Company number: 06794828 Charity number in England and Wales (No.1129969) and in Scotland (SC052408) THE AIR LEAGUE AIR LEAGUE TRUST (A company limited by guarantee) Trustees. Report and Financial Statements for the year ended 31 December 2024 Group Consolidated Accounts Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust CONTENTS CONTENTS Page Legal and administrative details Report of the Trustees 3-21 Independent Examiners Rewrt 22 Statement of Financial Activities 23 Balance Sheet 24-25 Notes to the Financial Statements 26-38 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust LEGAL AND ADMINISTRATIVE DEfAILS Patron: HRH The Prince Philip Duke of Edinburyh KG Icr (deceased 09 April 2021) pident. Sir Christopher Harper KBE MA CMGR CCMI MIOD RAF Trustees: The Board of Trustees, who are also the directors for the purwse of company law, and who served during the year were: Mr J Steel KC FRAeS (Chairman - resigned 30 April 2024) Ms C MacAleese FRAeS (Chair - from l May 2024) Mr G R Hodge (Hon. Treasurer) Mr N C Whitney FRAeS MBE (resigned 16 April 2025) Mr J Greaves FRAeS Ms Z M Layden FRAeS (resigned 27 June 2024) Air Cdre Anthony Keeling OBE MA CEng FRAeS (resigned 30 October 2024) Ms A T Bernie Mr R F S Baker (resigned 9 July 2025) Mr A Perkins Dame D Childs Mr Nigel Lowe (appointed 09 July 2025) Mr Paul Everitt (appointed 09 July 2025) Al Lewis (appointed 15 January 2025) Company Secretary Mrs J Homsby (Appointed 26 August 2024) Mr G Hodge (AppK)inted 19 April 2024, resigned 26 August 2024) Mr I C Morrison CBE FRAeS (Resigned 18 April 2024) Management: Mrs J Homsby (Chief Executive Officer- apwinted 26 August 2024) Mr I C Morri50n CBE FRAeS (Chief Executive Officer - resigned 18 April 2024) Charity number: In England and Wales 1129969 and Scouand SC052408 Company number: 06794828 Principal Office: 4 Hamilton Place London WIJ 7BQ Bankers: Natwest Bank Western Avenue Chatham, Kent ME4 4RT Accountants: Charity Accounting Services Limited Spaces, 6 Sutton Plaza Sutton, London, SMI 4FS Independent examiner Janice Matthew FCA Menzies LLP Chartered Accountsnts Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of the Ststement of Recommended Practice (SORP) "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effettive january 2019). The Trustees, report is also a directors, report as required by company law. INTRODucfIoN AND HISTORY The Air League of the British Empire was founded in 1909 with the aim of encouraging airmindedness in the young people of Britain as well as ensuring the nation appreciated the vitsl importance of air superiority during the early years of aviation in the UK. In 1938 the Air League created the Air Defence Cadet Corps, the forerunner to what is now known as the FiAF Air Cadets. The Air League achieved charitable status with the creation of the Air League Educational Trust in 1969. On the 18th of January 2012, the name of the Air League Educational Trust was amended to the Air League Trust and the change was filed with Companies House and the Charity Commission. The Air League continues as a membership organi5ation and is now constituted as an incorporated charity (Air League Trust Ltd) with a tsBding subsidiary (Air League Enterprises Ltd). STRucfuRE, GOVERNANCE AND MANAGEMENT Governing Document The charity is constituted as a limited company, limited by guarant, a5 defined by the Companie5 Art 2006. The Trusts goveming document is its memorandum and articles of association. Trustees have complied with their duty in section 11 of the Charities Att 2011 to have due regard to guidance published by the Charity Commission. Trustees are also mindful of the Commission s guidance on public benefit. Recruitment and appointment of new trustees The Trustees, who are the dirertors of the company for the purposes of company law, are recruited with regard to their respettive areas of knowledge, skills and experience. Induction and training of new trustees There is a pre-appointment briefing and trustees are inducted during their tenure. Ongoing training is made available to Trustees (through the Chari Commission et al) as required. Register of Interests A register of Trustees, interests is maintained. Trustees are required to declare an interest, pecuniary or otherwise, in any matter being considered by the Board, and this is recorded in the meeting minutes. Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Organisational Structure The Air League is governed by a Board of Trustees chaired by Ms C MacAleese FFiAeS (Mr J Steel KC until 30 April 2024). The Charities Act 2011 requires Trustees to exercise proper stewardship and governance over the Air League. The Chief Executive Officer (CEO), Mr lan Morrison CBE FRAeS, held re5pon5ibility for the day-to-day management of The Air League until his resignation on 18 April 2024. Mrs Janine Hornsby was appointed CEO on 26 August 2024. The CEO sUPPOrted by a small core team and specialist contrattors delivers the learning and practical elements of the Air League outreach programmes. The Board of Trustees have extensive experience across aviation and aerospace, as well as representatives from the air cadets, industry, and associated *ctors, with additional support from the Air League Council (an advisory body) under the Chairmanship of the President Sir Christopher Harper KBE MA FRAeS CMGR CCMI MIOD RAF. The Trustees met on 6 occasions throughout the year to approve areas of activity for the charity in line with its objects, to supervise the financial management of the Charity budget and accounts, to oversee the management of the award of scholarships and the conduct of the Soaring to Success programme, and to manage policies and performan. Charitable Fundraising The Air League Trust is a registered member with the Fundraising Regulator. We worl( to the Fundraising Code and Promise Set out by the Regulator and are signed up to the Code of Prattice. From Jan - Sep 2024, the Air League employed the service5 of an in-house fundraiser to raise funds to support our core work, as well as major programmes and projects. Related Parties Whilst the charity has important working relationships with other charities in the Aviation sector and may receive grants for specific purposes from time to time. neither they nor any other agencies are deemed to be related parties. Risk Management The Trust s internal control system is designed to manage risk to a reasonable level, rather than remove all