2025-03-31-accounts

Registered number: 04436859 Charity number: 1092204 The Great North AirAmbulance Service (A company limited by guarantse) Annual Report Year ended 31 March 2025

The Great North Air Ambulance Service (A company Ilmlted by guarantee) Contents Page Reference and administrative details Trustees, report Trustees, responsibilities statement Independent auditorfs report to the members of The Great North Air Ambulance Service Consolidated statement of financial activities 2-12 13 14-17 18 Consolidated balance sheet 19 Charty balance sheet Consolidated statement of cash flows 20 21 Notes to the financial statements 22-45

The Great North Air Ambulance Service (A company limited by guarantee) Reference and administrative detsils Year ended 31 March 2025 Trustees MrJ Jowett, Chair DrKHan Mr S Groves OBE Mr P Neal Prof M Defeyter OBE Mrs C Vaughan MrAHui Mr G Sharp Mrs L Huntington Company registered number 04436859 Charity registered number 1092204 Registered office Progress House Urlay Nook Road Eaglescliffe Sl￿kton-0n-TeeS TS16 OQB Company secretary Muckle Secretary Limited Chief executive officer Mr J Garcia MBE Independent auditor UNW LLP Chartered Pccountants Ctygate St James, Boulevard Newcastle upon Tyne NE14JE Bankers Royal Bank of Scotland Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Page 1

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report Year ended 31 March 2025 The trustees (who are also directors of the charity for the purposes of the Companies Acl) present this annual report togetherwith the audited financial statements ofThe Great North AirAmbulance Service (the company and the group) for the year ended 31 March 2025. This report includes the directors, report as required by company law. The trustees confim that the annual report and financial statements of the company and the group comply with the Charrties 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>. Welcome The Great North Air Ambulance Service (GNAAS) is a chartlably funded air ambulance service 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 operate a night-time service in the North East and Cumbria in rapid response vehicles. The aircraft covers an area of over 8,000 square miles, and on board are specialist dLxtors and paramedics who effectively bring the hospital to the patient. We are a progressive organisation which has pioneered pre-hospital care in the region and beyond. The latest techniques, equipment and drugs are constantly being evaluated to ensure we can provide the best care possible for our patients. Since the charity began in 2002, we have responded more than 30,000 times across the region. This year, medical cardiac arrests were the most frequent type of incident responded to by the team, closely followed by road traffic collisions. Other incidents we have attended include medical incidents, falls, assaults such as stabbings, leisure activities gone wrong, especially in wral areas, and self-harm. Since 2023, GNA4S has been responding to incidents 24 hours a day, 7 days a week, operating the helicopter in daylight hours and via rapid response vehicles throughout the night in the North East. Following the success of the additional cover, the same Se￿l¢e was later provided in Cumbria. Every call-out we receive represents someone experiencing what is likely to be the worst day of their lrfe. Our level 8 critical care team are the most highly skilled and experienced clinicians in the region whose interventions often make the difference be￿een life and death. From April 2024 to March 2025 we responded to 2,003 incidents, with 2,038 deployments. We receive a very limited amount of govemment funding (via the NHS), at approximately 30/0 of our total revenues. and must therefore raise between £9 million and £10 million annually through public funding to remain operational. Our work is only possible with the dedication of our supporters, and for that, we are eternally grateful. Page 2

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report (continued) Year ended 31 March 2025 Our aims and objectives What we do - We deliver advanced, lrfe-saving treatment to the people of our region at the critical moments that matter. Why we do it- To keep families and communities together by saving lives. Howwedo it- We are committed. We are courageous. We are caring. We are one team, saving lives. 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, Teesside 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 aircraft and other ancillary and associated equipment. The advancement of education and training of medical professionals and health care personnel in medical disciplines with particular reference to emergency and pre-hospital care. Our team is 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, those we train, our healthcare partners and the communities involved in fundraising activity. Strategic report Operations department Achievements and perfomiance 2024125 has been a challenging year, but our commitment to providing rapid. life-saving response to our community remains unwavering. We are proud to deliver our service across the North East, North Yorkshire, Cumbria, and the Isle of Man and this report highlights key operational developments and achievements of the past year. Responding to those in need Anyone, anytime, anywhere was this year's campaign which highlights exactly what we stand for. We aim to respond to those in dire need, any time of the day or night, wherever the incident or accident occurs. Our team delivers interventions that increase chances of survival, decrease hospital stays, and ultimately keep families and communities together. During the year2024125, the region's three NHS ambulance services called us out 2,003times (2023124 2,148 call-outsl. The average cost per request for assistance. based on tolal expenditure for the charity, is £4,732, up from £4,281 in the previous year {this is across both helicopter and car response). The cost per day for our teams to be ready to respond is £25,969. Page 3

