2024-12-31-accounts - The Royal Aeronautical Society Awards Trust

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Royal Aeronautical Society

Annual Report and Accounts Year Ended 31 December 2024

Charity Registration Number: 313708 Incorporating: Charity Registration Number: 1013530 Charity Registration Number: 1045004

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Report of the Board of Trustees for the year ended 31 December 2024

The members of the Board of Trustees are pleased to present their annual report and financial statements of the Society for the year ended 31 December 2024.

The Trustees confirm that they have complied with the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission in determining the activities undertaken by the Society. The financial statements have been prepared in accordance with the accounting polices set out in note 1 to the accounts and comply with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019) - (Charities SORP (FRS 102)).

The guiding principles of the Royal Aeronautical Society are embodied in this extract from the Science and Engineering and for promoting that species of knowledge which distinguishes the profession of Aeronautics

The Society provides free lectures and access to the National Aerospace Library to encourage the public to engage in aerospace and aviation. Membership is open to those who have an interest or pursuing a career in aviation and aerospace.

Objectives and Activities

The Royal Aeronautical Society has continued to lead the global aerospace and aviation community in 2024, advancing innovation, education, and collaboration. With almost 160 years of heritage, the RAeS remains committed to supporting professionals across the globe, driving high standards and sustainable solutions in aerospace, and inspiring future generations to participate and engage in the industry.

Our mission is to:

Provide influence and leadership to the aerospace, aviation and space domains, disseminating impartial and authoritative knowledge and information to a broad audience.
Attract and support a diverse and active membership base both nationally and internationally, via a wide range of activities across the entire aerospace, aviation and space community.
Maintain and facilitate professional standards across a wide range of competence and academic activities.
Act in accordance with and maintain charitable status.

The Society aims to achieve its mission and vision through the following strategic aims:

-based aerospace, aviation and space knowledge and policy advice.
and space domains.
Extend and support the Society membership base nationally and internationally, ensuring inclusivity, diversity and active engagement.
Encourage the younger generation to enter the aerospace, aviation and space professional world.
Enhance the Society global outreach through existing and new Divisions and Branches, and through the Corporate Partners
Implement all Society activities in an efficient, professional and sustainable manner, maintaining the financial stability of the Society.

Achievements and performance

In 2024, the Society focussed on key objectives including to grow membership, increase engagement with core audiences to ensure value and longevity, widen the reach of the events and outreach programmes as well as policy initiatives to inform and influence within the sector and maintain financial stability in order to support future investment planning.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Success is measured through benchmarking key metrics, setting growth targets and gathering data on agreed outcomes and impact to determine trends and improvements.

Provide influence and leadership

The RAeS actively engaged with UK government and regulators, providing expert input on critical policy areas and presenting a position paper on priorities for the new UK government. In achieving engagement and leadership objectives meetings were scheduled with Aviation Ministers and officials from key organisations such as the International Civil Aviation Organisation (ICAO), Department for Transport, Department of Business and Trade, UK Space Agency, UK Civil Aviation Authority (CAA), US Federal Aviation Authority (FAA), and European Aviation Safety Agency (EASA).

Responses to 11 consultations were submitted on topics ranging from Detect and Avoid Policy to General Aviation Pilot Licensing, Vertiport Design and review of UAS Regulations demonstrating the core role of disseminating independent and authoritative knowledge across the sector.

The RAeS convened influential roundtables on topics such as Gender Diversity in Aviation with international Annual Address and continued to engage with a variety of key stakeholders.

on topics covering Mental Health in Aviation, Air Traffic Control Staffing in the UK, the Future of Advance Air Mobility safety and the UK Strategic Defence Review, informing policy discussions and shaping the future of the aerospace sector, and receiving significant industry and media coverage.

The RAeS launched its Sustainability Policy, underscoring its commitment to environmental, social, and economic sustainability. Furthermore, a Sustainability Workshop was held to gather member input for future initiatives in this crucial area and a Sustainability Working Group is being established.

The monthly AEROSPACE magazine and podcast and weekly Insight blog series continues to produce content and articles from award-winning aviation journalists and contributors that inform debate and build on the body of knowledge.

Trends suggest the Impact Factor for The Aeronautical Journal continue to rise, paper submissions are up while the acceptance rate remains stable around 37% further showcasing the increase in the quality of published technical research papers contributing to objectives to disseminate knowledge and information. A further 5 papers were published in the Journal of Aeronautical History in 2024.

Events organised by the RAeS Headquarters attracted over 3000 attendees to a mix of technical conferences, seminars, public lectures and networking events. Hundreds more events both in person and online were delivered through the regional network facilitating the exchange of knowledge and information with global audiences. Particular highlights include the International Conference on Energy from Space, the 2nd Future Combat Air Systems Conference, the CEAS European Guidance, Navigation and Control (Euro GNC

The RAeS played a prominent role in major international events, including Farnborough International Airshow, Aero Friedrichshafen, NATO at 75 in Berlin Brandenburg where a new RAeS branch was launched, Space Comm Expo Scotland and the World Sustainable Skies Summit, further enhancing its global influence.

Attract and support a diverse membership

Membership numbers grew to 25,632 aerospace professionals and over 350 industries academic, and charitable partners across 115 countries by the end of 2024 with the team having reached over 380 potential members and registrants through the webinar programme, delivered 26 briefings, workshops and mentoring training sessions, and participated in 186 membership and registration 1-2-1 support calls to support the professional development of members.

In 2024, one particular objective focussed on encouraging members to upgrade to a higher grade of membership to ensure their skills and service to the industry are well reflected through their post nominal letters and over 370 members took up this opportunity throughout the year. The streamlined application

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

route for Members and Fellows to nominate colleagues saw over 252 nominations in 2024, adding to the 810 successful applications through this route since its inception in 2018.

Presentations to 40 Universities and Further Education Colleges led to over 3158 full time students and 104 apprentices joining the RAeS in 2024 ensuring the goal of engaging with the next generation of aerospace professionals and supporting their access to mentoring, knowledge resources, networking opportunities, awards and scholarships is met.

The Next Generation Board and Young Persons Committee delivered a diverse programme of activity to engage and support young professionals including the Aero Challenge, AeroTube, Young Professionals Conference and the annual Networking Reception.

The Equity, Diversity & Inclusion (ED&I) strategy continued to deliver a varied programme of events and activity with the Pride & Allies Group celebrating its first full year of operation, hosting well-attended events, including a celebration of LGBTQIA+ people in STEM and a Pride event aligned with London Pride.

The Women in Aviation, Aerospace and Space Committee (WAASC) marked its 15th anniversary, continuing its vital work supporting women in the RAeS and the broader sector. The WAASC's International Women's Day event, integrated into the Presidential Conference, reached a wide audience through both in-person attendance and livestreaming.

The ALTA mentoring platform celebrated its 5th anniversary, experiencing significant growth with over 680 users and expanding its network of supporting partners, including BA City Flyer, Euro Flyer, Capgemini Engineering, and KLM UK.

Promoting professional standards

The ongoing review of academic programmes ensures the continual provision of the recognised level of understanding, knowledge and skills to underpin professional competence to help graduates on their way to registration as Chartered or Incorporated Engineers. The full schedule this year included 11 to Higher Education Institutions and 2 professional scheme visits. As such, the accreditation numbers have grown to 37 Universities and Further Education Colleges and 13 Professional Development Schemes.

An Academic Forum hosted by the RAeS in December 2024 was attended by over 25 members of academic staff from 19 universities, alongside members of the RAeS Accreditation Committee, providing an opportunity to share best practices as well as attending presentations from well-respected subject experts on topics such as AI in Academia and introducing new technologies to the syllabi.

The End Point Assessment team, an Institute for Apprenticeships and Technical Education (IfATE) approved and Ofqual-regulated End Point Assessment Organisation (EPAO) continued to provide essential services to the sector, with a 15% growth rate in assessing over 400 apprentices and undertaking over 800 individual assessments across 4 Apprenticeship Standards in the engineering and manufacturing sectors.