risk. In managing risk, the opportunities, and risks in achieving the Air League's strategic objectives are identified, the likelihcrf)d of those risks being realised is evaluated, the impact should they be realised is considered with the controls in place to manage and mitigate them effectively. The CEO held overall respN)nsibility for the strategic risk register employing best practice to ensure continuous monitoring for potential risk exposure and implementing any remedial actions, thereby enabling risk reduction. The CEO had overall responsibility for updates to the register, so any potential for risks, relating to the possibility of damage to reputation, business activity, finance, volunteers, or management of the Air League, were identified. The Trustees are satisfied that adequate systems are in pla to mitigate exSUre to major risks. Personal Data The Air League complies with GDPR and the Fundraising Regulators guidance on data protection, privacy and storage of personal data. The Air League has not identified any personal data related incidents during 2024. Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 OBJEcfIvES AND AcfIvITIES The objerts of the Air League are to advance education in aviation and to promote vocational training in the aviation and aerospace industries. To further these objects the charity Trises funds in accordance with relevant statutory regulations. The Air League s vision is 'Changing Lives through Aviation, Aerospace and Space, and its mission is: 'Inspiring young people by owarding scholarships and work opportunities throush oviotion, aerospace and space,. The Air League s projects cover several themes around aviation and aerospace, not purely through flying activity. It also creates further opwrtunities around gfEM learning and personal development in support of the wider skills agenda. Through this work, we give young people experience of the world and work, whether they wish to pursue a carr within the aviation and aerospace industries or other sectors. the broad themes of the latter included: * Inspiring young people * Overcoming disadvantage * STEM and other skills agendas * Developing the next generation of aviation and aerospace professionals * Employability and career pathways to benefit the UK and specific companies. * CollaboTrtion with stakeholders including Government, regional alliances, industry and third settor partners. Each year many people from disadvantsged socio-economic backgrounds benefit from Air League support to help them start a career and build self-esteem and well-being, inspire them, and make them feel valued, in order to realise their potential. The charity breaks down the perceived barriers regarding entry to the aviation industry and, through its scholarship and outreach programmes, creates a life-long impact on beneficiaries, many of whom stay involved with the aviation, aerospa and Spa sector throughout their careers. PUBLIC BENEFIT The Trustees confirm they have referred to the guidance contained in the Charity Commission s general guidance on public benefit when reviewing the Trusys aims and objectives. During the year the Board has considered the guidance from the Charity Commission and Section 17 of the Charities Art 2011 in connection with the duty to meet and report on the public benefit in exercising their powers or duties and has had regard to that guidance in preparing this reFort. Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Soaring to Success Soaring for Succe55 is a programme of career enrichment activity for state-funded secondary school students aged belween 13-17 that ha5 bn specifically created to bridge the gap betmeen education and industry in order to inspire, enable and support the next generation to pursue careers within aviation and aerospace. The current programme is made up of thr distinct phases designed to attract, educate, engage and inspire: Careers Enrichment Conference Total Students Reached Nationally broadcast career conference streamed live into classrooms featuring 20 industry experts over three days including ll speakersfrom British Airways. 8,150 E-Learning Modules Featuring a wide range of industry-desizned courses, including BA'S Airline Operations and Customer Service module, to help build skiiis and knowledge in science, technology, engineering and mathematics through the lens of aviation. Total schools Participated 130 Air Experience Days Total Students Took Fllght The Air Experience Days mark the culmination of the Soaring to Success programme, giving those students who have displayed the most interest, commitment and aptitude, the opportunity to enjoy first-hand exposure to ftight through simulation, gliding and powered light aircraft. 320 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 ualo ortunities Monitorin To support FX]rtners like British Airways build a more inclusive workforce. we target state funded schools and engage a diverse group of young people. The demographic data highlights the dtveisity of students weve reached to date. We have observed notable changes in our students following their participation in the activlty. There has been a significant increase in their enthusiasm and motivation towards aviation and aerospace. Many of them have developed a deeper interest in these fields and have expressed a desire to pursue careers in the industry. -WAi rs Participation Heat Map FEMALE PUPIL PREMIUM ETHNIC MINORITY 33/ 21% 57% Pro ramme Outcomes The quantitstive and qualitative feedback we gather from tM)th the students and schools continues to be overwhelmingly positive. 