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2025-07-31-accounts

Welsh Air Ambulance Charitable Trust ANNUAL REPORT AND ACCOUNTS 1 August 2024 - 31 July 2025

COMPANY NO: 4036600 CHARITY NO: 1083645

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CONTENTS
Trustees Annual Report
Anthony’s Story 4
Who We Are and What We Do 8
Joanna’s Story 10
Our Strategy
16
Medical Operation
24
Service Improvement
32
Income Generation
Defining the Organisation 38
42
People & Our Identity
49
Looking Ahead
Our Finances and Governance
50
Financial Review
58
Governance
66
Independent Auditors’ Report
72
Financial Statement
76
Notes to the Financial Statements
Officers and Contacts 96
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ANTHONY’S STORY

“I’m just really grateful that there is a service in place like the Wales Air Ambulance, and that there are people who are willing to put themselves in that incredibly stressful position to fly out and treat people. It’s just amazing, absolutely amazing.”

In October 2024, Anthony Crothers had enjoyed a walk in Gower with his two friends when he suddenly collapsed and nearly lost his life.

Anthony stopped breathing outside the shop in Three Cliffs Bay, Gower. His friend Glyn Dewis, with the help of two other bystanders, Dean and Jamie, rushed to his aid. They called 999, started chest compressions and attached a community defibrillator, which delivered one shock.

By pure coincidence, four off-duty doctors arrived at the scene and assisted with resuscitation, whilst they waited for the paramedics to arrive.

The paramedics carried out a rapid assessment, gave Anthony some oxygen, supported his airway and attached him to all their monitoring machines.

Due to his condition, the Wales Air Ambulance was called to give Anthony hospital-standard care in the car park. When the air ambulance crew arrived, Anthony was still unconscious and needed support with his breathing. Anthony’s pulse was very slow and weak.

The EMRTS (Emergency Medical and Retrieval Transfer Service) medics on board Wales Air Ambulance, Consultant Dr Iain Edgar and Critical Care Practitioners Derwyn Jones and Rhyan Curtin, stabilised him by inserting a breathing tube and attaching him to a ventilator. Taking over Anthony’s breathing ensured enough oxygen was getting to his brain, preventing brain damage.

The doctors performed five cycles of CPR and Anthony was given five shocks from the defibrillator. Thankfully, his heart restarted just before the paramedics arrived.

Whilst the Welsh Ambulance Service paramedics contacted Morriston Hospital to arrange for a direct transfer to the cardiac centre, the air ambulance crew gave Anthony adrenaline to keep his heart rate and blood pressure within normal limits.

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Whilst under the constant supervision of the Wales Air Ambulance medics, Anthony was then airlifted to the Intensive Care unit at Morriston Hospital, where he required cardiac stents to be inserted (small, expandable mesh tubes used to widen blocked or narrowed coronary arteries, improving blood flow to the heart). Anthony spent a week there, before being transferred to the University Hospital of Wales ICU, to be a bit closer to home.

After nine days on a ventilator and nearly four weeks in hospital, he was discharged home, where he went on to make a full recovery. Anthony now takes daily medication and is doing very well.

Recently, Anthony was delighted to be reunited with some of the people who attended to him on that day.

Anthony has said the day of his cardiac arrest was a total ‘blur’ to him. He looks at pictures on his phone and wonders who took them, even though it was him. He said: “I have zero recollection of what happened to me. It may be the brain’s safety mechanism of wiping away the trauma. The first thing I remember is waking up in the Intensive Care Unit in Cardiff and wondering what I was doing there.”

Anthony added that he had never had any significant health problems before his cardiac arrest but had numerous family members who suffered heart problems.

He said: “From a personal point of view, I’ve tried to keep fit. I have a problem with my knee, which is from playing football. But the only other time I had been in hospital, apart from a knee operation, was when I had my tonsils out at 21.”

Anthony, along with his wife, recently visited the Wales Air Ambulance Charity headquarters in Dafen, Llanelli.

He met one of the Wales Air Ambulance medics, Dr Iain Edgar, who treated him. The emotional day also saw Anthony reunited with the off-duty doctors and the bystanders.

Friend Glyn said: “What I remember about the actual day, when it all happened, was that it was the second day of a two-day road trip that we’d been on. The weather was great, we went down onto the beach at Three Cliffs Bay and we were just walking back.

“He turned his back to me as we got to the boot of the car and it was just surreal. I just heard him say the words, ‘oh God’. I said ‘what’s the matter, mate’, and he fell backwards and I caught him.”

Reflecting on how important the service is for the people of Wales and people visiting Wales, Glyn said:

“I’m just really grateful that there is a service in place like the Wales Air Ambulance, and that there are people who are willing to put themselves in that incredibly stressful position to fly out and treat people. It’s just amazing, absolutely amazing.”

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Anthony and the bystanders.
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Glyn has had emergency first aid training on and off for over 30 years. He said: “It is incredible to have played a part in Anthony’s recovery. It is surreal! How often does someone go through their life and be able to say they’ve helped save another person, unless they’re in the medical profession?”

The 66-year-old father-of-three and grandfather-of-five said: “My recovery has been going well. I say ‘going’ because it is ongoing and I intend to keep fit, keeping on with the fitness regime.

“Coming to terms with what has happened has been a little surreal because you think you’re invincible, until something like this happens. When I was discharged from hospital, I had a little bit of medical anxiety, where I was scared to go to sleep in case I didn’t wake up.

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“When my bladder woke me up early in the morning, I was relieved to think ‘I’m still here then’. I’m getting there. I don’t get any anxiety anymore but visiting the Wales Air Ambulance headquarters has been a privilege and it has also helped me put things into place by meeting the people who helped me along the way. It has been a pleasure.”

Anthony went on to receive support from the Charity’s Aftercare Service and was introduced to Patient Liaison Nurse, Jo Yeoman, whose role is to support patients and their families after what is usually a life-altering and sudden traumatic event.

Jo was instrumental in organising for Anthony to meet the individuals who helped to save his life that day.

Bystander Dean Adams, who said he feels fulfilled by helping save Anthony, was delighted to be part of the reunion. He said: “It felt surreal, I guess, in loads of ways. It just happened in front of me and I think most people would react that way because there’s no other way to react. It’s been amazing meeting Anthony.”

The bystanders on the day have since been presented with certificates for helping to save the life of another from Save a Life Cymru, who promote public awareness of CPR and defibrillator use.

Julie Starling, a programme manager at Save a Life Cymru, said: “It’s important that we recognise the action of those people willing to give CPR a go regardless of the outcome, doing something is so much better than doing nothing at all. This story highlights how taking action can save a life and that we all have a role to play as part of a wider team in that chain of survival. It’s important that everyone in Wales is familiar with the process of performing CPR, which can be easily achieved by watching a short video. The 999 call-taker will tell you how to do CPR, but we all need to be prepared to act fast so we can help each other.”

Reflecting on what message he’d give to the air ambulance crew that treated him that day, Anthony said: “Firstly, a massive thanks for what they did for me and what they do on a daily basis. They are an incredible crew of people. Thank you for what you did and everything you do. I cannot express my gratitude enough. Without them, and the people who helped me, I wouldn’t be here. My feeling towards the Wales Air Ambulance is eternal gratitude.”

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“I cannot express my gratitude enough. Without them, and the people who helped me, I wouldn’t be here. My feeling towards the Wales Air Ambulance is eternal gratitude.”

WHO WE ARE AND WHAT WE DO

Our Mission

To deliver lifesaving, advanced medical care to people across Wales, whenever and wherever they need it.

Our Vision

To improve the lives of patients and their families by being a world leader in advanced, time-critical care.

About Wales Air Ambulance

Launched on St. David’s Day 2001, Wales Air Ambulance delivers advanced lifesaving medical care to people across Wales, 24/7. We are the only air ambulance charity, based in, and dedicated to, the people of Wales and rely entirely on your charitable donations to raise £13 million every year to keep the helicopters in the air and rapid response vehicles on the road.

We are on standby to attend those suffering a life or limb-threatening injury or illness, with some of the most advanced air ambulances and rapid response vehicles in the UK. Our Charity is delivered via a unique Third Sector and Public Sector Partnership. The Emergency Medical Retrieval and Transfer Service (EMRTS) supplies highly skilled NHS consultants and critical care practitioners who work on board our vehicles.

Mobile Emergency Department

With bases across Wales, the highly skilled crew on board can carry out medical procedures which would usually only be available within a hospital setting. They can deliver blood transfusions, administer anaesthesia and undertake emergency operations at the scene of an incident, before taking the patient directly to specialist care. For the patient, this can mean hours saved in receiving the appropriate treatment when compared to standard care.

Our Operation

Wales Air Ambulance bases are in the following locations and operate during the stated hours. We are a valuable but scarce critical care resource that offers a specialised service. Therefore, the crews operate pan-Wales. Regardless of where they are based, they travel the length and breadth of our nation to deliver emergency care.

Caernarfon 8am - 8pm

Welshpool 8am - 8pm

Cardiff 24 hours a day

Llanelli 7am - 7pm

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JOANNA’S STORY

Whilst on holiday in Wales, Joanna Hicks and her friend went for their usual morning swim at Newgale beach.

However, Joanna, a confident and strong swimmer, was caught in a rip current and got into difficulty.

She said: “I remember lots of waves and thinking I am in trouble here, but I don’t remember anything after that.”

Her friend Philippa managed to swim back to shore, and she and her partner Bob called 999 for help.

Multiple agencies responded, including RNLI lifeguards and lifeboats from two stations along the coast, a coastguard helicopter and ambulances.

After being in the water for around 40 minutes, Matty McLeod, an RNLI lifeguard, found Joanna and pulled her ashore. Joanna went into cardiac arrest and Wales Air Ambulance was dispatched to give her the critical care interventions she needed to survive.

The Emergency Medical Retrieval and Transfer Service (EMRTS) medics on board Wales Air Ambulance were Critical Care Consultant Dr Mike Slattery and Critical Care Practitioner Josh Eason. The team attended by air, flown by pilot James Gardiner.

Joanna, 64, said: “Newgale is a very long beach and I think it was difficult for the boats to find me, but thankfully and amazingly, I was told one of the lifeguards, Matty McLeod, had run to the beach and found me. I had been in the water a while. He said I was lifeless, floating face down and blue.

“He brought me ashore and was joined by other rescue services including, and crucially for me, the Wales Air Ambulance.”

Joanna was extremely cold, so the medics tried to warm her up with a thermal blanket.

Following resuscitation attempts, the Wales Air Ambulance provided Joanna with a pre-hospital anaesthetic and placed her on a ventilator. This form of life support enabled the team to take over her breathing and minimise the risk of long-term brain damage.

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They then set up an infusion of adrenaline to keep her blood pressure from falling too low.

The treatments Joanna received would usually only be available within a hospital setting, but thanks to the advanced clinicians on board the Wales Air Ambulance, Joanna received the care she needed to survive on the beach.

Joanna, who is from London, said: “The Wales Air Ambulance medic said because the sea was actually quite cold, my body would have shut down. That helped, so they had a better chance of reviving me after being in a freezing cold state.

“Although, I think it made it more difficult for them to apply the drugs to me because I was told the body has to be warm for that to work properly. They did a very skilful job to help me.”

Whilst under constant monitoring, the air ambulance crew airlifted Joanna to Glangwili Hospital.

She spent 10 days fighting for her life in the intensive care unit (ICU).

Joanna continued: “I came round in the ICU, having been in an induced coma on life support, apparently none the worse for wear. Everyone seemed to be astonished that I had survived and seemed alright.”

After three weeks, Joanna was discharged from hospital and spent time in a rehab facility closer to her home. She then stayed with her friends until she was well enough to return to her apartment in London.

Earlier this year, Joanna met one of the Wales Air Ambulance medics, Josh, who treated her on the beach and accompanied her in the helicopter to the hospital.

“I cannot thank these amazing, truly impressive people enough. Without them, I really would not be here today to tell the tale.”

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Joanna said: “It was a wonderful and joyful experience to meet Josh. He told me more about what they’d had to do to try and save me on the beach, and how close I had been to not surviving.

“These were details that I had not heard before, and though hard to process, they made me think more about the incredible skill and professionalism of the medics, and the extraordinary service the Wales Air Ambulance provided in delivering such exceptional lifesaving expertise right to me, just when I needed it most.

“I cannot thank these amazing, truly impressive people enough. Without them, I really would not be here today to tell the tale.”

