Registered cornpany number.. 04845905 Registered charity number. 1098874 THE AIR AMBULANCE SERVICE IA company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE AIR AMBULANCE SERVICE {A company limited by guaranlee CONTENTS Page Chairman's statement Chief Executive's report Trustees. Annual Report 3-12 Independent Auditorfs report lo the mernbers 13-16 Group Statement of Financial Activities lirwrFX)rating the income and expenditure account) 17 Group Balance Sheet 18 Charity Balan￿ Sheet 19 Consolidated Cash flow Statement 20 Notes lo the financial statements 21-37 THE AIR AMBULANCE SERVICE (A company limited by guarantee) CHAIRMAN'S STATEMENT In 2023 we celebrated the combined efforts and contributions of all who are or have been involved in the The Air Ambulance Service since we were founded in 2003. We celebrated 10 years of the nat￿nal Children's Air Ambulance ITCAAI, 15 years of the Derbyshire, Leicestershire & Rulland Air Ambulance IDLRAAI and 20 years of the warwicksh1￿ & Northamplonshire Air Ambulance IWNAAI. Our rich history has only been made possible through the thousands and thousands of people who have supported the charity in many different ways. I would like to thank everyone who has contributed over the last two decades.11 is your commitment that has enabled our front4ine Crews and transfer teams lo respond when and where needed. in helping to save lives. I have witnessed many significant milestones during my short lime with The Air Ambulance servi￿ but 2023 was an exceptional year. Our clinical crews have now reached SO.000 missions across our five counties since they began operation. In 2023 alone we Tesponded to 3,803 requests for help. In addition lo this, our pioneering Children's Air Ambulance service delivered more missions than ever before with 200 clinical transfers of severely ill babies and children. In October I was delighted to welcome Peta Wilkinson, our new Chief ExecutNe Officer, who is already having a major and positive impact on our work. Pela and her team have designed a new strategy which the Trustee Board recently approved Peta has an exciting and clear vision for the Charity - something that we have needed for a while. Her drive and the combined efforts of Peta and other staff will be Iransforrnalive. My admiration for what we achieve continues to grow. l am in no doubt this is because of the enthusiasm and commitment of so many people in so many different ways. Everyone should be proud of their contribution and what is has helped to achieve, notjusl in 2023 but over the18sI 20 years. We now look forward to the next exciting chapter in our development. There are exciting things lo come as we focus on delivering the very best service to those that need our help the most. Thank you for your on- oing contribution. which will be tremendously important to our future success. Professor Bob Allison CBE DL Chair of Trustees THE AIR AMBULANCE SERVICE IA company limited by guarantee) CHIEF EXECUTIVE'S REPORT ljmiile 2023 was the year to recognise and reflect on the charity's wonderful history through the milestone anniversaries of our lifesaving seNices, it also become a year of significant change and it was with great pleasure that I joined The Air Ambulance Service ITAASI as Chief Exeeutive. As we ￿lebrated 10 years of the national Children's Air Ambulance ITCAAI, 15 years of the Derbyshi￿, Leicestershire &. Rutland Air Ambulance {DLRA418nd 20 years of local Warwickshire & Northamptonshire Air Ambulance IWNAAI, we also created 8 vision of the future for the organisation through the delivery of new comprehensive, three-year strategy. Our new strategy focuses on the key strategic aims of Our SeNices, Our People, Our Ways of Working. Our Income and Our Idenlrty. And al its very heart is the continued priorrty lo ensure we deliver our seNices to our patients when and wherever they are needed. It is a strategy that puls people first, delivers a united and incluswe culture and ensures the financial sustainability of the organisation. I look forward to working wfÉh our Board of Trustees. colleagues and volunteers in ensuring our wsion becomes reality. Since my appointment in October. the warm welcome I have received from staff. volunteers and supporters of the charity has been extraordinary. l am fortunate to witness the commitment. passion and dedication of colleagues and volunteers on a daily basis and this gives me great confidence as the charity begins a new era, with a new destination. guided by a new strategy. ile we embark on a journey of transfomialion, our core purpose remains and this is lo provide pre- hospital emergency care to our patients and support the NHS by air and road across five counties while continuing to pioneer across paediatric and neonatal transfers through the national Children's Air Ambulance. Our WNAA and DLRAA clinical operations received significant recognition when the inde￿ndent Care Quality Commission ICQCI carried out comprehensive inspections of the lifesaving services provided. 11 gives the charity great pride lo report that both clinical services were rated 'outstsnding' the highest overall rating awarded by the regulator. Futher recognition was also celebrated when our very own Dr Jake Turner was announced as Doctof of the Year al the Air Ambulances UK Awards of Excellence. The Children's Air Ambulance responded to more urgent transfer requests than ever before in 2023. Working alongside 11 NHS Clinical Partner Teams, the lifesaving service took lo the skies 200 times The service also marked significant milestones as it undertook ils first Extra Corporeal Membrane Oxygenation IECMOI transfer while three new, besFX)ke incubator systems, for use on the aircraft, enhanced capabilities and helped 78 neonatal patients and their families in 2023. Our charity receives no government funding and therefore our services are funded entirety by voluntary donab'ons and by the trading and fundraising activities we undertake. I'd like lo lake this opportunity to thank everyone involved in enabling us to deliver our vital, lifesaving services - from the frontline crews lo all staff. volunteers. and supporters. We now look forward lo the future driven by a new strategy, enhanced leadership structure and the continued efforts of everyone involved in the charity as we make our vision a reality. to ensure children grow into adults. for adults to live longer and for families to slay together, as kkreavemenl through trauma becomes rare. Peta Wilkinson Chief Executivg THE AIR AMBULANCE SERVICE (A company limlted by guarantee) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are pleased to present their annual report together with the consolidated financial statements of the charity and its subsidiary {"Ihe Group'l for the year ending 31 December 2023 which are also prepared to meet the requirements of a Directors, report and accounts for Companies Act purposes. The financial slalements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Asswiation, and Awounting 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 IFRS 1021. LEGAL AND ADMINISTRATION INFORMATION Charity Name The Air Ambulance Servi Charity Registration Number 1098874 Company Registration Number 04845905 Registered Office Blue Skies House Butlers Leap Rugby Warwickshire CV21 3RQ Independent Auditors Crowe U.K. LLP 41h Floor, Sl James House Sl James Square Chellenham GL50 3PR Bankers Barclays Bank PLC Leicester LE87 2B8 Investment Managers Cazenove Capital 1 London Wall Place London EC27 SAU CCLA Senator House 85 Queen Victoria Street London EC4V 4ET STRUCTURE. GOVERNANCE AND MANAGEMENT Principal Activities The principal activities of The Air Ambulance Service {°TAAS'I are the relief of sickness and injury and the protection of human life. principally (but not exclusively). by the provision of an air ambulance service. Statement of public bengfit The Iruslees confirm that they have complied with the duty in section 17 of the Charf(ies Act 2011 to have regard to the Charity Commission's general guidance on public benefit, "Charities and Public Benefir,. The Air Ambulance Services, charitable objects are slated within ils memorandum and articles of association and as such the trustees ensure that the charity's activities are carried out for the public benefit through ils strategic priorities. This is done primarily through the delivery of services by the provision of an emergency and children's air ambulance service. This report allows us to show how our charitable funds are spent and the impact and benefits that has on those requiring our services. as well as the wider impact on the communities we operate in. THE AIR AMBULANCE SERVICE IA company limlted by guarantee) TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Our fundraislng standards As a charity reliant on voluntary income we lake an active and responsible approach lo our fundraising. We are registered with the Fundraising Regulator and are firmly committed to ensuring we are compliant with their Code of Practi￿. Our fundraising activity is carefully planned and all sUPPOrter data on our fundraising database is governed by strict consent, unsubscribe and complaints processes. Oversight of these processes is carried out by an internal Data Protection Officer, ensuring we are kept up to date with new legislation as well as supporter feedback. The Charity is committed lo providing an excellent service to supporters and retail customers bul we recognise that occasionally things don't always go according to plan, With thi5 in mind, we encourage complaints