Deliver benefit to society

The educational outreach programs, including Cool Aeronautics and Project Altitude, inspired over 1,500 primary school children and engaged young people in exploring careers in aerospace. In addition, support to the Big Bang Fair, Boeing Girls in Engineering Day and the Royal International Air Tattoo ensured delivery of objectives to inspire future generations to consider careers in aerospace.

The Falcon 2 STEM programme, nearing completion, will provide accessible glider and flight simulators, further enhancing educational opportunities and meeting the objective to introduce people from all backgrounds, with a particular emphasis on those with Special Educational Needs and Disability (SEND), to the wonder of flight.

Again, Careers in Aviation Aerospace LIVE, the only dedicated recruitment fair for the whole sector, welcomed almost 750 attendees to No.4 Hamilton Place to listen to an inspiring programme of careers advice and guidance to support their decision making and meet with 25 organisations to sustain recruitment activities.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

-important

wider world.

2024 saw the launch of the Royal Aeronautical Society Foundation-funded oral history project, designed to both inspire the next generation and entertain members of the public. These, together with other sound recordings from the archives, have led to over

The National Aerospace Library also once again took part in Heritage Open Days with Art and Aviation talks and tours which brought over 150 members of the public to see amazing material from the golden age of civil aviation, receiving this excellent feedback:

It was an awe-inspiring and humbling experience to be in the presence of so many historical objects and to listen to such experts in their field of knowledge.

Royal Aeronautical Society Foundation Fundraising

Since In 2024, The Society did not undertake any fundraising activity requiring disclosure under S162A of the Charities Act 2011. The Foundation has however continued to support a number of projects totalling £28,748 (2023: £6,392) with the following projects being supported:

Digitisation of the Society & NAL archive
Student/Apprentice Learning & Development;

Financial Review

As a registered charity the Society is required to prepare its accounts under the Statement of Recommended Practice (SORP FRS 102).

In the accompanying Statement of Financial Activity (SOFA) expenditure includes both the direct cost of the activity plus supporting costs which are apportioned on a basis consistent with the use of resources and is based on either the number of staff working on that activity or time allocated to support the activity. When comparing income against expenditure some activities such as Careers and Education, National Aerospace Library (NAL) and Publications and Information show a loss for the year. However, it should be noted that these activities are also supported by Membership Income which is not reallocated in the SOFA and are part of the benefits supplied by the Society to its members.

The Trustees have considered a number of factors in concluding that the adoption of a going concern basis in the preparation of these financial statement is appropriate. This includes a review of the budget and forecast including cash flow for up to December 2029 and the review of risks facing the charity. These forecasts incorporate key challenges surrounding the impact from ongoing cost of living crisis and have considered sensitivities surrounding our income in particular on Venue Hire. The Society has a strong portfolio of investment and financial performance and these continue to be monitored regularly. The Trustees have reviewed the key assumptions within forecast and satisfied that the current level of free reserves and cash balances are adequate to m

Income

Total income increased by 4.1% to £6,189,878 with total unrestricted income increasing by 4.4% to £5,936,310.

Income from Donations & Legacies comprises donations to various funds, £225,098 was received in 2024 (2023: £429,918), including legacies of £50,000 Brown, £5,000 from the late Martin Best, £37,647 from Boeing and £76,583 (2023: £79,993) raised Subsidiary Branches to fund their activities throughout the year.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Income from Charitable Activities a t £4,905,617 (2023: £4,411,593), represents 79.3% of the income generated by the Society in 2024; the principal income sources being Membership Services (including individual and Corporate Partner subscriptions), EPA, Conferences and Events and Publications.
Income from Membership Services represents 54.8 increased by 9.5% in 2024 to £3,393,726 from £3,099,832.
The conferences and seminars were operated in person in 2024, the overall delegate and sponsorship income finished the year at £540,448 up by 27% on 2023.
Publications income reduced by 9.3% to £167,227, down to reduced sales of The Aeronautical Journal subscriptions (including archive sales) in 2024.
The Education, Skills and Diversity Team generated £45,700 in 2024 (2023: £40,700), income increased by 12.3% which included sponsorship and income from its annual Careers Fair and sponsorship for some of its activity.
Income from End Point Assessment (EPA) at £744,293 (2023: £653,077), up by 14%. It continued to have delayed assessments and there were fewer withdrawals in 2024.
Income from Other Trading Activities , room hire services, income generated £755,951, reduced by 14.7% in 2024 from £886,425. The room hire activity is run by the trading subsidiary Aeronautical Trading Limited (ATL), which made a loss of £57,384 (2023: £88,366 profit) due to increased operating administrative costs. There are no plans to change the activities of this business, which The Society continued to lease (under licence to third parties) offices on the 4[th] and 5[th] floor, overall, this had generated £222,526 in 2024 (2023: £218,163). Room sponsorship had generated £48,286 (2023: £73,702).
Investment Income increased to £293,285 in 2024 from £214,969 in 2023. Of this, £118,920 (2023: £96,328) was reinvested by the Society during the year.

Expenditure

Expenditure increased by 18.3% to £5,847,294 with total unrestricted spending increasing by 16.2% to £5,579,375 as a result of the Society returning to in-person events and office usage.

The costs of Raising Funds increased in 2024 by 8.4% to £646,271 with unrestricted costs also increasing by 8.5% to £632,007. Costs included room hire services, administration and investment fees. In 2024, the Society continued to upgrade its services to provide enhanced facilities to members and the general public.
Charitable Activities 19.7% to £5,201,023 with unrestricted expenditure increasing by 17.3% to £4,947,368. Costs with its current Strategic Objectives.
In 2024, Governance costs increased by 23% from £141,855 to £174,432. Costs includes staff costs for Head of Governance to oversee the support to the Board of Trustees, Council, and internal Boards of the Society. Other costs included staff cost of Quality Manager to provide support on Governance, expenses associated with the return of in-person Council meetings, Council elections, costs for the President.

Surplus

The net incoming resources (before gains on investments) for the year produced a surplus of £342,584 (2023: £1,003,006). During the year, the Society had gains on its investment of £88,032 and actuarial losses of £2,000. The net movement of funds for the year was a surplus of £428,616 (2023: £935,940).

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Unrestricted funds carried forward of £12,137,324 (2023: £11,776,596) represent approximately 36 months operating expenditure. However, not all these funds can be readily liquidated as they represent the functional fixed assets of the Society. In accordance with Charity Commission guidance, the Trustees have adopted a formal Reserves Policy set out below.
The overall income for Room Hire Services (Operated by Aeronautical Trading Limited) was down by 18.69% and finished the year at £483,453 (see note 18 of the accounts). The Society received income from other Trading activities including leased offices (under licence) on 4[th] and 5[th] floors, at £222,526 and room sponsorship income at £48,286 in 2024.