Joanna’s visit was organised by the Charity’s Patient Liaison Nurse, Jo Yeoman, who has been supporting her since the incident.

Jo Yeoman said: “Joanna has made a remarkable recovery, but it has taken a long time for her to come to terms with this life-changing event. She had no recollection of that day, so my role has been to help her piece together the events of this incredibly traumatic experience.

“A critical part of her recovery has involved meeting the people who were involved in her care because each one has played a vital role in her survival. I was able to connect Joanna with Josh, the Critical Care Practitioner who attended her at the scene, which was a hugely rewarding experience for them both. It’s been a privilege to witness Joanna’s progress over this time, to provide support and see her return to everyday life.”

Remarkably, Joanna is physically fine and bravely returned to the beach for the first time to meet some of the people who helped save her life. She said: “You don’t imagine this happening and I know just how lucky I have been, and how much I owe the amazing people who came to my rescue and who cared for me.”

Joanna has returned to her regular volunteering at Kew Gardens arboretum and to indoor swimming.

Reflecting on the Wales Air Ambulance and what the team did for her that day, Joanna said:

“I was given a 1% chance of survival on the beach that day, and if the Wales Air Ambulance helicopter had not flown the medics right to me, I would not be alive today. I cannot thank them enough for what they did for me.”

She said: “I have yet to swim in the sea, and this will happen, but I guess it might take a little bit more time.”

Joanna’s story is a shining example of how everyone has a part to play in the chain of survival when someone’s life is on the line.

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FLYING INTO THE FUTURE OUR 2021-2026 STRATEGY

At the beginning of 2021, the Wales Air Ambulance Charity started a full strategic review. It was inclusive and, as well as the Charity’s Trustees and Senior Management Team, it involved a large number of Charity employees who have been proactively engaged in the extensive and in-depth research, planning, and project delivery. The views of all key stakeholders were sought, including our supporters and volunteers, as well as our medical and aviation partners.

The resulting 2021-2026 ‘Flying into the Future’ Strategy has been developed in recognition of our evolution over the past two decades and our position as a prominent and respected Welsh charity.

The Strategy’s objectives take into account the pressures, demands, and opportunities within modern society, as well as embracing new service advancements in emergency care analysis and delivery. By undertaking a Strategy Review at this crucial point in time, we recognised the need to build on our successes, ensuring that the building blocks for the next twenty years of service are in place.

The Charity’s strategic objectives are informed by the results of the extensive research and stakeholder engagement that took place at the start of the process. These objectives are as follows:

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We will:

We have been successful in delivering on our strategy, and are looking forward to developing a new five year strategy for 2027 - 2032.

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OUR MEDICAL OPERATION

In April 2015, the Wales Air Ambulance Charity partnered with NHS Wales to create a consultant-led medical operation, known within the NHS as the Emergency Medical Retrieval and Transfer Service (EMRTS) which delivers a new and more advanced medical workforce from the Wales Air Ambulance bases. EMRTS is responsible for the medical workforce and medical governance of the service.

Medical Services

EMRTS brings specific benefits to Wales. These include:

EMRTS also enhances neonatal and maternal pre-hospital critical care, supporting both home deliveries and deliveries in free-standing midwifery-led units.

The service provides a highly trained critical care team comprising consultants (from an emergency medicine, anaesthesia, and intensive care background) and critical care practitioners (who are advanced-trained former paramedics and nurses). The service has two main areas of activity:

Dispatch

24 hours a day, an EMRTS Critical Care Clinician and Allocator monitors every 999 call made in Wales to identify which incidents would benefit from EMRTS input. When required, they can dispatch a team from anywhere in Wales and, if needed, they can send more than one team.

Top Cover Consultant

A separate consultant is on call to provide remote advice to EMRTS crews if required. This includes when dealing with critically unwell patients, children, and complex incidents. In addition, they have a role in the coordination of major incidents. These consultants also work shifts on board the aircraft and rapid response vehicles.

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A Highly Specialised Pan-Wales Service

Our service attends the highest-level emergency calls that involve life or limb-threatening incidents. We attend fewer than 1% of all 999 calls received via the Welsh Ambulance Service Contact Centre.

We are a pan-Wales service. With only five teams operating over a 24-hour period, covering the whole country, we are a scarce and highly specialised resource. Therefore, regardless of where they are based, our dedicated crews will travel the length and breadth of the country to deliver emergency lifesaving care.

Our service does not replace the Welsh Ambulance Service; we work in partnership with them. In most cases, a road ambulance will be on the scene of an incident before us. In the chain of emergency care, Welsh Ambulance Service medics offer the initial immediate care. Wales Air Ambulance is the next link in the chain, delivering advanced hospital-standard treatments even before patients get to a hospital.

Delivering Benefits for Wales

In March 2022, we published a five-year service evaluation, strongly evidencing that advanced medical provision by EMRTS is delivering significant benefits for patients and for NHS Wales. Some key findings include:

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Aftercare Services

Patients who have been attended to by Wales Air Ambulance have likely suffered serious trauma, and it can be difficult for both the patient and their family to come to terms with what happened. As a service, we recognise the importance of an ongoing relationship with patients following their contact with our clinicians.

The jointly funded, nurse-led aftercare service aims to provide vital post-injury or illness support and guidance for our patients, assisting their recovery and transition back to independent living. Frequently, patients and their families contact us during their recovery to express their gratitude and to find out more about what happened to them. Many of them were so critically unwell that they had no recollection of the treatment they received.

Our patients often endure significant physical and mental challenges after initial treatment, and at times they feel they do not have sufficient information about their care or access to help.

The team of two full-time nurses and an administrator, now reviews over 250 cases per month, and directly contacts over 120 relatives and patients. In addition, the team attends an average of 13 multidisciplinary hospital meetings per month, ensuring that those who may benefit most from the service are identified as early as possible. They also attend regular meetings with charity colleagues to coordinate patient stories.

The Charity has installed two dedicated Patient and Family rooms (North Wales and South Wales), enabling patients and their families to talk openly about difficult topics in a safe and non-clinical space.

Some key aspects of the Patient Liaison Service are:

Since the introduction of the aftercare service in 2020, there has been positive feedback from patients, relatives and staff alike.

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1 AUGUST 2024 – 31 JULY 2025 MISSION DATA

Total number of calls - 3746

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49% 43% 57%
Trauma Medical Rapid Air 410
Response Paediatrics
51%
Vehicle
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Cases attended by category

Cardiac related

Other trauma

Other medical

Falls

Unconscious

Transfer and health care professional admission

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MISSION TYPE AND LOCATION

96% Primary missions (999 calls) 4% Secondary missions (inter-hospital transfers)

Incident Locations

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1%>
Out of area
11%
Mid Wales
North Wales
South-West
Wales
49%
21%
South-East
Wales
Incident
Locations Incident location regions
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THE PRINCE OF WALES VISITS DURING AIR AMBULANCE WEEK

To mark Air Ambulance Week, the Wales Air Ambulance was honoured to welcome His Royal Highness The Prince of Wales to its Llanelli headquarters.

Prince William, Wales Air Ambulance Royal Patron, visited the Charity’s airbase as part of his visit to Carmarthenshire in September 2024.

During the Royal visit, Prince William met emergency workers, volunteers and people who support or work alongside the lifesaving Charity. Among them were Brian Tolley and Ann Evans, volunteers who have both raised thousands of pounds for our charity.

His Royal Highness also met with the Chief Executive of Ascona Group, Darren Briggs.

Air Ambulance Week highlights how Wales Air Ambulance, along with the 20 other air ambulance charities across the UK, provides a vital emergency service by taking the emergency department to patients who are

critically ill or injured.

Several Wales Air Ambulance medics and pilots also met Prince William.

Critical Care Practitioner, Josh Eason, said: “It was a pleasure to meet His Royal Highness. He had a real understanding and was able to relate to us, given his previous work and experience with East Anglian Air Ambulance.

“He has a unique perspective and understands what we provide as a service to the patients and the people of Wales.”

The Prince also took the opportunity to sit down with the emergency workers as well as Chief Executive Dr Sue Barnes, Chair of Trustees Kyle Jacques, and Director of Strategic Communications and Engagement, Steven Stokes.

Dr Barnes said: “It was a great honour to welcome The Prince

of Wales again – the second occasion in just over a year.

“The Prince always conveys an in-depth knowledge and understanding of our organisation. His genuine passion for our charity and the people within it is recognised by us all. He has a particularly deep connection with our crews, having shared their experiences when working as an air ambulance pilot.”

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WALES AIR AMBULANCE SERVICE IMPROVEMENT

Both the Charity and its NHS medical partners, the Emergency Medical Retrieval and Transfer Service (EMRTS), are required to ensure that as many people as possible, as equitably as possible, benefit from this lifesaving service. The Charity’s Trustees have a legal obligation, as per Charity Commission guidance, to ensure they are meeting their charitable objectives. Likewise, as a commissioned NHS service, EMRTS is required to continually review its data and identify opportunities to enhance the service further. Therefore, EMRTS conducted a detailed analysis of the service’s delivery data, current demand, and base utilisation. The aim was to understand whether we are delivering the most efficient, effective, and equitable service for the people of Wales. This included the independent modelling of over 200 different simulations and 41 scenarios that took into consideration all current base options, base relocations and changes in shift patterns.

The review showed that the air ambulance service in Wales is proven to deliver the highest standards of lifesaving care. However, currently:

• On average, two to three people each day need the service but do not currently receive it (known as unmet need). These patients are in life or limb-threatening situations.

To put this into context with updated information: in 2023 and 2024, we were unable to attend 551 incidents in Mid and North Wales between 8pm and 2am. Each incident involved real people with serious, lifethreatening conditions.

In 2023 and 2024, there were 199 days when our crews in Caernarfon did not see a patient. In Welshpool, there were 163 days without patient contact. By comparison, Dafen had 28 days and Cardiff had only four days without patient contact.

That’s the equivalent of nearly a YEAR, in a two-year period, when our Welshpool and Caernarfon operations combined saw no patients. This pattern has remained consistent year-on-year.

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In November 2022, the then Emergency Ambulance Services Committee (EASC), a Joint Committee made up of the seven health boards across Wales, recognised that the misalignment between unmet need and underutilisation of certain teams needed further investigation. Therefore, they requested that the EMRTS delivery data be scrutinised further and independently. The process was led by the Chief Ambulance Services Commissioner, who undertook an additional analysis and conducted a series of public engagements. This would allow EASC to understand the views and concerns of stakeholders, to agree on the rules to be followed when developing options, and to determine what is important when comparing different options. This was achieved as part of an open, transparent, and robust process.

The review aimed to explore and maximise the additional activity that could be achieved from existing bases and assess options to reconfigure the service. Like the public, the Charity was a stakeholder in the review and had no direct involvement. Throughout the process, we said that we would ensure any independent recommendations put forward would see charitable donations used in the most effective, patient-focused way. This means saving as many lives across Wales as possible, as equitably as possible.

In April 2024, following an 18-month process and three public engagement periods, the NHS Wales Joint Commissioning Committee (a successor to EASC) agreed with the recommendations put forward by the Commissioner to improve service delivery.

These recommendations were as follows:

How will this improve the service?

We will be able to attend to more patients. As a result, more lives will be saved.

Northern parts of Mid Wales and North Wales will get an overnight service closer to them, rather than relying solely on the current single overnight crew based in Cardiff. This will improve equity of access to the service for Mid and North Wales.

We are making better use of our resources and using generous donations more effectively to benefit more people.

The compelling evidence presented in support of a service improvement reconfiguration means that the Charity’s Trustees have a moral obligation to act.

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Service Improvement Progress

Following the Joint Commissioning Committee decision in April 2024, the Charity began work on establishing a new base location - a vital component of the improvement plan.

To ensure effective governance, management, and delivery of the project, a project structure has been put in place. It includes our partners from EMRTS and Gama Aviation, and provides strategic oversight by the Board of Trustees.

Several workshops were held with Charity Trustees and employees, as well as medical and aviation employees, during the Summer and Autumn of 2024. These sessions identified the key requirements of the new facility.

In addition, visits were organised to five air ambulance charities in England that had recently built a new airbase. Different working groups, composed of employees from each partner organisation, took part in the visits and recorded the best practices and lessons learned from each build.

A professional services provider for the build was appointed in October 2024, and the process of identifying suitable locations began in early 2025. The findings of the aforementioned research are informing the initial design concepts.