and suggestions lo help shape the ongoing development of our services and the way in which we work with our supporters. We received 23 complaints relating to our fundraising activities wth 6 of these categorised as a high priority. All of these 23 were investigated and we responded directly to the complaint. The Executive Leadership take complaints very seriously and they are regularly reviewed to ensure a Ihoiough investigation and feedback to our team has taken place. Company Status The charity is a company limited by guarantee {registration number- 04845905}, and as such has no share eapltal. The company is governed by ils Memorandurn and Articles of Association which were last updated in November 2019. The liability of the meM￿rS of the company. as set out in the Memorandum of Association. is limited lo £1 per member. Board of Trustees The Trustees of the charitable Company, who are directors for the purpose of company law. who served during the year and up to the date of this report are set out as follows.. Professor R J Allison CBE DL Mr P Wells Mr J C R Tennent Mr P Vvhalmore Mr F Jaffri (resigned 6 December 231 Ms D Atkins (resigned 8 June 231 Ms S Baumann Ms C Sheppard Mr T Boxell Mr A Hoyle Mr A Fradgley (appointed 11 December 231 Ms R Grant lappointed 11 December 23) Mrs J Walmsley {appointed 11 December 231 Directors are selected against pre4elermined skills criteria designed to ensure that the Board has the necessary knowledge with which lo direct The Air Ambulance Service. Key Management Personnel: Senior Management Team of The Alr Ambulance Servlce and its Subsidiary who served during the year and at the year end. Mrs P Wilkinson Mr R Clayton Ms D Young Ms E Peake Mr K Tailor CEO lappointed 18 October 231 Director of Operations Director of Income Generation Acting CEO (resigned 28 July 231 Director of Finance (resigned 29 September 23} THE AIR AMBULANCE SERVICE IA company limited by guarantee TRUSTEES. ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Trusle¢ and Dlrector inductioll ond tralning Trustees a￿ inducted lo the organisation on appointment and are briefed as appropriate. As part of ongoing training, Iruslees have received formal charity law updates, strategic sessions and presentations in relation to operational requirements during the year. hen recTUlting new Trustees, it is based upon the skills matrix and where gaps have been identified, the full board have delegated the governance and appointment lo Nominations and Appointments Committee. It is advertised externally and there is an interview process to go through. Oryani$ational Structuro The Air Ambulance Service Board of Trustees meets at least 4 limes per year lo oversee the development of the charity and the work of the Senior Management Team. The Air Ambulance Service Trading Company Board also meets at least 4 limes a year, to oversee the work and development of the trading subsidiary. Several sub-committees support the governance of the charity, including a Finance sub-committee which considers matters of finanGe, for both the Charity and the Trading company, and an Audit and Risk sub-committee which considers matters of governance. audit and risk management. These committee's meet four weeks prior lo the Boards so that the committee can report the discussions and actions arising from their meeting. There are also addits'onal committees in place which consider matters of, operations, marketing and people, which provide additional reporting processes. During the year a Project Oversight Committee was established to review governan￿ and progress of major projects. The Trustees are responsible for the control over all activities and authorise all major trarssaclions of the charitable company and ils subsidiaries. Day-lo-day a¢b'vilies are overseen by the Chief Executive and the Senior Management Team on a delegated basis. Pay policy for Senior Staff Remuneration Committee consideTS pay and other benefits for senior staff and makes recommendations lo the Board of Trustees for approval. The senior management team comprise the key management persorsnel of the Charity in charge of directing, running and operating the Charity on a day-to day-basis. Risk Managgmgnt A robust risk management and governan￿ process is in place in respect of clinical operations, lo meet the regulatory requirements of the Care Quality Commission fundamental standards and key line of enquiry. In addition, a wider organisalion focussed Risk Management process is in pla￿ and is monitored regularly by the Executive Leadership Team, Senior Management Team and Board. In line with best practice and the requirements of the Charities SORP (FRS 1021, the Trustees have reviewed all major potential risks for the charity and taken appropriate measures to mitigate their impact. OBJECTIVES AND ACTIVITIES The objects of the charitable company have not Changed and are as stated earlier under the Principal Aclivilies. The aCtiv￿leS of the Ch8r"rt8ble company continue to be.. The delivery of Helicopter Emergency Medical Services IHEMSI, a trauma Servi￿ responding to road accidents, falls of many kinds. medical emergencies, injuries received in remote locations and many other scenarios. These services are based in Warwickshire, Northamplonshire, Derbyshire, Leicestershire and Rulland. The Delivery of the Children's Air Ambulance, a hospilal-to-hospilal paediatric transfer seNice. This is a national service and involves liaison with critical care hospitals and paedialric retrieval teams across England. THE AIR AMBULANCE SERVICE (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Our work makes a difference to people. to communities and to society as a whole. Our responsibility is far reaching. The obvious impact is on saving lives, improving clinical outcomes and being able to react qui¢kly and efficiently to emergencies but our influence is also able lo challenge, and when n￿Ssary, try to change Government policies on health.. we are able lo innovate in clinical care, challenge the boundaries that often exist in stale run services and invest heavity in the development of the people who deliver that care. Our primary purpose is healthcare and we will lead the way in our chosen fields of opef8tion in trauma and medical emergencies via our HEMS setvices and in the innovation and development of the unlque critic81 tran$fer and retrieval service that is The Children's Air Ambulance. However, our reach goes much further in our impact on society. We are a significant employer and contributor lo our local economies., we are a socially responsible organisation that values the very communities that 5UPPOrt us. Our expertise is made available to smaller Charities. to education establishments and lo organisations with similar goals. We care about our environrnent and we must use our abilities to Change, shape or challenge the voluntary sector as a whole for genuine public benefit. We are an organisation that engenders pride and purpose in every individual associated with us. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Hellcopter Emeryency Medi¢al Servi¢es (HEMS} and Clinical Operational Report Operating two specialist AW109 helicopters and Rapid Response Vehicles IRRVI daily, The Air Ambulance Service ITAASI remains one of the busiest air ambulance Servi￿ providers in the country, providing critical care, lifesaving seNices lo the NHS 24 hours a day. 365 days a year. The Air Ambulance servi￿ ITAASI attended 1,853 ¢riti¢al care missions by helicopter, and a further 1,946 critical care missions by RRV - 3,799 critical care missions in total for 2023. TAAS has responded to 52.274 lifesaving missions since ServI￿S commenced in 2003, a truly remarkable achievement. The dedicated spare helicopter, which was introduced as part of the new helicopter fleet in March 2021, has been an asset duiing 2023for periods of scheduled maintenance (routine servicing) and unscheduled maintenance {repairsl of the primary helicopters. This additional resilience has ensured that our life saving services by air were maintained throughout the year. Extended flying hours, May to August inc., were once again undertaken in 2023 following the successful trial in 2021. During extended flying hours both aircraft were ulilised not only in OUT primary regions bul also providing mutual assistance in other areas. New Rapid Response Vehicles IRRVI were converted and operational duTing March 2023.A new vehicle conversion specialist (audible and visual warning devices and sirens) was selected following a competitive tendering process. Both of The Air Ambulance Service's Helicopter Medical Services (Derbyshire, Leicestershire & Rutland Air Arnbulance IDLRAAI and Warwickshire & Northamplonshire Air Ambulance IWNAAI were inspected by the Care Quality Commission ICQCI in 2023. Both were unannounced. comprehensive inspections of our lifesaving servi against the CQC, key line of enquiry,. Vve are delighted lo report the both services Teceived an overall 'Outstanding' rating the highest overall rating the regulator awards. As a pre-hospital provider committed to delivering excellence in patient care we continue to provide specialist pre- h05pilal doctors on all four of our operational platforms (helicopters and RRVSI. TA4S achieved doctor cover at an impressive 980h of occasions in 2023. To fvrther increase resilience, a doctor reuuitment ané selection event took place in 2023 to recruit 12-rnonth fixed term fellowship positions. We are delighted to report that two posits'ons have been offered and accepted ft)r 2023124 term which will further enhance dcttor cover. In addition to recruiting new doctors, TAAS continues lo support the West Midlands Deanery with their PHEM (Pr Hospital Emergency Medicine) Training Programme, essentially helping to train and educate the next generation of PHEM doctors. THE AIR AMBULANCE SERVICE (A company limited by guarantee) TRUSTEES, ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Air Ambulance Service ITAASI is exlTemely proud to announce winning the 'Doclor of the Year, category at the AirAmbulances UK Awards of Excellence 2023. A truly incredible achievement given the ¢alibre of nominations. Continuous improvement is essenb'al in prehospital care. and a number of major advancements have been made during 2023 to how we train, educate and equip our critical care teams lo support the NHS lo care for the most sickest and injured patients. 