P•d ** County Air Ambulance Trust Board of Trustees, Annual Report and Consolidated Financial Statements for the year ending 30 September 2025 Annual Report of the Trustees of the County Air Ambulance Trust for 2024125 Numb•r Pag• INTRODUCTIONS I A WELCOME FROM THE CHAIRMAN. MICHAEL HENRIQUES 2 REFLECTIONS ON THE YEAR FROM THE CHIEF EXECUTIVE. ROBERT BERTRAM TRUSTEES. REPORT {incorporating Companies Act 2006 Strategic Report requiremenlsl 3 ABOUT THE HELP APPEAL 4 STRATEGIC REPORT S FINANCIAL REVIEW 6 OUR THANKS 7 HOW WE SPEND OUR MONEY 8 OUR FUTURE FOCUS 9 REFERENCE AND ADMINISTRATION DEfAILS 10 STRUCTURE. GOVERNANCE AND MANAGEMENT 21 FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT 23 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 SEPTEMBER 2024 27 CHARfr( STATEMENT OF FINANCIAL AcTIV￿lEs 28 CONSOLIDATED BALANCE SHEET 29 CHARrrY BALANCE SHEET 30 CASH FLOW STATEMENT 31 NOTES TO THE CASH FLOW STATEMENT 32 NOTES TO THE FINANCIAL STATEMENTS 33 Welcome from the Chairman It's a great pleasure to welcome you to the County Air Ambulance Trust's Annual Report and Accounts for 2024/25. Our fundraisino team have again Gonlribuled lo another &xcellenl year and we are very grateful to have again received some subslanliallggacies. We are extremely grateful to the many individuals and organisalions who continue lo support our work and the impact on our income is once again ahead of expectations. Our small team ol staff and Ihird-parly agencies delniered a great performance and is a wonderful Iribule lo Iheir dedication and sheer hard Work. I thank them all lor everyihing they achieved over the year. 11 is a prlvilege to chair this Board and I would like lo thank the Trustees who have given freety both ol their lime and their diverse and considerable expertise over the past yeaT. Another very successful year has taken place and we are pleased lo have funded rnore new helipads and improvements lo existing helipads throughout the Country. We have also funded more specialist Critical Care Cars which support the ali ambulance service and are specifically equipped to cope wilh Cardiac Arrest. Strokes and Sopsis. MieAaeiHehrique¢ M8£ •_¥b 4a Z)." r• Reflection on the year by our Chief Executive Another year of achievement for the Charity LOOKING AHEAD The number ol enouiTies for polents.al helipads and upgrades al NHS hospitals remains high all over the country as hospila5s were needed lo ensure they meet new CAAI safety guidelines. WITH SUPPORT FOR NHS HOSPITALS Over the Goming months several helipads ar8 planned lo open al various locations from ScollarKI to the Sciuth Coast and we continue working with the NHS New Hospilal Programme looking ahead al the plans lo build new hospitals with helipads. Our income generation teams and third party fundraising partners support and encourage individua15, clubs, businesses and other oiganisatlons to raise the vital income through weekly lottery sales. comm￿lIed giving and payroll giving donors elc. 11 is thanks to them that we are able lo report anolher successful year for the Charity. The number ol planned helipads over the course of the next lew years is encouraging a5 the speed of getting a patient to the EmeTgency Department helps lo save lives and aid recovery. APPRECIATION l am very proud al what my team and everyone we work with has achieved once again. In particular I would like lo express my thanks to Michael Henriques and all our Trustees for their support Ihis year. The Charity delwered income Ihal lorwl £10.5m Iconsolidaled), 2(N above budgel and a gross profil before grants paid of £6.9m140Vh above budgell. The contributions we have reGeNed from tnany different loyal supporters provided us with another excellent financial year. kobert 6ertfAkn FkfA The areas of fundraising income were broadly in line with our budgets, wilh our lead income streams remaining consislenl. The HELP Appeal lollery subscriptions and monthly direct debil donors continued lo provide a regular income. Legacy income al £1.67 million was ahead of budget as was income from our Wills Campaign once again. We made a large number ol granl payments lolalling £7.8m in the year and including grants lo four Air Ambulance Charities IOT seven Critical Care Cars which are used when helicopters are unable lo fly. About the HELP Appeal Since 2009, the HELP Appeal has been raising much needed funds lo provide lile-saving helipads where they are needed most. In Ihal lime. we have athieved a good record ol growth and we have Klentilied a number of hospitals where helipads or upgrades are needed over the next lew years. Given the scale ol work involved from building brand new helipads, improvements lo existing helipads, lo the installation of the latest slale-of- the-arl Iirelighling technology, helipads with lighting to enable night flights and heated helipads so helicopters can land safely in freezing weather is whe¥e we spend the majoriiy ol our funds. We aim to Slgnffth)t￿ increase the number ol on-site hospita helipads through our grant scheme which ofler5 non-relundable grarrts lo hospitals lo help fund new helipads or upgrade existing helipads. We are the only Charify in the country dedicated to providing funding lor NHS hospit81's life-saving helipads nationally The process ol helipad developrnenl is ongoing and we are involved in discussions with Major Trauma Cenlres and key A&E hospilds. where new helipads or upgrades are needed over the next lew years and where we have agreed to provide much needed funding. All undergo leasibilily studies lo CAAI standards and guidelines lo ascertain the most appropriate solulions for their individual situations and needs. Charitable donations are our lifeblood., without this support, we and a huge number ol helipads across the country would not exist. We are determined that with Ihe support ol the general public and businesses we wll be in a position lo meet the challenges ahead. Our efieclweness relies, in large part, on th8 powerful links we are able lo establish wilh many key partners. The big difference we are making is borne out by the high level ol activity from Ambulances using the many new and upgraded helipads al locations right across the country. Noarly £70 million already donated towards ovor 50 completed hellpad projects a¢ross the country. Helipats prowde a Mtal link in Ihe palien1'8 chain ol Sufvival and the HELP Appeal has been involved In a variety ol important helipad projects Ihroughoul England and Scotland. A has 81ready provided funding lor many helipads al NHS hospitals. Over 34,000 landings havè taken place on HELP Appeal funded helipads at NHS hospitals Over 40 now and up9raded hollpads planned over the next 5 years. EVERY SECOND COUNTS and TIME IS LIFE.- In an emerg8ncy, when lime is ol the esSer￿e. being able to land a helicopler close lo the Emergency Department increases the potential for beller outcomes lor the most urgent patients. Helipads are an @xtremely beneficial addition lo Ihg emergency services network,. creating such sale places for air ambulance helicopters with seriously ill or injured patients lo land directly al hospitals is extreffle￿ irnportanl. Trustees, Strategic Report INTRODUCTION and REFERENCE DEfAILS We have always paid great attention lo ensuring that we have the highest standard ol governance and 8 sound decision making framework supported ty the highly effective Board of Trustees and governance slrucluies. The Truslees are delighted lo present their Annual Strategic Report together with the Consolidated ststement ol Financial Accounts for the Charity and its commercial trading subsidiary. lor the year ending 30 September 2025. BOARD MEETINGS The re[￿ has been prepared to meet the requirements for a DirectOT8' Report and Accounts lor Companies Act purposes and to Comp￿ wth fundraising reporhng requirements. The Board meets four lirnes a year which provide$ a forum for debate about major issues affecting the Charity. Additional meetings can be held as and when required and ad hoc working groups can also be lornied to address a specific strategic issue. Between Board meetings the Chairman will have weekty ¢alls with the Chief Executive lor any issues they wish to discuss. The Financial Sialements comply with the Charities Act 2011, wlh section 414C1111 ol the Companies Act 2006, the Sl*pmpnl of Recommended Practice ISORPI applicable to charitiès preparing their accounts in accordance with the Financial Rerrf)rling Standard applicable in the UK and Republic of Ireland IFRS 102 effKtwe 1 January 20151 Mallers such as policy and strategic plans are prepared by senior management for consideration and approval by the Board. The key leadership team sel up lo facililale decision making at management level. Includes the Chief Executive, Head ol Fundraising and Head ol Finance bul they do not have voting Yighls. This slruclure has been essentially stable thioughoul 2024125. The Directors ol the Charity are tts Trustees lor the purposes of Charity Law and throughout this report are coll9clive￿ referred to as the Trustees. LEGAL STATUS Th9 County Air Ambulance Trust is a registered charity, and endeavours lo follow the ¥ul8S, regulations and guidance of the Charity Commission. It is incorporated under the Comparnies Act 2006 and is a company limited by guarantee, governed by its memorandum and articles ot association. We liaise with them to review regulatory compliance and an overall performance slandard to ensure the Charity is well governed and legislalivety compliant lo meet OUT ¢h8ritable objectwes. There are Ihree sutFcommillee8 - Nominations, Investment and Remuneration. The Trading Company Directors also report lo the main Board. Each commill68 constitutes 81 least three Trustees and three Trustees serve as Directors on the Trading Company, all with ￿spOnSibl11fy lo oversee and reviw th& processes ol internal control and for making recornmendations to the Board. Their names are listed on page 19. As at 30 September 2025 there were 9 Trustees, who are listed on page 19, each ol whom guarantees liability of £10 in the event of the Charity winding up. For the period of Ihis return, there were no serious incidents that the Charity failed lo report lo the Charity Commission. STRUCTURE of the CHARITY The Board ol Trustees administers th8 Charity. 