2024-03-31-accounts

Registered number: 04436859 Charity number: 1092204 The Great North Air Ambulance Service (A company Ilmlted by guarantse) Annual report Year ended 31 March 2024

The Great North Air Ambulance Service (A company Ilmlted by guarant￿1 Contsnts Page Reference and administrative details Trustees, report Trustees, responsibilities statement Independent auditotrs report to the member8 of The Great North Air Ambulance SeNice Con801idated statement d financial activiti88 2-12 13 14-17 18 Consolidated balance sheet 19 Charity balan¢¢ sheet Consolidated Statement of cash fl$￿$ 20 21 Notes to the financial Statements 22-45

The Great North Air Ambulance Service IA company Ilmlted by guarantee) Reference and adminlstrativo detsils Year ended 31 March 2024 Trustees Mr J Jowett. Chair DrKHan Mr S Groves OBE Ms D Dunn {re8igned 21 July 2023) Mr P Neal Prof M Defeyler Mrs C Vaughan MrAHui Mr G Shary) Mrs L Huntington (appointed 21 July 2023) Company réglsterod number 04436859 Charlty regl8terod numb•r 1092204 Reglsternd offlce Progre86 Hous• Urlay Nook Road Eaglescliffe Stockton-on-Tee$ TS16 OQB Company 80¢rotary Muckle Se¢r&tary Limited Chlef ex•¢utlve offlcer Mr D Stockton Independant audltor UNW LLP Chartered Accountants Ctygate St James, Boulevard Newcastle upon Tyne NE14JE Bankors Royal Bank of Scotland Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Sollcltors Muckle LLP 32 Gallowgate Newcastle upon Tyne Tyne and Wear NE14BF Page 1

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report Year ended 31 March 2024 The trustees (who are also directors of the charity for the purposes of the Companies Act) present this their annual report together with the audited financial statements of The Great North Air Ambulance Serrfice (the company and the group) for the year ended 31 March 2024. This report includes the directors, report as required by company law. The trustees confirni that the annual report and financi81 statements of the company and the group comply viith the Charities Act 2011, the Companies Act 2006, the requirements of the company and the group's governing document and the provisions of the Statement of Recommended Practice (SORP) 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). Wel¢omo The Great North Air Ambulance Service (GNAAS) is a charitably funded air ambulance servlce which provides life-saving care to the most ill and injured people in the North East, North Yorkshire, Cumbria, and the Isle of Man. We operate two helicopters 365 days a year and also operate a night-time seNice in the North East and Cumbria on rapid response vehicle8. The aircraft cover an area of ov•r 8,000 square miles and on board are specialist doctor8 and paramedic$ who effectively bring the hospital to the patient. W& are a progressive organisation which has pioneered pre-hospital ¢are in the region. The lat88t techniques. equipment and drugs are constantly being evaluated to en8ure Can provide the best care possible for our patients. Since the charity began in 2002, we have responded more than 29,000 tlmes across the region, with road traffic collisions being the m08t frequent typo of incident responded to by the team. Other incident8 we have attended includa medical incidents such as stroke and cardiac issues, assaults such as stabbings, leisure activities gone wrong, especially in rural areas, and self-ham). In January 2023 we began responding to incidents in the North East 24 hours a day, 7 day8 a week, operating the helicopter in daylight hours, and via a rapid response car throughout the night. With this increase in sepiice to this area of our region experienced our busiest year on record, responding to 2,148 incidents, with 2,237 deployments, We were able to reach more patients than ev•r before who were in desperate need of our care. We do not recèive Government funding and must therefore raise close to £9m a year through public donations to remain operational. Our work is onty possible wrth the dedication of our supporters and for that we are eternally grateful. Page 2

The Great North Air Ambulance Service IA company Ilmlted by guaranteo Trustses, report (contlnued) Year ended 31 March 2024 Our alms and objectives In May 2023 the charity launched its new vision, mission, and values. The exercise to refresh these involved team members from across the charity to ensure they reflect the organisation as it is today. As part of this we reframed vision, mission, and values to our what, why and how. What we do - We deliver advanced, life-saving treatmant to the people of our region at the critical moments that matter. Why we do il - To keep familie$ and wnmunities together by saving lives, Howwedolt- We are committed. We are courageou8. We are caring. We are one team, saving live8. The principal objectives of the charity remain unchanged: To promote the relief of sickness within the United Kingdom and the Isle of Man and in particular the counties of Cumbria, Northumberland and Durham and the surrounding areas by provision of an air ambulance service. To provide and maintain or assist with the provision and maintenance of alrcr8ft and other 8n¢illary and associated equipment. The advancement of education and tralnlng of medical professionals and health care personnel In medical disciplines with particular reference to emergency and pre hospital care. Our team are committed to providing the best possible outcome for our patients, but the impact of what we do is felt far beyond this group of people. Our impact extends to their families, their friends and colleagues, tho$0 we train, our healthcare partners and the communrties involved in fundraising activity. Strateglc report Operatlons department Achlov•monts and performance The past year has been a transfonnative period for the service. Despite numerous significant challenges, including global econ(Mnic pressures and ongoing di8WPtions within the healthcare sector, we have made significant strides in enhancing our operational capabilities. Our commitment to providing rapid, life-saving services to our communty remains unwavering. and we are proud to report on the key operational developments and achievements of the past year. Expansion to 2417 coverage A significant milestone achieved this year is the expansion of our seniice to 24n coverage across more of our operational region. This enhancement ensures we are available to respond to more emergencies at any time day or night, significantly increasing our ability to save lives and provide critical care when it is needed mosL At the start of 2023, we successfully expanded our nighttime response capabilty built on the foundations of the comprehensive recruitment and trdining effort that began back in 2021. This strategic initiative enabled us to provide 2417 service in the North East from January 2023 and resulted in the service having its busiest year ever. We are proud to report that in January 2024, we expanded our nighttime response in Cumbria by providing Page 3

The Great North Air Ambulance Service (A company limltod by guarantee) Trustses. report (continued) Year ended 31 March 2024 'Hot Retrieval Service. to much of the area, with thè anticipation to go fulty 2417 in this region in the near future. This setvice transfers critical patients from hospitals within Cumbria to the closest major trauma centre, usually the Royal Victoria Infirmary, in Newcastkg. These patients require advanced treatment and monitoring on route. Unlike the North East. Cumbria lacks any major trauma centres {MTC) and with ambulance transit times to the MTCS averaging 120 minutes or more, our teams developed this specialised pathway. This seNice has been pivotal in providing the advanced care required for high-acuity, Iow-occurrence patients. We have collaborated closely with North Cumbria Integrated Care (West Cumberland Hospttal and Cumberland Infirmary), the North West Ambulance Seplice, the Royal Victoria Infinnary, and the Royal Preston Hospital to deliver world<lass care from these rural areas during nighttime hours. Our nighttime response in Cumbria has treatedltransferred 65 of the most severely injured or sick patients, giving these patients the best chance of Sur￿lval and appropriate onward care. Although the requirement for nighttime response is different in thè North East compared to thè North West, our desire to be there for any patient at any time means we have adapted our models to suit the regional needs. This was accomplished through a review of our operational model in late 2023 and by introducing a new team structure to fully maximise our ovemight coverage at both bases. The expansion of our nighttime response in Curnbria means are closer to achieving our strategic aim of providing critical carè seNice around the clock across the entire region we serve. This progress is testament to the unwavering commitment of our team and the ¢hariVs commitment to the community it ser¥es. Innovatlons We continue to explore the po$sibilrties of technology to further improve patient response. The jet suit paramedic tri81 gave us great insight into the p088ibilities and although it isn't the answer we're looking for right now, the learnings have been invaluable. Respondlng to tho80 In no•d We remain steadfast in our commitment to providing exceptional care and being there whenever the public we serve need us. During the year 2023124, the region's three NHS ambulance 8errfices called us out 2,148 time8, up from 1,983 in 2022123, The average cost per request for assistance. based on totsl expenditure for the charity, 18 £4,281, down from £4,286 in the previous year (this 1$ across both helicopter and car response). The cost per day for our teams to be ready to respond is £25,217. We are dedicated to improving efficiencies to ensure y￿ convert generous public donations into effective front-line critical care, maintaining our highest standards despite cultural and societal challenges. Futurn d•volopments The economic situation, pressures in the health system, and growing demand for our seNices require us to find ways to do more with less. However, the dedication of our colleagues, volunteers, and supporters gives us a fighting chance to continue our service and achieve seemingly impossible milestones. Looking forward, we are committed to further enhancing our service delivery and expanding our operational capabilities. Key areas of focus include.. Technological innovations.. Investing in advanced medical and aviation technologies to improve response times and the quality of care provided. Coverage expansion: Working towards achieving full 2417 coverage across our entire service region. including the18le of Man. Collaborative expansion.. Working closely with the North East Ambulan￿ SeNice {NEAS) to help establish 24-hour operational support and crrtical incident hub, to further enhance our specificrty and assure each partnerfs accountabilty. Sustsinabilty initiatives: Exploring sustainable practices to mitigate rising operational costs, such as Page 4

