Registered number: 05397840 Charity number: 1108989 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 'AEGP3TQP* 0411212025 COMPANIES HOUSE A11 #283 ESSEX & HERTS AIR AMBULANCETRUST (A company limlted by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of Ihe Company, Ils Truslees and advlsers Chalrman's slatemenl Trustees, report Independent audilor's report on the tlnanclal slatements Consolldated slalement of flnanclal acllvltl83 5-19 20-23 24 Consolldated balance sheet 25 Company balance sheet Consolldated statement of cash flows 26 27 Notes lo the flnanclal stalement8 28-51 ESSEX & HERTSAIR AMBULANCE TRUST {A company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOA THE YEAR ENDED 31 MARCH 2025 Trustees Jonathan Trower, Chair Darren Hayward Dr Famzi Freij (Relired 13102120251 Clive Gilham (Retired 2410912025) Floy Martleet Claire Smilh Andrew Tunningley Ellisa Estrin Michelle Tennens Tony McHugh (Appointed 2510612025) Dame Alwen Williams DBE (Appointed 24109120251 Company reglslered number 05397840 Charlty reglglered number 1108989 Reglslered olllce Flight House, The Business Cenlre, Earls Colne Business Park Earls Colne Colchesler Essex C06 2NS Webslle address V￿W.ehaat.Or9 Company 3ecrelary Brenda Playlord Executive Team Jane Gurney - Chief Executive Officer (until 3110112025) Mark Jarman-Howe - Chief Execulive Officer lappoinled 1510912025) Jonathan Ager- Finance Director & Deputy CEO Dr Tony Joy- Medical Director Pam Withrington - Fundraising and Marketing Director (until 31112120241 Deborah McLean - Fundraising & Marketing Director (appointed 1010212025) William Long Aviation Director lappoinled 16109124) Leila Clarke - Retail Director (appointed 01111124) Lindsey Tuley - People & Workplace Director lunlil 25105125) Development Board Mark Bevan CVO DL. Chair Chris Philpot Rachel Sporborg Simon Brice DL Simon Ti118y Steve Revill (Until 09120251 Jonathan Trower Claire Smith Independent auditor Crowe U.K. LLP Medway 8ridg8 House 1-8 Fairmeadow Maidstone Kent ME14 IJP Page 1 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEESAND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Banker¥ Barclays Bank PIC 40 High Street Chelmslord Essex CM1 1BE Sollcltors Nockolds LLP Market Square Bishop's Stortlord CM23 3UZ Investment manager LGT Wealth Management 14 Cornhill London EC3V 3NR Page 2 ESSEX & HERTS AIRAMBULANCE TRUST (A company Ilmited by guarantee) CHAIRMAN'SSTATEMENT FOR THE YEAR ENDED 31 MARCH 2025 This has been a year ol change, challenge and progress, bul we have continued lo provide our firsl-class, fr8e-of- charge. pre-hospital emergency medical service across Essex and Hertlordshire. Our services were as much in demand as they ever have been, as the following table demonstrates. 2025 1 .036 498 734 255 2,523 2024 1,088 547 835 165 2,635 Medical Emer ency Road Traflic Collision Other Trauma Other Mission Types Total Activations Great progress was seen in June 2024 when our new AW169 aircraft became operational flying out of our Earls Colne airbase. The Charity now owns both ol its aircralt which are AW169s manufactured by Leonardo S.p,a. To celebrate the arrival of our new aircraft we held a "Heli-bration" event al Hatfield House which attracted over 5,000 visitors. As well as giving us the opportunity lo show our supporters the new aircraft which Ihey had funded, the event also received extensive media coverage raising awareness ol our important life-saving work. Progress was also made as we continued working iowards our strategic goal ot operating under our own Air Operators Certificate {AOC), during the course of Ihe year we appointed a Continuing Airworthiness Manager and a Compliance Monitoring Manager both of which are nominated persons roles required by the Civil Aviation Authority. Having our own AOC will mean Ihal in the future we will have greater control of all aspects of our operation including the ability to attract and relain our own pilots. We have subsequenlly appoinled a Chief Pilot and a Chief Training Capiain and expect to be operating under our own AOC in the nexl lew months. During the year our Centre lor Excellence made further progress with, amongst other projects, research into the use of virtual reality technology in the pre-hospital 8nvironment which has been linked lo our CPA Smart programme. This programme's objective is lo train school children in CPR because we know that by-stander CPR can have the biggest impact on survival ral8s for out ol hospital cardiac arrests. We have a number ol exciting commercial opportunilies with the virtual realily technology we have developed to date which will help refine Ihis into a premium iraining product lor use in a variety of training environments. By contrast with all ol this progress, our fundraising conlinues to face challenges and our overall income reduced by £2.6m. Our Flight lor Life Lottery remains resilient but numbers ol new sign-ups are not quite replacing those lost through attrition. The previous year also beneliled from one exceptional legacy of £2.1m, boosting our leoacy income lo £4.6m. Our legacy income has now fallen back to a more normal £2m. Our investment portlolio saw an uncrystalised loss of £0.8m this year as fears of US lariffs impacted the markets al our year end. This is a material change from the uncryslalised gain of £2.1 m in 2023124. These falls in income, coupled with an increase in operaling costs, largely as a consequence of an increase in the cost ol our aviation resulting from last year's change in the provider of our aviation services, have led to this year's operational deficil of £1 .3m. However. more positively sales from our charlty shops continued lo grow as we opened new shops in Stevenage and Basildon coupled wilh the relocation of our existing shop on Mersea island lo bigger premises. We continue to search lor premises to grow our retail op8ration throughout the region. As well as being a direct source of income for the Charity, the shops help to increase awareness ol the Charity and ils work. Page 3 ESSEX& HERTSAIR AMBULANCETRUST (A company Ilmlted by guaranlee) CHAIAMAN'S STATEMENT (continued) FOR THE YEAR ENDED 31 MARCH 2025 I can also report that our reserves remain comfortably within the bounds ol our pollcy requirements. They comprise both restricted and unrestricted reserves. Unrestricted reseNes are available lo be spent on any of the Charity's purposes. Unrestricted reserves include both free reserves and reserves designated for purposes such as the set- up costs for the Cenlre for Excellence. Due to the life-saving nature of our work, the Trustees take a cautious approach to free reseries so that we can 8nsure conlinuily of our senrfices in all circumstances. Our Reseries Policy is to hold between 12 and 24 months of free reserves lo safeguard the operation ol our service for a prolonged period of lime should our income fall for reasons outside our control. At the year end. sullicienl free reserves were held lo lund 18 months ol lorecasl expenditure. The reserves policy is reviewed annually by the Trustees to ensure thal any new or changed legislation or guidance is incorporated and lo consider any changes In the circumslances of the Charity. Perhaps the bigg8St change during thé course of this year was Jane Gurney's decision lo slep down as CEO to pursue a new opportunity after 21 years ol dedicaled and distinguished service. Her time at EHAAT has been defined by vision, passion and an unwavering commitment lo the Charity's mission and we wish her every success in the fulure. Finance Direclor & Deputy CEO, Jonathan Ager, has been acting CEO while we searched lor a permanent successor which ended successfully in the appointment of Mark Jarman-Howe. Mark joins us from St Helena Hospice in Colchesler, where he has served as Chief Executive since 2013. Having spenl much of his recent career in end-of-life care, Mark is now rnaking the move from supporting patients in the linal stages ol life to saving Ilves In the critical first moments bringing his deep understanding of patient needs, compassion and strategic leadership lo a new environm8nl where rapid intervention can change outcomes in an instant. We also marked the retirement of our Fundraising & Marketing Director, Pam Withringlon, after nearly 20 years ol involvement wilh the Charity. Pam played an instrumental role in EHAAT'S evolution, helping to shape the charity from a small local organisalion into the essential lile-saving service il is today. We subsequenlly appointed Deborah McLean as our Fundraising and Marketing Director. she joins us from Greenpeace where she was part ol the senior lundraising team. In conclusion, I would like lo thank the Executive Teafn, all of our staff and our volunle8rs lor their hard work and dedication over Ihe course ol the year. I would also like lo thank our newly formed Development Board. chaired by Mark 8evan, for their part in helping us start the process of diversilying our sources ol income, and to thank my fellow Trustees for their commitment and support. A special thank you goes lo Ramzi Freij and Clive Gilham who have both retired as Trustees after rnany years, service to the Charity. Finally I would like to welcome our newest recruits to the Board ol Truslees,. Tony McHugh, who has wide experience as a Finance Director in the private sector and Dame Alwen Williams who has had a long and distinguished career in NHS managemenl. Jonathan Trower Chairman Date.. 20 NovLTh£ef 202r Page 4 ESSEX & HERTSAIR AMBULANCETRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED31 MARCH 2025 Within the Trustees, Report is the Slrategi¢ Report, required under Section 414c(111 of the Companies Act 2011. Structure, Governance and Management The Trustees, who are also Directors of the Company for the purposes ol the Companies Act, submlt their annual report and Ihe audited financial slalemenls lor the Group lor the year ended 31 March 2025. The Board confirms thal the Trustees. Report and financial stalements of the Group comply wilh current statutory requirements, Ihe requiremenls of the Charity's governing document and the provisions ol the Statement ol Recommended Practice (SORP) 'Ac¢ounling and Reporting by Charities, issued in July 2014 IFRS102 SORP 2015}. Governlng Document Essex & Herts Air Ambulanc8 Trust IEHAAT or the Charity) is a company limited by guarantee and was incorporated on 181h March 2005. It is governed by its Articles of Association, which were last amended on 22 March 2018. In the evenl ol Ihe Charity being wound up, the liability in respect of the guarantee is Ilmited to £1 per Member {Ihe members being the Trustees). b) Appointment of Trustees Trustees are selected by reference lo a matrix of skills and experlence that has been established to ensure that the Charity's objectives can be met. The matrix includes clinical, budgeting and linance, legal, fundraising, marketing, commercial sales, public relations, IT, HR management, community and volunlary sector expertise, risk and strategic planning. New Trustees are given an induction pack al an orientation rneeting to brief them on both the Charity and their legal obligations under charity and company law. It includes Ihe Articles of Association, a Outles of Charity Trustees booklet, and strategic and business plans. We also arrange lor Ihern to meet the CEO. Executive Team and the wider stafl spending a day al the head office. Trustees are given specific Charity information as well as external training. There is currently no upper limit to the time that an individual can be a Trustee, bul one-third of all Trustees are required lo retire by rolalion each year and, il willing to continue, oller themselves for re-election. Values Our actions are guided by our values - passionale in going ihe extra mile; professional in treating everyone as they would wish lo be Irealed; Innovallve in driving forward