,750 1,510,605 724,750 633,461 1,351,832 2,DOO 1,512,605 Émpendlture on: R•kln¥fvndarffid tr8dlniJJcil¥ltltS Ponlollo management costs Castleand Gardeos of W Llmlted 14681 515 345 IS15,È131 559 847 IS59.8471 559 847 1559,8471 CharlIle xtlvltl•J Lon6¢eFarm expensos Castlèand estateexpenses Publi¢ entqrprlseexpenses Trux admln15tratlo 1145,4691 1260.8151 192.7751 247 488 1746,5471 1145,4691 1265,9071 192,7751 247.488 17Jl,6391 1214,3221 1?65,1471 1208,3171 197 554 1885,3301 15.Q921 15,0921 Totd •Mp•nses 11,306,394) 5,09 11,311,486) 11,401,143) Net 8alnslllosseslon investments 17 5,968 5.968 181,6751 Net In¢ome/lexpendltUfel forthe year belorn tr•nsl•rs Grosstransfers b#wten ndS 210,179 13.092 14.4791 207,087 1130,9871 21n5 4.479 N•t mo¥tm•ntslnfvnd* 2146S8 2D7 087 130 987 RecoTrclll•tloDolfvnds: Fund balancèsat l prI1 2024 21125 ,481,372 37.335 .518.707 8,649,694 Net movements In furtés 214.658 17.5711 207,087 1130,9871 Fund balance5at 31 March 2025 21n5 8,696 030 29.764 8,725 794 8.518 707 Forthecurrent and prlOusYear$, all xtlvltles adsefffjm contlnuln8operatlon& The noteson pa8tE 15 to 31 form partoftheseftnan(ia statements. Pay 10
The Queen Ellzabeth Castleol MryTrust Trusiee's reportand financlal Statements For theyear endthl 31 March 2025 Parent statementof financia xtl¥lties Ilncorporatln%an Income and expendlture ircountl For theyeorendEd31 Morch 2025 General Funds Restricted Ftsnds Total 20Z5 Total 2024 Income and endo¥Amentstrorn: Donatlonsand lèycle5 Donat10fj5 591,242 2,ClJO 593.242 529,755 Charttable aCtIlIeS Longoe Farm Income Castle and estate Income Public Enterprise inctymè Investment Income 126,510 7,848 35,764 69.082 126,510 7,848 35.764 69,082 832,446 107,962 29,520 33,832 70.D98 771,167 17 Tota In¢orne 830,446 Expenditure on-. RaIngndS andtradln8aEllvltles Portfolic* man38ement eosrs Ch4rltable actl¥5tles LongoeFèrm expensès Castle and estate oxponses Publlc enterpriseexpenses Trust admSnlrtratlon 14681 1145.4691 1260.8141 192,7761 1247.4881 1746.5471 1145.4691 126S,9061 192,7761 1247.4881 1751,639 1214,3221 1265,1371 1208,3171 1197,5541 885,798 15,0921 Tota expenses 15,092 N¢f gainsAlosseslon Investments 17 5,968 S,968 181,6751 Net IncornellexpendltUTel fow the par befoie tTansfers Gr055transfw5 b¢xween fvnds 89,867 4,479 94,346 3,092 14,4791 86,775 1196,3061 22125 Net movemenls Sn funds 86.775 196 306 Recon¢lll•tlonoffund& Fund balances * l Aprll 2024 22125 8,761,356 37,335 8,798,691 8,994,997 Nèt moyementsln funds 94,346 (7,5711 86,775 1196.3061 Fund balances at 31 March 2025 22125 8 8S5 702 29,764 8,885,466 8.798,691 Forthecurrefit and prevlou5years, all actlvltlesaiise from contlnuln¥operatlons, Thenoteson page5 IS to 31 lorm partolthe5efinancial StatentS. Page 11
The{lUe Ellzabeth cale of MeyTrust Trustee'5report and financlal statements Fortheyeai ended 31 March 2025 Consolldated hlonce sh•et ot31 Morch 2025 Group 3110312025 Group 3110311024 Trwst 3110312025 Trust 3110312024 Flxed •tY Inran8lbleassets Herita8eèssets Othertanglbleassets InvesimenLS 13 14 15 16 750 4,0(Tr,000 2,699,618 852 434 7.552,802 950 4,000,000 2,766.242 846,466 7,613.658 750 4,OOD,000 2,699,618 852.435 7,552.803 950 4,000,000 2,766,242 846,467 7,613.659 Curr•nt amets Sttrck Debtors Cash at bankand In hand 18 19 340,234 79,247 910 451 l.J29,931 313,094 63.554 699.544 1,076,192 284,557 3SI,459 771,912 1,407,928 246,984 369,864 647.987 1,264,835 C¥edltors'. OntslI1nS duewlthln oneyear 20 171 143 Ilet currnl •sts 1.172,991 905,049 1,332.663 1,185,032 Toial as11•58£uTr8nt I1111t1ej 8.725,794 ,518,707 8,885A66 8,798,691 N•t*Mts 8.725 794 8,518 707 8 885 466 8 798 691 Funds Unre5trlcted Rertritted 21f22 21A2 8,696,030 ,481,372 8,855,702 8,761,356 8 725,794 8 518 707 8 885,466 8 798 691 The noteson page5 15 to 31 forrn part of thefInancIal statemp.nts. Iiifii il.ll b IheTrusttton..... nd were518neil on thelr behjlf by.. Pagè12