The Great North Air Ambulance Service IA company Ilmlted by guarantse Trustees, report (continued) Year ended 31 March 2024 investing in more fuel*fficient aircraft and altemative energy sources. staff support and development.. Continuing to support our medical team through professional development and ensuring they have the resources needed to manage their dual roles effectively. We know with confidence that our service will continue to have a direct impact on the lives of many peopte, with our intenrfentions keeping more families together. It will not be easy, but the North of England and the Isle of Man are incredible place8. full of amazing communities. Together, we can rise to the challenge. Operatlonal tralnlng Achlevom•nts and porfomianco Training has remained 8 key focus of the charlty to ensure our teams are at the forefront of helicopter emergency medical service (HEMS) provision. Intemal and extemal courses have been delivèred, meaning our impact is felt further than the patients directly care for. These courses include leaming various skills and theory required to perform the role as a HEMS clinician, and to enhance other practitioners in the pr&ho8Pital care environment. Ext•rnal tralnlng eours•s f•edback 'Really high-quality teaching and experienced faculty. A privilege to learn from all of them.. "Simulations on the second afternoon were particularly enjoyable. Great overall leadership, directton, and structure to the course.. "Great immer$ion with the helicopter sim.. "Thanks so much for the last couple of weeks, An epic cour8e. Such a good experlence. Approclate all the hard work you put into the course.. "Organisation was excellent. Faculty supportive and approachable. Content professional and focused. Outside scenarios practical.. Internal tralnlng Over the past year, we have conducted numerous training days for our clinicians covering a wide range of topics to uphold their proficiency, competence and confidence in their respective roles. Our Operational Crew Audit Days (OCAD) have been structured to ensure that our teams maintain the necessary competencies for their demanding roles. We actively engage Subject matter experts from diverse backgrounds to deliver the highest qualty training ba8ed on their firsthand experience8. Training Days are conducted every other month by dtfferent doctors and paramedics on many common topics. This yearfs topics included: Paediatrics Obstetrics Enhanced cardiac arrest management Major incident management Surgical procedures and simulation Mountain rescue Hot retrieval Paramedi¢ response These sessions, attended on average by 20 clinicians, allow our team to share leaming, listen, review standard SME'S operating procedures, and simulate scenarios related to each topic. These days are excellent for building team relationships and leaming from each other's experiences. To maintain our crew's operatronal readiness, we have integrated simulation practice into our daily routine while on shift. Across both bases, we conducted 830 simulations, ensuring familiarity wrth our standard operating procedures and maintaining critical thinking and decision-making processes in complex and infrequent incidents. Page 5

The Great North Air Ambulance Service IA company Ilmited by guarant••) Trustses. report (contlnued) Year onded 31 March 2024 Our IT department have devéloped numerous systems to help our teams assure governance and support them to be the best they can be. Future actlvlty Extsmal tralnlng Moving fOr￿ard into 2024r2025 we wlll be dellvering our extemal course syllabu8 and continuing to support internal training. We will review all courses to ensure all content is up-to-date, evidence based, and engaging for all candidates, whilst also being commerci8lly viable. Regarding internal training will continue to conduct training days every other month so the team can come together and develop to maintain currency and competence in the clinical care. We will also ensure team debrief session$ to discuss pertinent cases to share learning experiences. this will be monthly and run by one of the Paramedics. We will continue to support the wider charity by delivering basic lrfé support training and awareness of our critical care team capabilities to enable wider sharing with the public to increase income and awarene88. We will look to contlnue to develop our team through the Diploma in Immediate Medlcal Care along with other Study days, Income Generatlon Achlevements and performanc• 2023124 ha8 been a more stsble year in comparison to tha period immediately p08t-COVID, However it was not without 118 challenges. The full impact of the cost-of-living crisis has been felt this year, we find more wonderful supporters are donating, but with smaller amounts, which is reflective of the current economic circumstance. 2022123 vs 2023124 our average donation amount has reduced by 7¥0 (not including legacies, lottery, regular giving, grants or Gfft Aid). Despite this, our value of donations has increased overall by 7% and is testsment to tho hard work of the income and engagement team and the dedication of our supporter8. Overall income generation activities raised £9m (£10m 2022123). The largest contributor to this. as is usual for the charity, was incoma received from gifts in Wills. 164 kind supporters included our charity in their Wills resulting in £3.14m of income in the year(2022123 £4.66m). Income raised via the events team activities saw remarkable growth of 400h versus the previous year. We had our largest ever Great North Run team with 301 charty place runners and 90 ballot runners, who together raised over £170,000, The corporate and community teams continue to engage wtth supporters throughout the region by spreading awareness and supporting and encouraging fundraising efforts. This year we recognised the efforts of one supporter. who in this period alone raised over £100,000 for the charity, by avRrding him ambassador status. A new corporate partner programme was launched that recognised businesses who donated £5,000 or more. 24 companies were made partner8, and this is a key fundraising initiative moving forward. During the year we invested in a team member based on the Isle of Man to help increase awareness and income from residents and visitors. This has been a positive step fop*vard, although the initiative is in its early stages. The subsHJiary trading companies, whose activty raises funds Solely for our charity, generated tumover of £650,457 {2022123 £779,031). The clothing recycling company function was moved from Newton Aycliffe to the charity headquarters in January 2023. This move, along with changes to introduce operational efficiencies have helped the company maximise its potential in a changing marketplace. Clothing collections are now mainly arranged vsa an online booking fonn or phone calls which has resulted in a large reduction in unwanted ptastic waste and Cost. Our eBay store and other online selling sites have been utilised where appropriate to increase sales value of items. Whilst the market has continued to be unstable. the change8 to our model have provided resilience. Page 6

The Great North Alr Ambulance Service (A company limited by guarantee Trustees. report (continued) Year ended 31 March 2024 The charity invested heavily in the SAAS platfomi ARC-EMS. ARC-EMS supports the tasking of the operational team and recording its data. The investment will allow the system to be fully paperless, with offline capability, and have all patient data in one place. The new version is due to go live in Sumrner 2024, and will be Commercially available via our subsidiary company ARC Medtech Limrted. Extemal canvassing company, Tower Lotteries. continue to recruit and manage our second lottery, the 'GNAAS 2417 lottery,. This has seen expected growth throughout the year. and ov•r time ￿ll11 be a large, sustainable contributor to overall income. Patients and their families continue to astound with their fundraising efforts in recognition of the 8eriice vrfe provided, and we continue to be 8UPPOrted by generous individuals and businesses who understand the drfference we make. Every donation made to our charity is gratefully received, no matter how big or small, and ultimately funds the critical care team responding to incidents throughout the region. For every £1 spent by the charity raising funds. £4.18 (2022123: £6.82) wa8 generated in donations. legacies, grants and lottery and fundraising income. Volunteers This year 140 volunteers generously supported our cause. This ranged from off￿e duties, attending cheque presentations and collection box servicing, to delivering community tslks, managing bucket collections and supporting our events. No task is too big or small for this wonderful collection of people and for that we are eternally grateful. Their commitment is what makes our life-saving work possible. Future actlvlty Agility is a key component of our income and engagement team as they continually review and a$$ess activty to ensure we maximise opportunitie8 and are aware of any Challenges. Corporate and major gifts ¢ontinue to be a major focus of the team, engaging and buikling relationships throughout the reglon to help Increase and sustaln Income In this area. Financial support, gifts-in-kind and shared knowledge are paramount in supporting the charity. Whilst it has b••n tough to gain traction In the Isle of Man, we are committed to ensuring the Service can continue responding in the future. We are considering what further investment thi8 may need and how we can increase understanding and knowledge on the island to support fundraisin9. We aim to launch the updated version of ARC-EMS as a high priority as we expect the product to appeal to wide range of new customers. We will conlinue to nurture supporters by providing a great giving experience to encourage future support and continue to encourage supporters to remember us in their Wills. We have recèntly invested in a data insight project which will be key in helping us to understand our supporter$ in more detail, and help to shape future income generation campaigns. Page 7