Pensions Scheme

The financial statements reflect the full financial position of the Defined Benefits Pension Scheme which became a closed scheme on 31 March 2001. The Scheme are valued based on assumptions derived from yields on AA rated corporate bonds resulted in a decline in the FRS102 deficit since 2022, which showed a pension scheme asset in these years. As the scheme was closed to future accruals, the Trustees feel that the recoverability of the asset is too remote and this had not been recognised in the accounts in 2024. The Society contributed £76,000 to the fund in 2024.
From 1 April 2001 the staff pension arrangements are in the form of Group Personal Pensions with Standard Life, in 2021 this was transferred to Aegon. The Society makes contributions, but the funds are owned by and are the responsibility of the individual staff members. From August 2015 the Society adopted Automatic Enrolment and received an acknowledgement of re-declaration of compliance in September 2024 from the Pension Regulator.
Functional Assets are also used by Aeronautical Trading Limited and these are included in support costs.
No.4 Hamilton Place Purchase, Valuation and Charges on the Property - In March 2009, the Society purchased the freehold of No.4 Hamilton Place at a cost of £4,859,755. Prior to the purchase, No.4 Hamilton Place was leased from the Crown Estates; in 2002 the lease was revalued by the Trustees on a draft valuation of £3,864,407 (based on existing use). From 2009 the Trustees have decided to add this valuation to the actual cost of the purchase of £4,859,755 to value the property in the Balance Sheet at £8,167,913 (less depreciation on property) as at 31/12/2024. At the time of purchase in March 2009 the Market Value of the freehold interest in No.4 Hamilton Place was £11,700,000.
Charges on No.4 Hamilton Place - exceeding £4,255,000) on No.4 Hamilton Place to act as security against their loan. The mortgage was fully repaid in July 2024 and the charge was removed in the same year. The Trustees of the scheme. In return, by agreement with the Trustees of the Scheme, the Society will continue to pay reduced contributions to the Scheme in future years at a rate of £76,000.

The most recent valuation on a discontinued basis was at 1 April 2022 which showed that the the actual valuation shows a deficit of £982k.

Risk Management

The Board of Trustees establishes and periodically reviews the Risk Register. This is actively managed by the Audit Committee. The Chief Executive and Audit Committee are responsible for ensuring that risk registers and management plans are reviewed regularly by the executive staff and at appropriate governance meetings, and that risk-management plans are acted upon, updated, and monitored to eliminate, minimise, or otherwise avoid identified risks. They are also responsible for highlighting risk developments to the Board of Trustees throughout the year.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

The Trustees have introduced a new Risk Management Policy which sets out the Royal Aeronautical describes the standard of risk management that the Board of Trustees and stakeholders can expect with regards to the design, development and delivery of Royal Aeronautical Society services and activities. The principal risks identified in 2024 were:

Governance	Reputational damage from association with a member or volunteer was mitigated
	by having robust recruitment, including DBS checks for the Trustees, Council
	Members and those who work with children. The framework of delegations was
	reviewed and implemented to mitigate any unauthorised decision making. Strong
	internal control processes protect the Society against not meeting the regulatory
	and financial reporting requirements. The Data Retention Policy was updated, and
	work is now in progress to implement the process across the Society to minimise
	the data protection breach.
Safeguarding	The new RAeS Safeguarding Policy was approved in 2024, with implementation,
	communications and adoption programme in place to prevent any inappropriate
	management of safeguarding incident.
Financial	Regular reviews and monitoring its budget and finances by key management to
	mitigate the overspending and/or spending on non-priorities, financial fraud and
	loss of income streams. The financial controls and reserve policy were reviewed
	monitored and in 2024, to eliminate and minimise any financial risk.
IT	Enhanced security protocols, continuous threat monitoring and regular staff
	awareness training protect against potential cyber threats. Robust project
	management processes phased roll out of solutions and rigorous testing
	schedules are in place as well as workforce planning and resource management
	to minimise negative impact of the digital transformation programme.
Venue	Preventative maintenance plans were in place with regular inspections to
	proactively address any concerns in addition to a comprehensive business
	continuity plan and adequate secure storage and insurance coverage for assets.

Reserves Policy

Unrestricted Reserves and Designated Funds

The current Finance Strategy was approved by the Trustees in March 2022 and is reviewed annually by the Finance Committee; the Finance Strategy will enable the Society to meet its Strategic Objectives to 2025 by:

Operations to generate sufficient funds annually to ensure that the Society is fully resourced to achieve its long-term Strategic Objectives; all annual surpluses to be allocated to one of the future (adverse) events;
The Society continuing to focus on re-building its unrestricted liquid reserves and increase the level
The Society should endeavour to reduce its long-term liabilities once it has built up its reserves to a level that covers operational requirements.

At the end of 2024 , Flight Simulations, No4HP refurbishment, Designated IT and RAeS Foundation Reserves) stood at £3,299,650 (2023: £3,668,274); this is 162.2% (2023: 199.4%) costs of £2,033,717 (2023: £1,839,990); the Society achieved the Reserves target (as outlined in the Finance Strategy).

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

At the end of 2024 unrestricted reserves and designated funds were as follows:

Free Reserve

The Trustees have reviewed its Finance Strategy, covering the period to 2024. The Trustees have decided that in view of the considerable uncertainty which characterises the current economic climate the Society should concentrate its efforts on re-building its unrestricted reserves and hold any additional cash (on interest bearing deposits) to cover any income shortfalls; at the end of 2024, the balance of the fund was £2,828,078 (2023: £3,173,532). This excludes fixed assets, loan on property and designated funds.

Royal Aeronautical Society Foundation

The Foundation was setup in 2006 by the Trustees to organise and cowider charitable activities such as supporting aviation heritage projects supporting the next generation of aerospace professionals, as well as supporting the development of No.4 Hamilton Place (including repaying of the mortgage). This fund is a Designated Fund, and the Foundation Committee (on behalf of the Trustees) will decide each year which projects to fund out of this reserve. In 2024 the fund received £24,515 (2023: £54) from donations and Gift Aid in 2024. During the year, the Trustees released £28,748 (2023: £6,392) to support various charitable projects (student development/digitisation projects); the fund balance stood at £250,708 at the end of 2024 (2023: £254,941).

Pension Fund Reserve

Under FRS102, and in accordance with SORP, this reserve has been setup to reflect the liability of the Defined Benefits Pension Scheme which shows a pension scheme asset since 2022. The Trustees feel that the recoverability of the asset is too remote and has not recognised the asset in the accounts in 2024.

At the end of 2024 there were four Designated Funds as follows:

Flight Simulation Sponsorship Fund

Over the past couple of years, the Society has received sponsorship to support the Flight Simulation Group activities (events); £12,101 was released to support the annual Flight Simulations Conference in 2024. At the end of the year the fund stood at £39,235 (2023: £51,336).

Mortgage and Premises Reserve

This fund was setup in 2012 to be used to fund future capital improvements projects and to pay off the In 2024, the mortgage for the building was repaid in July 2024. At the end of 2024, the balance of the fund stood at £nil (2023: £6,836).

No.4 HP Refurbishment Project Fund

This fund was setup by the Trustees in 2019 to be used to fund the refurbishment and redecoration of the offices on the 4[th] and 5[th] floors in 2020 and 2021, however since the pandemic and the introduction of hybrid working, the Trustees approved to transfer this fund to Designated IT Future Fund to support the digital investment for the Society in the future. At the end of 2024, the fund stood at £nil (2023: £100,000).

Designated IT Future Fund

This fund was setup by the Trustees in 2021 to be used to fund the IT projects to enhance and develop the digital capability of the Society. The discovery phase of the IT project began in 2024 and the development is expected to begin from 2025. The fund received £100,000 from the No. 4HP Refurbishment Project Fund in 2024. At the end of 2024, the fund stood at £181,629 (2023: £81,629).

Restricted and Endowment Reserves

Restricted Funds

Alan Snudden Fund Restricted

This is engaged in, the air transport operating industry. The founding deed (1992) allowed the Trustees to initially accumulate unspent income into the Endowment Fund. However, the deed now allows the Trustees to hold the income generated in a restricted fund and this was setup in 2017. There were no activities in 2024. The fund received a total of £6,798 (2023: £5,396) from investment income; at the end of 2024, the fund stood at £44,133 (2023: £37,600).

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

ALTA

This fund was created from donations from a number of organisations to support the ALTA Mentoring Platform launched in 2019; the platform was setup for women in aerospace and aviation who are seeking woman-to-woman mentoring support with easy access to professional women working in the sector. In addition, the fund supports face-to-face networking events and research to provider greater support to . In 2024, the fund received a total of £5,000 (2023: £2,642) the fund stood at £6,952 (2023 £4,852) at the end of 2024.

