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2020-07-31-accounts

Welsh Air Ambulance Charitable Trust Annual Report and Accounts

1 August 2019 – 31 July 2020

COMPANY NO: 4036600 CHARITY NO: 1083645

Foreword

Despite the fact that this

Wales Air Ambulance has

Annual Report covers the period consistently, and over many between 1 August 2019 and years, taken steps to ensure 31 July 2020, it is difficult not income and expenditure are to focus this foreword on the aligned and that financial risks impact of COVID-19, which took are consistently reviewed and hold within Wales from March managed. This approach, along 2020 onwards. with strong leadership and timely action since the onset For a frontline medical Charity of COVID-19, means that we like ours, the effect of the have been able to effectively pandemic has brought about a manage the Charity through unique challenge. On the one what is the most challenging hand, our medical colleagues period in its history. We will are on the ‘frontline’, working remain agile as we continue to tirelessly to treat those who navigate the unpredictability have been affected by this that lies ahead, ensuring the horrific virus. On the other long-term sustainability of hand, the Charity has seen Wales Air Ambulance for future the cessation of its face-togenerations.

For a frontline medical Charity like ours, the effect of the pandemic has brought about a unique challenge. On the one hand, our medical colleagues are on the ‘frontline’, working tirelessly to treat those who have been affected by this horrific virus. On the other hand, the Charity has seen the cessation of its face-toface fundraising and retail operations following the implementation of government restrictions, and many of our Charity colleagues placed on furlough.

Without a doubt, our ability to mitigate against the consequences of the pandemic owes much to our employees and supporters. Despite the impact of COVID-19 on their own lives, they have been

committed to our cause of serving Wales and saving lives. It is their dedication, passion and flexibility that has driven us forward and for that, we are eternally grateful.

On behalf of the Trustees, I present to you this report with the financial statements of the Charity for the year ending 31 July 2020.

Dave Gilbert OBE Chair of Trustees, Wales Air Ambulance Charity

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Welsh Air Ambulance Charitable Trust

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Financial Review Our Purpose
es and Achievements // and Governance //
s
Our FinanceOur Purpo
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Our Purpose

About Wales Air Our Values Ambulance

Integrity

Launched on St. David’s Day 2001, Wales Air Ambulance is the official air ambulance service for Wales. We provide air cover to relieve illness and injury across the country.

To be an organisation that is open and transparent, and actively embraces equality and diversity. To demonstrate honesty and fairness in every action that we take.

We are the only air ambulance charity based in, and dedicated to, Wales and rely entirely on donations to raise £6.5 million each year to keep our helicopters flying (raising to £8 million a year with the introduction of a 24/7 service in December 2020).

Valuing People

To treat everyone with dignity and respect, value all contributions and help one another succeed through effective teamwork.

Our Mission

Innovation

We are on standby every day to protect human life through Helicopter Emergency Medical Services and air ambulance transfers across Wales.

To be a creative, forwardthinking organisation which is open to new ideas, meets challenges and embraces change. To aspire for excellence in everything we do and strive for continuous improvement.

Our Vision

To provide a 24-hour operation so we can help people both day and night, and continually strive for an outstanding air ambulance service available to everyone in Wales. A 24/7 operation will commence from December 2020.

Accountability

To take responsibility for performance in all of our decisions and actions. To ensure as an independent charity that everything we do is patientfocused.

Serving Wales. Saving Lives

Wales Air Ambulance covers the whole of Wales every single day, covering rural countryside, bustling towns and cities, along the Welsh coastline and across vast mountain ranges. Our four airbase operations in Caernarfon, Llanelli, Welshpool and Cardiff are ready to save lives wherever needed.

Flying ED (Emergency Department)

Wales Air Ambulance takes the emergency department (ED) directly to the patient. Find out more about our medical operation on page 6.

Children’s Wales Air Ambulance

The Charity also runs the Children’s Wales Air Ambulance, a specialist division to provide expert care for some of Wales’ youngest patients. Our crews airlift paediatric and neonatal patients to and from specialist hospitals across the UK, as well as providing vital air cover on emergency missions.

The Future of the Charity - Our Strategy

The past year has seen Wales Air Ambulance continue to grow thanks to the generosity of the people of Wales. The next steps in the evolution of the Charity focus on developing the night-flying capabilities of the service, allowing us to expand from a 12/7 to a 24/7 operation in December 2020. The Charity will begin a Strategy Review in January 2021.

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Medical Services

The medical services we offer are as follows:

The Medical Operation

About the Medical Operation

In April 2015, a new and more advanced medical workforce began to operate from the Wales Air Ambulance bases. The Wales Air Ambulance Charity partnered with NHS Wales to create a consultantled medical operation – known within the NHS as the Emergency Medical Retrieval and Transfer Service (EMRTS Cymru). EMRTS Cymru is responsible for the medical workforce and medical governance of the service.

Benefits

The Wales Air Ambulance Charity and NHS Wales introduced EMRTS Cymru in the belief that it would bring a series of benefits to Wales, as follows:

• Our Service will deliver equity of access to pre-hospital critical care for the people of Wales.

• Our Service will deliver health gains through early ED-standard treatment (provided outside of normal paramedic practice) and direct transport to specialist care centres. This should improve the recovery of a patient and increase the number of ‘unexpected survivors’.

• Our Service will deliver downstream benefits for hospitals across Wales. More patients will be taken directly to the most appropriate centre with fewer requirements for secondary transfers. Previously, this would have depleted hospitals of specialist medics (such as anaesthetists) and created additional cost for the Welsh Ambulance Service.

Pre-hospital critical care for all age groups (i.e. any treatment/decision that is carried outside of normal paramedic practice).

Undertaking time-critical, life or limb-

threatening adult and paediatric transfers from peripheral centres (inc. Emergency Departments, Medical Assessment Units, Intensive Care Units, Minor Injury Units) for patients needing specialist treatment at the receiving hospital.

In addition, our Service provides an

enhancement of neonatal and maternal prehospital critical care - both for home deliveries and deliveries in free-standing midwifery-led units (MLUs).

This includes:

Transporting neonatal teams to distant timecritical cases by air.

Supporting midwife units and home deliveries by stabilising neonates and women with lifethreatening problems and transporting them to a consultant-led delivery unit.

Finally, the Service provides a multitude of roles at major-incident or mass-casualty events and a strategic medical advisor is available 24/7. This advisor is known as a top cover consultant.

In addition to the Wales Air Ambulance Charity helicopters, medics have access to a fleet of Rapid Response Vehicles (RRVs). Five Audi Q7s have been converted into state-of-the-art emergency response vehicles designed to enable the team to reach the scene of a medical emergency, by road, as fast as possible. A vehicle is stationed at each Wales Air Ambulance base. Medical equipment has been designed to be interchangeable between the Charity’s helicopters and the RRVs.

Our medical operation is coordinated and tasked centrally via the Charity-funded Air Support Desk (ASD) which is based at the Welsh Ambulance Service headquarters in Cwmbran.

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Welsh Air Ambulance Charitable Trust

Our Service - Fast Facts

Superior oxygen capacity. Crews can carry 600 litres of oxygen on a flight.

Medical Capability

Helicopter Capability

Customised stretcher system. The stretcher can be wheeled out of the aircraft and directly into the hospital, and has brackets around the stretcher to fix the crews’ specialist equipment to it when moving patients. Pioneering bracket systems for medical equipment. Unique designs have been used to secure our advanced medical equipment into the aircraft. Equipment can be charged in the helicopter, so it is ready to go as soon as the crews get a 999 call – saving time and reaching patients even faster.

The latest weather radar technology, and traffic and terrain avoidance systems. Ergonomic storage. A customised storage system specifically for the medics, so they can access all their kit precisely when they need to. 

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Annual Report and Accounts Year EndiTrustees Report and Financial Statements Year Ending 31 July 2019g 31 July 2020 99
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Welsh Air Ambulance Charitable Trust

Fundraising Stories

With the onset of the COVID-19 pandemic and subsequent national restrictions, our shops and café were forced to close and fundraising events were cancelled. We needed to take immediate action to support the Charity’s income - and when we called for help through our emergency appeal, the people of Wales answered. Here are some of the wonderful things our supporters did for us during the first few months of the pandemic.