The Great North Air Ambulance Servlce IA company Ilmlted by guaranta•l Trustees, report {continuod) Year ended 31 March 2024 Flnanclal revlew The consolidated accounts set out the combined results for the Great North Air Ambulance SeNice charity, and for the charity's wholly-owned trading subsidiaries (the Great North Air Ambulance Trading Company and ARC Medtech Limited) for the year ended 31 March 2024. Income for the year totalled £9,804,491 (2022123.. £10,849,751). Gifts in Wills remained a signfficant source of income but are by their nature unpredictable. The amount received due to Gifts in Wills, referred to as legacies, decreased by £1.5m compared to 2022123. Income from donations, grants, lottery and fundraising increased by £398k compared to 2022123. Resour￿$ expended in the year totalled £9,808,738 (2022123: £9,193.935), an increase of £603,981. The consolidated accounts include income of £650,457 {2022123.' £779,031) earned by the Subsidiary companies and associated resources expended of £538.719 (2022123: £696,923). The capital fund differentiates the capital Costs of the charity from the revenue expenditure required to fund the charivs running costs. The costs of depreciating the assets over their useful lives, and the finance costs relating to borrowing to fund the aircraft are reflected in the capital fund. The capital fund remains unrestricted. Results for th• charlty Income for the year totalled £9.245.272 {2022123: £10,264,978). Our source8 of income include.. Donation8 from Indiv￿Uals, corporale supporters and from the charity's own trading company £2,388,226 - 230A (2022123.. £2,225,632_ 220A) Legacies £3,147,259 - 31% (2022123.. 4.665,306 _ 450h) Charitable activities {chargeable prprhospital care seNice8 and trainlng) £801,050 - 8'h (2022123.. £818,844 8Yo) Lottery and raffle income £1,093.308- 110/0 (2022123: £1,115,601- 11%> Fundraising activities including events £1,506,468- 150A (2022123.. £1,209,99J - 120h) Grants and other income £158,109 _ 1.50A (202W23: £229.603 _ 29h) Resources expended in the year totalled £9.270.019 (2022123: £8,497,012). Resources expended include.. Costs of delivering our charitable activities - these costs cover the ¢lini¢al, operational, training, compliance and essential support costs of delivering our s•rvi¢e8. Total costs of delivery for the year were £7,274,460 - 789/0 (2022123: £7,116,161 _ 84ts/0). The costs of delivering fundraising activities these are the costs. including staff and non-staff costs. relating to events, managing fundraising activities, promotion activities to generate public support, and the costs of running the lottery. Withoui these activities, the charity could not generate the financial support needed to allow us to deliver our services. £1,984.737- 22°h {2022123: £1.380,851 _ 160/ts) of our costs, are attributable to this area of our work. Any sU￿lUS generated is held for future investment and to support the reseNes policy laid down by the charitys trustee8. As set out above, the capital fund differentiates the capital costs of the charity from the revenue expenditure required to fund the charty's running costs. Inv•stm•nt pollcy and p8rforniance As per the memorandum and articles of association the charity has thè power lo acquire assets to borrow money and to invest surplus funds in any way that the trustees wish. There were no investments and no investment income during the year other than small amounts of interest Page 8

The Great North Alr Ambulance Service (A company limited by guarantee) Trustees, report (continued) Year ended 31 March 2024 received from interest-bearing current accounts, and a small number of shares received through gifts in Wills. The trustees reviewed their approach to investment during the year and concluded to continue to maintain cash balances in the light of future capitsl commrtments and plans. The trustees keep the cash position and broader investment strategy and policies of the charity under review. R•soNos pollcy In line with Charity Commission guidelines, the trustees monitor the level of reseNe$ held to ensure they are being used to help to achieve the objectives of the Charity. The charity aims to keep fr•8 reserves at levels to provide for six months operating costs which the trustees consider prudent. Based on 2024125 budgeted costs the operating cost8 of the charity excluding depreciation are forecast at £8mil, this equates to an estimated £4mil for six months. As at 31 March 2024, the charty holds total reserves of £16.8 million, of which £9.4 million is tied up in fixed assets. The charws free reserrfes stand at £7.2 million, which is higher than the charity aims to hold. However. this is expected to reduce during 2024125 with the charity's reserves being utilised to replace charty fixed a8set8 in 2024125. This will bring the free reserves closer to the target of 6 rnonths expenditure. Prlnclpal rf8k8 and uncertalntle• A8 part of their re$ponsibilitie8, the tru8tees ensure that tha major risk8 to which the charty 18 exp08ed are reviewed and systems established to mitigate those risks. The trustees have appointed the chief executive and the executive team to review major risks and make recommendations to the trustees as to how to manage them. The finance, audit, remuneration and risk committee are responsible for the review and monitoring of the effectiveness of policies and processes for a88essing and managing risk. The principal risk categories are strategic govemance, clinical. service delivery {clinlcal), service delivery (other), financial risk, income generation risk, reputational risk, infomation governanceldata protection, and human resour￿$. Foremost for consideration are clinical and operational risks involving patient treatment and rAr6. This aspect is regulated by the Care Qualty Commission (CQC). by which we were rated as outstanding in 2022; and factors involved with the flying environment, this 18 highly regulated by the Civll Aviation Authority {CA4). In addition to the major risk groups, the charity has developed a business continuity plan to ensure that the charity is prepared to deal with seNice outages caused by factors beyond its control that could seriously impair the chariws ability to continue nomial operations. COVID-19 has meant that our business continuity plan has been put to the test in recent years. This has demonstrated that these plans work with our frontline seNices continuing to operate with the necessary adaptations, and our non-frontline services mobilised to work from remote locations. As part of their responsibilities, the trustees ensure that major risks to which the charity may be exposed are reviewed annually. At each meeting of the board, any new risks or changes to existing risks identified from the papers or discussions around agenda items arè noted and the risk register updated accordingly. Complaints received are reviewed by the relevant sub-committee on a regular basis. The Committees review the number and general nature of complaints receNed' any trends in complaints., and any areas of risk that need to be addressed. Going concern The charity saw increased in￿rne from donations, grants. lottery and fundraising across 2023124 with an additional £398k year on year. Page 9