11 is made up of independent members who undertake the role on a voluntary basis and who bring a broad range ol protessional skills. experience and expertise lo the Charity. TERM OF OFFICE In all sorts ol ways, we are a lor¢e lor good and see the bènefits that we deliver to society that can make a real difference lo the lives of the indEMduals and organisalions we are sel up lo serve. Trustees are appointed lor an initial term ol four years with the option lor this lo be extended by a further two terms ol four years. Trustees may be reappointed lor a further term ol four years after a one year break from holding office. The public bgngfit is the non-refvndable grants that we pvovide to NHS hosplL*lg and air ambulance operators in support of the medical trealment of ¢ritically ill or injured members of the publlc free of charge to the NHS and to the patient. The Trustees are by definition part-lime and relianl on systems of assurance for them lo operate effectively. The Board also meets with the senior external auditor al least onc9 a year lo review the findings ol their work including any issues that might arise during the course ol the audil and recommendations regarding improvernenls to the system ol internal control. GOVERNANCE As with most aspects ol eharily governance, Ihe Board musl be seen lo be doing things in a lair and thorough manner and follows the Charity Governance Code issuèd in 2017 which sets oul the principles and recommended practice lor good governance. PUBLIC BENEFIT STATEMENT In setting our objectives and planning our aclNilies the Trustees have Telerred lo the Charities IProtection and Social Investmenll Acl 2016 and the Charity Commission's general guidance on public benefit. We are commilled lo the very highest possiblg standard ol decision rnaking so Ihat the Charity meets Ihe requirements lor publ benefit across all that we do. We pride ourselves on achieving and mainlaining the highest standards of propriety and lak8 a proactive approach to ensure we are abreast ol new fundraising requirements and regulations. We maintain our resolve lo always act with integrity and in the interests ol our core purpose. The Board are satisfied that the Current Trustee membership has considerable relevant experience lo provide an informed and rigorous delegaled control and assurance on the Charity's governance ol internal control and risk management framework. within the Code principle on decision making. The Charity exists as a grant making Charity that focuses on providing essential financial supp)rl lo a wide ranging programme of ne￿$sary improvements lo the Helicopter Emergency Medical Services IHEMSI network. NHS hospitals and 0th8r medicalty related oiganisalions across the country. with the goal ol helping to ensure the best possible pre-hospital treatment and care lor those patients who sustain life threatening injuries or illness. The ielalionship we have with them makes a 8igniliGant dffterenc8 lo peoplg and lo society as a whole. To establish the evidence of the benellls ol our grant paymants ￿ have developed a programme ol reporting which provides robust dala indicators on the impact and outcomes that we help lo provide in saving lives. RECRUITMENT AND APPOINTMENT OF TRUSTEES Trustees are encouraged lo develop their knowledge and understanding of their role by visiting the Charity Commission's comprehensive website and, as part ol ongoing training, they regularly receive charity law updates an(J presentations in relation to operational and topical charity seclor matters. The Nominalions Committee leads the process of selection ol candidates tor appolntment lo the Board of Trustees and makes recommendations to the Board as regards plans lor su¢cession. New Trustees are appoin18d by the Board in accoTdance with the Charity's constitution and learly defined Terms ol Reference which were adopted at the Annual General Meeting held in May 2019. FUNDRAISING STRATEGIES AND APPROACHES This se¢lion of the annual report covers Ihe requirements charities musl follow as sel oul in the Charities (Proleclion and Social IrNestmentl Acl 2016. Recruitment Is based on consideration of the skllls we nee(J lo enhanc9 and slrenglhen the capability ol the Board and help lo make the Charity a more agile and responsive organisation, mlndful always ol the neecj lo rellecl diverslty and maintain a balance ol individuals that will be of benefit lo the Charrty. As a Charity that receives no national govemment funding, it is absolutely essential that we lake an active and responslble approach to our range ot fundraising aclivits'es which are carefully planned to receive financial support through a variety ol means. They are elocled by a majority vole norrnally for a term ol four ￿ars. Each Trustee will retire from ollice al Ihe fourth Annual General Meeting lollomqng the commencemenl ol their term ol Office. Maintaining relevance with our supporters is vital lo our success and we are committed to PToviding an excellent service lo them and maintaining Ihe highest standards Of fundraising behaviour in all our fundraising activities. We are always conscious ol the responsibility we hold towards our supporters, alongside our beneficiaries, and do our best lo make those relationships as meaningful as possible They give Iheir lime Ireely and no Trustee received remuneration or other benefits Irotn their work but the Charity reimburses reasonable expenses incurred by these volunteers in carrying out their duties. They aTe disclosed ill nole 10 10 thè accounts. TRUSTEE INDUCTION and TRAINING Fundraising policies are in place lor all ol our main fundraising areas and we make every ellorl lo ensure that our ftjndraising team observes the highest standards in terms of fundraising practice. Aller being formally appointed, all new Trustees are provided with a comprehensive Trustee handbook which includes information about the organisational structure of Ihe Charity- Guidance on their roles and responsibililies: The Memorandum and Articles ol Association- the decision making processes ol the Charity.. the lalesl Annual Report and Accounts- and the most current financial information. Our approach to fundraising is that ITt must never feel unreasonably intrusive, per515tent or pressurised but rather locuses on inspirin9 support. This is aimed at helping them to understand the duties and responsibililies attached to the position UF)der Charity and Company Law so that they can contribute lo Board meetings as quickly as possible. They are expected to act in a professional manner and lo follow the Fundraising Regulator's Code ol Practice. Our Head ol Fundraising oversees these fund￿sIng approaches to make sure Ihal our good engagement wth supporters remains the key lo our success. We Ireal them iespecttully and fairfy $0 Ihey feel valued and free lo donate ￿en and if they wish lo do so. They operate under our guidance and tight governance arrangements require them lo perform and support our fundraising activities within the remit ol the Fundraising Regulator framework, and all the appropriate Tegulalory bodies. TRAINING Our experienced Garnbling Corllmission accredited exlefnal lollery managers provide extensive training lo ils represenlalives that locus on gambling and fundraising Tegulalion, and the standards of behaviour that afe expected by us when they interact wth the public on our behalf. I donalions are formalty acknowledged in the most appropriale method. We are registered wlh the Fundraising Flegulalor and our activities are carried out with reference to the guidance and standards set out in the Code ol Fundraising Practice. We are also licensed by the Gambling Commission lo run our HELP Appeal lottery and ralfles. Canvassers are qualified as 'Demenlia Frtends, through the Alzheim&r' S￿Iety's accr8dilalion to prolecl vulnerable persons. They also wear our Charty brand CArry idenb'fication whilst canvassiro in the community. We continue to monitor amendments to the Clxle ol Fundraising Practice to make sure we comply wth the lalesl lundras'sing stsndards and our Fxjlieies are updated