98 % - Activities dispelled industry stereotypes and barriers to entry 980/0 - The activities were engaging 100 % - Would take Part Again 100 % - Activities were well organised Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Lookin to the Future Filght Path - A sustalnable, collaboratlve pathway Into avlatlon, aerospace and space 2024 2025 2026 2027 Secure strategic partners lor 2025- 2027 Launch enhanc•J S2S programme Launch Air Leogue Horlzons Monltor. evaluate and and leodirfj edge PEogram¥rS Fethrkto $br¥j ftrKkYs kurh te(rhry ExwrKfitkJ tKXE(Ms by giin lot offerffg Insthtg into drffetent er1 ertoncaj CCIbatFve AKt &winirg ryKOJes foès In thsgrL Irrpxt Fyth S2S 2025 sct sckKKAs in rrw ow(thn& lIty GfoworKI expJKI with SUFP)rt of Str(rted coiwaie PKJrtsiers colatu(rt(xs toer5SIKe V+E tOVKxds o for rOJsty f¥ovKÈ to txjikl expere. irojsty skills oré nethl IKKlffjfj"ty (ty to I1[ to TrrvJ ord furtrw traiThro Project Slingshot- (National Youth Plane Building Programme) Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Project Slingshot uses the catalyst of building an aircraft (of the type pictured above) to capture the imagination of young people and to explore aircraft manufacture. The young people involved in the programme experienced hands-on time in engineering disciplines and techniques (including tool use and the strict adherence to plans and procedures) required to build an aircraft, and, importantly, to work as a cohesive team, producing very high professional siandards of work. We are proud to report that 100 % of Project Slingshot alumni are now employed within the aviation or aerospace sectors - a powerful testament to the effectiveness and relevance of the programme. The aircraft is being built in 2 locations: (RAF Cosford - shown above) - where students from Aston University Engineering Academy (AUEA) experien aircraft building techniques (supeNised by experienced Engineer5 - with oversight from ght Aircraft Association (LAA) Inspectors) and learn the intricacies of Stores management and Tc()I controls (pirtured below). Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 At the second location, the Manufacturing Technology Centre (MTC), Coventy (workshop shown below) - the 45 participating apprentIs, have been charged with construtting the aircraft wings (and enclosed fuel tanks) with advi and oversight from an Air League SME and LiA inspectors. In 2024, upon completion of the aircraft wings, they were transported to RAF Cosford, along with the aircraft fuselage, for final assembly by the Aston University Engineering Academy (AUEA) students. Project Slingshot has successfijlly transitioned to its new hangar frdcility at RAF Cosford, which now houses Typhoon aircraft. This relocation significantly enhanS the aspirational environment for participating sbjdents, offering them a unique and motivating proximity to front-line aviation technology. Build Status Students are currently focused on building the avionics components for the aircraft s flight control system. This hands-on experience continues to provide invaluable technical training aligned with real-world aerospace standards. 10 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Completion Update The final commissioning and flight-tesbng phases exceed the operntional capacity of AUEA and are not viable under current general aviation restrictions at RAF Cosford. Given these limitations, a relocation of final assembly and flight testing to RAF Cranwell is being explored. RAF Cranwell offers the added advantage of proximity to Serco's Surface Finishing Facility, whose team has recent experience with the specific paint systems required and have previously completed work to an excellent standard. Scholarships Each year the Air League offers scholarships to support young people whose desire is to enter the aviation and aerospace industries. In 2024, £170K in funding was allfxated to our Flying, Elettric Flying, Air TTrn5POrt Pilot License (ATPL) Theory, Gliding, Drone and Engineering Scholarships. Scholarshi The Air League offers Private Pilot License (PPL), 12-Hour, 5-Hour and 3-Hour Flying Scholarships to applicants aged 16 and aLK)ve. This tiered approach offers those with zero to little aviation experience an opportunity to gain skill, build an understanding and an insight into the amazing opportunities available. It also enables those with some existing flying experience to further progre55 their training and ratings. Our approved training providers are based in London, South-East, Midlands, North-west, and Scotland. Our Flying Scholarships include flying training, ground training, full board accommodation for the duration of the scholarship and flying clubl5chool membership. 800 Flying Scholarship applications were received, and 120 applicants were interviewed by interview panels made up of Air League staff and volunteers at the Stelios Philanthropic Foundation London HQ. In 2024, we awarded 56 Flying Scholarships. This included 2 x full PPL Scholarships, 12 x 12-Hour Flying Scholarships, 17 x 5-Hour Flying Scholarships and 25 x 3-Hour Flying Scholarships. The majority of funding 15 drawn down from the Air League re5tritted funds base, much of which has been invested ft)r many years, and cannot be diversified to other activities. Some funding is also drnwn from annual donations from individuals and foundations looking to SUPPK)rt young people who desire to enter the aviation industry. G.ECAP 11 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Electric Fl in Scholarshi We are the only organisation in the UK offering Ey)th conventionally powered and electric flying scholarships. We offer 5-hour electric flying scholarships to applicants aged 16 and above. Electric Flying Scholarships are conducted at our training Partner, Saxon Air in Norwich. Scholars fly the electrically powered Pipistrel Velis Electro. In 2024, we awarded 3 Electric Flying Scholarships. 11 ATPL Theo Scholarshi Our ATPL theory bursaries provide PPL(A) holders aged 17 and above with a Padpilot ATPL theory book set: 17 eBooks comprising of the 13 mandatory subjects as well as maths and physics. Successful candidates receive access to the Padpilot database for 36 months. In 2024, we awarded 5 ATPL theory bursarie Glidin to Solo Scholarshi This scholarship provides an introductory gliding course and ground school to individuals aged 16 and above. It aims to create a foundation for a young person s career pathway into aviation, aerospace, or space. The course is held residentially over a two-week period at our training partner, London Gliding Club. In 2024, we awarded 9 Gliding to Solo Scholarships. FY.