Service Improvement Challenges

Following approval of the Commissioner’s recommendations by NHS Wales, an application for a Judicial Review of the NHS decision-making process was submitted in August 2024. The Charity was not a defendant, but was classified as an interested party. The Judicial Review hearing took place over three days in January and February 2025.

On 19 June 2025, the written judgement handed down by Justice Turner offered a clear and unequivocal dismissal on all grounds. On 1 July 2025, Justice Turner refused an application to appeal by the Claimant.

The Charity strongly empathises with the genuine concerns and anxieties expressed about wider NHS Primary and Secondary care provision in Mid and North-West Wales. However, as a very small and highly specialised service, Wales Air Ambulance is a small cog in the wider machinery of pre-hospital emergency care. There is very little we can do to address many of those concerns, nor should we be responsible for filling gaps in NHS provision. We raised these concerns with our NHS partners, who assured us that they have been passed to the appropriate representatives.

We are currently missing life and limb-threatening emergencies - and have been for some time. This will continue until we are able to implement these vital changes.

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Deliver Charitable Objectives
Our Strategy //
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AVIATION UPDATE

For any organisation, the first period of a new contractual arrangement can be a complex environment, and one which includes the operation of live helicopters only serves to add to those complexities. Throughout this period, the goal remained clear: despite changes to the provider, mechanic for leasing, and contractual arrangements, there should be no negative impact on the people of Wales as a result of the transition.

As we discussed in last year’s report, the transition between operators was completed seamlessly, with no impact on operations or patient care.

Whilst the transition can be seen as the physical act of moving across to the new provider, the work does not stop there. At the end of the first year of this new relationship, we saw availability in high 90% figures across the full fleet, despite a period where the aircraft were due for depth maintenance (comprehensive and in-depth scheduled maintenance) at our aviation provider’s facility in Glasgow. The year was not without technical challenges - par for the course when operating such technologically advanced machines - but our new provider responded exceptionally to these events, keeping a full complement of aircraft flying across Wales. One notable example saw an engine change requirement at one of our facilities, which our aviation partner addressed at pace.

Alongside the high availability achieved in 2024, 2025 brought with it some exciting developments for the aviation service. These included behind-the-scenes development of some of the existing Wales Air Ambulance pilot workforce moving towards command upgrade, and the commencement of the first D3 upgrade to one of our leased aircraft. This upgrade will provide a higher fuel payload and a smoother ride, supporting better patient outcomes thanks to the reduction in vibration through the airframe.

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“Our aim, from the outset of our relationship, has been to support the Charity’s strategic intent to deliver an efficient and effective service to the people and communities of Wales. A close working relationship has developed with EMRTS and the Charity, through which we are pushed to deliver a safe, efficient, and effective service that responds to operational and clinical change. 2026 will see investment in the aircraft capability and our highly skilled crew, as well as continuing preparations for the new airbase. As in previous years, we remain resolutely dedicated to playing our part to support a service that delivers excellence and of which the people of Wales can be proud.”

Mark Smith

Managing Director, Special Mission, Gama Aviation

INCOME GENERATION

As a charity independent of government, we rely on the generous support of donors to meet the cost of our lifesaving missions.

During this year, the integration of fundraising and retail functions within the Income Generation Team was successfully embedded. This collaborative approach enabled smarter working practices through the strategic sharing of staff and volunteer resources. It also enhanced the cross-promotion of income generation campaigns and appeals across both areas, optimising reach and impact.

Our integrated appeals continued to generate vital income too, and our lifesaving lottery achieved a significant milestone of exceeding £8 million in income and 167,000 plays in the weekly draw. At the end of July 2025, the volume of individual plays had grown by 4.6%, the highest number to date.

Our newly formed High Value Team have laid the foundations for broadening the Charity’s corporate, funder and donor partnering opportunities.

Our fundraising income this year accounted for 43%, and retail 9.2%, of our total income.

Despite the challenges posed by the cost-of-living crisis, this year has been a very successful one for fundraising at the Charity thanks to the incredible generosity of our supporters. The Charity has experienced an increase of 17% in the volume of donations from individuals; however, the average value of these donations has decreased by 30%.

Within our retail shops, customer numbers have increased by over 14,400 (8%) when compared with the previous year; however, we, along with many others in the sector, have experienced a 2.73% reduction in average spend.

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Welsh Air Ambulance Charitable Trust

Retail

We continue to operate 11 charity shops across Wales.

Early in our financial year, we reopened the newly purchased and renovated shop in Wrexham City centre, Wales Air Ambulance has been trading in the outlet since 2011, having previously rented the unit. The purchase has been made possible thanks to £250,000 from the Transforming Towns Placemaking Grant. It was funded by the Welsh Government and administered by Wrexham County Borough Council. During the year, this shop has seen a significant increase in sales income compared with the previous years of trading.

In the Spring, we reopened our shop in Abergavenny following a 4-week closure for part renovation.

During the year, our teams have been focussing upon optimising the capture of gift aid from donated goods. This increased by 135% to £53,000.

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Individual Giving

Our Christmas Appeal ‘Ioan’s Merry Mission’ told the story of nine-year-old Ioan Watts, who suffered a serious head injury when he fell 8ft after a freak accident whilst playing on his scooter before school.

The appeal focused on Ioan’s determination to help to save more lives at Christmas. It was promoted through direct mail, our retail shops and social media channels raised over £40,000.

In May, we launched our Spring Raffle with a top prize of £3,000. Over two thousand people played the raffle, helping to raise over £60,000.

Spring Raffle winner’s story: Two-year-old Jack suffered a catastrophic head injury following a fall at home in

Carmarthenshire. At first, Jack’s parents put his fall down to being a typical toddler accident and thought he would feel better after a few kisses and cuddles. His mum’s intuition told her that something was wrong, and soon after, Jack became disoriented and tired, so they immediately decided to take him to A&E to get checked over. Unfortunately, while en route, Jack took a dramatic turn for the worse and he started vomiting, so they pulled over and immediately dialled 999. His condition deteriorated rapidly, and Jack continued being sick and became pale, floppy, and unresponsive.

Llanelli First Responders and paramedics were called, and due to the severity of Jack’s condition, they asked for the support of our Wales Air Ambulance crew. The adverse weather that day meant

the critical care teams were operating out of our Charity’s fleet of rapid response vehicles, instead of the helicopters. On arrival, the medics were worried that Jack had a bleed on the brain. To protect his brain and to give him the best possible chance of survival, the crew gave Jack a general anaesthetic, medication to help minimise the bleed, and placed him on a ventilator to control his breathing.

Jack had suffered a large bleed on the brain, fractured his skull, and required emergency neurosurgery. Amazingly, he went on to make a full recovery.

Jack’s wish was for people to donate to our Charity and that’s exactly what they did, with the campaign raising £30,500.

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Welsh Air Ambulance Charitable Trust

Lottery

The Charity’s lifesaving lottery continues as our leading income stream.

Midway through the year, we exceeded the milestone of £8 million income generated through our lottery, and at the end of the year our membership had grown too, by 12%.

The rate of new plays achieved growth of 5.6% on the previous year, with over 161,700 individual plays in the final draw of the financial year. At points during the year, there will have been up to 35 canvassers acquiring new players for Wales Air Ambulance at private site venues (such as supermarkets) or by visiting ‘door to door’ in neighbourhoods across Wales. There are some notable Counties where the acquisition of new members is consistently strong, such as Rhondda Cynon Taff.

The Charity enjoys a strong working relationship with Tower Lotteries, who engage the canvassers. In October 2024, eighteen of the canvassing team in Wales visited the Charity’s headquarters in Dafen to refresh their knowledge.

In November, we undertook a telephone campaign, using a third party agency. Existing lottery players with only one number were contacted and asked to increase to playing two numbers. The campaign achieved target. Upgraded plays forms part of the Charity’s annual lottery marketing activity.

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Cycle 100k

In September, our flagship event, the 100km Cycle Ride, was launched. It involved 77 cyclists, including past patients, travelling from all over Wales to ride from Cardiff to Pembrey, raising over £6,000. In June, we launched our first in-person sponsored walk under the already established Charity brand of ‘Walk Wales’. Wales and British Lions rugby legend James Hook became the face of the event, which raised over £13,000.

Community Fundraising Around Wales

The Cneifio Cylch committee in Anglesey organised a sheep shearing competition, fun day, raffle and auction. Several hundred people attended the event. It raised £31,679.

Staff and customers across 48 Tesco stores in Wales took part in fundraising activities to celebrate the Charity’s 50,000th mission. Collections and in-store events were held over the course of the campaign. The total raised was £40,000.

In Rhandirmwyn, the community held an “Auction of Promises” with more than 40 lots donated by residents and local businesses. Prizes ranged from gardening and ironing to artwork and a handcrafted knife. The auction raised £10,616 in one evening.

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Welsh Air Ambulance Charitable Trust

Corporate Partnerships

A key success in the year has been the launch of a Wales-wide partnership with NatWest, which is expected to raise £30k. The first time that NatWest’s branches in Wales were able to adopt a Welsh charity, we received over 50% of the votes from NatWest employees. The partnership has yielded many engagement and promotional opportunities during the year, including the presence of visual Charity branding on NatWest’s mobile banking van that travels around Wales.

The ongoing partnership with the Ascona Group generated donations of £100,000 during the year. Ascona enabled micro-donation technology across their garages in Wales, encouraging customers to donate 30p at the tills, which the Group then match-funded.

Grants and Trusts

An unrestricted donation of £100,000 from a Trust located in Cardiff, which wished not to be named publicly, was received in September.

The Charity was awarded a restricted grant from the WCVA Volunteering Wales fund, of £28,000 in year one, to support the Charity’s project title: ‘Reaching For The Sky: A Volunteer Support And Engagement Project For North Wales’.

The Welsh Government Event Wales Sector Development Fund awarded a grant of just under £28,000 to support the development of the Charity’s events and volunteering programme.

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Ethical standards, sustainability, value for money

DEFINING THE ORGANISATION

We will deliver on ensuring ethical standards, sustainability and value for money by:

Developing a sustainability programme which cultivates a long-term commitment to ethical practice, champions a green agenda and upholds our shared responsibility for future generations.

Continuing to expand our robust accountability measures, ensuring we remain a fully transparent and trusted voice.

Seeking to maximise our assets, including people, knowledge and facilities, both within the Charity and within the commercial activities of our trading company

What have we done to move this forward this year?

Facilities

There has been significant investment into our buildings during the year, in particular working with the support of some of our retail landlords to improve fire safety at four of our shops, delivering fire awareness and fire warden training across the retail and operations portfolio. To support our facilities management a new CAFM system (computer aided facilities management) as been introduced to replace out of date software. This provides access both to internal staff and external contractors and suppliers, providing greater efficiency of planned and reactive maintenance.

Finance

The finance team have received training in more advanced data analysis and visualisation tools to support their objectives to:

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Welsh Air Ambulance Charitable Trust

Ethical standards, sustainability, value for money

Governance Review

During the year, the Trustees agreed that a full review of the Charity’s governance should be undertaken using external consultants to provide expertise and challenge. This is not something the Charity has done before but due to the unprecedented level of public scrutiny the Charity is currently experiencing, it was felt that this would demonstrate our commitment to our publicly stated values of being trustworthy and responsible. Following a tender process, the Good Governance Institute (GGI) were appointed and worked with the Charity and its Trustees over a period of 6 months. The principal purpose and focus of the review were:

The report’s headline findings were that ‘Our overall impression is that this is a thoughtfully led, well-run and well-governed charity. The Charity’s governance is largely in good health, with some areas of good practice, delivering good outcomes.’

They were satisfied that ‘there was a seriousness to the importance of governance and a strong level of commitment to ensuring the Charity is run sustainably. The trustees and executives do not take the responsibility of stewardship lightly.’

Whilst there is much to celebrate within the report, key areas for improvement were also identified, roughly divided into a set which speak to strengthening the core governance mechanics, including such things as improving minutes and committee reports to boards, alongside those which speak to dynamics of governance, such as ways of working between the board and the executive, culture and engagement. The trustees have adopted the findings of the report in full and are working towards meeting its recommendations. One of the key outcomes of the project is the update to our Articles of Association with our charitable purpose refreshed and the inclusion of formal terms of tenure for trustees.

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Ethical standards, sustainability, value for money

Health and Safety software builds stronger safety culture

The Health & Safety and IT teams collaborated on a project to introduce streamlined, digital accident and incident reporting. The new software replaces paper-based processes, making reporting an accident or incident quicker, easier, more secure and reducing paper. This has resulted in an increase in staff awareness on the importance of recognising and reporting near-misses, as well as improving data analysis capabilities to identify trends and risks.