in line with these. Like the Charily, they are a member ol The Lolleries Council. through which we contribute lo efforts to encourage responsibl¢ rather than problematic gambling. We are satisfied that we meèt all cuyrenl standards arKI we also weave this approach through our third- party exiernd fundraisers, MANAGING COMPLAifrrrs WORKING WITh EXTERNAL ORGANISATIONS In 2024125 we ¥eceNed 24 (down from 38 the previous yearl fundraising complaints Irorn members of thè public. We a￿ayS aim lo respond prompt and courteousty to complaints in ￿￿OrdanCe wlih our published complaint pr￿edure. While most ol our fundraising work 18 undertaken by our directly employed fundraising team whose prime role is to provide inlormation. support and slewardship lor those people, clubs and organisalions parts'cipating in fundraising events lo raise funds on our behalf, where we do not have the expertise in house, we do work alongside professional fundraisers lo help deliver some ol our face-ltrface fundraislng acllvily. A very high proportion ol these complaints continue lo be Most￿ related lo expressions of dissakn'slaclion at the melhcd ol recruiting donors by our Ihiid party fundraising agencies and were relalivety minor in nature. All contracts and partnerships that we enter into are subject lo due diligence and professional advice, il necessary. from our legal advisers. They detail the obligations ol each organisalion and we closely monitor canvassing activities undertaken though regular reviews and compliance meelings lo thoroughly appraise the service provided, as well as updates on OUT aclivilies. such as the ongoing helipad Program. They are reported to the Board, by the Head ol Fundraising on a Quarterly basis, who review the number and general nature ol them and any areas of risk that might need lo be addressed. Although unwekome, the number ol complair)ls iecewed is statistically very low considering the extent ol canvassing undertaken, and does nol give the Board undue cause for concern. VULNERABLE PERSONS We also lake our responsibility to proteGI vulnerable persons seriously. W• remain commiTtted to the prevention of Iraud and the pmmotion ol an anti-fraud Cufture. We follow best practice guidance and make sure all our agency partners are lully aware of this. In 2020. we implemented a Tobusl policy and developed guidance lor all stall on engaging with people in vulnerable circumstances. This policy follows Charity Cornmission and Chartered Inslilute ol Fundraising recommendations. CYBER SECURrrY With cyber crimes becoming more and more common, the change in working habits brought about by the Covid-19 pandemic crisis has seen the Charity continue lo place specrfic emphasis on ensuring that the highest possible standards of information security are in pla¢e. Our policy for working with members ol the public bvho Could potentially be vulnerable is CONSTANTLY reviewed and updated. With information increasingly being held digitally, we recoginse that any digital fraud or theft would have a greater impacl than il would ever have done in the past. As we have something ol value that is worth something to others, we have to Teman vigilant and prepared al al limes. SAFEGUARDING We have a Saleguardlng Policy rellecling the importance of this in the Charity's work that is aimed al p¥olecling the wellbeing and rights of anyone coming Into contact with us. For this reason we produced a policy on Cyber Security, based upon the National Cyber Security Centre guidance lor small charities, to help protect the Charity from the most common cyber attacks and lor everyone lo refer to Mthen they need advice or guidance relaled lo cyber security law and cyber crime. We recentw remewed and updated the policy which sets out our approach lo protecting our beneficiaries. supporters, staff and potential donors to ensure Tobust procedures are in place and everyone working lor the Charity abides by it. Cyber security has again been ai the heart ol ihis year's govemance wew so that we remain abreast ol cyber developments lo ensu￿ that we can Swift￿ respond to any chang8s in Ihe cyber risk landscape. Financial Review This $ection ¥ummary on the kny fundraising actlvltlos undertaken during the year includes tho subsidlary tradlng company. INCOME & INVESTMENT A real change has happened in Ihe fundraising landscape and thanks lo the generosity ol the public, organisalions and our weekly lottery has helped us lo keep funds coming in as the country's economic posrtion changes. They are summarised as follows= Tho financial results lor the year are Sel out In pages 23 to 50 01 th18 report. FUNDRAISING STATEMENT To ensure we can continue lo provKle vital financial support lor our beneli¢iarie$ we need reliable and broad income streams. So many people continued to support our work during the year and helped lo make the work oullined in this report possible. Our consoliddle(i Iii¢oiiie was £10.511m, The Charity does not receive any funding from central Government or local authority bodies, the National Lottery or from outside of the UK. a increase 015,6 Iiom lasl year's £10.045m. Donations and Legacies 01 £4.161 m 12023124 - £3.638mi a wcrease 01 14 /. Trading Income 01 £5.942m 12023124 - £6.069ml predominantly from our well supported HELP Appeal lollery subscriplions. We always slrive lo mainlain a range of income each financial year lo ensure Ihal the majority of the funds received by the Chaiily are spent on our charitable Gause. Every pound donat￿1 adds up lo vital support lor our work. Inveslmenl income 01 £272,000 12023124 £238,0001. We understand that everyone gives accordlng lo their means, wth the Charity being reliant on people who give small amounts in our collection boxes, as well as businesses, clubs and corporate donations. The response WÈ have been receiving from them has been extremely posilive and encouraging and we can only do what we do because ol them. There mighl have lo be sorne financial rnodelling going on in the next financial year, lo rellecl our ability lo generate funds through community. corporate and fundraising events. HoweveT. we are constantly planning ahead lo generate the financing required lo suslain our grant funding programme, our plans remain firm and we will move forward with them as soon as It's financially viable and safe lo do so. HELP APPEAL LOffEAY and COMMITfED GIVING Making a legacy decision lakes time and thought, whilst the Charity does not aggressively market or largel indMdualE lo leave a legacy, the possibility of leaving a gill in a will is promoted Ih¥ough ¢ommvnily engagemenl and on our websites. Players ol the HELP Appeal weekty lottery and people who support our work through the month committed giving scheme have contributed £5.891 m. and £1.302m respectively in playing a significant part in enabling us to continue our work during the year. The generosity of those who rem8mber us in their will is invaluable. We are incredibly grateful lor the generosity ol these supporters when naming our Charity in their wills. The lulure legacy pipeline also appears strong. We have arrangements in place lo obtain feedback on people's experience of joining the lollery and committed gimng programme to ensure qualily and conslancy of service. We are pleased to report this Is i)venNhelmingly positive. In memory donations are received from peopl8 who Ghooso us as beneficiary 19 donate lo in memory ol a loved one who has sadly died. Robert Bertram, Chief Executive, is regisleied as the ielevant Tesponsible person with the Gambling Commission. They ensure thal the lottery returns and annual Submissions lo the Gambling CommissK)n are completed on time. PAYROLL GIVING Donations of £221.00012023124- £248,000) were received from people giving £1 per week from payroll and we are extremely grateful lo every single person. PROFESSIONAL WILL WRITING SERVICE COLLECTION TINS We are also delighted lo be supported by a specialist paralegal law firm located across the country, who a8 parl ol ils National Charity Wills campaign. oflers a professional Will writing Service to members ol the public in exGhange lor a donalion lo lh8 Help Appeal. During the year we had many shops, public houses. clubs. hotels. offices and other ¢ommunity buildings that allow us lo place collecting lins in their premises. Generating £114.608, down by 5% over 2024 once again reflecting the cashless SOGiety Ihal is impacting this area ol our fundraising. In the financial ye81. over 17,000 individuals have Ènlrusled them to Wrlte their Wills generating £692,359 in donations for emergency helipads so lar. Their aim to surpass £3.Om, to help build more NHS hospital helipads atsross the COLtrntry. was achieved during the previous y8ar. INDIVIDUAL and COMMUNITY GROUPS DONATIONS We received valuable donalions totalling £966.00012023124 - £890.0001 from individuals. many ol these amounts consisted ol personal donations, but also sponsorship from family, friends and colleagues. GIFTS IN WILLS (Legacies) and in MEMORY DONATIONS OUT SUPPOrt from legacies was strong and steady Ihroughoul the year lolalling £1.672m12023124- £1.363ml in essenli& lunding. Legacies are by their nature unpredictable and cannot be accuialely