R•g1St•r numbw: 07085879 Ch•rlty numbfrr: 1133295 CORNWALL AIR AMBULANCE TRUST (A COIAPANY UMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ? Bishop FleTrirKJ
CORNWALL AMBULANCE TRUST (A COMPANY UIATED BY GUARANTEE) CONTENTS Trustsm. Report 31-34 CoMolldat•d slalom of FlnanGknI ktlvlu 35 conlidat•d Balanco Sh••t 36 Charly B•lanc• Sh••1 37 Con•olldal•d Stat•m•nt of C•sh Flows Notts lo th• Financl•l Slat•ts 39-61
CORNWALL AIR AMBULAJ4CE TRUST {A COMPANY UUITED BY GUAIIANTEE) REFERENCE AMD ADMINISTRATIVE DETAILS OF THE CHAITY, ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDED 31 OECEMBER 2024 Royal Patron Prnsldent Vlc• Pr•sld•nt Trusleos Her Mstytt Coh)nel &r Edward KCVO OBE MTS B Shwples MBE Mr D Flchards CBE. Chaknmn (y)kn¢ed 26 Septembor 20241 Mr D Sc¥)tt. WKe£hair )d Chw. Risk Audit Conwnittee Mr R Coie. Chak. Finance and Investsnent ComThwitee Mr B Mark, Ch&r. Operations Commiltee Ms L Mdtsy. Chair. HR arvj Ren¥Jnern1Th5 Cormwttee Mrs D Grrffith Mr N Lentem IreswyI 9 Decwnber 2024> MrTPReed Mr D N H•1and lapwnted 26 SpptWTthr 2024) Compwy r•gS•l•r0d numb•r 07085879 Charlty rnghl•r•d numb•r 1133295 Company ••crotsry A wf4llon K•y Manag•m•nl Mr T BltirJ, Chf Executive 0ffl¢8r Mr A Evans, Head of Operath)ns Mr A whil1. Head Fara & Business IntdllgerKe Page 1
CORMWALL AIR AMBULANCE TRUST IA COIAPANY LNITED ey GUTEE) REFERENCE AND ADMINISTRATIVE OETALS OF THE CHARifY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 OECEIA8ER 2024 Ind•p•nd•nt audltorn Bishop Flemry LLP ststutory Authto Newhan Road Truro TR1 2DP Bankorn HSBC 17 BoScaW Street Truro TRI 2QZ Logal advlws 1 Hyh Cross Street Sl Austdl PL25 4AB Inv•Btm•nt managern ller Chffmt One Kiry$aY London WC2B &4N P4e2
CORNYIALL AIR AMBULAI4CE TRUST IA COMPAMY UMITED BY GUARANTEE) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 I fo81 very h(Mured lo be til¥j this. my first wtrojuction to the Annual RepDrt as Chainian of Comwal Alr Ambulance Trusl, an orgarSation I've adrrwJ from afar many year5 and what a Ilme lo be loinlng wllh th¢ arrival of our seo)nd AW169 helicopter. I've been a part-time resident of C<Thvall for over 20 yeaTS. but now that we are here more permanenlly. I'v become Increasngty aware of how essenlial Comwal Air Anknilance 15 to the lo1 ccrfnmunty. From the Lize¥d to Launc8Stcm and SL Aw to Saltash. lh8 seMc• thère for anyone WIK) might need It and I'm sure we've all got sloth of we knc¥ who have beneffted from the r AMbance. I've spent m¢)51 of my Ife wykiNJ high rkning teams kn aInt every foTh cl motorsport from F1 down and I can Ikinestly s8y that Comwall ArAmLxlance could hold rts CNffl against any of them. Howevw, the incrt¢fible can carry out their lifeg&irwJ t88ks due to the hu99 nunrt)gr cl support8rs on the ground. Thgrg are 250 Grourwjryw wlwrtoer5. a¢ross r seven hxatlons, worklng akngsid8 OLf own brilliant staff. I've very fOrtate to inrit a great team of Tfttstees who arn 8180 unptrj volunteers and en$ure your arity is delivering on all our tharilabl8 objectives. I would like to thank Neil Lentem. has rec stepped dr1 ftom Board of Trustees after thr yeats, althth he continues his dose relat)nsI) with us through his rol8 8t Soulh Weslem An*ulanc8 We have welcomed David Harfe as a Trustee. whose exp8rf&nce as CEO of the Lost Gardens ol Heligan and a NoTrExecutive DiTeclcf of the Royal Devon Healthcare NHS FoMdatw)n Tnjst will be a great b8nefiL We are all aware that times ar8 twh at the t¥Jt with no govemment supwt. wo rely solely on the generosity of our supwler& I'd Ih to thk every srwje one of you who helps lo keep CcTh¥all Air knilwlan¢e and Th$t ntly savin Pag& 3
CORNWALL AIR AMBLILANCE TRVST IA COMPAMY LIMITED BY GUARAIITEE) CHIEF EXECUTNE OFFICERS STATEMEpir FOR THE YEAR ENDED 31 DECEMBER 2024 2024 was an incr&Jibty ithwi >wr ch. Cknmcaty. we welcomed new racfuits In both paramedks and doctor cadres - the reltrnt prc¢esses had well over applicants, which shows how hIty we are regarded. The direct emFtynent of Dr. Dave Ashb)n£leary as Lead rbase Doclor underpins r de$re to eTh$u we build towds providing the best critical care ar ambulance seThice possibk. The wkler econcnic en¥rment has mèanl siwifitant thalw for furnlrai8iThJ teams, however th Heli2 appeal went fr¢yn ¥tref to slreNJth. the paopl8 of Comwam and the Isles of Scilty passionately gatting behind Ihe need to have a Sen UfesavYJ aaft whth wll wovmje the nv)st advarThd care, enaIng us lo ny MC missiorts and save more lives. The wtraft. registralion G<NLL. w511 enleT serwce in the Sec(K1 haff of 2025. A higNight of 2024 was 'Helifesl' heJ ftx the f¥st time at Scorrier House. er 4.thjo Supporters attended, cèlebrating noi only Corrr•MII kn AMIlan. but aso the briknt blue light swvice$ we work ah)ngsde. Strate9c8ly, wa ar8 focussed on defverng under the pilar5 of 'Operalion81 Excellence., 'Exceptional Supporter Engagemenf and 'The Highest Levels of Intelligenc and Inslght,. Urmlerpinning all of this is The Best People. vtho Wly valu8d whatavar th8ir pad or voluntary. 2024 8150 saw brilliant work frcrfn ow T1 team. with the atrJpiKffj of a new retall strat. which started with the redesiw of strye ¢¢¢pt and the klian of ¢ Wadebrkl9e store. Whlst we were very p8nt in the decoraling and equipping of thè store. wanted to make sure it was a welcoming and positsve worklng and shopplng environment. With a new store zOn n Launeeston and the welccthe retum lo newer, much largw storé wi Twm, the &MthtrArtion of stsff 8nd at every stw cannot be underestimated. We do not krnw bLW we Thll be in the fulwe. I1 we wwe lasked to avorage three mlssSons per day. wlth May 2024 being OLf Lwwest on re(x]rd. It is therefore ¥ital Ihat we are prepar8d for the luture. wlth a growing local populat and ¥i(xease in demand our specialist servKes. Everyone who Sup[rts or engages with us. we hLNJely appreciate - furthiw, cknician. volunteer or staff member we are all part of the Missi( b) save Ives. Comwdl Alr AMbu1w is a complex <ryanisathon aThJ thilst your red helcopters are the most vlsible part of the charity, they are only able to resp)rwJ and fy because of a toam of hJhty professional staff. workmig for and over 250 volunteers dedlcatlng thSaNJS of hours (rf the¥ lime every year. A massfve thwk you on behaff ever* Ihat we can help- every penny. ewy saves lives. Tkn BuntlrwJ Cht ExecutNe Officer Date..
CORNWALL AIR AMBULANCE TRUST IA COMPAJ4Y LIMrrED BY GUARANTEE) TRUSTEES REPORT FOR THE YEAR ENDED 31 DE¢EMBeR 2024 The Trustees {who are also Directors of Ihe Clty for the Fvjrposes of the C¢ynpanies Acll presenl the Annual Report. incofporalng the strategic reprrtt together wth the audrled consolidated finarKial stal8menl8 of the Comwall Air AMI18n¢¢ Trust for the year 1 JUary 2024 to 31 Dacembor 2024. The Annual Report serves the purposes of t#)th a TNstees' report and a Directcrfs. report under company law. The Trustees confim) that the Annual Report and finanrAal statements of the charilable CoMpY comply with the current ststut(ry requirements, the requremerts of the charitable CoMpanS governing document and the provisions of the Statement of Reo)mm&)ded Praclic8 ISORP} apF4icable to charlties preparing their accwnls in a¢cordarKe with the Finartial Re119 Standard applicable in the UK and Republic of Ireland (FRS102) {effedive 1 January 2019). ObJ•GtlvM and actlvlti•• The prinopal obpctiva of the charity is r8li8ving pain and sKkn&ss th8 b8nefft of the putlic by assisting the proviskx) of emergency medical Servi and equipment. kn parti(#Jlar the provision of an air ambulance servKe or other emergency transptsti. primarfty In Cornwall and Ih? l$les of Scilty. Thgse are the purposes of the charity as set out in its goveming d0Ments. The diarity seNes a local conmnunty of arouTh 577,000 people, together ryth over five million ¥isitOTS who c¢yne to fhe region every year. Th& charity relies on the Ioc81 community to false sufftiert fmds to delrver the seNSce wthout recelvlng regular govemment funding or SUPFYt from the Nional Lottery. The charity's critTrcal care team of Paramedics. Dothjrs and Pilois provide enhanced emenJ8ncy medical ser¥e$ to the m05t seriously ill and injuied patients thmghout ComWl and the Isles of Scilky. These serv55 are delivered in p¥tnership wilh the South Weslem Ambulare NHS F(rlatiOn Tmst ISWASffl who SUP the delivery of Ihg dinical SO1C&S and Castle Ar. based n Liskeard. operate the Leonardo AW169. fagistration G4RWL wlth a second AW169, registrati(m G-CNLL comiThJ seNce immentlY. The ¢harfty also operates two uitieal care ws. whkh upgraded in 2021, carrying tho same speLialist lifesavirwJ equipm8nL specialist drugs and the same cTvw wouhj nonnalty fly in the a ambulance hellcopters. These cars provide a bthp sefvKe rf the hel(y)fv are unavailable, wed0m1nanY du8 to poor weather. Publlc B•n•fil The publlc benefit provld&J by Ihe ¢harty is to anyone and ev8ryone In Comwall and the Islgs of Scily. In¢dIng residents vlsltors. and 81thcMJ&th In ts county of Comwl. also exlendg lo Devon and beyond wthen required. Th8 Comwall Ar Arn1ae is free at point ol need. on the gr0dS of fMed sets of crfterfa which take into alxount dir¥cal need. urgency. accessibility. and distsnce to hospital. These ¢riteria are regarlY revi81l and rh3¢ThJsty appld. No wrvale berft use of tha Comwall Air Ambulance hdicopter 1$ given to anyone at any b"me. The Truslees run thg charity wilh due rggard to ts Plkn1 benefft guidance issued by The Charity Commlsslon and the Charity Act 2011. Page 5
CORNWALL AJR AMBULANCE TRusr IA COMPANY LthIITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REVIEW In 2024. Comwall Ambulan w48 tasked to 1.064 mlsskTh. 445 of the wld¢fits wér6 trauma-related. 327 were to pacwle wh) had suffered and 274 respcnse to ¢ardlac arrests. Throughout the yw, the a[1 care deli¥ed a trrtal d 19 bkjod Iransfusions at the $e of an cident and carried (xrt 18 Irtsr.Iwkl trfe[s. These missions would not be posstle *ilhout the generostty of our who enablg us to hèlp th088 WI are critically IN or injured across c<Wl arKI Ihe lths of y. ISSION Total mi: 445 327 19 BlwJTfan5fushins Eque5tri•n 274 18 47 17 12 154 Falls From HdEht o•dTrnffic C(tINoI45 Ttan5fvs Page 6
CORNWALL AIR AM8ULANCE TRUST (A COPAPANY LIMITED BY GUARANTE TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 oy sad my Ilf•" Over the coufs8 of 2024 we welcomed forrner Pat15 to the aIrtse, shared their personal stories wlth us about how they had been helped by Ihe aircrew. One Oft people was teenager Lewie Colè, a yoar oather had suffered numerous trWmaI injuries th falling frLYn a diff in ncffth Comwal. The 1&year-old had been ¢xrt walkirwj with his Iwin brothgr in BLkJe when fo11 into a cove 15 ts8t below. Ccffnwall Air AmbanCe was tasked to the 8cen8. as part ol a large-scalo Mult890n rgSP¢Ytso. In a complgx oporalh)n the Coastguard Searth & Rescue hel0Pr managed lo locate Lewie and winch him to safety. Levm had SLrffgred a host of traumati¢ iryiies. i{m11Th9 to hts neck, back and pelvis. alorNJ with a pcture(l lung, severed artery. he losl hair a kidney, damaged other organs and suffered vartous olher broken bon8S. Critical Care ParamedK5 Sleye and Pete treated and stablised Nm. befofe airflft¢'ng him to DerrifoTd for urgent onward ca. Ju51 before the year annivers¥y of his hxidgn( Lwig and his Iwn Logen walkgJ into ts awbase to thank St¢v¢ and Pete In person. Try saved ry IN8", sakj Lewie. "l be here Ihem 7hrylhwl LIn. so l am very grateful and thankful for their ser4ry¢e$. l aNvays donate in the Comwal Ambuknce [$.. YOUR CHARI . SAVING LIVES ' i A305 fjluseii &elwdbewnonsow -¢• Page 7
CORNWALL AIR AMBULJ)ICE TRUST IA COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 '1 wlll be forever gratoful. Five-yearrfjkl Jai was one of ts 114 patierts we were laskad to in Awust 2024, after b8xig inwJlv8d in a road traffic o)Ilision in Porthleven. He hJ been playing on his ¥cooler oulsi(k Tkni he was a¢cAdenY kr¥xked over. suffering a maicf. deep laceration to his head a8 well as 8 broken 8rn1. Jai was trealgd al the scene by the Conv1 Ak AMtce Cr bele beng awlifted to hOstal for onward care. He undeNMIt fai?al surgery and has since made a gC recovery. Jai and rrnm KrLzy visited t airtse Several mnlhs later lo thank Cnlical Care Paramedi Jeremy Will in pefson. Kizzy saMJ'. I will be forever gateful. because ¥ttn 're in that scary tuatI all you want 1$ someom who knows what there doing and can hdp. I'l be forever tyatelul for the tharrty, until you need il you don't reallse what an amar@ Ihing it 1$ to have.- CA8TLt 411• . 8os olusen, ow selwel bewnonso