TheQJeen Ellbeth CastltofMtyTru5t Trsterf5 reportand financial 5tÈmtht5 Fortheyra)d2d3L MaTch 2025 Co•sollda¢edc•5h Iow5tawMnt Pwtheywrended31 Alorch2025 2025 2024 Cath IIov4St•itment riei(ash prowded bv¢peratiniKti¥iti¢s Not 221,357 77.595 chfflowstromln¥estirKtldts1 Divldwds Intwestfrom In¥te1)t% PurchwrtofpFope¥tyi plani ande4uipTnt ProceaI5from sale0f1nwtrnts Ptsrchaseofinvr5tsnentS Cash rno¥wnwt Snve5tments 46,141 151,1701 38,952 123,6801 897,533 33,5121 37.279 Netfash lusedlnll prabldeobylnnini4(tllltys 16.572 •th flawstrorn nlIn$tltIo¥ L¢)an rÈpayments in pe¥lod Nd cash lused InllpiovldedbyflnaNCl•tt1t11 15,4221 116,2701 Ch4n6• Incnth d Ash•gufv41qthtskn thi wpwllnip•vlod 210,907 77,891 ¢•handt4th•qUl1•ntIII1h•bÉOnThl0lthè p•r40d 611647 C45h th •qylv•l•ffltsotth••ndolth•p•rlod 910.4SI 699 544 Not•1 R•c¢rfbcll1ad¢ oln•t kn¢om•ll¢werMlltw•}to n•tushflowfromop•ritlwKtl¥lOo N•tlnfftbfthereportlD#p¢rfod¢asperth•s¢I¢tmentolln•cl itllvlll•¥ A4uAm•nts4)r: 107.085 1130,9871 Dwrttiatlon. •mort154tion and lrnpairmonlchèt L055es1I6alnslon InYe5tmwts oldndS and InterÈstfiom In¥estrnont5 (Piohiblosson thtJè5eofllx8d4hrts Dncrea5dlderre8sein stock ncrea5e)Idecieaseln debtors IncrtO5ell¢Jecie35elln ciediiorscludlngoYerdrJft & hlr•purchJ5e 13n5 117.993 15,968 146,1411 153.947 81.675 139,9521 L,606 S,860 121,3581 175,1671 17 127,1401 115,6931 11,7791 19 2e Flett•th•Jyed In opeiiin¢•rtMtI•s 2?1.357 RE¢•n¢lll•tl4nofD•l¢•hflow In¢r••6• Inc4th In th•p•rlod 210907 77 97 Net cash at$i¥i oftheyÈar vernent In net lundj In thep•lod 699,544 210.9Q7 621,647 77.897 Mttt•th •tthe endo+th•y•iv 910 451 699.544 As IWII 2024 As•t 31 1023 Re¢thdhionolnetd•bt C•thfl¢* C15h at bankand lo hand HlrePurcha5e 699.544 15.4121 21LI,907 5.422 210 329 910,451 910 4Jri P¢e13
TheQuw Eliiabeth CastleofWlru5t rrusrelsr0rt dfin¢i #at•m•iti FortheYearw¢dtt131Mah Z025 P•rentc•thflow•tement rwth•YIe3I Alor¢I2025 2015 2024 h lowsMemeTht Netia5h proded byoper¥tifjgactwiti Not•5 111.435 5.049 CashlIgtraffi InwAIMxtItbIs oly1ddsd interestfrom Investmts Purchaseofpropwtv, Dlant and Épuiprnent Pro¢eJsfvornsaleoflnvestrnents Purchaseoflnvestmenis Cash ftM)VèméntinVPStmsnts 69,082 151.1701 70.097 P3,6791 897,533 1933.5121 37,279 Ca5hlo4tssfromfithndnK•ctlvltle% Loin repMonts4n pviod Nei Iu5vJ Invpiovided byfinAncin8•CtMtleJ 15AZ21 116,27Ql Ch•wlnuth mdcath equlvl•ntyiTriher•portln¢perlod 123,925 116.496 647 987 531491 e•shewbvaÈTrts•lt •ndofth¢ g•rl•d Wot•l R•EoThdll4tlon •fn•tl•¢om•ll•y••ndlturelton•t¢•thl•wfvomwritlwxtl¥ll1•1 N•tln¢om• fDrth•r•portlnip•rlod l•sp•rth• ltern••11fi1lx1tIeYI Adlu5mint$kn: 86,775 1196,3061 Oqireciallon,4mortisatlon Jrndlmprmentchar L055u/&ilnslon Investmts Dlvldendsandlnt¥est from Invutments (Profitlllosson thesleofflM¢d a$5rt5 Pner1¥5elldocreasln stock Iincit4s¥Vde¢rw¥•ln debtors IThcrdIdtcreX1nt•1Is¢4clUrfOvevdraf(& hir•pyrch•s• 13115 117,993 15,9681 169,Q821 253.947 81,675 170,0981 1.606 5,636 129.755 1111,2171 18 19 20 7,5711 18,405 F4•t¢wh utrdSnop•r•¢lyKtI411•1 111435 ot•11 It•(111•11 rfn•tcxh•ow lTr¢r•gll lty p•rl 123 925 116 496 Nelc•sh tt Jt•rtofthey in Thetfunds1 thèperlod 647.987 113925 531,491 IL6 496 Ng¢¢thllltho otthoyoor lil iJ12 Nots111 condJl*loTrofMidebt As•t l Apr112024 AS•t YI Mw¢h2025 hfiow Cath at bankand in hatwj Hlre Purchase 647.SB7 123,925 771,912 b41 5fi5 129347 771912 Pa8e14