lorecasl or piedicted. It remains the case that the majority ot legacy donation8 come from people unknown to the Charity who have simpty not been able lo support us during their lrfetime. However, sometimes those connections do exist. CORPORATE SUPPORTERS Three ol the Trustees are also Directors of the Trading Company,- this relationship enables them lo report on their aclivilies and performance lo the Board. We aTe proud lo work closety with several corporate supporlers including the Leek United Building Society who have been a generous supporter of our work since 2006. The kindness ol Iheir donation in 2025 01 £14,605 lifted their conlributson for supporting our work to over £400,000. INVESTMENT POLICY and PERFORMANCE We report here on the Investment Policy wh￿h is lo maintain and enhance the capital value ol our assets and lo produce. as lar as possible, fundino which is available lo spend on projects towards new and upgraded helipads al Major Trauma Cenlres and key A&E Hospital$ across the country, and other urgent medical related emergencies. TRUSTS and FOUNDATION8 Grant applications are urnderlaken on a cy¢li¢ basis. During the year. granl income of £80,800 12023124 - £95,300} was received. We are particular￿ grateful lo the Jordan Foundation who have supporled our work since 1997. Their donation of £22.000 lifted Iheir contribution lor supporting in excess of £420.000. Our investment Activities were supported by Ralhbones Investment Management loJelher with the Board investment committee, who also measure pertormanee against established market benchmarks that are regularly beaten during the year. MARKETING Our locussed and targeted marketing campaigns have been successful in continuing lo create awareness ol the HELP Appeal. We are building on this profile lo ensure that our fundraising aspirations are achieved and then applied lo maintain a facility, which anyone ol us mighl need al anytime. All investment income is reinvested In the portfolio. including Ihe £272,000 generaled over the past year. We have direct access lo the specialists managing our investments who provide a bespoke and common sense approach lo delivefing steady. risk adjusted returns lor the Charity over lime resulting in a porttolio Ihal meets OUT needs. TRADING SUBSIDARY The Charity is supported by County Air Ambulance Trading Limited. (Company number.. 083088601 registered in England and Wales and wholly owned by the Charity. We consider il essenlial that in making irwestmenl decisions our investment rnanagers lake account of acceptable codes ol management conduct and practice in terms ol Social￿ responsible. environmentally aware and ethical management, all ol which could affect Ihe inveslmenl portfolio. Under the guidance of its Directors. the company operates independently of the Charity in accordance wilh Charity Commission guidelines and is used lor trading activities, Primarily the HELP Appeal weekly lollery, the Charity's larggsl income stream, and for generating awareness ol Ihe Charity through ils aclivilies. AS al 30 September 2025 the total value ol all assets held with our fund manager was £13.3m 12023124 £12.4ml. The Trading Company continued lo achieve year on year results and a summary of these results appear in note 19 in the accounts. All funds are held in a separate bank account from the funds ol the Charity. All profits genèrated Irom the CcThpary are released to the Charity as donalior)s. The subsidiary company made a r8tum lo the Charity of £3.6m1£3.7m - 20231241 in the current sEar under HMRC legislab.on so that no corporate tax becomes payable al the financial year end. REMUNERATION COMMrrrEE The Risk Register is monitored by the Senior fvAanagemenl Team and each meeling ol the Board provides an opportunity for Ihe Trustees to Challenge them on Mthelher they are taking sufticient mrtigatsng actions lo manage the key risks Ihey have identified and the ellecliveness of the Internal controls, especial￿ in relation to core strategic objectives. The role of the Remuneration Committee is lo oversee the remuneration policy lor the Charity to ensure that the reward package offered lo staff is competitive so that we are able to recruit and relain them. Inability lo do this is seen as a key risk to the Charity. The Committee includes a subgèt of Trustees with particular focus lo making sure staff are rewarded lairly through a review. on an annual basis. of a salary percentagè increment lor considèration and approval by the Board. They lake account of affordability lor the Trust. and the lacl that il operatgs in the third sector. In this way the Board maintains oversight of identified risks and is in a position lo satisfy ilsell thal proper measures and systems ar8 in place. as lar as reasonably possible, so that relevant legislation is complied wlh to mitiggle or eliminate any risk. All members of the Committee have the experience and skill lo make apr)ropriale Temuneralion decisions. During the Covid lockdown the charity developed a bespoke pandemic impact policy and continuity plan lo ensure that the Charity is prepared lo deal with factors beyond ils control that could seriously Impair ils ability lo continue normal working. An action plan is in place lo progressive￿ mitigate these risks. although it is recognised that this will not all be within Ihe control of the Charity. RISK MANAGEMENT Risk identification and management is a key process wtthin the Charity al all levels. We have in place a cornprehensive risk framework in line with best practice and the requirements of the Charities Stsiemenl ol Recommended Practice ISORPI IFRS 1021, lo assess any risks lo the Chartiy and implement risk management stralegies. This strategy seeks to minimise all operational and compliance risks lo as low a level as is practicable given the activities and responsibilities the Charity fulh'ls. Foremost lor consideration are the principal rlsk categories of strategic governance, linancial risk including inveslmenls, incom8 g8n8ralion risk, repulalional risk, data protection, and cyber security risk. The system of risk management and internal control is designed lo minimsse rather than eliminale the risk ot failure lo achieve the Charity's objedives and cannot provide absolute assurance against the risks that we face. Risk Manaoement is a standing agenda item al each haK-yearly meeting to ensure that major risks lo which the Charity rnay be exposed are reviewed and systems established lo miligale those risks. Whereas the existing risk register has served us 11, Ihe Board agreed lo adopt a new risk policy and risk Tegisler based on cufrenl legislative and best practice. This included updates on cyber security and de￿Ing with a pandemi¢ to mention bul a tew ￿XaMpleS. Approprlate insurance cover and special advice has also been oblained. The Trustees are satisf￿d that, as lar a5 IS practicable. adequate wocedures and syElems are in place lo monitor, manage and where appropriate, miligate the Charity's exposure lo major risks. RESERVES The need lo provide a financial cushion in the event of extreme circumstances affecting our ability lo operate normally. The reserves policy has given the Charity the resiliencè lo be able to continue meeting its Charitable objectives and grant making provision even within times ot great uncertainty. The need lo piolect the Charity from investment market volalilily. The scale ol our non-refundable fi'nancial grants lo oui beneficiaries ts a massive undertaking for charity of our size and requires subslanlial financial resources each year and imposes subslanlial financial obligatlon$ on the Board. Provide lor a 'Once in a lifetime rainy day.. The funds available in reserve as al 30 September 2025 - £18.5m up by £2.8m from last year. The Trustees consider this level of reserves position is acceptable and prudent gwen, in the next 12 months, we anlicipale an increase in grant aw￿d$ to coveT the cost lor NHS hospitsl helipad projeels. Despite spending several million pounds on helipad projects at hospttals and air ambulance operational services each yea¥, the slrenglhening ol our reserves rK)silion rAays a key role in helping the Charity in its core purpose. The majority {95Y•l of the Ch￿Ily'S reserves are defined as unreslricfed funds that the Trustees can use lor ary aspect of ils Charitab￿ purpose. As required by the SORP, the pandemic crisis has reminded tha Board just how important financial strength is in having good reserves to be ab18 to draw on. The reserves policy is periodical Tewewed to ensure that il remains appropriate as circumstances ehange. We need a consistentty strong financial performance il our reserves are to be sufficient lo address our long-lerm planned projects. Our long- term intention is lo improve our operaling results and so lo maintain an adequate reserve level while growng our PTojecl spend for OUT benefici2Ties. The Board has reviewed this polrcy lo consider the impact of Covick19 and a changing economic environmenl on our charitable activities and on Ihe level ol reserves held. The reserves policy underpins our financial sU5tainabiltty and we have not raided the Teserves yel bul so much depends on what happens next