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report (continued) Year ended 31 March 2025 Transfomiation Against a relatively challenging economic backdrop, as with all organisations, we have experienced pressure on operating costs which have continued to increase. We are striving to deliver improvements to our operating efficiency whilst still providing effective front-line critical care. Under the direction of our Interim Chief Executive Officer who was appointed in January 2025, our core areas of focus have been.. Enhancing clinical governance Improving workforce engagement Proactive engagement with external stakeholders As we conclude this financial year, GNAAS is in a strong position to continue to deliver its WOrld￿clasS life- saving services. 2417 Coverage The region we cover is vast with varying needs, from mountains and remote locations to city centres and major roads. We continue to strive for providing operational cover around the clock across our region but have to approach this in different ways to best serve the people of these different communities. We currently respond 24ri in the North East and Cumbria, and every day in the Isle of Man and North Yorkshire. Night-time response has the same expert team on board with specialist equipment., however they travel to scene by critical care car. Night-time response in Cumbria drffers slightly as it involves patient transfers from local hospitals to major trauma centres, as well as providing normal HEMS (Helicopter Emergency Medical Service) response by rapid response car. Innovations We continue to explore the possibilities of technology and medical advancements to further improve patient response and outcomes. We have been involved in a trial to understand the benefrts of administering whole blood to patients versus component blood. The outcomes are yet to be published. Future developments Looking fo￿ard. we are committed to further enhancing our service delivery and expanding our operational capabilities. Key areas of focus in¢lude'. Technological innovations - Investing in advanced medical and aviation technologies to improve response limes and the quality of care provided. Fleet resilience - Replace the third aircraft which was no longer frt for purpose. Coverage expansion - Working towards achieving full 2417 coverage across our entire service region, including the Isle of Man. Collaboralion - Working closely with our partners including North East Ambulance Service (NEAS), North West Ambulance servi￿ (NWAS), the Northern Trauma Ne￿ork, to further enhance our responses and provide mutual support. Sustainability initiatives - Exploring sustainable practices to mitigate rising operational costs, such as investing in more fuel- and finance-efficient aircraft with reduced operating costs. Staff support and development- Continuing to support our medical team through professional development and ensurin9 they have the fesources needed lo manage their roles effectively. Team expansion - Investing in additional team members to provide resilience and leadership growth. Develop a new strategic plan. Page 4

The Great North Air Ambulance Service (A company limited by guarantee) Trustees, report (continued) Year ended 31 March 2025 Operational trainlng Achievements and perfom)ance Training is a hugely important cornponent of what we do. This year our external training offering was limited. However, we continued to deliver specialist pre-hosprtal training for military medics. We are confident that with a new training lead in place we will see an increase to our external training capability- Internal training Although extemal training was limited throughout 2024125, internal training continued with mentorship and support to trainee staff, some team members had the opportunity to complete a HEMS qualification, and the Pre-Hospital Emergency Medicine Crew Course (PHEMCC} went ahead for internal team members yet to complete it. The PHEMCC is an immersive training experience that brings the realty of HEMS response to life, allowing clinicians to grow their skills and knowledge in an intense. controlled environment. 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 and Clinical 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 quality training based on their firsthand experiences. These sessions allow our team to share leaming, listen, review standard operating procedures, and simulate scenarios related to each topic. These days are excellent for building team relationships and learning from each otherfs experiences. The team also share learnings through debrief and discussion meetings where a number of call-outs are reviewed. This is run by a HEMS paramedic and a consultant d(xtor. Simulations remain a key focus for the team, ensuring familiarity with our standard operating procedures and mainlaining critical thinking and decision-making processes in Complex and infrequent incidents. The team also delivers basic lrfe-support training to the wider charty as well as access to other training to understand the complexities of what is delivered at the scene. Future activity Moving forward into 2025126 improving our external training offer is high on the agenda, reviewing what and how we do rt, whilst also being commercially viable. Intemal training remains a priorty and with new leadership posts being introduced we look forward to new ideas to ensure our team remain at the forefront of HEMS response. Page 5

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report (continued) Year ended 31 March 2025 Income generation Achievements and perfonnance We are only able to provide our critical care service to the people of the North and beyond because of the kind and generous donations of those that believe in our cause. The dedication and efforts of patients and their families, local businesses, groups, and individuals raising funds for our charty is outstanding, and we are so thankful. Whilst within this document we share the numbers that ultimately fund the service, we understand the true meaning behind them and the lengths our amazing supporters go to in order to make what we do possible. 2024125 has been a relatNely suc￿Ssful year for fundraising activities with increases across various income streams. Overall income generation activities raised £9.5 million (2023124: £8.3 million). The largest contributor, as is usual for the charity, was income received from legacies which saw a 6.50 increase year on year. There were 223 kind supporters who included our charty in their wills resulting in £3.82 million of income for the year12023124.' £3.14 million). Investment in the Grants and Trusts team has resulted in sizeable growlh in this area. The most notable contribution, thanks to the Mark Benevolent Fund, enabled us to purchase a new, improved rapid response vehicle for the Langwathby base. The corporate partner programme continued to strengthen, recognising businesses that contributed from £5,000 to over £100,000. This is a key area of focus for the charity moving forward as we aim to align with more companies who share our values and purpose to aid us in reaching our future goals. Income from the Isle of Man more than doubled compared to the previous year. We continued to raise awareness among residents and visitors about the difference our service makes, however we need to enhance our fundraising to create a sustainable service for the Isle of Man. To enable this, we are investing in a fundraising team member based on the Isle. Our external canvassing company, Tower Lotteries, continues to recruit and manage our second lottery, the 'GNAAS 24n lottery,. This has seen expected growth throughout the year, and over time will be a large, sustainable contributor to overall income. The subsidiary trading companies, whose activities raise funds solely for our charty, generated turnover of £500,361 (2023124 £650,457). For every £1 spent by the charity raising funds, £3.96 (2023124-. £4.18) was generated in donations, legacies, grants and lottery and fundraising income. Volunteers This year, 108 volunteers generously supported our cause. This ranged from office duties, attending cheque presentations and collection box servicing, to delivering community talks, managing bucket collections and supporting our events. No task is too big or small for this wonderful group of people and for that we are eternally grateful. Their commitment is what makes our lrfe-saving work possible. Page 6