Sam’s 5k-a-Day in Memory of Baby Brother

A four-year-old ‘superstar’ has raised over £18,000 after walking 5k a day in memory of his baby brother, Benjamin, who sadly passed away in April 2020. Benjamin, who died at 11 weeks old, had been diagnosed with the condition Congenital Diaphragmic Hernia (CDH). It resulted in the majority of his bowel contents developing in his chest, restricting lung development and displacing his heart. Our service transported Benjamin from hospital in Leicester to the University Hospital of Wales in Cardiff, to be closer to his family. Brave Sam’s walks took place during the week leading up to Benjamin’s

subject of Sarah Hopkins’s latest work was the newly painted ‘Stay at home’ wall of graffiti at Swansea Rec. She created 15 prints which were sold at £800 each. Profits were given to the Wales Air Ambulance. Reflecting on her artwork and the situation at that time, Sarah said: “It communicates an important message and is a stark reminder whilst we are all still on lockdown. I really think it’s vital we don’t lose momentum and stay at home wherever possible to protect the most vulnerable in our society and the NHS.”

the usual swim, cycling 112 miles on an exercise bike and running 26.2 miles on the treadmill - in just one day. Russell, from Penparc, said: “It was tougher than I thought it would be!”

Conservatory Ironman Raises

Over 4k

Being in lockdown is hard enough for anyone but setting yourself the extra challenge of completing an Ironman in your conservatory just seems an impossible task – unless you’re Cardigan man Russell Williams. He raised over £4,400 by completing the Ironman, which is considered one of the most challenging one-day sporting events in the world. His Ironman included rowing 2.4 miles on a rowing machine, which replaced

Stay at Home Artwork Sold to Support Wales Air Ambulance

Charity

A Swansea artist has told how she was “inspired” to create a striking piece of artwork after our service gave emergency care to a member of her family. The

funeral. He raised funds for the Wales Air Ambulance and the Neonatal Intensive Care Unit in Cardiff.

Wrexham Youngster’s Charity Cycle Raises Over £1,300

A 6-year-old Wrexham boy has raised £1,318 for three charities including the Wales Air Ambulance after cycling 15.2 miles. Despite his young age, Ieuan Thomas acknowledged the significant impact that charities are facing during the current pandemic and wanted to do something to help. The youngster did the challenge in aid of our Charity, Hope House and Nightingale Hospice. His grandad, Nick Povey, said: “He really enjoyed the day with all his support. The last couple of hills were hard because he was a little bit tired but doing the ride and raising the money made him feel very happy.”

Sam’s 5k a Day in Memory of Baby Brother

Schoolgirl Walks 52 Miles Dressed as Unicorn

A walking ‘Unicorn’ raised £700 feel very happy.” by taking part in our Walk Wales challenge. Seven-yearold Olivia Davies chose the 52-mile distance, which is the equivalent of a walk from Hay on Wye to Powis Castle – dressed as an inflatable unicorn. Rain or shine, Olivia and her proud mum Gemma spent each day walking to get the miles in. The Stebonheath school pupil is really grateful for the support she received, which included lots of waves, car beeps and people stopping to give her donations. Olivia is very proud of what she achieved and ‘is ecstatic’ to have Olivia raised so much.

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Virtual Run and Walk Wales Challenges

‘My Air Miles’ started before the country went into lockdown and following the government restrictions participants finished the challenge during their regular one-hour exercise per day.

This unusual year saw many supporters become fundraisers for the first time and help to raise over £50,000 by taking part in our ‘My Air Miles - Virtual Run’ and ‘Walk Wales’ challenges.

Both virtual challenges were a huge success. The “My Air Miles - Virtual Run” raised over £18,000 for our lifesaving charity.

Great-grandmother Stella Hazell, 82, set her sights on completing 25 miles but, astonishingly, completed over 50. She raised £154.50. Mrs Hazell, from Ebbw Vale, said: “A lot of the extra mileage was down to the fact that our leisure centre, which most of my sponsorship came from, was closed during the latter part of the month due to the pandemic. So, I made up some of my time that I normally spend there, taking more walks.”

Over 200 people took part in the month-long “My Air Miles - Virtual Run” challenge, which aimed to acknowledge the large distances covered by the medics every month. Participants could choose a distance of 25, 60 or 100 miles to complete during March 2020.

During lockdown, over 500 people put on their walking shoes to take part in their virtual ‘Walk Wales’ challenge – raising an incredible £32,000 .

Despite being restricted to one hour a day of exercise due to the pandemic, 545 participants, of all ages, came out in force to show their support.

The challenge took place over 32 days between April and May and allowed participants to virtually walk the distance of the beautiful landscapes in Wales.

The ‘walkers’ set themselves a target based on the number of steps they could achieve. The choices ranged from the 9 miles of the Llanberis Path route of Snowdon, to the 52-mile walk between Hay on Wye and Powis Castle.

Two-year-old Evie Jamieson, who received lifesaving treatment from our medics in March, took part in the 15 miles challenge and raised £2,711. Her proud mum, Jessica, said: “We needed the support of the air ambulance to save our baby girl’s life, and that’s certainly what they did. Without the helicopter and the four amazing medics that attended to Evie, she wouldn’t be with us today.”

90 per cent of those who took part in ‘Walk Wales’ were fundraising for us for the first time.

“ We needed the support of the air ambulance to save our baby girl’s life , and that’s certainly what they did. Without the helicopter and the four amazing medics that attended to Evie, she wouldn’t be with ” . us today

Jessica Prosser Evie’s Mum

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Welsh Air Ambulance Charitable Trust

Annual Report and Accounts Year Ending 31 July 2020 15

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Patient Case Studies

Case 1

The Mid Wales team were called to the scene of a motorbike accident. A fortyyear-old female lost control on a bend and was thrown 160 yards from her bike.

When the team arrived on the dual carriageway, the patient had an erratic breathing pattern and was not responding appropriately, becoming quite agitated. It soon became clear that they needed to take over her breathing, not only to protect her airway but also to protect her brain from any further injury. She was given an anaesthetic and put on a ventilator. She also required a blood transfusion following blood loss and medications to help with her blood pressure. She needed an urgent transfer to a Major Trauma Centre where she was found to have extensive injuries which required a total of nine operations.

She is still requiring extensive rehabilitation and although she will be in a wheelchair for the rest of her life she is eternally grateful to the lifesaving skills of

Case 2

A 12-year-old boy who had been previously fit and well, collapsed suddenly on a football pitch while he was warming up for a match. It was believed he was in cardiac arrest and bystanders were able to perform CPR and attach a defibrillator until the Wales Air Ambulance crew arrived. When the crew assessed him, he was fitting and needed strong drugs to get this under control. He also needed a general anaesthetic to keep him safe until he arrived at hospital.

A couple of days later he required a transfer to specialist services in Bristol and the Children’s Wales Air Ambulance was able to do this in a safe and rapid way, halving the time it would have taken by road. This demonstrates the flexibility that the service provides – a primary response to an incident followed by a time-critical transfer to a specialist hospital.

Case 3

The Dafen team responded to a two-year-old who was involved in a tragic accident involving a car. She had suffered serious head injuries and when the team arrived she was unconscious and needed help with her breathing. The Wales Air Ambulance team were able to respond rapidly and give her urgent brain-protective treatment. She needed a general anaesthetic and was put onto a ventilator to take over her breathing. Once the crew had stabilised her, they were able to transfer her to a paediatric major trauma and neurosurgical centre within sixteen minutes and take her straight to the CT scanner.

She was sedated and ventilated for almost two weeks and, on admission, the chances of recovery looked slim. However, thanks to the early interventions of the critical care team and neuroprotective treatment she received, she was discharged home back to her family just six weeks after the incident.

Case 4

A man in his sixties collapsed at home after having a bleed on the brain. He was taken to his local hospital by the ambulance service where scans showed he needed an urgent transfer to a specialist neurosurgical centre for a procedure to stop the bleeding. It was after dark, so response by helicopter was not possible. A sudden drop in his conscious level and the need for him to be ventilated meant it became time-critical and only a specialist team could undertake the transfer. Fortunately, Wales Air Ambulance medics were able to attend which meant this did not deplete the hospital of a critical care doctor and nurse. The transfer was conducted swiftly and safely, getting the patient straight into theatre on arrival to the receiving hospital. He was discharged from intensive care in two weeks and went on to make a full recovery.

the crew.