lo ensure conlinuily of our grant making programme over the years. Reserves are an inherent part of our risk management process and the need for them will vary depending on our financial posilion al a particular lime. The need lo maintsin and strengthen reserves is assessed regularly taking into account the planned spending and budgeting process. The Board aims to maintain ils total unreslricled reseTve5 level above £3 Million which we consider prudent lo ensure financi￿ securfty and lo provide lor contingencies. This threshold is reviewed and set by the BoaTd lollowng an assessment ol the lollowlng factors,. The need to provide short-18rm protection when there is a temporaTy period of reduced income, such as legacies., The need lo provide long-term slralegic financial support lo fund planned helipad construction al key hospitals across the UK: The need lo finance unplanned projecls where the need arises., Saying our thanks W• would Ilk• to •xpr•$s our sp•¢lal thank¥ to: We have a Iradition of recognising the ￿0p1• who80 8UPPOrt has allow￿ us to Ilourish over the deoade¥ and aro partlcularty gratefvl for tho flnanclal support that w ragularfy rnc9iVo Irom: Charw Maher, Chief EKecLrtive ol South Staffordshire Group PIC lor providing free office accommodation and 12cililies al their Walsall Headquarters lor over 29 yews. The Alan Woodliek1 Charit8ble Trust National Philanlhropo Trusl Sambourne Trust M V Hi1lfrK￿se Trust The Patricia Ann Bu[￿r Charitable Trust The Grace TTUSI The Jordan Charitabl8 Foundation EF and MG Hall Charitable Trust Lord Leverhulme Charrfable Trust Mills and Reeve charitab￿ Trust Painswick Parish Charitable Granl Royal Antediluvian Order ol Buttaloes The Russell Trust The Lady Forester Trust The StTasser Foundation Green Turtks Swimming Club Leek United Building &Jaety Smelhwick Labour Club Viking S￿'ps Mr AG & Mrs SE Windsor B1￿IngtOn Village Cotswold Hunt AO Arena Manchester All supporters of our Minchinhamplon Golf Event BNI Llchfield Leaders Comrnunity PAwhe Bridge R￿ary Club Genie T(ys Ltd Cotswold Hunt Kirby Muxloe KMGC Ladles Section Last Wow MCC Mrs EJ Davies - Bowhill Shoot Davenport Goll Club Mrs M & Mr E Soulhgale Moray Finch 1 Ok Rolary Club of Beccles Winchcombe Cycling Irene Walker Brookhouse EngineeriTrJ Maisie Newman John Mytton & Co Kettle Club - Mark Brown Vintage Molorwcle Club W.E. Hewrtt & Sons These promsions have enabled us lo focus our efforts on raising much needed funds in support ol our wr ambLlance and hospital beneficiaries across Ihe country. The role ol volunteers is integral to what we do, coordinats.ng collection tins and raisino awareness and support for the Charity within local communities all around the country. We value the huge support and encouragement W8 receive Irotn Air Ambulance Charities around Ihe country. This close cooperation is important in developing Ihe network ol landing siles with direcl access lo specialist Emergency Deparlmenls, lo ensure that UK Hèlicopter Emargency Medical Services IHEMSI provides the very best service lo patients. In addilloTh w? ara grat•fvl for the support and •d￿ce sourced from: Anthony Colllns LLP Solialors Crombies Accountants Limited Ralhbones Investment Management PGMS Limlted Smee & Ford Ltd Verbatim Call SeNices Kablooie Creative DWF Law LLf>, Lollery Fundrai&ng Serwces Wills Legal SeNce8 Civil ANialion Authority iT)ternalional Managers and staff al - Uoyds Commerryal Banking Barcl8y8 Corporate Nal West Bank Their t)NErall support and thice is greaty appreciated and ensues the Charity 18 well governed so manlaining the hKJh standards and legislalrR issues. Special thanks must also go those supporters who donate by our regular Standing Order, Direct Debit, Payroll Givers and Lottery Members lor Iheir continuous SUPPOTI. q•O14 We approciato thatlgaving a gift in a Will 1$ a vèry Parsonal do¢ision and wo ar• fortunate to ha received 38 generous donatlons thls year from the foll¢)wlng people who have also remembered the Charity in their vfill: Ann Davies Arthur Curtis 8arbara Butler Barbara Kahan Beryl Duckett Brian John Jones David Derrick Derek Cole Desmond Fletcher Eileen Porter Er￿ Seaburn Graham Folland Hubert ￿illiaM J Rowland Jean Ralph Joan Kayes Joan Rogers John Roe Joyce Gre8n Judith Hill Mandy Renton Monica Hill Mrs J Luker hrtrs Mcclean Olive Shelly Pauline Pallestri R P Heward Robert Harris Ronald Al¢o¢k Ronald Davey Rose Griffilhs SalW Kersting Sandra Gibbon Susan Moore Terence Clowes Ursula Wilks Vincent Hill William Griff ilhs IV How we spend our money Overall our norwelundable financial grants have long been the undedying theme ol the Chaiity. EXPENDITURE The Gosls of delivering OUT Gharilable activities in the year lotalled £8.658m a decrease 0170/4 over last year. The expenditure resources are summarised hei6'. Through the 'HELP Appeal, we provide essential funding for life-sawng helipads where helicopters can land directly al NHS hospitals SD critically ill and injured patients have immediate access lo the Emergency DeparlTllent. Overall we made combined non-relundable We also distribute ILFnding from the 'Golden Hour. appeal primarily to support vital Air Ambulance operational costs and inlraslructure projects. grant payments on delivering our charitable activities 01 £4.806m12023124 £5.671 ml. a decrÈase 01 15 %. Other emergency medical related organisalions such as BASICS benefit from our financial suppcyt loward their high response vehicles because - 'saving lime'_'saves lives,. Total expenditure on raising funds increased ty. £186,000 10 £3.61 Om 1202S124 £3.424ml.' breakdown as follows.. We believe Ihat the impact ol our non-refundable grants continues lo impfove palienl experience and survivability whilst adding value lo Ihe UK'S health economy wilhoul cost, in many instances, to the NHS. al Trading actNities £2.302m12023124 £2.289ml ol which Lollery management costs 01 £2.038m. Th•t18 how we are playing our Important part in h•*ing to sav• p•ople's Ilves. bl Raising donations and legacies £1.262m12023124 £1.102ml cl Investment management and advice costs £46,000 12023124 £33.0001 Any surplus generaled is held lor lulure inveslmenl and lo supporl Ihe reserves policy laid ck>wn by the Trustee 8oard. GRANT PAYMENrJ We m8ke a final judgment on the whole picture ol public benefit having a posttwe impact lo improve the patients, experience. Grant m•kbng is th• main way th• Charlty ¢arrf•s out Its charltable purpo808. Grants payable are made In line wth the strategi¢ objectives, and overall inccme incTeased sufficiently lo cover all grant payments in line with our expectations lor Ihe year. These grants continue lo add to our excellent reputation at the lorelront ol the UK HEMS ne￿Ork. We hope this rfjport has giv•n you a good senso ol what we do and how we spend our mon•y. When considering a grant ap1￿1c￿.On lor financial support from an organisation we do this based all the lacls and circumstances in relation lo their clinical arKJ operational service providing the very best patient care. A lull list ol our charilable grant payments is sel out in the Consolidated Slalement of Financial AcliMlie8 on pages 3840. P•q• @ 17 Our future focus We know that the loundalion$ we have laid over our last 30 ypars gives us a strong [￿at[orM from which to be able to delwer our pl￿ned outputs and desired oulcome& mainlain th& wellbeing of our staff and continue lo remwn relevant to those emergency medicd seNice prowders who are in need of our financial support. OUR SUPPORTERS AND STAFF Our work is only possible thanks to the relationship we have with so many ditterent people and organisalions, The kind donab.ons they make lo us enable us lo continue our linanciaf support of air ambulallce services, hospital helipad proiecls and olher emergency medical providers across Ihe country for the people who benefit from IL PLANS FOR THE FUTURE PERIOD INCLUDE: In the Y￿ ahead. ￿lIst the fundraising climate remains challenging. we will retaifi a posrlive outlook and continue our strategy ol income diversrfication in other markets whefever possible to ensure sufficient charitable funds are available lo maintain our grant sperKting in line wlh the anging UTcumslanees. We will.. We would like to fteord our thanks to all the staff al the Charity who show so much dedication and commitment Io their work and to tre Charity and adopting Working styles to accommodate homeworking. Both our staff and supporters have rem&ned at the forelronl of everything do. We could not have achwed what we did in 2024125 wilhoul yo and the support ol so many people and partner organisalions. We thank you lor everything you do. Engage with Ihe general public lo grow awareness of our Charity slalus and reputation through fundraising campaigns and social media too.. In approwng this Strategic Report, on the 21 st April 2026, the Trustees do so in their capacity as company directors on behalf of the B¢)wd of the County Air Ambulance Trust. SecuTe su81ain2ble. lonTrterm and divefse 1￿C￿ne streams l(x our charity., Increase and develop the Charity's regular giving piogramme., GOING CONCERN Expand community lundraising when il's safe to do so to support dèlivering the Chanty's no refundable