CORNWALL AIR AMBULAPKE TRUST IA COMPANY LIMITEO BY GUARANTEE) TRUSTEES REPORT ICONT114UEDI FOR THE YEAR ENDED 31 DecEMBeR 2024 -It's a Ilfesavor, thore's no dwbt about that" Airfifted pat19nt John Sledman I{k on a 1LI( funtha1slj thalenge for Comwal Alr Ambulance in 2024. just months after suffering a heart attack in a reftte part of r)rth Ccrfnwal. The crew were tasked to help arKI after landirvJ in 8 nety fJ, they •JnMnislergd pain relief as well as carying out tests and an ECG. John was adifted straight to ts Royal Comwall Hospital for onward care whor8 ha had two stents fitted. Later in the year. John took on Runway Runaround as his way of saying thank you to the crew who helpad him. He walked Ihe entlTe rte and wa5 even p)ined by CrilKa Care Parnmedic Paul who cr0s8éd the finish lir ngside him. John sald: fomwan is ch a remote Flace. il is so dUl1 Ihe land ambulances to get to so marry placès where accidenls may happen. wilh(rt air ambulance I'm sure many people would bse Ihoir lives. or their outcomes from iryuries uild be far. lar IYS a Ifesaver. there's no thbl about that.. .11 30 Pw9
CORNWALL AIR AM8ULANCE TRUST IA COMPANY LIMITED BY GVJiAIITEE) TRUSTEES REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th• H•112 Appeal lun(knITr9 y•w The key l¢icus of 2024 for Ihe Furnlraw and Markeliw tewns was g¢nèrntion fof the Heli2 Apw41, aiming to rase £2.85million towards the ha$a of a seccffld AW169 hglicopiar. thyning an addonal high- specificatirm aircraft will boost Ihe chariWs resdiBnce. capablllty antl versatity, allowww Ihe acreW to attend more missions by air, 3654ays-a•year SeiCe. Umwnately. this wil help us to save even more lives acr088 ComwaH arKI the Isles of Sclly. The m•n app8al year fIssed on several fundralsing campaigns SpfillY catered for cuporale, community and irKlividual SporterS as well a8 ryr 5. Key highligh1$ induded Heli2 Heroes. where for £1Cw) supporters Could have thwr nomg. or the name of a b)ved one, feature(l in the chevrons on the base of the new alrcrdft. The Steppwig Out wipaign gavè local businesse5 an èxdusive opportunity to sponsor a slep for £1.CKKJ 'the pivot rwte to saving h'¥es'. that brings the ¢Tew from the oporalions wng lo the helipad. The Heli2 fvndraising year also inc4uded a SnMar r8ffie. oppclunrties to ld a misslon, ty ra181ng £5,000 and a chance f(Y SCI8 to get in¥ol4ed. From a content perspeclive. year fOse deveh)pNJ a serièg of messaging and visual cA)nlent lo accompany the campaigns aThl to highl1 why 8 second helicopter LS T lo otsr L4)eratlons. The Heli2 AFpaal will finish in wing 2025. with a to fvnd tho 1¢81 fft of thè alruaft. CornwallAir Ambulance
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CORNWALL AIR AMBULANCE TRUST IA COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT ICONTINUEDTr FOR THE YEAR ENDED 31 DECEMBER 2024 Support•r m•g•zln• r•4•slL The laUh of ts H¢li2 A#1 started ith a of the drIty. particdarty withln our prfnied and digital marketing matorials. giving us a fresh approach. Tho doan d8sign brings a more sophisticated look lo our contenL alk)wing extra space arournl sutlets lo make it more readatrAe and to provide a better user experience. A key part of Ihis was an 0vethl ol suter publlcatKJn 'AlrUm8', whlch Is sent oul three times a year to a database of 15.(th supwrtw¥. We moved this to a k3nds¢ape orientation wilh more of high-end magazwie feel lo L T was accompanied wlh a stear to (yerations-focLwed conlenl to help promote education and awareness of our wvi¢e a)d to wispire ow supp)rters. I'jr ¥1 ! steppiDgllltotbe" 1 62 to SUPPOrt - Page11
CORNWALL AIR AMBULANCE TRUST IA COMPANY UMITED BY GUARANTEE) TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Expan8lon ol vldeo conl•nt Throug1Ut Ihg year we have grtrn ow 8tWeliw Ily VKl80 nIeTrt. to help rai50 awareness of the charity's operations and to educate ajIenCS atKYrt our IrfeSavg service. This work has included evofviryj our YouTub8 Channel and growiro au(ence. with 335 new subscribers within a 12qrtonth period. We have dev8lop8d a new series caled 'Ops Shorts. which is a thjt showcasing parts of our specialist kit arKI operations. a 'day In the lrfe of series whith frkn (lifferent crew members and role8. and we have featurgd awafeness carnpan videos around t1¢$ suth 8$ road safety. This is all ith the alm to bring supporters doser to the fronuine of our mi8sions and li tum to generate •jat3nS. Ir Paga 12
CORNWALL AIR AMBULANCE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT {CONTINUED FOR THE YEAR ENDED 310ECEMBER 2024 'Slng It Home, a laun¢h One of th8 key He12 AFy8al caTh¥>awJns of th8 y8ar was the lawKh of very fivsl charity album. ¢alled '&NJ it Home.. The title Ik, a C(Yrish sea Shty. fealwed 10 locd artists and even one of our own Critical Cafg Paramedics. arKI involved recorrjing and producing thg SLMYJ at a bcal prTrJu¢lion studlo. This was accompanied by a fv1114.tra( album again feabJrw kxal musicians. s(8 with a p8rsonal e))nnèthn to the charity includiTr3 a f(xmer pient. Tho albwn rali8d the MUS rAThnmity acmss Comwall together whth gncouraged fundrai&ng and expanded our suptM)rter base. Local schools also got involved in a Comwall wmje compelibon to sing their school version of the headline track. The widespread sharing ol the album and all Its related conlent helped to generate fvrtr awareness and media attention around Ihe Heli2 Appgal, and our need for a second •rcraft. We were thrilled Ihal 'Sing il H(, rga¢hed numter 11 In the official UK digital downl¢k*l Charts. $lltiNJ rrtw attht httmaknI acdaIn baTrJ 'ColdplaY fi)r a week. li SING IT Pre-order your album now P&Je 13
CORNWALL AIR AM8ULANCE TRUST IA COMPANY LIED BY GUARANTEE) TRUSTEES REPORT ICOllnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Chrf8tfflas cam40n success of 'Slry it H(. $9gJed the 2024 Chris¢mas Tra]n. For tho third year in a row. we developed an animation in partnership wilh a kKal animation rJ)mpwy. Using th8 'Sing it Home. titl8 soa shanty as the sour¥JtracK it folltrwed the story of a y¢yJrKJ tw who wrote to Sants asking for a second tle0pIer for Christmas - wl¥ch Djuhj allow the c¥ew to save ThwJre people Idte his mother. The bgtter lakas a magical journey across Corrmsh landscapes and wrives in the North Polo The the efves get tsjlldlng the helicopler in their Workshop. st in time for Christmas. The anrned visuals wora us8d acros$ a wKla range of i))mmw)icab'on ChnelS induding xxial media, a knrfde raroe of printed materfja* brandlng of our'sing il Home. themed Carol Concert- also wsible ow reta shops. This Co7¢1d8d ¥Ath 8&ng the holfvvay tsrget of the Heli Appeal wtrIh generated extra inteTesL All (knnalions made over the feslive perlod were dwbled. thanks to somè very gemrous do1. aThl res in Ing1j in a total of £250.000 towards the Heli2 Appeal. Page 14
CORNWALL AIR AMBULANCE TRVST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Op•rallon•l P•rformanc• Comwall kn AmbUlae Op811c has contirnd its trend of w81Yj mechanical and pilot availability in 2024. Pilot avalabilty improved to onty 1% lost to traybing aThJ $knesS combined throughout the year. Helicopter serviceability has a150 improved markedty tfvs year wilh only 2% bst to technicd reason5 {from 7Vo in 2023). This conlributed to a 5% shift towords IlIcOPter1 Rapid Response Vehide pOnSe ralios (59W41 %). The Rapid Response Vehi&s have agan perfomd Ilawlèssly IhroughoLrt the entirety of 2024 wth no breakdowns. Whilst 2024 has had sim18r tssking levels to 2022. Ihis is down 10% compared to 2023. minring the 10% drop Sn Comwall t(risM numbws in the same period. The relativety pT weather in the 2024 summer season further added ts) Ihe thalww. with an in(xease of 6% to 22% unavailility due lo wfjatr. Category Vehicle Twy2f1445 274 In the area of Tecmical Crew mern (TCM) traing. CAAT contimm lo be a sector der wlth the vast majoiity of its Paramedics having Mpleted phase 1 of ts simulator trainiry tffogram for TCPA duties (left hand seat avialmin duties). Conlinuing to deliver the Comwau Ar AmLwlm fvture medi¢4 nKJel strategy mile$ton8s based on the independent review recommendations in 2024, fwst tranche of thr8e new Critical Care Doctor5 have been recruited and became operation81 vlth the chartty thls year. A further round of rgcwilmenl is planned in the naw year. We are on track io dellver lm tknor cover on the day shfft by the erMI of 2025. 2024 has contiwed to b8 a yew of cons('dation imwovwnents. Comwall Nir Arnbulanc8's biggest investment in the fijture to date- pla¢irKJ of the (xder for a second AW169 hglwpter. Th? work to SUPFWJI this, and the bespoke medicd inter)r due for ddivery Q12025 has continued. This wll allow us to off8r tha c8pabilili&s of th8 AW169 helicqJt8r all year lod 8ven during helicopter maintenance peric4ds. Not only does this offer us greater independence, increased 3vbilty. and consistery, but enhances safety through th• benefits ol onty operats.ng one thpe of lthotkn. This coming upstrft in Operati1 capabilty has dKaated that w8 have a matching engineering and Operatlng Certificate support pthge enhceMent Fmjt in FI. The contract was put OLrt for lénder to the wider commefeial market in 2024, and Cath Ar were 8w8rd8d preferred bi¢ier status after a ompreh8nsi¥e process. Tr thal ¢ontr¥t is to be signed and in rAaee 8> the second AW169 becomes OP8ralional in 2025. Pag8 15
CORNWALL AIR AMBULANCE TRUST IA COMPANY LIMrfEO BY GUARANTEE) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENOED 31 DECEMBER 2024 D•llv•ry of our MrvlG•s would not b• pos•lble wIlho th• ¢onlrllyJtlon ol our key p•rtrnrn: South W•st•m Amtwl•nc• Sorvk• NHS FwKlakn Try•t Cornwall Air Ambulance is part of a ful kntegrdted Te8p) to emergencies Cernll. fatylitatsd through Ihe South Western Ambulance servi NHS Foundation Tnjst. Tr ambulance service is contracted through Seryice Level Agreement for ts provision of a team of p¥andics dedicated to air ambulance operations, deployment on emergency missK)ns frryn Iheir Emergency CSnKal Hub in Exetor and the dinkal wvernae and oversight ofthe pared and doct(ws. Royal Cornwall NHS Tnmt IRCHD and Unlbw81ty Hospltals Plymouth NMS Trust ID•rrllord) The charity with a smal te of 4JoLtys io caThy out rol& of e(al)n SpcrfI physicians for th deveh)pment of speoalisl paramedic aircrew and lo uTrJ8rtak8 dinical shifts as part of the crew bfin9 SP8cHksl skills IwtKularty the provision of Pr&HoW Emwgw Anaesthesial. Cornwall 81ood Blk•• The Blwd Transfu0 Seplitx at RCHT aso suFoLvt the wrth the swjply of bh)od products for the seNce, which is delivered daily to arb8se by a team of ¥dunteer r4Jers. Integralod C•v• Board- NHS Cornwall and th• Isl•s olscimy There are wel docurnenled pressures on the NHS nalkonaly and h)c4lly. therefore doser workng relationships have been fomd auoss the knealltre cOmnIty. This ha$ reSled in greater IBvels of engagement bets¥een the charity and the IC8. supporb.ng heahhcare across the regn. Casth Alr Whilst the charity tr•ms the two AW169 t*Wtern, Casile AY opgrating license for the air¢raft and is reswnsible for the maintenonee of them. Oth•r key stakehold•r partnor4 InGlwh: Air 1banceS UK Bristow (Search and Res(xk Comwall Aiwirt Newquay CoMwl Counc Wlder emergency ser¥i¢e portfiers P¥16
CORNWALL AIR AMBULANCE TRUST (A COMPAMY LIMITED BY GUARANTEE) TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDEO 310ECEMBER 2024 Groundcr•w pl•y vltsl ro Our volunteers. kn¢)wn as GrrK1(w. cth Sup1 to Cornwall Air AmtyJlanc8. 2024 has seen our volunteer numbers remwn consislenl. wilh over 250 amazing POOFle giving up thelr time on a regular basbs. Our Grounthre team rmpje vilal suppxt within all aspects of the charity, from our rgtal stores. events, gmng laks and various tte$ wlhui the charity heaUarterS. In facL they assist Nl most aspects of the charity, apart fr(Mn the clinKo1 op8raiKMI& Helifesl 2024. our fvndraisiThJ fiagship evenL saw a tremen involvemènt by ow Groundcrew, as they interac¢ed with the thousand5 of visiirys atteThJed makiw it a fvn dty all. Our GrourKlcrew volunteered 40.T77 Ih)urs 2024. whkth equates to cost saving of £455K - based on paywig the minimum wage. i>er Ihe last three years, the amount of savir4J to the charity has been a staggering £1.2M, which is a testaThnt to the pgLyl8 VAK) are involved, and the twne Ihey are willirJ to give to the $8. Duriig the year ¥ atso re¢ognisad and ¢d¢taled a rnllnbèr of Groundcr8w who have vOnteered br the charity for over 10 yea. New Customer R•latlonshlp Manag•m•nl System Tho charlty has looked at how can k88p sUPpterS bgtter Info ab¢yJt (Njr dritable actlvilles and this year invested in a new customer rdationship rnanagemenl tool. to help keep supporters at the heart of eve1[¥) Ihat %Ye do. This the ttemal charity lears ¢Joser together. working over nine mth$ to do$3n and import data and implemant Ihe néw systam vthich In In ill help the charity to urxlerstond its doIS bgtter. Page 17