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Welsh Air Ambulance Charitable Trust

August 2019 – July 2020 Mission Data

Total number of calls - 3075

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335 % Ages:
Female 47% 53 %
Air
Rapid 0-95
Response Years old
65 % Vehicle
Male
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Cases attended by category

Cardiac arrest Other trauma

Other medical

Falls Transfer and health care professional admissions Unconscious

Patient Destinations

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1%
Out of area
Powys
8 %
18 % Hywel
13 % Dda
Cwm
14 % Taf Morgannwg
14 % Swansea
Aneurin
16 % Bevan
7 %
Cardiff
4 %
18 % 17 % and Vale
24 %
5 %
Betsi
18 % Cadwaladr
71 %
29% of all taken to 71% were taken to
patients attended hospitals hospitals within the
were left in the 29 % following health
community, boards:
avoiding
unnecessary
hospital 24 % English NHS Trusts
admissions.
Incident location by health board
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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

Income Available for Charitable Spend

Overall underlying income increased by 22%, however this falls to 12% when all Coronavirus grant support monies are excluded. The reason for the increase to net income is predominantly due to a significant increase to both Legacy income and income generated by the Lifesaving lottery.

Financial Review

Legacy income increased by 70% on the previous year, and is in fact the highest its been in the Charity’s nineteen year history. However, given the high volatility of this income stream, a cautious approach is taken when budget setting.

Our largest source of income continues to come from the Lifesaving Lottery, which accounted for 47% of the total net income generated in the year. Lottery income increased by 15% this year, as a result of increasing memberships levels. Unfortunately, the decision was made to suspend canvassing in Mid March in response to the Coronavirus pandemic, and canvassing did not recommence until after the year end in August.

Financial Analysis

Detailed financial information is reviewed by the Trustee Board in each of their meetings during the year. The financial outcome for 2019/20 is set out in the consolidated statement of financial activities from page 36. The analysis below has been produced to simplify the financial statements and show how much WAACT actually spends on its operations each year and how it is funded.

Despite the challenges inflicted by the Coronavirus pandemic, net income (before investment losses and fixed asset impairments) available for charitable spend increased by £2.3 million compared with 2018/19. The breakdown is as follows:

INCOME 2019/20 2018/19 CHARITABLE SPEND 2019/20 2018/19
£000s £000s £000s £000s
Donations 2,324 2,651 Helicopter Operational Costs 5,781 6,119
Legacies 3,921 2,302 Helimed 67 Staff and 206
Lifesaving Lottery 5,624 4,900 Consumable Costs 193
Retail (net) (956) (175) Air Support Desk 83 123
Coronavirus Retail Airbase Costs 127 55
Premises Grants 315 - Medical Trauma Resilience
CJRS Grant Income 334 - Management Training 2 6
Covid-19 Government Depreciation of Assets 107 100
Funding Grant 336 - Support Costs 147 93
Trading (net) (34) 7 Total Charitable Spend 6,453 6,689
Investments (net) 60 43
Other 3 45
Total net income 11,927 9,774
Cost of generating income 2,004 2,178
Net income available for
charitable spend 9,923 7,596
% of net income available
for charitable spend 83% 78%

for charitable spend

Total net income increased by £2.16 million whilst the cost of generating income and spend on charitable activities decreased by £164,000 and £235,000 respectively. This resulted in a surplus of £3.47m (excluding losses on investments and impairment of fixed assets).

Donations received in the year decreased by 12%, though the fall in donations through the Spring and Summer compared with prior year and budgeted levels was over 50% due to the restrictions imposed by Government in response to the Coronavirus pandemic. The estimated shortfall in donations in the period April – July 2020 is in the region of £450,000 - £500,000.

Following the UK Government’s announcement of a lockdown on 23 March 2020, all our shops were closed, and remained closed through to July. Retail income decreased by 34%, and the net loss for the year totaled £0.96 million. Fortunately, some of the loss (£0.53m) was offset by Coronavirus grant income received in relation to the shop premises and furloughed retail staff.

In addition to the Coronavirus Job Retention Scheme (CJRS) grants and those provided to our shop premises, along with all other Air Ambulances in the UK, we received a Government funding grant of £540,000 (of which £3336,000 was recognized in the year 2019/20) to support our lifesaving work and the vital role we play in the frontline response to COVID-19.

Charitable Spend

Charitable spend in the year decreased by 3.5% as we saw our helicopter operational costs fall by £339,000 in comparison with 2018/19. Despite all of our aircraft remaining operational throughout the year, there was a temporary fall in activity levels in the period immediately after the lockdown was imposed by the UK Government on 23 March 2020. Despite the adversities faced by the Coronavirus pandemic, we were able to remain on standby throughout, ensuring that we could be there to serve the communities of Wales in their time of need.

Fixed Asset Impairment

Purpose built in 2016, our airbase in Llanelli has generated significant savings in terms of rent and fuel - we estimate this to be in the region of £200,000 per annum. A decision was taken by Trustees to obtain a market valuation of the land and buildings for the first time, in order to establish a more accurate value in our accounts for the year ended 31 July 2020. A RICS Valuation of £1,130,000 was received, £2,480,000 lower than the cost (less depreciation) of the asset in our accounts at the end of July 2020. Whilst this represents a significant difference, build costs are often much higher than built value in many parts of Wales. The Board of Trustees have decided to recognize the market valuation and impairment in this year’s accounts. Further information on the impairment is contained on page 23 (Designate Funds) and within the financial statements.

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Welsh Air Ambulance Charitable Trust

Financial Resources

2019/20
£000s
2018/19
£000s
Net income less charitable spend
Payments to acquire fxed asset investments
Decrease in cash in investments
Add back depreciation of Fixed Assets
Purchase & Disposal of Fixed Assets
Stock (increase)/decrease
Debtors (increase)/decrease
Creditors (increase)/decrease
Cash at bank increase		 3,470
(2,400)
(13)
283
(104)
9
(2,155)
(404)
908
-
-
254
(324)
(31)
606
(225)
(1,315)
1,187

Despite the surplus generated in the year, Bank holdings decreased by £1.31 million. The main reason for this fall was due to the Charity appointing its first Independent Investment Manager, and subsequently investing £2.4 million (further information on page 25).

Designated Funds

These reserves represent funds that have been designated for a particular purpose by the Trustees. Designated funds is made up of:

Tangible Fixed Asset Fund

The value of this fund fell significantly during the year due to a revaluation of the Llanelli airbase and charity offices, to market value (previously value at cost less depreciation). Despite an impairment of £2.48m recognized against the asset in the year, the base continues to provide the Charity with annual rent and fuel cost savings in the region of £200,000 per annum. Night Flying Fund

Sums allocated towards increasing the flying hours of the service into the night as the Charity strives to achieve its vision of a 24/7 service.

Restricted Funds

These are funds that can only be used for particular purposes as specified or agreed by the Donor. Most restricted funds relate to donations or legacies to be spent on a specific aircraft/airbase and are spent during the year in which they are received.

General Funds

Debtors increased by £2.2 million, in part due to much of the high legacy income in the year not yet being distributed and so remaining as a debtor at year end.

These are the reserves remaining when restricted and designated funds are excluded from the total amount. General Funds are held so that the charity can continue its operations in the event of an unforeseen shortfall in voluntary income or increase in costs.

Reserves Policy

Our Funds

The Charity held a number of funds as at 31 July 2020. Together these comprise our reserves. Total reserves as at 31 July 2020 were £11.9 million (2018/19: £11.1 million). These comprised:

All fgures in £000s 2019/20 2018/19
Restricted Funds 43 74
Designated Funds:
Tangible Fixed Asset Fund 1,547 4,175
Night Flying Fund 1,704 1,830
General Funds 8,617 5,010
Total Funds 11,910 11,089

All charities are required to consider how much money they need to hold in reserves. The extent varies depending on the scale and nature of the charity’s activities.