best clinical practice- Iruslworthy in working openly and honestly,. dedicated because we care about the cause, our patients and each other.. and incluslve in treating everyone in the way which we ourselves would like to be treated. d) Organisatlon The Board ol Trustees which governs the Charity can have up to twelve members there were nine throughoul the financial year unlil 13th February 2025 since when there have been gighl Trustees, with a quorum requirement ol live at all meetings. The Board met five times during the period under review. The Trustees delegate the day- to-day management of the Charity to an Executive Team by means ot a formal Scheme of Delegation. Committees comprised of both Trustees and Executive Team members are established where necessary lo advise Ihe Board on various slrategic matters. There were live in operation during this linancial year and Ihey are listed below. Page 5 ESSEX & HERTS AIR AMBULANCE TRUST (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 CommltteelGroup Investment Advisory Committee Truslees ndfew Tunningley (Chair), Jonathan rower, Clive Gilham live Gilham (Chairl, Andrew Tunningley, Michelle Tennens Darren Hayward (Chairl, Jonathan Trower, laire Smith laire Smith (Chair), Roy Marfleet udit and Risk Committee Nominations Committee Retail Advisory Committee linical Committee Ramzi Freij (Chairl, Jonathan Trower, Ellisa Eslrin During the year w8 established a D8veloprnenl Board whose primary objective is the dev81opment of philanthropic giving and translormative fundraising at EHAAT. The Development Board is formally consliluted as a fundraising group with a focus on major gifts. Formal decisions are lo be made by the Exec Team and the Board following advice from this group. The Chair of the Developrnenl Board appoints members lo the Development Board lollowing consultation with the Exec Team and Truslee Board. The Chair ol the Development Board is identified and appointed by the CEO in consultation with the Chair ol Truslees. Trustees Jonathan Trower, Claire Smith External Members Mark Bevan (Chairl, Simon Brice. Chris Philpol, Simon Tilley. Rachel S orbor Steve Revill Development Board Pay pollcy tor senlor stall Th8 Trustees consider that the Board ol Trustees and the Executive Team (as detailed on page 11 comprise the key management personnel ol the Charity. Truslees are not remunerated. The pay. related policies and annual remuneration of the Chief Executive Off icer are decided by the Trustees, whilst the pay lor the remainder of the Executive Team is decided by the Chief Executive Officer after consultalion wilh Ihe Trustees. When setting remuneration levels, the Charity aims lo strike a balance between market-appropriale pay, the need to attract and retain people with the required skills and our donors, expectations that the money which they entrust us with will be used wisely lo provide a lirsl-class helicopier emergency medical service. It is central lo achieving our objectives that the Charity can attract and retain high-performing senior leadership. Remuneration may vary depending on the job type, its complexity and Ihe range ol aclivilies undertaken. It is validated objeclively using markel comparators such as salary survey dala from charitable, private and public sectors as required. Independent advice from suitable third-party professionals is also sought. where deemed to be necessary. coupled wilh benchmarking against comparablg Air Ambulance charities and other Ihird sector organisalions. We are committed to fairness in our femuneration practices and lollow Ihese guiding principles.. Proportionality- fairness and consislency in line with appropriale benchmarks Rewarding Performance- ensuring an individual's remuneration is commensurale lo their peTlorrnance and personal contribution to the Charily Recruitment and Relention - enabling us to attract and retain valued staff Expertise and Experienc8- ensuring it is appropriate lor the role Transparency- openness and clear communication about the process undertaken when setting remuneralion levels across the organizalion. Page 6 ESSEX & HERTS AIR AMBULANCE TRUST (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 i) Structure The Charity has lour wholly owned subsidiaries.. Essex & Herts Flight for Life Lottery Limited, Essex & Herts Flight for Life Lottery Operations Limited. Essex & Herts Flight for Life Lottery Critical Care Limited and Essex & Herts Air Ambulance Trading Limited. The principal purpose of the first three subsidiaries is lo operate weekly lotteries together with raffles and that of the fourth is to conduct th8 Charity's trading aclivilies. The prolils ol all companies are donated to the Charity under a Deed ol Covenant. Following a change in legislation the lottery and raflles now operate under a single licence held by Essex & Herts Flighl lor Life Lottery Limited. This means that Essex & Herts Flight for Life Lottery Operations Limited and Essex & Herts Flight for Lile Lottery Critical Care Limited are dormant. g> Code of Governance The Trustees look to promote good governance throughout Ihe Charity, continuing to ensure we operate, where applicable, in line wilh best practice as set out in the Charity Code ol Governance. In particular the Trustees updaled the Charity's policy on length ol service for Trustees lo bring il in line with recommended practice while allowing for Ilexibility if required. The Charity currently has one Trustee who has served in excess of the recommended nine years. h) Related Partles Trustees and members of the Executive Team are the people who can control Of significantly influence our Charity, and so they disclose their interests In a register which is reviewed annually by the Board ol Trustees as a whole. In addition, Ihere are occasional transactions which directly involve individual Trustees, and when Trustees consider these arrangements, the relevant Trustee leaves the Board Meeling lor such business. All such transactions which arose during thls financial y8ar are disclosed in Ihls annual report within Note 26. Objectives and Actlvllles Objectlves The objective ol the Charity is to assist in relieving pain and sickness by the operation of a pre-hospital emergency medical service lor the counties of Essex and Hertfordshire and surrounding areas. The service is provided mainly by helicopters with additional rapid response vehicles being used when necessary. The Charity may also perlorm such other charitable purposes for the relief of pain and sickness consistent with this objective as the Trustees shall delermine at their discrelion. b) Publlc Beneflt The Trust provides a free of charge, pr8-hospilal emergency clinical service that assists people in our geographical area, and adiacenl areas, wilh serious illness or injuries and helps save lives. In shaping the objectives of the Trust for the year and planning our activities, the Trustees have considered the Charily Commission's guidance on public benefit. Actlvltles Essex & Herts Air Ambulance, unlike the NHS emergency services, is a charily providing HEMS for Ihe crltically ill and injured of Essex, Hertfordshire and surrounding areas. Our fundraising activities are planned to optimise our income to fund this life-saving service and build the Charity's brand awareness. Transparency and goad govefnance are recognised as being essential lo maintain the trust and support of members of the public and their resulting financial generosity. Page 7 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strategic Report Achlevements and Performance Operatlons Alrcraft Following the introduction ol the second AW169, G-EHAT, in 2024, the pilots have settled into the operational tempo ol operating two AW169s. Whilst they are the same lype of helicopier, the age difference, 7 years, means Ihal G- EHAT has benefitted from several upgrades to the software and airframe leading to perlormance improvements. G- EHAT underwent ils first annual maintenance with Gama Avialion al Staverton during which time the contracted fitting of a Trakka light was linally completed. AOC Developmenl The AOC application process and related internal infrastructure continues at pace with the larget lo be operaling under our own AOC in the nexl lew months. We are locused on all relevant training of the crew and initiatlon of the new Maintenance Repair & Overhaul {MFIO) and Continuing Airworthiness Management Organisalion ICAMO) conlracls. The formation of the AOC leam continues, with our new Chief Pilot and Chief Training Captain appointed. Recruitment lor our own pilots and operational support staff continues. Pllotage We are currently experiencing an industry wide shortage of pilots which is impacting our service provider. This has meanl that on a number of days we have been unable to respond by helicopter from one ol our bases due lo a lack ol pilots. On days where this happens we continue to provide our lifesaving pre-hospital emergency care lo patients 24n using one helicopter and our Ileel of rapid response vehicles IRFIVSI, just as we do when our helicopiers are unavailable due to maintenance or weather. We continue to work with our colleagues al the East ol England Ambulance Service lo provide the best critical care lo our patients. We remain confident that operating our own AOC will allow us lo better resource our helicopter operations. Activations Activations Hel*copter RRV 200 400 600 800 iooo 12C 1400 1600 • 24125 m 23124 Figure l Aclivalions RFIV vs Helicopter Page 8 ESSEX & HERTS AIR AMBULANCETRUST (A company Ilmiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Figure 1 shows a 1 ?1. decrease in the use of the helicopler and a 1 Yo increase in the use of the RRV'S in the context ol a 6V• decrease ol activations overall which are analysed by type in figure 2 below. Mission Types Medi¢al Emergency Road Tfaffic Collision Other Traymh Othef Mlsslon Types loo 200 300 400 soo 600 700 • 24125 • 23124 Figure 2 Mission Types Page 9 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Cllnical Cllnical Leadership 11 has been a year of consolidation for the Clinical Leadership structures eslablished in the previous year. Under the leadership ol Dr Tony Joy (Medical Director) and with the support ol Dr Gareth Davies {Senior Medical Advisor) the clinical service structures have evolved lo reflect the significant developments thal Ihe organisation has seen over recent years, alongside the ambition and vision ol the Cenlre lor Excellence. The Clinical Steering Group ICSGI meets monthly and oversees the design and implementation of Ihe clinical strategy. The CSG supports a wide range of clinical development aclivilies and engages the wider clinical leam Including the doctors, paramedics and palienl and family liaison nurses through monlhly Clinical Forum meetings which present an opportunity for all team members lo contribute to service development and improvemenl inilialives. Our Special Interest Groups {SIGs) have also been lurther embedded throughoul the last year and currently locus on Ihe following areas of importance.. Head Injury Cardiac Arrest Clinicopalhological correlation {learning from death) Anaeslhesia & analgesia Tasking & Iranslers Silver trauma & frailty Bleeding patients Paedialrics & obstetrics Clinical diagnostics Major Incident and Emergency Preparedness The clinical18adership and management structures also ensure that our service demonslrates continuous learning and improvement. The Quality Assurance Working Group meets quarterly and ensures that the proc8ss8s which assure the quality of our care are lightly overseen and under constant review. The Clinical Risk & Safely Group ffleets monthly and r8views clinical and operational incidents to ensure that themes are identified and miligalions placed lo ensure organizalional learning from incidents During the year we also launched our Research Oversight