The Great North Air Ambulance Service (A company limited by guarantee) Trustees, report {continued) Year ended 31 March 2025 Fundraising The charity is registered with the Fundraising Regulator and fundraising activities undertaken by the charity are carried out with reference to the Code of Fundraising Practice. All complaints receivecl by the charity are recorded and investigated in line with the charity's complaints and appreciations procedures. During the year we received 9 complaints {2023124'. 19). All complaints were handled in line with the charity's published complaints procedures and resolverj at Stage 1 of the process. No complaints were received via the Fundraising Regulator. As a charity we do use one external sales canvassing company, Tower Lotteries, to support our 2417 lottery activity. Where a business supporter seeks to promote our charity alongside the sale of their own product or service, we require them to sign a GNAAS commercial participator agreement, containing the appropriate legal agreements recognising their responsibilities. The chanty provides guidance and training to employees and volunteers on dealing with people in vulnerable Circumstan￿$. Future activity The organisation is investing in a volunteer c(y)rdinator to grow the number of volunteers we have and to proV￿e them with dedicaled support to reflect how valued their contributions are. Investing in this role will enhan￿ our visibilty wrthin communities and ultimately increase fundraising efforts. Certain areas within the charity's HQ have been repurposed and a café, open to the public, will be introduced next year. This initiative aims to attract more visi(ors, thereby spreading awareness and ultimately raising funds. All members of the team responsible for our corporate partnerships are undergoing training to support further groW(h in this area. We aim to increase the number of partnerships as well as the value they bring in temis of financial support, grfts-in-kind, and shared expertise. The organisation will continue to nurture supporters by providing a positive giving experience to encourage ongoing support. Focus for the coming year will be on fundraising strategies related to communty fundraising and major gffts. Financial review The consolidated accounts set out the combined results for the Great North Air Ambulance Service chanty, 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 2025. Income for the year totalled £10,998,131 (2023124.. £9,804,491). Legacies remaine(J a significant source of income but are, by their nalure, unpredictable. The amount received from legacies increased by £675,043 compared to 2023124. Income from donations, grants, lottery and fundraising increased by £562.688 compared to 2023124. Resources expended in the year totalled £10,027,107 {2023124'. £9,808,738), an increase of £218,369. The consolidated accounts include income of £498,293 (2023124.. £650,457) earned by the subsidiary companies and associated resources expended of £422,261 (2023124.. £538,719). The capital fund differentiates the capitsl costs of the charity from the revenue expenditure required to fund the charity's running costs. The cosls 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. Page 7

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report (continued) Year ended 31 March 2025 Results for the charity Income for the year totalled £10,562,615 (2023124.. £9,245,272). Our sources of income include.. Donations from individuals, corporate supporters and from the charity's own trading company £2,798,319_ 270/0 (2023124.. £2,388,226- 230/0) Legacies £3,822,302- 370/0 {2023124'. £3,147.259- 310A) Charitable activities (chargeable pre-hospital care ServI￿S and training} £814,177 - 8°/0 (2022123.. £801,050- 8°/0) Lottery and raffle income £1,020,055- 10°A (2023124.. £1,093,308-11%) Fundraising activities including events £1,639,733- 16 % (2023124.. £1,506,468_ 15/1 Grants and other income £227,299_2% {2023124.. £158,109- 1.5'A) Resources expended in the year totalled £9,604,846 {2023124.. £9,270,019). Resources expended include: Costs of delivering our charrtable activities these costs cover the clinical, operational, training, compliance and essential support costs of delivering our services. Total costs of delivery for the year were £7,203,634_ 75 % (2023124.. £7,274,460_ 780A). 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. Without these activities, the charity could not generate the financial support needed to allow us to deliver our services. £2,400,981- 25°/0 (2023124.. £1,984,737 _ 220/0) of our costs, are attributable to this area of our work. Any surplus generated is held for future investment and to support the reserves policy laid down by the charty's trustees. As set out above, the capitsl fund differentiates the capital costs of the charity from the revenue expenditure required to fund the charty's running costs. Investment policy and perfomiance As per the memorandum and articles of association, the charity has the power to 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 received from interest-bearing Current accounts, and a small number of shares received through legacies. The trustees reviewed their approach to investment during the year and concluded to continue to maintain cash balances in the light of future capital commitments and plans. The trustees keep the cash position and broader investment strategy and policies of the charity under review. Reserves policy In line with Charty Commission guidelines, the trustees monitor the level of reserves held to ensure they are being used to help to achieve the objectives of the charity. The charity aims to keep free reserves at levels to provide for six months, operating costs which the trustees consider prudent. Based on 2025126 budgeted costs the operating costs of the charity excluding depreciation are forecast at £8.5 million, this equates to an estimated £4.25 million for six months. As at 31 March 2025, the charity holds total reserves of £17.7 million. of which £8 million is tied up in fixed assets. The charity's free reserves stand at £9.6 million. which is higher than the charity aims to hold. However, this is expected to reduce during 2025126 with the charity's reserves being utilised lo replace charity fixed assets, with the priority being the purchase of a third aircraft, replacing G-NHAC, which was sold in the year. This will bring the free reserves closer to the target of 6 months, expenditure. Page 8

