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 Qu￿n Elizabcth C35tleof WTrust Trustee's report and financlal rt3tem&)ts For theyear ended 31 March 2025 Contents Trustees Report Report ofthe Independent Audltorsto theTruXeeofThel￿e￿ Ell￿beth Cè#leof WTrust Consolldat&l stat￿ent 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 Obl￿1Ve5.. 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, esp￿lalIV 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 TheQu*n 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, thecharityTrUst￿aThd OSCR had reC8v￿j thefindings3risingfrom th* investJEation and the Foundatlon Trusteesand charltyTrusteehad commis￿oned and rewiewed le8al advlce on thefindlnRsofthe report. In 2023, OSCR Confirm￿tthat Its In¥e5ti8atlon Into the Foundatlon would spllt into two 5trand5-onefocusln8on h15torlc matters and the other rdatingto turrent ongoin88overnance In Sept￿ber 2023. OSCR tonllrmed that it wassatlsfftLyJ with the improvernent5that had b madeto address areas olconceJn pr￿louS1¥0￿t1fjned in relation to thecurrtht and ongoin8 governancertrand. In January2025. OSCR confirmal that It5 Investl8atlon Into hlstorlc matters had also conclud£¥J, wlth no fvrtheractlon art￿ng. 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•)Ie￿I5theUnre5tf1tted 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 trust￿1V ofThe K5n￿5 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 F0rtheYear￿ded 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 InCr￿Se In v551tors throughout the year. peak ng in April and May. There has been a noticeable Increase In rep￿t visitors With many vistors bookillg foi a return visit next Year. The Granary Lodge continues to promote local food and drink where po￿lbIe and, due to the remote country location, also offers guests ev￿1n8 platter5 which have been very popular. The use ofthe local supply chain is important asweaim to support local businesses. Castle Vlsators Visitor numbers InCr￿sed 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 coMmitm￿t 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 sUCc￿ful at the Ca[thn￿S 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 d￿sned to heip young people learD about both food proV￿anCe 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 Gard￿5 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 b￿efiCIal 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 Gard￿S 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 re￿StratIOn 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 applIc￿Je1aW and Unlted Klngdom Accountingstandards ILlnited Klngdom GenerallyAccepted kcountlng Practice). The law applicableto charities in Scotland requIr￿thetharltyTrUSteelo 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 stat￿entS. 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 m*erial 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 fin￿claI 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 Irro8u1￿itIes. 