CORNWALL AIR AMBULANCE TRUST IA COMPANY UMITED BY GUARANTEE) TRUSTEES REPORT ICONTINVEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Fundralslngi cqwpornté. Communlty. InrfAvldua& Regular Glvkn& Coll•ctlon Jarn, Ev•nls & ch•ln9 During the HEL12 Appeal year. agennI with c4Jr $UpF has boen fuTrJamgntal to our firn¢la1 success. Three f$hip events saw over 6.OCN) SupperS engage wlth the charity (Alemative Triathlon. H81ifesl & Runway RunaT0d}. Challenges pky a fun part in our supporter calendar. wth Iwo SUes¥ful skydlve days, treks. and hkes. 33 buslness supporters joine(l the HEL12 Appeal and spsOred a 'step'. Communltles and Indlvlduals puhaSed 1,OCQ HEL12 H8roos enabling th8m to hava thair names put on the thevrons of our second AW169. Regular Glvern by 11%. A locus w placing new collection jars in sinesses throug1Ut Comwal and the Isles of S¢iUy saw a team of Groundcrew place 129 new jars a¢ross the county. Our ¢ommunlti•s engaged with their ¢Jvm evenis. and Some raised over £5,000 to 'Fund a Mi'ssion.. Our Groundcrew ¥olunteeTed ovor 1.1tM] Ir$ at 23 cOmnlty events. ralslng an iiuedib £31.879. Ptclure below:'Sleppkng OUV Campai Mr Donor Gmng and Ph#anthropy Fonun Our mw giving engagement is survxted by a PltY FonKn of CormvaN Air Amt4Jlance Yolunleers and Ambassad5. Thls small group ¥altle high net worth introdudtons to the thadty, byhlst dso arrang9 engagement arKI fundrain9 events. TIMS gro Sed over £350,IXIO dwlng the year. P•Je 18
CORNWALL AIR AM8ULANCE TRUST (A COMPANY UMITED BY GuAREE) TRUSTEES REPORT ICOPrnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In M•mory Glvlng We are defighted to thnrk ckxdy ilh th• [r direc0 tho cramaknia xross Comwall. This year we were thrilled to host the National Assoaation of Furwal Directrys AGM. vtherè thèy were able to me8t the crew and we leamt more ab( their ser¥iLW. We18unched a re of In Memory cdIecn boxes for the Iara1 ser¥ic8 and baspoke thank you cards and Seeded pap8r, so our supporters hOfullY fdt that they are at the ol our tharty. We offer a free seThice to create a trbute to l¢)ved ones: http$JleonYwatsrambulan¢otrUst.orgltritrIe-fvnd$l Logacl•s th• Gfft ol Hop• In 2024. our total irK(xne fr(ffi in Wls amnted to an inexedibl8 £2.8M. This vitsl incxMn8 supports our MIOn to delNer 88senti81 sérv and lif8saNryn9 to those in need. Legacy gffts are the cornerstone of our fanCIal stability, enablSNJ us to not only but also expand our op8ratKJn8. even amrdsl challerwjing ec(momic CAJndrticffig. Glfts In Wills kindly provide on8 Ihwd of the tharilrfs income. this a testamenl to the neroSty arKI forosighl of our SUP[er$. By I)dJ1j Comwal Air Amlwlance Trust in Iheir estate planning, donors le8 behind a profound and la51wwJ legacy. ex1Y pay-it-forward l¢)$ophY that makes a tsngible difference in countless liv. Those lega gjfts provide a reli8ble our IwdiTrJ. ensuriry we ¢an ¢xrtinue to serve nmunities effectively and compassN)nalely. We deepty gratghd to our donors who choose to leave legacy ol hope. ¢on¥assicffi. arKI genero. Trust and Grants Throuthoul 2024, wa were d8kghted to receive supyxt frDm a wide rarvje of grant-glviTrJ organisation$. We extend our heartlott tharth5 to the c(NJnty coun(alhNs. the local parish arKI tovm ¢ouncls auoss Comwall for Iheir C(lributiOnS. whi¢h are Mtal in lpIrj us serve residents and wsitorts in thes8 cnmUnities. Beyond Cwall, w& have been privileged kn receive support from Thjmercs generous orgarisations that havè helped fund new training tscilties. equipped our crew wilh essential kil, and, some cases, provided match funding alongsid8 other donors to amplty the impact of their grants. Wlile somé supporters prefer lo remain anonymous. we are pleased to wtAldy acknowledge Ihe generosty of the followrng organisalns.' Alr Ambulances UK AAUK -CH 1971 charitab Trvst Bamford charitab Twst Bears Down Windfami (Nad*al Th8 HELP A Jack50n Will Trust Rosamund8 Pilther Charitable Tntst Sr Richard Sutton Ltd. and Sir Dad & Lady Gay Sutton The Van Den Be h CharitaNe Trust The Calleva FodatiOn Tho Charles & Camilla Park Charttable Twst The Dra ors Co an Charitable Fund The Exc81 FuThJ The ()Jinian Trust The Grace Trust Gl n Valle Crematorium The Steel CharitaL Trust Benev n Chari Cazenove CT Church Trust Cornish Ma50nic Foundation and L Masonic Charilable Four811( Eccle5iastiGal Insurance rtM)vem for Good Gave ain Manor Fam Help Appeal - County AmtlanCe ROsamld8 Pilcher Charilable Trust Th& Rodwa Charitabl& Trusl The R 81 Warrant Holders A$¢lation C Thg St Aub n FLyJndation UK Onlna Givl F(ndalIon United Charities of Liskeard Pag8 19
CORNWALL AIR AMBULANCE TRUST IA COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 310ECEMBER 2024 Parish and Town Councils.. Breage, Caff1101, Cranlo¢k, Comwal Cwnclkxs Community Chest fuThJ. Crantock. Crowan, Oobwalls, Forrabury & Minster, Germoe, GurwalA)e, Geek, fywinear - Grfthian, Hay19, Jacobsl¢)w. Laneo$t. Lanreath. Launcells. Looe. Ludgvan, Mamacan, Mor4Yenstow, MullK)n, Pelynt, Pdpeoro, Sgnngn. South Hill. Sl Allen, St Austell Bay. St Austell Town. St 8uryan. Lamoma & Pwl. St Day, St Dennts, St EndellK)n, St EnTrJer. St Gennys. St Issey. Sl Keyne & TreviYland, St Mart"n by Looe, St Stephens by Launceslon Rural Parish CoulK. St Teath, Sl Veep, St Stithians. Trevalgj, Trpsrnor. Trum. Warbstow, Wendron. Their unwavefing supwl eftab us to o)nlknue del1vw1 Ifesaving 8er4ices and bLMlding r8silienc8 ithin r communities. We are deeply grateful for th[ contrilyjbons in 2024. Lottery At Comwal Air AmbulanL¥ Tnrnt. ow cyJmrnitsltI to transparenty. aCC4)u5ty, and ethical fLndraising practices is pawnounl. Therefce. V+ have partnered wilh Lottay Fundraising Services Ltd ILFSI. a trusted 8nd Gambling CommisSn accredited to mana9e OLf lottwy operations. Under the dligenl supeM$on of our team. LFS ensures that ¢yJr lottery ivity"e$ adhere to the highest standards ol Complian aThl integnty. We IKJ (warterty corrYance meetings with LFS, conduct r8gular reviews of canVaj activits. arKI provide comwehensr¥e ind5 lo our charity and branded unlfomis to OL¥ dedicated ¢anvassern. We are thrilled to announce that folkMir¥J a successftd recnitrMt campaiw, we have welo)med new canvasser5 lo team. These inthviduals makirwJ a posili¥e i•)wt by eng•Jing with our l¢X CommurlieS and SpadIng awarews about tha vital work we do. We woukl Ilke lo ext•nd our grat•lul thkS to 4)u¥ loyal lott•ry plr8. Ckne in four missiorts are made possible thanks to Ihe increth byalty d our wkiy lottery 8nd sup8r (traw playors. We hekl the charity's firsi'super Dra¥K on Ihe 281h March thi5 Taised a net £43.406 with thanks to our loyal SporterS Increased their play frryn £4.34 pw to £5 y m(xrth. Loitory fundraisifvj Is regulated jer I GwnblwvJ laws Fmdr8isirKJ Regulator Codes of Practu. The Gambling Commission approved pers1 licenso hohJBrs for th8 charity who are the Head of Stralegk Givlng. Debbie-marie Henshaw. and the Chief Ex•xthe fficer, Tim Bunting. The drity holds quarterly compliance ffleeting5 iih the knttery fundraising OFW8tor and undertake5 revbews of canvassing a¢ivities. charity team 0¥Ie an to Comwall Ar Arntlance and the brand8d unifomis vknilst LFS provides th8 trnIng of lundraisers enwd directly in corrwnunicaling y the pul1¢. We are ts)ntwiualy SeekY way8 to wnprove our (YwiTr3 delighte(I to r8POrt this year that we have enabled people to play the by styirvJ w (mline Ihe link Is sl. nu Fundrnlllng Promlso The charity adheres to the very hits slarAlwds in dorw care fundraiwng ccfflplanca as sot ¢wJt in tho Cod8 of Fundrain9 Pradiee. cornw Ak Ambjance Is reglstwed Ihe Fundraising Regulator aTh agrnes to ensure its fundraiswvj is legal. open. hones( aThl respectful. The tharivs own fundraising womSse outlines the lxrnnts9Trt il makes lo donors a1 pl11¢. and togelher wilh Ihe Complaints Pdicy and th8 Comnwnications arKI Privacy Pdiw. can b• f)d tho Ctynwau Air AnkndanL¥ w8bsit8. Page 20
CORNWALL AIR AMBULANCE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (CONTIMUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 wa$ onoihér suec8sslul year for the felail dwrity slw. Foknryng the dosure ol the Truro shop at the d of 2023, thi$ left siK $hop$ plus the online deparlrnent trading thfwghout 2024. Remarkabty these six 8hops plus online still managed to grat8 £1(M)k rrKy8 inc[ than 2023 of £1.4 millic. Gift was a big foeus for thè rotsil slces in 2024. IIMS generatad an &ldilK)nal £64.3k through daims. Th8 charity 5uccessfulty reopened its W&lebrhlge store kn a new premlses kn September unveilirvJ ts new shop concept. The idea behind the fresh new concept was to treate a more modem and inviting shopplng envlronment for ujsiomgrs and arwj to make Ihe WnIe8T1j expen¢ Te indusive. f981 and look ol the shop was created ttrwough lThJ industrial aesthettt 8rMI natural ffnlshes, feature displays and llexbilty. Thg St(0 dn a0 cc¥nnKwtos its w personolfy unwlue to its locality. Fwthermore. th8 CW sUred a new 18as8 in D8c*mbar 2024 for tha oning of a new store In Launceston In 2025. We are very fothnaie to ha¥e over 180 ¥c4untew kvKIty 1r time to 50rting and preparirKJ donalions and helping lo provide a wwm wethne to al our customers. wlhout them. retal bwuld not acCOlbsh Ihes8 incredible rasults. P4e 21
CORNWALL AIR NM8ULANCE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES REPORT (COPITINUEDI FOR THE YEAR ENDED 310ECEMBeR 2024 OUR FLITURE DIRECTION Opw•tlonal Exc•llen¢• wrth a new aircraft due Into swvlce in nNd-2025 recruitment of addrticffial ¢linician$ onto the base, we are 4)praising thé most effth ways to deliver wr service arHI spd(as in d8mand but also how the Le of t8chnolc4Jy can h in service delivery. We contrne to woth rylh the ROW Comwal Hospital Treliske to improve Pat transfer times hdyad. Exceptlonal Supporter Engagemwrt With th& introductKJn ofa secoThJ a¢raft and rising ut8. we need our supporters morn than eT - however. we also want to enswe arKI exisiwig dor$ feel wt of the t&8m that ultimatety delNers the lrfgsaving service they support also any knds that used to generate nLyJme arn invested wlsely. Hlghest lknllty Intelllg•nc• •nd In•lghts To support our Strateg pls. and to ensu c4n do most the mosl are tharyyioThng lechnology lo support informed decision makin9. th11St 0 ensurwvJ tiansparency in all we do. Th• 8••t P•opl• As a growng charity. we wani to allrncl the very best slaff aThJ volunleers - Tr¥es depend it. We have therefore made a prb)rity to enswe Ihat Ihe best welfare and lIbeing SUP is available to all and wg conlnue to ¥ivest our tAvkin9 to wKourage th¢ next 9enarallon to Joln ow mlssM)n. Our Thanks To our supporters They have raised Ihe vital fvnds rded lo keep C1 Ar AmlxAm resronding to emergerleS 365 days a year. The charity w0j liko to èxtend ils hèarf&l to 8Y indithA, and community lundraised, hgld an event. took on a challenge or p)pped a penny in the pot for the charlty - It all makes an enoMK$ difference. It also exteT¥Js its thkS to all GrouTrJcrew, without which the charity could not conlinue to provide a bfesaving sen•ice lo Ihe pewe of C¢yTrA71 and th¢ l$ ¢rf Sdty. A final thanks to Comwal kn Ambulance's Roy81 Palmn Her Msty The aln, President CO101 S Eard Bolilho KCVO OBE and PresKlthrt Baar8 Sharpl88 MBE aTrJ al our dgdicated Page 22
CORNWALL AIR AMBULANCE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (COMTIMUED FOR THE YEAR ENDED 31 DECEMBER 2024 F114ANCIAL REVIEW In¢om• The result for the calendar year 2tr24 Was a tota gross cOme of £8.6M a net ncrease in furKls of £0.8M. Mngi)g the total assets to £27.2M. 2024 reswnts the Ihird conseculive year wilh an Income of nearfy £9M even exduding the one off £2.5PA donalion made n 2022. This nsiStenI funding reflgcts t credible dadication of our supporters and thnors. wh) conlinue io contribute despite the challen9lng cost- of4ivin9 Situation faced by many households. We express immense gratitude for the unwavering support from bolh the Ictal community and beyd. The pmcipal sourcs of Clne ar8 shcNm lurlher d8tal in th8 fmanual tstalemnts under notes 4 and 5. Income type Donations L6M 1.6M Legacies 2.8M 4.7M Grants 0.4M 0.3M Lotte ry L5M 1.4M Fundraising Other. 1.9M 1.6M 0.4M 0.4M TOTAL &6M 10.1 M 'Other IncyJme iTrJudes bk interest gains on wWestsnts. The results are for the group. whlch IludeS the tharws wIllY owned subsidiary CA4T Trading Ltd. The trading sub5Jiary caleS cwt varnus sp150r.p acbvRs. ith profits being Gift Aided to th8 charity. so Ihat no corporation tax becomes payaL4e. Page 23
CORNWALL AIR AMBULJ4CE TrUST IA COMPANY UMITED 8Y GUARANTEE) TRUSTEES REPORT ICONTIMUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Exp•ndlturn Tho total expenditw• in 2024 was £7.5M, c£#npwabkn to th8 £7.6M n 2023. The provi5Th of Air Ambulance Servi¢es tolaled £5.7M {75% ofexpenditure) the remaini £1.8M {25%) invested in 98nerating income. EXPENDITURE IN 2024 PAOVISION OF AIR AWVLAPKE 751 The fireS In the rclIdate(I statemwt of fmarKi* alieS ts expenthfvire on "Ralslng funds" and 'Charitable actie$. Inde alltxation of tse 8WOrt costs. Tho bosis of this alocation is shown below Tradlng Subsldlwy The tharity's trading subsidiary fA4T Trddw Lwniled" o)ntinu8d its acbvits5 2024 fr¢us58d non- prirn purpose actNtties. primafity commerLial s[ship. and commwclal arrangements to raisg fvnd5 for the parenl charity Crynwal Air Ambulance Tntst. The tradiNJ company ddfvered an coerating profit of £62K In 2024 wlith was d(ated to the drity. P24