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report {continued) Year ended 31 March 2025 Princlpal rlsks and uncertainties As part of their responsibilities, the trustees ensure that the major risks to which the charity is exposed are reviewed and systems estsblished to mitigate those risks. The trustees have appointed the Chief Executive Officer (CEO) 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 assessing and managing risk. The principal risk categories are strategic govemance, clinical, Servi￿ delivery {clinical), seNice delivery (other), financial risk, income generation risk, reputational risk, infomiation governanceldata protection, and human resources. Foremost for consideration are clinical and operational risks involving patient treatment and care, which is regulated by the Care Quality Commission (CQC). In 2022 GNAAS were rated as Outstanding,. and factors involved with the flying environment which is highly regulated by the Civil Aviation Authortty (CAA). In addttion to the major risk groups, the charity has developed a business continuity plan to ensure that the charity is prepared to deal wrth service outages caused by factors beyond its control that could seriously impair the charity's ability to continue normal 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 services 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 charty 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 are 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 received- any trends in complaints., and any areas of risk that need to be addressed. Going concern The directors have evaluated the potential income and expendiiure forecasts including the opportunitES and risks that could occur during 2025126. 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 concem basis in preparing the financial statements. Public benefrt All our charitable activities are undertaken to further our charitable purposes for the public benefit. Over the last 22 years, this charity has changed the way many seriously ill or injured patients are treated and cared for. This advance in pre-hosprtal emergency medical care (limited only by resource) has noticeably impacted on vulnerable patients with many more surviving than would otherwise have done so previously, delivering proven public benefit. 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 benefit 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 objectives they have set and periodically review existing activities to ensure ongoing public benefrt. Page 9

The Great North Air Ambulance Service IA company limlted by guarantee) Trustees, report (continued) Year ended 31 March 2025 Structure, governance and management The charity is a company limited by guarantee, incorporated in the United Kingdom on 13 May 2002 and registered in England and Wales. It is also a registered charity (charty number 1092204). Organisational structure The controlling entity of the charity is the Board of Truslees. The board meets a minimum of four times per year. Be￿een Board meetings committees of the board, the Finance, Audit, Remuneration and Risk committee {FARR). the Nominations commrttee and the Operations and Clinical committee, are called upon to maintain a continuous governance overview. The charity is sub-divided into Medicavoperational, Income and Engagement, Finance and Facilities, IT and Projects (inc Compliance and Assurance), and HR, each headed up by a member of the strategic leadership team {SLT). Members of the SLT are responsible for leading their respective seNice area, and collectively along with the CEO are responsible and accountable for delNering a safe and efficient service. The charty owns two non- charitable commercial subsidiary companies known as the Great North Air Ambulan￿ SeNice Trading Company and ARC Medtech. The Great North Air Ambulance Trading Company operates independently of the charity with its own structure, management and employees. This recycling and international export business trades in mobile phones, inkjet cartridges, unwanted clothing and other disposable goods. The trading company donates the distributable profrts derived from rts trading activities to the charity which, over the years, has amounted to over £4 million, making li the charity's largest single commercial donor. ARC Medtech was established in 2019 to allow the charty to exploit the intellectual property vested in rts operational ICT system. ARC Medtech does not employ any staff. As with the trading company, any distributable profits derived from ARC Medtech's trading are donated to the charity. Govemance The trustees, who are also directors of the charitable company, are bound by the charty's Memorandum and Articles of Association. 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 perfonnance of the charity at meetings of the board and its committees. Committees meet a minimum of three times per year. The Operations and Clinical committee has delegated responsibility for overseeing 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 charity, including audit and remuneration, to ensure short and long-term viability and to report back to the board accordingly. The committee, when required, will detemiine and make recommendations regarding the remuneration of employees. The remuneration packages of senior executives and employees are established wrth reference to market rates for similar roles and are designed to attract and retain employees while remaining affordable to the charty. Page 10

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. report (continued) Year ended 31 March 2025 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 Committee 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 two 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 charty board. Regulatory compliance and overall performance 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 Trustees 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 charity. Each new trustee underg￿S a brief induction programme that includes the charity's vision and objects, role and responsibilities and financial standing. The charity facilitates attendance at appropriate external training events where there is an identified need. In addition to the constitution, trustees are bound by the charity's Code of Governance and Code of Conduct. Management Although ultimate responsibilty for the management of the charity lies with the trustees, they 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 CEO. The CEO is responsible for staff leadership, management, and adminislration as well as the clinical and operational aspects of the charity and is the link be￿een the board of trustees and the staff. Senior managers are appointed to assist the CEO in these duties and this structure ensures the charity is effective, well-governed 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 services are delivered in pursuance of the charity's agreed strategies and objectives,. that relevant regulatory compliance is maintained; and that performance is in line with agreed stsndards. Regular departmental and staff meetings are held to ensure the charty progresses and maintains its aims and objectives thereby delivering on its public benefit requirement. Page11

The Great North Air Ambulance Service (A company limited by guarantee) Trustees, report (continued) Year ended 31 March 2025 Disclosure of infomiation to auditors Each of the persons who are trustees at the time when this Trustees. report is approved has confinned that.. so far as that trustee is aware, there is no relevant audit information of which the charrtable group's auditors are unaware, and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charrtable group's auditors are aware of that infonnation. This report, incorporating the group strategic report, v￿S approved by the trustees, in their capacity as company directors, on 7 August 2025 and signed on their behalf by: Mr J Jowett Chair Page 12

The Great North Air Ambulance Service (A company limited by guarantee) Trustees. responsibilities ststement Year ended 31 March 2025 The trustees (who are also the directors of the charity for the purposes of company lawl are responsible for preparing the trustees, report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards ('United 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 statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the charty 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.. select suitable accounting policies and then apply them consistently; observethe methods and principles ofthe Charrties SORP (FRS 102); makejudgments 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 statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group will continue in business. 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe Group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularbties. Page 13

Independent auditor's report to the members of The Great North Air Ambulance Service Opinion We have audited the financial slatements of The Great North Air Ambulance Service {'the parent charitable company,) and its subsidiaries I'the group,) fof the year ended 31 March 2025 which comprise the consolidated statement 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 financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {'United Kingdom Generally Accepted Accounting Practice.). In our opinion the financial statements.. give a true and fair view of the state of the group's and of the parent charitable companls affairs as at 31 March 2025 and of the group's incoming resources and application of resour￿$, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational 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 lo our audit of the financial statements in the Unrted Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit eviden￿ 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 ¢on¢em 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, individualty or collectively, may cast significanl doubt on the group's or the parent charilable companys abilty to continue as a going concern for a period of at least ￿e1ve 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. Page 14