What have we done to move this forward this year?

What will we do next year?

Policy Performance and Assurance

The policy, performance and assurance units comprise health and safety, data protection, project management office (PMO), management information, Welsh identity and a joint governance remit with Finance.

This year saw the introduction of new change management processes, including the introduction of a change board comprising the next generation of leaders. This initiative aims to support staff development and succession planning, alongside strengthening the integration of new policies and practices delivered from projects.

The PMO, which oversees the strategy portfolio, supported a range of programmes and projects throughout the year including the digital and technology programme and a major fundraising initiative, as well as providing guidance on best practice project management to staff across departments.

The team has developed management information to help departments and senior leaders to monitor a range performance data.

Significant progress has been made in developing our health and safety resources for staff, including a dedicated newsletter and intranet pages with A-Z guides, and conducting organisation-wide risk assessments.

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Welsh Air Ambulance Charitable Trust

Supportive organisation, greater than the sum of its parts

We will deliver on being a supportive organisation by:

OUR VALUES

Our Values are foundational to WAAC. We have continued to embed our values throughout the organisation, for example, by enhancing recruitment processes and updating the annual appraisal process, where we focus on how we work and our behaviours alongside performance.

Trustworthy

We act with uncompromising integrity in everything that we do.

Passionate

We are heartfelt in our commitment to delivering the best possible outcomes for the people of Wales and believe in everything that we do and say.

Ambitious

We look beyond the present to deliver future value.

Responsible

We care about doing the right thing and taking ownership of our actions and our results.

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Supportive organisation, greater than the sum of its parts

Our People

Our people are fundamental to our success and enable us to deliver our lifesaving service through our fundraising activities/charitable work. Our people include the 100 employed staff and our 459 volunteers.

Engagement also extends to colleagues with our partner organisations, without whom we would not be able to deliver the lifesaving service that we do. This includes EMRTS Cymru, comprising doctors, critical care practitioners, patient liaison nurses and administrative staff; and Gama Aviation, who provide pilots and engineers alongside aviation services.

During this year, the Charity delivered a programme of work, designed to achieve its strategic goal, to be a supportive organisation which is greater than the sum of its parts. This has enabled significant change, improving recruitment, engagement and connection, and the training and development of our people at the Charity.

It is also recognised that, within this year, we have reviewed how we work in many areas and implemented organisational change plans that have resulted in a 10% reduction of our workforce. Whilst this has been part of improved ways of working, such as stronger systems and processes, and is crucial to ensuring the ongoing effective stewardship of the Charity’s funds, heartfelt thanks are extended to our former employees for their contributions to the Charity.

Recruitment

During this period, the Charity has successfully developed and appointed to some key roles, which bolstered existing teams and brought with them the necessary knowledge, skills and experience needed to continue to deliver on our strategic priorities. These included Director of Finance and Corporate Services, Director of Aviation Operations and Digital Communications and Marketing officer roles. Particular emphasis has been placed on enhancing the Charity’s Income Generation

directorate with the appointment of a Head of Fundraising – High Value Partnerships, a Legacy Administration Manager and two Community Volunteer Coordinators.

Learning and Development

During the year, we have continued to build on our commitment to learning and development, investing in our employees through training. In addition to our mandatory training, we are proud to have supported a number of employees to complete professional qualifications, which will not only support the Charity to achieve its strategic ambitions but also the individual’s own development. This year, we have introduced Welsh language training for those employees wishing to learn or improve their existing knowledge. We have also continued to offer key skills development in essential areas such as fire safety , first aid and equality and diversity.

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Welsh Air Ambulance Charitable Trust

Supportive organisation, greater than the sum of its parts

Celebrating success – new qualifications

and certifications include:

Pay, Reward and Recognition

We continue to review salaries across the Charity, monitoring the external economic landscape to ensure we are offering employees a fair salary, with uplifts awarded to all staff in April 2025.

Following a review of benefits offered to employees, we introduced a Health Cash Plan benefit to all employees. Those wishing to take up the benefit are able to claim money back on everyday health care and access additional benefits.

We continue to recognise employees’ contributions to the Charity through our annual Employee Awards ceremony. Employees are nominated and voted for by their colleagues and Trustees, and are presented with their award during our annual Employee conference. This year’s awards included:

Employee engagement remained a focus for the Charity, as we conducted our annual Employee Survey, with 88% of employees taking the time to complete. This was the highest response rate since the Charity launched its annual Employee Survey in 2021, with 91 employees taking part.

The survey results provided key insights into our employees and helped shape some decisions taken during this period, including ensuring employees had more information about the decisions the Charity takes and about our partner organisations.

What will we do next year?

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Volunteer network across all geographies and communities

Growing Our Volunteer Community

Our volunteers are fundamental to our Charity and bring with them a variety of skills and experiences. During this period we have continued to take action to improve the volunteer experience and their engagement with the Charity.

During this period our initiatives outlined above have led to the have taken active steps to increase the numbers of volunteers with targeted recruitment campaigns, developing more detailed role profiles and generating more informative brochures encouraging people to volunteer and successful recruitment of an additional 98 volunteers.

We were privileged to issue 36 long service awards during this period, the longest being a 20-year service award. There were also nine 15-year awards, thirteen 10-year awards and a further thirteen five-year awards given out.

Volunteer Engagement

Our second Volunteer Conference was held in 2024, with volunteers from across Wales attending one of two events (North or South Wales). The conferences provided a fantastic opportunity for our volunteers to come together, and they had a varied and packed agenda, which included, an overview of Charity activity, including fundraising targets and their involvement, a Trustee Q&A session and an opportunity to tell us what we can do to make volunteering better. Volunteers also had the opportunity to find out more about the patient journey and to meet our medical crews.

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Welsh Air Ambulance Charitable Trust

National identity, inclusivity, relationship with Wales

Our Identity

As part of our commitment to the people of Wales, our Welsh language provision continues to reflect our strategic objective to:

“Recognise the unique relationship we have with the people of Wales, celebrating our national identity and ensuring our activities are inclusive and reflect the needs of all the different communities we serve.”

We are proud to embed our Welsh identity at the heart of everything we do: as a strategic gold thread that runs through the organisation, from high-level decision-making to our everyday operations.

This section outlines our progress, challenges, and future plans for advancing bilingual services, emphasising our identity as a national charity and our alignment with stakeholder expectations.

Staff Welsh Language Proficiency

We maintain a comprehensive database to monitor Welsh language proficiency among staff. As of April 2026, the results show:

Total Welsh Speakers: 63 Native/Confident Speakers: 36% Intermediate Speakers: 36% Basic Speakers: 29%

This data helps us identify training needs, track progress, and ensure staff are equipped to deliver bilingual services effectively. Additionally, 42 volunteers have self-identified as Welsh speakers. We aim to further assess their proficiency and willingness to support bilingual initiatives, recognising their vital role in enhancing engagement with Welsh-speaking communities.

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National identity, inclusivity, relationship with Wales

Welsh Language Training

Free Welsh language lessons remain available through our training and development programme, with staff able to undertake lessons during work hours where reasonably possible.

Last year, 5 staff members have enrolled in Welsh language lessons, reflecting growing enthusiasm and commitment to enhancing bilingual skills across the organisation.

Engagement with the Welsh Language Commissioner

Our collaboration with the Welsh Language Commissioner remains central to our bilingual strategy.

We continue to work towards achieving the ‘Cynnig Cymraeg’ standard and have actively participated in sector-wide engagement, including:

Policy, Governance and Internal Engagement

Our new Welsh Language Policy has now been implemented as an all-staff policy, ensuring consistent bilingual standards across the organisation.

The HunanIaith Working Group has met regularly throughout the year, voting on key Welsh language decisions and supporting the implementation of new initiatives.

During our annual staff conference, we asked:

“Defining the organisation is an important part of WAAC’s 5-year strategy. Which statement is most important to you over the next 5 years?”

The most popular response was:

“We need to focus on our national identity and the Welsh language provision,” selected by 29% of staff, demonstrating strong internal support for bilingualism and cultural identity.

Key Bilingual Service Provisions

Our key bilingual service provisions remain central to our delivery model and identity, including:

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National identity, inclusivity, relationship with Wales

Community Engagement

Our Community Presentation has now been translated, enabling bilingual delivery at fundraising and community events.

We are beginning to record and monitor the number of Welsh-language community talks delivered, strengthening our ability to measure impact and reach.

Our bilingual social media presence continues to grow, with an average of XX bilingual posts per week, enhancing engagement with Welsh-speaking audiences across platforms.

Compliance, Continuous Improvement and Our Ongoing Journey

Since the launch of the Welsh Language Project in 2023, we have built a strong foundation for continuous improvement.

Achievements this year include:

Our Welsh language development is a continuous journey. There is no finish line, only a shared commitment to improve, reflect, and grow. Each step forward strengthens our ability to engage with the people of Wales in both languages, ensuring bilingualism and Welsh identity remain at the very heart of who we are and everything we do.

By embedding this ethos across all levels of the organisation, we are not only meeting our responsibilities but celebrating our national identity as a truly Welsh charity for the whole nation.

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Better connected, stronger together

Become a technology-enabled organisation which puts communication and connectivity at its heart

Over the past year, the IT department has delivered consistent improvements across cybersecurity, infrastructure, service delivery, and digital transformation. Key initiatives have focused on strengthening security posture, enhancing operational resilience, and aligning IT services with organisational goals.

Key achievements include monitoring and evaluating our compliance scores which saw our MS secure score improve to 84.66%, 41% ahead of industry average and retaining our Cyber Essentials and Cyber Essentials Plus accreditations.

The in-house IT team delivered digital sign-in systems across multiple sites, have implemented two live RPA (robotic process automation) and have promoted Power Automate adoption across departments for lightweight automation.

What will we do next year?

We are working towards accreditation with IASME Governance Level 1 and have set up an internal AI group to explore further integration and automation capabilities.

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Looking Ahead

Work will continue on the final projects and activities that make up our Flying into the Future 2021-26 strategy.

Following the successful delivery of a volunteer engagement projects that saw the launch of our first volunteer conferences and dedicated newsletters, a programme of works will be launched to enhance our onboarding and training processes for people who donate their time to our lifesaving charity.

Across the organisation, we plan to develop our governance and management of environmental compliance, as well as wider sustainability matters. The principles of the Well-being of Future Generations (Wales) Act were embedded into our strategy back in 2021, and this work will continue. In 2025 we were thrilled to support a staff member in being accepted onto the Future Generations Leadership Academy, which will bring valuable expertise into the organisation.

Planned works to deliver D3 model upgrades to our aircraft have been rescheduled for the 2025/26 period, providing the people of Wales with the next generation of air ambulance operations. This project to install a fifth blade to helicopter rotor blades will create a smoother flight for patients and crew and enable the service to carry an increased load. The five-blade model also provides longer endurance without refueling. Trustees have designated funds for this investment.

As we near the end of our 5-year strategy, work will begin to prepare for the Charity’s next strategic review phase. This is an important window for evaluation, reflection and extensive research to pave the next 5 years. In 2021, a third of employees signed up to the Discovery team, and their contributions – alongside those of volunteers, partners, supporters and other stakeholders - were invaluable in shaping the Charity’s aims and objectives for the five years. This collaborative approach will be taken again to gain the diverse and important insights for Wales Air Ambulance’s future strategy.

As referenced on page 28, the Judicial Review into NHS Wales’ decision-making relating to air ambulance service improvements was comprehensively dismissed on all grounds. Subsequently, the Claimant submitted an appeal to the Court of Appeal but this was refused by Lady Justice Andrews in October 2025.

Wales Air Ambulance welcomed the clear summaries and categorical outcomes handed down by both Lord Justice Turner and Lady Justice Andrews. These decisions are final and cannot be further reviewed or appealed.

Throughout this long process, we have been clear at every stage that our number one priority is our patients. This was recognised by Lady Justice Andrews in her summary. She wrote ‘the Charity’s response to the application has highlighted the detrimental effect of further delay in the implementation of the proposed reorganisation and gives rise to issues of grave concern’.

While not a defendant in this legal action, this decision will allow us to move forward with a development that will save more lives across the country – particularly in Mid and North Wales.

The next steps will be to finalise the search for an appropriate site for the new base, complete the required surveying work, and undertake the appropriate communications and engagement in advance of submitting a planning application.

The aim is to submit a planning application in the first half of 2026.