grants: Having reviewed the CharÉty's linancial position and assessed the projected future grant projections, and associated cash flow forecasts. Ihe Twstees have concllxded that there is reasonable expectation that the Charity land its trading subsidiary) have adequate resources to continue in operalional exislence for the foreseeable fubJTe. Grow the HELP Appeal lollew. Secure grants and donatM)Hs from charitable trusts and foundations- Deliver Charity ol the Year inilialives and corwrale partnerships. For this reason the financial slalemenls have therefore been prepared on the basis that the Charity is a going co Use Ihe Charity's resources iesponsibiy. Michael Honrlque Chairman Paul Harris Dlrector and Company Sgcretary Reference and Administration details The County Air Ambulance Trust is a private company, limited by guarantee and is registered wilh the Charity Commigsion and Scottish Charity Regulator. The Charity was incorporated on 10 Apiil 1995 and was first registered as a charlly in England and Wales on 24 July 1996. Th• Tru8t••8 and Dlr•clors Michael R Q Heniiques. Chairman John L Jones DL, Deputy Chairman Paul J Harris, Company SecTelary Hugh B Meynell MBE (Deceased January 2025) Richard A S Everard OBE DL Dr Shaukal Ali (Resigned October 2024} Mrs Angela Brinton DL (Resigned June 20251 Mrs Jane Bishop (Resigned Oclober 20241 Hon. Arthur G Vestey Tobias J J Askin Miss Julie Kirkbride Torn Heber-Percy Richard Arnold Reglstered Office: South Slallordshire Water Sile. Green Lane, Walsall. Wesl Midlands, England. WS2 7PD. conta￿ Addr•¥s: PO Box 999, Walsall, WS2 7YX Regisl•r•d Company Numb•r: 03044061 R•gistsred Charliy Numbers: 1057063 (England & Walesl SC045963 Iscollandl Tradlng Board Dlr•elor$ Paul J Harris Robert W Bertram FRSA Michael R Q Henriques Toby J J Askin KEY PEOPLE Honorary P•tron Caiherine. Lady Forester DL Nomlnatlons Commlitee Paul J Harris, Chairman Michael R a Henriques John L Jones DL frlonorary Chairman Anna Turner, Lord Lieutenant of Shropshire Vl¢• Pr••id•hts Sir Algernon Heber-Percy. KCVO The Countess ol Aylesford The Duke ol Beaulorl Professor Sir Keith Porter The Lord Slafford Lindsay Bury Martin Thompson The Lord Vesley Robert Bentley Tim Cox Mrs Nicholas Bi$hop MTS Michael Brinton Inv•stm•nt ¢ommitt•• John L Jones DL, Chairman Michael R Q Henriques Hon. Arthur G Vesley Robert W Bertram R•mun•rallon Commltt•• Michael R Q Henriques Richard A S Everard. OBE OL John L Jones DL Sènior Manag•fflent Tèam Robert W Bertram, FRSA - Chief Execul¢ve Sally M Abboll - Head ol Fundraising Carol A Follos Trust Adminislralor Nicky Yousler - Head ol Finance Honorary Offlcors ichael R Q Henriques. Chairman John L Jones DL. Deputy Chairman Paul J Harris, Company Secrelary THE CHARITY'S ADVISORS Principal Bank•rs Lloyds Commercial Banking, The Bridge. Walsall, WS1 1 LU Independent Auditors Crombies Accounlanls Limited 34 Waterloo Road. Wolverhampton, WV1 4DG 8ar¢lays Cofporale Banking, Barclays House, Ocean Way, Soulhamplon. SO14 3TJ Sollcltors Anthony Collins LLP, 134 Edmund Street. Birmingham, B3 2ES Nal West Bank, 57 High Street, ChrislGhurGh Dorsel. BH23 1 BB Inv•stm•nt MaTh8g•r$ Rathbones Investment hAanagement 8 Finsbury Circus London, EC2M 7AZ 10 Structure, Governance and Management GOVERNING INSTRUMENT Originally founded in 1993 the County Air Ambulanco Trust is a private company Inurnber 03044061} governed by ils Memorandum and Articles ol Association which were amended by special written resolution of the Board ol Trustees dated 20th October 2025 Obj￿Ily•S and acliviti•• The principal aim of the Charity is lo generate income from fundraising acliwlies lo promote. develop and enhan￿ support lor the provision ol Helicopter Emergency Medical Services I'HEMS'I. These fundr￿sIng activities are planned lo maximise our incom8 and builrj the Charity's brand. The Charity primarily opeTales in England and Wales, also in Scotland whore we have a numbèr of important hospital helipad projects. The total income and expenditure figures lor Scotland are shown Separate￿ in the statement of financial activities on page 36. The Charity does not hav8 a share capitsl and has one wholly owned trading subsidiary, Counly Air Ambulance Trading. which is registered and operates within the United Kingdom that wries out trading activities. Organi$atloThal structure Wè have a governing Board ol Trustees commilled to mainlaining a high Standard ol governance. Trustees, all ol whom ar8 unpaid roles, are drawn from diverse background5 lo bring a bioad Tange of relevanl experience and skills lo Board discussions. Their names are listed on page 19. Committees are in place lo oversee and remew policies lor the Charity with paTlicular locus on mallers ol financial control. investment. remuneration and governance. ThÈy report back any actions arising at subsequent board meetings which over thè past year have been h81d faCe-l￿aCe or by Microsoll Teams. The Chiel Executive and Head ol Finance each have delegated financial authority lo incur expenditure up to £5,000 wlhin our finance policy. This level has not been increased since 2007. Expenditure over this amount can be aulhorised by the Chairman or in his absence the Company Secfelary. All issues incurring mole major expenditure are referred lo a full meeting ol the Truslee Board. During the financial period. none of the Trustees received remuneration or benefits other than the reimbursement ol reasonable exponses incurred by Ihem in carrying out their duties as volunteers and they are disclosed in note 10 lo the accounts. Jane Blshop. Shaukal Ali and Angela Brinlon resigned as Truslees in line wilh our poliGy on term ol office and none look up employment with the Charity during this financ￿al period, The Charhy holds trustees and dlrectors Indemnity Insurance Cover of £1.000,000 but the cost is not separable from the lolal Gosl ol insurance. TRUSTEES, RESPONSIBILITY STATEMENT The Trustees confirm that the Annual Report and Financial Statement ol the Company and the Group compty th the Charities Acts 2011 and 2016, the Company's Act 2006, and the requirements of the Charity's governing document and in accordance wth United Kingdom General￿ Accepted Accounting Practice. including FRS 102, the financial reporting standard applicable in the UK elfecknve Irom Isl January 2015. P4 The Truslees are satisfied that they give a ttue and lair view ol the slate ol altairs ol the charitable company and the group ancl ol the incoming resources and applicalion ol resources, including the income and expenditure. ol the charitable group lor that period. In preparing these linancial slalements, the Trustees are required lo: select suitable accounting policies and then apply them consistently., observe the melhods and principles in the Charities SORP IFRS 102): make judgments and accounting estimates Ihal are reasonable and prudent. slate whether appllcable UK Accounting Standards have been followed. subject lo any maleTial departuros di￿105ed and explained in the financial slatemenls,. and prepare the linancial statements on the going concern basis unless it is inappropriate lo presume ￿al th8 eharilable group will conlinue in business. They are also responsible tor safeguarding the assets ol the charitable company and hence lor taking reasonable sleps for the prevention and detection ol ITaud and other irregularities. Then, Ihere is our work on compliance that means we all have lo operate in a¢¢ordance with th8 many rules, laws and regulations that relate to the work ol the Charity. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDrroRS The Trustees confirm that.. so lar as 8ach Truslee is aware, there is no relevant audit information las defined by S8Ction 418 of Companies Act 20061 ol which the charitable company's auditor is unaware.. and each Trustee has taken all the steps that they ought lo have taken as a Trustee in order lo make themselves aware ol any relevant audit inlormatSon and to establish that the charitable company's auditor is aware ol that information. The Trustees are responsible lor the mairslenance and inlegiity of the corporate and financial informatior) included on the Charity's website. Legislation in the United Kingdom governing the pfeparalion and dissemination ol financial slalernents may differ from legislation in other jurisdictions. No Trustees have any beneficial interest in the Charity and guarantee to contribute £10 in the event of a wtnding up. The Trustees receive no remuneration lor their services. APPOINTMENT OF AUDITORS Crombies Accountants Limited had signified their wllingnes$ lo Continue as the Charity's auditors lor the ensuring year. A role they have discharged most diligenlty over the past lew years. Their re-appoinlmenl will be considered al the Annual General Meeting on 21 sl April 2025 in accoTdance with Section 489 ot the Companies Act 2006. 