GfOUPS and Education Oversight Groups, providing oversight of the wide range of activity undertaken in our Centre for Excellence. Clinical Service Our function is to provide high quality critical care to the communities across Essex & Hertfordshire. Over the last twelve months we have been tasked lo 2,523 missions, treating a lolal ol 1,736 patients. Our Doctor and Critical Care Paramedic team are available 24 hours each day ol the year lo provide critical care wherever this is required. We operate with two helicopter-delivered teams each day, one Irom each ol our airbases at North Weald and Earls Colne. In the event that our helicopters are unable to fly due to poor weather conditions or technical reasons. our team remains available to respond via Rapid Response Vehicle (RRV). Our night leam service responds by RRV. We see the full range ol clinical presentations across our caseload, with the slighl majority being ihose suffering from a critical injury (Irauma) but also a large number of patients who have suffered a cardiac afresl. Alongside trauma and cardiac arrest, we also attend a wide range of other medical emergencies including ihose affecling babias and children. Page10 ESSEX & HERTSAIR AMBULANCETRUST (A company limiled by guaranlee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Within our geographical region we work closely with hospital partners that form part of two Major Trauma Nehworks (The East of England Trauma Network & The Northeast London & Essex Trauma Network). We also work very closely with the regional ambulance service provider, East of England Ambulance Service Trust and, to a lesser extent, London Ambulance Service. We have been working to strengthen our relationships with all of our partners in the region, as we recognize the importance ol the onward chain ol care and the important part we musl all play to ensure strong communicalion, robusi governance and joined-up clinical pathways for the purpose ol ensuring our palients receive the highest qualily care. Examples of recent partnership developmenl include hosting a day lor all Ihe hospital Trauma Directors from across the Northeast London & Essex Trauma Network for a positive day of discussions around educalion. governance and pathway development. Our clinical service continues lo develop year on year as we seek to continuously improve oulcomes lor our patients. In Ihe last year we have introduced a range of innovative clinical processes which include.. Video laryngoscopy- using high tech camera-enhanced devices to improve Ihe delivery of a breathing tube in patients for whom we deliver an anaeslhetic in the prehospital environment. Regional anaesthesia - providing enhanced pain r81iel lar patients with specific sev8re injuries by injecting local anaeslhetic medicalion dlrectly into a body region using advanced techniques and ultrasound guidance. Poinl-of-care blood testing devices to help us optimise the care we provide for patients with serious head injuries. Pupillomelry devices which measure the reactivity and size ol pupils, an important aspect of underslanding the severily of patients with serious head injuries. Lateral canlhotomy, a surgical procedure Ihat can be sighl.saving in patients with bleeding behind the eye, and for which we have lormalised Our equipment and technique. Alongside these developments we continue to provide many interventions that allow us to ensure our care is compassionate, precise and gives our patients the best chance of surviving their injury or illness with the best outcome. Our cllnlcal workforce On every shift there is a specialist doctor and Critical Care Paramedic, both ol whom have undergone an extended period of supervised training to deliver care according to the highest clinical standards stipulated by our Iraining processes, our Standard Operating Procedures, and our clinical palhways. Our doctors tend to come from a hospital background ol Emergency Medicine, Critical Care Medicine or Anaesthesia. and our Critical Care Paramedics have also demonstrated specialist aptitude towards critical care and advanced paramedic practice. All of our doclors and Critical Care Paramedics are recruited competitively and we continue to receive a high level ol interest and application lor all of our clinical roles. This year we appointed new consumants lo strengihen the senior-most lier of the medical side ol our workforce. There was a very high level of internal and exlernal compelition in this recruitment process bringing a superb pool ol talents, abililies and experiences together. The consultant group has recently commenced and will provide senior supervision and trainlng io our Flight Doctor and PHEM trainees, as well as contributing to a range of service developmenls and portfolios. They will meet monthly and provide ongoing surveillance ol our clinical caseload through the Consultanl of Ihe Week funclion. We will be recruiting Critical Care Paramedics in 2025, in partnership with the East ol England Ambulance Service. We continue lo develop our paramedic development strategy. to ensure that Ihis skilled cohort of clinicians has access lo career progression and development as Ihey enhance their critical care skills during their secondments to EHAAT. Page11 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This year, we have also introduced a Clinical Pharmacist role to slfengthen our complex medicines management. We carry a range ol Conlrolled Drugs which require meticulous attention to the requirement of statutory regulation as stipulated by the Home Office. We also carry a range of advanced medications for treatment of various medical conditions and are conlinuously seeking to improve our management of our complex pharmacology to be the most eff icienl and effective provider that we can be. We also reinforced our clinical management leam by appoinling a Clinical Support Assistant. The Clinlcal Management team are responsible lor day-to-day oversight of Ihe operational aspects of the clinical service, as well as safely introducing new processes Ihrough our bi-yearly Clinical Change Management system. Centfe for Excellence The Centre for Excellence is now fully established and delivering output across a range of workslreams. The portfolio ol activiiy conlinues lo develop rapidly, with much ol Ihe work translating directly into the operational side ol our clinical team through innovations and developments in our clinical practice. our Flesearch Lead Dr Sarah McLachlan left EHAAT to pursue a new and exciting role in th8 new Centre of Excellence lor Equity in Uniformed Public Services ICEEUPSI al Anglia Ruskin University. We will conlinue lo work closely with Dr McLachlan in her new role, and we have appointed a new Senior Research Advisor lo steer the ongoing development of our ambitious research portfolio. We have two PhD students working on important studies looking at al diagnostics in head injury and b) the quality of byslander CPR in cardiac arrest care. Our team have published various peer-reviewed journal articles this year which continu8 to influ8nce the international lilaralure and scientific understanding ol important domains in Fxehospilal care. In Education and Training, our Prehospital Care Course is now established as a high quality six day training course lor our new clinicians and has also been attended by a number of national and international delegates over recent it8ralions. The feedback Irom the course has been outstanding, and we are particularly p18ased lo have introduced Patient and Public Involvement inlo our educalional activity. involving lormer patients in informing our educational praclices to ensure our care is palient-cenlered and compassionate al all times. Our Patient & Family Liaison Team continue to provide exceptional allercare and support for our patients. They are a core part ol improving our patienls, outcomes in the aftermath ol their critical injury or illness. The compassion and kindness demonstrated by the PFLT to our patieni community allows Ihem to provide advocacy for Ihe patient voice across a range ol importanl areas. For instance. we are regularly asked to support the media with enquiries aboul incidents or our work in general, and our PFLT ensure that this process remains respeclful ol our palients, interests al all limes. This year, the PFLT have raised our understanding and awareness of bereavement, a very important area lor us lo discuss in order lo ensure that we provide effective support for those who are left bereft. We continue to dev8lop our schools. CPFI training project, CPR Smart, and have recruited an addilional CPR Smart Paramedic to help us provide training across more schools in Essex & Hertfordshire. A large number of schools have subscribed to our scheme, and we are working hard to ensure that we deliver their training and thereby create the next generalion of life savers. We are also developing our Virtual Reality CPR strategy, which will enable us to scale up our CPA training initiative through the use of this importanl technology. Cardiac arresl care remains a clinical locus lor the Cenlre for Excellence, and we are working closely with East of England Ambulance Service to pilot an innovalion Ihat will allow specialist paramedics lo provide remote advice via video-call to responders on scene before Ihe arrival ol emergency medical services. This has been shown to improve outcomes in other countries and is an essential y81 overlooked area of the vital chain of survival in cardiac arrest. We are also developing our advanced cardiac arrest clinical care for when our team has arrived on scene to ensure we can provide the most sophisticated prehospital interventions in a limely mannef through expert training and understanding ol the underlying condilions. Our partnership with Basildon Hospital as the regional Cardiac Centre continues to develop through a range of collaborative WOTkstrearns. Page 12 ESSEX & HERTSAIR AMBULANCE TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Cllnlcal Governance Central to the philosophy of our clinical service is the culture of ongoing learning and reflective practice, and every Tuesday we hold a day of case review meelings at our North Weald airbase. These meetings enable our clinicians to discuss and share experiences and learnings from the complex caseload that they attend. It also enables our governance team to assure the quality ol care provided. We often integrate leaching sessions, simulalion training or clinicopalhological correlation sessions into these meetings. the latter involving our honorary forensic pathologist. Dr Ben Swift, who helps us lo correlate the findings Irom post.mortems where patients have sadly died with the clinical findings of our teams established in the course of providing care for Ihese patients. We also provide Clinical Governance Days (CGD) which offer Our wider community ol interested stakeholders wilh an opportunity to learn with us on specialist topics such as Aviation Safety or Major Incidenls. Alongside the CGDS, we have undertaken a number of Team Insel Days focusing on clinical topics that our leam can explore in depth in order lo help develop the service and our own processes. Topics this year have included Spinal Injuries, Bleeding Patients, Frailty, and our use of Ultrasound. Care Quality Commisslon In 2022, our most recent inspection by the CQC, we achieved a rating ol 'Outstanding'. Building on this rating and continuing to deliver an outstanding se￿iCe is imperative for us, and we continuously strive to foster 8 culture where high quality care is deliveréd by our teams to each and every patient thai we attend. We monitor our compliance with regulatory standards through our Quality Assurance Working Group and through our governance system and audits. Through an internal registry we continue lo maintain an evidence log of our aclivilies in