TheQUe cle0fmryTrSt Truste¥5 reportadfinanc] #¥lemt$ FDrthÈythrended 31 March 2025 Notestrthe IlnaKbal st•tments IAccountln8polltles Thefollowln8•cwuntins poliaeshtyebw appliedconsto)tlyln dealith ItthswhlthaTeconsiderettmerial ID r4aiion w boththefyoup's3nd wbsldlary¥finC1I si3tement 15150fp p¥otl¢)n TheA¢11 stement50fthecharfty. which Isapublicbenefit tItynderF5lO2, havebeab Pfepartyj IIi4Kc0rdCélththechItIe55o1lp{FRs1Q21,ArC0un1ifjÉd eportlnibyChantleL StthmenrofR¢Commdtd Prxriceapplicabl&to thariliospreponn6thdr aitountsln occord4KewiththeFininEII Rq)ortlnsSt4nifdapplicablein the IJK Republic ofITd IFRS102lleffecri¥el Iary 20191,, F1ThCl AryortlniStddl02 The Finda ReportinSStdafd ¥plicablein theVK and Republic of 1rdd,, and the(harltles¥>dTru5teelnvéstrlÈnt IStotl3ndlAct 21XIS. Thefinanciafstemtsha¥ebEenprepared undwthehlsEorfc costconvent1 modlfi& iDlndude revaluat1onol1d and bulldlwandlrNesLmerrt4 o)thesolni£oDcwn ba& Theflnantlal AtentShtrbe1n prepared In Athlnl, whl£h l$thfvndionzl tUr1¢V0ftheQTrtIty. GolniCon¢•in Theflnancial statunentshwebegn prepar&Y In xcoréancewith 4)pllcableac£ountln8Stdardsan a8olnscoTrcun bwhICh Bjjumesthecharltywillcontlnueto tradelor pttlod of12 monlh5fmm th•dat•olapprov4 bythoTrustee. ThtTrL&eotonslder51héreto beno matvlal ¥mctrtntle5we8ardlnÉthetharitys•bllltytocontlnueosa8oln6 concern. Throughovttheyt¥theTrustetsboard ha5met iesulirlyto ltheOPerll1101 ind fin14 performTrt¢ofthethxlty,1neludlr¥bud84tsd c•thhowproltttlons tènt18lnCQmeIrtd Ltrtt •swmptlOnsththÈTfUSteecondlrtslonthI8nd prudent. Hav1n8c.oTrdered theabovemttr5, theTmtteels ofthtv5Èwthat. atthedateof¥proval Ofthefi00a1 Yètth)t$, thecompY d 7ru5twlll haw5ufficlthtrex)urce510 CotillUtIO0Perlteand me4td&JtS•Stheyhll dueftsrthefore5vthlefutur•. Theflnan¢lal stwnwtsh4vethweforebw proplred (Jn a8olntCODcun basls. 1.1 Crltlclxcountln8ludFrnentsand keyWu•OlernuIlurx1wrt¥ In theappllc&lonofthch¥lVsoccountlnspollci4theTrusteelsr4ulred tomeludB•nqnt5, tt1m•5é Jwjmpiionsabout thec¥iYfjngOUnt0fa5Sets3Thd Ilabilltles thal arenot read1 appar1 from othw50urcek TheEStimatesd asso¢law3wmpiions¥eb&0fv hlstor1calryeriencedOiberIaL0TSthtt 8recondIredltsbe rdevJnt. fewltsmaydlfferfvom thtteertlmate5. Thè&ttimates•id undtrlylniassumpt1on53rerIV1¥ryl on an on8Otr¥ bisls. Rwlsionstoxcountln8estimeswereco8nssed In ihepthtsd lThwhichtheullmp15ftrls•J wh¢rBthEwrd10n 4fKtSoYthotPer10d, orlniheperiod dtherthslon dtUrperIadswhlrethrllll0natsbtsth CulTl and hjtufewiods Land and buildlDg5, h¥ifa8ea$5rtsand r4511efum1shln854resred¢ ¥lue bas•d gn th¢vluatlon ptrForrned bylndtpeThYent prolession valuwswlth eYpérlw•celnth lo¢ cate8¢rytsf •ssetsvalued. Thevluw used observablemwkerprlce5•SIustl a5 netesswyforany dlffEr¢nteln theftytu1oCal1On orcondltlonofthespecShca55ql. A r•valuatlon oftheland and bulldln6safid htht4ea5sor50tihèC8ttieofMeytookplxeinJune2023. The5evuatIon5wertu[Jertl(en bySw41115 Ch4rt#ed rveY0rS, In accordJnrewiihthEPICSValu4ivn-Global Standards. Ha8<0mMIl0tdareuatlan In JvnE2023.theTru5t5hJédetermlnwJ trJnrforsbetween lond aDLI bulldin8 aSSd58nd hfflta8èalSd withln re5VVtstot¥)turethecorrt£t set c•t4orSsallon and fijndswllt. Th151ncludesimpalrmenr olpfoperiylmproYwnenisa5fe9vlred 10 b5urethefaiihfvl ¥pllclonofthervrJuation wlthln thebl•n¢•thiol. 1.2 GfoUpIScIlst0rneTrts The¥efinCIl 5t•tementscon501ldat•theresuhsolih•¢hxltyd itswho11yownqd yJbsidlary, cledGrdes0f Mey L6mlted, onallnebyliTheba5iS. 13 I•m¢ IncomelsMqr1èItharW1Ue0fIhOco0Sdrat•Dll recfftved or re£elvobl& IoIP1S1n¢IdedIthepwI0d in whIchthetharftyhas•ititlnenttothertjO1 It15probable th*thelTrcomewlll bere£dved andtheaTnouDt bcrneasur&l reliably. Py15
TheQJEen EllubethC65tleofWTiusr Trwtte¥srepon andfinanclal Slatunènts Fortheyearthded 31 2025 Not•slconriMuedJ L A¢¢oUrtIneIklell¢ontlnV1l IA Intomefrom yant$15treatéd asrértrlrted wherespeclfic term5and conditi0nsowthèapplltatlonolthesefvjndsareatxh bythefijnder. In ca5eofuplt•l ¢the resultin¥a55et5¥erdea5&J tothe8eneral lund upon completlon unlesstheassetisaisodeemed r¢5tri£¢ed. 1.5Tr•J•mw Tradernath5arec•ir¥lsed wh¥etherelsapectedio beabeneftt1ovreptIlodsIndthef9ll0win8C0ndlII0O$Irt met: 111 It1stechnlct41yfe&slbletocornpletetheresearch ordewelopmeknt s0thattheptotruct¥ll be wallablelor useor531 1111 It Islntendedto U5eorMII theproduct be6Tr£devdoped. liiil TheChbritY15 let0 useorsdltheprodurt. Ilvl It can bed¢rnonstrJtedthattheproducil1 genw•t¢probaNefutureecoDomlcbonefits. lvl