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 theTrUst￿S 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 A￿lItOrstOtheTf￿s[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 signifiC￿t 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¥nd*d appllcable in the UK antl Republic of Ireland Iunlted Kingdom Genwally AcceptedAcctsuntin8 Prxticel. In our oplnlon th?fiNanclal Stater￿nts. 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 Sncoffle￿d 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 1nv8strn￿t (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 Indep￿dent of the 8TOUP ané parent chdrltablecompany In dLLurdance with iheethical requlrernentsthat are rel￿ant to our audit 0ftheRn￿e1ol 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 aud1tw1d￿ce we have obtalned lswffi¢lent and approprlateto providea ba￿sfor our oplnlon. Conclu￿on$re1*ITrIto Rolngconcern It) audltln8 Ihefinancl* statementi we hwe concluded that theTru5tee5useofthe8oln8concern basisof accountln8lntheprep8r*lon oftheftnancial 5tatemwts isapproprlate. on theworkwehweperformed, we havenot Identlhed any materlal urtertalntles rdatln8to ￿t￿lsOrC0￿dItIOn5that, Indlviduallyorcollectlvdyi m cast ￿8nIfiCaffit doubt on theparent charltablecompany'sabllityto contlnueas•8oln8concern fora pLYlod ol* leasttwelvemc+nthsfrom wh£m Iheflnanclal Slatern￿t5 areauthorlsed fr)r Issu& ChJrresp0n￿b1lII]esa￿d theiesponslbilltlesofthetWSteeswlth respttt to 8oln8conc¥n afede￿Ilbtd In the relevant 5Éttlons of thlsreport. Othei InfOrn?￿On TheTrurtee5 are re5ponsiblefor theother InformatloTh. The tstherlnlormwlon ¢ornprlse5 the informatlon Included In th• annual report, othorth*7 thefinanclal st*emwts 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$15t￿l wlth the finènclal statvnent50r our knowledgeobtained in thecourseof th¢ audlt or otherw15eappeaTSto be materiallyrni&5tat4d. Ilwe Sdèntify such materlal lneonsisrÈnci￿0r apparènt material mIsstètL￿ents, we arè reouired to dwermlne whether this gives rise to a matenal rnissratement in the fln*)cièl staternents themse5vek If, bas*J 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 regpL*t ofthe followlng m*tèrs whererhe Ch•rltSeskcounts Iscotlandl Re8ulaiions 2006 la5 amended) requlre u5to reportto you if, In tsur oplnlon., thelnform*ion 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 G*leof 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 trust￿S￿etermine is nece55aiv to enablethepreparaticn offinancia statementsthat arefreefrom rnatvial rni55tatement, whether dueto fraud orerror. In preparlngthèfinancial stateM￿t& 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 1lquidatethe￿Oup orthe par￿t charitablecompanyorto cea5eoperatlon5, or have no reallstlc alternatlve but to do so. AudItorfsre5pon￿bll{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 aSsur￿ce 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 assur￿cl 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 