- 12 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Glidin Bursaries Our gliding bursaries provide additional support towards going solo, aerobatic or cross-country training or self-launching motor glider conversion, in the form of a £500 bursary. Our gliding bursaries are open to individuals aged 14 and above. Bursaries are flown at the scholar's own pace at their chosen gliding club. In 2024, we awarded 24 gliding bursaries. Drone Scholarshi Our drone Scholarships provide individuals aged 18 and above with an opportunity to explore the career pathway options within the Remotely Piloted AircTrft System (RPAS) settor. The course is held residentially over 2 days at our training partner, Eagle Eye Innovations in Lincoln. In 2024, we awarded 9 drone scholarships. After completing the course, participants are awarded the CAA A2 Certificate of Competency. This is an entry-level qualification and allows an operator to fly a drone in the A2 category (Close to People). ThE AIR LEAGUE EAGLE EYF 2024 DRONE SCHOLARSHIPS SPONSORED BY EAGLE EYE INNOVATIONS 13 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 En ineerin Scholarshi Our engineering scholarships provide individuals aged 18 and above with an opportunity to explore career pathway options within the ae)Spa engineering sector. Our engineering scholarships consist of a 2-week industry placement with one of our corporate partners, including full-board accommodation. In 2024, we awarded 3 engineering scholarships. 3 plarnents were conducted at AfFinity Flying Training Services at RAF Cranwell. We are working on Significantly expand the number of placements provided to addre55 the shortage of engineers and apprenti5. 2024 ENGINEERING SCHOLARS COMPLETE WORK PLACEMENTS Affinity AMIMIRIA K¥EII ThE AIR LEAGUE Feedback In 2024, feedback gathered from the scholarship programme delivered the following statistics: 300/0 of scholars were female, compared to the industry average of just 6.50/0 for pilots. One in four scholars came from ethnic or minority backgrounds. 450/0 of scholars were under 18, while 48 % were aged between 18 and 24. 450/0 of scholars had parents who had not attended university. 990/0 of scholars stated that the scholarship provided them with additional skills to support a future carr in aviation, aerospa, or spa. 970/0 reported that their career goals felt more achievable thanks to the scholarship. 85 % said the scholarship improved their 5elf-confidence, 820/0 noted increased motivation, and 770/0 Saw an improvement in their technical skills Additionallyi a survey of our scholars from 2018-2024 found that 810/0 of ex-scholars are either working in the aviation industry or are pursuing aviation-related studies. 2024 Flying Scholarship recipient Jack Hickey-welsh was awarded a pla on the highly competitive British Airways Speedbird Pilot Academy. 14 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 'In7 thrilled to share that I have been offered a role on British AlayS Speedbird fvlly fvnded pilot training pmgramme. The expenence gained fmm my PPL scholarship has been invaluable. The flight hours I ve completed have provided a solid foundation for my training, and preparing for the theoretical exams has given me fantastic insight into what lies ahead in the coming years., Jack Hickey-welsh (2024 PPL Flying Scholarship Recipient). This scholarship is a gamefhanger for me. As a fvll time carer for my disabled brother it lifts a huge financial burden and allows me to transition from gliding to powered flying. With your support I can now work towards my Private Pilot Cense (PPL), which is a crucial step bringing me one step closer to becoming a commercial airline pilot. My next big step is to dive into my pilot training with all my energy and fU5, knowing that I have your support behind me. This scholarship not only helps me achieve my dream of Ilying but also motivates me to be a force for positive change in the aviation industry., _ India Morrell (2024 5-hour Flying Scholarship Recipient) Battle Back Veteran Gliding Course For over a decade the Air League ha5 offered gliding scholarships to wounded and injured serv1men and women. Our Battle Back gliding course is run in partnership with the Army Gliding Association at Wyvern Gliding Club. The l-week programme includes gliding training. ground training, full LN)ard accommodation and temporary club membership. The course is designed to be a Workfor transition, recovery and rehabilitation programme that allows our scholars to build self-confidence and self-belief whilst at the same b'me being able to gain life skills and explore the opportunities available to them within aviation, aerospa and space. In 2024, 11 veterans and service members participated in the Battle Back Veteran Gliding Course. My injury and mental health struggles, disappeared within seconds of the first launch, whether you ve done it before or you re a first-time glider it was amazing,. beautifvl l(Kation, excellent people and inspirational fvn.' Ben Wilson, Pilot Officer (Retired), RAF Since my accident 6 years ago, this is the first time I have done something adventurous. It felt amazing to do something that gave me that incredible adrenaline nish in a safe and supported environment but it also felt so good to be part of a team again. I fully intend to carry on with army gliding as often as I can manage. Thank you so much for the opportunity.' Gemma Whitchurch Lan Corporal (Retired) British Army 15 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 Communications Events The Air League hosted and facilitated the following events during 2024: February: The Aviation aub UK February Networking Reception April: Young Aviators Dinner at RAF club with 120 attendees from across ALTIHCAP. June: Heathrow Airport Construction Careers Event September: Airline Economics Growth Frontiers conferen and Aviation Club UK NeIorkn.ng Reception October: Scholarship Awards Reception at Royal Aeronautical Sc(iety with 250 attendees. November: Annual Reception and presentation of honours and awards at House of Commons Terra with 300 attendees. Heathrow Airport Animal Handling Facilities Tour. New Initiatives Addition of a 'Members Forum, Fab(K)k group for members to network, chat, and share achievements: active with over 200 members. Addition of a monthly Members Newsletter with news, updates and information atx)ut the Air League. Average click rate 4 % , average open rate 700/0. The start of regular online webinars to educate and inform members around various topics: including the path5 to commercial aviation, ATPL Theory and scholarship applications. Creation of a community of members writing aviation related news, stories and articles which feature in monthly newsletter. Perfomiance In 2024, we saw a 85 % increase in new members, when compared to 2023. Social media reach and profile visits conb'nue to increase, when compared to 2023. PLANS FOR THE YEAR AHEAD In the coming year, the Air League will continue to offer its scholarships and, where possible, align them with the broader Soaring to Succe55 Programme. As outlined on page 8, the reach and impatt of Soaring to Success will also be expanded. The Electric Flying Scholarship Programme will grow, with additional post-PPL awards, including ATPL Theory ground school packages. The Engineering Scholarship Programme will be further developed in collaboTrtion with Em Workforce and Talent Solutions to help address the shortage of aerospace engineers and maintenance personnel. The number of Drone Scholarships will increase and, for the first time, will be open to non-members to attTrct those considering a long-temi career in the RPAS industry. The Battle Back Veteran PrOgmme will continue in partnership with Boeing and the Army Gliding Club. Project Slingshot will maintain its engagement with young people throughout 2025, with completion expected in 2026. 