Adequètetechnlcd, Ilnonclal and DtherresourceseKiSt sothllt producldevelopment becompleted wb5O]uffitIyu5ed orsold. Ivil Eyp¥Ldltufeatlrlbtjketolhelrch and dlOpment work can beiellahlymothjtel. CapStallsedtradÉrnarks•rè5tatod at cost les$3tcumulatel ¥nortisition and Imparment losses•l ortId ovgrits useftyl •¢m¢ml¢ Ilfe. tentI of usefvl tGofioml¢ Ilfrare IOyew& l otherre5e¥ch •nddewolopmtnt É¥pffidlturelsrtttsKn1sls•n opensÈlnihepalod In whlchltlslncurred. I D•pred•tlon olt•nilble Tanbleed wetshdd forthechail¢y'sown use•re5ted0I ¢OSLor rvrfdluatlon IE55Jccufflulaied dlpreclatlon. Depreciatl¢n Ssprovldedtu wrlteoffthec05torvaluationlwthesflrned re51duèl value0ft$[blex¢dS5et$byO1al lTrstalmentSoverth•lrirnS0l•cQnornlC live505flQW>'. Herlt¥ewets IneludlnitheCa5tleJnd It505¢1&ed ¢tstbulldln85 Frethold blIdIng% Frtthold bwlldln&s-V151tor Cwtre Improvemaitsto property (tItrnIshIn&S Fixrurw, fittin, toolsand •Juipment Mctorvehlcles Assets und¥tonstnJdlon not provlded Upto50ye Soyears 25 years ot provld 2 to S years 5yws ot provided Land and bulldin6sarehdd 3t+rvauÈand arecarrled * ère4alued nount. bdn8thelrfairv&ueatth¢dateofv4lvatlon lesstmysubsequtht i¢curnul&ed4eprecloticn and Jb5equent accumvlèted Imprrnent1055& Thefar v¥¢JÈoftheland and bulldln8slsuwaltyconlderedttr bethelf m¥ket valu lTrJune2023, a Met valuatlon oltheland and buildinowned byThe(Jeen E112Bbah Cartleof MtyTru5t wcarrIed out. Thev8luation wasundertaken b¥slIS. lfvdependwt profts4onal. inactord4m£•wlth AIcSVaiuatlon-ob1 stdd5. each ba13ncesheet dat•, therhar6ty revlew5th•ry1n&fjOUntVflts1•?B1b1efied assetstod¢terrnln¢whdher thuelsanyindl¢•tlon thJnyltem5hn¥ewfftred an 1mpalfrnt1QSs Ifv5ch Indicaknon •AIAS.Iheretoverleornount ofan et in orderio detwminethÈ&tvrtofthelrnpolrrnentlo4 Ifv. Puicha5e50F•upltal nurebaow£300arenot usulyr•pltllsc¢J. 1.7 hIpu1¥e£oMrnltenl¥ Rw1I5Prt)leundwopw•tln8l&sos¥echar8•J 484nstlncomeastheyaréin£urrtd, IAFlxod•5setlThstments Listed investrnentsar4lnclud4d #rValUatth•bln£e5he d•ta Unlls1•1 In¥es¢mefvtsarestated atC05t, belngère33oniNeapproxlm*lon offalrvalu¢ P8y 16
The Queen EIIz3beth Ca5tleof WTrust Trustee's report and flnanclal st<iinents Fortheyear Lded 31 Mwch 2025 Notes(conrinued) l Accountin8pollcies fcontlnued) 1.9 Sto¢ks Stocks are 5ted at the lower of cost and estirnated sellingpric¢ acept liv&#ock whlch is hdd at the mafket value. When stock5aresold, thecarryinB amount ofthosestotksisreco8nisd asan e¥pthsein the period in which the idated rtwenue is reco8ni5ed. The arnount of anywritfrdown of stocksto net reallsablevalueand all losof$10¢k3re rctognlsed as an pense In theperlod in whlch thewrli down or10550tcur& Any reversal otsto¢kwritedown5arereco8nised asa reducilon 0fthestoCkp5e in theperlod Incurred. Llvestock Is revalued annually. Any 8alns or l¢ssesasresult ofthe valuatlon are Includ wlthln cost of sale 1.10 P¢n$lons TheTrust hasarian%ed a defined contrlbuiion Pen0 $chtfol all fiJll-tlmefftebers of staff. Thewets of thlsscheme are hdd 5eparatdyfrom thoseof theTrusi, ban8 invested with pen51on providers. Pension cost5 chaf8LxI In the fincIal statements represent thetontribLttlonspayable by theTrust In theperlod. 1.11 Fund acco¥ntln8 Funds held by thecharltyareelthw,. Unre4rlcte(I er31 fvnds-the5earefvndswhlch can beused in ¥cordancewith thecharitable oble¢t5 at thedlscretlon oflheTru51ee, Re5trlcted funds- thesearefund5 Ihat can only beused for partlcular re5trlcted purpostswlthin theoblectsofthecharity. Restilctlon5 arisewhen specified by the donor or whLY funds are ralsed for particular restilcted purposes. Further E4planatlon of Ihe natureand purposeoleach fund Is Includ In thenotesto thefinancial statement5, 1.12 Nét Income Incorne15 Shown net ofany re¢overableVAT. 