Meanwhile, we will continue to engage with the communities of Mid and North West Wales to offer explanation and reassurance that this development will deliver an improved air ambulance service for them and their loved ones.

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FINANCIAL REVIEW

Annual Report and Accounts Year Ending 31 July 2025 51

FINANCIAL REVIEW

The financial outcome for 2024/25 is set out in the consolidated statement of financial activities on pages 52 to 95. The analysis below has been produced to simplify the financial statements and show how much WAACT spends on its operations each year and how it is funded.

The result for 2024/25 was a deficit of £2.7 million.

Income increased from the previous year by 1.5%, totaling £17.0 million, whilst the cost of generating income and the spend on charitable activities increased by £0.64 million and £2.3 million respectively.

Statement of Financial Activities

Summary of our activity for the year before net gains/(losses) on investment:

2024/25 2023/24
£’000s £’000s
Total Income 17,010 16,763
Total Expenditure (19,708) (17,383)
Net Surplus/(Defcit) (2,698) (620)

Income

A summary of our core income streams and movements against the prior year is provided below.

----- Start of picture text -----
% Change
9% Retail income
5% Weekly lottery
2% Legacies
-3% Donations
----- End of picture text -----

Donations (-£107k / -3%) - Whilst we received 7.5% more donations than in the prior year, the average donation reduced, partly impacting the reduction in overall donation income, we also received fewer high value personal donations this year compared to prior year. Donations received in memory of loved ones remained consistent with previous year.

Legacies (+ 58k/ + 2%) - Legacy income increased to £3.4 million this year.

Weekly lottery (+ £404k / + 5 %) - Income from our Lifesaving Lottery has once again increased thanks to the continued growth in membership levels. Member numbers stood at over 106,000 at the end of the reporting year, a 12% increase on a year earlier.

Retail income (+ £114k / +9%) - Income increased on the year before with a full 12-month impact of the new shop at Bridgend. Our newly purchased retail premises at Wrexham, following a 3 month closure following refurbishment, re-opened in October 2024.

Heliport commercial income (-£98k/ -16%) - The Charity’s trading Subsidiary continues to operate commercially at Cardiff Heliport with income largely derived from fuel sales. Heliport activities contracted during the latter part of the year in order to provide opportunity for all operations to be reviewed in order to better support a new strategy for growth in 2026.

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Welsh Air Ambulance Charitable Trust

Analysis of income streams from different sources:

----- Start of picture text -----
2023/24
Donations
Legacies
Weekly Lottery
2024/25 Retail Income
Other Income
----- End of picture text -----

Costs of raising funds

The cost of generating income increased by £64k (+1%). Fundraising activity during 2024/25 was used to generate additional strategies for income in the coming years. This will help to pay for our higher aviation costs from this year and future improvements to the lifesaving service, as well as helping us to cope with an uncertain economic environment and the rise in costs from external factors including the more recent inflation.

Expenditure on Charitable Activities

Charitable spend increased by £2.3m (20%) compared with the previous year.

2024/25 is the first year to see the full 12 month impact of our new aviation contract which commenced in January 2024. The Charity now leases 3 of its 4 aircraft. In addition to the primary fleet of four Airbus H145 helicopters operating from the Charity’s current sites in Dafen, Cardiff, Caernarfon and Welshpool, the new contract additionally includes a backup H145 helicopter to ensure service continuity during periods of maintenance for the primary fleet. Due to the ongoing global increase in costs relating to goods and services, cost for a like for like service with a new long term aviation contract was forecast to increase significantly. Our aviation operational costs increased by 21%, to £11.93 million in the year. Costs associated with the rapid response vehicles and Patient liaison service were comparable with the prior year.

Balance Sheet

Balance sheet value is £13.3 million in 2025 (2024 £15.9 million). Net current assets, excluding cash at bank and long term debtors were £1.7 million in 2025 (2024 £1.9 million) with cash at bank at £6.68 million (2024 £9.37 million).

Long term debtors are made up wholly of the security deposit on the three aircraft leased in the year.

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Our Funds

The Charity held a number of funds (reserves) as at 31 July 2025.

These comprised:

All fgures in £’000s 2024/25 2023/24
Fixed Asset Funds 2,234 1,895
Restricted Funds 209 81
Designated Funds:
MEDTRiM 60 65
Future Aviation Contract 2,875 4,222
Helicopter upgrades 30 150
General Funds 7,884 9,492
Total Funds 13,292 15,906

Designated Funds

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

MEDTRiM

Funds that aim to raise awareness about mental wellbeing and resilience across the service and involve the introduction of a formal approach for supporting Clinical staff following exposure to a traumatic event.

Future Aviation contract

The Charity has seen a significant rise in its Aviation costs from 2024 as it entered into a new Aviation contract. Whilst the Charity has plans to increase its income to ensure it is able to meet the increased service delivery costs in the long term, this is likely to take several years to achieve. Trustees have therefore designated funds to cover the forecasted deficits and ensure the Charity can maintain its existing level of service provision until such time.

Helicopter upgrades

Three of the Charity’s aircraft were leased directly by the Charity this year, in accordance with these leases, the Charity will upgrade these H145 helicopters with a new five blade rotor head. This will reduce vibrations and improve handling and stability, providing improved comfort for the Charity’s patients and crew as they operate. It will also provide greater weight allowance, resulting in the Charity being able to carry more fuel, equipment or another person such as a patient’s relative.

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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

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.

----- Start of picture text -----
Reserves Policy
Our Funds //
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Reserves Policy

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.

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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.

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

The Trustees calculate the amount required to be held in target reserves based on the assessment of the risks affecting the income and expenditure of the Charity on an annual basis, and a sum is held to cover the potential shortfall for each element of income and expenditure.

Based on these calculations, the Trustees have agreed a target reserves range of between £7.8 million to £9.6 million.

General (free reserves) are currently £7.9 million, and therefore within the target range. The Trustees will monitor this closely and should the free reserves level move outside of this range, management will prepare a plan to be approved by the Board, to restore them to within the target range.

Going Concern

The Trustees have considered both the Charity’s financial position at the year end and the impact of future activities. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

Wales Air Ambulance continues to manage key risks through our well-established risk management processes which have been embedded and have proved robust; for more information, please see page 62.

Cash and reserves are monitored closely, with detailed short and long term forecasts prepared annually and regularly reviewed and updated to ensure the long term financial viability of the Charity. A risk-based reserves policy has been adopted; more details of this can be seen in ‘Our Funds’ above.

The Charity has a strong balance sheet with unrestricted funds of £7.9 million plus designated funds of £5.2 million, in total £13.1m. Following the review of a five-year forecast, trustees have assigned the designated reserve to fund a net deficit position anticipated over the next three years whilst the Charity adapts to a higher cost base and makes investment into income generation. This reserve is financed from surplus generated in previous years, a return to surplus is forecast by year four.

The Trustees therefore have a reasonable expectation that there are no material uncertainties about the Charity’s ability to continue its operations, including to meet its liabilities, for the foreseeable future. As such, the Charity continues to adopt the going concern basis in preparing the financial statements.

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Welsh Air Ambulance Charitable Trust

How We Invest Our Funds

The Trustees are permitted by the Charity’s Articles of Association to invest any money not immediately required for its purposes in or upon such investments, securities or property as may be thought fit.

The Restricted and Designated Reserves (excluding the Tangible Fixed Asset Fund) are held as cash investments/deposits, whereas the General Reserves are held in a variety of investments according to the policy set out below.

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, RBC Brewin Dolphin, 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 shortterm 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 rose by £80k over the financial year. This represented a rise of 5% net of fees as compared with the benchmark rise of 3.74%. £0.25 million was withdrawn from the investment fund during the year and transferred to cash deposits, see ‘Our Funds’ above. The closing balance of the Charity’s investments as at 31 July 2025 was £2.1 million, a reduction from £0.2 million a year earlier.

The Trustees regularly review the level of risk taken, to ensure they are comfortable with the degree of market volatility that the Charity is exposed to, and takes a long-term view over its investments.

Annual Report and Accounts Year Ending 31 July 2025

57

GOVERNANCE

Structure and Management

Wales Air Ambulance Charity is a charitable company limited by guarantee (registered number 04036600) and a registered charity in England and Wales (charity number 1083645). The Charity’s constitution is its Articles of Association, which are available on the Charity’s website.

Public Benefit

The Charity provides benefit to the general public by delivering lifesaving, advanced medical care to people across Wales, whenever and wherever they need it, through the provision of a consultant led service working on board our vehicles. They also provide follow up support to those patients and their relatives. The Trustees have taken account of the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims, objectives and in planning future activities.

Subsidiary

The Charity’s principal subsidiary undertaking as at 31 July 2025, Welsh Air Ambulance Trading Ltd, is wholly owned and registered in England and Wales. Details are included in note 18 (see page 88) to the financial statements.

Our Trustees

The Charity is governed by the Board of Trustees who are legally responsible for directing our affairs. The Board is responsible for the mission and vision of the Charity and for oversight of its activities, including the long-term strategy, the effective and efficient use of resources, approval of the annual operational plan and budget, ensuring the solvency of the Charity and the safeguarding of its assets.

Members of the Board of Trustees are also directors of the charity for the purposes of company law. Trustees are appointed for a period of three years, which can be renewed twice.

Trustees are selected for their abilities to make an effective contribution to the Charity. All new Trustee appointments are evaluated against the existing skills, experience and knowledge on the Board. The Charity strives to ensure it has representation from a wide skills base and across Wales. No Trustee is remunerated for their role on the board.

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Welsh Air Ambulance Charitable Trust

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.

Each Trustee is required to disclose actual or potential conflicts of interest to the Charity as part of the annual review and at the start of every meeting.

The Board meets regularly, at least quarterly, to review and direct the Charity’s strategy, budget and performance. Specific responsibilities are delegated to committees under the scheme of delegation who report back to the Board on a quarterly basis. The Board delegates the day-to-day management of the charity to the Chief Executive and Senior Management Team. Board meetings are a mixture of in person and virtual to best suit the needs of trustees who live the length and breadth of Wales. Certain matters are reserved for Board approval, including changes to strategy and budget. The Board met seven times during 2025. One of those meetings was part of a strategy away day held in North Wales in July.

Board Committees

To perform its role effectively, some of the main Board responsibilities are delegated under defined terms of reference to four Board committees. They consist of at least two Trustees, one of whom is elected as Chairperson, and a member of the Senior Management Team. A summary of the role and purpose of each of the committees is provided below.

HR and Organisation Development

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. Meetings are held a minimum of four times per year.

Remuneration

Responsible for overseeing the remuneration policy and strategy of the organisation, also responsible for agreeing the salaries and any other payments to the Senior Management team (SMT). The Committee provides assurance to the Board that the organisation meets the required policies, standards, best practice, and regulatory requirements. This committee has been disbanded in 2025 with its responsibilities transferred to the HR and Organisation Development committee. Its members will be joined by two members of the Finance Committee and the Director of Finance and Corporate Services for any items discussed under remuneration responsibilities.

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. Meetings are held a minimum of four times per year.

Annual Report and Accounts Year Ending 31 July 2025 Trustees Report and Financial Statements Year Ending 31 July 2019

59

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. Meetings are held a minimum of once per year.

Safety, Health Environmental & Facilities (SHEF)

Previously the Health & Safety committee, the SHEF Committee oversees the organisation’s health and safety strategy as it relates to the Health and Safety at Work Act and our accountabilities as an employer. It advises and reports to the Board on H&S risks, the organisation’s health and safety controls and procedures, and performance against agreed key performance indicators. The committee consults with employees and ensures a two way communication flow on employee health and safety via the employee H&S forum.

Register of Interests

The Charity retains a register of interests completed by trustees and senior managers annually. Additionally, agendas at all meetings of the Board and its committees have ‘declaration of interests’ as the first substantive item. Trustees and managers are asked to declare any interest in business to be considered by the meeting.

Governance

The charity undertook an external review of its governance effectiveness during the year, reporting to trustees in April 2025 and as a result, the board approved a resolution on 31st Juy 2025 to adopt new Articles of Association. These enhance the existing objects to incorporate our follow up support service, and introduce greater clarity on length of tenure as recommended by the Charity Commission.

Fundraising Regulation and Compliance

The Charity is registered with:

Our fundraising includes bucket collections at our events, commercial retail premises when invited to do so, and at events and activities across Wales, including the Royal Welsh Agricultural show and National Eisteddfod.