2023 saw several business case proposals submitted and approved by the Clinical Governance Group. Proposals approved during 2023 included a review of our ventilators Ilo support a patient's brealhingl, cardiac monrtors Ilo monitor a patient's heart rhythm, monitor blood gases, measure blood pressures and deliver an electric shock lo restart a patient heartl, and mechanical automated cardiopulmonary chest compression devices. Vve are pleased lo report that following 8 thorough clinical ev8luationllrial new ventilators and cardiac monitors have now been purchased, wf(h new mechanical chest compression devices lo follow in 2024. In addition to the advanced surgical equipment introduced in 2022, new state-of-the-art surgical and advanced airway mannequins have been purchased following 8 very generous legacy donation. These mannequins will not only help simulate complex education scenarios for TAAS clinicians but will also be used lo support external agencies such as the NHS. These areas alone Changed how we deliver certain medication lo patients as well as performing invasive surgical procedures for our sickest, most severely injured patients. TAAS has been carying blood on board its operational platforms since 2022. From 2022 we started to carry four units to administer blood lo our most critically ill and injured patients. From implementation TAAS has already delivered this additional lifesaving treatment on 146 ￿CaSionS. TAAS would like to take this opportunity to aeknowledge the support of both the Warwickshire & Solihull and Leicestershire & Rulland Blood Biker charities in delivering blood and blood product5 daily to our operational bases. TA4S clinicians undertook ultrasound la device lo ¢apture live images) courses with East Anglian Air Ambulan in 2022. This initial course provides the foundation to use ultrasound in the pre-hospital setting. These foundations will then be built on by a bespoke course which is to be developed within TAAS and shared across the clinical team. The aim is lo have each CCP signed off lo be compelenl in this skill as we move into 2024. Honorary contracts are now in pla￿ with neighbouring Major Trauma Centres 811owing our clinicians to undergo shifts in different departments and thus continue their professional development. This exposu(e will assist the clinicians with assessments and treatment in the pre-hospital setting. Having knowledge of pathways within hospitals and exemplary care before reaching hospital can only serve patients with better outcomes. Aftercare support is an es$enlial extension of the care TAAS provides,. essentially our care to our patients. their families and loved ones extends beyond the doors of the Emergency Department. TAAS introduced a Clinical Liaison Officer ICLOI in 2020 with great success. The CLO provides the conduit be￿een TA4S fomier patients and their families and has been invaluable in providing information and support to help patients piece together the patient journey lo help aid their emotional recovery alongside the physical. One of the biggest pieces of work throughout 2023, which will continue into 2024, surrounds the TAAS estates strategy. Part of this work involves locating (based on historical dalal potential sites for new HEMS operational bases. TAAS has secured the assistance of a third paty who has vast experience in this field and has assisted several air ambulances across the country. Quality outcomeslaudit reports continued to be reviewed monthly by the Operations Management Team and quarterly by the Clinical Governance Group. Audit assurances for anaesthesia. sedation, surgical skills and Infection, Prevention & Control for both operational bases continue lo provide ex￿lIent assurance. THE AIR AMBULANCE SERVICE (A company limited by guarantee) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Childrgn's Air Ambulance Operational Report Following the termination of the helicopter contract by Specialist Aviation Serv￿5 ISASI in September 2021 TAAS worked with Sloane Helicopters Limited to introduce new Aguslaweslland 169 IAW1691 helicopters. The termination was in response to TCAA being asked to pay additional costs, for two aircraft, which would have doubled the monthly expenditure for the remaining four years of the contract. This would have arnounted to more than £16 million additional expenditure. In 2023 TCAA completed 200 critical missions across the country supporting 11 NHS paediatric and neonatal specialist transport teams in their lifesaving work. TCAA has completed 906 missions since services commenced. We onboarded our 111h NHS team during 2023- KIDS (Kids Intensive Care and Decision Support team) based in Birmingharn. The onboafding process is a TCAA Governance key requirement. Jusl over half the missions completed during 2023 carried the patient's parenuguardian on the mission. The inclusion of a 'parent seal. was a deswn essential for the new helicopters. In total TCAA saved a total of over 296.34hrs for our smallest most vulnerable patients compared lo road transfer, and a total of over 694hrs of NHS clinician lime compared to road transfer. Of the 200 missions completed, 78 of those missions ulilised our new incubator transport system. TCA4 designed and delivered 3 incubator transport systems free-of-charge lo the NHS in 2023 gaining a significant amount of media attention. TCAA is the first and onty helicopter provider in England to support the NHS with a helicopter certified incubator transport system. Babies weighing less than 6kg was the largest patient category seen in 2023. In January 2023 TCAA achieved another significant milestone by undertaking its first ECMO {Extracorporeal Membrane Oxygenation therapy) transfer to help a critically ill young child get to specialist care they urgently needed. ECMO is a relatively rare Ihefftpy, which is similar lo a heart and Sung bypass machine, that delivers a tempofftry means of providing oxygen lo the body when a child's heart andlor lungs are not working effectively. 2nd normal methods of intensive care are failing. TCA4 worked closely with the 'Heart Link ECMO Centre. in Leicester lo design, build and deliver ECMO capability on board ils heli¢oplers, the only operalorlcharity to do so in the UK. 4 patients were transferred on ECMO during 2023. FINANCIAL REVIEW Finanelal Posltlon We receive no government support. We rely solety on donations, I￿aCleS, sponsorship, grants, fundraising events and our retail operations. Vve believe this gnables us lo ensure that we put the needs of the patient at the top of our entire decision making. We are in a strong and better than anticipated position, following decisions we had to make in earlier years, which allows us to move forward feeling confident in increasing our investment in our strategy lo support more people through our services. We are confident that The Air Ambulance Service remains a financially stable organisalion and that we are well positioned to operate as effectively as possible. We benefitted from an incredible response from our supporters, enabling us lo perform better than antlClP8ted, generating a total £38 million income for the year. being £3.5 million more than the previous year. The sustainability of our income allows us to cope with increasing costs, secure the stability of the charity by moving towards our reserves policy and as always, to ensure the maximisation of funds raised in the operation and running of the Helicopter Emergency Medical Services and The Children's At'r Ambulance. THE AIR AMBULANCE SERVICE IA company Ilmited by guarantee) TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves policy We have improved our reserves position in 2023 and as al 31 December 2023 the Charity held unrestricted reserve5 of £36 million. £0.9 million is held as fixed assets required to provide the Charities services. The Trustees have determined that the Charity should hold between 9 and 18 months operating costs to secure the stsbility of the Charity. Al the end of the year 12 months operational costs were held which are approximately £16 million. The remaining £19m will be used to invest in new equipment, infraslruclure, digital investment$, and provision for airbase as il becomes available. Investmgnt policy The charities investment policy requires that investments are approved and nTh)nitored by the Finance and Investment Committee. Investments are matched lo the Charities risk profile and future plans. Investments are chosen with consideration to the social and environmental impact. As a result we invest in specific charity funds that meet these objectives. Funds are invested in funds111 CCLA Charities Investment Fund and121 Cazenove Charity Sustainable fund with both funds having a target benchmark. The return in 2023 was 12.4% for funds managed by CCLA and 7Yts for fvnds managed by Cazenove. Going concern The financial statements have been prepared on a going concern basis as the Iruslees consider that adequate reserves continue to be available to fund the activities of the charity and group for the foreseeable fulLJre and believe no material uncertainties exist. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Streamlined Eneryy and Carbon Reporting {SECR) The Charitable group 15 reporting energy and carbon emissions in compliance wth Companies (Trustees Report) and Energy and Carbon Report Regulations 2019. UK Graanhouse and gas omls$ion$ and energy use data for the perlod 2023 2022 Energy consumption used to calculate emissions Ikwhl 1,687,258 1,429,372 Emissions in metric tonnes C02e Ga5 consumption Owned transport Purchased electricity Business travel in employee owned vehicles Totsl emissions in metric lonnes C02e 51.19 36.93 21.93 53.75 163.80 3498 33.06 18.47 61.07 147.58 Intensity ratio 0.37 0.35 The chosen intensity measurement ratio Is total gross emissions in C02e per no. ol employee$. THE AIR AMBULANCE SERVICE IA company limited by guarantee} TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Financial Instruments The Charity does not use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk and manages this through credit control procedures. The trustees do not consider any other risks attaching lo the use of financial instruments lo be material to an assessff*nt of its financial position or performance. The Companies (Miscellaneous Reporting) Regulations 2018 ￿qUireS large companies lo include detail in their annual report describing how the Trustees have had regard to matters set out in section 172 (11 of the Companies Act 2006. The Trustees statement is sel out below. Sectlon 172 (11 statement Companies Act 2006 The trustees have acted in the way which they consider, in good faith, promotes the success of the charitable group for the benefit of its members and stakeholders as a whole, and in doing so have given regard lo lamongsl other matters).. Buslness relationships Vmth a highly commilled and dedicated workforce, the charitable group tskes great pride in listening to what our beneficiaries and stakeholders want and continues lo provide the level of service they have come lo expect, leading to continued increases in the awareness of the charitable group's activities and operations. Our relationship with the communlty As a charity, public benefit is at the heart of all we do. The Chief Exce¢utive's report together with the Objectives & Activities and Achievements & Performance section of the Trustees, Annual Report gives full details of the impact of our operations. Malntalning a reputation for high stsndards As a fundraising charity, we are compliant with the Code of Conduct issued by the Fundraising R￿ulator and take our responsibilities ft)r exemplary clinical care very seriously. Further detail can be found in the Clinical and Op8rational Report included within the Trustees. Report. Our people At the end of 2023, we employed 445 members of staff and it is only thmugh the combined effort of our whole workfoice our employees. supporters and volunteers that we can change the lives of so many. The charity encourages the involvement of employees by means of ￿gUlar employee meetings and engagement in decisDn making processes that impact on them direcuy. Further details regarding key management personnel can be found in the Structure, Governance & Management section of the Trustees, Annual Report. Volunteers provide essential support to the Char'ty. The roles volunteers play include working in our trading subsidiary shops, running community events, raising funds, and perfomiing adminislralive roles. Employee involvement and ernployment of the dlsabled Staff communication meetings are held on a quarterty basis for presentations and discussion of key areas including business updates and projects. The Air Ambulance Service has a number of policies and procedures in relation to all personnel matters, induding= Equal opportunib'es.. and Health & Safety The recruitment and training of staff is undertaken in a¢cordance with the charty's equal opportunities policy and in line with the Equality Act 2010. 10 THE AIR AMBULANCE SERVICE (A company limited by guaranteo) TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Funds held as Custodian Tru$tegs The Charity has access lo and control over the funds held for The Children's Air Ambulance SeNice lottery. These funds are held in a separate barTrk account from the funds of the charity. The Charity is registered with the Gambling Commission lo run this lottery with day-lo-day operations being under the control of a third paty. Funds are released to the Charity in accordance with accounts submitted by the third party. Principal Risks and Uncertainties The Board and Senior Management Team have established a risk register which identifies the current perceived risks and which is reviewed at all monthly Senior Management Team and quarterly Trustee meetings. We have a fomial process in place whereby all types of risks faced by the Charity have been considered as to their probability and impac( measures and strategies have been documented and implemented lo deal with the identified risks on both an individual and overall basis. All activity is reviewed in the context of these risks and our principal risks are noted. Principal rlsks What thg risks mean to The Air Ambulanco Service The risk is that we don't have We have regular cash flow forecasts and a sufficient income lo operate. robust budgeting process. We also have different income streams to avoid dependence on any one income stream. The risk is that we don't have We regularly review our performance and the right governance structures govemance slruclures. There are in place to drive our strategy. processes in place lo lead strategic change. People capability and capacty The risk is that talented staff are Recruitment. appraisal and training not attracted, developed and processes are regulady reviewed. We retained in a competitive labour benchmark our pay and benefits across the market. sector. There is a risk of loss of public We are ITansparent in the delivery of our tsusl and confidence and services and have a strategy to develop our people do not understand our brand. purpose because our messaging is not clear. How we manage the risks Maintaining financial stability Governance and strategy External Influen￿ and perception PLANS FOR THE FUTURE The Tru51ees agreed the 3 year strategic plan between 2024-2026 This document included a review of our Vision. Mission. Core Values and Core Principles. Our Vision is that we want children to grow into adults and adults to live longer, making bereavement through trauma rare. Our Mission Statement"Our rapKI response services work trrele5sly lo save lives and alleviate pain and suffering, wherever and whenever needed. is reflected in our core values which are Compassion, Courage and CTealivity. As an organisation we are clear on three things, our ultimate aim (The Vision), the impact we make on Society {The Mission) and the way we go about achieving this important work (The Values). Every individual in every part of the organisation holds these three things dear lo them, for we are not here to do a job.. we are here for a purpose dnven by passion, ￿MMItMent and humanity- 11 THE AIR AMBULANCE SERVICE IA company limlted by guarantee) TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Our current strategie aims, as noted below are.. Conlinuousty advance rapid response critical care services to pab'enls Be recognised as a leading authority on pre-hospital emergency care and paedialric transfer services Raise awareness. understanding and engagement with our charity across the county Unite people in the common purpose of our charity and create advocates who will enhance reputation and reach of the charity Be the organisation of Choi￿ and opportunity for the most tslenled and driven from diverse backgrounds Drive best practice across all areas of the organisalion in a sustainable, responsible and ethical manner, to ensure a positive impact on the communities and environments in which we operate Grow income to £30 million in a diverse and sustainable manner lo continue and develop our setvices. Each of these will be reviewed and a detailed plan prepared which involves the whole of the Charity and measures to check and report our progress towards these aim5. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Iwho are also Directors of The Air Ambulan￿ Service for the purposes of company lawl are responsible for preparing the Trustees, Annual Report including the Slralegic Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepting Accounting Practice). Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the charitable company and the group and of the incoming resources and application of resources, including income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them ¢onsislenlly'. observe the methods and principles in the Charities SORP 2019 IFRS 1021.. make judgments and eslimales that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going con¢ern basis unless it is inappropriate lo presume that the charitable group will continue in operation. The Trustees are responsible for keeping adequate accountlng ￿COrdS that disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee5 are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Provision of information lo auditor So far as each of the Trustees is awa￿ al the ts'me this report is approved= there is no relevant audit information of which the charitable company's audllor is unaware.. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. App ved by the Board of Trustees on 13 June 2024 and signed on Its behalf by: J. Robert J Allison Chair of Trustees 12 THE AIR AMBULANCE SERVICE (A company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AIR AMBULANCE SERVICE FOR THE YEAR ENDED 31 DECEMBER 2023 Opinion We have audited the financial statements of The Air Ambulance Service {'the charitable company'l and its subsidiaries I'the group'l for the year ended 31 December 2023 which Comprise the Consolidated Statement of Financial Activities. Consolidated Balance Sheet, Charitable Company Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial stalemenls. including Significant accounting policies. The financial ￿pOrting framework that has been applied in their preparation is applicable law and Untted lfjngdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs"cel. In our opinion the financial stalemenls.. give a true and fair view of the slate of the group's and the charitable company's affairs as al 31 De￿rnber 2023 and of the group's income and expenditure, for the year then ended- have been property prepared in accordance with United Kingdom Generally Accepted A¢eounling Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with Inlemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordan￿ with the ethical requirements that are relevant lo our audit of the financial slaternents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concem In auditing the financial statements, we have concluded that the trustee's use of the goin9 coneem 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 relatr'ng to events or conditions that, individually or collectively, may cast significant doubt on the charitsble company's or the group's ability lo continue as a going concern for a period of al least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going con￿rn are described in the relevant sections of this report. other informatlon The trustees are responsible for the other inlormation. The other information comprises the information included in the Iruslees. annual report, other than the financial statements and our audilorfs report thereon. Our opinion on the financial statements does not cover the other informats'on and. except lo the extent otherwise explicitly stated in oui report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the audit OT otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing to ￿ port in this regard. 13 THE AIR AMBULANCE SERVICE (A company limited by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AIR AMBULANCE SERVICE (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Opinions on other matters proscribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audfÉ the information given in the trustees, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial stalemenls.. and the strateglc report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we ar¢ required to report by exception In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors. report included within the trustees, report. We have nothing lo report in respect of the ftsllowing matters in relation to which the Companies Act 20[￿ requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company, or Teturns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or ertain disclosures of directors, remuneration specified by law are not made., or we have not received all the informab'on and explanations we require for our audit. Responsibilities of Trustees A5 explained more fully in the Trustees. responsibilities statement set out on page 17. the trustees (who are also the directors of the charitable company for the purposes of Company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a trLJe and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalemenls 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 parent charitable company's ability lo continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or the parent charitable company or lo cease operations. or have no realistic allemalive bul to do so. 14 THE AIR AMBULANCE SERVICE {A Gompany limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE AIR AMBULANCE SERVICE {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Auditor* responsibilitles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as 8 whole are free from material misstatement. whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstalemenl when it exists. Misstatements can arise trom fraud or error and are considered matenal if, individualty or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non- compliance with laws and regulations are set out below. A fvjrther description of our responsibilities for the audit of the financi81 statements is located on the Financial Reporting Council's website at.. www.1rc.or .uklauditorsres onsibililies. This description forms part of our auditorfs report. Extent to which the audit was considored capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulaliolls. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud 01 error. and diseussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufticienl and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks wlhin which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and diselosures in the financial statements. The laws and regulations we considered in this context were the Companies Aet 2006 together with the Charrties SORP IFRS10212019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental to the charitable company's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation IGDPRI, anli-fraud, bribery and corruption legislation, health and safety legislab'on. taxation legislation and employment legislation. Auditing standards limit the required audit procedures lo identify non-complian￿ with these laws and regulations to enquiry of the Trustees and other management and inspe￿10n of regulatory and legal correspondence. rf any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the liming of recognition of legacy income, grant income and the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management about their own identification and assessrnent of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting estirnales for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those charged with governance and performing testing over legacies and grant income recognised in the period. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslatemenls in the financial stalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations {irregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-delection of irregularities, as these may involve collusion. forgery, intentional omissions. misrepresentations. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 15 ## **THE AIR AMBULANCE SERVICE (A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT.TO THE MEMBERS OF THE AIR AMBULANCE SERVICE (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in 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 the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Guy Biggin Senior Statutory Auditor For and on behalf of Crowe **U.K.** LLP Statutory Auditor 4th Floor St James House St James Square Cheltenham GL50 3PR Date: 17 July 2024 16 THE AIR AMBULANCE SERVICE IA company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporatlng an Income and Expenditure Accounti For the year ended 31 Decgrnber 2023 Unrestricted Restricted Funds Funds £'ooo £'ooo 2023 Total £'ooo 2022 Total £'ooo Note Income Incoming resources from generated funds Donations and legacies Other trading activities Investment income 7,917 24,265 766 5,231 13,148 24.265 766 10,091 23,057 435 Total income 32,948 5,231 38.179 33,583 Expenditure Costs of raising funds Costs of generating voluntary income Commercial trading operations and other costs 5,528 5,528 5,152 16.189 16.189 14,182 Charitablg activitios Operation of Air Ambulances 7.946 4,755 12.701 8,009 Total expenditure 29.663 4,755 34,418 27,343 Net income before gains on investments 3,285 476 3,761 6,240 Nel gainllloss} on fixed asset investments 677 677 11,438) Transfer between funds 420 1420) Net Income before taxation 4.382 56 4.438 4,802 Taxation {491 1491 Net movement Sn funds 4,333 56 4.389 4.802 Reconciliation of funds Total Funds brought forward at 1 January 2023 33,309 687 33,996 29,194 Total Funds carried foward at 31 December 2023 37.642 743 38,385 33,996 The statement of financial activities includes all gains and losses recognised in the year. All income and expenses are derfved from continuSng activities. 