Independent auditor's report to the members of The Great North Air Ambulance Service (continued) Other inforniation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomation and. ex￿p1 to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the trustees, report including the strategic report for the financial year for which the financial statements are prepared is Consistent with the financial statements. the trustees, report and the strategic report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charilable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report including the strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires 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 audtt 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 returns.. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Page 15

Independent auditor's report to the members of The Great North Air Ambulance Service (continued) Responsibilities 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 financia 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 trustees are responsible for assessing the group's and the parent charitable companys 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 charstable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasorsable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report 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 deted a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website at.. ww.fr¢.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance wrth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, it is the primary responsibility of management, with the oversight oflhose charged with governance, to ensure that the entity's operations are conducted in ac¢ordan¢e with the provisions of laws and regulations and for the prevention and detection of fraud. We obtain and update our understanding of the company, its activities. its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the company is complying with that framework. Based on this understanding, we idenlrfy and assess the risks of material misstalement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audrt evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entty that were contrary to applicable laws and regulations, including fraud. Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations ￿lated to laws and regulations that directly affed the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pension legislation and UK tax legislation. In addition, the company 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 and litigation. We considered the extent to which non- compliance with laws and regulations might have a material effect on the financial statements and we have assessed the extent of compliance wrth these laws and regulations as part of our procedures on the related financial statement items. Page 16

r4 f4klV Independent auditor's report to the members of The Great North Air Ambulance Service (continued) We also evaluated managements, incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and detemiined that the principal risks related to posting inappropriate Journal entries to manipulate financial results, management bias in accounting estimates, as well as improper revenue recognition which includes fraudulent posting of journal entries lo revenue. Audit procedures performed by the engagement team included.. Inquiry of management and those charged with governance regarding actual and potential litigation or claims as well as whether they have knowledge of any actual, suspected or alleged fraud., Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, Reviewing meeting minutes to identify reported frauds and any potential non-compliance with laws and regulations., Identifying journal entries based on risk criteria and testing the identified entries to supporting documentation, in particularjournal entries with unusual account combinations, and Challenging assumptions and judgments made by management in their significant accounting estimates and evaluating whether there was any evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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 statemenls or non-compliance wilh 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 we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapler 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 stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have fomied. Anne Hallowell Bsc FCA DChA (Senior Statutory Auditorl for and on behalf of UNW LLP, Statutory Auditor Chartered Accountants Newcastle upon Tyne 07 August 2025 Page 17

The Great North Air Ambulance Service IA company limited by guarantee) Consolidated statement of financial activities (incorporating income and expenditure account) Year ended 31 March 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 6,783,075 814,177 3,177.787 195,277 27,815 6,783,075 814,177 3,177,787 195,277 27,815 5,602,356 801,050 3,270,022 130,113 950 Total income 10,998,131 10,998,131 9,804,491 Expenditure on: Raising funds Charitable activities 2,823,242 7,203.865 2,823,242 7,203,865 2,523,456 7,285,282 Total expenditure 10,027,107 10,027,107 9,808,738 Net incomel(expenditurel before net gains on investments 971,024 24 971,024 24 (4,2471 417 Net gains on investments 15 Net incomel(expenditure} before taxation Taxation 971.048 7,493 971.048 7,493 (3,8301 (12,7771 Net movement in funds 978,541 978,541 (16,6071 Reconciliation of funds: Total funds brought forward Net movement in funds 16,935,486 978,541 16,935,486 978,541 16,952,093 {16,6071 Total funds Carried forward 17,914,027 17,914,027 16,935,486 The consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 22 10 45 form part of these financial statements. Page 18

The Great North Air Ambulance Service IA company limited by guarantee Consolidated balance sheet At 31 March 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Inveslments 13 14 15 320,472 9,137,841 5.826 7.823,186 7,823,186 9,464,139 Current assets Stocks Debtors Fixed assets held for sale Cash at bank and in hand 16 52,438 1.017,452 100,000 9,958,134 59,585 698,709 17 7,443,547 11,128,024 8,201.841 Creditors= amounts falling due within one year 18 11.014,212) (688,9071 Net current assets 10,113,812 7,512,934 Total assets less Current liabilities 17,936,998 16,977,073 Creditors.. amounts falling due after more than one year Provisions for liabilities Deferred tax 19 (10,480) (21,603} 20 (12,491) {19,984} Total net assets 17,914,027 16,935.486 Charity funds Unrestricted funds 21 17,914,027 16,935,486 Total funds 17,914,027 16,935,486 The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and aLrthorised for issue by the trustees on 07 August 2025 and signed on their behalf by.. ett Chair The notes on pages 22 to 45 form part of these financial statements. Page 19

The Great North Air Ambulance Service (A company limited by guarantee) Charity balance sheet At 31 March 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Investments 13 14 15 320,472 9,055,414 5,828 7,771,175 7.771,177 9.381,714 Current assets Stocks Debtors Fixed assets held for sale Cash at bank and in hand 16 17 30,769 1,354,888 100,000 9,240,085 33,071 788,940 6,942,027 10,725,742 7,764,038 Creditors.. amounts falling due within one year 18 1934,348 (540,976) Net current assets 9.791,394 7,223,062 Total assets less current liabilities 17.562,571 16,604,776 Total net assets 17,562,571 16,604,776 Charity funds Unrestricted funds 17,562,571 16,604.776 Total funds 17,562,571 16,604,776 The charity's net movement in funds for the year was £957,795 (2024.. £(24,330)). The trustees acknowledge Iheir responsibilities for complying with the 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 07 August 2025 and signed on their behalf by.. wett Chair Company registered number: 04436859 The notes on pages 22 to 45 form part of these financial statements. Page 20