StateM￿t9. Irre￿laTI1￿e5, Includln8 fraud, arelnstances of nondTru5teelnvéstr*lÈnt IStotl3ndlAct 21XIS. Thefinanciafst*emtsha¥ebEenprepared undwthehlsEorfc* costconvent1￿ modlfi& iDlndude revaluat1onol1￿d and bulldlwandlrNesLmerrt4 o)thesolni£oDcwn ba￿& Theflnantlal A￿t￿entSh￿trbe1n prepared In Athlnl, whl£h l$th*fvndionzl tUr1￿¢V0ftheQTrtIty. GolniCon¢•in Theflnancial statunentshwebegn prepar&Y In xcoréancewith 4)pllcableac£ountln8St*dardsan a8olnscoTrcun b￿￿whICh Bjjumesthecharltywillcontlnueto tradelor pttlod of12 monlh5fmm th•dat•olapprov4 bythoTrustee. ThtTrL&eotonslder51héreto beno matvlal ¥mctrt*ntle5we8ardlnÉthetharitys•bllltytocontlnueosa8oln6 concern. Throughovttheyt¥theTrustetsboard ha5met iesulirlyto ￿l￿theOPerll110￿￿1 ind fin￿￿14 performTrt¢ofthethxlty,1neludlr¥bud84ts￿d c•thhowproltttlons tènt￿￿1￿8lnCQmeIrtd Ltrtt •swmptlOnsth*thÈTfUSteecon￿dl￿rtslonthI*8nd prudent. Hav1n8c.oTr￿dered theabovem*ttr5, theTmtteels ofthtv5Èwthat. atthedateof¥proval Ofthefi0￿0a1 Yètth)￿t$, thecomp￿Y *d 7ru5twlll haw5ufficlthtrex)urce510 Co￿tillUtIO0Perlteand me4td&JtS•Stheyhll dueftsrthefore5vthlefutur•. Theflnan¢lal st*wnwtsh4vethweforebw proplred (Jn a8olntCODcun basls. 1.1 Crltlc*lxcountln8ludFrnentsand keyWu￿•*Ole￿rnuIl￿urx*1wrt¥ In theappllc&lonofth*ch¥lVsoccountlnspollci4theTrusteelsr4ulred tom*eludB•nqnt5, *tt1m*•5￿é Jwjmpiionsabout thec¥iYfjng￿OUnt0fa5Sets3Thd Ilabilltles thal arenot read1￿ appar￿1 from othw50urcek TheEStimates*d asso¢law3wmpiions¥eb&￿0fv hlstor1calryerience￿dOiberIaL*0TSthtt 8recon￿dIredltsbe rdevJnt. fewltsmaydlfferfvom thtteertlmate5. Thè&ttimates•id undtrlylniassumpt1on53rer￿IV1¥ryl on an on8Otr¥ bisls. Rwlsionstoxcountln8estim*eswereco8nssed In ihepthtsd lThwhichtheullm*p15ftrls•J wh¢rBthEwrd1￿0n 4fKtSo￿YthotPer10d, orlniheperiod dtherthslon ￿d￿tUr*perIadswhlreth*r*llll0na￿￿tsbtsth CulT￿l and hjtufewiods Land and buildlDg5, h¥ifa8ea$5rtsand r4511efum1shln854resr*ed*￿¢ ¥lue bas•d gn th¢vluatlon ptrForrned bylndtpeThYent prolession￿ valuwswlth eYpérlw•celnth* lo¢￿￿￿ cate8¢rytsf •ssetsvalued. Thev*luw used observablemwkerprlce5•SIust*l a5 netesswyforany dlffEr¢nteln theftytu￿1oCal1On orcondltlonofthespecShca55ql. A r•valuatlon oftheland and bulldln6safid htht4ea5sor50tihèC8ttieofMeytookplxeinJune2023. The5ev￿uatIon5wertu￿[Jertl(en bySw41115 Ch4rt#ed ￿rveY0rS, In accordJnrewiihthEPICSValu4ivn-Global Standards. Ha￿￿8<0mMI￿l0￿tdare￿￿uatlan In JvnE2023.theTru5t*5h*JédetermlnwJ trJnrforsbetween lond aDLI bulldin8 aSSd58nd hfflta8èal￿S￿d withln re5VVtstot¥)turethecorrt£t *set c•t4orSsallon and fijndswllt. Th151ncludesimpalrmenr olpfoperiylmproYwnenisa5fe9vlred 10 b5urethefaiihfvl ¥pllc*lonofthervrJuation wlthln thebl•n¢•thiol. 