CORNWALL AIR AMBULANCE TRusr (A COMPANY UMITED BY GUARAMTEE) TRUSTEES REPORT (CONTIMUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL POLICIES Resgrvfj• PollGy The Trustees have estatrAIStd a Reserves Pdicy to enswe conliiuat)n of the air ambular0 ser¥ic8 in the event of a 8hortlall of ¢cne ov8r eXPeIllUr0 in arby Or year or if a major funding stream stops abruplly. Th8 reserve lev8ls have been set to be sufficient lo Ix)¥er day to day actswb88. cover unFlann8d emerg8ncy repairs and rest1 to Change and opportunty. The reserves polty 18 fomially reVWed by the Truslees each year n line with the Charity Commlsslon guidanc8 "Chwity reseNes.' bLnldirKJ reslIe CC19". At the Decemtr 2024 board meeting the reseNes p)licy was reviewed and havir¥J tsken ant of thé risk ani8. primanly financial arKI oparational. the obability of losslretlu¢tion of incom? generakn. Ihe extent of the contractual commttments for the tsourced helcopler services and the need lo meet th8 challenges asscwiated with lh8 procurement of the new hdicoptsr. tho Trustees concaKknJ that a minimum of £2.65M free reserves shoLld be maintained. Thi$ reseryes poly will be s¢t to further review during 202S incknling consmlering Iho operation of a s8c4)nd helicopter. At end of 2024 the dwritrfs total assets ThWO £27.2M {wtsased from £26.4M In 2023>. which were made up as follows: RESERVES IN 2024 ReHriaed Fixed Assets. 013140M and rbse xed A5WS IiY• Puffha Fw 35% The resultsnt free reserves of £6.1M is above Ihe level rewred ¥) Ihe wjreed reserv8s pdicy. Page 25
CORNWALL AIR AMBULANCE TrUST IA COMPANY LIMITED BY GUARWITEE) TRUSTEES REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Mat•rfal Inv•slm•nts Poll The charivs investment powers we govwrd by the Charws Aftid88 dA8socialK)n and pgrmit the tharivs fvnd$ to be wivested in a wide range ol assets. The Board of Tntstees 18 reskYXl8ible for setting the investment policy has delegated the ongoing Init0g lo the Fnance subcommittee. while Quilter Cheviot provide disuetionary inbtslmenl and eash management to the charrty. The chadty's policy remains lo instruct their advis8rs to operate within risk par8m8t8rs lo s8re rgasonable invgstrnent In¢ome and sustn rKrfJernte capital growth. The held investments on 31 Decem 2024 ith a mket vahje of £2.68M {2023: £3.3M). This rell8cts 8 nat unrealis8d gain in th8 wttolio of £102K WMI a withdrawal of £831 K in Q4 of 2024. The investrnents are held as part of tre charity's free reser¥es. IrKome Irom Ihg portfollo 15 pakl into Ihe thariV¥ bank acCot on a quartthfy basls. In 2024 the tclal reallsed IKome was £201K tx)mpared the previous ar'S inc4yne of £101K. The investmgnl portfoWo is k1 in a G)b Inccffie & Growth FuThJ for Charthes. mryed by Quilter Cheviot. Thls funds wivestment c&ieciNes a idenlical to I1)se of Ihe chm with reduc investrn8nt management fees. The fiJnd has reduced in vahje in 2024 ¢Je lo the withdr8W81 of £831K l¢yNards the pwthase of a se¢oTrJ helicopter. Overal. the lund has demothted a moderate caMal growlh sinc8 bts initi81 inveslment in 2017. IA%slment Value. (un1e IOMe rJ The chwlty also IKlds dOwlts 01 £8.8M w¥ch are hekj at UK rewlated bkS and other ¢a$h and inveslment accounts. FInan41 H••llhlGolng ¢onG•rn Global uncwta•ity and Inllaknay kyesswes I4qve er(Ye41 real knc(Knes thich has nev1blY had consequences for th8 charity. The charity has a strong resaNe$ positM)n abng$ide dolailgd finanaal monitoring giving it the ability lo ts) cMditiMs. Addiiionamy. thé charity has dNerse income streams, continued community sp(rt aThJ a strong luturn inrne FiP81in0. Tho purchase of a second hdicoptsr h) 2025 has been fvlly costed and measured aganst the Chan$18Ve1S of cash, Ywestrnen15. and fro0 resorv88, giving th8 Trustees a reasonable 6xpectation that the charity has adequate rUrCeS lo G<)ntlnu8 in operalional existenc¢ for the fmeable future. For this rea$. they conti1 to adopt the going concem basis in Fwiaring the finonGia Statnts. Further dgt* rggarding the adoption of the 90iNJ concern basis can be louTrJ in the Accounting Policies.
CORNWALL AJR AMBULANCE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 STrUCTURE, GOVERNANCE AND IAANAGEMENT Constithtlon The dwrity arKI the grc4rp are registerwj as a th•le ¢ompy limit by gu¥antee and was set up by a Memorandum & Artid8s of Assooation on 24 Novembgr 21))9. The charity and th8 group are coThstii und8r a m8rTXUrn & Arttdes of Assoclatlon dated 24 November 2009 as amended by Special Resolutions dated 31 2014. 4 2018. 15 April 2025 and is fegstered chity number 1133295. Boarit and Comrnitt••s The Trustees exerc18e govem8nce by meeting as a Board quartety throughout the Y to rewew strategy arKI performance. ovgrs¢e risks orMI ¢nwe that the dwrity tonwies wlth all legal aNI regulalory requirements. The Board Is supported by four norpexeculive led cA)mmittee8. Finance and Investrnent sk and Autht HR and Remuneralw)ns Operalons Method• ol appolnlm•nt Or •l•¢tlon ot Try•t••• It 1$ the Trustees, aim to ensure that an approrrtiats of thls aY¥J experfence 55 maintain8d on the Bowd of Ttustees. Potentia Trustees are invited to wly open re¢ruitrnent prcrtesses and are intep4i8wed by exlemal non-executive recruitrnent $peualists a1 a Committee of the 8o¥d vtho assess their suitabilty. In 2024, the Trustees made changes to Iheir GovemiTr3 Documenl relatir¥J lo Ihe r8appDintment of Trustees completing their Ihird tem) of servke. TINS amendm1. appyoved by the Charity Commission, permits a Director (Trustee) Wt has served nine yea. to be re4ected for one fixther tenn of one year by unanimous agreement. This change to the Govemir¥J D(ment was made lo provwje full flexibllty reduce Iha risk of losing a director with key expertse al the wrong TrMentIring evomng strategy. Palle$ adopt•d for th• Inductlon MI tsalning of TnMi••s Th8 charlty provKles a lul inthction programme for new Trustees. This iId&S providing Trustees with an organi5ation email address and acce to a dedicated Sh8p£nt site with chty information and financial dats. From time to time each Trustee can attend trainiThJ and Irustees nething events, days CDvoring aspects of go¥emanc8 and trust8e respon*ditigs Iding trainiThJ V•ith S¢AxetylNCVO kn London and localy based experts in the charity sect(Y. OrganlMtlon•l Stru¢lur• The Board of Trustees delegate the day to day nmnwYJ of the charlty to the Chief Executive Officer. The organi5ational management 15 delegated between seven dhstinci arpas of work. Finance Business Intslligence, Operalions, Marketing. FuNJraising. Strategic GMl¥J. People and Retail. Each department has manager. vho forms part of the Senmy Leadeip Team rekxithg directly into the Chief Executive. This provides dear lines of comnwnicatK)n arnj resthence within th8 organisat1(. alk)wiTrJ for future investment and potential gnJwth. as well as thvebpment. Tradlng Subsldlary CLYnwal r Ambulance Trading Limiled. is a Wh vwned Trading Subsidiary of the main charity, Company Nwnber 10227352 8nd the Directors of th8l company are th8 ChiBf Ex8CUtNe Offic8r. tho Head of Finance & Buslness Intelligence {Coffyany Secretary) and three Trustees I1(ring the Chair of the Finance Committee. Trustees have corY6idered the fDr an irKbBpenderrt Directc¢ of the Trading Corpany but whle the P4e 27
CORNWALL AIR AMBULANCE TRUST IA COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 trathng aclbvlty remains miThmal the ¥thil remain as (rrnty app)knted. The Directors of th8 TradirwJ SLthkliary are dear on th8 reqwemwt to aci in lh9 interests of ts wnpany maklng de)n$. Schgm• of O•l•gatlon A Schedule ofdeleg8ted authrty. sei by the Board ofTntstees. ty)vems the exlenl to thich policy dèeAS18, contracts. purchasing, salarSes. payments and olhgr key business decisions can be mad8 by the Senlor Leatlership Team WKI Managers, induth"rvJ corth)Is for very trigh level d?lon5 around ¢ash management and invgstmnts where the Board itself has u.Mate conlfol. The schethle of delegated authority was up¢Jated and 8pprov8d by tKwd of Novents 2023. R•gulallon The charity is regulated by the Chty CoTnmi58ion as a regisled chty by the Gambling Commisslon for its lottery and raffle adivities. The dlIty also paid ils voluntary to the Fun¢aising Regulator. The charity is also registered ith the Informakn COMM 0e &)mpli8s wh tho Data Protection Act 2018. Rl8k Managem•nt The Tntstees have assessed the Major risks to whtch the charity and the group Is exposed. Who is related to Ihe op8rations and finances of the charity the grow and are satisfied that Systems and procedures are In Floce to Thwbgate our exposure to the malor risk& Comwall Alr AmbulaTrx Trust cywates a Bod leNTI Risk aThl Autht Conwniitee, whlch meets fow twnes a yoar and pts to the Bo of Trustees. Flsk rnanwent ig a fundamental 0ent of tha charity's business Strategy on all levels and enc9$8es ¢fferenl types of risk. It 15 lhelOre an integral part of the buslness planrung arvj eontrollng processes. The commlttee has resp$bI ky ensuriThJ the adewacy of flsk Memen( inlemal control. and govemance aangements the inW8menlation of a strategc plan and p)liaes of the tharity. 11 is also responsible for reviewlng the integrity of the anwal rewt aThJ financial statements. FollowAng the annu revw4 ol recent the mw risks ¢urrentty faciry th8 charity have bean identified as.. Natur• of Rlik Reduced avaikbility of primary airryt (urntty G-CRWL Helicopter Lanthng Pad at Royal Corml Hospitsl Treliske RCHT CyberAttad( An additional airuaft wil be delNertrJ in Q3 2025, and a new maintenw Engagng vrilh the RCHT he&pad w(Ykiry group and kay stak8holders to InVeStn in security wrfraSre indJ19 Staff and vcnteer trairmn Work Colaba 71th the Intwaled Care Fai?lity. @ncoiryiry regular and feethack ¥hh dinical teams. Isles Of S•- ability to supp)rt the island communi and wsito Achieve InMe lo support u 1ft In our seNce lavels. Clinu• reyitrw aclivitses. Erth9 diversity of in¢om8 str8ams to ensure goals 8re m8L Inv budfvJ WKI fueCastl Invest in digilal
CORNWALL AIR AMBULANCE TRUST IA COMPANY UMITED 8Y GUARANTEE) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Al risks identif1 by Ihe Chty. Ihe above w risks are (¢bilK)USIY moniloTed arml sigThfi¢ant management t¥me is invested in mitigating these k) minimtse ts probabllity of ocrJJrrence and potenlial impa¢t On the ¢harity ifthey were to occur. Pay Pollcy The w8$$ of Ihe chlty is laryely depeThJent on ils e)ility to att1 relain talented stsff. wilh appropriate Skills. who share its core values and pa5sKffl knthe cause of saviNJ INgs. The charity is therefore committed to inveSng in Its peopl8, both from a remuneration beffitS perspecbva and n temis of their profe88ional and personal develoFthenL The tharity's remuneration policy aims to ensure that sdarie5 refleci the knowledge. skills. responsibilities, and personal competencies required for the salisfactory perfornan¢e of each role. Sdarie8 are reviewed annualty and benchmad(ed again8t Ihe chwity sector kxaly and regionally. We want lo attrart and T?n thè vory best talent- c¥eating dear e•eer pathways for our staff ieams who are vital to ensuring we can operate to Ihe IvJIt slandath. Racnitiry in some areas ofth8 tèam has dIffilt at Imes, since Comwall has traditionalty had lower salaries than olher parts ol the UK tl dèmand kn some skAsets ha$ been high. In 2022. the board agreed to ad1 the Real Wage foundati co1trn8nt to paYg staff equit8bly. V40 have also ¢realed c8 pay sc to encourage develownent different aws of Ihg organisation. Salaries of Ihe Senior Leadership Team, incknlin9 lh8 Chf Exe(xrtive Officer are reviewed annually, based on performance. by the HR & Remurratw)ns Committee before beirvJ ratified by Ihe Board ofTruslees. Senlor ExKutlve Pay Dlsclosur• The charity acknowledges the reConendatI(mS of the Report of Ihe Inquiry into Charity Senior Executlve Pay and Guidance for Trustees Setting RneratIOn by the UK National Counal for Voluntary Organis81ions INCVO}. The inquiry adVateS greater tr*spareney. the charity recognises and 8c¢epts those recommendali(ms. As a resulL the charity [O¥1@S detals of lh8 number of staff whose remuneration is £60.OW or more. in salary bands of £10.W), and uikn ratsos lo help determine senr exeDJtive pay. The charity is c0nYnitt to openness and tr¢Y w•)r pay wll continue to keep this undor Fun(ts h•ld custodlan Thero are no fvnds held by the charrty on behaKof charity or woject.