Project Altitude Boeing

In 2020, Boeing agreed to support various projects within the Society, one being Project Altitude ; the aim is to encourage young people to become the innovators of tomorrow; the fund will support various STEMbased activities and events aimed at Primary, Middle and High Schools as well as young people just starting their careers. In 2024, the fund received a total of £37,647 and the fund stood at £115,361 (2023: £103,272) at the end of 2024.

RAeS Future Scholarship Fund (Formerly Centennial Scholarship Fund)

The Centennial Scholarship Fund was ceased in December 2020 and the fund balance was transferred to RAeS Future Scholarship Fund from January 2021. The aim of the fund is to support funding costs for internships in the Aerospace sector to give the recipient an insight into working in the sector and enhancing the individuals Professional Development. In 2024, the fund received a total of £14,435 from donations and investment income and the fund stood at £202,143 at the end of 2024 (2023: £249,740).

Flying Start Challenge

This fund was setup in 2020 from donations from a number of Corporate Partners with the aim to support Flying Start Challenge; an annual competition aimed at providing secondary school students to design a glider; the competition is run and manged jointly by the participating organisations. In 2024, the fund received a total of £10,207 from donations and investment income. At the end of 2024, the fund stood at £9,720 (2023: £5,641).

Kremer Fund

The Kremer Fund provided by the late Henry Kremer for the promotion of Human Powered Flight and are administered by the Society. There are four prizes set aside:

Robert Graham Competition £500 Kremer HPA Schools Competition £1,000 Kremer International Marathon Competition £50,000 Kremer International Sporting Aircraft Competition £100,000

The assets of this fund are held as cash deposits and this fund received £3,119 from deposit interest. At the end of 2024, the fund balance stood at £163,310 (2023: £160,191).

Michael Bishop Foundation Fund

The Fund was setup in 2019 by the Trustees from a donation of £25,000 from Lord Glendonbrook/Michael Bishop Foundation to fund the Sir Ralph Robins Medal; this award is given to individuals demonstrating excellence in Engineering Leadership. At the end of 2024, the fund stood at £16,453 (2023: £16,453).

National Aerospace Library (NAL)

An appeal was started in 2004 towards the creation of a National Aerospace Library (NAL). In 2008 the Society opened a branch of the NAL within the Hub Building at Farnborough. In 2009 this facility was support some of the ongoing operations of the NAL at Farnborough as well as future capital projects. During the year, a total of £8,915 (2023: £7,078) was received from donations and investment income and at the end of 20242023 the fund stood at £164,535 (2023: £153,067).

RAF Chair in Air Power Studies

In 2008 the Society began (with support from the RAF) to raise funds for the Chair in Air Power Studies with the aim of establishing an independent academic Research Fellow at a UK university. By 2015 the Society had received donations totaling £624,000 from a number of Corporate Partners and these funds have helped to consolidate the senior academic post at the University of Birmingham and now support ongoing research in this area. At the end of 2024 the fund stood at £14,542 (2023: £14,542).

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Falcon 2 (Formerly School Build-a-Plane Challenge)

In 2008 the Society launched the Schools Build-a-Plane (SBAP) Challenge which aims to provide young people in UK secondary schools with the opportunity to build a real light aircraft from kits, giving them hands-on experience of building aircraft and an understanding of scientific and engineering principles behind flight. This project is supported by funding from The Boeing Company (USA) and sales of the completed aircraft. From 2023, the fund balance will be spent towards the Falcon 2 Initiative which is an extension of the SBAP programme. At the end of 2024 the fund stood at £23,734 (2023: £23,734).

World Skills

In 2021, the Society received a grant from World Skills UK who are an independent charity and work with employers, education and governments. They are a proud member of WorldSkills, a global movement of over 80 countries. WorldSkills supports young people across the world via competitions-based training, worldSkills O This covers the management and delivery of skills in the Aircraft Maintenance competition activity. At the end of 2024, the fund stood at £4,775 (2023: £4,775).

AAU Outreach Fund

In 2022, the Society received a donation from Association of Aerospace Universities (AAU) after dissolution, in accordance with the wishes of the members and office holders. The fund was set up to support the Society towards outreach activities within Aerospace and Aviation. There were no activities in 2024. At the end of 2024, the fund stood at £23,429 (2023: £23,429).

DFT & CAA Sky Challenge Fund

In 2024, DFT and CAA joined Boeing as one of the supporters for the Falcon 2 Programme. The contribution from industry and government will allow for the delivery of a national outreach programme empowering students of all ages and abilities to experience the thrill of flight and variety of careers in aviation through the pathways highlighted within the programme. The fund received a total of £13,750 from donations and the fund stood at £24,609 at the end of 2024.

Endowment Funds

The Alan Snudden Fund, Awards Trust and the CAARC (Commonwealth Advisory Aeronautical Research Council) Fund are held in pooled investments which were referred to as the Common Investment Fund in previous accounts. These funds are subsidiary charities of the Society as explained in Note 13.

Alan Snudden Fund

This fund is established to provide scholarships to young persons entering, or already engaged in, the air transport operating industry. As noted under restricted funds, a new Restricted Alan Snudden Fund was setup in 2018 to hold the net income generated by the Endowment fund; at the end of 2024, the fund stood at £80,522 (2023: £78,309).

Awards Trust

This was created in 1995 from several separate funds held for the purposes of Medals, Merit Awards, Educational Awards and Lecture fees. With the agreement of the Trustees of the Society and the Charity Commission these separate funds were combined to give greater flexibility and more efficient use of those funds. In 2024 this fund paid out a total of £9,660 to cover grants and awards and at the end of 2024 the fund stood at £1,328,130 (2023: £1,260,813).

CAARC Fund

Through the Awards Trust, the Society administers the Commonwealth Advisory Aeronautical Research Council (CAARC) Bursaries. Grants were made in the year to a number of Commonwealth and UK candidates, however due to the cancellation of awards from previous years the fund received a net increase on grants to offset some of the admin and investment costs; at the end of 2024, the fund stood at £18,606 (2023: £17,085).

The Directors of Aeronautical Trusts Ltd, being the Trustees of the above funds, confirm that each has sufficient assets to fulfil its obligations.

Page 10 of 49

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Investments

Investments Policy

The investment advisors JM Finn & Co (appointed January 2013) manage the Society’s investments in accordance with powers delegated by the Board of Trustees. Cazenove have been appointed as new investment managers after the year-end. There are no restrictions on the powers of the Board of Trustees to invest under the Royal Charter. The Finance Committee is responsible for reviewing the performance of the investments each quarter as outlined below.

Investment funds

This was set up to defray the running expenses and support the grant making (Restricted and Endowment Funds) activities of the Society. Since 2005 income generated is reinvested back into the fund.

At the end of 2024, the investments stood at £4,018,187 (2023: £3,748,149); over the past 12 months investments have increased by 7.2% (against the target of RPI + 4%), though was up on the benchmark 7.9% (FSTE All Share Index). Overall, the Trustees were satisfied that the investment advisors had done all they could to protect the Society’s investments considering the volatile economic and political background in 2024; since they took over in 2013 the investment advisors have produced an overall return of 78.7%.

Risk/Investment strategy

The investment strategy minimises the level of risk required to meet the return objectives, subject to achieving a level of diversification across assets classes both within the UK and overseas markets. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects and the stability of certain banks continues to make the management of investments difficult. The charity is a long-term investor and the Trustees, on professional advice, continue to hold a mixed portfolio of equities, bonds, cash, and other investments designed to provide a level of stable income and the possibility of investment gains. The equity component of the investment portfolio is weighted with medium appetite for investment risk with the main exposure to investments in the leading advanced industrial economies with a history of paying dividends.

The Society does not have any ethical restrictions on its investments. However, the Finance Committee (on behalf of the Trustees) will take reasonable steps to ensure that investments are not made in institutions that, to its knowledge, operate policies or have objectives that are opposed to the aims of the Society.