order lo demonstrate good practice in the key lines ol enquiry lor Ihe CQC. We also ensure Ihal we lake opportunities lo learn from incidents and improve our care in partnership with the other providers in the region. F ndralsln The fundraising landscape has continued lo be challenging this year. We have continued lo invest in the areas that are working well and to further diversily our income streams. Our Flight lor Life lottery and Gitls in Wills continue to be our largest sources ol income - together Ihey accounted lor 66 % ol our income. This year we have seen further growth in regular giving as well as donations from companies, trusts and foundations and major gifts. Donations from individuals, groups and societies have seen a downturn this year as our supporter5 felt the impacls ol the cosl.of-living crisis. Legacy gifts were impacted by delays in probate administration. One ol the highlights of the year was our Heli-bration event in July to celebrate the launch of our new AW169 helicopter. We were delighted to ee18brate with more than 5,000 supporters from across Essex and Hertfordshire. Ourlhanks go to all of Ihose who donated to fund our new helicopier, to local companies including Fishpools, Gaffla Aviation, Gates Ford, Leonardo. Milbank, Rickard Luckin, SRC Group and Templanl for sponsoring the Heli-bralion event, and to the local media for promoting the event and th8 launch of our new helicopier. Since launch the new helicopter has been on 417 missions lo help save the lives ol those in most critical need across Essex and Hertlordshire. Indlvldual glvlng We saw a 26 /• increase in regular giving, with income growing from £547k to £687k. The majorty ol new donors joined from our canvassing programme bringing the tolal of new regular giving supporters to 7,214. Donations from individuals saw a decline on previous years generating £384k with an adijilional £211 k generated through Gift Aid. Page 13 ESSEX & HERTS AIR AMBULANCETAUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Legacy and In Memory glvlng Income from In Memory donations remained strong generating over £285k and was broadly in line with last year. Income from legacies reached £1,957k which was significantly lower than the previous year resulting from a combination ol receiving a very generous legacy gift the previous year and delays in probale administration. We continued lo promole legacy giving lo inspire more supporlers lo help lund our life.saving missions through a gift In their Will. Fllght for Llfe lottery EHAAT'S Flight lor Life lottery remained our biggest source ol income generaling ticket sales 01 £9.168k. The economic climate continues to adversely impact on the numbers of new players joining the weekly lottery. Therefore we continued to lest new ways lo attract new players lo help stabilise income from this area. This included a multi.channel promotion and two one day pop up events in Chelmslord city centre. We ended Ihe year with 93,387 supporters playing 170,852 weekly chances in the ¢Jraw or supef draw. We continue to use Iwo professional canvasslng organisations which represent our values to the wrder community. Through conlraclual terms and condilions, regular meetings and training, we ensure that they lollow our values but we also closely monitor their activities. Any complaints received are followed up in detail and are reported to the Board ol Truste8s each month. During 2024-25 we received and followed up on only 3 such complaints in total out of 22,475 new sign.ups. The activities of these organisations are also regulated by the Gambling Commission and Fundraising Regulator. In our efforts to help protect vulnerable people. w8 require all canvassers lo be Dementia Friends and lo attend a dementia awareness training course. Underage players are not permitted to join the Lottery., we also limit the number of chances that players may have in the lottery. Community and volunteerlng Our dedicated team ol volLJnleers, ambassadors and community lundraisers have worked tirelessly lo generate £676k through collecting lins, local events like Strictly Air Arnbulance, charity lootball matches, groups and society fundraisers, visltor centre donations and sponsored activities and events. Although Income was lower than budgeted, the amount of money raised is significant and we are deeply thanklul to everyone who has been involved. In December an In Aid of EHAAT Carol service was held al Sl Mary's Church, Ware faising over £31 k. Ihanks to its huge success more events like this are being planned lor 2025126. Philanlhropy and Partnershlps This year we established a new Philanthropy and Partnerships team lo grow income from local companies, trusts and foundations and high nel worth individLJals. Income from Companies rose to £229k, income Irom Trusts and Foundalion rose to £117k and Major Gift Income generated £60k. Philanthropic income has funded specific areas including CPR Smart, clinical research and innovations in specific pieces ol life-saving equipment. Philanthropic giving is a pivotal part ol our plans to diversify our income streams, and this year we have established a new fundraising Development Board to help us with this Philanlhropic giving programme. This year saw significant progress for our retail division with the developmenl and delivery ol our new 5-year retail strategy. This strategy will provide the necessary focus and guidance lo continue our growth. We also welcomed a new Head of Retail and Retail Direclor. bringing fresh perspectives and acceleraling our progress. Key achievements include: Expansion: We successfully opened Iwo new shops and relocated our Mersea shop io a larger trading unit. Donation Bag Inlake.. Our expeclalions were surpassed with over 120,000 bags received, a year-on-year increase of over 25•/0. Online Plalforms." Our eBay platform remains our slrongest income driver. supported by Facebook and Vinled. Gift Ald-. We signed up 4,242 new donors, bringing the total lo 27,172 and generating over £129,000 Page 14 ESSEX & HERTS AIR AMBULANCETRUST (A company limlted by guaranlee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25.8QA increase year-on-year. Along with the charity seclor as a whole, we faced a decline in rag income of over £38,000 due lo falling prices. We continue to monitor and manage this situation closely. d) Flnanclal Review The consolidated accounts are for Essex and Herts Air Ambulance Trust and ils wholly owned trading subsidiaries Essex & Herts Flighl for Life Lottery Limiled, Essex & Herts Flight for Life Lottery Operations Limited, Essex & Herts Flight lor Life Lottery Critical Care Limited and Essex & Herts Air Ambulance Trading Limited. The financial highlights of the year include.. Total incoming resources fell by 13.3% to £16.9m (2024 - £19.5m). Total resources expended increased by 16.6•/o 10 £18.3m12024 - £15.7ffl). Operating Surplus fell lo a £1.3m deficit {2024- £3.8m surplus). Retained reserves decreased to £50.6rn (2024 - £52.8ml. 01 this, £23m is in the lorm of designated funds which include £Sm designated lor the creation of a new expendable endowment trust and £18m for fixed assets including both aircraft and the airbase at North Weald. A breakdown of amounts held in specific funds for restricted, unrestricled and designated purposes is shown in note 18 01 the linancial statements. In Donations and collection tins continued to grow steadily up by £89k {4.3Y.) from last year. Retail incorne from our charily shops continued to grow significantly and was up £213k (15.60/0) on the previous year. Lottery sales declined by £269k as new players recruited did not quite replace those who cancelled their membership. Legacy income in the year was down £2.6m on the previous yearwhich had benefited from an exceptlonal £2.1 m bequest. As a result reported lolal group income (incoming resources) decreased in lolal by £2.6m (13.34Q/.) Irom the previous year's record. Resources Ex ended Total group expenditure (resources expended) increased by £2.6m116.6V.l in the year. This was mainly driven by increased expenditure on Charitable Activities with lurther planned growth in the Centre for Excellence coupled with higher ongoing helicopter operating costs following the sale last year of SAS, our aviation seprfice provider, to Gama Aviation. Perlorman mm Decreases in income coupled with Ihe cost increases delailed above resulled in an operating delicit being generated for the year. Our net cash balances and inveslments at Ihe year-end were £34.3m. down £1.1 m from lasl year as we dipped inlo our reSe￿e5. Page15 ESSEX & HERTSAIR AMBULANCETRUST (Acompany limlted by guaranlee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserv Free reserves are freely available lo be spenl on any of the Charity's purposes- Ihese amounts are contained within the General Fund. In this context, reserves exclude tangible fixed assets held lor the Charity's use. The Trustees aspire lo hold between 12 and 24 months of lolal expenditure in unrestricted general reserves to safeguard the operation ol th8 service should our incorne fail or we face an unexpected ev8nlualily. Current unrestricted general reserves represent 18 months, lorecast total expenditure. The Trustees consider the current levels of reserves to be appropriate in ensuring the Charity remains financially robust and that it can continue to operate during periods of uncertainty, such as those experience over recent years. Below is a breakdown of the reseNes. 2025 50,617 2024 52,765 Total reserves Less.. Designated reserves Endowment funds R8slricled reserves Free reserves (17.964) 15,000) 1191 27,634 119.237) {5,0001 {101 28,518 nv ments Our inveslrnent portlolio is now managed by LGT Wealth Management following their acquisilion in 2023 01 abrdn's Charity and Private Client business. but our principal client management team remain the same. LGT is the largest lamily"owned private banking and asset managemenl group in the world, managing around £250bn lor high net-worth private individuals, charities and institulional clients. During the year our portfolio temporarily decreased in market value by £0.8m. having a market value al the year.end of £31.9m. This is a notional loss only: our investments are held for the medium lo long term and are made using professional investment advice. In planning our investment strategy we consider the security ol our investments, our fulure funding needs and market returns available lor a given level ol risk. Page 16 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans lor the future Clinical We will be continuing to focus on improvlng care for our patients and ensuring that our clinical processes are the besl that they can be. Our ten Special Interest Groups continue lo work hard to deliver continuous improvements in their domains, with various service developments being introduced throughout the year alongside robust clinical audits, research projects arKJ educational programmes. Examples ol new developments include.. Working with our regional partners to deliver a Cardiac Arrest dispatch desk providing specialist guidance from the poinl of the 999 call lo improve patient outcomes Further work in our Clinicopathological Correlation (CPCI workstream to improve our understanding of pathology in our trauma and medical patient caseload Refining our research and scholarship strategy, and embedding our clinical audil programme lo strengthen our culture of continuous learning Growing our CPR Smart programme to wovide more life-saving training io school-children across Essex & Hertlordshire The main locus for the Operations Team for the forthcoming year, will be to deliver the AOC on lime and then conduct sale and legal operations lo Ihe satislaclion of the CAA. The CAA will conduct an initial audit on our AOC operations within the first 6 months ol going live. Fundraisin Our focus remains on