CORNWALL AIR AMBULANCE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (COPINUEDTr FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITES Th8 Trust8es (W are also the direct5 of the fof Ihè wrpthes of eonyny lawl are responsible lor preparing the Trustees. report and the financial statements in accordance with appllcatrAe law and United KiNJ&)m AcwJnI9 Skythrds (Uniled Kiny Gewally P£cepted AcCnI Pfadieè}. Cornpany law requires the Trustees to prepare fknandal statements each finanoal year. Under Company law the Trustees must not approve the farjaI statements unless they are satisd that they s•ve a true and fair view of slate of affars of the woup and the charity of their in¢oming resources and appllcalion of resources, including their iome and exwKlitwe. for Ihat WKXI. In preparing these financial 8tatemnts. the Trustees are requlred to.. Selecl suitable LoUnt Fdicies then apply them conSiY Observe the methods and winciples of the Chavities SORP {FRS 102) Make Nidgmnts and accounbng estimates that ¥e reasonable and prudent stste whe1her applic8blo UK Acownting Standards IFRS 102) have b88n lolo%d. sul¥èct lo any material departures disclosed and explalned in the fincIal slatements Prepare the fmanL>al Statements on the corKem basis unless it is Thpprowlale to presume that the group wll continue in business The Trustees responslble keepknj adequale accowtry records that are suffiryent to show and explain the group and the thwity's tranSaOn$ and discbse re8sonat4e accuracy at any time the finandal position of th8 sroup and the dwity and enable them to ensu that the fmandal ststements compty wth the Companies Act 2006. They are also responsible safeguarding the assets of the group and the charity hence for tsklng reasonabk steps lor and dete61K of fr&d Olher irregularilies. Dlsclosur• of Infornwlkn to Each of persons who are Trustees at the tWTE Th4w this Trustees. lert is 4)woved has confmied thaL' So far as thal Trustee Is aware, there is no relevarrt &Klit inlornmtion of tthith the charitabbe group's 8ud6tc ¢ unaware. and that the Trustee has taken al the steps Ihal outht to have b8gn tak8n as a Trust8e to awwe of any relevant audit infomiallon and to eslabllsh that the charitable groLV'S audito are aware of that infomiation. Audllo The authlors. Bishop FlemirvJ LLP. have iThcale(l tsir wy)ess to ¢ontw1 in office. The dèslgnated TrIlee5 wil a rnappointing thè alitorS at a m88ting ofth& Trustees. stees, Repo mY dire tiThJ a stra W was apwoved by ordw of the Board crf Twstees. as on its by: Ihec MrDR Chair of Dale.'z7 P*Jè 30
CORNWALL AJR AMBULANCE TRUST {A COMPAMY UMITED BY GUARANTEE) INDEPENDENT AUDtroRS' REPORT TO THE MEPABERS OF CORNWALL AIR AM8ULAMCE TRUST OPINION We have audrt8d Ihe cial slatemonts of Comwal rAThIanC0 (th8 br6nl Chaiitab corrwnrf} atk its subsldiarios {th8 'wp') for the end8d 31 D8(mbgr 2024 ¥thich compriso the Consolldated Stat8m&nl of FThnual AC11{leS the ConsolsdalJ Bnc8 SheeL the Charity Balance She81. the Consolid8tsd Slalgmenl of Cash Flows and the related notes. a summary of stgnificant coUnng wllcles. The fin8nryo1 reporling frarnewk that has b88n appliad in their wopwation is applicablè law United Klngdom Accountir Stsndards, IM4uding FlnarKaal Reptry sdard 102 The Financial ReF&¥ting Stwthrd applicable In th9 UK and R11¢ of Ireltt (United Kwydwb Gemraly ePted P4xountiNJ Practice). In i>ur Opini the financlal ststeMts'. give a truo and fair view of thè stats ¢rf tr Grw's arKi of the parent charitsbl8 companys affairs as at 31 December 2024 and of th? Group's ))nr resources and aFplicatw)n ofwurc8s. Its Incom and expendittre for the end&J'. havo b8on pro wepared in wtth United Klngth)m Genor4y Apted Acts)untlrKJ Practi¢e,' and have Lwn prepared in acCtse with ts reqwrements of the Companies Ac 2LY)6. BASIS FOR ¢INION We ¢(ducted our aj(( in acCoanCe with IntemalirM)o1 ndards on AuditiNJ {UKI (1s (UK)) and applicabb& law. Our responsibilities uer thos8 slandards are further described in the Auditors, responsibilitie$ for ihe audit of the slatements seclion of our TOrt. W8 are independent of the Group In accordanc8 wth the ethirAI requirements Ihal are relevant to r alit of the fmancial statements in th& UnStod Kingdom. includiThJ th8 Finanal R8porting Council's Ethrcal StaNld. and have luifiied our OT ethical responsibililies MI accordance these requirements. We belthry thal Ihg 8JnC8 Wo havo obtsn¢d is suffknent arJ appropriate to providé a basls for ow oplnlon. CONCLUSIONS RELATING TO GOWG CONCERN In auditing thè finanual statements. we have conduded that the Tntstae5' Use ol the goirwJ Eon¢em basis of 8ased on the work we havo pothymed. we have not NIentrf a)y malerial uncertainties ralating to events or condillons that. indmdually or cg)Il&tiYety. may cast 8KJnificant doLIA on Iha Group's or th8 parent charitable companvs ability to Con'nUe as a goiNJ cTh)cem for a perk)d of at 18ast tth months from Ihe financlal ststements are auth)rls8d lor iswe. Our f0sF451bdltleS and the re¥m¥tslities of the Tntsiees iih r88PeCt to concwn aro d8scrib8d In th8 relovant sg¢tions of this rep( Pag8 31
CORNWALL AMBULANCE TRUST IA COMPANY UMtrED BY GUARAp¥fEE IMDEPENDENT AUDITORS. REPORT TO THE IEMBERS OF CORNWALL RlI8ULANCE TRUST (CONTIMUEDI OTHER INFORMATION The 0th8r informalion rMprIseS the inlcrfmTh induded in the AnThl Rep(xt 0th8r than the financial statements and our Auditors. Rèwt there. The Trustees arn respmth for thè 0th8f informathin Cl21n•d wilhin Ihe Annual Report. Our op6nion on Ihè financ4a5 slatsments does not tha other Inf0MtIon and, except lo the extent othprY4i5e expl1 in our report VIP do not exwoss any fom) of assurancg condusion thertffi. Our restKJnsJility is to r8ad Ihe ¢)ther infornia11 and. in thing so. r#Jnsider whethor th8 other InfOnnaOn is malorialty nl$l$lt wth Ihe fwwcial SlatentS or our kno%edge obtained in the urne ofth8 . or othemse appears lo be malerialy n¥5sLed. If we wjentify such material 1C$1$1tncieS or apparent material misstatements. we we requyed lo determne vthether this gives rise to a rnalerial misstalwnont wi the financial statements themselves. If, the TAe have perf0m, * CClUd• that tham is a material Hsstalement ofthls other InforMaU. V•P are rgquknd to report thal fact. We have nothiThJ to rert n this regwd. OPIMION ON OTHER MAThERS PRESCRWED BY THE COMPANES ACT 21106 In our cp1rMc. based on the w(Yk urvjerlkn In Ihe ofthe the infcfmation giv in the Trusle88' Repcxt for the fww¢a81)ar lor th1¢h the firwl stateffnts are pwpared Is nsIStenI wilh Ihe finarKial slatfjffts. Ihe Trustegs. R&port has been wopwed in accryda1Ih ¢ablegal reqLem8nts. MAThERS ON IYHICM WE REQUIRED TO REPORT BY EXCEPTION In th8 IwJhl of our knedge and undetstandirwj of the (xryY and Its envkoM)ent obtalned In Ihe fAiurse of Ihe audil. we have not pjentrf mthial in the Trust, RoF#Jt We have rrf)IhirwJ to reyt resFeCt of the ftikMiThJ mattets th Ttlalion to comp18 Act 2006 reqre$ us to report to you rf, in our opini¢Jn'. the parent charilatita comwry has kept arKI suif•xrt accthmting records. or returns adequate for our audit ha not bewb recved from trfanches not visited by us.. or the parenl thltat4e coryany fwwKlal Ststernts not in aeent the aeeounting records and retums: or ¢ertawi dL8dowes ol Twstee8' sp•ofied ty law aro nol m&le" or we have not reCd all the irrfofflwbon and eypknlJns requwe for cw awjit. RESPONS181ufiES (hf TRUSTEES As ex$nod futy in the TnJste6¥ R6sp¢thlits Statthnen( Iho Trusteeg {who are a180 the diroctors ol the charitabl8 oJmpany for the purposes of CoMpY lawl are resFthsiNe for the preParan of tho financial 8t8lémenl$ and for being satisffied that th8y a truè fair and for suth intamal control as the Trustees detemiine Is necessary to enatrAe fv prepara of financial stements that are free from rnaterial mksstatemenl. whthr duo to fraj or grror. In preparing Ihè financial statements. the TNstees res1b10 for 8s5ossing ts Group's and parent charitable companls abllty tt) c(mllw& as a g(ryJ wicem, ithsclosln9, as applicable. matters related lo going cem and usiNJ the going CO basis of ac¢cwtir¥J wless the Trustees either intend to IN4UKlate the Group or tho par•nt charable rynyor to cease opera11. cff have reali51ic altemative bL* to do so. Pag8 32
CORNWALL AIR AM8ULANCE TRUST (A COMPANY LIMITED BY GUARlTEE) INDEPENDENT AUDoR8. REPORT TO THE MU18ERS OF CORNWALL AIR AMBULANCE TRUST (CONTINUED) AUDITORS. RESPONS181LITES FOR THE DIT OF THE HNANCIAL STATEMENTS Our Obje1¥e$ ore to oblain rfjasonatrA8 assuran about TNthether the financial ststements as 8 whole are fr88 from material mrlat•man¢ vth8ther du8 to Irawj or eThor. and to issuo an Auditors, Report Ihat kndudes OUT nlon. Reasonable as$uran¢e Is a high lgvel of assuraneé, but i8 not a warantee that an audit conductad In occordanc8 with ISAS (UK) will always deteL a mateiial mi5Statement %¥hen * exists. Misstatements can orise from fraud or eThor and aro considered matsiial rf. indi¥¥Ju81ty or in Ihg 8ggro9ato. thgy could reasonably be ext¢cted to in1luen the eeorMXniC decn$ of use(s taken on the basis of these finanaal statements. lffegularilie& YKILvJirthJ fraud. we Instances of wilh laws and regulations. We deslgn pmcedures in line wlih Lxjr resKM)nsibliti8s. 0[0d above. to deted material misstatements in respBct of irregul8ri119s, indudlng fraud. exlenl lo whKh our W(edureS are capablè <rf dètecting 1ffagr1l[es, indudwwJ fraud is detsiled behx: We have conskJÈred the r¢aturn of the and sath. ointrol enrOnment Wbd business perfoman¢8: We havè tiJnsi(knd the rosult8 of WLwl88 of WKI tho Board ob)ut thèir own 1d8ntillcaD 8nd assessment offv iisk of &WantIes. For any matters id8nthffi•J have obtained aTrJ reWed the parent chwitawe cixnponls dMtati¢ of tholr 118$ relatiryJ to; . Idenffjlng, evaluoUr¥J and V•lh laK regulalki% th6th6r thèy wer8 aware of wy inslancas of nOnmplIanCe.' - Oelecting and resrorKlirrfJ to risk ol frd aNJ have kAledge of actual. suspeLed or alleged fraud: aThJ . The inlwnal o)ntrols astablisW to the risks of fraLKI or nCMPlan¢e with laws and regulations. We have considgred ts matlfrrs arr4)rvJ Ihg audit engag&nent team. Indudlng Intemal tax SP8tialists regarthng hcfiy and ¥rte fraud might occw in the fmancial stalements and polgnlial iThJi10rs of fraud. As a rewlt of these Fxo¢edurns. wa have th? OFYunitI&S and incentr4es th&1 may exist wthii the organisation for fraud and idgntifi8d Ihg Imghesl of risk to be in relalion to Income recognilion. with particular risk in r8lation to ar-end cut off. In common TrIh al audits under ISAS (UK) we are also reid to perfM speryf procedwes to resFd to the iisk of management oveThKIo. We also obtained an Unde of Ihe legal aThJ regu1 fram tho1 the Charilablè Group and CcKnpany operatss in. fo¢JJsing on p$lon8 of those laws and regulaliorts that had a direct effect on the detennination of material amounts ar¥J discl¢)sures h) Ihe financlal ststements. The key la¥ and ragulatlons We cA)n8idered in Ihi5 context mdudod 1he Charittes SORP IFRS 1021- Aco)unting and Rèporting by Charitles and the Flnancaal Rewrting StarK1wd al¢able in th8 LK orNJ Republic of IreIar {FRS 102). In addlOn. we have consldered provlslons of olher laws aThJ rggulallons Ihat do not have a direct effect on tho financial sl8tsm&nts bul complianL¥ with may bg fvndamanlal to thg Chaiitab19 GTQUP and Companrfs ability to oporate or to avoid a material nalty. Those indude data wotectKm regatIonS. health and safety reguklions, avlalion law, l¢)ttery regulallons. fw¢aising laws and legislalion. As a result of perforrng the abtwe wocethres, we twe completene55 and oJt-off of revenue recognityon as a key aydil motter rdatsd to the risk of frwd. (hjr Wocere9 lo resFKffld lo rth wjentifiad ndLhJed the foifowing.. DocuMlIng and v3lklatw the ccmttol envwonment for income •¥J debtors and out walkthrough testing." Undertaklng 8ub8tantNe sanW&basad lèstmig or proof in total calcJJlations on all malerbal revenue streams to ensure revenue has been recognised apwopriatety accuratsly, Considering manual incomejoumals a5 part of our work on fraud risks documenied 4t. Page 33