Wales Air Ambulance’s reserves policy aims to balance the need to maximise service delivery for given income, whilst managing financial risk and income volatility.

This policy is reviewed annually by the finance committee, and subsequently reviewed by the Board of Trustees.

WAACT provides an air ambulance operation for the people of Wales and to fund this service, we rely on a number of fluctuating income streams including donations and legacies.

To enable us to provide our lifesaving service in the future, we need to maintain a level of free reserves so that we can continue our operations in the event of an unforeseen shortfall in voluntary income or increase in costs. This is known as our target reserves.

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The Trustees consider the following factors in order to determine an appropriate target level of free reserves:

An assessment of the risk of a shortfall in the Charity’s income or an increase in expenditure is undertaken, and a sum is held to cover the potential shortfall for each element of income and expenditure in the next three years.

The risk weightings range from 5% to 40% depending on the nature of the activities, and have been carefully reviewed in the year to ensure they remain appropriate in light of the risk posed by Coronavirus.

Target Reserves Level

Based on these calculations, the Trustees estimate that a total of £7.5 million of target reserves is required. This aligns with the average annual budgeted expenditure in the next three years.

Variance to Reserves Level

If reserves exceed 125% of target, management should prepare a plan of action, to be approved by Trustees within three months, to restore them to the target level. Likewise, if reserves are lower than 75% of target, management should prepare a plan, to be approved by the Trustees within three months, to restore them to the target level.

Going Concern

As of March 2021, public donations continue to be as low as 60% of pre pandemic levels and we do not expect our fundraising income to reach normal levels no earlier than Spring 2022. Our shops are yet to open again since the latest lockdown restrictions in Wales were imposed in December 2020, and unfortunately five of our shops have now closed permanently.

Our lottery members predominantly pay by standing order or direct debit which increases the resilience of the income stream during such extraordinary times. As the Charity generates a large proportion of its net income from the lifesaving lottery and legacy income streams, the total budgeted net income is not expected to fall significantly on 2019/20 levels.

Any shortfall in income over the next 12 months can be covered by the Charity’s cash reserves and investment portfolio and therefore, despite the continued impact of the pandemic on our finances, the Trustees believe that the going concern basis of accounting remains appropriate for our accounts.

How We Invest Our Funds

Investment Policy

The objectives are to achieve capital growth, adopting a moderate risk approach and complying with the Trustee Investment Acts.

The investments are managed by independent investment managers, Brewin Dolphin Limited, appointed by the Trustees. These investments mainly comprise UK and international equities and fixed interest securities. The Trustees rely upon specialist advice for manager selection and allocation. The performance of our investment advisers and our investment portfolio is monitored by the Finance Committee.

We have adopted an ethical investment policy to ensure that our investments do not conflict with our aims and SUPPORT Wales Air Ambulance’s values as much as possible. Our investment managers actively monitor and engage with the companies in which they invest from an environmental, social and governance (ESG) perspective, using proprietary research, engagement and voting rights to influence change.

Investment managers have also been instructed not to invest directly in any organisation where more than 10% of turnover is derived from the manufacture or distribution of alcohol or tobacco industries.

A company’s response to a material allegation of a breach of child exploitation conventions must be graded at least ‘robust’ in nature by VigeoEIRIS to justify retaining it within the portfolio.

The Trustees do not have a specific target level of income and income generated is currently reinvested in the portfolio. The Charity has agreed a long-term time horizon for its investments and is able to weather short-term volatility in order to meet its long-term objectives. The level of investment risk taken is reviewed regularly in conjunction with our investment advisers and has been appropriately mitigated by apportioning the funds into a well-diversified balanced portfolio.

The Investment policy is reviewed by the Board annually and is regularly reviewed by the finance committee.

Performance

The value of the investments fell by £153,728 over the financial year. This was a result of the extreme market volatility experienced in February and March 2020, due to the onset of the COVID-19 crisis. Markets quickly priced in a forthcoming recession, resulting in one of the sharpest falls in stock market history. Markets have since rebounded well as the economic position has become clearer and support has been provided by central banks and governments across the world. The portfolios have so far recovered all of these losses in the new financial year – at the half-year point (31 January 2021), they were valued at £2,539,292 (a gain of +£293,020).

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Welsh Air Ambulance Charitable Trust

Board Committees

Some of the main Board responsibilities are delegated under defined terms of reference to Trustee Board committees, of which there are currently three. Each of these Committees currently consist of three Trustees, one of whom is elected as Chair person, and a member of the Senior Management Team. Meetings are held a minimum of three times per year. A summary of the role and purpose of each Committee is provided below.

HR and Organisation Development

Governance

Structure and Management

Welsh Air Ambulance Charitable Trust is a charitable company limited by guarantee and governed by its memorandum and articles of association. The Board of Trustees has overall responsibility for the direction, management and control of Welsh Air Ambulance Charitable Trust. Some of these responsibilities are delegated under defined terms of reference to the Trustee Board committees.

Board of Trustees

Members of the Board of Trustees are also directors of the charity for the purposes of company law. There is currently no upper limit to the time that an individual can be a Trustee but one third of all Trustees are required to retire by rotation each year and, if willing to continue, offer themselves for re-election. The Trustees to retire by rotation are those who have been longest in office since their last appointment or reappointment.

The overall purpose of the committee is to actively initiate, help develop, monitor and evaluate the strategic Human Resources and the Organisation Development actions and policies that will enhance and embed WAACT’s reputation as an employer, and enable WAACT to recruit, develop, engage and retain skilled staff, volunteers, and Board members/Trustees.

Finance

The Finance Committee’s role is one of strategic direction and oversight of the organisation’s finances and investments. The committee considers and reviews all financial aspects of charity operations so as to ensure the short and long-term viability of the Charity. The committee also reviews the findings of the external auditors including recommendations regarding improvements to the system of internal control.

Aviation

The committee oversees all aviation aspects of charity operational facilities and bases as well as the Charity’s aviation-related strategic direction. The committee provides recommendations to the main board regarding the aviation services, contract and research and development.

Senior Management Team

Trustees are selected for their abilities to make an effective contribution to the Charity. A skills audit is carried out at least once every three years, and recruitment of new Trustees is based on those skills gaps identified. The skills matrix includes: clinical, finance, legal, public relations, aviation, fundraising, HR management, strategic planning and governance. The Charity also strives to ensure we have representation from all across Wales.

All new trustees undertake an induction programme, which includes visits to airbases where they are given the opportunity to meet with some of the operational team and learn more about the service and aircraft, coverage of the Charity’s aims and how they are being fulfilled, the role and duties of the trustees, company and charity law and governance, and financial and risk management. Trustees meet with the Chief Executive, members of the Senior Management team and other relevant parties. Trustees are also provided with peer support via another Board member for the first year to ensure they have a direct point of contact for further support. Additional training is arranged as required for individual trustees or for the Board as a whole.

The remuneration of the Senior Management Team is reviewed by the HR & Organisational Development Committee and recommendations provided for the wider Board approval. In setting staff remuneration the Trustees benchmark against other similarly sized charities and, where necessary, private sector organisations. The Board also reviews on an annual basis an organisation-wide cost of living increment to staff pay.

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The most significant risks currently

Board Review

The Board regularly undertakes a review of its effectiveness to identify any improvements to the Board’s governance and ways of working or any training needs. The Board supports the principles of good governance set out in the Charity Governance Code and uses the Code to evaluate its effectiveness. An externally facilitated in-depth organisational review was completed in 2019, which included a governance review. The majority of actions and recommendations from this were implemented during 2020. An inhouse Board review against the Charity Code of Governance will be undertaken in 2021 to evaluate the effectiveness of these actions and consider what further enhancements might be helpful.

Our Auditors

Our auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Public Benefit

The Wales Air Ambulance Charity’s purposes are the relief of sickness and injury and the protection of human life by the provision and support of air ambulances and road vehicles in Wales. Our service is delivered through a partnership with EMRTS (Emergency Medical Retrieval and Transfer Service), whose medics are conveyed to the scene of the emergency by our helicopters.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

The Wales Air Ambulance Charity works independently of government and relies on donations to meet the cost of providing this public service.