The Great North Air Ambulance Service IA company Ilmlted by guarant••) Trustees, report (contlnued) Year ended 31 March 2024 Gifts in Wills remained a significant source of income but are by their nature unpredictable. The amount receiv8d in 2023124 decreased by £1.5m compared to 2022123, however this total amount received allowed the charity to end the year in a surplus position. Income continues to be impacted into 2024125 as the cost￿41VIng crisis has reduced the charitys abilty to generate funds due to many supporters having reduced disp08able income. The charty's trading company has also been impacted by market demand as well as the increased use of platfomis such as Vinted and eBay, reducing the amount that can be gifted to the charity. The charity has prepared budget forecasts for the period to 31 March 2025. These forecasts show an expected surplus of £163k for the year 2024125. The forecast surplus is expected as the income and engagement activities have incre8sed following continued investment in the income and engagement team with focus on increased fundraising activities. Increased costs for 2024125 are attributable to increased operating costs of moving toward 2417 service delivery across both North East and Cumbria, increased costs in fundraising activities. increased energy and utilty costs 8$ well as increased salary costs a8 a result of the $1gnificant increase to national living wage for the second year running. The charity 18 Still forecast to have in excess of £7.8m cash in March 2025, an increase of £900k from March 2024. This forecast increase in cash held is a result of building up a contingency of fund8 for asset replacement during the year. Having considered the financial forecasts the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. For thi8 reason, they Continue to adopt the going Concern basis in preparing the financial statements. Publlc hnoflt All our Charitable activitie8 are undertaken to further our Charitable purposes for the public benefrt. Over the last twenty on years. this charity has changed the way many seriou8ty ill or injured patients are treated and cared for. This advance in pr&hospital emergency medical care (limited only by resource) has noticeably impaded on vulnerable patients with many more surviving than would otherwise have done so previously, delivering proven public benefrt. In accordance with S17 of the Charities Act 2011, the trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefrt when reviewing the aims and objectives of the charity and when planning the future activities. The trustees assess how new activities planned will contribute to the overall aims and objedives they have set and periodically review existing actmlies to ensure ongoing public benefit. Structur•, gov•rnance and management The charity is a company limited by guarantee, incorporated in thé Unrted Kingdom on 13 May 2002 and registered in England and Wales. It is also a registered charity (charity number 1092204). Organlsatlonal structur• The controlling entity of the charity is the Board of Trustees. The board meets a minimum of four times per year. Between general meetings subcommittees of the board, the Finance, Audit, Remuneration and Risk committee (FAR), the Nominations committee and the Operations and Clinical committee, are called upon to maintain a continuous govemance overview. The charity is sub-divided into Medicalloperational, Income & Engagement, Finance & Facilities, IT & Projects (inc Compliance & Assurance), and HR, each headed up by a member of the Strategic development team (SDT). Page 10

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report (contlnued) Year ended 31 March 2024 The SDT are responsible for leading their service area, and collectively abng with the Chief Executive are responsible and accountable for delivering a safe and efficient service. The charity owns two non-charitable commercial subsidiary companies known as the Great North Air Ambulance SeNice Trading Company and ARC Medtech. The Great North Air Ambulance Trading Company operates independently of the charty with its Lwn structure, management and employees. This recycling and international export business trades in mobile phones, inkjet cartrid9es. unwanted cbthing and other disposable goods. The trading company donates the distributable profits derived from its trading activities to the charty that over the years has amounted to over £4m, making it thè charity's largest sin9le commercial donor. ARC Medtech was established in 2019 to allow the charity to exploit the intellectual propety vested in its operational ICT system. ARC Medtech does not empby any staff. As with the trading company, ARC Medtech's distributsble profits derived from its trading are donated to the charity. Governance The trustees, who are also director8 of the charitable company, are bound by the charitys Memorandum and Articles of Ass*xiation. The trustees collectively are responsible for directing the affairs of the charity ensuring that it is solvent, well run, delivering the charitable outcomes for which it was set up, and ensuring compliance with charity law and all other applicable legislation and regulation. The trustees also determine the strategy and key objectives and vote on major policy decisions affecting the charity. Trustees monitor the perfomiance of the charity at meeting8 of the board and it8 sUb￿rnm1tt8e8. Sub-committaes meet a minimum of 3 times per year. The Operation8 and Clinical committee has delegated responsibllty for over8eeing all operational and Clinical aspects of the charity and reporting back to the board accordingly. The Finance, Audit, Remuneration and Risk Committee has delegated responsibility for overseeing all financial aspects of the charty, Includlng audlt and remuneratlon, to ensure short and long-temi viability and report back to the board accordingly. The commbttee, when required, will determine and make recommendations regarding the remuneration of employees. The remuneration packages of senior executives and employees are established with reference to market rates for similar roles and are designed to attract and retain employees while remaining affordable to the charity. The Nominations Committee has the delegated responsibility to review the structure, size and composition of the Board, taking into account the Trustees, skills, knowledge and diversity. It makes recommendations to the Board with regard to recruitment of new Trustees, either due to the retirement of existing Trustees or in order to fill identified skills gaps. The Nominations Commtttee is also responsible for the Trustee induction plan. Board evaluation and effectiveness processes and succession planning Two of the trustees are also directors of the trading company, and tsvo of the trustees are also directors of ARC Medtech. The directors of each of the trading subsidiaries report on the company's activities and performance and communicate those matters to the charity board. Regulatory compliance and overall perfonnance standards are monitored and assessed with quality and key performance indicators by the board throughout the year. This helps to ensure the charity is well-governed, safe and legislatively compliant in all aspects of its duties and operations. Policies adopted for the induction and training of trustees Trustee are indentified by a process of targeted recruitment aimed at ensuring the skills of the board remain both relevant and balanced. New trustees are interviewed and appointed by presiding trustees who aim to achieve a good mix of professional skills that will benefit the charty. Page11

The Great North Air Ambulance Service (A company Ilmlted by guarantee) Trustees, roport (contlnued) Year ended 31 March 2024 Each new trustee undergoes a brief induction programme that includes the charity's vision and objects, role and responsibiltties and financial standing. The charity facilitates attendance at appropriate external training events where there is an identified need. In additK*n to the constitution, trustees are bound by the charitsls Code of Govemance and Code of Conduct. Management Alihou9h ultimate responsibilty for the management of the charity lies with th• tru$tea$, thw do have the power to delegate and do so to enable the charity to function on a daily basis. The trustees are responsible for appointing a chief executive. The chi•f &xe¢utive 18 responsible for staff leadership, management, and administration as well as the clinical and opèrational a8pect8 of the charity and 18 the link between the board of trustees and the staff. Senior managers are appointed to a88lSt the chief executive in these duties and this structure ensures the charity is effective. well%overned and legislatively compliant in all aspects of its operations. Senior managers are responsible and accountable to the CEO for their designated area of operation, ensuring that seniices are delivered in pursuance of the charity's agreed strategies and objectives,. that relevant regulatory compliance is maintained,. and that perfomlance is in line with agreed stsndards. Regular departmental and staff meetlngs are held to ensure the charity progresses and mainlain its aims and objedives thereby delivering on its public benefit requirement. Dls¢lo$uro of Informatlon to 4udltorn Each of the per80ns who are trustees at the time when this Trustees, report 18 approved has confimed that.. so far as that trustee is aware. there is no relevant audit infom)ation of which the charitsble group's auditors are unaware, and That twstee has tsken all the steps that ought to have been tsken 88 8 trustee in order to be aware of any relevant audit infomiation and to establish that the charitable group's auditors are aware of that Information. This report, incorporating the group strategic report, was approved by the truste8s, in their ¢apacty as company directors, on 26 July 2024 and signed on their behalf by: r J Jowott Chair Page 12

The Great North Air Ambulance Service (A company Ilmlted by guaranteo) Trustees, responslblllties ststement Year ended 31 March 2024 The trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the trustees, report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards ('Unrted Kingdom Generally Accepted Accounting Practice,). Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements. the trustees are required to.. 8elect suitable accounting policies and then apply them consistently; obs&p￿ the methods and principles of the Charities SORP (FRS 102). make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102> have been followed. subject to any material departures disclosed and explained in the financial stat8ment8; prepare the financial statements on the going concern basis unless it 1$ inappropriate to presume that the Group will continue in busines8. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the charity and enab￿ them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a88ets of the Group and the charity and hence for taking rea80nable steps for th• prevention and detection of fraud and other irregularities. Page 13

f4klV Independent auditoVs report to the members of Th8 Great North Air Ambulance Servlce Oplnion We have audited the financial statements of The Great North Air Ambulance Sen4ice (Ihe parent charitable companw) and its subsidiaries ('the group,) for the year ended 31 March 2024 which comprise the consolidated ststement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The rinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {'United Kingdom Generalty Accepted Accounting Practice,). In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable companys affairs as at 31 March 2024 and of the Group's incoming resources and application of resources. including its income and expenditure for the year then ended: have been properly prepared in accordance with Unit•d Kingdom GeneralSy Acc•pt•d Accounting Practice. and have been prepared in accordance with the r8quirement8 of the Companies Act 2008. Ba81$ for oplnlon 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 Auditorfs 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 United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidgn¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu8lon8 relatlng to golng ¢onc•m In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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 concem are described in the relevant sections of this report. Page 14