1.13 Expèn(llture Liabilitie5are reco8nlsed asexpendltureas soon a5thuelsa le8al or construttlveobllgatlon commlttingthècharltyto that expendlture. It Is probablethat atransferof economlc benefitiwill berequired In seltlemert and the amount ofthe obllgailon can be Measured rellably. Expenditurels included on an accruals ba55s. IncluslveolV VATwhlch cannot be recovered, and has been clas51fi under headlngsthat a88re8ate all c0515 ielated to thal category. Whwe costs cannot bedirertly altribtsted lo partlcul)r headin8Sthey haVebe allocaied to activitieson a basls onsIstt wbth the useof resource& 1.14 Forelgn currencles Transactionsln cuTcles, Qtherthanthefvnctional currency oftfvechwity. are rÉrordeJ at the le0fChaHgeon thedatethetranwtion occurred. knnetary iiems denominated in other currencie53retranslated ai the rateprevalllnB ai the ofthe reporting period. differces gretakento thelncorned expenditure account. Non-rnOnL*ary ita))sthat tremSured at historlc CO In a for&gn curraicyare not r&ranslated. Pa8e17
The1)je Elltseth Ca5tleof MÈyTrust Trustee'sreport andfinarsclal StatentS Fortheyearended 31 March 2025 P4otes{conrinuedJ Farm Income-Group and Chwlty Untestrlcled 2025 fteArfcted 2015 Total 2025 Unrestrl¢ted Restrtcted 2024 2024 Total 2024 Incomefrom Iiv¢ttDck Farrnlnguants Mlscdlaneou3 Income 97.363 28.904 243 97,363 28.904 243 78,557 28,237 1,168 78,557 28,237 I,L68 126,510 126 SIQ 107 962 107 962 Ofmeylncon-Sl¥P9Thd Charltv Uweslrfcted 2015 ReArfcied 2025 Yotal 2025 lthr¢Arfcted Rstrtct•d 2014 2024 Tolal 2024 Cartle Rent and wayle•¥es Grant incorne 7,848 7,848 29,520 29,520 7,848 29.52D Pd>llcentetyil Incom•-Group VnreJtrSct•d 2013 RF5t¢lcted 2015 Totsl 2025 lthr•stslrt•d Rertrlct•d 2024 20Z4 Tot•1 ZOZ4 FrlendsofTheCasYeof Miy Other Incomo 11,453 2,661 11,453 2,661 7,746 4,436 7.746 4,436 Pub15c enteryr5se In¢orne.Chwliy VTrTertrlcwd 2025 R•slrl¢t•d 2015 Totsl 2025 Unrestrlcted Rexrlcted 2024 2024 Total 2024 Granary and Wsltorcentreprwnlsefent Frlend50fThaCastleof Mty Othw Incorne 21.650 11,453 2,661 21,650 11,453 2,661 21,650 7,746 4,436 21,650 7.746 4,436 35,764 Paeelg
The(en Blzabeth cale¢f MeyTrust Tru5tee'sreport fin•nc131 stateMts Fortheye¥ ded 31 M¥ch 2025 Nottslcontlnuedj Ral4ns FurKl¥d tm11111leS-fjrQuP UN•s¢rlrt•d 2025 Restrl¢ted 2025 Totil 2025 lknreqrfued 2024 R•#rfcred 2024 Total 2024 Portfollo MaentFÈS 468 468 Tr•din8ca>t of53le5 Admln costs Intwest CuporatlonTiM 149,436 410.411 149.436 410.411 122,961 392.384 122,961 392,384 559.847 515.813 515.813 Chrft4AeAtt5¥ltl•i-6ftsupand Ch4rlty support •rMt GOr¢ Supportand 6owrn•)¢ Dlrtctcosts 2025 Total 2025 Dli•¢tCosts 2024 Tot 1024 6•nqrnl Fundi 2025 2024 Lon8oeFarm PenSeS CiieolMey 2¥pthses Publlcenterpriseexpenms Trust •Jministrailon 62,865 162,535 5.112 ,fiD4 98,280 87,S63 247,488 14S,469 260,815 92,775 147,488 106.183 152,574 7.431 108,139 110.04s 200,886 197,554 214,322 262,619 208,317 197,554 230512 51603S 746 547 266,188 6L6,624 882.812 Support•nd GoMrrwic• Cost5 2025 SupportJnd Go%rnnc• Cos 2024 Dlr•ct Cort5 2025 Total 2025 Dlr•ctCosts 2024 Total 2024 R•StrlttedFuNIs Lon6oeFèrm expense5 CastleofMtyts(p4n$95 PubllcenttrprisevApense5 Trust admin15tiatlo 4.222 870 5.092 2,249 269 2,518 4.222 870 269 2,518 Tot•1 wgndlture 234,734 516,905 75L.639 268.437 S16%93 885,330 page19
Theaueen lllLibe¢h Ca5tleofwTruA Trustee%reportandffinanthal statemt5 Fortheyearwd¥l 31 March 2025 Noteslcontlnued) 9JFVOrt andGrn Cosis-6YgupBnd Ctrwltv Unfesirltttd 2025 Restrlcted Tota 2025 Uryestrtcted 2024 ReArtcted 2024 TOt•l 2014 2025 &Jpport Costs Staff costs Insur(• For48n x(ha8 OÈprti¥tion amortlslc Adffllnlstratlon tosts Ch¥itabledonaiion5 206.776 65,412 870 207.646 65,412 226.171 51.178 11,344 253,947 28,914 269 226,440 Sl.17S 11,3441 253,947 Z8,914 117,993 65,316 117,993 65,376 455 557 870 456 427 558.866 269 559,135 UDrnrtrlrted 2025 Aestrlttd 2025 ro Z025 UNwrtwlet•d 2024 R¢strl¢t•d 2024 2024 GlrKCoftS Audltor5 Foe5lTrus¢Onlyl Léyl Conwltlw•d Profetylonal Fe 10,810 1,939 47,7Z8 10.810 1,939 47.728 10,458 9,505 37.795 10,45 37.795 