The Finance Committee agreed the asset allocation with the investment advisors, and this is reviewed on a quarterly basis. At the end of 2024, the asset allocation was as follows:

Page 11 of 49

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Plans for future periods

Following the review of the Relevance Initiative, the RAeS will enter a new strategic period and intends to undertake a comprehensive market research project to gain deeper insights into the evolving role and perceived value of the Royal Aeronautical Society within the aerospace community and beyond. This research will inform strategic decision-making and ensure the Society continues to meet the needs of its members and the wider sector in the future.

The RAeS has embarked on a significant digital transformation programme, focusing on upgrading its core CRM (Customer Relationship Management) and CMS (Content Management System) platforms which will be the primary focus for 2025. This investment will enhance member experience, streamline operations, and improve data analysis capabilities, enabling more effective engagement and service delivery.

Building on existing investment, the National Aerospace Library will further enhance its digital resources in 2025, including the introduction of a unified search tool for the e-library, streamlining access to its extensive collection. The heritage website will be migrated to the main search platform, facilitating discovery and integration with other resources. This migration will coincide with the release of new collections, including digitised letters from Orville, Wilbur, and Katharine Wright, as well as transcribed versions of the Cayley notebooks.

In the first half of 2025, Aeroversity training modules will be deployed for End Point Assessment, equipping assessors with enhanced resources. Furthermore, the RAeS will submit an application to expand the scope of its recognized standards, encompassing both the Aircraft Maintenance Technician (Level 3 ST1315) and the Risk & Safety Management Professional (Level 7 ST0456) qualifications.

The RAeS will strengthen its engagement with UK government and regulators, focusing policy priorities on the Strategic Defence Review (SDR), contrail management, and the development of space sustainability standards. Internationally, the RAeS will participate in the ICAO General Assembly in the second half of 2025 where it will continue to champion the skills agenda through its active involvement in the Global Aviation and Aerospace Skills Taskforce.

As part of Finance Strategy, with the aim of further reducing its two major liabilities, the Mortgage on No.4 The mortgage liability was repaid in 2024. 5 the year in a stronger and more stable position which enables the Society to refocus on reducing the other major liability in future years.

Page 12 of 49

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Structure, Governance and Management

The Society is a Professional Membership Body and Learned Society holding a Royal Charter. It is established as a Charity under the terms issued by the Charity Commission. The Charter of Incorporation and the By-Laws form the code that governs the Society.

The Society has 4 international divisions, 13 international branches and 36 UK branches. Each branch is run by a committee of volunteers and office holders within each committee include Chair, Secretary and Treasurer.

The Board of Trustees is the governing body of the Society. It establishes and reviews the policies, strategy and business plan of the Society, ensuring that the objects of the Society, its administration, and management of its finances (including its assets and investment portfolio) and property are upheld in -Laws and the law. The Board of Trustees consists of the President, President-Elect, Immediate Past President and six members, at least three of whom are members of the Society, recruited from open applications, supported by the Nominations Committee and ratified at the Annual General Meeting.

The Board of Trustees may delegate to the Council or any board or committee such powers and duties as it sees fit and the law and good practice for charities allows, but the Board of Trustees remains responsible for the actions of such boards and committees and the Board of Trustees may dissolve a board or committee at any time. The current committees of the Board of Trustees are the Audit Committee, Finance Committee, Nominations Committee and Remuneration Committee. The Board of Trustees has delegated the responsibility to the Finance Committee for directing the Society finances and developing sound financial practices and policies which protect and

management, internal audit, and control processes through offering objective advice.

The Council represents the views of the membership and the professions. It addresses relevant and timely issues across the aerospace sectors, providing advice to the Trustees and the Executive on such matters. The Council is made up of the President, President-Elect, immediate Past President, the Presidents of the global Divisions, the Chair of Trustees, representatives from 4 Boards and 3 Committees, 15 members elected by the membership and up to 3 co-opted members. The total number of Council members must not exceed 32.

Elected Council members usually have a three-year term, elected by the voting members of the Society. (in May each year). The President is elected from within the Council approximately 18 months before taking office (from the AGM). Presidents serve a term of one year only. In the 12 months prior to taking office the President serves as President-Elect of the Society and in the 12 months after this the outgoing President serves as the immediate Past President of the Society. The current boards and committees which report to the Council are the Learned Society Board (LSB), Membership Services Board (MSB), Professional Standards Board (PSB), Next Generation Board (NGB), Medals and Awards Committee, Equity, Diversity and Inclusion Committee and Future Funds Committee.

The Society encourages all Trustees to attend training courses relating to their role and responsibilities as Trustees and a Trustee Training log is maintained.

The day-tofor all operational matters, including the implementation of the Strategic Review; the CE is supported by other members of the Executive Team which comprises the Chief of Staff, the Financial Controller, two operational directors covering Knowledge (including, Community Engagement, Events, Knowledge and Information and IT), and Membership and Professional Standards. The Chief Executive consults closely with the Chair of the Board of Trustees and the President over issues of significance and ensures the staff are managed effectively.

All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 4 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Executive and, in accordance with the

Page 13 of 49

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

average earnings. When the Chief Executive or Executive Team member is appointed, the remuneration is bench-marked with other membership and professional bodies of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles. The pay of the Executive team is reviewed annually and any increase is approved by the Chief Executive.

The Chief Executive, boards and committees that report to the Trustees, prepare reports for each Trustee meeting. Each year the Annual Report and Annual Accounts are approved by the Trustees and are available

Page 14 of 49

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Reference and Administrative Details

Name/Registered charity number:

Royal Aeronautical Society

313708

Subsidiary charities :

The Royal Aeronautical Society Awards Trust 1045004 Alan Snudden Memorial Trust Fund 1013530

Subsidiary Companies :

Aeronautical Trading Limited 03243525 Aeronautical Trusts Limited 00239631

Registered Address:

No.4 Hamilton Place, London, W1J 7BQ, UK

The following were Trustees for all or part of 2024:

Air Cdre Peter Round FRAeS (Chair of The Board of Trustees) Past President Kerrissa Khan MRAeS (President until 9 May 2024, and then Immediate Past President) David Chinn FRAeS (President-Elect until 9 May 2024 and then President) Howard Nye FRAeS

Lt Cdr R Gearing BEng(Hons) CEng FRAeS MCGI MCMI (President-Elect from 9 May 2024 and resigned as a Trustee on 18 February 2025)

Dr Alisdair Wood EngD CEng FRAeS Andrew Cowdery FRAeS Andy A Allen FRAeS S Moynihan FCA CRAeS

The following are in attendance at the meetings of the Board of Trustees:

D Edwards FRAeS, Chief Executive P Hornsey, Chief of Staff L Price, Head of Governance & Compliance (until 24 March 2024)

J Anderson, Head of Governance (from 24 March 2024)

E Bossom, Director of Knowledge and Networks (for part of 24 June and 23 September 2024 meetings only)

P Mensah, Director of Membership and Professional Standards (for part of 24 June, 23 September and 2 December 2024 meetings only)

Janet Mitchell, Council member (for 25 March 2024 meeting only) Sophy Antrobus, Council member (for 2 December 2024 meeting only) Susanne Svensdotter, Council member (for 2 December 2024 meeting only)

Directors of Aeronautical Trusts Limited:

D Edwards FRAeS, Chief Executive S Moynihan FCA CRAeS

Executive Team:

D Edwards FRAeS, Chief Executive P Hornsey, Chief of Staff E Bossom, MRAeS, Director of Knowledge and Networks P Mensah, Director of Membership and Professional Standards A Ng, Financial Controller

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Reference and Administrative Details (continued)

Advisors

Auditors:

Crowe U.K. LLP, 4th Floor, St James House, St James Square, Cheltenham, GL50 3PR, UK

Bankers:

HSBC Bank Plc, Level 6, 71 Queen Victoria Street, London, EC4V, 4AY, UK

Investment Managers:

JM Finn & Co, 25 Copthall Avenue, London, EC2R 7AH, UK

Pension Advisors:

GPP Scheme

Kerr Henderson (Financial Services) Ltd, 16 Wellington Park, Belfast, BT9 6DJ

Defined Pension Scheme (Closed)

ISIO Group Limited, 27-45 Great Victoria Street, Belfast BT2 7SL, UK

Solicitors:

Clyde & Co, 51 Eastcheap, London EC3M 1JP, UK (until September 2024) Penningtons Manches Cooper LLP: 125 Wood Street, London EC2V 7AW (from October 2024)

Page 16 of 49

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2024

Statement of the responsibilities of the Board of Trustees

The law applicable to charities in England and Wales requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the of the charity and group and of the financial activities of the group for that period. In preparing those financial statements the Board of Trustees is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the group will continue in operation.