1.2 GfoUpIS￿cIlst0￿rneTrts The¥efin￿CI￿l 5t•tementscon501ldat•theresuhsolih•¢hxlty￿d itswho11yownqd yJbsidlary, c￿le￿dG￿rde￿s0f Mey L6mlted, onallnebyliTheba5iS. 13 I￿•m¢ IncomelsMq￿r￿1èItha￿rW￿1Ue0fIhOco0S￿d￿rat•Dll recfftved or re£elvobl& I￿oI￿P1S1n¢I￿dedI￿thepwI0d in whIchthetharftyhas•ititl￿nenttothertjO￿1 It15probable th*thelTrcomewlll bere£dved andtheaTnouDt bcrneasur&l reliably. Py15 TheQJEen EllubethC65tleofWTiusr Trwtte¥srepon andfinanclal Slatunènts Fortheyearthded 31 2025 Not•slconriMuedJ L A¢¢oUrtIne￿Iklell¢ontlnV*1l IA Intomefrom yant$15treatéd asrértrlrted wherespeclfic term5and conditi0nsowthèapplltatlonolthesefvjndsareatxh￿ bythefijnder. In ca5eofuplt•l ￿￿¢*the resultin¥a55et5¥erdea5&J tothe8eneral lund upon completlon unlesstheassetisaisodeemed r¢5tri£¢ed. 1.5Tr•J•mw Tradernath5arec•ir¥lsed wh¥etherelsapectedio beabeneftt1o￿vreptIlodsIndthef9ll0win8C0ndlII0O$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¢rnonstrJtedthattheproduci￿l1 genw•t¢probaNefutureecoDomlcbonefits. lvl Adequètetechnlcd, Ilnonclal and DtherresourceseKiSt sothllt producldevelopment ￿ becompleted wb5O]uffitIyu5ed orsold. Ivil Eyp¥Ldltufeatlrlb￿tjk￿etolhel￿rch and d￿lOpment work can beiellahlymothjtel. CapStallsedtradÉrnarks•rè5tatod at cost les$3tcumulatel ¥nortisition and Imparment losses•l ￿ortI*d ovgrits useftyl •¢m¢ml¢ Ilfe. ￿t￿entI of usefvl tGofioml¢ Ilfrare IOyew& l otherre5e¥ch •nddewolopmtnt É¥pffidlturelsrtttsKn1s￿ls•n opensÈlnihepalod In whlchltlslncurred. I￿ D•pred•tlon olt•nilble Tan￿ble￿￿ed wetshdd forthechail¢y'sown use•re5t￿ed0I ¢OSLor rvrfdluatlon IE55Jccufflulaied dlpreclatlon. Depreciatl¢n Ssprovldedtu wrlteoffthec05torvaluationlwthesflrn*ed re51duèl value0ft￿$[ble￿x¢d￿S5et$byO1￿al lTrstalmentSoverth•lr￿irn*￿￿S0￿l•cQnornlC live505f￿lQW>'. Herlt¥ewets IneludlnitheCa5tleJnd It505￿¢1&ed ¢tstbulldln85 Frethold b￿lIdIng% Frtthold bwlldln&s-V151tor Cwtre Improvemaitsto property (￿tIt￿rnIshIn&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 Imp*rrnent1055& Thefar v¥¢JÈoftheland and bulldln8slsuwaltyconlderedttr bethelf m¥ket valu lTrJune2023, a M￿et valuatlon oltheland and buildin￿owned byThe(Jeen E112Bbah Cartleof MtyTru5t w￿carrIed out. Thev8luation wasundertaken b¥s￿lIS. lfvdependwt profts4onal. inactord4m£•wlth AIcSVaiuatlon-￿ob1 st￿d￿d5. each ba13ncesheet dat•, therhar6ty revlew5th•￿ry1n&￿fjOUntVflts1•?B1b1efi*ed assetstod¢terrnln¢whdher thuelsanyindl¢•tlon th*Jnyltem5hn¥ewfftred an 1mpalfrn￿t1QSs If￿v5￿ch Indicaknon •AIAS.Iheretover*leornount ofan ￿et in orderio detwminethÈ&tvrtofthelrnpolrrnentlo4 If￿v. Puicha5e50F•upltal n*urebaow£300arenot usu*lyr•pltllsc¢J. 1.7 hI￿pu￿1￿¥e£oMrnlt￿enl¥ Rw1I5Prt)leundwopw•tln8l&sos¥echar8•J 484nstlncomeastheyaréin£urrtd, IAFlxod•5setlTh*stments Listed investrnentsar4lnclud4d #￿rValUa￿tth•b￿ln£e5he￿ d•ta Unlls1•1 In¥es¢mefvtsarestated atC05t, belngère33oniNeapproxlm*lon offalrvalu¢ P8y 16 The Queen EIIz3beth Ca5tleof WTrust Trustee's report and flnanclal stllcentetyil* 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 ca￿le¢f MeyTrust Tru5tee'sreport fin•nc131 stateM￿ts Fortheye¥ ￿ded 31 M¥ch 2025 Nottslcontlnuedj Ral4ns FurKl¥*d tm11￿￿11￿1leS-fjrQuP UN•s¢rlrt•d 2025 Restrl¢ted 2025 Totil 2025 lknreqrfued 2024 R•#rfcred 2024 Total 2024 Portfollo M￿a￿￿entF￿ÈS 