Independent auditorfs report to the members ofThe Great North Alr Ambulance Service (continued) Other Infomiatlon The other Infomiation comprises the infomiation included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are rèsponsible for the other information Contained within the annual report. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent wrth the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If YR identify such material inconsistencies or apparent material misstatement$, VR are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there ts a material misststement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matt•r8 prn8crlbed by tho Companles Act 2006 In our opinion, based on the work undertaken in the course of the audlt: the information given in the trustees, report including the strategic report for tho financial year for which the financial statements are prepared is consistent with the financial statements. the trustees. report and the strategi¢ report have been prepared in accordan¢e with applicable legal requirement8. Matters on whlch we are requlred to report by oxc•ptlon In the light of our knowledge and understanding of the charitabla company and its environment obtained in the course of the audit, we have not identrfied material misstatements in the trustees, report including the strategic report. We have nothing to report in respect of the ft>llowing matters in relation to which Companies Act 2006 require$ us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and retums., or Certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit. Page 15

Independent auditor's report to the members ofTh8 Groat North Air Ambulance Service (continued) Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement. 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 detemiine 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 trusteeg are responsible for assessing the Group's and the parent charitable compan￿$ abilty 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 intend to liquidate the Group or the parent charitable company or to Cease operations, or have no realistic aliernative but to do 80. Audltorfs rospon8lbllltl88 for the audlt of th• flnanclal stat•ments Our objectives are to obtain rea80nabEe a88urance about whether the financial statement8 as a whole are free from material misstatement, whether due to fraud or error, and to 188ue an auditol8 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audrt 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 rf, individually or in the aggregate, they could reasonably be expocted to influence the economic decisions of users taken on the basis of these financial statement8. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularrties. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud 18 detsiled below: We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the trustees and other management (as required by Auditing Standards) and from inspection of the group's legal correspondence and we discussed with the trustees and other management the policies and procedures in place regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indi¢ations of nonvcompliance throughout the audit. Firstly, the group is subject to laws and regulations that directly affect the financial statement8 including financial reporting legislation (including related companies legislation), distributsble profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect., health and safety, civil w4iation regulations, care quality legislation, employment law, data protection, environmental law and certain aspects of company legislation, ￿CogniS1ng the nature of the group's activities. Audrting Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non*compliance material to the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as VR will be less likely to become aware of instances of non<ompliance. Page 16

Independent auditorfs report to the members of The Great North Alr Ambulance Sarvice (continued) The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilrties for the audit of the financial ststements is located on the Financial Reporting Council's website at.. WW4V.frc.or .uklauditorsres onsibilities. This description form8 part of our auditorfs report. U$• of our report This report is made solely to the charitable companls member8. 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 an auditor's report and for no other purpose. To the fullest exient pemitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and its members, as a body. for our audit work, for this report. or for the opinions we have forn￿d. Anne Hallowoll Bsc FCA DChA (Senlor Statutory Audltor) for and on behalf of UNW LLP, Statutory Audltor Chartered Accountants Newcastle upon Tyne 26 July 2024 Page 17

The Great North Air Ambulance Service (A company limited by guarantee) Consolidated statement of flnanclal actlvltles (incorporating Income and oxpenditure account) Year ended 31 March 2024 Unr•strlctod funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 6,602,366 801.050 3,270,022 130,113 950 6,602,356 801,050 3.270.022 130,113 960 6.896,511 818,844 3,107,138 27,258 Total Incomo 9,804,491 9,804,491 10,849,751 Expondltur• on: Raising funds Charitable a¢tivltles 2,523,466 7,285,282 2,623,456 7,286,282 2,077,774 7,116,161 Total expendlturn 9.808,738 9,808,738 9,193,935 Not lexpendltureVln¢om• b•for• net galn8 on Investments Net gains on invastments 14,247) 417 <4,247) 417 1,655,816 322 15 Net (expendlturn)Iln¢oma before taxatlon Taxation (3,830) {12,777) (3,830) 112,777 1,656,138 Net mov•mont In funds (16,607 {16,6071 1,656,138 Reconclllatlon of funds: Total funds brought fopward Net movement in funds 16,952,093 116,607) 16.952.093 (16,607) 15,295,955 1,856,138 Total funds carrl•d forward 16.935,486 16,936,486 16.952,093 The consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 22 to 45 form part of these financial statements. Page 18

The Great North Air Ambulance Service (A company Ilmited by guarantee) Consolldated balance sheet At 31 March 2024 2024 2023 Note Flxed asJ•t• Intangible assets Tangible assets Investments 13 14 15 320,472 9,137,841 6,826 288.402 10.652,835 5,409 9,464,139 10,946,646 Current assets Stocks Debtors Ca8h at bank and in hand 16 17 59,586 698.709 7,443,647 76,607 606,272 9,913,775 8,201,841 10,596,654 Creditors.. amounts falling due within one year 18 1688,907) {1,137,174) Nèt current assets 7,612,934 9,459,480 Total assots10s5 current Ilabllltles Credltors: amounts falling due after more than one year Provlslon8 for Ilabllltles Deferred tax 16,977,073 20.406,126 19 (21,6031 (3,446,826) 20 (19,984 {7,207) Totsl net assets 16,935,486 16,952,093 Charlty funds Unrestricted funds 21 16,935,486 16,952,093 Total funds 18,935.486 16,952,093 The trustees acknowledge their responsibilities for complying with th& requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the trustees on 26 July 2024 and signed on their behalf by.. Chair The notes on pages 22 to 45 form part of these financial statements. Page 19

The Great North Alr Ambulance Servlce (A company limlted by guarantsel Charlty balance sheet At 31 March 2024 2024 2023 Not• Flxed assets Intsngible assets Tangible assets Investments 13 14 15 320.472 9,055,414 5.828 288.402 10.618,262 5,411 9.381,714 10,912,075 Currnnt a888ts Stock8 Debtor8 Cash at bank and in hand 16 17 33,071 788,940 6,942,027 39,845 586,489 9,511,292 7,764,038 10,137,626 Creditors: amount8 falling due within one 18 (640,976) (1,004,212) N•t ¢urr•nt as$•ts 7,223.062 9,133,414 Total assots1o88 currnnt Ilabllltleg 16,604,776 20,045,489 Creditor8'. amounts falling due after more than one year 19 (3,416,383) Totsl net assets 16,604,776 16,629,106 Charity funds Unrestricted fund8 16,604,776 16,629,106 21 Totsl funds 16,604,776 16,629,106 The charitys net movement in funds for the year was £(24.330} (2023 - £1,768,286). The trustees acknowledge their responsibilities for complying with the requirements of the Ad with respect to accounting records and preparation of financial statements. The financial ststements were approved and authorised for issue by the trustees on 26 July 2024 and signed on their affb wett air Company registered number: 04436859 The notes on pages 22 to 45 fomi part of these financial statements. Page 20

The Great North Air Ambulance Service (A company Ilmited by guarantee) Consolldated statement of cash flows Year ended 31 March 2024 2024 2023 Note Cash IIow8 from operatlng actlvltl Net cash generated from operating activities 1,535,735 3,923,856 Cash flows from Investlng actlvltlos Dividends, interests and rents from investments Proceeds from the Sa￿ of tangible fixed assets Purchase of intangible assets Purchase of tangible fixed asset8 130,113 3,668 (162,0851 (211,365) (164,618) (185,675) 27,258 Net cuh used In Invostlng actlvlt105 1192,832) (369,782) Ca8h flows from flnanclng actlvltle8 Repayments of borrowing Interest paid 13.741,602) (326,437) {71,529) (194,836) Not cash u8•d In flnanclng actlvlllos <3,813,131) {521,273> Change In cash and cash oqulvalents In the yèar Cash and cash equivalent8 at the beginning of the year (2,470,228) 3,032,801 9,913,775 6,880,974 Cash and cash equlvalents at th• end of tho year 23 7,443,547 9.913,775 The notes on pages 22 to 45 form part of these financial statements Page 21