The Great North Air Ambulance Service IA company limited by guarantee) Consolidated statement of cash flows Year ended 31 March 2025 2025 2024 Note Cash flows from operatlng activities Net cash generated from operating activities 22 2,357,393 1,535,735 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of intangible assets Purchase of tangible fixed assets Proceeds from sale of investments 195,277 130,113 215,277 3,658 (122,860) {162,085) (124,814) {164,518) 5,850 Net cash provided byl(used in) investing activities 168,730 1192,832) Cash flows from financing activities Repayments of borrowing Interest paid (10,870) (3,741,602) (6661 171.529) Net cash used in financing activities (11.5361 (3,813,131) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 2,514,587 (2,470,228) 7,443,547 9,913,775 Cash and cash equivalents at the end of the year 23 9,958,134 7,443,547 The notes on pages 22 to 45 form part of these financial statements Page 21

The Great North Air Ambulance Service (A company limited by guaranteel Notes to the financial statements Year ended 31 March 2025 Accountlng pollcies 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 othe￿iSe stated. 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by Charrties.. 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 SeNice meets the definition of a public benefit entily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The consolidated statement of financial activities {SOFA} and consolidated balance sheet consolidate the financial statemenls of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activrties in these financial statements. 1.2 Going concern The trustees have evaluated the potential income and expenditure forecasts including the opportunities and risks that could occur during 2025126. 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 statements Page 22

The Great North Air Ambulance Service IA company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Accounting policies (continued) 1.3 Income All income is recognised once the group has entitlement to the income, il 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 probabilrty of receipt and the ability 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 benefactor) and the executor is satisfied 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 be reliably measured. Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of re￿ipl, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Gifts donated for resale are included as income at an estimate of the expected fair value on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs whi¢h are nol attributable to a single activity are apportioned bel￿een those activilies 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. Expendrture on raising funds includes all expenditure incurred by the group to raise funds for its 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 limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Accounting policies (continued 1.5 Research and development Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the compSeled product or project. Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the consolidated statement of financial activities. 1.6 Interest receivable Interest on funds held on deposit is included when re￿1vable and the 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 deposited. 1.7 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charty is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.8 Intangible assets and amortisation Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets al rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. Amortisation is provided on the following bases.. Software development Software no amortisation until the $of￿are is transferred into use 250/0 Straight-line 1.9 Tanglble fixed assets and depreciation 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 assel can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured at cost less ac¢umulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible 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 limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Accounting policies (contlnued 1.9 Tangible fixed assets and depreciation (continuedl Depreciation is Charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis.. Land and buildings 20A straight-line for UTlay Nook site 2 % straight-line for Langwathby Hangar 10 % straight-line for Langwathby base no depreciation until the parts are transferred into use 250/0 Straight-line 250/0 Straight-line 10.250/0 Straight-line 200/0 Straight-line 100/0 Straight-line Aircraft spare parts Office equipment Motor vehicles other fixtures and equipment Medical equipment Service aircraft 1.10 Investments Fixed asset investments are a form of financial instrument and are initially recognised 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 'Gainsl(Losses) on investments, in the consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impaimient. 1.11 Stocks Merchandise stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Donated stocks 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 net of any trade discounts due. 1.13 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 25

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Accounting policies {continued) 1.14 Liabilities Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlemenl Can be estimated reliably. Liabilities are recognised at the amount thal the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate 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 pre-tax discount rate thal reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activrties as a finance cost. 1.15 Deferred taxation Full provision is made for deferred tax assets and liabilities arising from all timing differences be￿een the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. 1.16 Financial 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 subsequenlly 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 Pensions The group operates a defined contribLrtion 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 IA company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Accounting policies (continued) 1.18 Fund accounting 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 accordan￿ with specific restrictions imposed by donors or which have been raised by the group for particular ptjrposes. The costs of raising and administering such funds 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, gains and losses are allocated to the appropriate fund. A capital fund was created to isolate the capital costs of the group from the revenue expenditure required to fund the group's running costs. The cost of depreciating 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 unrestricted. Critical accounting estimates and areas of judgment Critical accounting estimates and assumptions.. The preparation of financial stalements requires managemenl 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 Ihe financial statements are prepared and adopted based on the best information 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. Significant judgments in applying accounting policies.. In preparing these financial statements, no significant judgments were required in the process of applying the group's accounting policies. Key sources of estimatlon uncertainty.. Estimates included within these financial statements include depre¢ialion and asset impairments, in relation to the residual value of aircraft and expected realisable value of SOf￿are developed in house. See notes 13 and 14. 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, with the Board keeping the expected residual value under review. Page 27

The Great North Air Ambulance Service (A company limited by guaranteel Notes to the financial statements Year ended 31 March 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations Legacies Grants 2,733,474 3,822.302 227.299 2,733,474 3,822,302 227,299 2,296,988 3,147,259 158,109 6,783,075 6.783,075 5,602.356 Income from charitable activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Air Ambulance Servitss 814,177 814,177 801,050 Income from other trading activities Income from fundraising events Unrestricted funds 2025 Total funds 2025 Total funds 2024 Lottery and raffle Fundraising activities Room hire and catering 1.020,055 1,639,733 19,706 1,020,055 1,639,733 19,706 1,093,308 1,509,468 16,789 2,679,494 2,679,494 2,619,565 Page 28