57.758 Tot Èypendlture 516.034 870 616 624 269 616.893 Conwltlnifee5 In theprf¢rYe¥lTrcluded Ineare1ct1On Item relln4toarv41owofTrust'sir8dlnioper•tloDs. Nètlnconryreso¥r<es TYiiA 1025 2024 2025 2024 Net lrttc¥nln¢res0rCÉs1sS1ot0 3ftorchxeln8'. knort55atlon of Inianilbleossd OepreclatlDn ofi•8lblea%sets G•insll105se51 Dn forelsn currencle5 Audltorfromuneratlon J¢jitOr refflunerrtlon-Tron*udli wo A¢eountancylee5 lThv¢tm£nt Mtfee$ zoo 117.793 2UO 117,793 253.747 11,3441 14.458 1,300 38,295 253,747 11,3441 10,458 15.050 1,375 53.728 10.810 47.728 37,795 188 146 307 L24 176 531 3Ql 524 Pa8e20
TheQuea) Elleth CasiJeofWTrust Trustee¥report and financid statament5 Fortheywended 31 March 2025 r4ot•slcontlnuedJ 10 &rylopes Gmup Truii 2025 20Z4 2025 2024 Wagesand salarie5 Socld securitycosts Pen51on cort5 441.385 26,4B9 441,130 24,430 173,333 13,490 192.802 11,366 497,832 496.267 207.654 225,259 Avffa8emonthlynumberofemployeE5durlft8thepoJlod w 2025 2024 Fami clé Garden Admlnlstratlon Ca5Ueand 6d501 Limltal 25 22 32 31 Noamp1oyeerÈtd remuneradon ofmOrethan£60,C0. TheTrusteelsnotreThunwaied. Noneofthemwibers DftheTrU5t Board re1mbUretQI¢KpeThSes1n rd0tlontoThe¢J Elltsbeth C&5tleof Mry TruM In theflna)clal years 2025 or 20Z4. Forth•purposèofTfun•¥sexpthsesdlsclowi* thernembusolthebo¥d ofTh¢Kln¢sfoundatlon ¥econ51dergJttsbetheTfustee> P4e21
TheQun Ellzabeih Castleof MryTnJsi rfuste8'5 report and financial staiemwt5 Fortheyear ended 31 Marth 2025 Noteslcontinuedl 11 Cornpawatl¥esfrrthCor1ldatQdStatsMefitoI FlThanclalArtivtties-Grnup GEner•l Funds Raxrlcted Funds Total 2024 Total 2023 Income and endowmeTbtsfrom: Donauovand le8acles Donations S18,815 10.940 529,755 125,4S5 CharitsbleActltAtles LoD8oe Farm Incorne Castleand estat•lncom• Publlc Enterprlseincome Inve5tmwt income 107.962 29.520 12.182 38.9S2 107,962 29,520 12,182 38,952 156.029 8,631 171,055 13,793 17 Tr•dinBActivitles Castleand Gardensof Mw Llmlted Total Income 633,461 1,340,892 633.461 1.351,832 405.045 880,008 10.940 Expendlluieon.. Rabsln8lund5and tradlnB aEtlvlll•i portlolio rnan?emrco5t5 Castleand Gaiden50f Mw Limlted 14681 515 345 1515.8131 14681 515 345 15.8131 17.9071 433 375 1441,2821 Chwltablexiiffties Lon8oe Farm xp•nses Casrleand estateexpÈnsÈs Publlc t•rprIse•lpens•s Tru5L adrnlnlstrdtla Net1055eson flxed assei valuatlon 1214.3221 1262,6191 1208.3171 1197.5541 1214,3221 1265,1371 1205.3171 1197,5541 1178,3941 1294.8401 1305,1881 1189,144 776 560 13.744.126 12,5181 14115 1882.81ZI 12,5181 1885,3301 Total expens 11,398,625) 12,5181 11,401,143) 14,185,408) Net dalnson fiXj asset valuion NÈt Iloswl on InVestrnts 14115 2.863.413 114,L641 181,6751 181,6751 Met In¢omellexpendiitsrl rthe parbÈfore irlnrfers Gros5transfers between fvnds 1139.4091 437 8,422 14371 1130,9871 1456,ISII 21125 Ilet mo¥emefitsln fvnds 138 972 130 987 456 151 RecgnEllllon olfiJnd5: Fund balance58t I I4rll 2023 21nS ,620.344 29,350 8.649.694 9,105,845 Net movemontsin fvnds 1138,9721 7,985 1130,9871 1456.1511 Fund balancesat31 March 2024 2L12S 481.372 8 518 707 8 649,694 ' TheralUatIon offlxed aetsresUltID 8consolldated net8aSn of E86,853 ft*rtheythrendoJ 31 Mwch 2023. Pa8e22
TheQueen Ellzabh Castle olw Trust Tru5tee¥ report and financlal statements FortheiEnd£ 31 Marcb 2025 Notès Iconrinuto) IZ Cornyratl¥esfDrtheCons01idated Stattmentof Flnancial A¢tlvltl•s-Parent pknt GenÈral Futxls Restrlrted Funds Totsl 2024 Total 2013 lThcome •nd r0ents1rom, Donitlonsand legKles Donations 518,815 10.940 529,755 125,455 Chorltable Xl51e Longoe Farffl Income Cèstleood e#eincome Publlc Enterpriselncome Investment Income 107,962 29,520 33,832 70,098 107,962 29.520 33.832 70,098 771.167 156,029 8,631 192,705 71,325 554.145 17 TotAI Income 760,227 10,940.00 Expendiiure on: Ralsln8funds ind tradln8ACtlvltlos PonfolS0 man4èment coAs Charttibl• •cil¥Stles Lon8oeFarm eXpseS C8Aled estateéxpènses Publlc thterprls¢c<pense5 