Risk Management

The Charity has in place a Risk Management Policy, which provides a structured approach to risk management. The objective of the policy is to provide a framework to:

• Define Responsibilities

• Identify Risks

• Assess Priority Risks

• Develop Mitigating Strategies and Actions

• Monitor and Review Risk Activities

• Communicate and Report Risks

All identified risks are recorded in the risk register. The Senior Management Team and Board of Trustees regularly review the risks to which the Charity is exposed and ensure systems and actions are in place to mitigate these risks.

Each risk has an owner responsible for the mitigation strategy. The key elements of the mitigation strategy are noted on the risk log with summary associated comments. In addition, if a risk has been delegated to a specific committee of the Trustee Board, this is also captured.

Risk Mitigation Implemented
Coronavirus pandemic
Additional risks brought about • A number of mitigating actions to counter falls in traditional
by the pandemic include fundraising income, including an emergency appeal and the
ensuring service continuity,
income shortfalls, and
continuing to support and
care for our staff, volunteers
and supporters during these
challenging times.
Service Operations
Disruption (whether short,
medium or long term) in the		 •
•
•		 development of new ways of acquiring and retaining donors (e.g.
virtual events, email marketing).
Robust Partnership arrangements with EMRTS (clinical) and
Babcock (aviation) that provide a resilient service, able to cope with
short term resourcing issues such as staff needing to self isolate.
Adaption of ways of working and communicating, moving to a
remote working environment to combat some of the challenges of
Coronavirus.
Contractual arrangements and monitoring of supplier performance
and provision.
service availability of the aircraft • Availability of back-up aircraft.
resulting from technical fault, • Emergency back-up procedures in place.
accident, grounding of all similar
aircraft or supplier failure.
Strategy and Change
Risk that the charity is unable to • Senior Management Team leading on development of the new
adapt to changing environment strategy and corresponding strategic objectives and operating
and need with the best possible plans.
strategic and operating plan, • Board of Trustees oversight of strategy and delivery of operational
which may lead to plans.
reduced ability to deliver the
highest impact
for our benefciaries.
Funding
Insuffcient funds due to • Regular review of income versus funding strategy.
reduction in income and/or cost • Diversifcation of income streams, most recently an Emergency
effectiveness challenges. The risk Appeal and virtual events coordinated in response to Coronavirus.
of income shortfalls have been • Careful management and planning of fnancial reserves.
increased due to the impact of • Expert management of investments and regular review of
the Coronavirus pandemic. investment policy and performance.
• Annual Review of Reserves policy ensuring strong link between
policyand strategic objectives.
Data Governance and Security • Regular review of IT and data policies.
A personal data breach through • Mandatory training for all staff.
a Cyber attack, or inappropriate • Specialist roles such as Data Protection Offcer.
handling and mis-management • Privacy and security impact assessments for all new business
of data by Trustees, employees, initiatives.
volunteers or third party agents / • Documented procedures included within contracts with external
suppliers. agencies who collect or have access to our data.

IASME Governance and Cyber Essentials plus accreditation.

•

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Statement of Trustee Responsibilities

The Trustees (who are also the directors of Welsh Air Ambulance Charitable Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to select suitable accounting policies and then apply them consistently;

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Report of the Trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company directors, on 20th April 2021 and signed on the Board’s behalf by:

.................................................................................

...............................................................................

DAVE GILBERT OBE –

TRUSTEE, CHAIR

DR KYLE JACQUES – TRUSTEE, VICE CHAIR

Annual Report and Accounts Year Ending 31 July 201920 31

30

Welsh Air Ambulance Charitable Trust

Other Information

Independent Auditors’ Report

Independent Auditors’ Report to the members and Trustees of Welsh Air Ambulance Charitable Trust

Opinion

We have audited the financial statements of Welsh Air Ambulance Charitable Trust (Limited by guarantee) and its subsidiary (the ‘group’) for the year ended 31 July 2020 from page 35. The financial reporting framework that has been applied is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standards 102 ‘The Financial Reporting Standards applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

resources and application of resources for the year then ended;

Basis for Opinion

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

Conclusions Relating to Going Concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require

The Trustees are responsible for the other information. The other information comprises the information in the Report of the Trustees, but does not include the financial statements and our Report of the Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of

the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustee’s Responsibilities set out on page 30, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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.

us to report to you where:

The Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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Our responsibilities for the audit of the financial statements

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

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 part of our Report of the Independent Auditors.

Use of our Report

This report is made solely to the Group’s and charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Financial Statements

..................................................................................

Henry Lloyd-Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP Chartered Accountants And Statutory Auditors Langdon House, Langdon Road SA1 Swansea Waterfront Swansea, SA1 8QY

Date:..........................................................

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

BALANCE SHEET

FOR THE YEAR ENDED 31 JULY 2020

FOR THE YEAR ENDED 31 JULY 2020

INCOME
Donations and legacies
Other Trading activities
Income from charitable activities
Investment income
Other income
Total Income
EXPENDITURE
Expenditure on raising funds
Expenditure on charitable activities
Total resources expended
Net gains/ (losses) on investment
Net incoming resources
Transfer between funds
Gains and losses on revaluation of
fxed assets
Less Taxation
Net income after tax
Fund balances brought forward
Fund balances carried forward
Notes
3
4
7
9
10
16
8
21		 7,230
7,213
-
70
3
14,516
(4,594)
(6,454)
(11,048)
(167)
3,301
-
(2,481)
2
822
11,089
11,911
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Total
2020
£’000
Total
2019
£’000
826
-
-
-
-
826
(334)
(523)
(857)
(31)
-
-
-
(31)
74
43
6, 404
7,213
-
70
3
13,690
(4,260)
(5,931)
(10,191)
(167)
3,332
-
(2,481)
2
853
11,015
11,868
4,989
7,233
7
43
2
12,274
(4,676)
(6,688)
(11,364)
910
-
-
(2)
908
10,182
11,089
FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
CREDITORS:Amounts
falling due within one year
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Unrestricted Funds
Restricted Fund
Notes
16
17
18
19
20
21
21		 GROUP
2020
£000
CHARITY
2020
£000
GROUP
2019
£000
CHARITY
2019
£000
1,579
2,246
1,527
2,246
4,239
-
4,202
-
3,825
107
4,587
4,322
3,773
51
4,743
4,261
4,239
116
2,432
5,638
4,202
39
2,568
5,575
9,016
(931)
9,055
(890)
8,186
(1,336)
8,182
(1,302)
8,085
8,165
6,850
6,880
11,911
11,938
11,089
11,082
11,868
43
11,895
43
11,015
74
11,008
74
11,911
11,938
11,089
11,082

These financial statements were approved by the Board of Trustees on 20th April 2021 and signed on its behalf by:

................................................................................ ................................................................................ DAVE GILBERT OBE – DR KYLE JACQUES – TRUSTEE, CHAIR TRUSTEE, VICE CHAIR

All activities are continuing operations. There are no other gains or losses for the financial year.

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STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2020

FOR THE YEAR ENDED 31 JULY 2020

1 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net cash infow/(outfow)
from operating activities
Cash fows from investing activities
Deposit Interest received
Investment Income
Sale of fxed assets
Payments to acquire tangible fxed
assets
Payments to acquire fxed
asset investments
Cash used in investing activities
Decrease in cash in investments
Increase/(Decrease) in cash
and cash equivalents in the year
Cash and cash equivalents
at the beginning of the year
Cash and cash equivalents
Notes
1		 1,379
43
-
(294)
-
(251)
-
1,128
4,447
5,575
1,477
43
-
-
(332)
-
(289)
-
1,188
4,451
5,639
2020
£000
Group
Charity
2019
£000
2020
£000
2019
£000
1,131
47
23
-
(104)
(2,400)
(2,434)
(13)
(1,316)
5,638
4,322
1,117
47
23
-
(88)
(2,400)
(2,418)
(13)
(1,314)
5,575
4,262
Net Income
Deposit Interest Received
Investment Income
Tax paid
Losses on Investment
Gains and losses on revaluation of fxed
assets
Depreciation of Tangible Fixed Assets
(Proft)/Loss on Disposal of Fixed Asset
Working capital movement
Decrease/(Increase) in Stock
Decrease/(Increase) in Debtors
(Decrease)/Increase in Creditors
Net Cash Infow/(Outfow) from
Operating Activities		 856
(47)
(23)
-
167
2,481
282
-
822
(47)
(23)
(2)
167
2,481
283
-
900
(43)
-
-
-
-
253
8
2020
£000
Group
Charity
2019
£000
2020
£000
2019
£000
908
(43)
-
-
-
-
254
8
3,716
(12)
(2,175)
(412)
3,681
9
(2,155)
(404)
1,118
(7)
525
(257)
1,127
(31)
606
(225)
(2,599)
1,117
(2,550)
1,131
261
1,379
350
1,477

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ACCOUNTING POLICIES (Cont’d)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

1. STATUTORY INFORMATION

Welsh Air Ambulance Charitable Trust is a company limited by guarantee, registered in England and Wales. The company’s registered number and registered office address can be found on the company information page.