We take our responsibilities to our supporters seriously with the aim of ensuring supporters have control over how we contact them, complying with UK Data Protection Legislation, and ensure this through mandatory annual training on data protection for all staff and induction training for new staff. The Charity uses Raisers Edge customer relationship management system (CRM) to support donor engagement and administration.

We record and report on complaints and feedback we receive from supporters and the public. We will respond on a one-to-one basis and aim to provide a full resolution to complaints within a reasonable timeframe. In 2024/25 we received 46 complaints relating to fundraising. We track and review all complaints so we can learn from them and update our processes and procedures in real time. Complaints are reported to the Fundraising Regulator where required.

Lottery Income

We partner with Tower Lotteries, a third party fundraising agency and a Gambling Commission-licenced External Lottery Manager, to recruit and attract regular lottery supporters. They are also registered with the Fundraising Regulator and have committed to follow the Code of Fundraising Practice and the Fundraising Promise. We monitor and review the third-party provided canvassers along with Tower Lotteries and ensure we are included in regulatory updates and training. All canvassers working on our behalf are committed to abiding by the guidelines laid out within our Code of Practice. Canvassers are interviewed and training and performance is closely monitored. Complaints are registered, monitored and reviewed on a regular basis.

60

Welsh Air Ambulance Charitable Trust

To retain and attract new lottery supporters, our third party canvassers undertake door to door and canvassing of members of the general public when invited into commercial retail premises to do so.

We outsource some telephone lottery fundraising to an external telephone agency, Unity4, which works to The Chartered Institute of Fundraising’s Public Fundraising Certification Programme. This supports our lottery which provides us with much needed longer term support.

Our agencies supply training and information to support ‘people in vulnerable circumstances policy’ as part of their contract which address how to recognise and protect people in these circumstances.

Raffle

We outsource the running of our prize-led raffles to Sterling Lotteries (Sterling Management Centre Ltd) who is licensed and regulated in Great Britain by The Gambling Commission and uses approved software.

Commercial Partnerships

We partner with a range of commercial participators who support our charity by donating a portion of proceeds from the sale of their goods or services. These partnerships generate vital income and also help raise awareness of our work and contribute to the long term sustainability of our services.

Senior Management Team

The Senior Management Team, made up of the individuals listed below as at the date the report was approved, are led by the Chief Executive, and are responsible for the day-to-day leadership and running of the Charity and the execution of the strategy and policies decided by the Trustee Board.

Chief Executive Offcer Sue Barnes
Director of Finance & Corporate Services Jayne Tucker (from September 2024)
Director of People & Organisational Development Natalie Richards
Director of Strategic Communications & Engagement Steven Stokes
Director of Income Generation Phae Jones
Head of Policies, Performance and Projects Christina Hawkins
Director of Aviation Services Charlotte Phillips (from October 2024)

The remuneration of the Senior Management Team is reviewed by the Remuneration Committee and recommendations made to the main Board for approval. In setting the overall pay levels for our staff, we consider the pay practice of other similarly sized charities and, where necessary, public and private sector organisations. The board also considers an annual organisation-wide cost of living increment to pay for all staff.

Our Auditors

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

Annual Report and Accounts Year Ending 31 July 2025

61

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:

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 to 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.

Principal Risks

Risk Mitigation Implemented
Service operations • Contractual arrangements with new Aviation operator monitored and
Disruption (whether short, managed with the appointment of Director of Aviation Services
medium or long term) in the • Close monitoring of supplier performance and service availability.
service availability of the aircraft • Availability of back-up aircraft
as resulting from supplier failure. • Access to and utilisation of rapid response vehicles, with two new
vehicles to replace older models introduced in 2025.
Improve patient care • Disseminate a comprehensive communication and education
Our ambition to seek programme underpinned with data-led evidence.
opportunities which improve • Explain the patient-focused rationale for change and offer reassurance
patient care and close the gap that the development will be an improvement for all – with more
on current unmet need could people in a life or limb-threatening situation being attended by our
be misunderstood in some service in their communities and across Wales – especially overnight.
communities to be a reduction
in service provision. This may
have a consequential impact on
reputation, income generation
and our cost base.

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Welsh Air Ambulance Charitable Trust

Risk Mitigation Implemented
Financial sustainability • Careful management and planning of fnancial reserves, with
There is a risk that we have regular reviews of short and long term forecasts. The Charity’s
insuffcient income and funds to reserves are within its target range at the year end, and funds have
achieve our strategic objectives been dedicated by Trustees to support the forecasted defcits over
and continue our operations the next few years.
without compromising on the • Diversifying fundraising income streams, with a particular focus on
delivery. Individual Giving acquisition and retention.
The risk remains signifcant
in part due to the increase
in the Charity’s operating
costs from 2024, and also the
challenging economic climate
for fundraising.
Data governance and security: • We continue to roll out our Cyber Security improvement plan to
Failure to adequately use better protect against threats to our data.
or protect data resulting in • GDPR and cyber security mandatory training continues to be
the accidental or unlawful provided to all staff annually. NCSC assured training courses were
destruction, loss, alteration, delivered to staff who have additional data and Cyber security
unauthorised disclosure of or responsibilities (includes several members of the Senior
access to data. management team)
• Our Data Governance Group continues to meet regularly to ensure
that all data is properly protected and used.
• Privacy and security impact assessments undertaken for all new
business initiatives.
• Cyber Essentials Plus Accreditation maintained.

Annual Report and Accounts Year Ending 31 July 2025

63

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 21 April 2026 and signed on the Board’s behalf by:

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

DR KYLE JACQUES – TRUSTEE, CHAIR

64

Welsh Air Ambulance Charitable Trust

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Annual Report and Accounts Year Ending 31 July 2025 65
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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) (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company balance sheets, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standards 102 ‘The Financial Reporting Standards applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

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Welsh Air Ambulance Charitable Trust

Other Information

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

The information given in the Report of the Trustees for the financial year for which the financial

The Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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:

Adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate

The Parent Charitable Company financial statements are not in agreement with the accounting records

We have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustee’s Responsibilities set out on page 64, 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.

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.

Annual Report and Accounts Year Ending 31 July 2025

67

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.

We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of

detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2025 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Welsh Air Ambulance Charitable Trust

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all

engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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

Alison Vickers (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP Chartered Accountants And Statutory Auditors Cardigan House, Ground Floor, Castle Court, Swansea Enterprise Park, Swansea SA7 9LA

Date: 21 April 2026

Annual Report and Accounts Year Ending 31 July 2025 Trustees Report and Financial Statements Year Ending 31 July 2019

69

-Ssrrfin5 Wa16I. Sa￿#5¥1 FINANCIAL tiSTATEMENTS .

i•

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2025

INCOME
Donations and legacies
Other Trading 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
Less Taxation
Net income after tax
Fund balances brought forward
Fund balances carried forward
Notes
3
4
7
9
10
23		 6,583
10,107
317
3
17,010
(6,423)
(13,285)
(19,708)
80
(2,618)
-
4
(2,614)
15,906
13,292
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Total
2025
£’000
Total
2024
£’000
340
-
-
-
340
-
(112)
(112)
-
228
(100)
-
128
81
209
6,243
10,107
317
3
16,670
(6,423)
(13,173)
(19,596)
80
(2,846)
100
4
(2,742)
15,825
13,083
6,674
9,687
395
7
16,763
(6,359)
(11,024)
(17,383)
346
(274)
-
-
(274)
16,180
15,906

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

72

Welsh Air Ambulance Charitable Trust

BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2025

FIXED ASSETS
Tangible assets
Intangible assets
Investments
CURRENT ASSETS
Stock
Debtors
Investments
Cash at bank and in hand
CREDITORSAmounts
falling due within one year
NET CURRENT ASSETS
PROVISIONS FOR LIABILITIES
TOTAL NET ASSETS
FUNDS
Unrestricted Funds
Restricted Fund
Notes
16
17
18
19
20
18
21
22
23
23		 GROUP
2025
£’000
CHARITY
2025
£’000
GROUP
2024
£’000
CHARITY
2024
£’000
2,234
60
-
2,194
60
-
1,894
-
2,271
1,850
-
2,271
2,294
42
4,910
2,135
6,679
2,254
28
5,004
2,135
6,595
4,165
45
5,030
-
9,367
4,121
18
5,019
-
9,354
13,766
(2,768)
13,762
(2,703)
14,442
(2,697)
14,391
(2,608)
10,998
-
11,059
-
11,745
(4)
11,783
-
13,292
13,313
15,906
15,904
13,083
209
13,104
209
15,825
81
15,823
81
13,292
13,313
15,906
15,904

These financial statements were approved by the board of trustees on 21 April 2026 and signed on its behalf by:

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

DR KYLE JACQUES – TRUSTEE, CHAIR

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

A BURDGE – TRUSTEE, VICE-CHAIR

Annual Report and Accounts Year Ending 31 July 2025

73

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

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 intangible fxed
assets
Proceeds from sale of
investments
Cash used in investing activities
Increase in cash investments
Increase in cash
and cash equivalents in the year
Cash and cash equivalents
at the beginning of the year
Cash and cash equivalents
at the end of the year
Analysis of changes in net debt
Cash
Total
Notes
1		 (900)
304
91
240
(729)
-
2,232
2,137
(65)
1,173
8,181
9,354
(954)
304
91
240
(731)
-
2,232
2,136
(65)
1,116
8,251
9,367
2025
£’000
Group
Charity
2024
£’000
2025
£’000
2024
£’000
(2,593)
268
49
-
(569)
(60)
250
(62)
(34)
(2,688)
9,367
6,679
(2,666)
268
49
-
(566)
-
250
1
(34)
(2,698)
9,354
6,656
31 July
2024
£’000
9,367
9,367
Cash Flow
£’000
(2,688)
(2,688)
31 July
2025
£’000
6,679
6,679

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Welsh Air Ambulance Charitable Trust

FOR THE YEAR ENDED 31 JULY 2025

NOTES TO THE CASH FLOW STATEMENT

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

Net Income
Deposit Interest received
Investment income
(Gains)/losses on investment
Depreciation of tangible fxed assets
(Proft)/loss on disposal of fxed asset
Deferred tax payable
Working capital movement
Decrease/(Increase) in Stock
Decrease/(Increase) in Debtors
(Decrease)/Increase in Creditors
Net Cash Infow/(Outfow) from
Operating Activities		 (2,591)
(268)
(49)
(80)
222
-
-
(2,766)
(10)
15
96
(2,614)
(268)
(49)
(80)
229
-
-
(2,782)
3
120
66
(258)
(304)
(91)
(346)
198
(7)
-
(808)
9
(241)
140
2025
£’000
Group
Charity
2024
£’000
2025
£‘000
2024
£’000
(274)
(304)
(91)
(346)
207
(5)
-
(813)
11
(284)
132
101
(2,666)
190
(2,593)
(92)
(900)
(141)
(954)

Annual Report and Accounts Year Ending 31 July 2025

75

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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.

2. ACCOUNTING POLICIES

a) Basis of Preparation

The financial statements of the Charitable Company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘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 2025. 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) Lottery Income

Lottery income is recognised 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. 2) Donated Goods

The value of goods donated for sale in the shops operated by the Charitable Company is recognised at the point of sale unless it is practical for the goods to be measured at fair value on receipt. For those items, the value is recognised as stock on the balance sheet and then released to the income statement when the item is sold.

76

Welsh Air Ambulance Charitable Trust

ACCOUNTING POLICIES (Cont’d)

3) Legacy Income

Legacies are accounted for as incoming resources once the three factors of entitlement, probable and measurement have 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.

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 hangar rental and landing fees, is recognised when the service has been provided and the right to consideration has been earned.

6) Grant Income

Grants (including government grants) which are received to fund specific purposes are recognised as restricted incoming resources in the year in which the Charitable Company is entitled to the funds. Revenue grants are credited as incoming resources when they are receivable, provided conditions for receipt have been complied with.

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.

Annual Report and Accounts Year Ending 31 July 2025

77

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

Assets below £250 are not capitalised, but included within expenses.

g) Intangible Assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised to write off the cost or valuation of assets less their residual values over their useful lives applying the following rates:

Software Using a range from 20% - 50% depending on asset life

h) 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.

i) Pensions

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

j) 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.

k) 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.

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.

l) 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.

m) Debtors

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

n) 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 twelve months or less from the date of acquisition or opening of the deposit or similar account.