The Great North Air Ambulance Service IA company limited by guarantee) Notes to the financial ststements Year ended 31 March 2025 Income from other trading activities (continued) Income from non charitable trading activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Subsidiary trading income 498,293 498,293 650,457 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Interest income Subsidiary interest income 193,209 2,068 193,209 2,068 130,113 195,277 195,277 130,113 Other incoming resources Unrestricted funds 2025 Total funds 2025 Total funds 2024 Profit on sale of tangible fixed assets 27,815 27,815 950 Page 29

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Expenditure on raising funds Costs of raising voluntary income Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Fundraising Other direct costs Support administration and office costs Auditors, remuneration Wages and salaries National insurance Pension costs Depreciation 934,355 28,050 186,490 5,555 1,072,914 93,117 37,963 42,537 934,355 28,050 186.490 5,555 1,072,914 93,117 37,963 42,537 680,883 16,855 162,424 4,521 953.906 89,744 32,076 44,328 2.400,981 2,400,981 1,984,737 Other trading expenses Unrestricted funds 2025 Total funds 2025 Total funds 2024 Subsidiary trading costs Staff costs 205,289 216,972 205,289 216,972 273,219 265,500 422,261 422,261 538,719 Page 30

The Great North Air Ambulance Service (A company limited by guarantee Notes to the financial statements Year ended 31 March 2025 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Air Ambulan￿ Services 5,565,921 1,637,944 7,203,865 Activities undertaken directly 2024 Support costs 2024 Totsl funds 2024 Air Ambulan￿ Services 5,912,888 1,372,394 7,285.282 Page 31

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Anatysis of expenditure by activities (contlnued) Analysis of direct costs Total funds 2025 Total funds 2024 Staff costs Depreciation Pilot and medical costs Aircraft expenses Administration and office costs Other Costs Impairment of fixed assets 1,615,067 1,194,317 769,497 1,427,468 258,070 102,844 198,658 1,577,584 1,248,917 735,989 1,562,842 369,249 84,072 334.235 5,565,921 5,912,888 Analysis of support costs Total funds 2025 Total funds 2024 Staff costs Depreciation Administration and office costs Other costs Govemance costs 926,109 127,612 SOS,151 45,501 33,571 689,060 132,983 487,272 30,544 32,535 1,637,944 1,372,394 Page 32

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 10. Auditor's remuneration 2025 2024 Fees payable to the charitys auditor for the audit of the charity's annual accounts 20.550 15,950 Fees payable to the chariws auditor in respect of: The auditing of accounts of associates of the charty 7,450 6,050 11. Staff costs Group 2025 Group 2024 Charity 2025 2024 Wages and salaries Social securrty costs Contribution to defined contribution pension schemes 3,510,113 347,348 3,207,456 301,744 3,313,822 330,099 2,960,130 288,137 119,772 98,670 116.340 94,103 3.977,233 3,607,870 3,760,261 3,342,370 Termination payments totalling £83,993 {2024'. £9,500) were paid to 2 employees {2024'.1) during the year in compensation for loss of office and payment in lieu of notice. The average number of persons employed by the charity during the year was as follows.. Group 2025 Group 2024 Management Administration Charitable operations Fundraising and lottery- chanty Fundraising and lottery- trading company 34 32 50 15 12 16 107 110 Page 33

The Great North Air Ambulance Service (A company limlted by guarantee) Notes to the financial statements Year ended 31 March 2025 11. Staff costs Icontinued) The number of employees whose employee benerrts (excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 No. In the band £60,001- £70,000 In the band £70,001- £80.000 In the band £120,001- £130.000 In the band £250,001- £260,000 Key management personnel are deemed to be those having authorty and responsibilty, delegated to them by the trustees for planning, directing and controlling the activities of the group. During 2024125 they were.. A Burtenshaw A Chapman A Dunn C James C Smith D Bramley D Stockton G Ingram J Garcia L Salmon M Davison The total employee benefits of the key management personnel of the group were £802,953 (2024.. £637,588). 12. Trustees. remuneration and expenses During the year. no trustees received any remuneration or other benefrts (2024.. £nil) During the year ended 31 March 2025, no expenses were reimbursed or paid directly to trustees12024'. £nil) in respect of travel expenses. Page 34

The Great North Air Ambulance Service IA company limited by guarantee Notes to the financial statements Year ended 31 March 2025 13. Intangible assets Group and charity Software development Software Total Cost At 1 April 2024 Additions Disposals Transfer to fixed assets held for sale 391,353 122,860 566,139 957,492 122,860 (566,139) {514,213) (566,139 (514,213) At 31 March 2025 Amortisation At 1 April 2024 Charge for the year On disposal Impairments Transfer to fixed assets held for sale 100,517 115,038 536,503 21,170 {557,673 637,020 136,208 (557,673) 198,658 1414,213) 198,658 (414,2131 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 290,836 29,636 320,472 Page 35

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The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 15. Fixed asset investments Listed investments At 1 April 2024 Disposals 5,826 (5,826) At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 5,826 Investments in subsidiary Listed companies investments Total Charity Cost or valuation At 1 April 2024 Disposals 5,826 15,826) 5,828 (5,826) At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 5,826 5,828 Page 38

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 16. Stocks Group 2025 Group 2024 Charity 2025 Charity 2024 Donation bags Items for resale 8,001 51,584 52,438 30,769 33.071 52,438 59,585 30,769 33,071 17. Debtors Group 2025 Group 2024 Charity 2025 Charity 2024 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 284,903 127,920 275,903 357,809 61,656 659,520 75,573 146,887 93,091 473,389 69,783 662,766 93,381 477,408 1,017,452 698,709 1,354,888 788,940 18. Creditors: amounts falling due within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Bank loans (note 19) Trade creditors Other taxation and social security Other creditors Accruals and deferred income 10.247 332,463 114,531 40,569 516,402 9,994 244,527 165,233 1,365 267,788 328.803 89,579 13,478 502,488 207,797 85,591 1,325 246,263 1,014,212 688,907 934,348 540,976 Page 39