3) Legacy Income

Legacies are accounted for as incoming resources once the three factors of entitlement, probable and measurement has been met so long as notification has been received from a representative of an estate prior to the year end.

Charities which receive a significant number of legacies in a reporting period and have detailed historical information on the settlement of legacies may apply an estimation technique in measuring the value of legacies that are recognised to allow for potential variation in settlement values and the risk of a will being contested.

2. ACCOUNTING POLICIES

a) Basis of Preparation

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 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

b) Basis of Consolidation

The consolidated accounts of the group incorporate the accounts of the Charity and its subsidiary undertaking, both of which were prepared to 31 July 2020. The trading results of the subsidiary undertaking are consolidated on a line by line basis within the consolidated statement of financial activities (SOFA). A separate SOFA for the Charity is not presented as permitted by the SORP and the Companies Act 2006.

c) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes falling in future time periods.

Restricted funds are funds subject to specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

d) Incoming Resources

Incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the income can be quantified with reasonable accuracy.

1) Grant Income

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant received before the recognition criteria are satisfied is recognised as a liability.

2) Lottery Income

Lottery income is recognized after the weekly draw has taken place. A deferred income liability is recognised to account for the balance of those members paying in advance of future draws.

Income Recognition of Legacies

Residuary legacies have been recognised using a case by case basis, when the amount receivable can be measured accurately following written confirmation from the estate executor/ administrator.

4) Fuel Sales

Fuel sales are recognised to the extent that it is probable that the economic benefits will flow to the company and the fuel sales can be reliably measured. Fuel sales are measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

5) Other Heliport Income

Revenue from services, such as hanger rental and landing fees, is recognised when the service have been provided and the right to consideration has been earned.

e) Resources Expended

Resources expended are included in the Statement of Financial Activities on an accruals basis as a liability is incurred, including irrecoverable VAT. Cost of raising funds comprises direct costs associated with attracting grant income, being the proportion of time spent for direct headcount costs.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities, both costs directly attributable and indirect support costs. Governance costs include those costs associated with meeting constitutional and statutory requirements, principally accounting / audit and AGM expenses.

All costs allocated between expenditure categories are on a basis designed to reflect their resource usage. For some costs this means direct allocation to activities, other costs are apportioned, e.g. by staff time spent on an activity, or another equitable usage measure.

f) Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land & Buildings 2% on cost straight line Motor Vehicles 25% on cost straight line Fixtures & Fittings 25% on cost straight line Office Equipment 15% on cost straight line Plant & Machinery •••••••••••••••••••••• 25% on cost straight line

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ACCOUNTING POLICIES (Cont’d)

g) Holiday Pay

Employee benefits such as short-term compensated absence arising from employee entitlement to paid annual leave are recognised in line with FRS 102.

h) Pensions

The pension costs charged in the accounts represent the contributions payable to money purchase pension schemes by the Charity during the year.

i) Financial Instruments

The Charitable Company 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.

j) Investments

Assets held for investment purposes are valued at fair value (their market value) at the balance sheet date, except for investments in trading subsidiaries, which are held at cost, as the Trustees believe that the market value of the trading subsidiary is not materially different to its cost.

Realised gains and losses on investments are calculated as the difference between sales proceeds of these investments and their market value at the start of the year, or their subsequent costs, and are charged or credited to the statement of the financial activities in the period of disposal.

ACCOUNTING POLICIES (Cont’d)

p) Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

q) Operating Leases

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Details of operating lease commitments are as shown in note 25.

r) Provision for Liabilities

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year-end.

k) Stock

Stocks are valued at lower of cost and net realisable value after making allowances for obsolete and slow moving items. Donated goods with a valuation over £50 per item have been included in the stock balance.

l) Debtors

Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

s) Related Party Transactions

The Trustees have taken advantage of the exemption in FRS 8 paragraph 3(c) and have not disclosed related party transactions with its wholly owned subsidiary undertaking.

Short term debtors are measured at transaction price, less any impairment.

t) Functional and Presentation Currency

m) Cash at Bank and In Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

The company’s functional and presentation currency is pounds sterling.

u) Going Concern

n) Creditors

Short term creditors are measured at transaction price.

o) Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Despite the ongoing Covid-19 pandemic, the company continues to adopt the going concern basis in preparing its financial statements. Whilst income from public donations continue to be significantly impacted by the pandemic, the company generates over 70% of its net income from the lifesaving lottery and legacies (see page 20), both of which are less affected. Lottery members pay by standing order or direct debit which increases the resilience of this income stream during such extraordinary times. It is also worth noting that the reduction in shop income has been somewhat offset by the government grants made available and also by the Coronavirus Job Retention Scheme. In addition to this, reserves are strong and as described in the reserves policy on page 23, the Charity currently holds nine months operational costs.

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ACCOUNTING POLICIES (Cont’d)

v) Financial Instruments

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

3. DONATIONS & GIFTS

Unrestricted Restricted Total funds Total funds
Funds Funds 2020 2019
£’000 £’000 £’000 £’000
Donations 2,231 93 2,324 2,651
Treasury donation - - - 36
Legacies 3,858 63 3,921 2,302
COVID-19 Government Funding Grant - 336 336 -
CJRS Grant Income - 334 334 -
Coronavirus Retail Premises Grants 315 - 315 -
6,404 826 7,230 4,989

Other Financial Assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of Financial Assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

w) Critical accounting estimates and assumptions

The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next year are addressed below;

Treasury donation arises from penalties levied on banks that are distributed amongst charities.

4. OTHER TRADING ACTIVITIES

4. OTHER TRADING ACTIVITIES
Lifesaving Lottery
Donated Goods
Cardiff Heliport
Caff HEMS
Merchandise
Other		 2020
£000
Group
Charity
2019
£000
2020
£000
2019
£000
5,624
1,237
242
86
24
-
4,900
1,885
283
135
26
4
5,624
1,237
-
-
-
-
4,900
1,885
-
-
-
-
7,213
7,233
6,861
6,785

*Cardiff Heliport income does not include rent paid by the Charity to the Trading Subsidiary as this has been eliminated on consolidation of the accounts.

5. NET (OUTGOING)/INCOMING RESOURCES ON ORDINARY ACTIVITIES AFTER CHARGING

Group Charity
2020 2019 2020 2019
£000 £000 £000 £000
Depreciation 283 254 282 253
Other operating leases 91 103 91 103
Auditors’ remuneration - audit 14 12 10 9
-other services - - - -
AND AFTER CREDITING
Surplus on sale of fxed asset - (8) - (8)

6. DEFINED CONTRIBUTION PENSION SCHEME

The charity operates a defined contribution pension scheme; the assets being held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £84k (2019: £64k).

Legacies

Income recognition of legacies

Residuary legacies have been recognised using a case by case basis, when the amount receivable can be measured accurately following written confirmation from the estate executor/administrator.

Provisions

Provision is made for the dilapidation on leasehold premises. These provisions require management’s best estimate of the costs that will be incurred based on legislative and contractual requirements.

7. INVESTMENTS

7. INVESTMENTS
Unrestricted Restricted Unrestricted Restricted
2020 2020 2019 2019
Group £’000 £’000 £’000 £’000
Listed Investment Income 23 - - -
Bank Deposit Interest 47 - 43 -
70 - 43 -

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

8. TAXATION

Group

Corporation tax refund of £1,766 arose in the trading company (2019: tax liability £1,719).