The Board of Trustees is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable the Board of Trustees to ensure that the financial statements comply with applicable law. The Board of Trustees is also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

For the purpose of this statement the group comprises the Royal Aeronautical Society and subsidiary charities and companies as outlined in Note 18 within the notes accompanying the Financial Statements.

Website

website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from bility -going integrity of the financial statements contained therein.

Financial statements

These financial statements reflect the requirements of the Statement of Recommended Practice: Charter and By-Laws.

Signed........................................................... Air Cdre Peter Round FRAeS Chair of the Board of Trustees

Date: 24 March 2025

Page 17 of 49

ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

I Members of Royal Aeronautical Society

Opinion

We have audited the financial statements of Royal Aeronautical Society for the year ended 31 December 2024 which comprise Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Cashflow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

December 2024
its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements he financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the

sufficient accounting records have not been kept by the parent charity; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit

Responsibilities of trustees

responsibilities statement set out on page 17, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

We obtained an understanding of the legal and regulatory frameworks within which the group and charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102).

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be recognition of publications, events and commercial venue hire income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, designing audit procedures over the completeness and timing of publications, events and commercial venue hire

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

income, reading minutes of meetings of those charged with governance and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Date: 03 April 2025

Page 20 of 49

ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

Consolidated Statement of Financial Activities (SOFA)

For the Year ended 31 December 2024

£ 78,792 4,905,617 765,878 186,023 Unrestricted Funds	£ 69,723 - - 107,262 Restricted Funds	£ - - - - Endowments (Subsidiary Charities) Funds	£ 76,583 - - - Designated (Branches) Funds	Total 2024 £ 225,098 4,905,617 765,878 293,285	Total 2023 £ 429,918 4,411,593 887,896 214,969
5,936,310	176,985	-	76,583	6,189,878	5,944,376
632,007 4,947,368	14,264 144,290	- -	- 109,365	646,271 5,201,023	595,960 4,345,410
5,579,375	158,554	-	109,365	5,847,294	4,941,370
356,935	18,431	-	(32,782)	342,584	1,003,006
43,051	10,430	34,551	-	88,032	14,934
399,986 (37,258)	28,861 (38,050)	34,551 36,500	(32,782) 38,808	430,616 -	1,017,940 -
362,728 (2,000)	(9,189) -	71,051 -	6,026 -	430,616 (2,000)	1,017,940 (82,000)
360,728 11,776,596	(9,189) 822,885	71,051 1,356,207	6,026 397,221	428,616 14,352,909	935,940 13,416,969
12,137,324	813,696	1,427,258	403,247	14,781,525	14,352,909

All amounts relate to continuing activities. The notes 1 to 20 form part of these financial statements.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

Consolidated Balance Sheet

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The notes 1 to 20 form part of these financial statements.

These financial statements were approved and authorised for issue on behalf of the Trustees of the Royal Aeronautical Society on 24 March 2025.

Air Cdre Peter Round FRAeS	S Moynihan FCA CRAeS
Chair of the Board of Trustees	Trustee

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

Charity Balance Sheet as at 31 December 2024

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The notes 1 to 20 form part of these financial statements.

These financial statements were approved and authorised for issue on behalf of the Trustees of the Royal Aeronautical Society on 24 March 2025.

Air Cdre Peter Round FRAeS Chair of the Board of Trustees

S Moynihan FCA CRAeS Trustee

Page 23 of 49

ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

Consolidated Cash Flow Statement

Reconciliation of net movement in funds to net cash flow from operating activities:

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

Cash and cash equivalent are defined as bank accounts and short-term deposits which are ready convertible into cash.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

Notes to the Financial Statements

1. Accounting policies, judgements, and key sources of estimation uncertainty

a) The Society is a Professional Membership Body and Learned Society holding a Royal Charter. It is established as a Charity under the terms issued by the Charity Commission (registered number: 313707). The Charter of Incorporation and the ByLaws form the code that governs the Society. The registered office address is 4 Hamilton Place, London, W1J 7BQ.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019) - (Charities SORP (FRS 102)) and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The Society has a strong portfolio of investment and financial performance and these continue to be monitored regularly. The Trustees have reviewed the key assumptions within forecast and satisfied that the current level of free reserves and cash balances

Taking into account the reserves position of the Society and the anticipated future results the Trustees do not consider that the appropriateness of this basis is subject to any material uncertainty.

b) The consolidated accounts include the activities, assets and liabilities of the Society, its subsidiary companies, subsidiary charities and branches. Further information on the subsidiaries is disclosed in note 18. No separate SOFA or cashflow statement has been prepared for the charity as is permitted by the Charities SORP.

Aeronautical Trading Limited is the trading company and subsidiary company of the Society and its results, assets and liabilities are included in the consolidated accounts. The trading company operates the Venue Hire operations of the building. These activities are consolidated on a line by line basis and have the same year end as the Society.

Aeronautical Trusts Limited is the subsidiary company of the Society and is the corporate Trustee of the subsidiary charities - Royal Aeronautical Society Awards Trust (1045004) and Alan Snudden Memorial Trust Fund (1013530). This entity is clearly distin subsidiary charities. No separate income and expenditure accounts are presented as the movement in endowment funds are not material.

The Royal Aeronautical Society Awards Trust registered in England and Wales (registered number: 1045004) is a subsidiary charity of the Society, this entity is clearly

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

subsidiary charities. No separate income and expenditure account are presented as the movement in endowment funds are not material. The CAARC fund is shown as a distinct fund from the other funds of the Royal Aeronautical Society Award Trusts in these accounts. It is a specific fund administered within that charity.

Alan Snudden Memorial Trust Fund (1013530) is a subsidiary charity of the Society, subsidiary charities. No separate income and expenditure account are presented as the movement in endowment funds are not material.

Society activities in the area local to the branch and to represent the Society locally and organise lectures and other events. These activities are included in the charity results the same year end as the Society.

c)

Income is generally recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from Events, Education & Skills, Venue Hire, Donations, NAL, Publication, Policy are accounted for at the time of event in the year. Income from donations is recognised on receipt of payment. Income from legacies is recognised where evidence of entitlement exists, the value is measurable with sufficient reliability, and on the earlier or the date of receipt of finalised estate accounts of the date of payment.

Grant income is recognised in the SOFA when received or when the charity becomes entitled to receipt. Grants that have been received will be treated as deferred income where there are specific requirements in the terms of the grant that the income recognition is dependent on certain activities being completed in a future accounting period.

Individual subscriptions income is recognised on the amount received for the year. Amounts received during the year in relation to the future years are deferred. The Corporate Partners Scheme is recognised on receipt as anticipated funds are not enforceable debts. Where income is received net of tax, any taxation recoverable is taken to income on receipt of the net amount.

d) Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when commitment to terminate a post on the grounds of redundancy has been made,

Direct expenditure is allocated to categories of activity. Where expenditure cannot be directly allocated it represents support costs and is apportioned on a basis consistent with the use of resources, by reference to the number of staff working on each activity. Governance costs which are the statutory and organisational costs of operating the Society as a legal entity are included in support costs and apportioned consistently.