The Great North Air Ambulance Service (A company Ilmlted by guarantse Notes to the flnancial statements Year ended 31 March 2024 Accountlng pollcl The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless othepwise stated. 1.1 Bas18 of prnparatlon of financlal statements The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Great North Air Ambulance Service meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othepNise stated in the relevant accounting policy. The consolidated statement of financial activitiès (SOFA) and consolidated balance sheet consolidate the financial statements of the charrty and its subsidiary undertakings. The results of the $ubsidi8ries are consolidated on a line by line basis. The charity has taken advantage of the exemption alltyNed under section 408 of the Companies A¢t 2006 and has not presented its own statement of financial activities in these financial statements. 1.2 Golng con¢•rn The charity Saw increased income from donations, grant8, lottery and fundraising across 2023124 with an additional £398k year on year. Gifts in wi118 remained a significant Source of income but are by their nature unpredictable, the amount received in 2023124 decreased by £1.5m compared to 2022123, however this total amount received allowed the charity to end the year In a surplus position. Income continues to be impacted into 2024125 as the cost￿-11VIng ¢rlsis has reduced the ¢harity'8 abilty to generate funds due to many supporters having reduced disposable income. The charity's trading company has also been impacted by market demand as well as the increased use of platforms such as Vinted and ebay, reducing the amount that can be gffted to the charity. The charty has prepared budget forecasts for the period to 31 March 2025. These forecasts show an expected surplus of £163k for the year 2024125. The forecast surplus is expected as the income and engagement activities have increased following continued investment in the income and engagement team with focus on increased fundraising activities. Increased costs for 2024125 are attributable to increased operating costs of moving toward 2417 service delivery across both North East and Cumbria, increased costs in fundraising activities, increased energy and utilty costs as well as increased salary costs as a result of the signrfunt increase to national living wage for the second year running. The charity is still forecast to have in excess of £7.8m cash in March 2025. an increase of £900k from March 2024. This forecast increase in cash held is a resutt of building up a Contingency of funds for asset replacement during the year. Having considered the financial forecasts the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial ststements. Page 22

The Great North Air Ambulance Service (A company Ilmited by guarantee) Notes to the financial statements Year ended 31 March 2024 Accountlng pollcles {contlnuod) 1.3 Income All income is recognised once the group has entitlement to the income. it is probable that the income will be received and the amount of income receivable Can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probabilty of receipt and the abilty to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefador) and the executor is satIsf￿d that the propety in question will not be required to satisfy claims in the estate. Legacy income is recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the group, can reliabty measured. Grants are in¢luded in the consolidated statement of financlal activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income 1$ received in advance of entitlement of receipt, its recognition is deferred and included in creditor8 as deferred incom&. Where entitlement o¢curs before income is received, the income is accrued. Gffts donated for resale are included as income at an e8timate of the expected fair value on receipl. Income tax recoverable In relation to donations received under Gift Aid or d•ed8 of covenant 18 recognised at the time of the donation. Income tax recoverable in relation to investm•nt income is recogni8ed at the time the investment income is receivable. 1.4 Exp•ndlture Expenditure is recognised once there 1$ a legal or constructive obligation to transfer economic benefrt to a third party. it is probable that a transfer of economic benefrts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds include8 all expenditure incurred by the Group to raise funds for rts charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs, All expenditure is inclusive of irrecoverable VAT. Page 23

The Great North Air Ambulance Service (A company limlted by guarantee) Notes to the financlal statements Year ended 31 March 2024 Accountlng pollcles Icontlnued) 1.6 Research and dov•loprn•nt Development costs are capitalised within intsngible assets where they can be identrfied with a specific product or project anticipated to produce fLrture benefrts, and are amortised on the straight line basis over the anticipated lrfe of the benefits arising from the completed product or project. Deferred rosearch and development costs are reviewed annually, and where future beneffts are deemed to have ceased or to be in doubt, the balance of any related research and development 18 written off to the consolidated statement of financial activities. 1.6 Internst rec•lvabl• Interest on funds held on deposit Is included when receivable and tha amount can be measured reliably by the Group: this is normally upon notification of the interest paid or payable by the institution with whom the funds are depo8bted. 1.7 Taxatlon The charity Is considered to pa88 the tests set out in Paragraph 1 Schedul• 6 of the Finance Act 2010 and therefore it meets the definition of a ¢haritsble company for UK corporation tax purposes, Accordingly, the charity is Potentially exempt from taxation in réspect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 258 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.8 Intanglbl• ass•ts and amortlsatlon Intangible assets costing £1,000 or more are capitalised and recognised when future economlc benefits are probable and the cost or value of the asset can be maasured reliably. Intangible assets are initially rocognised at cost. After recognition, under the cost model, intangible assets are measured at cost le88 any ac¢umulated arnortisation and any accumulated impaiment losse8. Amortisation is provided on intsngible assets at rates calculated to write off the ¢ost of each asset on a straight-line basis over its expacted useful life. Amortisation is provided on the ft>llowing bases: Software development no amortisation until the software is transferred into use Sofiware 250k straight-line 1.9 Tanglble flxed assets and dopreciatlon Tangible fixed assets costing £1,000 {£25,000 for assets relating to the aircrafts) or more are capitalised and recognised when future economic benefrts are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaiment losses. All costs incurred to bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Page 24

The Great North Air Ambulance Service (A company Ilmited by guarant•e) Notss to the financlal ststements Year ended 31 March 2024 Accountlng poll¢les (continued) 1.9 Tanglble fixed •ss•ts and d•precl•tlon (contlnuad) Depreciation is charged so as to allocate the cost of tangible fixed a88ets less their residual value over their estimated useful lives. Depreciation is provided on the following basis.. Land and buildings 20h straight-line for Urlay Nook site 2% straight-line for Langwathby Hangar 10% straight-line for Langwathby base no depreciation until the parts are transferred into use 250A straight-line 25% straight-line 10-25•/o Straight-line 20 /0 Straight-line 1 OOA straight-line Aircraft spare parts Office equipment Motor vehicles Other fixtures and equipment Medical equipment Service aircraft 1.10 Investments Fixed assèt investments are a form of financial instrument and are initially recogni8ed at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case rt is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gains/(Lo8ses) on investments, in the consolidated statement of financial activities. Investment$ in subsidiaries are valued at Cost le88 provision for impaim)ent. 1.11 Stocks Merchandise 8tocksar• valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Donated 8to¢ks are included at fair value, based upon estimated selling price per tonne. 1.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nei of any trade discounts due. 1.13 Ca¥h at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less fn)m the date of acquisition or opening of the deposit or similar account. Page 25

The Great North Air Ambulance Service (A company Ilmlted by guarante•) Notss to the flnancial statsments Year ended 31 March 2024 Accountlng pollcles (contlnued) 1.14 Llabllltles Liabilities and provisions are recognised when there is an obligation at the balance sheet date as resuli of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. L￿bilItieS aro recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has receNed as advanced payments for the goods or 8etvices it must provide. Provisions ar• mea8ured at the best Ostimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pr&tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statément of financial activities as a finance cost. 1.16 D•ferrnd tsxatlon Full provision 18 made for deferred tax assets and liabilities arising from all timing differences between the recognitlon of gains and losses in tho financial statements and recognition in the tax cornputation. A net deferred tax asset is recognised only if it can be regarded 88 more likely than not that there will be suitable taxable 8urplu8es from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilitles are calculated at the tax rates expected to be effective at the time the timing drfferences are expected to reverse. 1.16 Flnanclal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.17 Penslons The group operates a defined contribution pension Scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year. Page 26