78

Welsh Air Ambulance Charitable Trust

ACCOUNTING POLICIES (Cont’d)

o) Creditors

Short-term creditors are measured at transaction price.

p) 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.

q) 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.

r) 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 27.

s) Provision for Liabilities

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.

t) Related Party Transactions

The Trustees have taken advantage of the exemption under FRS102 and have not disclosed related party transactions with its wholly owned subsidiary undertaking.

u) Functional and Presentation Currency

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

v) Going Concern

The Trustees have considered both the Charity’s financial position at the year-end and the impact of future activities. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

Wales Air Ambulance continues to manage key risks through its well-established risk management processes which have been embedded and have proved robust; for more information, please see pages 62-63.

Cash and reserves are monitored closely, with detailed short and long-term forecasts prepared annually and regularly reviewed and updated to ensure the long-term financial viability of the Charity. A risk-based reserves policy has been adopted; more details of this can be seen on pages 55-56.

The Charity has a strong balance sheet with unrestricted funds of £13.3 million. Any shortfall in income over the next 12 months can be covered by the Charity’s cash reserves and investment funds, which collectively total £8.8 million.

The Trustees, therefore, have a reasonable expectation that there are no material uncertainties about the Charity’s ability to continue its operations, including to meet its liabilities, for the foreseeable future. As such, the Charity continues to adopt the going concern basis in preparing the financial statements.

Annual Report and Accounts Year Ending 31 July 2025

79

ACCOUNTING POLICIES (Cont’d)

w) 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.

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 the statement of financial activities, 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 the statement of financial activities.

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 the statement of financial activities.

Basic Financial Liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

x) 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;

Legacies - Income recognition

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.

80

Welsh Air Ambulance Charitable Trust

3. DONATIONS & GIFTS - GROUP

Unrestricted Restricted Total funds Total funds
funds funds 2025 2024
£’000 £’000 £’000 £’000
Donations 2,816 324 3,140 3,247
Legacies 3,427 16 3,443 3,385
Gifts in kind - - - 42
6,243 340 6,583 6,674

4. OTHER TRADING ACTIVITIES

4. OTHER TRADING ACTIVITIES
Lifesaving Lottery
Donated goods & recycling income
Cardiff Heliport commercial activities		 2025
£’000
Group
Charity
2024
£’000
2025
£’000
2024
£’000
8,205
1,386
516
7,801
1,272
614
8,205
1,386
-
7,801
1,272
-
10,107
9,687
9,591
9,073

*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 INCOMING RESOURCES ON ORDINARY ACTIVITIES FOR THE YEAR AFTER CHARGING

Group Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Depreciation 229 202 222 193
Other operating leases - land & buildings 331 255 289 215
-other 1,795 1,197 1,795 1,197
Auditors’ remuneration - audit 17 17 17 17
-other services - - - -

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 £146,710 (2024: £143,723).

7. INVESTMENT INCOME

7. INVESTMENT INCOME
Unrestricted Restricted Unrestricted Restricted
2025 2025 2024 2024
Group £’000 £’000 £’000 £’000
Listed investment income 49 - 91 -
Bank deposit interest 268 - 304 -
317 - 395 -

Annual Report and Accounts Year Ending 31 July 2025

81

8. TAXATION

Group

No corporation tax liability arose in the trading company, taxation amounts shown in the consolidated statement of financial activities relate to deferred tax. (2024: nil).

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 - GROUP

Donations & Legacies
Lifesaving Lottery
Retail & hospitality activities
Cardiff Heliport commercial activities
Investment management costs		 2,247
1,576
1,953
632
15
6,423
Direct costs
£’000
Support Costs
Allocated
£’000
Total 2025
£’000
Total 2024
£’000
1,412
1,352
1,501
632
15
4,912
835
224
452
-
-
1,511
2,239
1,573
1,836
685
26
6,359

10. CHARITABLE ACTIVITIES - GROUP

Unrestricted Restricted Total 2025 Total 2024
£’000 £’000 £’000 £’000
Helicopter operational costs 11,909 22 11,931 9,832
Airbase running costs 254 14 268 215
Rapid Response Vehicle running costs 110 46 156 155
Operations management 30 - 30 51
Crew Training & Wellbeing (MEDTRiM) 5 - 5 2
Patient Liaison Service 81 2 83 82
Legal & professional fees 118 - 118 118
Depreciation 82 - 82 65
Support Costs 584 28 612 504
13,173 112 13,285 11,024

82

Welsh Air Ambulance Charitable Trust

11. SUPPORT COSTS - GROUP

Executive,
Strategy & HR & Communi Total Total
Cost Compliance IT Facilities Governance Finance Training cations 2025 2024
Categories £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Donations & Legacies 168 123 118
21
48
139
218		 835 881
Lifesaving Lottery 27 55 34
4
38
52
14		 224 225
Retail 195 27 17
8
57
121
27		 452 438
Charitable activities 230 68 169
48
48
35
14		 612 505
620 273 338
81
191
347
273		 2,123 2,049

Support costs are allocated to relevant cost categories based on the percentage time spent on those categories.

12. GOVERNANCE COSTS - GROUP

External audit fees
Staff time & support at Board meetings
Trustees insurance
Trustees’ travel and meeting expenses
Governance Review
Trustee Recruitment
Analysed as		 17
24
3
7
22
8
2025
£’000
2024
£’000
17
25
3
10
0
0
81
55

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)
Net movement in funds
Funds:
At 1 August 2024
At 31 July 2025		 16,521
(19,192)
2025
£’000
2024
£’000
16,176
(16,780)
(2,671)
80
(604)
346
(2,591)
15,904
(258)
16,162
13,313
15,904

Annual Report and Accounts Year Ending 31 July 2025

83

14. STAFF NUMBERS AND COSTS

Gross salaries
Social security
Pension costs
Redundancy costs and payments
Group		 2,979
306
163
22
2025
£’000
2024
£’000
2,745
246
155
24
3,470
3,170

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

ws:
Administration
Corporate Services
Fundraising
Operations
Retail & Transport
Senior Management Team		 4
25
19
7
36
8
2025
Number
2024
Number
12
20
12
9
40
11
99
104

Redundancy costs and payments on termination were paid to five employees (2024- two employees) under settlement agreements.

The Trustees received no emoluments from the Charitable Company. Six Trustees were reimbursed expenses totalling £771 (2024 - three trustees were reimbursed expenses totalling £1,058) for travel during the year.

.

The number of employees whose emoluments were paid over £60,000 in the year were as follows:

Number
£60,000 - £70,000 2
£70,000 - £80,000 -
£80,000 - £90,000 -
£90,000 - £100,000 1

Contributions of £12,073 (2024: £17,521) were made to defined contribution schemes for higher paid employees.

15. KEY MANAGEMENT

Total remuneration of the key management (the Senior Management Team) including any employer pension contributions was £548k (2024: £560k).

84

Welsh Air Ambulance Charitable Trust

16. TANGIBLE FIXED ASSETS

ASSETS
GROUP FREEHOLD UNDER
LAND & FIXTURES
PLANT &		 MOTOR CONST- TOTAL
BUILDINGS & FITTINGS MACHINERY VEHICLES RUCTION
£’000 £’000 £’000 £’000 £’000 £’000
COST
At beginning of year 1,510 967 442 321 - 3,240
Additions 278 67 11 128 85 569
Disposals - - (9) - - (9)
At end of year 1,788 1,034 444 449 85 3,800
DEPRECIATION
At beginning of year 80 741 367 158 - 1,346
Charge for year 38 90 25 76 - 229
Eliminated on disposal
-		 - (9) - - (9)
-
At end of year 118 831 383 234 1,566
**NET BOOK VALUE **
At 31 July 2025 1,670 203 61 215 85 2,234
At 31 July 2024 1,430 226 75 163 - 1,894
CHARITY
COST
At beginning of year 1,472 951 420 321 - 3,164
Additions 278 67 9 127 85 566
Disposals - - - - - -
At end of year 1,750 1,018 429 448 85 3,730
DEPRECIATION
At beginning of year 74 730 352 158 - 1,314
Charge for year 37 87 22 76 - 222
Eliminated on disposal
-		 - - - - -
-
At end of year 111 817 374 234 1,536
**NET BOOK VALUE **
At 31 July 2025 1,639 201 55 214 85 2,194
At 31 July 2024 1,398 221 68 163 - 1,850

The Charity has purchased a property known as 42 and 44 Henblas Street, Wrexham for the purpose of operating a charity shop from the premises. A grant was received for the purchase and renovation of the property during 2024 and 2025. As part of this funding agreement, a restriction on the disposal of the property is to be registered by way of a legal charge which will require repayment of the grant should the property be sold within a five-year period from 2025.

Annual Report and Accounts Year Ending 31 July 2025

85

17. INTANGIBLE FIXED ASSETS GROUP & CHARITY

INTANGIBLE
ASSETS
£000
COST
At beginning of year -
Additions 67
Disposals -
At end of year 67
AMORTISATION
At beginning of year -
Charge for year 7
Eliminated on disposal -
At end of year 7
NET BOOK VALUE
At 31 July 2025 60
At 31 July 2024 -
CHARITY
COST
At beginning of year -
Additions 67
Disposals -
At end of year 67
AMORTISATION
At beginning of year -
Charge for year 7
Eliminated on disposal -
At end of year 7
NET BOOK VALUE
At 31 July 2025 60
At 31 July 2024 -

86

Welsh Air Ambulance Charitable Trust

18. FIXED ASSET INVESTMENTS

Cost or valuation
At beginning of year
Shares purchased at cost
Shares disposed
Cash movement during the year
Charges for year
Income received
Increase in value of investment
At end of year
Transferred to current assets
Market value at 31 July 2025
Market value at 31 July 2024		 2,271
477
(685)
(42)
(15)
49
80
2,271
476
(685)
(42)
(15)
49
80
-
-
-
-
-
MARKET VALUE OF
OTHER FIXED ASSET
INVESTMENTS
£
SHARES IN
GROUP
UNDERTAKINGS
£
CHARITY
TOTAL
£
2,135
(2,135)
-
2,135
(2,135)
-
-
0
2,271
2,271
0

In addition to the above, the Group holds a £1 investment in its subsidiary company “Welsh Air Ambulance Trading Ltd”

The market value of listed investments at 31 July 2025 comprises a sum of £2.135m (2024: £2.271m) managed by RBC Brewin Dolphin, further analysis of which is contained below.

Analysis of investment class
Equities
Fixed interest securities
Property funds
Commodities
Other listed investments
Cash held as part of the investment portfolio		 1,592
464
70
52
75
17
1,525
369
60
48
123
10
2025
£
2024
£
2,271
2,135

Annual Report and Accounts Year Ending 31 July 2025

87

18. FIXED ASSET INVESTMENTS CONTINUED

The aggregated amount of capital and reserves and a summary of the subsidiary results for the financial year were as follows:

year were as follows:
Capital and Reserves
Turnover
Expenses
Surplus for the year
Add tax refund/Less tax on surplus
Less Gift Aid
Surplus for the year after tax		 (23)
2025
2024
2
2025
£’000
632
657
2024
£’000
695
712
(24)
-
-
(17)
-
-
(24)
(17)

The shares in group undertakings are the charitable company’s investment in the trading subsidiary, Welsh Air Ambulance Trading Limited (a company that generates funds for Welsh Air Ambulance Charitable Trust), registered company number 04036635 and registered office address Ty Elusen, Llanelli Gate, Dafen, Llanelli SA14 8LQ. The investment represents the holding of 100% of the ordinary shares of £1 each.

Donated goods
Merchandise
Fuel Stock
19. STOCKS		 GROUP
2025
£’000
CHARITY
2025
£’000
GROUP
2024
£’000
CHARITY
2024
£’000
20
8
14
20
8
-
18
-
27
18
-
-
42
28
45
18

88

Welsh Air Ambulance Charitable Trust

Amounts falling due within 1 year
Welsh Air Ambulance Trading Ltd
Trade Debtor
Legacy Debtors
Accrued Income & Other Debtors
Prepayments
VAT Debtors
Amounts falling due after 1 year
Welsh Air Ambulance Trading Ltd
Aircraft Security Deposits
20. DEBTORS		 GROUP
2025
£’000
CHARITY
2025
£’000
GROUP
2024
£’000
CHARITY
2024
£’000
-
72
3,611
138
562
69
4,452
-
458
214
40
3,611
136
484
61
4,546
-
458
-
140
3,795
22
526
89
4,572
-
458
-
45
3,795
20
456
77
4,393
168
458
458
458
458
626
4,910
5,004
5,030
5,019

Two separate loan agreements are in place between Welsh Air Ambulance Charitable Trust and Welsh Air Ambulance Trading Ltd. Loan interest of £13k has been charged this year.