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 GO￿r￿*¢ Supportand 6owrn•)¢* Dlrtctcosts 2025 Total 2025 Dli•¢tCosts 2024 Tot 1024 6•nqrnl Fundi 2025 2024 Lon8oeFarm ￿PenSeS C*iieolMey 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%*rn*nc• 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 statem￿t5 Fortheyearwd¥l 31 March 2025 Noteslcontlnued) 9JFVOrt andG￿rn￿ Cosis-6YgupBnd Ctrwltv Unfesirltttd 2025 Restrlcted Tota 2025 Uryestrtcted 2024 ReArtcted 2024 TOt•l 2014 2025 &Jpport Costs Staff costs Insur￿(• For48n *x(ha￿8* OÈpr*ti¥tion amortls*lc 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 Aestrltt*d 2025 ro Z025 UNwrtwlet•d 2024 R¢strl¢t•d 2024 2024 G￿lr￿K*CoftS 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 ￿ In*eare1c￿t1On￿ Item rel*ln4toarv41owofTrust'sir8dlnioper•tloDs. Nètlncon*ryreso¥r P4e21 TheQu*n Ellzabeih Castleof MryTnJsi rfuste8'5 report and financial staiemwt5 Fortheyear ended 31 Marth 2025 Noteslcontinuedl 11 Cornpawatl¥esfr*rth*Cor￿1ldatQdStatsMefitoI 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?￿em￿rco5t5 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 expen*s 11,398,625) 12,5181 11,401,143) 14,185,408) Net dalnson fiX￿j asset valu*ion NÈt Iloswl on InVestrn￿ts 14115 2.863.413 114,L641 181,6751 181,6751 Met In¢omellexpendiitsr*l 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 RecgnElll*lon 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 ' Ther￿alUatIon offlxed a￿etsresUlt￿ID 8consolldated net8aSn of E86,853 ft*rtheythrendoJ 31 Mwch 2023. Pa8e22 TheQueen Ellzab*h Castle olw Trust Tru5tee¥ report and financlal statements Forthe￿iEnd£￿ 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 *r￿0￿￿ents1rom, Donitlonsand legKles Donations 518,815 10.940 529,755 125,455 Chorltable Xl5￿1￿e* 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 eXp￿seS C8Ale￿d estateéxpènses Publlc thterprls¢cii•n lfi 1996. Thqrelino Int•ntloh rowrhDr•cquSre¢i dlw1•olhtrltw•￿￿&. IiiJUlbL ZOIJ, • l•li Mlb•¥du•lhJllul Ili•liwliaVl•￿l￿•lI￿ L+US1￿111￿vwJiI￿ bi nif (llul￿111 e•&LIeu[￿ Tiusi*i&¥diild wl. nitvdludlluii wdsuiiQ*iLdkai bvJdvIII¥,411 lndqpendentprof￿onl, In *riordanllBwith RIC5V•lu4tlon-Cilo￿I StJndatdi.Thec4rrylngvalueofthÈse•ss•tshiwbthTh Upd¥t￿ In Kcorf•n¢•wlthth•Fln•n¢l•l R•ptsrtlni Standard appliC8blelnthÈUK•rnd RopUbll¢ollr￿ènd IFRS102llelfe¢tive ljanuiry Z0191. lfi thennaniialyEart¢ 31 MBrEh IOZ3. 5¥byequeTrt Improv•mentsi¢thtCastle•reln¢luded In prvpertylmpio￿rn•n1 s￿MmI￿￿*bIl$Ol￿IoYpl1*rl1WAIIrffrwbS%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•ofWT￿5t ￿Jst￿sr*0rt?TrJfl1w￿ch11 statem￿t5 Forthe￿r￿tt1 31March2025 15 Qh*TtaneIbIeknda￿ts GrMpMdfvrJ A¢Jl M•rch 2025 L 455 148 14rtWwl At 31 2025 2 021 IJ? 583 570 93.049 2 699 621 A¢ 31 March 2024 205922 585.570 115 977 2 766 242 Co*roiv&iu•tson•t Ji ￿r￿20?3111￿r•lInt￿jbV.' L4ndA •Jlldkny FurnIt￿r*, PAoMr V•hlrl•s Coit Rev¥u•ty•n 3,7e4,887 1 607 563 1097 324 $90.000 744.622 2,177,193 7,316.702 I bD7 56> 4 154 764 