16 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 FINANCIAL REVIEW The income during the year slightly decreased to £360,102 (2023: £564,515). The expenditure for the year remained slightly higher than last year £599,066 (2023: £605,661). The investment gain during the year was 66,739 compared to a gain of £50,567 in 2023. Reserves level and policy The total funds of The Air League at 31 December 2024 were £1,112,441 (2023: £1,284,666) of which £263,992 (2023: £260,593) were held as permanent endowment and £458,630 as restricted ftjnds (2023: 477,330). The balance represents unre5tritted funds of £389,819 (2023: £546,743), of which £127,483 (2023.. £125,603) were held in tangible fixed assets, leaving the balance of free reserves of the Trust of £262,336 (2023: £421,140). Taking one year with another, the Trustees seek trj spend all net income as it arises. Trustees seek to maintain a sufficient capital base of unrestricted funds appropriate to the operation of the Trust while deriving spendable funds from this source which are used for the purpN)ses of the charity. The Trust consider that the value of such funds on 31 December 2024 meets these objectives. Investment policyi perfornian, and objectives The Trustees, investment powers are derived from the Trust s Memorandum and Articles of Association. The Trustees engage investment managers to manage the investments of the Trust and the Endowment Fund. The Trustees, investment policy is to maintsin the real capital value of the Trust s investments by seeking to achieve a total real rate of return of 3.75 % per annum over rolling five-years periods, of which 2.5 % will be in the form of income. The current gross income yield is 2.330/0 (2023: 2.010/0). The portfolio has experienced a valuation 6.460/0 of gain (2023: gain 5.09 % ) over the last 12 months. The Trustees follow an ethical investment policy. Going concern After making appropriate enquiries, including assessments of the key risks and fijture budgets, the Trust have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason the Trustee5 continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies at Note 2. 17 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust TRUSTEES REPORT for the year ended 31 December 2024 STATEMENT OF TRUSTEES RESPONSIBILrrIES The Board of the Air League Trust is responsible for preparing Report of the Trustees and the financial statements in accordanTr with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trUStS are required to: select suitsble accounting policies and then apply them consistently. observe the method5 and principles of the charity SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Board as the Trustee body is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Board as a Trustee body is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordan with the special provisions applicable to companies subject to the small companies, regime. ON BEHALF OF THE BOARD Claire MacAleese FRAeS, Chair Date: 26 September 2025 18 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES OF AIR LEAGUE TRUST ('the Company,) for the year ended 31 December 2024 I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 ACV). Having satisfied myself that the accounts of the Company a not required to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I report in respert of my examination of the Company's accounts carried out under settion 145 of the Charities Art 2011 ('the 2011 Act,). In carrying out my examination I have followed the Direcbons given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: l) accounting records We not kept in respett of the Company as required by 5ettion 386 of the 2006 Att; or 2) the accounts do not accord with those records; or 3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or 4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounb.ng and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this repN)rt in order to enable a proper understanding of the accounts to be reached. Since the Company s gr055 income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Att. I confirm that I am qualified to undertake the examination because I am a member of ICAEW which is one of the listed bodies. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has bn undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Janice Matthews FCA Menzies LLP Magna House 18-32 London Road staines-Upon-Thames TW18 4BP Dated: 26 September 2025 19 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust CONSOLIDATED sfATEMENT OF FINANCIAL AcrIvrrIES for the year ended 31 December 2024 2024 Total 2023 Total Endowment Restricted Unrestricted funds funds funds funds funds Notes INCOMEAND ENDOWMENTS Donations and legacies Investment 224,405 112,348 336,753 23.349 23,349 543,750 20,765 Total incoming resources 224.405 135,697 360,102 564,515 EXPENDITURE Raisingfunds Charitable activities 197,384 197,384 147,936 401,682 187,762 417,899 10,641 243,105 Total expenditure 10,641 243.105 345,320 599,066 605,661 Net gains/lLossl on investment 14,040 52,699 66,739 50,567 NET INCOME /(EXPENDITURE) 3.399 (18.7} 1156,924) (172,225) 9,421 Transfer between funds NETMOVEMENTIN FUNDS 3.399 (18.7CM)) (156,924) (172,225) 9,421 Total funds brought forward 260,593 477,330 546,743 1,284,666 1,275,245 FUNDSCARRIED FORWARD 263,992 458,630 389,819 1,112,441 1,284,666 All incoming resources and resources expended derive from continuing activities. The charity has no other recognised gains or losses for the year other than the results above. The notes form an integral part of these financial statements 20 