11 Financial statements What lollows on pages 23 10 So are our Financial Slalemenls for the year. RKcigfERED COIqPANY NUMBF.R.. OJIJ41fj61 IFDgl¥nd Il'Akil RKGisfF.RF.D CHARJTY NUMBFR: 1057063 (England ind WAlt*l REGIgfERED CIIARITY NtIMBER.. SCW963 (Se4llaDdl REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF COU.F4TY AIR AMBULANCE TRUST Oplnlott We have audited the financial statements of County Air Ambulance TNst (the'charry,) its subsidiary (th¢ 'group') for the year ended 30 September 2025 which comprise the CoJN*lidated Ststement of Financial A¢tivities, the Consolidaicd Balance Sheet, the Cbarity Balance 5heel. the Con501idat¢d the Cash Flow Stalemtllt and notes io the r￿ancIal statements. Èncludin8 a summary of SI￿]rIcant accountin8 policies. The finan¢ial reporting frainework that has bccn applied in Ih¢ir preparation is applicable law and Uni*d Kingdom A¢¢ounting Standards {United KingdoTn Generally A¢cepied A¢counting Prnciice). In our opinion th¢ fiDancial 5t8t¢ments'. give a t￿¢ and fair view of th¢ state of the charitsbl¢ Lompany's affai￿ 46 at 30 September 2025 and of its incomirtg rcsources and applicjtion of rcsources, including its incom¢ and eXpendI￿re, for the y¢zr then cnded,. have b¢¢n properly pr¢pared in ac¢ordan¢¢ with United Kingdom Generally Accepted Accounting Practice" and have beenprep8red in accordance with the requirements of the Companies Act 2006. B45is for Dpinlo We conducted our audit accordAnce wilh Internaliot)81 Standards on Auditing (UK) {ISAs (UK)) and applicable law. l)ur responsibilities under those stsndards ar¢ fvrther described in the AuditOTS' re5pollsibilities for th¢ audit of ihe financial statements stttionofour report. We are independent of the charitable company ID accordance with the ethical requirements that are relevant to our audil of the financial statements in thc UK. including the FRC'5 Etkn'cal Siandard. d we have fulfilled our otherethical responsibilities in accordan¢e with th¢s¢ requirements. W¢ believe that the audii cvidence we hav¢ obtained k$ sutTicierLt ar￿1 appropriat¢ ro provide a basis forour opinion. Conclusions relating to gotng ton£er In auditing the financial stsiements. w¢ have ¢on¢luded that the tsusiees, use of the going ¢oncem basis of a¢courLting in the prepardiion of the financial ststements is appropriate. Based on the work w¢ hav¢performed, we have not id¢ntifiedany malerial un¢ertiintLes relating lo ¢vents or condition5 thaL indiYÈdually or wIl￿tivelY, may ¢8st signifL¢ani doybi on the ¢hon"table company's ability to continue is a going concen) for aperiod of at leaxt twelve months from when the financial sthtements ore authorised for issue. Our r¢sponsibilities and ihe rebponsibilities ofthe trusiees with respect lo going CORcern are 4kscnl)ed in the r¢levant section5 of this rq>orl. Other IDftsrni*tlo Th¢ trnsie¢$ ar¢ r¢sponsibl¢ for the other inf0m￿li0￿. The other l￿f0T￿￿tion COmPTises the infoT]nation ]￿luded in the Annual Repon, other than the finaMi31 stsi¢ments and our Report of the Independent Auditors thereon. Our opinion ott thc financial statcmcnts docs not cover the oihcr tnforn?alion and, except to the ex*tti oihetivis¢ expliciily staled in our rq>ort. we do nol express any forrn of assurance conclusion thereon. In connection with (Trur auditof ihe fiDall¢ial stst¢men15, our responsibiliry is to read the oiher infOrn￿tIon and. in doing so, consider whether the other infonnation is materially inconsisteDt with the fiiianrial statmeAts or our knowledge obtaincd in thc audit or othtThvisc appcars to bc materially mt$stat¢d. If we identify such material Inconsistcncies or apparent material misststements, we arc required to deterniine whcther this gives rise to a rn8tcrial missta*ment in the rinthcial Stste￿¢￿t5 IheuL5elve5. If, based vn the work we have perfonncd, wc conclude ihat there is a mat¢rial misstatement of thi5 oih¢r information. we are ￿qL[lred to Teport that fact. We have nothillg to re￿rt in this reward. Opinion$ on Dther matters prescri1￿1 by the Companie8 Att 21)116 In our opinion, based on thc WO￿ UDdertakcn itt thc course of thc wdit.. the inforniation given in the Reportof the Trustees forthe financial y¢8r forwhich the finan¢ial statements. areprepared is con¥istent with the financial statements,. and the Report of the Trustees has been prepared in xcordan¢e with appli¢able legal requir¢tn¢nt$. P4A• REGISTERED COMPANY NUMBER: 03044061 {ÉnglNnd ¥nd W*ltt} REGISTERED CH￿ NumB￿R. 1057Q63 Ind Wslul RECISTERED CIIARTfY NtJMBER.. SC•45963 IS¢•thn REPORT OF THE INDEPENDEP4T AUDITORS TO THE MEMBERS OF COUNTY AIR AMBULAJ¥CE TRUST Matterg OD Ivhleb we are required to report by ezception In the light of lh¢ knowl¢dg¢ and understanding of th¢ charitabl¢ ¢ompaDy and its environment obtained ill the ¢ours¢ of th¢ audit, we have noi identified materiAI misstatements irt th¢ Rrport of thr Trustees. We have tK)thittg to r4)ort in respeet of the followiE)g matters where the Companies Aci 2006 require8 U8 to r¢port lo you if. in ouropinion.. dequate accountingrecord$havenot beenkept orretwmsad¢quate forour audii havenotbe¢n received from bran¢h¢s ot visited by us. or the finaDcial statements are not in agreemenl with the accounting Tecords and T￿rns. or certain dis¢losur¢$ of trust¢e$' r¢mun¢ration spe¢ified by law are not made. or we hav¢ Dot T￿¢1ved all the inforn]ation and explanations we requir¢ for our audit. Responjibilities of ¢ru5tees As explained more fully in th¢ Statement ofTw9te¢s' R¢8pon5ibilities, the tNsieu (who are 4180 the direcioTS of the charitable Company foT lh¢ purposes of ¢ompally law} 4T¢ r¢$ponsibl¢ for the prq)aration of th¢ fmaocial statem¢nt$ and for being satisfied that they give a ttue and fair vi¢w, at)d foT such internal control as the t￿Stee8 detennine És ne¢essary to enable the preparation of f￿anCial statements that are free from matetial misstatetncnL whether due to ud or C￿r. ID preparing the financial state0￿ts. the trusiees are responsible for assessin8 the ¢k￿l￿ble compansls ability to continur a5 a 80ing concern, di5c105ings applicablc. mattets relatcd to going concern and using the goin8 concern basis of acco￿￿tIng unles5 the trustees either intend to liquidatt the charitable company or to cusc operaiions, or have o realisti¢ alternative but to do so. RKGISTERED COMPANY NIJMBER: 03044Tr61 IEDglDnd W*lets) REGISTEREDCIIARifY NUhlBER: 1fj5kn3 (Engl*Md and WalNI REcvsfEREDCIIARTfY NUMBER: SCI45￿ ISr•tlADdl REPORT OF THE INDEPENDENT AUDITORS TO THE 14qEMBERS OF COUNTY AIR AMBULAP4CE TRUST Our responslblutles for the #udlt of the Ilnanelal stalements Our objtttive5 are to obtain rea50Dable a55uraDCe about whether th¢ fJJ)8n¢ig1 statements as a whole are free from tnaterial mi5Stat¢ment. whether due to fraud or ¢rroT, ond to issue o lieport of the JndepthJd¢ni Auditors that includes our opinion. Reasonable asswance is a high level of a$5uranr¢, but l5 not a guatantee thai an audit conducted in accordanec with JSAS {UKI will always detect L material misststement when il exists. Mtsslatements can arist from fraud or ¢rror and are consider¢d rnaterial if. individually or in the a8gre8ate, they eollld rc&sonably be ¢xpected to influence the econo]DiC decision5 of u5er5 taken on the basi5 of the￿ financial ststements. - the engagement plrther ensured tbal the engggemeni collectively had the appropriatr competell¢¢. ¢apabiiities and skill$ to Tdentify or recognise nOn￿o￿pIlonCC with applicable laws and regulations., -we identified the law8 a￿d reBulati0rt8 applicable to the company tljrough discussions with dircetors and other maDagenKnt -we focused on specific laws and regulations which we coDsid¢rcd may havc a direct material efftti on the fjnancial stat¢m¢nts or the operations of th¢ company. including the Companie5 Act 2006,UK laxation le￿510tion and other laws and regulations idetttifie41 as risk areas from m&ki4g enquirie$ of mallagement and inspecting legal correspondence,. and -identified laws and regulations W¢Te COn￿V￿1¢aleO wilbiti the audii tearti Tegularly and th¢ team remained alert to instsn¢es of non REGISTERED CHARITY NUMBkR: 1O5N6J iElleland W￿*$) REGIsTEREDcHAR￿ NLry+lBER: SC045903 Isetytknrf) COUNTY AIR AMBULANCE TRUST CIAL STATEMENT GRANTS PAYABLE- eontknued Northwest Air Ambulan¢¢ Oxford University Hospitsls Clwity Queen Elizab¢ih Uni H05Pital Glasgow Salisbury NHS Foundation Trusl Shdfield T¢achinB Ho4)ilxls NHSFr Sh￿WSbUry & Telford NHS Trust University Hospital Southa]npton NHS Wiltshire Au Arnbulance- Car 55 1.000 183 121 132 42 Tot*1 ir#Dts pald ID the yvar 7,806 5,693 Grants refunded in the year: Grants refi￿ded from Wor¢cst¢r Grants r¢fun¢l¢d from Noitinghom Wish CIMrity Helipad refvttd (1,000) (2,IMKI) 22) Net y*nts p￿d to Instltuthns continu￿... R8CISTEREDCOMPANY NUMBER.. IJ30441kSl (Ekngjaud iDd W*lesl RFGISTERID CHARrrY NUMBER.. 1O57(163 IEngl#DdAnd Wal#l REGIgTERtD CHARrrY NVMBEIL. SCo45963{s￿lI¥tyd1 COUNTY AIR AMBULANCE TRUST SUPPORT COS13 Governance costs Administrative Costs 85 85 Support costs. itKluded in the above, are as follows.. GovernaDee eosts 2025 2024 for Air Ambulance £￿00 AdmiDisirdtivc Costs Total activities Tots activities £'ooo £w)o Wag¢& Audiiors, remuneration 12 io io 41 12 12 io 10 41 12 Postage and ststionery Sundries 14 85 85 63 NET INCOMEJ(EXPEf4DITURE) Net iDcom¢l{¢xpenditur¢) is staled atier chargingl{crediting).' 