Charity

As a registered charity, there is no liability to tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992, in so far as these are applied to the Charitable objects of the Charity.

9. EXPENDITURE ON RAISING FUNDS

Support Costs
Direct Costs Allocated Total 2020 Total 2019
£’000 £000 £’000 £’000
Donations & Legacies 834
308		 1,142 1,134
Lifesaving Lottery 786
64		 851 1,033
Retail Expenditure 2,000
193		 2,193 2,060
Cardiff Heliport 270
-		 270 300
Caff HEMS 106
-		 106 135
Merchandise 23
-		 23 14
Investment Management Costs 10
-		 10 -
4,029
565		 4,594 4,676

10. CHARITABLE ACTIVITIES

Unrestricted Restricted Total 2020 Total 2019
£’000 £’000 £’000 £’000
Helicopter Operational Costs 5,655 126 5,781 6,119
Air Support Desk 83 - 83 123
Helimed 67 staff and consumables costs 206 - 206 193
Airbase Costs 127 - 127 55
MEDTRiM - 2 2 6
Depreciation 76 31 107 100
Governance 147 - 147 93
6,294 159 6,453 6,689

12. GOVERNANCE COSTS

Salary Costs
Audit Fees
Professional Fees
Trustees Insurance
Trustees’ Expenses
Other
Analysed as		 83
14
45
2
1
-
2020
£’000
2019
£’000
55
12
19
2
3
2
145
93

13. CHARITABLE COMPANY RESULTS

The Charitable Company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own income and expenditure account in these financial statements.

The results are summarised below:

The results are summarised below:
Total incoming resources
Total resources expended
Net incoming resources
Net unrealised investment gain/(loss)
Gains and losses on revaluation of fxed assets
Net movement in funds
Funds:
At 1 August 2019
At 31 July 2020		 14,188
(10,684)
2020
£’000
2019
£’000
11,847
(10,947)
3,504
(167)
(2,481)
900
-
-
856
11,082
900
10,182
11,938
11,082

11. SUPPORT COSTS

Donations & Donations & Lifesaving Charitable Total Total
Cost Legacies Lottery Retail Activites 2020 2019
Categories £000 £000 £000 £000 £000 £’000
Finance 46 15 61 30 152 105
IT & Telecomms 67 7 32 - 106 72
Rent, HLP, Insurance 108 2 29 - 139 105
Offce Costs 25 20 9 - 54 62
Human Resources 24 5 24 - 53 60
PR / Communications 29 6 29 - 64 91
Governance 9 9 9 117 144 93
308 64 193 147 712 589

All costs are attributed by activity on the basis of head count or time spent on each activity.

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

14. STAFF NUMBERS AND COSTS

Gross Salaries
Social Security
Pension Costs
Group		 1,851
130
84
2020
£’000
2019
£’000
1,731
134
74
2,065
1,939

The average number of employees, (excluding directors who are trustees) analysed by function was as follows:

ws:
Fundraising
Finance, Administration and HR
Retail
Heliport
Caff HEMS		 24
12
47
3
5
2020
Number
2019
Number
22
10
51
3
3
91
89

The Trustees received no emoluments from the charitable company. Four Trustees were reimbursed expenses totalling £923 (2019 - four Trustees were reimbursed expenses totalling £3,039) for food, hotel and travel during the year.

The number of employees whose emoluments (including benefits and employers pension) were paid over £60,000 in the year were as follows:

Number
£110,000 - £120,000 1

15. KEY MANAGEMENT

The total remuneration of the key management (the Senior Management Team) including any employer pension contributions was £397,000 (2019: £348,000).

16. TANGIBLE FIXED ASSETS

GROUP FREEHOLD
LAND & FIXTURES
PLANT &		 OFFICE MOTOR TOTAL
BUILDINGS & FITTINGS MACHINERY EQUIPMENT VEHICLES
£000 £000 £000 £000 £000 £000
COST
At beginning of year 3,951 429 311 164 155 5,010
Additions 39 45 20 - 104
Revaluations* (2,771) (2,771)
Disposals - - - (16) - (16)
At end of year 1,180 468 356 168 155 2,327
DEPRECIATION
At beginning of year 219 239 147 59 107 771
Charge for year 75 83 78 26 21 283
Revaluations* (291) (291)
Eliminated on disposal
-		 - - (15) - (15)
At end of year 3 322 225 70 128 748
NET BOOK VALUE
At 31 July 2020 1,177 146 131 98 27 1,579
At 31 July 2019 3,732 190 164 105 48 4,239
CHARITY
COST
At beginning of year 3,913 429 302 164 155 4,963
Additions 26 42 20 88
Revaluations* (2,771) (2,771)
Disposals (16) (16)
At end of year 1,142 455 344 168 155 2,264
DEPRECIATION
At beginning of year 218 239 139 59 106 761
Charge for year 74 83 78 26 21 282
Revaluations* (291) (291)
Eliminated on disposal
-		 - - (15) - (15)
At end of year 1 322 217 70 127 737
NET BOOK VALUE
At 31 July 2020 1,141 133 127 98 28 1,527
At 31 July 2019 3,695 190 163 105 49 4,202

*The company property at Ty Elusen, Ffordd Angel, Llanelli Gate, was valued at £1,130,000 by external valuers, Knight Frank, as at the 31st July 2020, on an open market basis, in accordance with RICS Valuation-Global Standards.’

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

17. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Charitable company MARKET VALUE OF
OTHER FIXED ASSET
INVESTMENTS TOTAL
£ £
Cost or valuation
At beginning of year - 1
Shares purchased at cost 2,702,312 2,702,312
Shares disposed at book value (346,597) (346,597)
Cash movement during the year 44,285 44,285
Charges for year (9,992) (9,992)
Income received 23,480 23,480
Decrease in value of investment (167,216) (167,216)
At end of year 2,246,272 2,246,272
Market value at 31 July 2020 2,246,272 2,246,272
Market value at 31 July 2019 1 1

The market value at 31 July 2020 comprises a sum of £2,246,272 (2019: £nil) managed by Brewin Dolphin.

MARKET VALUE OF
OTHER FIXED ASSET
INVESTMENTS TOTAL
GROUP £ £
Cost or valuation
At beginning of year - -
Cash movement during the year 2,400,000 2,400,000
Shares purchased (2,702,312) (2,702,312)
Shares disposed 2,746,597 2,746,597
Charges for year (9,992) (9,992)
Income received 23,480 23,480
Decrease in value of investment (167,216) (167,216)
At end of year 2,290,557 2,290,557
Market value at 31 July 2020 2,246,272 2,246,272

17. FIXED ASSET INVESTMENTS CONTINUED

17. FIXED ASSET INVESTMENTS CONTINUED 17. FIXED ASSET INVESTMENTS CONTINUED 17. FIXED ASSET INVESTMENTS CONTINUED
The aggregated amount of capital and reserves and a summary of the subsidiary results for the fnancial
year were as follows:
2020 2019
Capital and Reserves (27) 7
2020 2019
£000 £000
Turnover 394 489
Expenses 430 480
Surplus for the year (36) 9
Add tax refund/ Less tax on
surplus 2
(2)
Surplus for the year after tax (34) 7
Donated goods
Merchandise
Caff HEMS
Fuel Stock
18. STOCKS		 GROUP
2020
£000
CHARITY
2020
£000
GROUP
2019
£000
CHARITY
2019
£000
51
47
2
7
107
51
-
-
-
51
39
63
2
12
116
39
-
-
-
39

The market value at 31 July 2020 comprises a sum of £2,246,272 (2019: £nil) managed by Brewin Dolphin.

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

Amounts falling due within 1 year
Welsh Air Ambulance Trading Ltd
Trade debtor
Other debtors
Prepayments
VAT debtors
Amounts falling due after 1 year
Welsh Air Ambulance Trading Ltd
19. DEBTORS		 GROUP
2020
£000
CHARITY
2020
£000
GROUP
2019
£000
CHARITY
2019
£000
-
80
4,334
127
46
47
55
4,322
106
44
-
83
2,147
148
54
40
53
2,142
127
51
4,587
4,574
2,432
2,413
-
169
-
155
4,587
4,743
2,432
2,568

Two separate loan agreements are in place between Welsh Air Ambulance Charitable Trust and Welsh Air Ambulance Trading Ltd. Loan interest of £6,174 has been charged this year.