Quoted investments being a form of basic financial instrument are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing market price.

Realised and unrealised gains on investments shown in the SOFA are taken to the fund for which the investments are held.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

f) Capital Expenditure - All purchases costing over £1,000 in total which are to be used for a period of more than one year are capitalised.

Heritage assets are held at deemed cost and not depreciated.

g) Depreciation is provided on the following basis:
Land is not depreciated.
Freehold premises Property is depreciated over 100 years at 1%.
Fixtures and Equipment including computers - Over the estimated useful life of the asset which varies between two and ten years.

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

h) The operating leases are disclosed in the note 12 to the financial statements. Lease payments under operating leases are charged against income on a straight line basis over term of the lease.
i) Restricted income funds represent income subject to donor specified restrictions and the income arising on endowment funds for which specific uses have been specified. Expenditure for the specified purposes is set against the relevant income in the statement of financial activities. Unexpended balances are carried forward as restricted income funds or where the terms of the endowment provide for this, transferred to the capital balance of the endowment fund.

Unrestricted and Designated funds represent amounts set aside by the Trustees as detailed within the reserves policy on page 7.

j) All employees of the Society may join the Group Personal Pension Scheme with Aegon (formerly Standard Life). The Society contributes according to a scale of contributions recommended by our Pensions Advisors, this scale being broadly designed to reproduce the scale of pensions they would have received on the basis of the old defined benefits scheme. The assets of the Group Personal Pension Scheme are paid Aegon and all aspects are their own responsibility, although the Society provides free individual advice each year to the members from qualified professional advisors. The costs of the GPP are charged to the Statement of Financial Activities as they fall due.

In addition, there is a frozen defined benefit scheme to which the Society continues to contribute in order to fund past service costs. In 2024, the recent FRS102 valuation shows a pension scheme asset. Under the Governing documents the charity is entitled to a refund when the last payment is made. As the scheme is closed scheme for future accruals, the Trustees feel the recoverability of the asset is too remote and has not recognise the asset in these accounts (See Note 20).

k) The Society has charitable status and is exempt from taxation of its income and gains falling under with section 478 of the Corporation Tax Act 2010 or section 256 of the taxation of Chartable Gains Act 1992 to the extend they are applied to its chargeable objectives.

Freehold premises are held at the historic valuation of the leasehold originally acquired by the Society plus the additional cost of the subsequent purchase of the freehold and less the depreciation on property (not land).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

The heritage assets represent pictures, books and other items of Aeronautical interest held by the Society for which there are no readily identifiable market values, have an indefinite life and are therefore not depreciated. The Trustees have concluded a valuation in 1997 which on transition to FRS 102 has been used as deemed cost. The impairment on heritage assets is considered annually.

l) In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparently from other sources.

The valuation of assets and liabilities of the Defined Pension Scheme are performed by a professional actuary. Fuller details are provided in note 20 and these include details of the actuarial assumptions adopted. There is a pension scheme asset at the year-end. As the scheme was closed to future accruals, the Trustees feel that the recoverability of the asset is too remote and this had not been recognised in the accounts as an asset on the balance sheet in 2024. In the opinion of the Trustees, these assumptions represent the only material areas of estimation uncertainty in the financial statements.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

2. Analysis of Income

The analysis of income and expenditure by fund represents the activities of the Society including membership and the activities of its subsidiaries.

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In 2024, The Society received £50,500 in legacies (2023: £251,000).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

2. Analysis of Income (continued)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

3. Employee information

The average numbers of staff employed during the year was 57.25/54.33 FTE (2023: 48.5/46 FTE).

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The charity contributes towards a defined contribution pension scheme. The cost of this scheme is charged to SOFA and amounted to £223,026 (2023: £198,178). The scheme did not give rise to any provision.

Employees receiving emoluments in excess of £60,000 (excluding pension contributions) fall within the following bands:

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The key management personnel of the Society comprises the Board of Trustees and the Executive Team as listed on page 15. The total amount of employee benefits (including employer pension contributions) received by the Executive Team comprising the Chief Executive, Chief of Staff, Director of Membership & Professional Standards, Knowledge and Networks Director and Financial Controller for their services to the Society was £581,019 (2023: £518,987). Aggregate termination payments for the year were £1,957 (2023: £11,171).

Trustees do not receive remuneration for their services. During the year the President was reimbursed £10,596 (2023: £11,781) and 1 (2023: 2) other Trustee(s) were reimbursed £1,180 (2023: £1,888) in respect of travel and subsistence expenses incurred in performance of their duties.

In accordance with normal commercial practice the Society has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Society business. The insurance provides cover up to £5,000,000 on any one claim and the cost for 2024 was £3,959 (2023: £3,773).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

4. Related party transactions

In 2024, The Society charged its subsidiary company Aeronautical Trading Limited £359,709 (2023: £337,646) in respect of administrative expenses which represents an allocation of overheads from the Society.

Aeronautical Trading Limited made a taxable loss in 2024, there will be no gift aid payment to the Charity this year. The Gift Aid payment for last year was £88,366.

The Aeronautical Trading Limited paid the charity £304,048 (2023: £272,808) of monies collected on invoices settled in 2024.

As at 31 December 2024, the Aeronautical Trading Limited owed the charity £88,630 (2023: £nil). The charity owed the Aeronautical Trading Limited £49,359 in 2023.

A number of Trustees hold senior positions in organisations in the aerospace industry which from time to time transact with the Society, the Trustees have no direct involvement with these transactions.

5. Analysis of expenditure

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Within Careers & Education, a total of £78,522 was paid to individuals (2023: £13,560) covering 46 grants and prizes (2023: 26). Grants are paid when approved and accrued from the time of approval.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

5. Analysis of expenditure (continued)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

6. Analysis of support costs

The Society initially identifies the costs of its main activities and then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the key activities undertaken by the Society in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.

Direct expenditure is allocated to categories of activity. Where expenditure cannot be directly allocated it represents support costs and is apportioned on a basis consistent with the use of resources, by reference to the number of staff working on each activity (IT and Premises) and staff time (Management, Finance, HR, and Governance).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

6. Analysis of support costs (continued)

Governance costs are included in support costs and reallocated across all activities; they include costs for a Governance Manager, expenses associated with Council meetings, Council elections, maintaining President.

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The President, Council and and other administrative costs.

Expenses were related to travel & subsistence, training

7. Fixed Assets Group and Charity

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The Society's bankers, HSBC, had taken out a charge (not exceeding £4,255,000) on No.4 Hamilton Place to act as security against their loan until 2024. The Mortgage loan was fully repaid in July 2024.

The Trustees of the Society's Defined Benefit Pension Scheme (closed) have taken out a second charge on No.4 Hamilton Place to cover the Society's obligations in the event that the Society defaults on its payments to the scheme; in return the Society has received reduced contributions to the Scheme in future years.

Of the above £8,426,830 (2023: 8,417,893) represents assets held for the Society's use. Functional Assets are also used by Aeronautical Trading Limited and this is reflected in their normal management charge.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

The heritage assets of £410,843 (2023: £410,843) represent pictures, books and other items of Aeronautical interest held by the Society for which there are no readily identifiable market values. The Trustees have concluded a valuation 1997 which on transition to FRS 102 has been used as deemed cost. The impairment on heritage assets is considered annually.

8. Investments Group and Charity

The Finance Committee (on behalf of the Board of Trustees) review the Society's investments with JM Finn & Co (investment advisors) on a quarterly basis.

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Dividend income in the statement of financial activities arise from the above holdings which are all listed on the London Stock Exchange.

9. Debtors

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

10. Creditors falling due within one year

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Deferred income represents income from Subscription for Membership, Publications, Venue Hire, Conference, Sponsorship for future periods. This includes sponsorship from Marshall, Martin Baker and Airbus.