2025 £'ooo io 2024 £'ooo Auditors, remunetation io. TRUSTEES, REMUP4ERATION AND BENEFITS There wer¢ no In￿te¢s, T¢munerdtion or othu benefits for the year ¢nded 30 S¢pt¢rnber 2025 nor for the year endcd 30 Septcmber 2024. Trust¢¢s' In the yearended 30 September 2025, there were no lrnst¢es expenses paid out in the year. continued.. RECJSTERED COMPANY NUMBER.. Q31J41QOI Ind WAles REGISTERKD CHARITYTrIUMBER- 1057Q6J IED¥]xlld *nd WAlul RZCJSTERED ClIAR￿V NUMBER.. SC•I590J IknIIBNd) COUIYTY AIR AMBULANCE TRUST STAFF COSTS 2025 £'ooo 621 2024 £￿00 536 W8ge8 $4laTX 621 536 The average monthly ttumbeT of ¢mploy¢e8 during ihe ye4rw85 as follows: 2025 2024 Admittistrydtion Fund-Taising 13 The numberof emplo￿$ whose employee b￿¢fits (excluding employer penslon ¢osts) exc¢eded £60,000 wa5.. 2025 2024 £90,001- £100.O(xI 2025 £IIOO's 2024 £OOO's Wages salaries tomprise: Gross wages and expenses Employerfs Nation￿ Insuran¢¢ Pension costs 532 62 27 476 45 15 621 536 continue&.. REC¥lSTERED COMPANY NUMBKR: 13014061 {Engl*nd Ind Waltsl RECISTKRED CHAiUTY NUMBER: 1057063 (EDgl*nd and W•ks} REGiSTEBEDeHARITYNi(MBER: SC045963 l&•iiaAd) COUNTY AIR AMBULANCE TRUST NOTIS TO THE FINANCIAL STATEMENTS- e•ntillued FOR THE YEAR ENDED 30 SEPTEMBER 202S 12. COMPARATIVES FOR TIIE STATEMENT OF FINANCIAL ACTJVITIES Unrestticted fiu)d £￿00 Restri¢t fwid fund5 £'o INCOME AND ENDOWMENTS FROM Donations and1¢8aeies 3.098 540 3,638 Other tsading activities nv¢5tmEILt income Othcr income 6.068 194 100 6,069 238 100 Tot•1 585 EXPENDITURE ON Raising funds 3J23 ioi 3,424 Ch*rit*ble *cdvltleJ Grant5 for Aar AmbulaDG¢ Administrative Costs Grants forHelipad construction 896 50 896 231 4,775 181 4,775 Other To¢al 9.329 Net g4itis on investments 1.418 NET INCOMEI(EXPETrIDITiIRE} 2,596 (462) 2,134 RECONCILJATION OF FUNDS Total fund5 brougbi forward 12,017 1.537 13,554 TOTAL FUNDS CARRIED FORWARD 1.075 15.688 contsnu¢d... REGISfERED cOmP￿y￿vr+IBER. 031144061 {L￿￿*Trd *nd W*sl RECISTERED CHARITY NUMBkR.. 1•57•63 IEttkJxlld Wales) REGISTERED CHARITYP4UMBER: SC045963 Istollxttd) couNrY AIR AMB LAN OTES TO THE FINAN R THE YEAR EN IAL 11 FIXED ASSET INVESTMEiYrs Listed investm¢nts £'O(K) MARKET VALUE At l October 2024 Additions Disposa15 Revaluations 12.427 1,491 (1.612) 958 At 30 Sep*mber 2025 NET BOOK VALUE At 30 September 2025 13.264 At 30 Sept¢mb¢r 2024 THE CIL4RITY- AS A SEPARATE ENTtTY Shares in 8TOUP und¢rtaking Lisied invcstm¢nls Tota15 £ IKIO'S £ (rf)O's MARKET VALUE At l October 2024 Additions Disposals Revaluations 12.427 1.491 (1,612) 958 12,428 1,491 (1,612) 958 At 30 September 2025 13.264 L¥ET BOOK VALUE At 30 September 2025 13264 13,265 At 30 Sepiember 2024 12,427 12,428 The listed investnlents held as ai 30 September 2025 w¢r¢ ¥$ follow8.' 2025 2024 C05t Market Value £ OOO'S 1,346 546 3,364 Cost Value £ IX)0'5 1.352 590 3,788 £ OOO'S 1.248 490 2.704 £ OOO'S 1,248 536 3.243 UK investments Ov¢rs¢85 inv¢stm¢nts UK equilies Overseas equities conlinued... RECISTERKD COMPANYNUMBEM: 031b4WI (E￿clAnd and Wales) ISTERED CHARITY NUMBER.. 11157063 (EDÈl*ryd W*tey REGISTERED CHARITY f4UMBER: Sc￿4590>(st￿t1lDdI COUNTY AIR AMBULANCK TRUST OTES TO THE FINANCIAL STATEMENTS- e 21125 ntin Also ￿ part of thc investment portfolio £372.358 (2024 - £134.943) i5 held and classified a3 cash. The compan￿$ investsnents at the balaDrx she¢t dat¢ in the shar¢ ¢apitsl of ¢ompalli¢s ill¢lud¢ th¢ following.. co•￿ty Air Ambul#Th¢e Tradi￿$ Limitsd iie8SSteted otTice.' South StstToidshirc Watcr Sitc, Green IAne, Walsall, W¢$t midlat￿S. England. WS2 7PD NatUTe of business.. Fwid raising through charity lotteries Class olshare: Ordinary boldittg 100 2025 2024 Aggregate capitsl and reserves Profit l (Loss) for the year eontinued... REGISTERED COMPANV NUMBER: •3044Q61 (E￿111￿￿ Waltsl REGISTERED CHARITY NUMBER: 1•57O63 IEn¥]aud *lld Wales) REGisfEREDCHARITY NUMBER: SCfj45963 IS¢odxThdl COUNTY AIR AMBULANCE TRUST NOTES TO THE FINANCIAL FOR THE YEAR ENDE tlnued 11 SEYfEMBER 2025 14. CREDITORS: AMouf4TS FALLING DUE MTHIN ONE YEAR 2025 2024 £'o(K) 45 15 Trdde creditors s￿la1 security and othey taxes P¢nsÉons creditor Accrned exp¢tts¢5 40 16 14 70 15. MOVEMENT Ir4 FUIYDS Nel movement in fill￿S £voo At .10.24 £x>oo At 30.9.25 Unr¢$trleted lunds General fund 14.613 2,947 17.560 Restricted fund$ Air Ambulance Support 1,075 (136) 939 TOTAL FUNDS 15.688 2.811 Net movement in fill￿s, illcluded in th¢ abov¢ 4r¢ as follows: Ihcoming resources R¢8oiir¢es expended £'o Gains los%$ £'ooo Movement £yx)o £￿[￿) Unrestrieted fund5 General fund 10.372 (8.383) 958 2.947 Rt5trieted funds Air Ambulance Support 139 {275) (136) TOTAL FUNDS 958 2,811 Comparatfves for D)ovemenl ID fuDd$ Net vement At -10.23 £'iXJO At 30.924 £'ooo Unrtstritted funds G¢Dera] fund 12.017 2,596 14,613 R¢5trict¢d fund$ Air Ambulan¢¢ Support ,537 (462) 1,075 TOTAL FUNDS continued... REGisfERED COMPALYY NUMBER.. 03O41•61 IEnelAnd and W￿e$) REcisfERED CHAJUTV NUMBER.. j￿71J$3 W*leJl REGI￿4EDCHAR￿y NUMBER: SCO459631Sttsll￿*t1 NTY AIR AMB 15. MOVEMENT IN FUNDS • eontinued CLmiparative net movement in funds. included in the above are as follows: Incomin8 resources R&sourccs expended £'ooo Gains and losses Movement in fithds £'ooo £'ooo Unrestritted Gellerdl fund 9.460 {8,282) 1.418 2,596 Restrleted funds Alr ADthulaTLce Support 585 {1.047) (462) TOTAL FUNDS 10.045 29 1.418 A curr¢nt y¢ar 12 months and prioT year 12 months combined position 1$ as follows.. Nei At 1.10.23 At 30.9.25 £'o in fi￿dS Unrestrlcted fMTrds fjen¢ral fLuhd 12,017 5,543 17,560 R¢stri¢ted fuDd3 Air Ambulance Support 1.537 {5981 939 TOTAL FUNDS 4.945 A current y￿r 12 rnonth5 and PTIOT y¢at 12 moJ]ths ¢ornbined n¢t moveTllElJt in fiwd5, Included in the above are a5 follows.. Incumin8 resource$ Resources expended Gaitis and losses MovemtDI in thnds £'o(N) Ullrestrfcted funds General 19.832 116,665) 2,376 5,543 Restrltted funds Air Ambulance Support 724 {1,322) {5981 TOTAL FUNDS (17,987 4.945 ntinueiL.. REGISTERED COMPANYNUMBER.. DJ•Ufj6A ADd WAks) REGI￿ERE1} CHARITY NUMBER.. lo57￿ {E￿￿ThdA￿d WAlesl REGISTEREDCHARITY NUMBER.. SC045963 ISeoU4Ddl Ou￿ry AIR AMBULANCE TRUST STATEMEN EPT MBER 16. RELATED PARTY DISCLOSiJRES There were no related paty transactions for th¢ y¢ar ¢nd¢d 30 S¢ptrmb¢T 2025. 17. PURPOSE OF FUNDS Unrestrlded Fundg Unrestricted fijnds can be used itt 2e¢ordADce with the clwitable objectiV¢5 01 the Twst. Income re￿]Ved AJJ respeci ofheli¢opteremergetscylandin8 pttds 8ndair&nbulance 8UPPOrtisgenerallytreatedasunTe$trictedffiJnds. RestTiCted FuDd8 R¢$tri¢t¢d funds repr¢sent in¢ome r¢¢eived ill rwect of specific air ambulance services wbicb must ther¢(ore be applied to that sp¢tifi¢ service. 18. DOF4ATED FACILITIES The charity r¢¢eive$ fre u5¢ of offJc¢ space from Sourb Siaffordshire W￿tr PIC oll ￿ it￿orn)a1 l¢as¢. It is not cOns￿d¢red possible ro allive 4t an a¢¢urate value foT Ihc donated use of these facilities loi in¢lu$ion in th¢ ststement of Financia] Attivitie$ how¢vcF th¢ tnonetary value of the donation 15 not considered to be material in the context of the financial stalemey)ts as a whole. 19. SUBSIDIARY UNDERTAKING Th¢ Subsidiory of the ¢haritsbl¢ ¢ompauy 15 County AiT Ambulance Trading Lirniled, a COTnpany in¢orporat¢d in England & Wales. iegjstration numbcr 08308860, wb05e registered office is situated at South staff0￿ShI Water Site, Green Lane, Walsall. West Midlattds. Ettgland. WS2 7PD. The subsidiary is included ID the ¢onsolidaied accounts and the profit raised from its activitie5 is donated io the tharitable company. Its turnover forth¢ yearwa5 £5.891,11412024-£6.004,263) and itsexpense5 (in CE TRUST ETAILED STATEMENT OF FILYANCIAL ACTtVlTIES OR THE YEAR ENDED 3 EP 25 2025 £,￿0 2024 INCOME AND ETrIDOWMENTS Dott*tlon$ and lega¢le8 Gifts Donations Committed givin8 Legacie5 Payroll giving 964 1,302 1.672 221 888 1.137 1,363 248 4.161 3,638 Other tr*dlng *ctlvltlei Lottery Inti>me Eyents S,891 51 65 5,942 6,069 InveslD)eD¢ Intome Investment income Bank interest receivable 197 75 218 20 272 238 Other iDcom¢ Othcr i1￿me 136 Totsl Int•ming resourets 10.511 10,045 EXPENDITURE Rxlslng dollatitsni #nd legacies Wages Priniing aDd stationery Office sundries Collection& event5. mailshots etc Payroll givin8 Legal fe£8 Bank charges Committed giving costs Dai8base sysiem wsts 432 349 39 55 35 55 27 12 593 20 12 680 23 1262 1,102 Other trading ae¢ivlti Wage$ and sllbcontr8Ct Lottery expens bli¢ relaiions Printing and s¢aiivnery Office 5undri¢s c￿Led forward 153 2.038 46 153 2,024 46 2.243 2.227 This page does not fo￿ part of th¢ stathtory financial statemetLiS REGISTERKD COMPANY NUMBER: OJIM4(161 (Ellgt•nd w￿ts) REGISTERED CHARITY NUMBER: t057063 IEllglaThd Wthsl REGISTERED CHARITYNiYMbBR.. SCI45963 (Sc•th•d) couiyry AIR AMBULANCE TRU DETAJLED STATEMENT OF FINAN CTIVITIES R THE D 30 SEPTEMBER 2025 2025 £Y) 2024 Other tr4ding aetivitiei Broughi forward MotOT expenses Accountancy Bank Lharges Mcrchandising 2243 2.227 53 56 2,302 2.289 Inv¢stmeDt matta8emertt tosts Inve5knenl advice 33 Charitable a£tlvltles Wages Adv¢rtising Ci)n5ultancy Colleclions, eveThl4 mailshots elc Grants to insti￿tiOnS 24 51 58 23 55 54 36 4,957 5,839 Other Foreigtt exchange Support e•sts Governant¢ £08ts Wa8es Auditorf remuneralion Insuranee Postage and ststionery Sundries 12 10 10 41 12 22 14 85 63 Total ￿soUrCeS cx 9.329 Net Ineome 1.853 716 This pag¢ does not fomi port of th¢ stitutory financial statemellts