Included in the Charity debtors is a balance of £214k (2024 £168k) from Welsh Air Ambulance Trading. This amount does not include a gift aid payment (2024 £nil).

21. CREDITORS: AMOUNTS FALLING

DUE WITHIN ONE YEAR
Trade Creditors
Pension / PAYE accrual
Deferred Income
Accruals		 GROUP
2025
£’000
CHARITY
2025
£’000
GROUP
2024
£’000
CHARITY
2024
£’000
1,230
128
765
645
2,768
1,175
128
765
635
2,703
1,347
170
710
470
2,697
1,274
170
706
458
2,608

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

22. DEFERRED TAX LIABILITY

22. DEFERRED TAX LIABILITY
£’000
Balance at 1 August 2024 4
Timing differences (4)
Balance at 31 July 2025 -

Annual Report and Accounts Year Ending 31 July 2025

89

23. STATEMENT OF FUNDS

GROUP AT 1 INCOME EXPENSES TRANSFER UNREALISED AT 31 JULY
AUGUST GAIN ON 2025
2024 INVESTMENTS
£’000 £’000 £’000 £000 £’000 £000
Unrestricted funds
General funds 9,494 16,670 (19,367) 1,007 80 7,884
Designated funds:
- Fixed Asset Fund 1,894 -
(220)		 560 - 2,234
- MEDTRiM 65 -
(5)		 -
-		 60
- Future Aviation contract 4,222 -
-		 (1,347) - 2,875
- Helicopter upgrades 150 -
-		 (120) - 30
Restricted funds
Restricted Use Funds 81 340 (112) (100) - 209
15,906 17,010 (19,704) -
80		 13,292
CHARITY AT 1 INCOME EXPENSES TRANSFER UNREALISED AT 31 JULY
AUGUST GAIN ON 2025
2024 INVESTMENTS
£’000 £’000 £’000 £’000 £’000 £’000
Unrestricted funds
General funds 9,537 16,181 (18,853) 1,001 80 7,946
Designated funds:
- Fixed Asset Fund 1,849 -
(222)		 566 - 2,193
- MEDTRiM 65 -
(5)		 -
-		 60
- Future Aviation contract 4,222 -
-		 (1,347) - 2,875
- Helicopter upgrades 150 -
-		 (120) - 30
Restricted funds
Restricted Use Funds 81 340 (112) (100) - 209
15,904 16,521 (19,192) -
80		 13,313

A transfer of £100k has been made from the restricted fund to the unrestricted in respect of a restricted grant received to assist with the purchase and renovation of the shop at Wrexham which has been partly funded by a grant. A charge on the property has been registered which will require repayment of the grant should the property be sold within a five year period.

The fixed asset fund has been increased by a transfer of £634k from the general fund in respect of fixed asset additions for the year (minus depreciation).

A transfer of £120k from the designated Helicopter upgrade fund to the general fund has been made to reflect restricted income received in respect of this project this year.

The designated fund for the future aviation contract has been reduced by £1.3m in respect of losses incurred in 2024/25

90

Welsh Air Ambulance Charitable Trust

23. STATEMENT OF FUNDS CONTINUED

GROUP AT 1 INCOME EXPENSES TRANSFER UNREALISED AT 31 JULY
AUGUST GAIN ON 2024
2023 INVESTMENTS
£’000 £’000 £’000 £’000 £’000 £’000
Unrestricted funds
General funds 9,227 15,585 (16,178) 514 346 9,494
Designated funds:
- Fixed Asset Fund 1,603 -
(201)		 492 - 1,894
- MEDTRiM 66 -
(1)		 -
-		 65
- Aircraft procurement 350 -
-		 (350) - -
- Future Aviation contract 4,700 -
-		 (478) - 4,222
- Helicopter upgrades 150 -
-		 -
-		 150
Restricted funds
Restricted Use Funds 84 1,178 (1,003) (178) - 81
16,180 16,763 (17,383) -
346		 15,906
CHARITY AT 1 INCOME EXPENSES TRANSFER UNREALISED AT 31 JULY
AUGUST GAIN ON 2024
2023 INVESTMENTS
£’000
£’000 £’000 £’000 £’000 £’000
Unrestricted funds
General funds 9,262 14,998 (15,585) 516 346 9,537
Designated funds:
- Fixed Asset Fund 1,550 -
(191)		 490 - 1,849
- MEDTRiM 66 -
(1)		 -
-		 65
- Aircraft procurement 350 -
-		 (350) - -
- Future Aviation contract 4,700 -
-		 (478) - 4,222
- Helicopter upgrades 150 -
-		 -
-		 150
Restricted funds
Restricted Use Funds 84 1,178 (1,003) (178) - 81
16,162 16,176 (16,780) -
346		 15,904

Annual Report and Accounts Year Ending 31 July 2025

91

THE FUNDS REPRESENT

Fixed Asset

The capital spend designated fund represents funds which have been spent on capital assets. These are not readily convertible into cash as their purchase indicates that a commitment has been entered into to invest into assets with a useful life of over one year.

MEDTRiM

Funds designated to raise awareness about mental wellbeing and resilience across the service and involve the introduction of a formal approach for supporting Clinical staff following exposure to a traumatic event.

Aircraft procurement

The Charity’s historical Aviation contracts saw its suppliers holding the leases for all aircraft, however to protect the Charity’s lifesaving service, Trustees agreed that following the end of the contract on 31 December, 2023, three of the aircraft would be directly leased to the Charity. Trustees designated funds for the security deposit of these aircraft.

Future Aviation contract

Aviation contract procurement, which saw a new contract entered into from 1 January 2024, has seen a significant rise in the Charity’s Aviation costs. The Charity is investing in its income generation strategy to ensure it is able to meet the increased service delivery costs in the long term, however it is likely that this will take five years to achieve. Trustees have designated funds to cover these identified deficits in the short term.

Helicopter Upgrades

During the next year or two we will introduce the next generation of aircraft with a five bladed D3 model. This will provide a smoother flight for patients and the crew and enable the service to carry an increased load. In addition it will mean longer endurance without refuelling. Trustees have designated funds for this investment.

Restricted Funds:

Restricted Use Fund

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

Purpose of Opening Opening Income Expenditure Transfers Closing
Donor fund balance 2025 2025 2025 balance
2024 2025
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Various Donors Airbase Improvements 11 145 (14) - 142
and Aircraft upgrades
Various Donors Bridgend Hub IT Equipment - 4 - - 4
Various Donors Caernarfon Base - General - 3 (3) - -
Various Donors Childrens Transfers - 3 (3) - -
Individual Donation Cyber Security Grant 5 - - - 5
Individual Donor Events Wales Sector Development Fund - 28 (28) - -
Various Donors Medical Crew PPE 10 - - - 10
Various Donors Medical Crew Research & Wellbeing 4 - - - 4
Various Donors North Patient Liaison Room 2 - (2) - 0
Various Donors Rapid Response Vehicle Caernarfon - 31 - (31) - 0
Running Costs
Various Donors Rapid Response Vehicles - Capital 9 13 (15) - 7
Improvements
Various Donors Volunteer Projects 9 28 - - 37
Wrexham County Council Wrexham Shop Purchase & Renovation - 100 - (100) -
Various Legacy Donors North Wales Area - 16 (16) - -
Total 81 340 (112) (100) 209

92

Welsh Air Ambulance Charitable Trust

THE FUNDS REPRESENT CONTINUED

Transfers

Where restricted funds are received for the purchase of fixed assets, then a transfer from restricted funds to unrestricted funds is made once the purchase of the asset is completed.

General Funds:

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.

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP FIXED INVESTMENTS NET PROVISION TOTAL
ASSETS CURRENT
ASSETS
£’000 £’000 £’000 £’000
Unrestricted funds 2,294 - 10,789 - 13,083
Restricted funds - - 209 - 209
Total 2,294 - 10,998 - 13,292
CHARITY FIXED INVESTMENTS NET PROVISION TOTAL
ASSETS CURRENT
ASSETS
£’000 £’000 £’000 £’000
Unrestricted funds 2,254 - 10,850 - 13,104
Restricted funds - - 209 - 209
Total 2,254 - 11,059 - 13,313

25. SHARE CAPITAL - GROUP

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.

26. GIFT AID - GROUP

During the year, the Charity was not gift-aided a donation (2024: £nil) from its wholly owned subsidiary, Welsh Air Ambulance Trading Limited. (Company number 04036635)

Annual Report and Accounts Year Ending 31 July 2025

93

27. 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 within 2-5 years
Expiring after 5 years		 CHARITY
2025
£’000
GROUP
2025
£’000
CHARITY
2024
£’000
GROUP
2024
£000
356
267
-
289
326
-
406
470
2,273
331
527
2,324

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

Expiring within 1 year
Expiring with 2-5 years
Expiring after 5 years		 AIRCRAFT
CHARITY
2024
£’000
GROUP
2024
£’000
CHARITY
2025
£’000
GROUP
2025
£’000
1,795
7,180
7,779
1,773
7,180
5,983
1,795
7,180
7,779
1,773
7,180
5,983

In December 2023, the Charity entered into an agreement to lease three aircraft directly. As the Charity does not hold an Air Operator Certificate, it was necessary for the Charity to enter into a sub-lease arrangement for each aircraft with its aviation partner, Gama Aviation, to maintain and directly operate the aircraft under the terms of its contract with the Charity.

28. TRUSTEE INDEMNITY INSURANCE

Included in administration costs is the cost of trustees’ liability insurance amounting to £3,257 (2024: £3,164)

29. CHARITY RELATED PARTY TRANSACTIONS

Welsh Air Ambulance Trading Ltd £’000 Amounts owed to Charity 214

During the year the Charity undertook the above noted transactions with related parties. All related party transactions with Group companies are eliminated on consolidation. There were no related party transactions outside of the Group.

94

Welsh Air Ambulance Charitable Trust

30. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 July 2024.

INCOME
Donations and legacies
Other Trading 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
Less Taxation
Net income after tax
Fund balances brought forward
Fund balances carried forward
3
4
7
9
10
22
Notes		 6,674
9,687
395
7
16,763
(6,359)
(11,024)
(17,383)
346
(274)
-
-
(274)
16,180
15,906
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Total
2024
£’000
Total
2023
£’000
1,178
-
-
-
1,178
-
(1,003)
(1,003)
-
175
(178)
-
(3)
84
81
5,496
9,687
395
7
15,585
(6,359)
(10,021)
(16,380)
346
(449)
178
-
(271)
16,096
15,825
5,836
9,200
273
8
15,317
(6,009)
(8,596)
(14,605)
24
736
-
(1)
735
15,445
16,180

Annual Report and Accounts Year Ending 31 July 2025

95

OFFICERS & CONTACTS

Trustees

R M James

D R Kitto (resigned 01.03.2026) D Gilbert

K Jacques (Chair) D Jones-Morris (resigned 29.10.2024) J Wagstaffe (resigned 13.11.2025) S Curtis (resigned 28.03.2025) O S Davies (resigned 02.12.2025) R Locke (resigned 23.09.2024) R Locke (appointed 29.10.2024,

resigned 03.03.2025)

L Church

A Burdge

S Ley (resigned 21.10.2025) L Davies (appointed 23.09.2024) C Hampton-Stone (appointed 29.10.2024) P Harris (appointed 29.10.2024) J Phillips (appointed 29.10.2024) C Knowles (appointed 16.04.2025) N Morgan (appointed 16.04.2025) L Smith (appointed 16.04.2025) P Keefe (appointed 02.07.2025) M Wilson (appointed 02.07.2025) M Ynyr (appointed 02.07.2025)

Company Secretary

C Hawkins

Chief Executive

S Barnes

Registered office

Ty Elusen Ffordd Angel Llanelli Gate Dafen Llanelli SA14 8LQ

Registered Company Number

4036600 (England and Wales)

Registered Charity Number

1083645

Auditors

Bevan Buckland LLP

Cardigan House, Ground Floor Castle Court Swansea Enterprise Park Swansea SA7 9LA

Bankers

Barclays Bank PLC 3rd Floor, Windsor Court

3 Windsor Place Cardiff CF10 3ZL

Solicitors

Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ

Investment Managers

RBC Brewin Dolphin 3rd Floor Two Central Square Cardiff CF10 1FS

Annual Report and Accounts Year Ending 31 July 2025 Annual Report and Accounts Year Ending 31 July 2020

96