The Great North Air Ambulance Service (A company Ilmited by guarantee) Note8 to the financial statements Year ended 31 March 2024 Accountlng pollcles {contlnued) 1.18 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds have been allocated from the group's free reserves to support capital costs associated with maintaining the aircraft, and the expected costs of developing the new base and medical centre of excellence as well as costs relating to any other future investment. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such fund8 are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial Statements. Investment income, gain8 and losses are allocated to the appropriate fund. A capital fund was created to isolate the capital costs of the group from the revenue eynditure required to fund the group's running costs. The cost of depreciatin9 the assets over their useful lives, and the finance costs relating to borrowings to fund the aircraft are channelled through this fund. The fund remains unrestrided. Crftlcal accountlng 88tlmat•8 and areas of Judgment Critical accounting e8timates and assumptions.. The preparation of financial statements requires management to make judgments, assumptions and estimates that affect the application of accounting policies and amounts reported in the statement of financial activities and balance sheet. Such decisions are made at the time the financial statements are prepared and adopted based on the best infomiation available at the time. Actual outcomes may be different from the initial estimates and are reflected in the financial statements as soon as changes become apparent. SlgnlflcantJudgm•nts In apptylng accountlng polleles.. In preparing these financi81 statements, no significant judgments were required in the process of apptying the companls accounting policiès. K•y sources of esUm•tlon uncwtalnty.. Estimates included within these financial statements include depreciation and asset impairnients. including in relation to the residual value of aircraft. See note 14 for the carrying value of fixed assets. Some of these estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, and may bear some risk of causing a material adjustment to the carrying amounts of assets and liabilities in the future. However, this risk is mitigated by periodic external valuation of the aircraft wtth the Board keeping the expected residual valuè under review. Page 27

The Great North Alr Ambulance Service (A company limlted by guarantee) Notes to the financial statements Year ended 31 March 2024 Incom• from donatlons and legacle¥ Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Donation8 Legacies Grants 2,296,988 3.147.259 158,109 2.296,988 3.147,259 158,109 2,031.376 4,665,306 199,829 5,602,356 6.602,366 6,896,511 Income from charltabl• actlvltl Unrn8trf¢t funds 2024 Total funds 2024 Total funds 2023 Air Ambulance SeNices 801,050 801,050 818,844 Income from othor tradlng actlvltles Incom• from fundralslng •venlS Unmtrlct funds 2024 Total funds 2024 Total funds 2023 Lottery and raffle Fundraising activrties Room hire and catering 1.093,308 1,509,468 16,789 1,093,308 1,509,468 16,789 1,115,601 1,209,990 2,516 2.619,565 2,619,565 2,328,107 Page 28

The Great North Air Ambulance Service (A company15mited by guarant•o) Notes to the financial statements Year ended 31 March 2024 In¢ome from other tradlng actlvltlos {contlnu•d) Incom• from non charftablo tradlng actlvltles Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 subs￿lary trading income 650,457 650,457 779,031 Investment Income Unrostrlcted funds 2024 Total fund? 2024 Total funds 2023 Interest income 130.113 130,113 27,258 Other Incomlng r8sourco8 Unrostrfcted funds 2024 Total funds 2024 Total fund8 2023 Profrt on sale of tangible fixed assets 950 960 Page 29

The Great North Air Ambulance Service IA company Ilmited by guarantso) Notes to the flnancial statements Year ended 31 March 2024 Expendlture on raislng funds Costs of ralslng voluntsry Income Unrestrlctsd funds 2024 Total funds 2024 Total funds 2023 Fundrai8ing Other direct costs Support administratton and office c08t8 Auditors, remuneration Wages and salarie8 National insurance Pension costs Depreciation 680,883 16,855 162,424 4,521 953,906 89,744 32,076 44.328 680,883 18,866 162.424 4,521 963,906 89.744 32,076 44,328 338.196 12,462 144,832 3.631 739,918 71,599 24,628 45,585 1,984,737 1,984.737 1,380,851 Other tradlng oxponsos Unrestrlctod funds 2024 Total funds 2024 Total funds 2023 Subsidiary trading costs Staff costs 273,219 265,500 273.219 265,600 305,926 390,997 538,719 538,719 696,923 Page 30

The Great North Air Ambulance Service (A company Ilmited by guarantee) Notas to the financial ststements Year ended 31 March 2024 Analys18 of oxpendlture by actlvltl•J Actlvltles undertaken dlrectty 2024 Support costs 2024 Total funds 2024 Air Ambulance Services 5.912,888 1,372,394 7,285.282 Activitie8 undertaken directly 2023 Support costs 2023 Totsl funds 2023 Air Ambulance Services 5,649,189 1,466,972 7,116,161 Page 31

The Great North Air Ambulance Service IA company Ilmlted by guaranto0 Notss to the flnanclal statements Year ended 31 March 2024 Analysls of oxpenditure by actlvltles (contlnu•d) Anatysls of dlrect costs Total lund8 2024 Total funds 2023 Staff costs Depreciation Pilot and medical costs Aircraft expenses Administration and office c08t8 Other costs Impaimient of aircraft and parts 1,577,684 1,248,917 735,989 1,562,842 369,249 84,072 334,236 1,367,857 1,241,434 621.079 1,783,196 388.744 246,879 5,912,888 5,649,189 Analysls of 8UPPOrt c￿ts Total funds 2024 Total funds 2023 staff c08ts Depreciation Administration and office cost8 other costs Govemance Costs 689,060 132,983 487.272 30,644 32,535 864,678 136.751 407,636 47.018 10,891 1,372,394 1,466,972 Page 32

The Great North Air Ambulance Service (A company limited by guarantee Notes to the financial statements Year ended 31 March 2024 10. Auditows remuneration 2024 2023 Fees payable to the charity's audrtor and rts associates for the audit of the charws annual accounts Fees payable to the charitys auditor and its associates in respect of.. The auditing of accounts of associates of the charity 15,950 14,900 6,050 5,700 11. Staff costs Group 2024 Group 2023 Charlty 2024 Charty 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 3,207,456 301,744 3.069,948 307,197 2,960,130 288,137 2,710,890 280,486 98,670 82,532 94,103 77,304 3,607,870 3,459,677 3,342,370 3,068,680 The average number of persons employed by the charity during the year was as follows.. Group 2024 No. Group 2023 No. Management Administration Charitable operations Fundraising and lottery- charity Fundraising and lottery- trading company 32 35 39 15 12 19 110 105 Page 33

The Great North Air Ambulance Service (A company limited by guarantee Notes to the flnanclal ststemonts Year ended 31 March 2024 11. Staff costs (contlnued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £60,001- £70,000 In the band £120,001- £130,000 In the band £130,001- £140,000 Key management personnel are deemed to be those having authority and responsibilty, delegated to them by the trustees for planning, directing and controlling the activrties of the group. During 2023124 they were: D Stockton A Burtenshaw A Chapman A Dunn A Mawson M Davison C James C Smith D Bramley G Ingram L Salmon The total employee benefrts of the key management personnel of the group were £637,588 (2023: £578,287). 12. Tru$t•es' remuneratlon and expanses During the year, no trustees received any remuneration or other benefits (2023: £nil) During the year ended 31 March 2024, no expenses were reimbursed or paid directly to trustees (2023=£nil) in respect of travel expenses. Page 34

The Great North Air Ambulance Service (A company Ilmited by guarant•e) Notes to th8 financlal statements Year ended 31 March 2024 13. Intanglbla usets Group and charity Software dovelopment Softwar• Total Cost At 1 April 2023 Additions 229.268 162,085 666,139 79S,407 162.086 At 31 March 2024 391,363 666,139 957,492 Amortlsatlon At 1 April 2023 Charge for the year 22,694 77,823 484,311 52,192 507.006 130,015 At 31 March 2024 100,517 536,603 637,020 Net book valu• At 31 March 2024 290,838 29,636 320,472 At 31 March 2023 206,574 81,828 288,402 Page 35

IJ)

The Great North Air Ambulance Service (A company limltod by guarantse) Notss to the flnanclal ststements Year ended 31 March 2024 16. Flxed asset Investments Llstsd Investments Group C03t or valuatlon At 1 April 2023 Revaluations 417 At 31 March 2024 6,826 Not book value At 31 March 2024 6,826 At 31 March 2023 5,409 Investments In 8ub8ld14ry Llsted Companles Investments Total Charlty Cost or valuatlon At 1 April 2023 Revaluations 5,409 417 6,411 417 At 31 March 2024 5,826 5.828 Not book value At 31 March 2024 5,826 6,828 At 31 March 2023 5,409 5,411 Page 38