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust CONSOLIDATED BALANCE SHEEr as at 31 December 2024 Company Number: 06794828 2024 2023 Notes FIXED ASSETS Tangible assets Investments 11 127.483 949,546 1,077,029 125,603 1,032,807 1,158,410 12 CURRENT ASSErs Debtors 13 34.755 52.392 58,766 117,962 Cash at bank and in hand 87,147 176.728 CREDITORS: amount falling due within one year 14 151.7351 150,4721 NEfcuRRENT ASSETS 35,412 126,256 NET ASSETS 1.112,441 1,284,666 CHARITY FUNDS 15 Endowment funds 263,992 458,630 389.819 260,593 477,330 546,743 Restricted funds Unrestricted funds 1,112,441 1,284,666 The Companywas entitled to exemption from audit under section 477of the CompaniesAct 2006. The members have not required the comp3nytoobtain an audit for theyear in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complyingwith the requirements of theActwith respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by theTrustees and signed on their behalf by Claire MacAleese FRAeS. Chair Grenville Hodge, Treasurer 26 September 2025 The notes form an integral partof thesefinancial statements 21 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust COMPANY BALANCE SHEET as at 31 December 2024 Company Number: 06794828 2024 2023 Notes FIXED ASSETS Investments 12 949.546 949,546 1,032,807 1,032,807 CURRENT ASSErs Debtors 13 127,257 48.444 166,026 83,002 Cash at bank and in hand 175,701 249,028 CREDITORS: amount falling due within one year 14 149,4661 143,1151 NCURRENT ASSETS 126.235 205,913 NET ASSETS 1,075,781 1,238,720 CHARIVIFUNDS 15 Endowment funds 263,992 458,630 353.159 1,075,781 260,593 477,330 500,797 1,238,720 Restricted funds Unrestricted funds The Companywas entitled to exemption from audit under section 477of the Companies Act 2W6. The members have not required the companytoobtain an auditfor theyear in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complyingwith the requirements of theAct with respect to accounting records and preparation of financi31 statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The charity has taken the exemption from presenting the unconsolidated profitor loss under section 408 of the Companies Act. Unconsolidated loss for the charitywas £161.941 duringthe year. The financial statementswere approved and authorised for issue by theTrustees and signed on their behalf by Claire MacAlee5e FRAeS. Chair Grenville Hodge, Treasurer 26 September 2025 The notes form an integral partof thesefinancial statetnent5 22 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 l.General inforniation Air League Trust is a private company limited by guarantee incorwrated in England and Wales. The registered office is 4 Hamilton Place, London, WIJ 7BQ. The members of the company are the Trustees named on page l. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 2.Accounting policies Basis of preparation of financial statements The financial statements have bn prepared in accordan with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rewjrting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecbve l January 2019), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Company has eletted to apply all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after l January 2019. Air League Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. Going concern The Trustees, are confident that the company will be able to maintain ongoing income streams for its activities as they are tsking action to control costs where appropriate and will continue to monitor the position carefully. Given the situation, the Trustees, believe these actions should enable the company to continue in operational existence. Therefore, it is the Trustee's opinion that the going concern basis of prepardtion of the accounts continues to be appropriate. Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless perfomiance conditions require deferral of the amount. For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estste. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a cor)tir)ger)t asset and disclosed if material. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by acttvity. The costs of each activity are made up of the total of dirett costs and shared costs, induding support costs involved in undertaking each activity. 23 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 Direct costs attributable to a single activity are all(Kated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities. events and non-charitable trdding. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecover3ble VAT. Tangible fixed assets Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its eX[rted useful life, as follows: Office equipment Light aircTrft over 3 years over 10 years - depreciation starts once the aircTrft is fully built Interest re1vable Interest on funds held on deposit is included when receivable and the amount can L measured reliably by the CompanyR this is normally upon notification of the interest paid or payable by the institution with whom the funds are dewsited. Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impaimient. Investment gains and losses, whether realised or unrealised, a combined and presented as'Gains/(Losses) on investments, in the ststement of financial activities. Air League Enterprise is exempt from audit under s479A. Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the g(KNJs or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rdte that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortlsed cost using the effective interest method. 