dlversifying our income streams to make us less reliant on a single income source and lo grow income to fund our core HEMS setvice and clinical innovation within our Centre for Excellencé. Our volunteers and community fundraisers will continue to play a critical part raising much needed funds lor Our mission. We also hope to grow income Irom hoLJseholds and individuals within our community by increasing the number of people playing our weekly lottery and giving through one-off donations and regular monthly donalions. A key area of our strategic development is lo grow income Irom major donors, local businesses and trusts and loundations. Our newly established lundraising Development Board will play a critical role in spearheading inilialives lo build new partnerships and generate transformational gifts from philanthropic givers. The fundraising Development Board has a number of events planned. We will also continue lo promole th8 irnpacl thal leaving a gift in your Will and In Memory gifts play in funding our lile.saving missions. Eff orts will locus on legacy marketing. on improving cornmunicalions and opportunities for supporters and their loved ones to become closer to our work and on the irnpacl their gift will rnake. Retail Aligned with our new 5-year retail strategy, our focus remaifTS on growth across all areas of our operation. Key initiatives include= Expansion: We are committed to opening new shops in 2025126 together wilh expanding our ecommerce division. Donatlon Centre Development.. We will invest in our Slevenage Donation Centre to create a new room for our eBay team and improve storage space. Page 17 ESSEX & HERTS AIR AMBULANCETRUST {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 High-value Items.. We aim lo trade more pre-loved furniture and larger price point it8ms. Shop Development: We will seek premises that allow us to explore a wider range of trading Opiions and move towards eslablishing our first EHAAT superstore. Ecommerce.. We will be enhancing our commercial operations. focusing our growlh on plalforms such as eBay and Vinled to boost the visibility and sales of goods kindly donated by our supporters. To support the growth polenlial in this afea we will be appointing a Retail Conlmercial Director. Our communications team is actively exploring new opportunities lo boosl tratlic and engagement through our website, with a locus on increasing donations. attracting new lottery players and promoting gifts in Wills. Social media is key lo connecting with Our supporters, and we are looking at ways lo increase engagement across Facebook, Instagram and TikTok. We will continue to explore PR and medla opportunities to raise awareness of all aspects of our vltal work including our Patient and Family Liaison support team, our Centre lor Excellence. and our need lor ongoing support from the people of Essex and Hertfordshire to lund our lile-saving mission. f) Development ot Key Partnerships and Relationshlps We conlinue to work in partnership with EEAST and together with EAAA, MAGPAS Air Ambulance sit on the Air Ambulanc8 and Ambulance Service Strategic Committee. Our close working relationship with our colleagues at Anglia Ruskin University continues and includes working to help secure joint funding lor research projects. AAUK have refocused their work to bring the wider UK Air Ambulance communities together and ar8 carrying out a governance and stralegy review wilh a view lo selling a new strategic direction. We conlinue to welcome a number ol cross.party MP'S and comfflunity leaders, engaging them in our work. g) Prlnclpal Risks and Uncertalnlleg Th8 Trust operates a bespoke risk management software system. The Truslees have a risk management approach Ihal comprises.. An ongoing review of the risks Ihe Charity may face, with risks being enlered onto a risk register. The Executive Team regularly reviews risk. The register is discussed at least once a year al board meetings and at every Audil & Risk Committee meeting. The maintenance of systems and procedures lo mitigate risks The implementation of procedures designed to minimise any polenlial impact on the Trust should risks malerialise The use ol a risk management syslem for all clinical occurrences, which is reviewed by the Clinical Risk and Safely Committee, The Trustees consider that the most significant risks to the Charity are financial and operational risk5 associated wilh a cyber-attack, reputational risk resulting from adverse publicity for the Charity or the charity sector in general (which impacts our ability to raise funds) and the inability of our aviation service provider lo provide us with the seNices specified in our contact. Page18 ESSEX & HERTSAIR AMBULANCETRUST (A company limiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Truslee8' Responslbilitieg In Relallon lo Ihe Flnanclal Statemenls The Trustees (who are also directors for the purposes of company lawl are responsible for preparing the Truslees, Annual Report (including the Strategic Report) and the financial slalements 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 linancial year, which give a true and fair view ol the slate ol affairs ol the charitable company and the group and ol their incoming resources and application of resources. including the income and expenditure, of Ihe charitable company and the group for that period. In prepaf ing these linancial slatemenls, the Trustees are required to.. select suitable accounling policies and then apply them consistently observe the methods and principles in the Charities Statement of Flecommended Practice (SOAPI make judgements and estimales that are reasonable and prudent slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls prepare the linancial statements on a going concern basis unless it is inappropriate lo presume that the charilable company and the group will conlinue in operation The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the linancial position ol Ihe Trust and the group and enable them lo ensure thal the financial slalemenls comply with the Companies Acl 2006 and Ihe provisions ol the Tfusl's constitution. They are also responsible lor safeguarding the assets ol the Trust and the group, and hence taking reasonable steps lor Iheprevention and detection of fraud and other irregularities. In accordance with company law. as the Charity's trustees, we certily that.. So lar as we are awar8, there is no relevant audit information ol which the Trust's auditors are unaware As the Trustees of Ihe Charity, we have taken all the steps that we ought lo have taken in order lo make ourselves aware ol any relevant audit information and lo establish that Ihe Charity's audilors are aware of the information Audltors A resolution will be considered to reappoint Crowe UK LLP as auditors to the Trust for the ensuing year. Approved by order ol the members of the Board of Trustees on 20/1112( and signed on their behalf by.. Jonalhan Trower Page 19 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlled by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ESSEX & HERTS AIR AMBULANCE TRUST Opinion We have audited the financial statements of Essex & H8rts Air Ambulanc8 Trust (the 'parenl charitable companl) and ils subsidiaries (the 'group'l for the year ended 31 March 2025 which comprise the Consolidated slalemenl of financial activities, the Consolidaled balance she81, the Company balance sheet. the Consolidated statement ol cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion 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 lair view of the state of the Group's and of the parent charitable company's affairs as al 31 March 2025 and ol the Group's incoming resources and application of resources, including its income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls tor oplnlon We conducted our audit in accordance V￿th International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audil ol the financial statements section ol our report. We are independent ol the Group in accordance with the ethical requiremenls that are relevant to our audit ol the financial slatemenls In Ihe United Kingdom, including the Financial Reporting Council's Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is 5ulficienl and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial stalemenls, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation ol the financial slalemenls is appropriate. Based on the work we have performed. we have nol idenlified any malerial uncertainties relating to events or conditions that, individually or collectively, may cast signilicanl doubt on the Group's or the parenl charilable companls ability lo continue as a golng concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibililies and the responsibilities of Ihe Truslees with respect lo going concern are described in the relevant seclions ol this report. Page 20 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S AEPORT TO THE MEMBERS OF ESSEX & HERTSAIR AM8ULANCE TRUST (CONTINUED) Other Informatlon The other information comprises the informalion included in th8 Annual report other than Ihe financial statements and our Auditor's report Ihereon. The Trustees are responsible lor the other information contained bwlhin the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly Stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, Of otherwise appears to be materially misstated. 11 we identify such malerial inconsistencies or apparenl material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this olher information, we are required to report that lact. We have nothing to report in this regard. Oplnlon on other matterg prescrlbed by ihe Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. Ihe information 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 stalemenls. the Trustees, Report and the Slralegic Report have been prepared in accordance with applicable legal requirements. Matters on whlch w• are requlred lo report by exceptlon In the light of our knowledg8 an(J understanding of the charitable company and its environment obtained in the course ol the audit, we have not identified malefial misstatements in the Trustees. Report including the Strategic Report. We have nothing to report in respect ot the followin9 matters in relation to which Companies Acl 2006 requlres us to report to you il, in our opinion: Ihe parent charitable company has not kepi adequate and sufficient accounting records, or returns adequate lor our audil have not been received from branches not visited by us., or Ihe parent charitable cornpany financial statements are not in agreement wilh the accounting records and returns., or certain disclosures of Trustees, remunerallon specrfied by law are not made., or we have not received all Ihe information and explanalions we require for our audit. Regponslbllltles of trusta•s As explained more lully in Ihe Trustees. responsibilities stalernent, the Trustees (who are also the directors ol the charitable company lor the purposes of company lawl are responsible lor the preparation of the linancial stalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Truslees determine is necessary to enable Ihe preparation of financial statements that are free from malerial misstatement. whether due lo Iraud or error. In preparing the linancial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounling unless the Truslees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternalive but to do so. Page 21 ESSEX & HERTS AIR AMBULANCE TRUST (A ¢ompany Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ESSEX & HERTS AIR AMBULANCE TRUST (CONTINUED) Auditor's responsibilities lor the audit ol the Ilnanclal statements Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free Irom material misslatemenl, whether due to fraud or error, and to issue an Auditor's report that includes Our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise Irom fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expecled to influence Ihe economic decisions ol users taken on the basis of these financial slatements. Irregularities, including fraud, are instances of non.compliance with laws and regulalions. We design procedures in line with our responsibilities, outlined above, to d8tect material misslalements in respect ol irregularities, including fraud. The ext8nt to which our procedures are capabl8 of delecling irregularities, including fraud is detailed b810w'. We obtained an understanding ol the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direcl effect on the determinalion ol material amounts and disclosures in the financial slatements. The laws and regulations we considered in thls context were the Companies Act 2006. Charities Act 2011 and SORP 2015. We identilied the greatest risk ol material impact on the financial slatemenls from irregularities, including fraud, lo be Ihe override ol controls by management. Our audii procedures ta respond lo these risks included.. enquiry of management about the Group's policies, proc8dures and related controls regarding compliance with laws and regulations and rf there are any known instances of non.compliance- examining supporting documents lor all material balances, transactions and disclosures; review ol the board meeting minutes: enquiry ol management and review and inspection of relevant correspondence; evaluation of the selection and application ol accounting policies related to subjective measurements and complex Iransaclions., ana1￿ical Procedures to idenlily any unusual or unexpected relationships., lesling the appropriateness of journal entries recorded in the general ledger and other adjuslments made in Ihe preparation ol the linancial stalemenls; and review of accounting estimates lor biases. Owing to the inherent limilations of an audit, there is an unavoidable risk Ihat we may not have detected some material misstatements in the linancial statements. even though we have properly planned and pertormed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly signilicanl in the case ol misstatement resulling from fraud as this may involve sophisticated schemes designed lo avoid detection. including deliberate failure to record Iransactions, collusion or the provision ol inlenlional misrepre5entaiions. A further description ol our responsibililies for the audlt of the linancial slalemenls is located on Ihe Financial Reporting Council's website al.. w4•M.Irc.or .ukJaudilorsres onsibililies. This description forms part of our Auditor's report, Page 22 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmited by guaranlee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ESSEX & HERTS AIR AMBULANCE TRUST (CONTINUED) 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 mighl slate lo the charitable company's members those matters we are required to state to them in an Auditor's report and lor no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone other than Ihe charilable company and ils members, as a body. lor our audit work, for this report, or for the opinions we have formed. lan Weekes (Senlor stalulory audltor) lor and on behalf of Crowe U.K. LLP Statutory Auditor Medway Bridge House 1-8 Falrmeadow Maidstone Kenl ME14 IJP Date: Page 23 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restrlcted Unrestrlcted funds funds 2025 2025 Toial tunds 2025 Total funds 2024 Note Income from: Donations and legacles Charitable activities Other Irading activities Investments 31,180 35.211 2,000 4,936.473 81,524 10.936.632 879,726 4,967,653 116,735 10,938,632 879,726 7,468.980 64, 765 10,977.287 1,013,787 Total Income 68,391 16,834,355 16,902,746 19,524,819 Expenditure on: Raising funds Charitable activities 6,183.273 12,051,698 6,183,363 12,084,529 5, 790.578 9,953,126 32,831 Total expendllure 32,921 18,234,971 18,267,892 15, 743, 704 Operating surplus Nel (lossesllgains on investments 35,470 (1,400,616) (1,365,146) (782,609) {782,609) 3.781, 115 2, 102,393 18 Net incomel(expendllure) Transfers between funds 35,470 {26,307) (2,183,225) (2,147,755) 26,307 5,883,508 Nel movement In lunds 9,163 (2,156,918) (2,147,755) 5.883,508 Reconclllallon of funds". Total funds brought lorward Net movement in funds 9,893 9,163 52,755,230 52,765,123 (2,156,918) (2,147,755) 46,881,615 5,883.508 Total fund9 carrled torward 19,056 50.598,312 50,617,368 52. 765, 123 The Consolidated Stalemenl ol Financial Activities includes all gains and losses recognised in the year. The notes on pages 2810 51 form part of these linancial slatemenls. Page 24 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmited by guarantee) REGISTERED NUMBER: 05397840 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible ass81s Investments 17,963,565 31,861,500 18,827.405 31,915.858 14 49,825,065 50. 743.263 Current assets Stocks Debtors Cash at bank and in hand 23,216 1,471,610 2,425,475 14,570 1,585,365 3.449,241 3,920,301 5.049,176 Current Ilabllllies Credilors.. amounts falling due within one year (3,127,998) (3,027,316) Nel current asse18 792,303 2,021,860 Total nel •3gelg 50,617,368 52. 765, 123 Charlty funds Restricted funds Unrestricted funds 19,056 50,598,312 9,893 52. 755.230 18 Tolal tunds 50,617,368 52, 765,123 The Trustees acknowledge their responsibilities for complying wilh the requirements of the Act with respect to accounting records and preparation ol linancial statements. The financial statements were approved and authorised for issue by the Trustees on 20 NJovuKbt( IOIS and signed on their behalf by: The notes on pages 2810 51 form part of these financial stalemenls. Page 25 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmited by guarantee) REGISTERED NUMBER: 05397840 COMPANY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed asset3 Tangible assets Investments 13 14 17,963,565 31,861,504 18,827,405 31,915,862 49,825,069 50. 743,267 Current assels Stocks Deblors Cash at bank and in harKI 23,216 2,703,167 779,675 14,570 3,246,285 1,150,648 16 3,506,058 4.411,503 Current Ilabllilies Credilofs.. amounls falling due within one year 12,713,759) (2,389,647) Net cuirenl asgels 792,299 2.021,856 Tolal net assets 50,617,368 52, 765, 123 Charity funds Restricted funds Unreslricled funds 18 18 19,056 50,598,312 9,893 52, 755,230 Total tund9 50,617,368 52, 765, 123 The Company's net movement in funds for the year was £{2,147,755) (2024 - £5.883,508). The Trustees acknowledge their responsibilities for complying with the requirements ol the Act with respecl lo accounting records and preparation of financial statements. The financial staternents were approved and authorised for issue by the Trustees on 20 K)ovcMbu £01 and signed on their behalf by: T.he notes on pages 28 to 51 form part of Ihese linancial stalemenls. Page 26 ESSEX & HERTS AIR AMBULANCE TRUST (A company limlled by guaranlee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 MARCH 2025 2025 2024 C89h flows from operating acllvllles Nel cash generated in operating activities {533,138) (4.809,054) Cash Ilows from Invegtlng actlvllles Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of langible assets Proceeds Irom sale of inv8Stments Purchase of. investments 879,726 1,013.791 39,700 16,987 (412,568) (366,255) 7,878,397 14,632. 181 (8,875,883) (10.939, 712) Net cash (used In)Iprovld•d by Investlng actlvltles (490,628) 4,356,992 Cash Ilows Irom financlng actlvllles Nel cash provlded by tlnanclng acllvltles Change In cash and cash equlvalenls In Ihe year Cash and cash equivalents at the beginning of the year (1,023,766) (452,062) 3,449,241 3,901,303 Cash and cash equlvalents al the end ol the year 2,425,475 3,449,241 The noles on pages 28 to $1 form part ol these flnancial statements Page 27 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Inlormatlon Essex and Herts Air Ambulance Trust is a company limited by guarantee Iregislered number 05397840) which is incorporated and domiciled in England. It is also registered as a charity with the Charity Commission Iregisl8r8d number 1108989). The address ol the registered off ice is The Business Cenlre, Earls Colne Business Park, Earls Colne Colchester, Essex, C06 2NS. Accountlng pollcle8 2.1 Basls ol preparatlon ol flnanclal stalements The financial slalements have been prepared in apxordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 102) {elfeclive l January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Essex & Herts Air Arnbulance Trust meels the delinition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or Iransaclion value unless otherwise stated in the relevant accounting policy. The Ilnancial statements have been prepared on a going concern basis as the Trustees believe that no malerial uncertainlies exist. The Trustees have considered the going concern assertion by assessing the level ol lunds held and the expected level ol income and expenditure lor 12 months Irom aulhorising these linancial stalemenis. The budgeted income and expenditure is suff icient with the level of reserves for the Charlty to be able to continue as a going concern. The Consolidated slalemenl of financial activities {SOFA} and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The resulls of the subsidiary are consolidated on a line by line basis. The Company has laken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of linancial activities in these linancial statements. Page 28 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (continued) 2.2 Income All incoming resources are included in the Statement ol Financial Activities {SoFAI when the charity is legally entitled to the income after any performance conditions have been mel, the amount can be measured reliably and il is probable that the Income will be received. For donations lo be recognised the Charity will have been nolified ol the amounts and the settlement date in writing. 11 there are conditions attached lo the donation and Ihis requires a level of perlormance before enlillement can be obtained then income is deferred until Ihose conditions are fully mel or lullillment ol those conditions is within the control of the Charity and it is probable that they will be fullillecl. Donated facilities and donated professional services are recognised in income at their fair value when Iheir economic benefit is probable, it can be measured reliably and the Charity has control over the item. Fair value is determined on Ihe basis of the value of the gifl lo the Charity. For example, the amount the Charity would be willing lo pay in the open markel lor such lacililies and sgrvices. A corresponding amount is recognised in expenditure. No amount is included in the financial statements lor volunteer time in line with the SORP IFRS 1021. Further detail is given in the Trustees, Annual Report. Legacy gifts ar8 recognised on a case by case basis following the granling ol probate when th8 adminislrator/execulor for the estate has communicaled in writing both the amount and settlement dale. In the event thal the gilt is in the forrn ol an asset other than cash or a financial assel traded on a recognised stock exchange, recognition is subject to the value of the gill being reliably measurablé with a degree of reasonable accuracy and the tille lo the assel being transferred to the charity. Reversionary legacies are nol recognised during the lifetime of the original beneficiary under the will. Income from Irading activities includes income earned from fundraising events and trading activities lo raise funds for the charity. Income is received in exchange lor supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Goods donated for resale are included in the accounts when the items are sold. The Charity receives grants in respect of furthering its charitable activities. Income from grants is fecognised al lair value when the Charity has enlitlement after any performance conditions have been mel, il is probable thal the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Dividend income is recognised as the charills right to receive payment is established. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification ol the interest paid or payable by the bank. Income tax recoverable in relation lo donations received under Gift Aid or deeds ol covenant is recognised at the time of the donation. Page 29 ESSEX & HEATS AIR AMBULANCE TRUST {A company Ilmiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounling pollcles (contlnued) 2.3 Expendlture All expenditure is accounted lor on an accruals basis and has been classified under headings Ihat aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslruclive obligation lo make payments to Ihird parties, il is probable that the settlement will be required and the amount can be measured reliably. It is calegorlsed under the following headings: Costs of raising furKls includes costs incurred seeking voluntary contributions through donations, costs of trading activities and Ihe running of fundraising events during the reporting period. and Expendilure on charilable activi118s Includes all costs incurred on furthering ihe objects of the Charity. Irrecoverable VAT is charged as an expense against the acliviiy for which expenditure arose. Support costs are those that assist the work ol the Charity bul do not directly represent charltable activities and include ollice costs, governance costs and administrative payroll costs. They are incurred directly in support ol expenditure on Ihe objects ol the Charity and include project management carried out at Headquarters. Salary costs are attribuled to projects based on direct salary costs. Where support costs cannol be directly attributed to particular headings they have been allocated lo cost of raising funds and expenditure on charitable activilies on a basis consistent wilh the use ol the resources. All costs were allocated on th8 basis of slatl lime, with the exception of property costs which were allocated by areas used. Costs of generaling funds are costs incurred in attracting voluntary income. and those incurred in trading activities that raisa funds. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating lo the governance ol the company apportioned lo charitable activities. Expendilure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associaied support costs. All expenditure Is inclusive of irrecoverable VAT. 2.4 Governmenl grants Government granls relating to tangible fixed assets are treated as deferred income arKI released lo the Consolidated statement of financial activities upon the completion of the relevant perlormanc8- related conditions. Other granls that are not subject to perlormance-related conditions are credited lo the Consolidated statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability. 2.5 Taxalion The company is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Page 30 ESSEX & HERTS AIR AMBULANCE TRUST {A company Ilmlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.6 Intangible assets and amortisation Intangible assels costing £3.000 or more are capilalised and recognised when future economic benelits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised al cost. After recognition, under the cost model, intangible assets are measured at Gost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated to Write off the cost of each asset on a slraighl-line basis over its expected useful life. Amortisalion is provided on the following basis.. Computer software 25 V• Straight line 2.7 Tanglble fixed assets and depreclallon Tangible fixed assets costing £3,000 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. Alter recognition, under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible lixed asset inlo its intended working condition should be included in Ihe measurement ol cost. Deprecialion is charged so as to allocate the cost of tangible fixed assels less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: Short-lerm leasehold property Helicopter Motor vehicles Fixtures and fittings and mputer equipment Clinical equipment Straight line over Ihe length ol the lease 20 years straight line 2.4 years straight line 2-8 years Straight line 3.4 years slraight line 2.8 Investments The investments held by ihe charity are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value using the quoted market price. All gains and losses are taken lo the Slalement of Financial Activities as they arise. The statement of linancial activilies includes the net gains and losses on revaluation and disposals throughoul the year. Currenl asset investments are short lefm deposits and are held at face value. These include cash on dewsil and cash equivalents with a maturity ol less than one year. Inveslments in subsidiaries are valued al cost less provision for impairment. Page 31 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounllng policies (conlinued) 2.9 Slocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 2.10 Deblorg Trade and other debtors are recognised al the settlement amounl after any trade discount offered. Prepayments are valued al the arnouni prepaid nel of any trade discounts due. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short malurily ol three months or less from the date ol acquisition or opening ol the deposit or similar account. 2.12 Llabllllles and provlslons Liabilities are recognised when there is an obligation al the Balance sheel dale as a result ol a past event, it is probable that a Iransler ol economic benefit will be required in settlemenl, and the amount ol the settlement can be eslimaled reliably. Liabilities are fecognised al the amount that the company anticipates it will pay lo settle the debt or the amount il has received as advanced payments for Ihe goods or services il musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 2.13 Flnanclal Instrumenls The Group only has linancial assets and financial liabilities ol a kind that qualify as basic financial instruments. Basic linancial instruments are initially recognised at transaclion value and subsequently measured al their settlement value. 2.14 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial aetivities on a slraighl lin8 basis over the lease term. 2.15 Penslons Th8 Group operates a delined contribution pension scheme and Ihe pension charge repr8sents th8 amounts payable by the Group lo the fund in respect ol the year. Page 32 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilfflited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcle3 (conllnued) 2.16 Fund accounling General lunds are unrestricted lunds which are available lor 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 lunds comprise unrestricted funds that have been sel aside by the Trustees lor particular purposes. The aim and use ol each designated fund is set out in the notes to the financial staiemenls. Reslricted funds are lund5 which are to be used in accordance with spgcific restrictions imposed by donors or which have been raised by the Group lor particular purposes. The costs ol raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Crltlcal accounllng estlmales and areas of judgment The following judgements (apart Irom those involving eslimatesl have been made in the process of applying the following accounting policies thai have had a significant effect on amounts recognised in the financial statements.. Critical accounting eslimales and assumptions.. Depreciation rates for tangible lixed assels The Trust88s annually assess bolh the residual value of these assets and the expected useful life ol such assets which is currently judged to be up lo 20 years, based on experience. Critical areas ol judgment.. Income recognitlon of legacies and grants - Management judgements are required to estimate a suitable amount of legacy income to accrue at the reporting dale. The amount is calculated based on Ihe conditions Set out in the Charity SORP (FRS 1021. Page 33 ESSEX & HERTS AIR AMBULANCE TRUST (A company limiled by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income trom donations and legacies Reslrlcled Unrestricted tunds funds 2025 2025 Total funds 2025 Donations Legacies In.memofia Collection Tins Donated services 31,180 2,026,092 1,956,919 285,638 80,256 587,568 2,057,272 1,956,919 285,638 80,256 587,568 31,180 4,936,473 4,967,653 Restricted Unreslricted lunds lunds 2024 2024 Total funds 2024 Donations Legacies In-memoria Collection Tins Donated services 82,086 17,551 1,878,480 4,565,350 296,230 87.939 541,344 1,960,566 4.582.901 296,230 87,939 541,344 99,637 7,369,343 7,468, 980 Income Irom charltable acllvltles Restrlcted Unrestilcted funds lunds 2025 2025 Tolal funds 2025 Grant-making irusls 35,211 81.524 116,735 Page 34 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charltable actlvltles (contlnued) Restricted Unreslricled funds lunds 2024 2024 Tolal funds 2024 Grant-making ifusts 17,424 47.341 64, 765 Income from other trading activitles Income from non charltable Iradlng activities Reslricled Unreslrlcted tunds funds 2025 2025 Total funds 2025 Income from lottery Fundraising events Merchandise sales Charity shop income Other 9,167,616 151.423 35,158 1,576,825 5,610 9,167.616 151,423 35,158 1,576,825 7,610 2,000 2,000 10,936,632 10,938,632 Reslricted unrestr￿le0 funds lunds 2024 2024 Total funds 2024 Income from lottery Fundraising events Merchandise sales Charity shop income Other 9,437,037 128.524 32.214 1,363,962 1,550 9.437,037 142,524 32,214 1,363,962 1.550 14,000 14,000 10,963,287 10,977,287 Page 35 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment Income Unrestrlcted funds 2025 Total funds 2025 Oividends Interest 850,121 29,605 850,121 29,605 879,726 879,726 Unreslricteo lunds 2024 Total lunds 2024 Dividends Interest 1,012, 185 1,602 1,012, 185 1.602 1,013,787 1.013.787 Analysis of expenditure by actlvllles Actlvltles undertaken directly 2025 Support cosls 2025 Total funds 2025 Helicopter Emergency Medical Service 11,269,331 815.198 12,084,529 Activities undertaken directly 2024 Support cosls 2024 Total lunds 2024 Helicopter Emergency Medical Service 8,992,274 960,852 9.953. 126 Page 36 ESSEX & HERTS AIR AMBULANCE TRUST (A cornpany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysis of expenditure by activitles (continued) Analysls of dlrect costs Total funds 2025 Total lunds 2024 Depreciation Helicopter and Rapid Response Vehicle Clinical costs Airbase premises costs Centre for Excellence 1,190,699 5,810,912 3,063,085 391,120 813,515 752. 727 4.482,871 2.895,080 408,648 452,948 Total 2025 11,269,331 8.992,274 Analysls of support costs Total funds 2025 Total lunds 2024 Slafl cosls Operations and support costs Other employment costs Governance costs 684,610 88,916 719,091 88,690 104,334 48.737 36,673 815.198 960,852 Governance costs 2025 2024 Audilors, remuneration Trustees meetings Trustee indemnity insurance Legal. consultancy and olher fees 32,000 555 2,500 35,731 30,000 2,062 1,743 24.659 Page 37 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Staff costs Group 2025 Gmup 2024 Company 2025 Company 2024 Wages and salaries Social security costs Conlribution to deflned contribution pension schemes 3,774,463 362,149 3,085,439 303, 198 3,774,463 362,149 3.085,439 303, 198 190,471 185.059 190,471 185,059 4,327,083 3,573,696 4,327,083 3,573,696 The average number of persons employed by the Company during the year was as follows: Group 2025 No. Group 2024 No. Charitable activities Raising lunds Lottery Retail 18 37 16 34 35 28 93 81 The number ol employees whose employee benelils {excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 In the band £80,001- £70,000 In Ihe band £90,001 £100,000 In the band £100,001 £110,000 In Ihe band £120.001 £130,000 In Ihe band £130.001 £140.000 The lolal amount ol employee benefits received by key management personnel is £775,212 12024 £560,809). The charity considers its key management personnel to be the Executive Team as listed in the charity information page. There was an amount due at the year end to one member of Key Management Personnel of £65.453 (2024 - £17.5001. Page 38 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAACH 2025 Truglees. remuneratlon and expenses During the year. no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, Trustee expenses ol £nil (2024 - ￿56) have been incurred. 