The Great North Air Ambulance Service (A company Ilmlted by guarants•l Notes to the financial statements Year ended 31 March 2024 16. Stocks Group 2024 Group 2023 Charlty 2024 Charity 2023 Donation bags Items for resale 8.001 61,684 19,294 57,313 33.071 39,845 69,585 76,607 33.071 39,845 17. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 127,920 230.121 75,673 146,887 93,091 473,389 160,542 64,298 43,520 318,129 93,381 477,408 52,984 323,167 698.709 606.272 788,940 586,489 18. Crodltors: amounts falllng du• wlthln one year Group 2024 Group 2023 Char5ty 2024 Charity 2023 Bank loans (note 19> other loans (note 19) Trade creditors Other taxation and social security Other creditors Accruals and deferred income 9,994 9,747 316,626 333,338 86,129 2,008 389.326 316,628 287.044 78,938 1,998 319,606 244,627 165,233 1,365 267,788 207,797 85,591 1.325 246,263 688.907 1,137,174 540,976 1,004,212 Page 39

The Great North Air Ambulance Service (A company15mltod by guarantee) Notes to the financial statements Year ended 31 March 2024 19. Credltors: amounts falllng du? after morn than one year Group 2024 Group 2023 Charlty 2024 Charty 2023 Bank loans Other loans 21,603 30,443 3,416,383 3.416,383 21.603 3,446,826 3,416,383 Bank loans This lending facilty is 8UPPOrted by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of, and with the financial ba¢klng of, the Secretary of State for Business, Energy and Industrial Strategy, Under the terms of the loan, the BBLS guarantee 18 provided to the bank and not to the customer. The company therefore remain8 responsible for repaying the whole of the loan 8t all time8. The loan is an unsecured loan and is repayable 0￿r 59 monthly payments, with tho final repayment date being 72 months after the loan was drawn. The amount repayable by installmonts which falls due after five years is £nil (2023.. £nil). Other108ns In April 2021, the exi8ting loan was refinanc•d to fund the purchase of a new helicopter over a 10 year period. The loan financing was in the fom of a secured loan with a variable interest rate of 2.75QA above LIBOR and there was a fixed charge secured against two of the aircraft, but the full amount of £3,713,440 was repaid early on 17th May 2023. Page 40

The Great North Air Ambulance Service IA company Ilmlted by guarantee) Notes to the flnanclal statements Year ended 31 March 2024 Deferred tsxatlon Group 2024 2023 At the beginning of the year Creditl(charge) for the year (7,207) 112,777) {11,105) 3,898 {19,984) (7.207) The deferred tax liabilty is made up as follows: Group 2024 Group 2023 Fixed asset timing differences (19,984) (7,207) (19,984) {7,207) Page 41

The Great North Air Ambulance Service (A company Ilmlted by guaranteg) Notes to the flnanclal statsments Year ended 31 March 2024 21. Statement of funds Statement of funds . current year Balance at 31 March 2024 Balanc• at 1 Aprfl 2023 Transfern Inlout Galnsl ILosso8) Incom• Exp8ndlture Unrestrlcted funds General fund8 Capital fund8 Subsidiary reserves 9,196,866 7,173,666 9.164,034 17,490.611) 13,713,332) {1,779,608) 4,064,166 417 7,146,463 9,468,313 582,683 660,457 1561,496) <360,834) 330.710 16,952,093 9,804,491 (9,821,616) 417 16,935.486 Transfers between funds represent the repayment of loans taken out to purchase fixed assets during the year, and the distributions from trading subsidiaries made. Stat•m•nt of funds - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlct•d funds General funds Capital funds Subsidiary reservo8 6,911,711 10,070,720 (7,073,231) (713,667) 7,883,760 {1,423,772) 713,667 322 9,195,855 7,173,655 500,484 779,031 (696,932) 582,583 15,295,955 10,849,751 (9,193,935) 322 16,952,093 Page 42

The Great North Air Ambulance Service IA company Ilmlted by guarantee) Notes to the financlal statements Year ended 31 March 2024 22. R•conclllatlon of n•t mov•ment In funds to net cash flow from operatlng actlvltl Group 2024 Group 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) 116,607) 1.656,138 Adjustments for: Depreciation charges Amortisation charges Losses on investments Dividends, interests and rents from investments L088 on the sale of fixed assets Decrease in stocks Docreasel(increase) in debtor8 Increa$el(decr6ase) in cr•ditor8 Interest paid Aircraft and parts impairment Movement in deferred tax 1,315,268 130.015 (417) (130,113 26,361 17.022 192,437 (131,888) 71,529 334,236 12,777 1,337,360 108,544 {322) 127,258) 68 478,945 175,545 194,836 Not ca8h provlded by operntlng actlvltles 1,536,735 3,923,856 23. Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 7.443,547 9,913,775 Total cash and cash equfvalonts 7,443.547 9,913,775 Page 43

The Great North Air Ambulance Service IA company Ilmlted by guarantee) Notes to the financlal statements Year ended 31 March 2024 Analysh of changos In n•t debt Other non- cash At 31 March changes 2024 At 1 Aprll 2023 Cash flo Cash at bank and in hand Debt due within 1 year Debt due after 1 year 9,913,775 {2,470,2281 1326,373 326,219 13,446,826> 3,416.383 7,443,647 19,994) 121,603) 18,8401 8,840 6.140,676 1.271,374 7,411,950 26. Penslon commltm•nts The group operates a defined contribution pen8ion scheme. Tha assets of the scheme ar• held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £98,670 (2023.. £82,532). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors. 26. Oporatlng1oa80 commltmonts The Group and the charity had no commitment8 under non-cancellable operating leases at 31 March 2024. Page 44

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2024 27. Related party transactlons Dr K Han is a trustee and is a Honorary Medical Director with NEAS. During the year, income from NEAS from a contract to provide MERIT services amounted to £330,383 (2023.. £314,650) in respect of the charty. Mr. J. Devine was a trustee and a partner at Muckle LLP, solicitors, during the previous year. During 2023, legal fees charged by Muckle LLP amounted to £27,171 in respect of the charity and £3,890 in respect of the subsidiary companies. At the end of 2023, £3,890 was owed to Muckle LLP. However, as Mr. Devine resigned as a trustee prior to the start of the 2024 financial year, he is no longer a related party. Therefore, the 2024 transactions with Muckle LLP are not discbsed as rèlated paty transactions. Mr P Neal is a trustee and is a director of The Experience Bank. During the year, costs charged by The Experience Bank amounted to £3,600 (2023.. £9.000) in re8pect of the charity and £nil (2023: £nil) in respect of the subsidiary companie8. Durin9 the year, the charity received a gift aid donation of £83,879 (2023: £194.256) from Great North Air Ambulance Trading Company Limited. At the year end, the charity was owed £76.432 (2023.. £26,755) from Great North Air Ambulance Trading Company Limited. At the year end, the charity owed £nil (2023.. £nil) to Great North Air Ambulance Trading Company Limited. During the year, the Charity received a gift aid donation of £7,359 (2023.. £nil) from Arc Medtech Limited. At the year end, the charity was owed £70.455 (2023: £37,543) from Arc Medtech Limited. At the year end, the charty owed £nil (2023.. £nil) to Arc Medtech Limited. 28. Prfnclpal suhldlarlej The following were subsidiary undertakings of the charity,. Nam•8 Company number Prlnclpal actlvlty Class of Holdlng share8 Great North Air Ambulance Serrfice Trading Company Limited Arc Medtech Limited 3662874 Trading subsidiary for Ordinary recycling collections 12189819 Trading Subsidiary for Ordinary royalties of softwaro 100• 1000 The financial resuhs of the subsidiaries for the year were.. Nam•s Incomo Exponditure ProflU(1088) for the year Net ass•t• Great North Air Ambulance SeNi¢e Trading Company Limited Arc Medtech Limited 610,457 506,703 103,764 312,302 40,000 40,725 (725) 18,408 Page 45