20. CREDITORS: AMOUNTS FALLING

DUE WITHIN ONE YEAR
Trade Creditors
Pension / PAYE accrual
Deferred Income
Accruals
Taxation & Social Security		 GROUP
2020
£000
CHARITY
2020
£000
GROUP
2019
£000
CHARITY
2019
£000
190
27
514
202
(2)
151
27
514
198
-
418
33
604
279
2
380
33
604
285
-
931
890
1,336
1,302

Deferred income relates to lottery membership paid in advance of the prize draws.

21. STATEMENT OF FUNDS

GROUP AT 1 INCOME EXPE- TRANS- UNREALISED GAINS AND AT 31 JULY
AUGUST NSES FERS GAIN ON LOSSES ON 2020
2019 INVEST- REVALUATION
MENTS OF FIXED
ASSETS
£000 £000 £000 £000 £000 £000 £000
Unrestricted funds
General funds 5,010 13,690 (9,812) (104) (167) -
8,617
Designated funds:
- Fixed Asset Fund 4,175 -
(252)		 104 - (2,481) 1,546
- Future running funds 1,830 -
(126)		 - - -
1,704
Restricted funds
Fixed Asset Fund 64 -
(31)		 - - -
33
Restricted Use Funds 10 826 (826) - - -
10
11,089 14,516 (11,046) - (167) (2,481) 11,911
CHARITY AT 1 INCOME EXPE- TRANS- UNREALISED GAINS AND AT 31 JULY
AUGUST NSES FERS GAIN ON LOSSES ON 2020
2019 INVEST- REVALUATION
MENTS OF FIXED
ASSETS
£000 £000 £000 £000 £000 £000 £000
Unrestricted funds
General funds 5,003 13,362 (9,451) (50) (167) -
8,697
Designated funds:
- Fixed Asset Fund 4,175 -
(251)		 50 - (2,481) 1,493
- Future running funds 1,830 -
(126)		 - - -
1,704
Restricted funds
Fixed Asset Fund 64 -
(31)		 - - -
33
Restricted Use Funds 10 826 (826) - - -
10
11,082 14,188 (10,685) - (167) (2,481) 11,937

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

21. COMPARATIVE FOR MOVEMENT IN FUNDS

Unrestricted funds
General funds
Designated funds:
- Fixed Asset Fund
- Future running funds
Restricted funds
Fixed Asset Fund
Restricted Use Funds
GROUP		 AT 1
AUGUST
2018
£000
4,059
4,074
1,953
96
-
12,112
-
-
-
162
(10,837)
(223)
(123)
(32)
(152)
(324)
324
-
-
-
5,010
4,175
1,830
64
10
INCOME
£000
EXPENSES
£000
TRANSFER
£000
AT 31 JULY
2019
£000
10,182
12,274
(11,367)
-
11,089
Unrestricted funds
General funds
Designated funds:
- Fixed Asset Fund
- Future running funds
Restricted funds
Fixed Asset Fund
Restricted Use Funds
CHARITY		 AT 1
AUGUST
2018
£000
4,059
4,074
1,953
96
-
11,685
-
-
-
162
(10,417)
(223)
(123)
(32)
(152)
(324)
324
-
-
-
5,003
4,175
1,830
64
10
INCOME
£000
EXPENSES
£000
TRANSFER
£000
AT 31 JULY
2019
£000
10,182
11,847
(10,947)
-
11,082

PURPOSE OF DESIGNATED FUNDS

Designated Fixed Asset Fund

The capital spend designated fund represents the surpluses which have been spent on capital assets. These surpluses are not available since the cash has been committed on such assets.

22. A CURRENT YEAR 12 MONTHS AND PRIOR 12 MONTHS COMBINED POSITION AS FOLLOWS:

GROUP AT 1 INCOME EXPE- TRANS- UNREALISED GAINS AND AT 31 JULY
AUGUST NSES FERS GAIN ON LOSSES ON 2020
2018 INVEST- REVALUATION
MENTS OF FIXED
ASSETS
£000 £000 £000 £000 £000 £000 £000
Unrestricted funds
General funds 4,059 25,802
(20,649)		 (428) (167) -
8,617
Designated funds: -
- Fixed Asset Fund 4,074 -
(475)		 428 - (2,481) 1,546
- Future running funds 1,953 (249) - - -
1,704
Restricted funds -
Fixed Asset Fund 96 - (63) - - -
33
Restricted Use Funds - 988 (977) - - -
10
10,182 26,790 (22,412) - (167) (2,481) 11,911
CHARITY AT 1 INCOME EXPE- TRANS- UNREALISED GAINS AND AT 31 JULY
AUGUST NSES FERS GAIN ON LOSSES ON 2020
2018 INVEST- REVALUATION
MENTS OF FIXED
ASSETS
£000 £000 £000 £000 £000 £000 £000
Unrestricted funds
General funds 4,059 25,047 (19,868) (412) (167) -
8,659
Designated funds: -
- Fixed Asset Fund 4,074 -
(475)		 412 - (2,481) 1,531
- Future running funds 1,953 (249) - - -
1,704
Restricted funds -
Fixed Asset Fund 96 - (63) - - -
33
Restricted Use Funds - 988 (977) - - -
10
10,182 26,035 (21,632) - (167) (2,481) 11,937

Designated Running Costs Fund

The Trustees current policy is to designate reserves for future running operational costs to ensure continued financial security and to provide for unexpected falls in income.

Restricted Fixed Asset Fund

The balance of restricted funds carried forward relates to the net book value of fixed assets purchased.

Restricted Use Fund

These restricted funds are unspent funds, restricted in purpose, to be used in the future.

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust

23. SHARE CAPITAL

The charitable company is limited by guarantee and as such has no share capital. In the event of the charitable company being wound up, the liability of each member is limited to £10.

24. GIFT AID

During the year Welsh Air Ambulance Trading Limited did not gift aid a donation to the Charity (2019: £nil).

Officers & Contacts

25. FINANCIAL COMMITMENTS

Financial commitments under non cancellable operating leases will result in the following annual payments in respect of land and buildings:

LAND & BUILDINGS

Expiring within 1 year
Expiring with 2-5 years
Expiring after 5 years		 2020
£000
2019
£000
349
481
-
305
687
-

Financial commitments under non cancellable operating leases will result in the following annual payments in respect of motor vehicles:

MOTOR VEHICLES

Expiring within 1 year
Expiring with 2-5 years
Expiring after 5 years		 2020
£000
2019
£000
42
29
-
80
72
-

26. TRUSTEE INDEMNITY INSURANCE

Included in administration costs is the cost of Trustees’ liability insurance amounting to £2,240 (2019 £2,000)

Trustees

R M James

D R Kitto D Gilbert K Jacques M D Jones-Morris J Wagstaffe S Curtis

O S Davies B Kirsop R Locke

L Dafydd

L Church (appointed 21 April 2020) A Burdge (appointed 21 April 2020) S Ley (appointed 16 June 2020)

Company Secretary

J Stephens

Chief Executive

S Barnes (appointed 1 December 2020)

Registered Company Number

4036600 (England and Wales)

Registered Charity Number

1083645

Auditors

Bevan Buckland LLP

Langdon House, Langdon Road SA1 Swansea Waterfront

SA1 8QY

Bankers

Barclays Bank PLC 3rd Floor, Windsor Court 3 Windsor Place Cardiff

CF10 3ZL

Solicitors

Geldards LLP

Registered office

Ty Elusen Ffordd Angel, Llanelli Gate,

Dafen

Llanelli SA14 8LQ

Dumfries House, Dumfries Place Cardiff

CF10 3ZF

Investment Managers

Brewin Dolphin Ltd 2nd Floor, 5 Callaghan Square Cardiff

CF10 5BT

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Annual Report and Accounts Year Ending 31 July 2020

Welsh Air Ambulance Charitable Trust