Iltsnilbl•lx•j•swtsWMt￿￿reAIU•dthwWts￿￿ h•w4bwnlrKlud•d•tth•SJllowlryhlJrorl(•lecrft', 2025 2014 C•Jtolfv••4ddl*n*J&bulldlryi 3 7¢4.3#7 3 714￿1? Inj¢jn•2023,•￿rvIIue￿IUIrht￿01I￿•n0n￿rIt￿￿IwIff0b￿Idiry1CWnqdtyTh*c￿￿n eiithhC*ltl*ofMYTrubiwu<•rrl￿ Th•¥•lu•tlonw•J Jnd1rt•￿n bySI￿lI￿•ry Ind•p•nd•ntprofwslonbl, lfi •tcord4nc•WthRIC5V•l￿II0N-GI￿)llst¥Trd￿rd&Th•￿1vn£￿IUrward•14tOlP•rfl 2024 867,714 ?.613.654 .48¥372 Y7.535 ,S11,?D7 P4etMDverneDt inFundi IncornlniR•sourc•s R•wur¢¢sL¥wd•J tIet￿nI/¢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 Fundle*vl￿FOrW0rd•t3L MDpch?OlS IA45 7 551 002 2•.764 R•pthMnt•4 Inth•b•l•The•*h#iby.' Y•al￿ady1141￿￿￿lolS Toi•l Uwp5twtrted FuThli 7,552,802 1.300.169 1156.941) unreAwktsdFunth FIMd Awt 7.J51,e02 To F￿n01 7,S52,802 1.3?9,932 1156,9411 FIKedryJxts Currqntèssets Currwtll•bllbtS 1.300.159 1156.9411 24,7$4 Toul Funds 1 143.218 7.552.102 696 725 79dJ 22 4icortll￿onoI1*dx-thvIty T•til R•thlitqd nds Unrn#rlrt￿ FuhdT G•M•r41 FIx4A￿t Tol fvnds F￿nd$b￿¥ÉhEf￿￿jrdlSatOlAWTrl 2024 1.147.696 7.613.65• 8.761.358 a7.335 ,798.8•1 In¢ornln8R•sourc•s lia￿ur¢o￿AWnd 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 It31￿rth Z025 764 ¢pre￿tts4 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 F￿ld￿mE$ Currnnta55eti 7,5$2.803 1,Y7A,16d (75.2661 1,378.164 ?4,714 Tof41 Funds 704 Pw21 Th•Qwth EJlut*th C*#l*olm•yTr￿X TruSte*srwort¥nd finantialstatemenis Forthqprendd31 March2025 r4Dteilcot)tioU￿J T*t¥ Lknre*vlc*dFuTrd$ Gtnenl ftestrtrted FUTr Toi•l Fundi Hx•dA#•t nd5bro4htforw&il ￿￿olAp￿120Zj 09LB59 7.928,503 B.02D.J14 2P.3SO 8,649,694 Ftht N•)v4m•ni in Fund5 InEDrnln8Re>iurcos Re￿Ic*s￿D•7d Noteainslll¢sMslon iTrvwtrn•lt6 I.J40,892 {1,398,6251 1816?5 1,340,892 11.398,6251 1.675 10,910 1,1S1.BY2 11.40L,1431 151.675 1139.1091 436 8,422 {J30.9871 Tr•nthrbe1w￿fUndl 1437 Fundsc￿￿Ylv[v￿Vd •iJlM¥th2024 1.481.Y12 Rwrwnt•J In1h•b￿ant•jkn••1 by.. Y•wknl•dllM*r5 Tot￿ Furyls 167 714 Ill J72 511 707 Tpt unMwkt•dPunds *vkt•d Fufyjs Tot F¥ndibrou￿IItsrwIrd Mitoip•rtl *29 I,037,141 7,92•￿06 ,9fj5,647 29,350 .991,997 In¢0ffjiniR•Jkl￿[c1J r1•50ur￿ExP•Dd￿d 760,127 1689.2JOI 760.227 10,940 771.167 1204,729 8J22 Tr¥nrf•r b•tW4wfvndi 437 457 FundiC•rrf•df¢ryArd rtYIMir%h 2024 1 147,696 7 615 659 8 761 356 8 798.691 H•pi•￿•￿I￿th￿b￿l1n%*￿•rfbV'. Y•wEndqd31 Mw(hlQZ4 Ge￿tr A￿dA￿•￿t 7.613.6S9 Funth 7.61J.65J 1,227,590 V9,8D31 Funds 7,612.659 1.264.835 (79,1031 Fthqd •sx¢s curmfftl iss•ts Currthltliibllifiq 1,217,SOD 87.335 T¢t*Fund# 1 147.696 .761J56 37J35 .798.$91 PaEa29 Thef&ew Elikb*h Castleofmw Trust Tru5tEe'srwort ￿dInancIal statements Fortheyear 31 March 2025 Pkntsslcontinyed? 