2.10 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the 24 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 amounts payable by the Company to the fund in respect of the year. 2.11 Fund accounting General fvnds are unrestricted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustee5 for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for paCUlar purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restritted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 3 Income from donations and legacies Endowment Restricted Unrestricted funds funds funds 2024 Total 2023 General donation 14,657 101.424 53.324 55,(X)O 87,212 11,975 13,161 101,869 155,100 113,399 178,824 66,485 136.676 55,000 37,500 35,650 Trust and foundations grants Corporate donations Department of Transport Corporate subscriptions 224,405 112,348 336,753 543,750 2023 analysis 277,135 266,615 543,750 4 Investment income Endowment Restricted Unrestricted funds funds funds 2024 Total 2023 Listed investments 22,135 1.214 23,349 22,135 1,214 23,349 19,531 1,234 20,765 Bank interest 2023 analysis 20.765 20,765 25 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 5 Expenditure on raising funds Endowment Restricted Unrestricted funds funds funds 2024 Total 2023 Staff costs 52,737 63,964 8,690 71,993 197,384 52,737 48,398 63,964 49,704 8,690 23,819 71,993 65,841 197.384 187,762 Events costs Marketing and communications Support costs 2023 analys15 13,592 174,170 187,762 6 Expenditure on charitable activities Endowment Restricted Unrestricted funds funds funds 2024 Total 6.1 Analysis byfunds 2023 Aviation experiences (S2SI Flying scholarships/bursary Glidingsolo I nspired Engineering Veteran Programme Innovators Challenge 85.682 140,243 10.500 39,905 91,953 12.029 125,587 138,792 242,837 229,052 22,529 19,273 20.798 5,803 4,181 10,641 6,680 4,048 10,728 10,641 243.105 147,935 401,681 417,899 2023 analysis 11.605 261.112 145.182 417,899 Direct activities Support costs 2024 Total 6.2 Analysis by activities Staff costs 2023 Aviation experiences {S2SI Flying scholarships/bursary Glidingsolo I nspired Engineering Veteran Programme Innovators Challenge 57.828 72,855 7,991 38.541 133,170 10,500 29,218 36,812 4,038 125,587 138,792 242,837 229,052 22,529 19,273 20.798 5,803 4,181 3,805 1,923 10,728 142.479 187.211 71,991 401,681 417,899 2023 analysis 172.087 179.971 65,841 417,899 26 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 7 Analysis of support costs Aviation Flying Gliding Inspired Veteran Innovator experience scholarship Solo En& Prog. Challenge Fundraising 2024 Total 2023 Rent and rates 3,253 4,098 450 214 8,015 16,030 14,718 Insurance 2.424 3.054 335 160 5.974 11.947 9.708 Postage and stationary IT maintenance, website Recruitrnent 95 120 13 234 468 30 2,614 3,294 361 172 6,441 12,882 18,340 122 153 17 3C 18 Bank charges Sundry expenses Governance compliance Professional fees 256 323 35 17 632 1.263 1.050 199 251 28 13 491 982 2,360 5.013 6.315 693 330 12.351 24.702 9,740 12,984 16.357 1.794 854 31.990 63.979 54.869 Other cost 2,258 2,847 312 149 5,565 11,131 20,849 29,218 36,812 4.038 1,923 71,993 143,984 131,682 2023 analys15 27.539 30.416 3.037 3.276 913 660 65,841 131,682 8 Independent examiner's remunerations 2024 2023 Independent examination fee 7,740 5,280 9 Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Gross salaries 165,888 201.727 12,446 16,586 1.883 2.172 15,000 195,217 220,485 165,888 12,446 1,883 15,000 195,217 201,727 16,586 2,172 Nl contribution Employer pension Redundancy 220,485 2024 2023 2024 2023 No. No. No. No. The average full time equivalent number of employees 27 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 One employee received emoluments in excess of £60.000 shown below Group 2024 Group 2023 Charity 2024 Charity 2023 No. No. No. No. In the band £60,001- £70,000 In the band £ 80,C()1- £90,000 The remuneration of key management personnel during the year was £ 105.47412023: £117,352) 10 Trustees, remuneration and expenses Expense During the year. no Trustees received any remuneration or other benefits {2023- Nil) During the year ended 31 December 2024. no expenses were reimbursed or paid directly to trustees12023- £Nil). 11 Tangible Fixed Assets Group Light aircraft Slingshot Charity Office Light Group equipment & aircraft Charity Total website Slingshot Total Office equipment &website Cost At l January 2024 Additions 49,569 123,194 172,763 3,903 3.903 127,097 176,666 7,200 7,200 At 31 December 2024 49.569 7.200 7,200 Depreciation At l January 2024 Provided duringyear At 31 Dec 2024 47.160 2.023 47.160 2.023 7.200 7.200 49.183 49.183 7.200 7.200 Net bookvalue At 31 Dec 2024 386 127,097 127,483 At 31 Dec 2023 2,409 123,194 125,603 28 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 12 Fixed assets investments Listed Listed investments investments - - Group Charity Cost or valuation At l January 2024 Revaluations Gain 1,032,807 1,032,807 66,739 66,739 1150,000) 1150,0001 949,546 949,546 Fund drawn At 31 December 2024 Net book value As 31 December 2024 949,546 949,546 At 31 December 2023 1,032,807 1,032,807 Air League Enterprises Ltd is a company limited by guarantee having no share capital and The Air League Trust is the ultimate parent company. The registration number00102488, registered office at 4 Hamilton Place, London WIJ 7BQ. The company's main activity is to raise funds for the parent charitable company Air League Trust and all profit donated to the parent charity. During 2024 the company turnover £10312023: £59,900), expenditure £9,723 {2023: £60,532) and loss £9,620 (2023: loss £6321. 13 Debtors Group 2024 Group 2023 Charity Charity 2024 2023 Trade debtors 7.290 27.465 41,1(X) 17,666 7.290 20,000 27.465 16,833 92,502 129,193 58,766 127,257 166,026 Prepayments and accrued Income Amount owed to group undertakings 34,755 29 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 14 Creditors: Amounts fallingdue within One year Group 2024 Group 2023 Charity Charity 2024 2023 Amount owed to group undertakings Taxation and soci31 security Other creditors 5.224 900 11,974 9(K) 3,855 6,582 Accrual and deferred income 11.620 33.991 51,735 9,205 28,393 50,472 11.620 9,205 33,991 27,328 49,466 43,115 Trade creditors 15 Statement of funds Balance at Jan I, 2024 Transfer Balance at Investment between Dec 31 gains fund 2024 Income Expenditure UNRESTRICTED GENERAL Ola UR General Trust 417.516 45.946 135.258 439 1326,456) 19,725) 52,699 279,017 36,660 Olc UR General Enterprise General fund 463,462 135,697 (336,181) 52,699 315,677 02 DESIGNATED 02b Battle of Britain 28.451 7.558 47.272 18,164) 20,287 7,558 46,297 02d MJ Marshal YIA Luca5 Aerospace Subtotal Designated 1975) (9,139) 83,281 74,142 Total Unrestricted funds 546,743 135,697 (345,320) 52,699 389,819 03 ENDOWMENT 03a CA Barnes 54.626 205,967 14,930) 15,711) 2.943 11,097 52,639 211,353 03b Somers Scholarship Tota103 ENDOWMENT 260.593 {10.641) 14.040 263,992 04 RESTRICTED SOARINGTOSUCCESS DFT 22 S2S 178 55.0(K) (42,370) 12,808 15,000 Air CrewTrust 15,000 30 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 Millennium PointTrust 19.700 3.870 35.134 26.893 12,294) 12,127) (15,191) (23,700) (85,682) 17,406 11,743 19,943 37,617 Aldenham Aviation iO.OCMJ BA 23 S2S Boeing 23 S2S 34,424 ICX).775 99.424 114,517 SCHOLARSHIPS Stelios Foundation 53,433 77.077 93.625 21.909 