CORNWALL AIR AMBULANCE TRUST IA COMPANY UmED BY GUARANTEE) INDEPENDENT AiK)ITORV REpoKf TO THE IEIABERS OF CORNWALL Ali AMBULANCE TRUST ICONTINUED) PerforThMng anatyti¢21 procedures to Idtify rnal or unexp8ctgd relatirthNps Ihat may Indlcate iisks of material misstatement Reading minutes of meetiws oftt¥Jse ryth 9mance., In ad(kessing the risk of fraud Ihrwth mènagemert o¥errwJe of controls. teslng Ihg aFvroprfalgness of iwmal 8ntri8s and olhar adjustments.. assossrMJ tho judgements mad8 in making aLzounlirg estimates are iTrJicthe of a wtential tias 8ThJ evaluatiNJ the business rationale of any SnIfiCant transal thal are UOI or ¢t>dO tho cows¢ of Lwsi18$5. We also communicated rdevant WKI rylalions and [tial fra risks to al engagement t6am members and rernained alert to anyinti Offr1 or rKTrQ ith law5 rewlalions thrtyjfvt the audll. Our a111 pled(e$ wern to reSj lo rlsks of malerial mlsstatemert in the financ[ statements. recognising Ihat Ihe risk of nLrt delethg a malorwl misststement due to fraud is hvJher trn the rFsk of not dat8Cting one resulting from error. as frwj may nvolve deberate concealment by, for example, forgery, misrepresentalion$ through coJston. There are inherent limitan3 in the audit procEdure5 perIoed and th8 further removed nC¢¢)Mplianc wilh l•Ns and Tegulatiorts is Irom the events trangaclions reflected in Ihg ffinanaal 8tatem8nts. the less thkety W¢MthJ bne of A frjrther desul[ of OLW reSp(xtill@S for th8 aj11 of th8 fThrKaal statam8nts is l(nt80 on tho Financial ReportirwJ CtyJnc4fs website at Thls dasuwion forn part of Auditors. Repo USE OF OUR REPORT TNS rekkn Is made solety to the dritatI? ffi. as a bcty. in accordan lIh Chapter 3 of Ppi 16 of th8 Companies Acl 20(6. Our authl has been urKlertaken so ttwl we might sLe to the tharilable conyanl5 members those matter5 are requirwj to state to Ihem Auditors. Rep for no olhor Purpose. To thè fullest extent pÈrniiit&J by do not accopt or assume r64)onsibiltty to yon8 othw than tha Charitable company and rt8 members as a try. for tsjr audit wo, lor thi8 report { for the optsiions have lom*d. All•on Ollv•r FCA ( for and behaw of Bl•hop Fl•mlng LLP Chartered Accotrnts Statul(¥y Audltors ChyN N8wham Road Truro Comwal TR12DP Dat•. 7 Page 34
CORNWALL AIR AM8ULANCE TRUST (A COMPANY LIAIITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FIP4AMCIAL ACTMTIES (INCORPORAnNG INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEIIBER 2024 Tol•l funds 2024 Totsl funds 2023 funds 2024 nds 2024 Incom• from: Oonalions and legacies Other trad¥vJ activSti8s Inveslments 5.666.117 1,626,876 44031 6x279 6,324,396 240,375 1,867.251 435,031 8.173.876 1.551.151 367.467 TaL*l Ineom• 7.728,024 8M,6S4 8.626.678 10,092,494 Exp•ndllur• on: Raising funds Charitabkn actMb8s 1.791,361 WO,6S8 1S,861 2345 1.807.222 5.6B6.IJ07 1.585,458 6,046,009 Totsl expendllur• 7m019 221210 7,493.129 7.631.467 N•1 IDcom• b•for• n•t on Invo•knonts Unre81is•d net gaIr on investrnnts Net movement In fund$ beforn 6th•r rncogni8•d gainsllloss•sl 677,444 1,133N49 102,317 2.461.027 218.401 102J17 6TT.444 1.235.766 2,679,428 Olh•f re¢ognlsod galnsl(los$M}: {Lossesl on foreign exthonge cash balanGes {427.116) 1427.116) Net mowmttnt In lund8 131206 6T1.444 2.679.428 Roconclllauon èf funds: Tota fijnds brought foThYard Net movement in lunds 21054.762 131206 3.339253 26.394.015 808,650 23,714,587 2.679.428 Total funds carrl•d lorwwd 23,185,988 4016,697 27,202.665 26,394.015 The Consolklatsd stalent of 41 gains aThY k)sses TeU)gnis8d in th8 year. Th8 notas on pogas 39 to 61 form part oflhese fmanc1 slat8m8rts. 35
CORNWALL AIR AMBULANCE TRUST {A COMPANY UMITED BY GUARANTEE) REGISTERED NUMBER:07085879 COP4SOLIDATED 8ALANCE SHEEr AS AT 31 DECEMBER 2024 2023 Flx•d a¥1$ TongitAe asséts Inveslments 13 14 11.520.962 1681.686 11,761,105 3,309.380 14201048 15.070,485 Cwr•nt a•••ts Stocks Oebtars Cash at barl( and n har 16 17 343n 5.123,no 8,833,7 13.265 5.555.211 8.452,103 13.991871 14,020,579 credito.. amounts fajlng dué wrfhln on8 18 19R854) {2.S97.049) Not cufront assets 13.000.017 11.423.530 Provisions 19 (1,000) Totsl n•t 4880ts 27202.665 26.394,015 ChaTIty fvndl Rostricted funds: 44,306 3,294.947 Reslrfcled ¢apil* funds 169.a64 Tdal restrithd fimds Unrnstdcted funds 016.697 23.185.061 3,339,253 23.054,762 Total fvnds 27302,865 26.394.015 Trustees accountin their reSp(st+ll111es ts ccthplswj whh th8 requirem8nts of th8 Act with respect to The fina ststem8n and issue by thè Tftkns and dgned on thoir behalf by.. Mr D Rlchard• C {Chair of Trus OateZ7d The notOS n pages 39 to 61 frm port of It9 fvAncial statwwts.
CORNWALL AIR AMBULANCE TRUST IA COMPANY UMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOIVS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash Ilows from op•rntkng actlvltl•* Net cash frorn oparalry acbviogs (402.091) 1767.729) Cash Ilows from Invostlfftg 4ctlvhl68 Divider¥Js and ir•terest from investmts Prc¢eods from the sale of tarwJth ed assets Purchase of tan51e fixed assets Prtteeds from sale of investrnents Purchase of inv8stm&nls 333.117 367,467 34.750 (382,1361 (1.055,9351 1,681.419 (849.4931 N•t e•th proYld•d byllumd In) In¥••llng •ctl¥lU 783.757 (653.7181 Chany In cash and cash •qthal•nts kn lh• Cash and cath equivalent5 at the bry'nning 01 thè 381.666 (1,421.4471 SA52,103 9,873,S50 Ca•h ¢a•h •qulval•nls •t th• •nd rA th• y••r 8.833.769 8.452.103 The rn)t6s on p&38s 39 to 61 lum PArt of fThnrial slatem Page 38
CORNWALL AMBULPJ4CE TRUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATIOM The Charity is prs1•d 88 a Cortyny fffnited by warwto? ar#d dogs not have r8 Pital. In t avenl of Ihe Company beiNJ w(MJnd up ea¢h momber Is Ilablo to a sum not 8XC8eding £10 towanjs th6 debts aNJ liablrtl&s of the c£Myiy and Ihe cosls, tharggs arwj exFen$e$ of winding up. The mpany ts incorporate(l in England and Walgs. The fgUiSt?r8d numbar and office is as sL3ted on page 1. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The finandal slatements haw b•8n wep1 in with the Charities SORP (FRS 1021 . Accounllng and Retx)ts1g by Charities.. statnent of Rec0mnnded Practice aptdicable to tharities pr8paring their a¢nIS accordanc8 ¥h lh8 Fancial Rwting Standard 4)plicable in the UK and Republic of Ireland (FRS 1021 leffedNe 1 January 2019). the Financial Reporn9 Stsndard Op1¢able in ts UK and Rewbk d Ireland {FRS 102) and thè cleS Act 2c. Comwall kn AmtyJlarKa TnJ81 rn8ets the definibon of a pJblic benafft ontity under FRS 102. Assets and Ilabllmes are initlaty re al hist(vkd c4)st or tran8xUon ¥alue unloss oth8rwtse slated in the relevant acLy)unllng polky. Tho cOrFlated Stat•monl ol Fiw¢ial P4¥i8s (SOFA) and ConsolhJat8d Balance Sheet ¢solate the financial statements of the Charity ils subskliary wthrtakirvJss. The results of the sthitharies are consolidated on a I by kne basis. The Charity has taken athl9è ol the exemption anowed under secllon 408 of the cOmleS A¢t 2[ and has not presented its Slatement of Fnanual Aclviknes In Ihese finanual stslements. 22 GOING CONCERN Th8 Trusi88s hav8 ass8ssed th8 charthos finanaal and tts ablty to operate as 8 going concam for Ihe loreseeable hJtwe. Tlw have reymd the rr&nt financial P05Ttion alongside the buthJet. as wel as Ihe cash wsitth. resgrves Investments. Trustees hav8 also consld8red the ftnanL>al projections until De(xmber 2027 and are SatiSfd that the tharity has suffidenl resources to linu8 its activities for at18ast 12 months from tho data of ar4xoval and signing of thès8 financial statements. Based on this assessment. the Trnstees )nsider * to be apwopri8te to preparo thes8 ffinanual statements urNler the gtyng basi5. Page 39
CORNWALL AA18ULANCE TRUST IA COMPANY UMITEO BY GUARANTEEI NOTES TO THE FINANCIAL sTATEmErs FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUWnNG POLICES (ContImdI 2.3 INCOME All Income Is recogris8d (ce the Charity has 8nlillement to Ihe nMe, 11 Is probable Ihal the Incc¥ne wll be re1ved and the amount of in¢y)Th rVable ceA) bo moasurgd raliatty. The recognilion of from lggarios is (Went on 8$71$h11g entiuement. the probablltty of receipt and abllNy to esknats wh suffi(ient acLuracy the anOt receivable. Evidence of entiuement to a legacy exists %then the Charity has sufficient evidence thal a grfl has ba left to thèm (through knc&dge of the existence of a vdNJ wll aThJ Ihe death of the benefactor) and the eXeart is satisfied thal Ihe property in que51ion VAI be required to salisfy daim$ in thè estate. Recept of a legacy must be recch>)ised it is w(A)8ble th8t li Vil ba receNed aThJ the fair valuè of the am(nI re1V1e, Tthith kwnery be the expedad cash amount to be dlstrbut to tha Charlty. can be reliably measured. Grants ore knduded in ts CcfflxAidated Staterrth of Flnancial Adlvltl6s on an till¢mont basis. The balance of income r8cmd for specific pur bth not expendgd thJrlrwJ Ihe p1 is shown In the relevant frd$ on the Balanuj Sheet. Where Inc4Xng rec8iv8d in advance of enliuement of recelpl, its reco¥[4n is deferred and in(Kled in as deforr8d inoim8. Where entitlwnent ocgJrs bekye is re¢eived. the YKome is awugd. Income lax recovaLO in rd81 to in¥6s1fflI is recogr4s at th? tim& Ihe Investment licorne is r1vable. 2.4 EXPENDITURE Expenditure Is recogni¥gd is a legal OroJnstftt• obllgakn lo trs10T •conomic bonofit to a Ihird party. it is probab18 that a trsfer of ets)nomic bwefits will b8 requlrgd in settlement and the amount of the oblgatJn be measured r8lièbly. Expenthturg is classified by activity. The costs of each adivity are mad8 up of ts totsl (rf (Irei# costs and $hgred costs. including support co$ts involved in undwtsking each Mty. Lknt costs attrbutatle to a single activtty ¥e allo¢aled dKectty to that actsvity. Shared p)sls ccrf)tsitKrte tr) lh one 8r¥J sPort cosls whlch are not attrlbjlable to a single acwty we apporth)ned beiween Iho8e actiWtS on B basis consistent with Ihe use of resources. Central stsff costs are alct4ted on basis of l#no SP8nC and depr8aation charg8s alocated the portion of Iha assefs use. ExpeThjre on rashYJ fwxts 01 eXwM1e Ted by Ihè Group to ral8e fvnds for its ¢haritatAe pwposes and incNlos costs d all fin1ra¥wj aclivilies events and rn)n-charilabl• trading. 2.5 IpifEREST RECENABLE Interesl on knds hgkl d$[Klt is wthled V•then Te¢ebvable the amwnt can b8 measured rdlabty by the GrP.. this is nnaUY wn rKrtifi(zkn of the witerost pail or payable by Ihe instituOn with Ihé funds are deposited.