25 R•strl¢ted￿nds-wP •ndchadty Restrict&l FundsRepreents WalledGardenl nlmal C•rtre rov•mènt5 T•rrntott* Pllrth Totsl Fur T9￿r RWHA Funds broutht forward Lsat Oi A¥rll 2024 26,582 753 10.000 37.335 Net fvb¥¢m￿t In Funds IncomlnEResource5 ftesources Wended GaIns￿d 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 ¢￿t￿lmprOv￿Qntsand upyadefvnd lsa res(rfct•J thJnd comprl*n8ofadonatioTrrecelved fof thlspurp¢*. Thelowtrfvndlsa re5trfcted fijndcompdslngdonations recelved forwork on Impro￿￿ttheWda1 tower. TheRWHAbJndlsa r￿trItte0 fiJn¢ comprisinÈdonatSon5rthved fvrtreeplantlnlwc￿kS. ThtTerrncotti Pllnth Is ire5rrlct•J bjnd comprllngdon*ioThsrecdwJtslhepurchaseofiTerricotta Pllnth fortheydonsatC1511•of 26 R•¢rfCI8d￿fj￿-p￿0rp1ItomPomtl¥¢-l￿0uP￿￿¢hw1fy R•*rlcted Fund5RepreS￿tj 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 Res0￿r(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 TheW￿l*l￿rdtr and knlmal C￿tre1MPrOV•￿￿t5anO upyèdefijnd lsèrestrirt&l hnd comprSslngofi donation reEeivedforth15purpo ThqTowv fund15a rtstrlcted fUndtompdln8dc￿atl0￿srttel¥e{llvrWofk0n lmFNovingtheyd￿ toww. TheRWHA￿nd 15 a re5trfited fvnd cornpi11n8dcffjatioftsr￿éVe￿fQrlre2plafft)n6WOrks. Page30 Th*￿e4￿ OiubethCasiltofMtyTru51 Trusteè'sreportandfinancial siaternents FOrthqyear￿Jed 3L MaTch 2025 r*)¢esl¢¢fttln4dl 27 fln*cl4¢offlfflltm•n DuringiheyvJroperaiingleasechirye50f£43S412014' £7,9501¥￿e4ncU1rtd uaDeXpenielDth*5￿ At 31 ￿rch 1025 th•eomwnythidcomrnltm•Ntsunder￿tsn￿nc0ll1bllOperIII￿lwItsQt. 2025 1,371 2024 8.340 5.952 Duel￿thIn IV￿r Ou•within 2-5yurs In r¢sp&t of th8 r¢polntlfi4work bplni c•rd¢d tsut •t rh• C4s*lè # 15*eèrst•nd4rd lseurlt¥¥Jis to FM#oric FTrvironmÉtrlt ScotlaThd lh* Castle of Mty ort 13Januiry 2016. 29 Vlllm•t• paw•ntrnp*rtVl ultlrn•t• pirwt ¢omwny. Iti r&K•r•d oMc• iddr•w Oufflfrles Huu5B, DumfrlesFrtiie, Cumnock. Ayrshlrt, KA18 2NJ. ThepIr•itcompanypr￿•TuYQuP1￿OunI5wh1¢h¥rt1v•ll¥bletr0MC0￿P￿Th1•IH0u￿. 30 kl•ttdpwtv tsJrfwtheTr*•rTh•Klnil¥Found¥tiofi r•ch•ry•d£113.560 ofwrtsth* In¢urr4don bth4lftylTh•Queon EllubefhC•%tltofhthyTrust (2023n4.. £l4,431l.Thelncrth￿lTr exptN$k recharges •rt dueto TheKini's Foundation provltllwaccountancy rephr ￿￿¢¢$10 TheQueen Ellubeth Ca￿le olmty Tiu*.Th•¥p tr￿al¢tIon￿Wv• iubj•Ctto VATol É15.622 12013114.. £2,896L The KlnB4 Faufidatlon 4150 ir¥nskned £70,000 olifonition Incorne li r¥•ved on behllf ol Tht Qu•an Elli•brfh Citti• ol Mty Trust 12Q23124 £452.6391. At th#yM¥ wdth•r•w•sEIO,7fj7owirytoTheKIDI'I Fotsndatlen P0241..£nlll. Ihe Klni's FouThd•Elon hai 4 conirolllni Intupst trf Ih* Kln8'J founditlon *rnwlG• In¢. th• y••r The Kini'i Fcund•tlon Arn•rlu Inc tr•n4•rr•d £S19.468 of *>n4titsn* C?I1￿•dOn behalfolTheQJw Elii•beth C4xlpolWTrust. Al theyearvmdthttew45rw) amtuThtowinitOThe Kln¢'sFoundlltlonAmErlu Inc P014.. Énll Inth?prlorywrThllQuqoTr Ulub•ih CKtl•of *on•off don•iion Irèm4Trust¢¢¢f1heKin4'iFouhdirion.Thq¢umulatl*don•tlonlncDmèAttrlbutqdto rdiled VftlesolTru*wslnth•priorwrw•s£60Q. Na •QUI￿1•￿t don*loniw•r•r•cetved rhliyqir. 31 Ci#l••TrdGwdonsalM•¥llThlt•dTr•JlTriAtll•lts•s ornrnerclal rTadiniopernilcnsiel¥ted¢Oih•Trustspurw5tsa￿ conducted byf45lle4nd G4rdEnsolMry Llmlted. Theaueen ÈliillbethC4311eolWTruJtownslOD%olth• l#u•dJh¥r¢c•pltal tslC¥iiiEgndG4rd4nsolWLlmltod, •compJny In¢orpor&ied Scrt14nd. 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