17.879 60,0(J) (54,150) 16,413) (25,085) (12,237) 59,283 70,664 68,540 9,672 17,879 11,474 60,957 11,451 7,873 317,793 MacRobertTrust SirA Marshall Scholarship R Kronfeld Fund ADFS Fund Swire Trust 18.OCMJ 16,526) (16,351) 13,518) (15,963) (140.243) Cobham New 77.308 7.685 3,039 351.955 617 Squadron Miscellaneous 7.284 20,797 106,081 GLIDING SOLO Airline Prep Boeing 23-24 GS I1.0) 11,000 700 11.200 11.2(K) (10,500) (10,500) 11,000 11,700 VETERAN PROGRAMME Boeing 23 VP 13.400 7.900 16,680) 14,620 Total 04 RESTRICTED 477,330 224,405 {243,105) 458,630 TOTAL FUNDS 1,284,666 360,102 (599.066) 66,739 1,112,441 Trustees set aside thesefunds to give Flying Scholarshipsto be spent within the year and will be reviewed annually. Red Arrows- Atrust amountwhich is to be awarded only to a current air cadet. Michael J Marshall Youth in Aviation- Donation from Sir Michael Marshall toyield some income to payfor lower level items within Youth in aviation. Battleof Britain-Amountfundraised from the Battle of Britain FighterAssociation to payfor scholarship. LucasAerospace-Fund provided togive Flying Scholarships, in perpetuity ENDOWMENTFUNDS: CA Barnes- Adonation madewith gift aid to provide flyingscholarships in perpetuity. Somers Engineering Scholarship Fund- A donation from the J N Somerswill Trust for aspiring aviation engineers. Sponsors placement accommodation and travel. 31 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 RESTRICTED FUNDS: We have organised the restricted funds presentation 31iningwith our charitable activities that made fund monitoringand donor reporting easier. SOARING TOSUCCESS: These activities are funded bythe Department of Transport, Boeing, Aldenham Aviation and also brought forward grants from the Air CrewTrust. SCHOLARSHIPS Stelios Foundation- Thisfund provides scholarships to anyone in the United Kingdom. MacRobertTrust- This fund provides scholarshipsfrom the residents of Scotland. Prince Phillip FlyingScholarship-To fund an annual scholarship of up to 30 hours.Trustees reviewed this historical fund 2nd concluded th3t this should have been c13ssified as unrestricted gener31 fund thereforethe fund b31ance at the yearwas transferred togeneral fund. SirArthur Marshall FS- SirArthur Marshall of Cambridge made a donation in his name to provide a flying scholarship annually. R Kronfield Fund- Donation made to provide oneflying scholarship and one bursary. ALDFS Fund- Flying scholarship and bursaries foryoung offenders. Scaraman Fund- Flying scholarship and bursaries for current and past Air Cadets. Swire Trust- Fund provides flying scholarships. Morehouse and Cobham - Fund provides flyingscholarships. 617 Squadron- Fund provides flying scholarships. GLIDING SOLO: These activities are funded bythe Department of Transport and Boeing. INSPIRED ENGINEERING: These activities are funded by Dick Lovetts and Aston Martin for engineering3ctivities. VETERAN PROGRAMME: Fund providesforactivities run byveterans.. INNOVATORS CHALLENGE: Activities are funded by Sustainable Aviation and Lockheed Martin. 32 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 Prior year 2023 Fund analysis Balance atJan I, 2023 Transfer Balance at between Dec31 fund 2023 Investment losses Income Expenditure UNRESTRICTED GENERAL Ola UR General Trust 301,030 46.387 227,290 60,090 (257,596) 160.531) (318,127) 39,808 106,984 417,516 45,946 Olc UR General Enterprise General fund 347.417 287.380 39.808 106.984 463.462 02 DESIGNATED 023 Anonymous 02b Battle of Britain 96.085 36,527 196,0851 {8,0761 28,451 Red Arrow 02d MJ Marshal YIA 13.583 50,325 196,520 16,0251 (1,8281 (112,014) 7.558 47,272 83,281 02e Lucas Aerospace Subtotal Designated 11,225) (1.225) Total Unrestricted funds 543,937 287,380 (319,352) 39,808 (5,030} 546,743 03 ENDOWMENT 03a CA Barnes 57.318 204,121 261,439 (5,051) 16.554) (11,605) 2,359 8,400 10,759 54,626 205,967 260,593 03b Somers Scholarship Tota103 ENDOWMENT 04 RESTRICTED SOARINGTOSUCCESS DFT21 S2S 217 (217) (47.905) DFT 22 $2S 10.583 15.(K)O 37.500 178 Air CrewTrust 15.000 19,700 3,870 Millennium PointTrust 19,700 20,(XIO Aldenham Aviation 116.130) 15,086) (20,410) 136,234) (125.982) Boeing 22 $25 BA 23 S2S 5.086 55,544 36,734 169,478 35,134 26,893 100,775 Boeing 23 S2S 26.393 57,279 SCHOLARSHI PS Stelios Foundation 20,(J)O 85.813 60,CM)O (26,567) 18.736) 53,433 77,077 MacRobertTrust 33 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 Prince Philip Scholarship SirA Marshall Scholarship R Kronfeld Fund 117.399 41,989 17.879 (6.913) (23,774) (20,080) 93,625 21,909 17,879 ADFS Fund Swire Trust 18.(X)O (10,863) (2241 Morehouse Cobham New 106.438 6,855 1.514 390,974 (29,130) 12,770) 15.119) (127,039) 77.308 7,685 1131 3,039 (237) 351,955 617 Squadron Miscellaneous 3,600 6,657 88,257 GLIDING SOLO DFT21 GS Airline prep Boeing 23 GS 500 (625) 17,800) (8.425) 125 8.(J)O 11,cx)o 11.5(X) 11.200 11,200 125 INSPIRED ENGINEERING Dick Lovetts 8,353 18,958) 605 VETERAN PROGRAMME Boeing 22 VP Boeing 23 VP 8,QK)O 7,900 7.9LK) (2,500) (2,500) 13,400 13,400 SLINGSHOT INNOVATORCHALLENGE 12.737) (1,800) 4,537 Total 04 RESTRICTED 469,869 277,135 (274,704) 5,030 477,330 TOTAL FUNDS 1,275.245 564.515 (605.661) 50.567 1,284,666 34 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7
Air League Trust NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2024 16 Analysis of net assets between funds Endowment funds Restricted Unrestricted funds funds 2024 analysis 2024 Total Fixed assets 263,992 458,630 354,407 87,147 151,7351 389,819 1,077,029 87.147 151,7351 1,112,441 Current assets Creditor due within one year 263,992 458,630 Endowment funds Restricted Unrestricted funds funds Prior year analysis 2023 Total Fixed assets 260,593 477,330 420,487 176,728 150,4721 546,743 1,158,410 176.728 150,472) 1,284,666 Current assets Creditor due within one year 260,593 477,330 17 Related party transartions At the balance sheet date, the trust was owed a balance of £92.502 from Air League Enterprises Limited, a company over which the trust has jointcontrol and significant influence. In 2023. £129.193 was owed from Air League Enterprises Limited. The results of Air League Enterprises Limited have been consolidated in the accounts of Air League Trust. Air League Enterprises Limited exists solely to assist in funding the activities of the charity. Donations made to the charity duringthe year amounted to£Nil12023: £8,000). 35 Doc ID.. c3c7f87eOfdeabee07658892a1006f71140ce1 e7