12. Inlanglblg assets Group and Company Computer software Cost At 1 April 2024 115.893 At 31 March 2025 115,893 Amort13atlon At 1 April 2024 115,893 At 31 March 2025 115,893 Net book value At 31 March 2025 At 31 March 2024 Page 39 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Tanglble flxed assels Group and Company Short-lemi leasehold property Helicoplerg Motor Fixtures Cllnlcal vehicles and litlings equipmenl Tolal Cost or valuallon Al 1 April 2024 Additions Disposals 5,886,607 15,780,245 493,136 115,645 (108,616) 713,858 145,940 743,226 23,617,072 150,983 412,568 (108.616) Al 31 March 2025 5,886,607 15,780,245 500,165 859.798 894,209 23,921,024 Depreclallon At 1 April 2024 Charge lor the year On disposals 1,118,959 2,335,370 269,784 717,553 333,568 107,219 (107,520) 448,586 125,220 553,184 55,536 4,789,667 1,275,312 (107,520) At 31 March 2025 1,388,743 3,052,923 333,267 573,806 608,720 5,957,459 Nel book value At 31 March 2025 4,497,864 12,727,322 166,898 285,992 285,489 17,963,565 At 31 March 2024 4. 767,648 13.444,875 159,568 265,272 190,042 18,827,405 Page 40 ESSEX & HERTS AIR AMBULANCE TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Fixed assel Investments Listed Investments Group Cost or valuatlon At 1 April 2024 Additions Disposals Revalualions Management fees 31,915,858 8,875,883 (7,878,397) (917,627> (134,217) At 31 March 2025 31,861,500 Net book value At 31 March 2025 31,861,500 At 31 March 2024 31,915,858 Investments in subsldlary Llsted companles Investments Total Company Cost or valuation At 1 April 2024 Additions Disposals Revaluations Management fees 31,915,858 31,915,862 8,875,883 8,875,883 (7,878,397) (7.878,397) (917.627) {917,627) (134,217) {134,217) At 31 March 2025 31,861,5CM) 31,861,504 Net book value At 31 March 2025 31,861.500 31.861,504 At 31 March 2024 31,915,858 31,915,862 Page 41 ESSEX & HERTS AIR AMBULANCE TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Stocks Group 2025 Group 2024 Company 2025 Company 2024 Finished goods and goods for resale 23,216 14,570 23,216 14,570 16. Debtors Group 2025 Group 2024 Company 2025 Company 2024 Due wilhln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax recoverable Legacy Debtor 6,416 7.063 6,400 1,232,362 660 750,056 126,936 586,753 7,041 1,689,266 510 565,859 145,351 838,258 838 751,996 125,607 586,753 688 594,005 145,351 838,258 1,471,610 1.585,365 2,703,167 3,246,285 Page 42 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Creditors: Amounts falling due within one year Group 2025 Group 2024 Company 2025 Company 2024 Trade credilors Amounts owed to group undertakings Olh8r taxation and social security Other creditors Accruals and deferred income 476.979 466.622 473.409 191,159 109,238 33,930 1,906,023 453,935 109,238 593,763 1,948,018 94, 784 590,630 1,875,280 94, 784 24.233 1,816,695 3,127,998 3,027,316 2,713.759 2,389,647 Group 2025 Group 2024 Deferred income al 1 April 2024 Resources de18rred during ihe year Amounts released from previous peri￿aS 538,749 559,832 (538,749) 516,360 538, 749 (516,360) 559,832 538, 749 Page 43 ESSEX & HERTS AIR AMBULANCE TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MAACH 2025 18. Slalement ot funds Slatemenl ot funds - current year Balance at 31 March 2025 Balance at 1 Aprll 2024 Transfers Inlout Galnsl (Losseg) Income Expenditure Unrestrlcted lunds Designated lunds Fixed asset fund 18,827,404 Centre For Excellence Designalion for expendable endowment (1,275,312) 411,474 17,963,566 409,531 (409,531) 5,000,000 5,000,000 24.236,935 (1,684,843) 411,474 22,963,566 General lunds General Funds 28,518,295 16,834,355 (16,550,128) {385,167) (782,609) 27,634,746 Total Unrestrlcted lund8 52,755,230 16,834,355 {18,234,971) 26,307 (782,609) 50,598,312 Restricted lund¥ Reslricled Fund 9,893 68,391 (32.921) (26,307) 19,056 Tolal ot lunds 52,765,123 16,902.746 (18,267,892) (782,609) 50,617,368 Page 44 ESSEX & HERTS AIR AMBULANCE TAUST {A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Stalement of funds (contlnued) £1m has been designated lor expenditure on our Centre for Excellence initiative less expenditure incuffed In the current year. The restricted funds of £19.056 (2024 . £9,893) represent funds received from donors for the purchase clinical equipment and for the purchase of aviation equipment related lo flying at night. EHAAT operales in a high-risk environment using cutting edge procedures and technologies in order lo move and acl fast to save lives. Without regular and continued support our service simply could not run. As part ol a plan to commit lo the long term suslainabilily ol the charity, the Trust is currenlly in the process of creating a separate expendable endowment fund using a formal trust deed. £5m has been designated in anlicipalion ol the creation ol this fund. This is with the intention the fund will be separately invested for the long lerm to deliver a 81ream ol investment incorne to support our services for generations lo come. Page 45 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds {contlnued) Statemenl of lunds - prlor year Balance al 31 March 2024 Balance al l April 2023 Transfers in/oul Gains/ (Losses) Income Expenditure Unreslrlcled tunds Deslgnaled funds Fixed asset fund 19,306,918 Centre For Excellence Designation lor expendable endowment {845, 768) 366,254 18,827,404 862,179 {452,648) 409.531 5,000,000 5,000,000 25,169,097 (1,298,416) 366,254 24,236,935 General lund8 General Funds 21,667,086 19,393,758 (14,419, 112) (225,830) 2, 102.393 28.518,295 Total Unrestrlcted funds 46,836, 183 19,393, 758 (15, 717,528) 140,424 2,102,393 52, 755,230 Reslrlcled lund$ Restricled Fund 45,432 131.061 (26, 176) (140,424) 9,893 Tolal of lunds 46,881.615 19,524,819 (15,743,704) 2. 102,393 52, 765, 123 Page 46 ESSEX & HERTS AIR AMBULANCE TRUST (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of nel assels belween tunds Analysis of net assets between funds . current year Restricted Unrestrlcled funds funds 2025 2025 Total tunds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 17.963,565 17.963,565 31,861,500 31,861,500 3,901.245 3,920.301 (3,127,998) (3,127.998) 19,056 Total 19,056 50,598,312 50,617,368. Analysls ot net assels between funds - prlor year Restricted Unrestricted lunds lunds 2024 2024 Total funds 2024 Tangible lixed assets Fixed asset investments Current assets Creditors due within one year 18,827,405 18,827,405 31,915,858 31,915,858 5,039,285 5,049. 176 {3,027,316) (3,027,316) 9,893 Total 9,893 52. 755,230 52, 765. 123 Page 47 ESSEX & HERTS AIR AMBULANCE TRUST (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Reconclllallon of net movement In funds lo net cash tlow trom operjling aclivllles Group 2025 Group 2024 Net incomelexp8ndilure lor the year las per Stal8menl of Financial Activities) (2,147,755) 5,883.508 Adjustments for: Depreciation and amortisatSon charges Lossesllgains} on investments Dividends, interests and renls trom investments Lossl(profil) on Ihe sale of fixed assets Decreasellincrease) in stocks Decrease In deblors Increaselld8creasel in creditors 1,275.312 845. 768 1,051,844 (3,171,152) (879,726) (1,013. 791) (38,604) (16,987) <8.646) 2,239 113,755 386,280 100,682 (7, 724,919) Net cagh u8ed In operatlng actlvltles (533,138) (4,809, 054) 21. Analyslg of cash and cash equlvalent3 Gioup 2025 Group 2024 Cash in hand 2,425,475 3,449,241 Tolal cash and cash equlvalents 2,425.475 3,449,241 22. Analysis ol changes in nel debl At 31 March 2025 2024 Cash flows Cash at bank and in hand 3,449,241 (1,023,766) 2,425,475 3,449,241 (1,023.766) 2,425,475 Page 48 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Penslon commitments The group operates a defined contributions pension scheme. The assets of the scheme are held separately Irom those ol Ihe group in an independently administered lund. The pension cost charge represents contributions payable by the group to the fund and amounted lo £190,471 (2024 - £185,059). Conlributions totalling £39,147 {2024 - £29.436) were payable to Ihe fund at the balance sheel date and are included in creditors. 24. Operatlng lease commltments Al 31 March 2025 the Group and the Company had commitments to make fulure minimum lease payments under non-cancellable operating leases as follows.. Group 2025 Group 2024 Company 2025 Company 2024 Land and bulldings Nol later than 1 year Later than 1 year and not later than 5 years Later than 5 years 444,547 1,430,841 3,787,974 423,372 1.033,297 2, 795,221 444,547 1,430,841 3,787,974 423,372 1,033,297 2,795,221 5,663,362 4.251,890 5,663,362 4,251,890 The charity has ongoing financial commilmenls in relation to pilotage and maintenance of its helicopters which are disclosed in nole 25 bul Ihese do not constitute lease cornmilments. The following lease payments have been recognised as an expense in the Statement of financial activities: Company 2025 Company 2024 Land and building lease cosls Helicopter operating costs 451,930 4,257,390 394,693 3.199,006 25. Other financial commitments - helicopter operaling costs Group 2025 Group 2024 Company 2025 Company 2024 Not later than 1 year Later than 5 years 4.079,890 1.400,552 2,801,104 4,079,890 1,400.552 5.480.442 2,801,104 5.480,442 Page 49 ESSEX & HERTS AIR AMBULANCE TRUST (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Related party Iransactions Information about related party transaclions and outstanding balances is outlined below: D Hayward is a Trustee of the Charity and is also a partner in a firm of solicitors. Nockolds. During the year the Charity purchased legal services from Nockolds, amounting lo £19.791 including VAT (2024 £18,894). There was £nil outstanding at the year end12024 . £14,596). During the year, the Trust received gift aid payfflenls lotalling £85,325 (2024 - £42,674) from Essex and Herts Air Ambulance Tfading Limited. As al 31 March 2025, an amount was owed to the Trust of £282.282 (2024 - £537.5821. During ihe year. the Trusl received gift aid payments tolalling £7,670,531 12024 - £7,910,620) from Essex and Herts Flight For Lile Lottery Limiled. As at 31 March 2025, an amount was owed to the Trust of £760,153 (2024 - £1,151,597). Other than Ihe above and the transactions identified within Note ) I, there have been no olher related party transactions. Page 50 ESSEX & HEATS AIR AMBULANCE TRUST IA comp•ny Ilmltad by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Prlnclpal subBldl4rl•¥ The lollowing were 6ubsidSary undertaklffjs ol tho com￿nY.. Nam Comp•ny R•gl•t•r•d olllc• or prlnclpal Cl•M ol nymb•r •h•r•s Holdlng Ess*x and Herts Flight For Lrfg Lottery ijm￿od 04269794 Same a3 parenl cornpany- see Ordlnary tompany inlermaiion pag Same as parenl company Same as parenl company Same a5 parenl company 100% E$8ex & Herts Air Ambulance Trading Limlled 'Essex & Htris Fllghl Fol Lilè Loiièry Op¢ralions Llmlled 'E8sex & Heris Fllghi Foi Lile Loiiery Crilical Care Limi18d 03739217 11995048 11995133 Ordlnary Ordinary Ordinary 100% loo% 100% The flnanclal reBuMs ol the subsldlarl89 fw lh• y&ai ￿rI.. Ineom• Exp•ndltur• Pi<>llVILo••l lor th• ymr E8$ex and Herts Riahl For Life Lollery Limited Essex & Hert5 Air Arnbulanc8 Trading Limiled 'E$$ex & Her1$ FIiGhl For Lile LDNery Operalions Llmited 'Essox & H•rl$ Flighl For Li18 Lol18ry Crilical Care Limited 9,184,564 101,294 1,514,033 15,969 7.670,531 85,325 'Indi1oti $ub$idi)ri Page 51