CORNWALL AIR AMBULANCE TrUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 ACcOuNTG POUCES (Gontlnued) 2.6 FOREIGN CURRENCES Monetary assets aj Ilabl185 doncrfnknwted In aro translated Into Sterflng at rntes ofex¢hang8 ruliry at th8 raF1n9 d¢. Transactions in rreThs are traThsd into sterlwwJ ai thè rate njling on the date of the transaction. Exchange gains and knsses are recogni5ed the Conxdated Statement of Finan(aal Aclivrfies. 2.7 TANGBLE FIXED ASSETS AND DEPRECIATION Tangiblè ftxad assats costhig £1.1KQ crf wit3$0d and rgco3nis8d whon fithITe e¢xmnic benofils ar8 probabl8 and the t$1 or vthe of the asset can b8 rrnasured reliably. Tangiblg 9d ass8ts initsalty rgcogni88d at C4JSt. Aftgr roco9nition. underthe eosl trrt)del. tanglble ffixed assets are meared at cost less acrJJmulal8d depreciation and any mulated Impalmienl losses. Al costs inojrred to brng a tsrwJlJle Ted asset lilo ils interthd ffid6th)n should bg included in the measurement of cost. DepcIall is charged so as to alktate the c)si of law fixed assets less their resi(al valuo ¢)ver their esltrnated useful Ilves. Depreciat is pdj fdknhirwj bas6s." Froefvo land Operations lacility . 50 yèars SI1 leasehLJ . le1 of the leas8 - 25% rethJciry bolanc Shop ftttwes and fittings Equlpmenl {irKJding Alr(xaft - 3 to 5 specialist equipment} Hdiccpter - over 20 years to 30% of residual vae - not depated until asset is in use 2.8 INVESTMENTS Flxed asset Inveslmwts are a lomi of ffrondal trtslnjmgnt and arg in6tialty recognised al thèir transadon cost and subs8quènUy moasured at far value at the Balance Shag1 dato, unless the value not bo measurod ro&atrAy in whKh case it is moasured at rDst less impawment. Investment galns and losses. whgther wlisgd (W Lffwgali59d. are rnmbind arKI pre59nled a5 'Gainsl{Losses) on invgslmwls. in the Consolidated SLiteme of Fla1 Acltvities. InVeStrne in subsKliaries are ¥ahd at C05t less pru¥isTh fty impamient. 2.9 STOCKS Stocks are vdu8d at Ihe lty¥w of ¢ost and nel rna&sablg Valug aftgr rnakwig due allowanc for obsolete SIOn7ng Stocks. Cosl Ije$ al direct costs and an appropriat8 prowtion of fix•J and overheads. 110 DEBTORS Trade and ijther debtor8 are reCd at the seltlement arnowt thr any trade discount offered. PrepayThents are vahjed at the an(1 wepd net of tr8de diwJn¢s dw. Paye 41
CORMWALL AIR AMBULANCE TRUST {A COMPANY UMITEO BY GUjIArEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUMTING POUCES {¢onlknu• 2.11 CASH AT BM4K HAND Cash at bank aThJ in hand wK4ude8 cash aTrJ strK)rt4em hvthty IhiLMd irw8stsrnls wrth o short matur ofthree months or18ss from tha dale of or opw¥ng orth8 d@tot or similar aco¥JunL 2.12 LILMEs AND PROVISIONS Liabdities are recowised there is oblgalkn) at Ihe Balwce Sheet date as a result of a past event. it is probable that 8 transfer benefft bg requred in $etUemenL and the amwnt ol the setllemenl w be •stim&ad r8kty. LiaLMli11gs arg rocigr45gd at tho amcAl the thrity a)b'dpates It vlll pay to 80IUg th8 debt or th Provisions are measurnd at the best eslmate ol the arrwits required tts settl8 the obligation. Whwe tho effect of th8 tim8 value of money is material. the provisic is based on the pre$6nt value of thoso amounts. dl$coLmted at the Pre-tax disc4)1 rate 1hat renects the risks spedfic to Ihg Ilabllity. The unw1ndg of Ihe (liS0)t i8 rec4wis&J li the Statem1 ol Finoncaal Acbvities as a finarKe cost. 2.13 FINANCIAL 4STRUIIEpirs The Group lY has financial assets and financial liablits of a knnd that qual as basic financial instruments. Basc tharKial instruments arn niknalty recXJgni at transaclion valua and subsequenlty rneaswed at t1 setdement vak wlth the exceptK)n (rf bank loons whth ar8 subsequently moaswed at aM0Sed cost the offocllve inlgrgst m9th0d. 2.14 PENSIONS The Gro operates a defined c(¥rtFUlW Perft scheme aNI the pgnsion chaTrag represénts the amounts payable by the Grp to the fund kn respect of the ar. 2.16 FUND ACCOVNTr4G General funds are Unreslrided funds vA¥ch are available for use at Ihg discretion of the TTUStee5 in frJtherance of the general ¢iecbves ol Grwp aNI wthKh have not been designated for other Deslgnated funds comfxlse funds that have bèen sèt asid8 bYtr Trusteos for parbcular pOS0s. Tha avn and use of desiw 1$ sel In thfr Tr)tes to the fin•ndal statements. ReslriLled fvnd5 are funds lM( ¥0 ts be used in a¢dae with specific restriclions IMpod by dorr$ or whith hav8 an rais8d ty lh8 Gp for partic3Jlar wrpose5. Th6 costs ol ralslng and admlnlslerkng such funds are dr9ed aganst the specifK The avn and of eath restrthd fvThJ is set oui in the notes lo the financial S*mts. P•w 42
CORMWALL AIR AMBULANCE TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CRMCAL ACC¢JUNfp4G ESTIMATES APXI AREAS OF JUDGEIIENT Estimates s9 judgemènts • tsmtinualty 6vahJaknd aThJ are basad on historical 8xperieru aThY other factors. includir¥J éxFclaticrfts ¢rf firture 6vents 1hat are b8liev8d to b8 reasonable under th8 Ciitical act(n11ng estimates and ass. The Charfty makes estimates a$smP0n$ tho fuiur8. The resulting accoJntirNJ eslimal8S aThJ assumptk)ns VAII. by definlkjn. sekkwn equal Ihe related actual lts. The estimates and assumpti¢)ns thal havg o gnificanl risk of CauSK a malerl adjustsvwl lo the caThn9 amounts ol assets and li•blilies wilhin Iho naxi fin11 aT• diwussad b81ow. Legacy income may require management p*ement in respect of assrfiated timing of revenue INCOME FROM DONATIONS LEGACIES T¢)t•l fund• 2024 Total funds 2023 fund• 2024 fun 2024 fund Donations Legaues Grants Lottery 1,,028 2,784,627 51.488 1.527.974 265.C7 1.567.035 1789,027 439.760 1.527.974 1.646.102 4.747.911 333,923 1.445,940 388272 S.666.117 658279 6.324,396 8.173.876 TOTAL 2023 8.023.142 100.150 8.173.876 Page 43
CORNWALL AMBULANCE TRUST IA COMPAMY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 INCOME FROM OTHER TRADMG KTMTIES Income from funthaknlng •v•nts Total fund• 2Q24 Total fund$ 2023 2024 2024 Charlty shop sales & other i10m Irrne generated by subsidiary 1,559.043 67.833 240.375 1,799,418 67.833 1.517,484 33,667 TOTAL 2024 1,626.876 240,375 1.867.251 1.551,151 TOTAL 2023 1.551.151 1,551.151 INVESTMENT INCOME Unrnstrlct•d fund$ 2024 Totsl nd• 2024 Total funds 2023 Inveslmenl ileA)me Investment income. bar* kntwe81 201.197 233,834 201.197 233,834 100.977 266,4 435.031 435.031 367.467 TOTAL 20rJ 367.467 367.467 p44
CORNWALL AIR AMBULATr4CE TRUST (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2024 EXPENDITURE ON RAISWIG FUNDS COSTS OF RSING vOLuNTy INCOME Tol•l nds 2024 Total funds 2023 nd• 2024 funds 2024 Donations. fundraislng & evth)ts Legaci88 15,861 565,905 56,511 269.147 903.302 5.959 342.428 51.633 341.462 839,999 1,727 8.209 56.561 269.847 Rgtsl gxpensos & purchases fLY resa Investment management costs Expenditufè incurred by subsi1& 1.791.361 15.861 1,807322 1,585.458 TOTAL 2023 1.5B5.458 1.565.458 *AALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Summary by fund ty lund• 2024 fvnds 2024 Total 2024 Tclal 2023 Proslon of alr ambthrKg servKg 5.480.658 205.349 4684007 6.046.C TOTAL 2023 5,¥24.134 121,875 6,046,009 Pag8 45
CORNWALL AIR AM8ULAN¢E TRUST IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL sTATEmErs FOR THE YEAR ENDED 31 DECEMBER 2014 AY81s OF EXPENDITURE BY ACTivrrEs Total funds 2024 Totsl dlrncuy 2024 2023 3.908,598 1,777,409 S,686.007 6.046.009 TOTAL 2023 4.048.343 1.997,666 6,046,009 ANALYSIS OF SUPPORT COSTS ProVIOn of Total lunds 2023 lund¥ 2024 2024 Staff cx)$18 Markelin9 Insuran 479.C 226,156 254,100 191,6n 120.622 161.748 101,562 62.677 479.069 226.156 2X11JO 191,673 120.622 161.748 101.562 62.677 64665 11•.865 347 492S 513,338 235,842 315.(M)5 131.600 97,929 143,738 220,824 Property costs Repalrs & mainten•c Other staff costs Staff training and devewient 0ffi¢o expenses Bank and credll card fres Legal & professional LcsS8 on dsposal of a880ts Gt)vemwce ¢osts 66,250 173,687 21.743 24.650 110.865 347 3.925 TOTAL 2•24 1.777.409 1,TTTA09 1,997,866 TOTAL 2023 1.997.666 1.997,666
CORNWALL AJR AM8ULPJICE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. AUDITORS. REIAWNERATION 2024 2023 Fee$ payable to thè Charivs altOrIor Ihe alIof the Charitys anrul 24J30 23,750 Fees payablB lo the Charitys audrtor in res of. I taxation adsory seM¢es Mt Included above 11. STAFF COSTS Group Gmup 2023 Charlty 2024 Chwity 2023 Waggs salarfes Soual security (x)sts 1•,249 1.862.282 175,820 102,243 1.988249 203.304 117,486 1.862.282 175,820 102,243 117A86 2,309.039 2.140.345 1309,039 2,140.345 Staff costs induoo £20.89) {2023: £100.(> relalirYJ lo a staff settlemw)t. The averasw number of persMs by the Charfty the was &s fv)IIow5: Gn>up Group 2023 No. Chwlty 2024 Chty 2023 No. Avordge head())tt number of stsff emplos*d 53 51 The average headcount exFffessed a5 fiAI Imne equivalent was: Gn>up 2024 Gr¢MJp Chwlty 2024 Chty 2023 Admlnlstrallon Charity shops Fundrai$irvJ MarkeliThJ Key Managem1 VOlte departm1 opWati (Pilots and Patlent 21 21 51 51 47
CORNWALL AJR AMBULANCE TRUST IA COMPANY LIMITED BY GUARANTEEJ NOTES TO THE FINPXCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. STAFF COSTS (coiillNUED) The number of enww8 emplw ben•ffts {eXcdIj emplOr p8nsion c08ts} exceeded £60.01]O was.. Group 2024 Group 2023 In the bald £60,fy)1- £70.CK¥J In the ts1 £70.LK11 . £80.CKIO In the band £80.001- th),( In the band £90,001- £11M).000 The bandkngs above Tel to eC1>d pikts rkn d)arity s1)r oKeoJlive. Tho nLThbers are annualis8d and therefore dJe Starte arKI leavers in the ar. The Charity consldered ivs key mwoyment p•rsonn81 in the to ojmpme the Twstees and Key Management as disd0s (m page 1. The totsj empknyThent ben8ffts nIribUti¢S and omploygrs national Insurance coniributiMS of thè key mawent £228291 (2023.. £212.9761. paid to 3 employ808 {2023.' 31. 12. TRUSTEES. REMVNERATI(bN AKI EXPENSES Duriry Ihe y, Tnjstoes earad orolh9r berfjts (2023. £NIL). DurirwJ the ended 31 2024. expwws of £17T leimtr8ed or paid thredy to 2 Trusteess {2023: £50 to 1 Tnth).