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11. Creditors falling due after one year

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In March 2009 the Society purchased the freehold of No 4 Hamilton Place (Society's HQ) at a cost of £4,859,755; the Society repaid its mortgage in 2024. At the end of 2024, the outstanding loan on property was £nil (2023: £720,413).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

12. Operating lease

In 2024, the operating leases cost was £897 (2023: £1,196).

13 . Endowment funds

The following reserves are held in accordance with the reserves policy set out on page 7 of this report.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

14. Restricted income funds

The following reserves are held in accordance with the reserves policy set out on page 7 of this report.

Alan Snudden Fund The Trustees had the power to accumulate surpluses for 21 years from the founding deed which was dated 1992; transfers to net income made from 2013-16 have been transferred back to Restricted to cover future commitments.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

15. Unrestricted reserve funds

The following reserves are held in accordance with the reserves policy set out on page 7 of this report.

The Free reserve represents the surplus on funds available for future general activities after allowances for the reserves specified in the policy. In 2024, branches received £38,808 subvention transfers from

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

16. Designated Branches funds

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

17. Analysis of funds

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

18. Subsidiary charities and companies

Accounts for the Society only have been presented as the amounts relating to subsidiary entities are - No separate income and expenditure account are presented as the movements in endowment funds are not material.

The subsidiary charities are:

The subsidiary charities are:
	Registration Number	Registered in
The Royal Aeronautical Society Awards Trust	1045004	England and Wales
Alan Snudden Memorial Trust Fund	1013530	England and Wales

The CAARC fund, which is shown as a distinct fund from the other funds of The Royal Aeronautical Society Awards Trust in these accounts is a specified fund administered within that charity.

The subsidiary companies are:

The subsidiary companies are:
	Percentage of Net Assets		Registered in
	shares held	£
Aeronautical Trusts Limited	100%	1	England and Wales
Aeronautical Trading Limited	100%	2	England and Wales

Aeronautical Trusts Limited is the corporate trustee of the subsidiary charities set out above.

Aeronautical Trading Limited (registered number 03243525) is the only trading company and its results, assets and liabilities are included in the consolidated accounts. Its results and financial position are summarised below:

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

19. Consolidated Statement of Activities 2023

The following Consolidated Statement of Financial Activities for the year ended 31 December 2023:

£ 255,936 4,411,593 887,896 129,816 Unrestricted Funds	£ 93,989 - - 85,153 Restricted Funds	£ £ - 79,993 - - - - - - - 79,993 - - - 73,878 - 73,878 - 6,115 5,861 - 5,861 6,115 39,494 31,400 45,355 37,515 - - 45,355 37,515 1,310,852 359,706 1,356,207 397,221 Endowments (Subsidiary Charities) Funds Designated (Branches) Funds	£ £ - 79,993 - - - - - - - 79,993 - - - 73,878 - 73,878 - 6,115 5,861 - 5,861 6,115 39,494 31,400 45,355 37,515 - - 45,355 37,515 1,310,852 359,706 1,356,207 397,221 Endowments (Subsidiary Charities) Funds Designated (Branches) Funds	Total 2023 £ 429,918 4,411,593 887,896 214,969
5,685,241	179,142	-	79,993	5,944,376
582,674 4,217,602	13,286 53,930	- -	- 73,878	595,960 4,345,410
4,800,276	67,216	-	73,878	4,941,370
884,965	111,926	-	6,115	1,003,006
7,304	1,769	5,861	-	14,934
892,269 (31,400)	113,695 (39,494)	5,861 39,494	6,115 31,400	1,017,940 -
860,869 (82,000)	74,201 -	45,355 -	37,515 -	1,017,940 (82,000)
778,869 10,997,727	74,201 748,684	45,355 1,310,852	37,515 359,706	935,940 13,416,969
11,776,596	822,885	1,356,207	397,221	14,352,909

20. Defined Benefit Pension Scheme (now frozen)

The valuation used for FRS102 disclosures has been based on the most recent actuarial valuation as at 1 April 2022 and updated by the Actuary to take account of the requirements of FRS102 in order to assess the liabilities of the scheme at 31 December 2024. Scheme assets are stated at their market value at 31 December 2024.

The most recent valuation on a discontinued basis was at 1 April 2022 assets fully covered its priority liabilities and 77% of the remaining liabilities on that date; the actuarial valuation shows a deficit of £982k (2019: £1,294k).

The following notes comprise the full disclosures as set out in FRS102.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

20. Defined Benefit Pension Scheme (now frozen) (continued)

Economic assumptions

nomic assumptions
	Proposed assumption at	Assumption Adopted at
	31 December 2024	31 December 2023
Discount rate	5.40% p.a.	4.50% p.a.
Future increase in Retail Prices Index ("RPI")	3.15% p.a.	3.05% p.a.
Future increase in Consumer Prices Index	2.40% p.a.	2.20% p.a.
("CPI")
Deferred revaluation rate
CPI subject to a maximum of 5.00% p.a.	2.40%p.a.	2.20%p.a.
Pension increase
- Pre April 1997 in excess of GMP	4.00% p.a.	4.00% p.a.
- April 1997 - April 2005	2.95% p.a.	2.85% p.a.

Demographic assumptions

Proposed assumption at Assumption adpoted at 31 December 2024 31 December 2023 Pre-retirement mortality 98% of SAPS3 tables, based 98% of SAPS3 tables, based with CMI 2023 core projections with CMI 2022 core projections with a longterm trend of 1.25% with a longterm trend of 1.25% p.a p.a Post-retirement mortality 98% of SAPS3 tables, based 98% of SAPS3 tables, based Future improvements in longevity CMI 2023 projections with a CMI 2022 projections with a long term trend of 1.25% p.a. long term trend of 1.25% p.a. Life expectancy Male currently aged 60 25.9 26.1 Female currently aged 60 28.8 28.9 Male currently aged 40 27.4 27.6 Female currently aged 40 30.2 30.3 Commutation 50% of members assumed to 50% of members assumed to commute some of their commute some of their pension, using current pension, using current commutation factors, to commutation factors, to receive 100% of maximum taxreceive 100% of maximum taxfree cash lump sum. free cash lump sum. Retirement age 1st April nearest to 60th 1st April nearest to 60th birthday. birthday. Marital statistics 80% of males and 70% of 80% of males and 70% of females. females. Age difference Males assumed to be 3 years Males assumed to be 3 years older than females older than females Options (e.g. transfers out) No allowance No allowance

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

20. Defined Benefit Pension Scheme (now frozen) (continued)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

20. Defined Benefit Pension Scheme (now frozen) (continued)

D) Return on the Scheme Assets

Actual return on assets E.1) Analysis of the amount charged to Profit and Loss Losses/ (gains) on settlement and curtailments Administrative costs Net interest cost Total E.2) Analysis of net interest cost Interest income on Scheme assets Interest in Scheme liabilities Net interest (credit) / cost F) Amount recognised in Other Comprehensive Income Return on Scheme assets less interest income Actuarial gains/(losses from a change in assumptions Actuarial gains/(losses) from experience Expense recognised in Actuarial Losses		31 December 2024 £'000 (44) 31 December 2024 £'000 47 53 (26)	31 December 2023 £'000 207 31 December 2023 £'000 - - (6)
		74	(6)
		31 December 2024 £'000 (150) 124	31 December 2023 £'000 (187) 153
		(26)	(34)
		31 December 2024 £'000 (322) 315 5	31 December 2023 £'000 92 (128) (46)
		(2)	(82)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2024

20. Defined Benefit Pension Scheme (now frozen) (continued)

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The recent FRS 102 valuation shows a pension scheme asset. Under the Governing documents the charity is entitled to a refund when the last payment is made. As the scheme is a closed scheme for future accruals, the trustees feel that the recoverability of the asset is too remote and has not recognise the Pension Scheme asset in these accounts as a result

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