Trust admlnlstratlon Net105ses on fix&1 8SSrt valuatlon 14681 14681 17,907 1214.3221 1262,6191 1208.3171 1197,S541 1214,3221 1265,1371 1208,3171 1197,5541 1178,3941 1294,8401 1305.1811 1189,1441 12,776,560) 12.5181 1411$ Total expenses 1883,2801 12,5181 1885,7981 13,752.0331 Net gainson Ilxtyj asset valuatlon, Net Uosseslon Investments 14115 2,863,413 114,1641 181,6751 181.6751 Net Incomeiie¥p¢nditurei for the bBfDre tfanslers 1204,7281 437 8.422 1196.3061 1348,5391 Gross transfers between funds 22125 14371 Net movem•nts in fvnds 204 291 196 306 348.S39 Re¢onclllatlon ollund$: Fund balance5at l 4)ril 2023 22125 8.965,647 29.350 8,994,997 9,343,636 Net movemwtsln funds 1204,2911 7.985 1196,3061 1348,6391 Fund balancesat 31 M 2024 22125 8.761.356 8.798.691 8,994 997 The r*4aluatSon offi¥ed assets re5ultgJ in a con501idated netBaln of E86,853 forthey8areDded 31 March 2023. PaBÈ 23
4•Tr@I67b•lh C4srl•ofVffjTrUrt Trustrtstrp¢rtandfinanciJl srements FortheveareThJgJ 31 March2025 tes(CiMtln¥all Is 1nityb1e4ets rh•rlty Trtyjernar Coorlumi0n At IApril 2024 £diiions 6,180 31 r¢h ZQ25 AfflortlsitloTr At l April ZOI4 Chwgeforthe pevlcd 4t 31 Mah 1025 S.330 ?00 N2tbookvalue A131 Mryrch 2025 750 $1 Kllrth 2Q24 950 HErttrye auti Herlta ASM At IAprfl 2021and&t 41 M4f¢b 202$ 4,000,QOO D•pr•clhin At IAprll 2014 &hd i¢Jl WKh202S N•tbDDhwl At 31 M4r¢h 20244nd 2025 4 000 ooo ottorVatIDTr¥ts1 Mirch 20251$ reprttwthtsdby-' sots 5,971,177 R•v4v4t1•D 4 OOQ QDO Ilh•rlW44sth1h•d not becn rev•lu•d th•w Uld hiwdbw IPKlUd•¢Ih¢fvII9Wsn1h1$Irt¢ cort.. 201S 2024 Costolh•rftw•sts 3 976 177 976,177 Thehlt¥èAssetsre14t•to ThÈCastleolMtywhith w•silltéd bytheI•teN•r1IItY Ell#b•ihThaue•n Moth•rtothTruAt Oh Itiln¢¥>ii•n lfi 1996. Thqrelino Int•ntloh rowrhDr•cquSre¢i dlw1•olhtrltw•&. IiiJUlbL ZOIJ, • l•li Mlb•¥du•lhJllul Ili•liwliaVl•l•lI L+US1111vwJiI bi nif (llul111 e•&LIeu[ Tiusii&¥diild wl. nitvdludlluii wdsuiiQiLdkai bvJdvIII¥,411 lndqpendentprofonl, In riordanllBwith RIC5V•lu4tlon-CiloI StJndatdi.Thec4rrylngvalueofthÈse•ss•tshiwbthTh Upd¥t In Kcorf•n¢•wlthth•Fln•n¢l•l R•ptsrtlni Standard appliC8blelnthÈUK•rnd RopUbll¢ollrènd IFRS102llelfe¢tive ljanuiry Z0191. lfi thennaniialyEart¢ 31 MBrEh IOZ3. 5¥byequeTrt Improv•mentsi¢thtCastle•reln¢luded In prvpertylmpiorn•n1 sMmIbIl$OlIoYpl1rl1WAIIrffrwbS%ila 2014 2011 20?1 Purth15e$4nd4ddltlon¥ Rev4u*k>n lrnpaSmeDt IrHnsfrrs 1,727,232 437,928 710 696 3,OOD,000 P¥•24
EIIE4bBth CJStl•ofWT5t
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Forthertt1 31March2025
15 QhTtaneIbIekndats
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TheQueen &lzabeth ctle01Trust Trustee's reportandfinanc5a 5tar&ments FOrtheyeartId 31 Marrh 2025 Noteslcorttirtuedj 17 Llstedlnvestments 2025 2024 Martet valueat 31 March 2024 Adéfcionsatcott Dlsposa15at C8rrylngvalue Re¥aluatlon53nd tfansf¥s Market valueat 31 VArth 2025 846.406 892.J61 933.512 1898.8761 0,3311 846.466 5,968 852.434 Intomehdd on deposltof inthehand oftheln¥estment manaws Total portfollovalueat31 March 2025 852,434 846.467 2025 2024 naly$l$ofrnarket valueoflnve5tment5'. UK equ5tlts Intem8t5onl oyltiL% UK bDnds Internatlonal Bond5 Altematlvos Cgsh 8S2,433 846.465 8SL434 846.466 Durln6iheveartheportfollo moved to 8 8lobal charltabltlund manè8ed vRurd lsdl5c1os asan altqrnutive Investma)t *ove. Theunderlylni In¥estrnèltsofthefv4nd areTrotonly hdd In alternatlvefijndsbut J mlxollnvestmeni5. 2025 2024 Analy5150f Investment Intomelorthepthod-group: UK equlties Internatlonal qultl6 UK bond5 Internatlon•l Btrnds ttrnatlve5 IntfftsE 434 26,683 19,396 1025 2024 lYS oflnvestm•it Incomefortheperlod-charltv.. Li5toJ Investm1 Incorne Intere4t Inteve5t on amcuntsow& by yJbsldl•ry 26.083 19,459 19,970 18,982 69,082 70,09B pa26