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CORNWALL AIR AhlBULANCE TRUST (A COMPANY UPAITED BY GUARANTEE) NOTES TO THE FINle1AL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 13. TAMGBLE HXED ASSETS (CONTINUED Inthd8d in land and ts frgelK*J I•KI at ¥t rf £288.540 (2023.. £268.540) W1Ch Is Th)t depreciated. 1& RXED ASSET INVESTMENTS Ll8t•d Inv•$tm•nts GROUP AND CHARITY COST OR VALUATION At 1 January 2024 Additior Dlsposals 3.309,38(1 849.493 (1.681A19) 204,232 AT 31 DECEMBER 2024 2,681.616 NeT BOOK vuE AT 31 OECEMBER 2024 2,681,686 AT 31 DECEMBER2023 3.309.380
OW*A 11 llill'i 51 ]11ili
CORNWALL AIR AMBULANCE TRUST (A COMPANY LIMrrED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 STttKS Group GTOUP 2023 Charfty 2024 2023 Flni8hed gocos goo(Js tr resa 35,m 13,265 35.3n 13,265 17. DEBTORS Grtyjp 2023 ChaTIty 2024 Charlty 2023 2024 OUE WITHIN ONE YEAR Trade debtors 8.154 5,272 5.154 201,072 62,103 4,973.473 5,272 120.170 12,159 5.537,780 Olher debtQTS 62,103 &lJ53.473 12.159 5.537.780 4123.730 5,555,211 5241,8Q2 5,675,381
CORNWALL AIR AMBULANCE TRUST (A COMPANY LIIAITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENOED 31 DECEMBER 2024 18. CREDITORS: AlOUNT$ FALUNG DUE ThIN OME YE*R Group Grp Charty 2024 Charlty 2D23 187.294 233.047 284.920 535,449 58.158 14.398 1.755.997 187294 284905 60,862 10.556 415938 233,047 535.418 58.158 14.398 1.732,954 Trade credito Other taxatM)n an¢J la1 secL Other crg(titors Accruals and deferrgd income 16,596 992.854 2.597.049 9555 2.573,975 19. PROVISIONS GROUP AND CHpMrY At 1 January 2024 knounts used 100.000 1100,000) Page $3
CORNWALL AIR AMBULANCE TRUST {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FIl4C STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2024 STATEIJIENT OF FUNDS STATEIIEKf OF FUNDS- CURREpif YE Balanc• at 31 Galn81 Decembtrr (Lossesl 2024 Tr•nsf•rs Inlout UNRESTRICTED FUNDS DESIGNATED FUNDS NBV of urreslricted frJTrJed assets NBV of AMbanCe {unrostridad element) Second hèlic£otsr 3,195.016 1277,400) 199,310 3.116.926 52TI.018 1599 182.826 5.241245 9,711,520 1596.414) (427.1161 8,187,990 18.183,$54 (495.999) {214378> 1427,116) 17.1)46,161 GENERAL FUNDS General fw 4871308 7.728.024 (6.776.020) 214278 102.317 6,139,807 TOT UNRESTRKTED FUNDS 23.054.762 7.m024 (7m,019) (324,7991 23.18S968 Page 54
CORNWALL AIR AMBULANCE TRUST IA COMPANY UIAITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 20. STATEMEKf OF FUNDS (CONTINUED) Balan¢• at 31 GaIn otMb&r (Lo88e$} 2024 Baln¢• at 1 January Inlout RESTRICTED FUNDS nds 306 20.th)0 {64.099) 207 Sgcoryj heko)ptgr pwthase 132.028 (96,127 846.833 RESTRICTED CAPITAL FUNDS HelicWAW169- DCMS (LIBOR) HelicLpter AW169- IDHSC) Alrbase (x)nstrLKUon SWRDAI knngx (LIBORI Wolfarg & Pastoral Faciliti8s- {DCMS) Other restrthd funds Rapid R8sponsg Cars operanS Extens)n- 921350 886.250 (17,5fj0} 3H375 76SS15 199,320 (14963) 744.552 193.914 24104 (3.968) 20,136 11.654} (14,3971 IDCMS) ga8J94 (4195) 960,199 3394.947 1128083) 3.169.864 TOTAL RESTRICTED FUNDS 3.$39353 898.654 1221310) 4,016,697 TOTAL OF FUNDS 26,394015 8.626.678 (1,32) (324,799) 27202,665 Page 55
CORNWALL AIR AMBULANCE TRUST (A COMPAMY LIMITED BY GUARANTEE) MOTES TO THE FINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEVaER 2024 20. STATEMEKf OF FUNDS {COIITrIUED) STATEMENT OF FUNDS- PRV)R YEAR Balance al 31 Gainsl December (Losses) 2023 Bolw al Twansfars inloul UNRESTRICTED FVNOS DESIGNATEO FUNDS Helh*pt replacemth)t NBVof unrestricted nded assets 729.024 (729,024) 2.530.016 {296.631) 961.631 3.195.016 NBV of[ AmbularKe {unrestrlcted olemenl) Future Development & Investmants Second heli 5.489.618 (212.fJY)) 5.277.018 2.71x1.1X1 (2,7(Kl,OtKI) 9,711.520 9.711.520 11.448.658 {509.231) 7,244.127 18.183,554 GENEIIAL FUNDS General ftwKIs 8.955.535 9.941.760 IT.0.361) (7.244.127) 218,401 4,871.208 TOTAL UNRESTRICTED FUNDS 20.404.193 9.941.760 (7.$09.$921 218.401 23.054.762 PwJè 56
CoRNwL AIR AMBULANCE TrUST (A COMPANY UhllTED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2024 2 STATEMENT OF FUNDS (CONTINUED) Balance at 31 Dacomber 2023 Balanc8 at 1 January Transfers Galn&l (Loss8s} RESTrICTED FUNDS restrithl funds 6.(7 (12.345) 44,306 RESTrICTED CAPITAL FUNDS Helicoptsr AW169 - DCMS (LIBOR) He&¢opter AW169 - (DHSCI Alrbase construcli (SWRDAI Annex (LIBORI Weware & Pa810 FarAlibes- 938.750 (17.5(X)) 9212Y) 416,875 (35.0(X)I 381.875 782.478 {18.9631 (S.4() 763.515 199.320 {DCMS) Other restrfcted funds Ilapid Repffiso Cars Operations 28.072 (3.9681 24.104 6.494 (4.840) 114.39n 14.835 {DCMS) 897.7(M) 1(K).150 {9.4561 988.394 3.304.327 1LN).150 11fY3.5301 3.294,947 TOTAL RESTrICTED FUNDS 3,310,394 150,734 {121.8751 3.339.253 TOTAL OF FUNDS 23.714.587 10.OW2.494 17.631.467) 218,401 26,394.015 21. TRANSFERS BETWEEN FUP The transfers tt8en fvnds durir#J the y relate lo the deggnation of furmls in accordance wilh the Chari$ reserves Fdky. A transfer has *so been made from 9eneral funds lo designaièd ffixed 88s61s to recognise addibons madg in ar and fundgd lfvigh 99ngral funds. Page $7
COR14WALL AIR AM8VLANCE TRUST IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEceMBER 2024 OESIGNATED FUNOS H•lkoptsr R•pltt•m•nt Fund This lund was estsblished to tKJ fvnd5 tr tho re¢effnl of the air aMbJ1C6 helicoptsr. The TnJ8tses agrethd to tfansler tho dgpr8(tKin of Ihe hglicopter Ihi5 fund wuallY. Nolfing that tha ngw hellcopter Is expecled to be Operat fLY the next 16 r$. This fund was establthed lo ¢ogr#se the IKK)k valug of unrestrthl element of the new AW169 helicopter as a assel held ty the chty fed by eStrIC funds and from fund whose restriction eThJ8d up¢)n th8 acquisition of ts asset. Not Book V•luo of Unrestrl¢l•d Fd A8••ts Ths fund reco3ni8es the nel book v4ue of fixed assets held by the charity (exduding thè AW169 helicwterl funded by unr•slitte¢l fuThJs or ffLMn fuThls vthosg rosth¢tw upon thè wuisstion of tho asset. and thal conwuonlty camot be aasdy cATherted into cash. This fund wa5 established to hokl fly5 frrt the purchase of 8 58corthJ AW169 air ambulance helicoth. FLWKIS wll be released in 2025 wilh the ofa second AW169 air aMlanCe hellpr. 21 RESTRICTED CAPITAL FUP H•llcopt•r AW169- DCMS ILIBORI This HelpT lund of £1M made up ol £162,500 offvnthg durlng 2018 and a fLWther £837,500 re¢er4ed in 2019 from Depwlmènt for cla, Ma(Aa & SF¥Nt, towards the cost of the new hellcoptsr pwthase, a prowylm d deywiaiw helic•)pter i8 aucated to Ihis fid. Halleopt•r AW169- DHSC This fund relle¢ts the £500.LNX) rnceiv8d kn 2019 from Iho Dopathert of H•aMh and Care towards the Alrt)a•e Constry¢llon (SWIIDAI This represents ihe awarded by S(nrth Wesl Regional Devek)pment Agency I(YardS tho cost of constructiC of the air operatv)n5 facility head office, depwatlon Is allocated lo this fuThJ. n•x• (UBOR} The annoxe fund re• e1ved frrrfn HM Treasury frcrfn LIBOR bank ffi1. The v &4ven to budd an ann8xe tr> the airbase fath. dewecation is to th[8 fu*KI. W•llar• & Pastoral Facllltl•s (OCMSI The fd repKesents the grant fundiw tr) facMIUgs lo supyt the welfarè of the alr ambulanc6 ttows. depr•xlation is located to trms fijnd. Rapld Carn Thfj fvnd represents the prOrtn of restrcted gr1 lunding tVWaTds the of Iwo rapid response ars for the Trusvs use. The Trust pwthased two Volvo Vg1 ¢ars in 2021, deprouation is allocated lo this fund. Op•ra¢lons Exlonslon (DCMS) The fund rellects Ihe prop¢yf] of reslricted wit fiJrKliNJ ttrwards the constfudon of lh8 cywalh)nal •xtension on site. deprerAat1c 15 allocated to tht5 Clih•r r•8trlctod fund• Other restrkled fvnds represwrt re5trirW th)n01kn wethynknariuy for the purchas8 of medlcal operaknal 1pmen( 15 aknxled to knd. Pagg 58
CORNWALL AIR AMBULANCE TrU3T (A COMPAMY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF NET ASSEfs 8EfwEEN FUNDS ANALYSIS OF NET ASSEfs BETWEEN FUNDS- CURRENT PERIOD capltal funds 2024 Total funds 2024 lunds 2024 lunds 2024 Tanglble flxed assots Flxed asset wivestrnents Current assets Crethtors due withln one ypar 8.351.098 2,681.686 13,146,038 {992.854) 3,169,864 11,520,962 2,681,686 13.992.871 1992.854) 846.833 TOTAL 23.185. 846.833 3.169,864 27302,605 ANALYSIS OF NET ASSETS BETWEEN FUPKIS- PRKMI PERIOD Unrestricted Reslrfcted R8$tricled funds funds capital funds 2023 Total f)d$ 2023 Tangible ed 8ssets Fixed asset investments Current assets Crothtors due within cfft8 yaar 8.466.158 3.309. 13.976.273 {2.597.049) (lOD.o) 3,294.947 11,761,105 3,309,380 14,020.579 (2.597.049) {100.000) TOTAL 23,054,762 44.306 3.294.947 26.394.015 P4e 59
CORNWALL AR AM8VLANCE TRUST IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 RECONCIUATION OF NET MOVE&ENT FUNDS TO IEr CASH FLOVI FROM OPERATING ACTMfiES 25. Group 2023 24 N81 income the porknj (as pér Statèmont of Fwwxyal kntlbiij 1.235.716 2.679A28 ADJUSTMENTS FOIL. Dopreaaknon charges (Golns) on rewalual)n ol inveslrnents (Loss) on cash balancs due to forolw exthwy rates Lossl(profit) C the sale of fixed assets (Incre8sèydecrgasg n 5tc# (Incroaseydecrease n dèbto Increasel{decreasel in ¢Or$ In¢xeasel(decreasel n FW¥iSiCfflS DMdend$ and nknst from InvesbwS 574.789 121)4332) (218.4001 1427.116) {347) 122,107) 18691 431881 14.743,n3) (1,603,501) 1.199.301 1100.000) 100,000 1333.117) 1367.467) (4Q2.091) (767.729) 26. ANALYW OF CASH AND CASH EQ1AVEHTS Group 2024 Group 2023 Cash In hand 8,833.769 8,452,103 27. ANALYSIS OF CHANGES IN NEf DEBT A131 Dmber 2024 January 2024 C••h flows Cash at bank Mi h¥wJ 8A52.1 8,833.769 0.452.103 381,666 8.833,769 Page 60
CORNWALL fvJR AMBULANCE TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINATr4CIAL STATEMEKrs FOR THE YEAR ENOED 31 OECEMBER 2024 28. CJPITAL COMMITAIENTS Grow) 2024 GP 2023 Char 2024 Charity 2023 eONTrACTED FOR Birr NOT PROVIDED IN THESE FINANCIAL STATEMEI4TS Acquisilion of Lgi4e fixed assets 8.126.350 7.9]7.952 8.126,3SO 7,907,952 PENSION COIMAITMENTS The Charity operatos a defined con1r1)thi pension sth8m8. The assets of the schemé arè hald sewately from those ol the group in independenuy adminvstered tund. The pertsion cost charge represents COntributiS pardtle by Ihe grcrty to the fwKI aTrJ amounted to £117.48612023.. £102.243). É16.43412023.. £14.276) was Ptydble to the al the balance sheet date. OPERATING LEASE coiIMrrMEIITS At 31 Decgmbgr 2024 ts lknp the Charity h*J comnw1wts to makg fulure rninimwn leasa Group 2023 ¢hailty 2024 Chty 2023 2024 Nol IatsrIh 1 Later than 1 y arbj noi later than S 96.870 127,500 79,245 55,120 96,870 127,SOO 79.245 55.120 224.370 134,365 224370 134,365 31. OTHER FINANCIAL COMMITMEI The Charity ter&I 10 a fmandal commitmenl a cLMtract for Ihg ly10n of helKX)Pter seNc8s from Casde kn Lknited vthlch commenced in JLTh 2021 a terni of 10 ar$. The minimum amount payable in during th8 next 3 months d0r the CtraCt twms is £3LTh).959 {2023.' £2.5111. This is due lo a break clause where 90 notice can be gr. MEMBERS. LIABILITY Each member ol the charitable o)mp8ny Underta to contrimrte to the assets of the company In the evert of It belng wwnd up vknAe helsh8 is a member, ¢x within one year after helsh• caases to be member. such amnI as may be rwJred. exce8diNJ £10 for the defAs lablilie$ contracted before helshe ceases to be a member. 33. RELATED PARTY TRANSACTIO The charity has tsken athntage of the exfjmpt in FRS102 SeCIn 33.IA in not disclosing intra syoup transxtions with 100% subsi(liaries. Py61