17 THE AIR AMBULANCE SERVICE {A company limited by guarantee} CONSOLIDATED 8ALANCE SHEET Company numb8r: 04845905 AS at 31 Docomber 2023 Note 2023 Restated 2022 £'ooo £'ooo £'ooo £'ooo Fixed assets Tangible assets Investments 10 1,797 12 842 14,639 1,952 14,117 Currenl assots Debtors Stock5 Cash at bank and in hand 12 4,134 519 21,526 4.203 477 18,030 26,179 22,710 Creditors: amounts falling due within one year 13 11,7741 12,2911 Nel current assets 24,405 20,419 Total assets less current liabilities 39,044 34,536 Provisions for liabilities 14 {6591 15401 Net assets 38,385 33,996 Funds Unrestrieted funds General funds Investment revaluation reserve Restricted funds 16 16 15 36,800 842 743 33,144 165 687 38.385 33,996 The notes on pages 21 to 37 fomi part of these financial statements. These financial statements were approved by the Board of trustees and were slgned on their behalf on 13 June 2024. RobertJ Alllson Chair of Trustees 18 THE AIR AMBULANCE SERVICE (A company limited by guarantee) CHARITABLE COMPANY BALANCE SHEET Company number: 04845905 As at 31 December 2023 Note 2023 2022 £'ooo £'ooo £'ooo £'ooo Fixed assets Tangible assets Investments 10 920 993 13,762 13,159 Current assets Stocks Debtors Cash al bank and in hand 12 4,330 19,937 4,236 15,768 24,267 20,004 Creditors: amounts falling due within one year 13 19581 11.523) Net Cu￿ent a$sel$ 23,309 18.481 Net assets 37,071 31,640 Funds Unrestricted funds General funds Investment revaluation reserve 16 16 35,486 30,788 165 Restricted funds 15 743 687 37.071 31,640 The company's nel movement in funds for the year was a Sufplus of £5.43m12022'. surplus of £3.93ml. The notes on pages 21 to 37 form part of these financial statements. These financial statements were approved by the Board of trustees and were signed on their behalf on 13 June 2024. &kJ. Robert J Allison Chair of Trustees 19 THE AIR AMBULANCE SERVICE (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOW YEAR ENDED 31 DECEMBER 2023 2023 £'ooo 2022 £'ooo Reconciliation of net incoming resources to net cash flow from operating activities Net income Depreciation Loss on disposal of tangible fixed assets Net Igainllloss on fixed asset investments Increase1(dec￿3sel in stock Decreasellincreasel in debtors {Decrease}Ilncrease in creditors Investment income received Net cash inflow from operating activities 4.389 713 77 1677) 1401 69 {4001 766 4,802 582 1,438 26 12511 480 435 Cash Flow Statement Nel cash inflow from operating activities Cash fl¢)ws from investing activities Purchase of intangible fixed assets Purchase of tangible fixed assets 3,365 766 6,642 435 635 Increase in cash and cash equivalents In the year Analysis of changes in net cash At 1 January 2023 £'ooo Cash Ilow £'ooo At 31 December 2023 £'ooo Cash al bank and in hand Reconciliation of Movement In Cash 2023 £'ooo 2022 £'ooo Net increase in cash and cash equivalents for the year 3,496 6.023 Cash and cash equivalents as at 1 January 2023 Cash and cash equivalents as al 31 December 2023 Cash flows from invgsting activltles 2023 £'ooo 2022 £'ooo Investment income re¢eived 20 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng pollcles The following accounting policies have been applied in dealing with items which are considered material in relation to the financk81 statements. Basls of preparatlon The financial stslemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts irs accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019} - (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Air Ambulance Service meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy nolels), The consolidated accounts in¢orporate the accounts of the parent charTtable Company and all group undertakings. Consolidation has been undertaken on a line by line basis. A separate statement of financial activities for the parent charitable ¢ompany is omitted from the group accounts by virtue of section 408 of the Companies Act 2006. Incoming resour¢es All incoming resources are included in the Statement of Financial Activities when the charitable group is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Gifts In klnd i) Assets given for distribution by the charity are included in the Statement of Financial Activities only when distributed. ill Assets given for use by the charity {e.g. propety for its own occupalionl are included in the Statement of Financial Activities as incoming resources when receivable. iii} Gifts made in kind but on trust for conversion into eash and subsequent application are included in the accounting period in which the gift is sold. In all cases. the amount at which gifts in kind are brought into the a¢¢ounts is either a reasonable 8Stimate of their value lo the charitable group or the amount actually realised. Donated sgrviGes and facllltles Donated services and facilities are included al the value to the charitable group where this can be quantified. In accordance with the Charities SORP IFRS 1021, the value of services provided by volunteers has not been included in these accounts. Legacies Legaeies are credited to the Statement of financial activities when either the eslale acwunts or monies have been received. This uses the three recognition criteria of probability of receipt, abilty lo estimate with sufficient accuracy and enlillement in accordance with the charities SORP FRS102. 21 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles- continued Trading outlets Retail sales are included in the period in which the sale is initiated. Structure of funds Vvhere there is a legal restriction on the purpose lo which a fund may be put, the fund is classified in the accounts as a restricted fund. Other funds are classified as unrestricted funds. Funds which are not legally restricted but which the trustees have chosen to earmark for set puiposes are designated funds. Resour¢e$ expended All expenditure Is accounted for on an accruals basis. All expenditure 1$ recognised once there is a legal or constructive obligation lo make a payment lo a third party. Expenditure is matched against the restricted or unrestricted funds to which it relates. Support costs directly attributable lo an activity are allocated to that activity. Other costs that cannot be directly attributed are allo¢aled against the categories based on management's estimate of usage of those services. al Costs of ralslng funds The costs of generating funds are the costs associated with generating income through fundraising and other activities, including the costs of the commercial trading operations. bl Charitable activities The trustees consider that there is only one charitable activity, that of the provision of an air ambulan service. cl Governance costs These are the costs associated with the governan￿ arrangements of the charlty which relate lo the general running of the charity as opposed to those costs associated with fundraising or charitable activity. The costs include external audit and costs associated with constitutional and statutory requirements e.g. the cost of trustee meetings and preparing statutory accounts. 22 THE AIR AMBULANCE SERVICE IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Accountlng policies- ¢ontlnued Fixed assets Capitalisation All assets falling into the following categories are capitalised. i) Tangible assets which are capable of being used for more than one year and have a cost equal to or greater than £500,1£200 for The Air Ambulance servi￿ Trading Limited) ii) Groups of tangible fixed assets which are interdependent or would normally be prov'hled or replaced as a group with a total value in excess of £5,000 and an individual value of £500 or more, {£200 for The Air Ambulance Setvice Trading Limited) iiil Computer sofvare licenses are capitalised as intangible assets where they are capable of being used for more than one year and have a cost. individualty or as a group. equ81 to or greater than £500, (£200 for The Air Ambulance servi￿ Trading Limited) Tangible Fixed Assets and Depreciation Fixed assets are recorded at cost or, in the case of assets whert assets have been donated to the group. al valuation at the lime of acquisition. Depreciation is provided on all tangible fixed assets excluding freehold land, at rates calculated lo write off the cost, less estimated residual value. based on values prevailing at the date of acquisition. of each asset, on a Straight line basis, over its expected useful life, as follows.. Buildings Fixtures and fittings Medical equipment Office equipment Motor vehicles Computer equipment The holding value of assets is regularly reviewed for impaimient and where deemed appropriate assets are written down. 7°/0 20. 200 200 250 33% Fixed Asset Investments Investments are a form of basic financial instrument, are initially recognised at their transaction value and subsequently measured al their fair value as al the balance sheet dale using the closlng market value. Gains and losses arising on disposals and revaluation throughout the year are included in the statement of financial aclwities All investment income is treated as unrestricted. Stock Stock consists of purchased goods for resale and items to be given to volunteers and people who participate in fundraising events. Stocks are valued al the lower of cost and nel realisable valve. after making due allowance for obsolete and slow moving items. The value of goods donated for sale in the group's chaTity shops is not included in stock. Instead, they are accounted for as income in the period in which the goods are sold. Debtors Short term debtors are measured al transaction price, less any impairment. Loans receivable are measured initially at fair value. net of any transaction costs, and are measured subsequently at amortised cost using the effective interest method. less any impairment. Cash and cash equÈvalents Cash is represented by cash in hand and deposits with financial institutions repayable wthout penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of eash with insignificant risk of change in value. 23 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng policies- continued Finanelal Instruments The charitable company enters into only basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans tr) related parties and investments in non-puttable ordinary shares. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. Credltors and provisions Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomTrlly recognised at their settlement amount after allowing for any trade discounts due. Pensions The charitable cornpany operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charitable company. The annual contributions payable are charged to the Ststement of Financial Aclivilies. Operating leases Operating lease rentals are charged to the statement of financial activities on a slraighl-line basis over the lease term. Lease incentives are charged on a slraight-line basis over the term of the lease. Gift aid payments receivable The Pa￿nt charity receives income from its trading subsidiary under the gift aid scheme, which are re¢ognised as distributions lo owners in equity within retained earnings of that company. At the reporting date there was no legal obligation in place for the charity to receive this gift aid payment. although prior lo-the reporting date the trading subsidiary board had indiealed its intenb'on to pay the taxable profits to the parent charity in respect of the reporting date. There is no tax charge in the year due lo the exception under 29.14A of FRS 102. Relief is allowed 88 the gift aid paymentwill made by the trading subsidiary to the parent company within 9 months of the year end. 24 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢les- contlnued Judgements In applyin9 accounting policies and key sources of estlmatlon uncertalnty The charitable company makes estimates and assumptions Con￿rning the future. Management are also required lo exercise judgement in the process of applying the charitsble company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations offulure events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing material adjustment lo the carrying amounts of assets and liabilities within the next financial year are addressed below. In preparing these financial statements, the trustees have made the following judgements.. Determine whether leases entered into by the charitable company either as a lessor or a lessee are operating leases or finance leases. The decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor or lessee on a lease-by-lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position. Provisions. A provision is recognised when the charitable company has a present legal or conslruclive obligation as a result of a past event for which il is probable that an outflow of resources will be required to settle the obligation and the amount Can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rale that reflects the time value of money and the risks specific to the liability. The group has estimated the anticipated costs of dilapidations across its retail operations based on the age of the lease and fit out costs. Whether a p￿sent obligation is probable or not Tequires judgment. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding rf an oufflow of resources is probable or not. Depreciation and residual values. The Trustees have reviewed the asset lives and associated residual values of all fixed asset classes. and in particular. the useful economic life and residual values of fixtures and fittings. and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on 8 number of factors. In re-assessing asset lives, factors such as technological Innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market ¢onditions, the remaining life of the asset and projects disposal values. 25 THE AIR AMBULANCE SERVICE (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Donatlons and legacies Unrestricted Restricted Total Total Funds Funds Funds Fund$ 2023 2022 £'ooo £'ooo £'ooo £'ooo Donations Legacies Grants receivable (see note 31 5.008 2,868 41 108 5.116 5,439 4,706 7.574 4,209 417 458 443 7,917 5,231 13,148 10.091 Other tradlng actlvitie5 Charity shop income Lottery income Event income Government grants reTrlvable Other 15,143 8,522 600 15,143 13,743 8,522 8,719 600 595 24.265 24,265 23,057 Income from donations and legacies in 2022 was £10M of which £7m was attributable lo unrestricted funds and £3m lo restricted fvnds. Income from other trading activi(ies in 2022 was £23.057m all of whith was attributable to un¥estricted funds. Material grants re¢eived by category 2023 £'ooo 2022 £'ooo Soltrces of material grants.. General Chariknes of the City of Coventry The Margaret Giffen Charitable Trust Rooney Family Foundation Association of Air Ambulances The Sainlbury Trust O'Brien Charitable Trust The Leaf Charitable Trust David Wilson Foundation The L&D Seccombe Charitable Trust The E8M Charitable Trust The John Salmon Trust Groundworks (Tesco Bags of Help) County Air Ambulance Anonymous National Philanthropic Trust UK The Haramead Trust Other < £10.000 90 10 90 20 26 31 10 10 20 10 15 15 10 10 15 10 10 10 10 10 10 226 222 Total 458 26 THE AIR AMBULANCE SERVICE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Investment Income 2023 £'ooo 2022 £'ooo Bank interest Inveslment income other 318 448 15 420 Resources expended by activity Costs of Fundraising Basis of Generating Tradlng Charitable Governance Allocation Voluntary costs activities costs 2023 £'ooo £'ooo 2022 £'ooo £'ooo £'ooo £'ooo Costs directly allocated to activities Fundraising Costs Direct 2,411 Operations Direct Marketing and PR Direct Trading costs Direct Depreciation Direct 2.411 11.642 2,215 15,735 713 1,895 7,063 2,337 13.735 582 11,842 2,215 15.735 352 361 Support costs allocated to activities Support Services Hours 902 698 102 16 087 ￿1 Operational and fundraising staff are allocated directly, management and administration are allocated on a time apportioned basis. The expenditure in 2022 was £27.343m of which £24.506m was attribut8ble to unrestricted funds and £2.837m to restricted funds. 27 THE AIR AMBULANCE SERVICE (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 £'ooo 2022 £'ooo Wages and salaries Social security costs Pension costs Redundancy and termination payments 10,238 874 335 30 8,656 747 260 The avera9e number of employees during the year was as follows.. 2023 2022 No. Aviation Operations Fundraising Trading Adminislralion 34 32 326 53 31 29 320 41 Penslons contributions The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Annual contributions amounting to £334,571 12022.. £259,984> were charged to the S121ement of Financial Activities during the year. At the balance sheet date, there were £66,175 outstanding ¢ontribulions {2022'. £48.5881. Key Management Personnel remuneration There were five12022-. five} members of the senior management team and their aggregate remuneration In respect of qualifying services for the Group was.. 2023 £'ooo 2022 £'ooo Remuneralion receivable Termination payments Social security costs Pension contributions 385 485 34 66 29 43 30 The number of senior management personnel whose rernuneralion (excluding pension conlributionsl for the year fell within the following bands were: 2023 No. 2022 No. £160,000 10 £169,999 £140,000 10 £149,999 £110,000 10 £119,999 £100,000 lo £109,999 £90,000 to £99,999 £80,000 to £89,999 £70,000 to £79,999 £60,000 to £69,999 No other employee5 loulside of key management personnel) eamed more than £60,OCI) in 2023. {2022'. none). 28 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Trustees and ¢onne¢ted persons, transactions Trustees, expenses relmbursed During the year expenses of £10,80412022". £2,661) were reimbursed to Trustees and related to travel costs. Trustees, remuneratlon No trustees received remuneration during the year12022'. Nill. The Charity pays an insurance premium in respect of Trustees, and Individuals. liability cover at a cost of £92612022.. £1,785). Net incoming resources 2023 £'ooo 2022 £'ooo This is staled after charging.. Auditors, Temuneration - audit serVI￿S Depreciats'on- owned assets Loss on disposal of tangible fixed assets Operating Lease Costs 33 713 77 31 582 Taxation and Deferred tsxation The charitable company, as a registered charity, is exempt from lax on income and gains falling within section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied lo ils charitable objects. No tax Charges have arisen within the charitable company. The lax expense for the period is deferred tsx. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable lo an item of income and expense recognised as other omprehensive income orto an item recognised directly in equity is also recognised in othercomprehensive income or directly in equity respeclivety. Oeferred tax balan￿8 are reeogni$ed in respect of all timing differences that have originated but not reversed by the Balance Sheet dale, except thal= The recognition of deferred lax assets is limited to the extent that is probable that they will be recovered against the reversal of deferred lax liabilib.es or future taxable profits and Any deferred lax balances are reversed if and when all the conditions for retaining associated tax allowances have been met. Deferred tsx balances are not recognised in resped of permanent differences excepl in respect of business combinations, when deferred tsx is recognised on the differences between the fair values of assets acquired and the future lax deductions available for them and the differences be￿een the fair values of liabilities acquired and the amount that will be assessed for lax. Deferred lax is delemiined using tax rates and18WS that have been enacted or substsnlively enacted by the balance sheet date. THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 10. Tangible flxed assets GROUP Leasehold Property £'ooo Flxtures & fittings Equipment £'ooo £'ooo Motor Vehicles £'ooo Total £'ooo Cost At 1 January 2023 Additions Disposals 134 16 1,887 221 1681 3,300 396 1491 224 5,545 635 11171 At 31 December 2023 150 2,040 3,647 226 6,063 Depreclatlon At 1 January 2022 Charge for the year Disposals 101 1.215 233 1341 2,152 436 (61 125 35 3,593 713 140} At 31 December 2023 110 1,414 2,582 160 4,266 Net book value At 31 December 2023 40 626 1.065 66 1,797 At 31 December 2022 33 672 1,148 1,952 CHARITY Leasehold Property £'ooo Fixture$ & rittings Equipment £'ooo £'ooo Motor Vehicles £'ooo Total £'ooo Cost At 1 January 2023 Additions Disposals 134 16 348 100 2.416 214 1471 220 3,118 332 147) At 31 December 2023 150 448 2,583 222 3,403 Depreciation At 1 January 2023 Charge for the year Disposals 101 290 27 1,610 292 {51 124 35 2,125 363 15} At 31 December 2023 110 317 1.897 159 2.483 Net book value At 31 December 2023 40 131 686 63 920 At 31 December 2022 33 58 993 30 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 11. Investments Group Managed Funds £'ooo Total £'ooo Cost or Valuation At 1 January 2023 Nel gains on investment 12,165 677 12,165 677 At 31 December 2023 12,842 12,842 Charlty Investments in Subsidiaries £'ooo Managed Funds £'ooo Total £'ooo Cost or Valuation At 1 January 2023 Net gains on investments 12,165 677 12,166 677 At 31 December 2023 12,842 12.843 Our portrolio of funds is managed equally by Cazenove Capital and CCLA. Their mandate to maximise the overall growth of these funds through investment in various different asset classes while ensuring that the risks taken are carefully monitored, managed and controlled, whilst bearing in mind liquidity needs. The following are subsidiary undertakings at 31 December 2023.. Name Holding Prlnclpal activity Proportion held by the charty The Air Ambulan￿ Service Trading Limited Ordinary shares Retail charity outlet 100% The Air Ambulance Service Event5 Limited Ordinary shares Dormant 1000 The Air Ambulance SeNice Recycling Limited Ordinary shares Dormant 100% The Ambulance Servi Aviation Limited Ordinary shares Dormant 100¥0 TAA Servi Company limited by guarantee Dormant nla The Children's 'r Ambulan Company limited ty guarantee Dormant nla All of the above companies are incorporated in England & Wales. 31 THE AIR AMBULANCE SERVICE (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Net Income from trading activities of subsidiary The Air Ambulance SeNice Trading Limf(ed. thewholly owned subsidiary of the charity is a retail charity outlet. A summary of ils trading results for the year to 31 December 2023 are shown below. Audited accounts will be filed with the Registrar of Companies. Restated 2022 £'ooo 2023 £'ooo Turnover Cost of sales Adminislralion expenses Other operating income Operatlng profit Taxation 12,775 11,971} 111,511} 13,712 11,301} 110,0081 31 2.434 1,511 49 Profft after tax 1.462 2,434 Retained earnings at the beginning of the year Profil for the year Gift aid payment 2,357 1,462 1,483 2,434 Retained earnlngs at the end of the year 1,314 2.357 The assets and liabilities at 31 December were: Fixed assets Current assets Current liabilitie$ Provisions for liabiif(ies 877 2,705 11,6081 660 958 3,390 11,451} 540 Total ngt assets 1.314 2,357 Agg￿gatO share capltal and re$erv8s 1,314 2.357 12. Debtors Group Company 2023 £'ooo 2022 £'ooo 2023 £'ooo 2022 £'ooo Amounts falllng due within one year Amounts due from group undertaking Trade debtors Other debtors Prepayments Accrued income VAT 793 92 15 735 2,556 139 683 29 22 595 2.724 183 177 16 884 2,813 244 136 24 985 2,724 334 4.134 4,203 4,330 4,236 32 THE AIR AMBULANCE SERVICE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 13. Creditors Group 2023 Restated 2022 £'ooo £'ooo Company 2023 £'ooo 2022 £'ooo Amounts falling dug within one year Trade Creditors Taxation and social security Other ¢redilor5 A¢¢ruals and deferred income 895 242 1,439 208 57 587 516 131 37 274 1,047 134 32 310 569 14. Provisions for liabllltles Balance Additions Balance at1Jan in the at 31 Dec 2023 year 2023 £'ooo £'ooo £'ooo Dilapidations Deferred tax 540 70 49 610 49 15. Restricted fund8 Balance Incoming Outgoing Tranyfers at 1 Jan Resources Resources 2023 £'ooo Balance at31 De 2023 £'ooo £'ooo £'ooo £'ooo The Childien's Air Ambulance- Incubator CAA Helicopter lease appeal DLRAA Helicopter lease appeal WNAA Helicopter lease appeal Children's Air Ambulan¢e Service DLRAA Service VVNAA Service Lloyds Charities Trust Various Other Trusts and Foundations LIBOR Funding 58 58 161 1191 1311 {1551 11,316} 12,974} 1451 157) 152 19 31 155 1.316 3.543 569 49 58 217 (1061 314 112 33 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 15. Restri¢tgd funds - contlnued Balance at1Jan 2022 £'ooo Incoming Outgoing Transfers Resources Resources Balance at 31 Dec 2022 £'ooo £'ooo £'ooo £'ooo The Child￿n,$ Air AMbulan￿- Incubator CAA Heli¢opter lease appeal DLRA4 Helicopter lease appeal WNAA Helicopter lease appeal Lloyds Charities Trust Various Other Trusts and Foundations LIBOR Funding 58 58 229 782 1.849 12231 {7631 11,8181 19 31 49 58 466 49 58 499 33 Purposes of restricted funds The Children's Air Ambulance- Incubator was an appeal launched lo purchase an incubator for TCAA before it was part of TAAS. Children's Air Ambulance Service represents funds received specially forthe service of Children's Air Ambulance. DLRAA Service rep￿sents fvnds received specially for the service of Derbyshire, Leicestershire and Rutland Air Ambulance. WNAA Service presents funds received specially for the Servi￿ of Warwickshire and Northamptonshire Air Ambulance. The Lloyds Charities Trust donated a grant to purchase a new detachable stretcher for one of our clinical partners (Evelina Children's Hospital or Great Omond Street Hospitsll. The stretcher was purchased and remaining funds are for ongoing maintenance costs. The LIBOR funding was awarded to meet the capital costs associated with the new Children's helicopters. Various other trusts and foundations have provided donations for specific restricted projects. During the year management eonducted a review of Restricted funds, conditions were satisfied on £420,00012023'. None) relating to ¢apilal expenditure. as such the restrictions were met and transferred to Unrestricted funds. 34 THE AIR AMBULANCE SERVICE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 16. Unrestricted funds Igroupl 1Jan 2023 £'ooo Gains on Invest- ments £'ooo Incomlng £'ooo Outgolng £'ooo Transfers £'ooo 310ec 2023 £'ooo General funds 33,144 32,948 29.712 420 36,800 Investment revaluation reserve 165 677 1Jan 2022 £'ooo Losses on Invest- ments £'ooo 31 Dec 2022 £'ooo Incomlng £'ooo Outgoing £'ooo Transfers £'ooo General funds 26.927 30.723 24,5C 33,144 Investment revaluation reserve 1,603 11.4381 165 Unrestrleted funds (charity) 1Jan 2023 £'ooo Losses on Invest- ments £'ooo Incomlng £'ooo Outgolng £'ooo Transfers £'ooo 31 Dec 2023 £'ooo General funds 30.788 20,113 15.835 420 35,486 Investment revaluation reserve 165 677 842 1Jan 2022 £'ooo Gains on Invest- ments £'ooo Incoming £'ooo Outgoing £'ooo Transfers £'ooo 31 Dec 2022 £'ooo General funds 25.445 18.541 13,198 30,788 Investment revaluation reserve 1.603 11,438} 165 35 THE AIR AMBULANCE SERVICE (A company limited by guarante8) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 17. Analysis of net assets between funds Unrestricted Restrlcted 2023 Unrestricted Total Restrictod 2022 Total £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Fixed assets Net current assets 14,639 14.639 13,819 298 14,117 23,003 743 23.746 19,490 389 19.879 37,642 743 38,385 33.309 687 33,996 18. Operatlng lease commitments At 31 December 2023 the charitable group had future minimum lease payments under non-cancellable operating leases as set out below. Group 2023 2022 Land and Buildings £'ooo Land and buildings £'ooo Other Item$ £'ooo Other items £'ooo Operating leases which expire: Within 1 year Be￿een 1 to 5 years More than 5 years 1,574 4,660 1,017 6,673 23,384 4.149 1,159 4.572 1,547 6,554 24,493 7,636 7.251 34,206 7,278 38,683 Charity 2023 2022 Land and Buildings £'ooo Land and buildings £'ooo Other Items £'ooo Other items £'ooo Operating leases which expire Within 1 year Be￿een 1 to 5 years More than 5 years 185 6.301 22.585 4,149 93 347 6,475 24,400 7,636 679 33,035 440 38,511 THE AIR AMBULANCE SERVICE (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 19. Financial commltments As a result of group registration arrangements for value added tax IVATI, the charitable company is jointly and severalty liable together with other members of the group for any VAT due by the representative member of the group. 20. Capital commltments Conlraclual commitments for a store refurbishment contracted for bul not provided in the financial statements amo¥Jnted to £84,181 12022.. £nill. 21. Membership The Air Ambulance SeNice is incorporated under the Companies Act 20{￿ as a company limited by guarantee having no share capital. The liability of members lo contribute towards the debts of the charity in the event of a deficit on wtnding up is limited to £1. 22. Controlling parties In the opinion of the trustees, gnien the structure of the charity, there is no ultimate controlling party. 23. Related party transactions TTansaclions with Trustees are disclosed in in note 7. There were no other related party transactions in the year12022.' none) As stated in note 110 the financial stalemenls, the charity has a wholly owned subsidiary The Air Ambulance Service Trading Limited. The results are consolidated into these accounts. 37