The Queen Ellzabeth Castle of Mey Trust Trustee's report and financial 5tatemwts For the year ended 31 March 2025 Notes (continuedj 18 Stock Group 2025 Group 2024 Trust 2025 Trusi 2024 Llvestock Caterln& retaS1, animal feed and sundry 271,150 69,084 234,110 78,984 271,150 13.407 234,110 340 234 313,094 284.557 246 984 19 Debtor5 Group 2025 Group 2024 Trust 2025 Trust 2024 Amount5fvlllng due wlthln oneyeor Trade debtors Other debtors Other taxatlon recoverable Amounts duefrom subsldiary Prepayment5and accrue(l income 7,946 417 14,428 8,712 450 4.191 2,549 7,341 284,363 315,963 79,247 63,554 351,459 369,864 20 Credltors Group 2025 Group 2024 Trust 2025 Trust 2024 Amount5folllng due wlthln oneyet7r Trade credltors Other credltorsand accruals Hlre Purchase Other taxatlon parable Deferred income ountsowin8 to parent 29,079 44,266 15,200 34,277 5,422 61,679 54,565 23,122 36.505 14.596 25,432 5,422 34,354 4,872 67,957 10.767 4.872 10.767 156,940 171,143 79,804 Pa8e 27
The¢Jeen05ubbthC•l¢olKkyTrus1 TrwteetsrepCrta hncil#tmetr kth•vWend3lMar¢h2olS hknies[conttntsedl Tht 6••• Fur Fundsbrou8htfi>rward•14tOlP•rfl 2024 867,714 ?.613.654 .48¥372 Y7.535 ,S11,?D7 P4etMDverneDt inFundi IncornlniR•sourc•s R•wur¢¢sL¥wd•J tIetnI/¢k>sss1lC•ry In%strnqnts 1,51q60S 11.306,3941 5.968 1.510.6D5 11,306,394} 1,512,605 15,0921 210.17B 210.178 ,J921 207,087 Trnnsferbrtwrcnfvnds 65 35 79 FundlevlFOrW0rd•t3L MDpch?OlS IA45 7 551 002 2•.764 R•pthMnt•4 Inth•b•l•The•h#iby.' Y•alady1141lolS Toi•l Uwp5twtrted FuThli 7,552,802 1.300.169 1156.941) unreAwktsdFunth FIMd Awt 7.J51,e02 To Fn01 7,S52,802 1.3?9,932 1156,9411 FIKedryJxts Currqntèssets Currwtll•bllbtS 1.300.159 1156.9411 24,7$4 Toul Funds 1 143.218 7.552.102 696 725 79dJ 22 4icortllonoI1dx-thvIty T•til R•thlitqd nds Unrn#rlrt FuhdT G•M•r41 FIx4At Tol fvnds Fnd$b¥ÉhEfjrdlSatOlAWTrl 2024 1.147.696 7.613.65• 8.761.358 a7.335 ,798.8•1 In¢ornln8R•sourc•s liaur¢oAWnd 13Q.446 (745,5471 830.446 1746.5471 B32.446 51,6391 (S,OY2} 89.107 B9.967 110921 86,775 Tfinrfwtrrtwqw ftjnds 479 FundiC•irfed For¥¥ard It31rth Z025 764 ¢pretts4 Inth•b•l4n¢•¥hwtby'. Y•Wkn••d31 A1*th1025 Totll TOMI n¢$ 7,552,B05 1 4n7 •28 (75,1001 Flx•l Awt 7.552.80J FldmE$ Currnnta55eti 7,5$2.803 1,Y7A,16d (75.2661 1,378.164 ?4,714 Tof41 Funds 704 Pw21
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Thef&ew Elikbh Castleofmw Trust Tru5tEe'srwort dInancIal statements Fortheyear 31 March 2025 Pkntsslcontinyed? 25 R•strl¢tednds-wP •ndchadty Restrict&l FundsRepreents WalledGardenl nlmal C•rtre rov•mènt5 T•rrntott Pllrth Totsl Fur T9r RWHA Funds broutht forward Lsat Oi A¥rll 2024 26,582 753 10.000 37.335 Net fvb¥¢mt In Funds IncomlnEResource5 ftesources Wended GaInsd Loss 2,0 12CQI 2.000 15,0911 12481 14311 14.2131 P481 14311 14,2131 1,81X) 13.0921 Tr betweenfunds 2.679 1,800 4.479 ndsc•rrlvJforw¥d x31 M8r¢h 2025 322 5.787 Thewalled gard knlrn4 ¢tlmprOvQntsand upyadefvnd lsa res(rfct•J thJnd comprln8ofadonatioTrrecelved fof thlspurp¢. Thelowtrfvndlsa re5trfcted fijndcompdslngdonations recelved forwork on ImprottheWda1 tower. TheRWHAbJndlsa rtrItte0 fiJn¢ comprisinÈdonatSon5rthved fvrtreeplantlnlwckS. ThtTerrncotti Pllnth Is ire5rrlct•J bjnd comprllngdonioThsrecdwJtslhepurchaseofiTerricotta Pllnth fortheydonsatC1511•of 26 R•¢rfCI8dfj-p0rp1ItomPomtl¥¢-l0uP¢hw1fy R•rlcted Fund5RepreStj Wall•dGardenl Anlmal Centr• lrn o¥errnnt5 RWHA Funds FundJbr¢utht forward¥s Jtol 4Jrll 2023 28,597 753 Z9.350 Ilet Movwnffit In Funds IncomlnuResources Res0r(w Eypended Galn5and Losses 940 P,518 10,000 10,940 12.5181 11,5781 lo.0 8,422 Transfer betwe fvnd5 437 437 Fundicwrl¢dfp¥w¥d •t31 Mirch 2024 16.S12 53 io.ooo 37,335 TheWl*lrdtr and knlmal Ctre1MPrOV•t5anO upyèdefijnd lsèrestrirt&l hnd comprSslngofi donation reEeivedforth15purpo ThqTowv fund15a rtstrlcted fUndtompdln8dcatl0srttel¥e{llvrWofk0n lmFNovingtheyd toww. TheRWHAnd 15 a re5trfited fvnd cornpi11n8dcffjatioftsréVefQrlre2plafft)n6WOrks. Page30
The4 OiubethCasiltofMtyTru51
Trusteè'sreportandfinancial siaternents
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