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Group 2025 Group 2024 Charity 2025 Charrty 2024 Deferred income at 1 April 2024 Resources deferred during the year Amounts released from previous periods 215,269 291,289 215,269 291,289 212,441 215,269 212,441 215,269 (215,269) (291,289) (215,269) (291.289) 212,441 215,269 212,441 215,269 19. Creditors: amounts falling due after more than one year Group 2025 Group 2024 Charity 2024 Bank loans 10,480 21,603 Bank loans This lending facility is supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. Under the terms of the loan, the BBLS guarantee is provided to the bank and not to the customer. The company therefore remains responsible for repaying the whole of the loan at all times. The loan is an unsecured loan and is repayable over 59 monthly payments, wtth the final repayment date being 72 months after the loan was drawn. The amount repayable by installments which falls due after fwe years is £nil (2024.. £nil). Page 40

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 20. Deferred taxation Group and charity 2025 At the beginning of the year Credit for the year 119,984) 7,493 112,491) The deferred tax liability is made up as follows.. Group 2025 Group 2024 Fixed asset timing differences (12,491) (19,9841 {12,491) (19,984} Page 41

The Great North Air Ambulance Service (A company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 21. Statement of funds Statement of funds- current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General funds Capital funds Subsidiary reserves 7,146,463 10,497,770 (8,009,507) 9,458.313 (1,595,339 4,633 60,212 24 9,639,383 7,923,186 330.710 500,361 1414,768 164,845) 351,458 16,935,486 10,998,131 (10,019,614) 24 17,914,027 Transfers between funds represent the repayment of loans taken out to purchase fixed assets during the year, and the distributions from trading subsidiaries made. Statement of funds - prior year Balance al 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General funds Capital funds Subsidiary reseNes 9,195,855 7,173.655 9,154,034 (7,490,511) (3,713,332) (1,779,508) 4.064,166 417 7,146,463 9,458,313 582.583 650.457 (551.496) (350,834) 330,710 16,952.093 9.804.491 (9,821,515) 417 16,935,486 Page 42

The Great North Air Ambulance Service IA company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 22. Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Group 2024 Net incomelexpenditure for the year (as per Statement of Financial Activities) 978,541 (16,607) Adjustments for: Depreciation charges Amortisalion charges Gains on investments Dividends, interests and rents from investments (Profit)Iloss on the sale of fixed assets (Increasejldecrease in stocks Increase in debtors Increasel(decrease) in creditors Interest paid Fixed asset impairment Movement in deferred tax 1,260,473 136,208 (241 1195,277) (27,816) 7,147 (318,743) 325,052 666 1,315,258 130,015 (417) (130,113) 26,361 17,022 (92,437) (131,888) 71,529 334,235 12,777 198,658 17.493 Net cash provided by operating activities 2,357,393 1,535,735 23. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand 9,958.134 7,443.547 Total cash and cash equivalents 9,958,134 7,443.547 Page 43

The Great North Air Ambulance Service IA company limited by guarantee) Notes to the financial statements Year ended 31 March 2025 Analysls of changes In net debt Other non- cash At 31 March changes 2024 At 1 April 2023 Cash flows Cash at bank and in hand Debt due within 1 year Debt due after 1 year 7,443,547 (9,9941 (21,603) 2,514,587 10,870 9,958,134 110,247 110,480 (11,123) 11,123 7.411,950 2,525,457 9,937,407 25. Pension Commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the group in an independently administered fund. The pension cost charge represents conlributions payable by the group to the fund and amounted to £119,772 {2024.' £98,670). Contributions totalling £14,231 {2024.. £nil) were payable to the fund at the balance sheet date and are included in creditors. 26. Operating lease commitments The group and the charity had no commitments under non-cancellable operating leases at 31 March 2025. 27. Related party transactions 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 £332,365 (2024.. £330,383) in respect of the charity. 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 £nil (2024.. £3,600) in respect of the charity and £nil (2024.. £nil) in respect of the subsidiary companies. DLsring the year, the charity received a gift aid donation of £64,845 {2024'. £83,879> from Great North Air Ambulan￿ Trading Company Limited. At the year end, the charity was owed £221,733 {2024'. £76,432} from Great North Air Ambulance Trading Company Limited. At the year end, the charity owed £nil12024'. £nil) lo Great North Air Ambulance Trading Company Limited. During the year, the charity received a gift aid donation of £nil (2024.. £7,359} from Arc Medtech Limited. At the year end, the charity was owed £136,076 (2024.. £70,455) from Arc Medtech Limrted. Al the year end, the charity owed £nil (2024.. £nil) to Arc Medtech Limited. Page 44

The Great North Air Ambulance Service IA company limited by guarantee Notes to the financial statements Year ended 31 March 2025 28. Prfnclpal subsidiaries The following were subsidiary undertakings of the charty.. Names Company number Principal activity Class of shares Holding Great North AirAmbulance Service Trading Company Limited Arc Medte¢h Limited 3662874 Trading subsidiary for Ordinary recycling collections Trading subsidiary for Ordinary royalties of software 100/. 12189819 100% The financial results of the subsidiaries for the year were.. Names Income Expenditure Profitl(los$) for the year Net assetsl (liabilities) Great North Air Ambulance Service Trading Company Limited Arc Medlech Limited 470,361 346,249 131,605 379.062 30,000 76,012 146,012 (27.604) Page 45