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
con￿lidat•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 CH*AITY, ITS TRUSTEES ANO ADVISERS
FOR THE YEAR ENDED 31 OECEMBER 2024
Royal Patron
Prnsldent
Vlc• Pr•sld•nt
Trusleos
Her M*stytt*
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 Co*ie. 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 Ireswy￿I 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 B￿ltir￿J, Ch*f Executive 0ffl¢8r
Mr A Evans, Head of Operath)ns
Mr A whil1￿. Head ￿ F￿ar￿a & Business IntdllgerKe
Page 1

CORMWALL AIR AMBULANCE TRUST
IA COIAPANY LNITED ey GU￿TEE)
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(M￿ured lo be ￿￿til¥j this. my first wtrojuction to the Annual RepDrt as Chainian of Comwal Alr
Ambulance Trusl, an orgar￿Sation 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 lo￿1 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 AMb￿ance.
I've spent m¢)51 of my Ife wykiNJ high rkning teams kn aIn￿t 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 fOrt￿ate to in￿rit a great team of Tfttstees who arn 8180 unptrj volunteers and en$ure your
arity is delivering on all our tharilabl8 objectives.
I would like to thank Neil Lentem. has rec￿ stepped dr1￿ ftom Board of Trustees after thr
yeats, alth￿th he continues his dose relat*)nsI￿) with us through his rol8 8t Soulh Weslem An*ulanc8
We have welcomed David Harfe￿ as a Trustee. whose exp8rf&nce as CEO of the Lost Gardens ol Heligan
and a NoTrExecutive DiTeclcf of the Royal Devon Healthcare NHS FoMdatw)n Tnjst will be a great
b8nefiL
We are all aware that times ar8 twh at the t¥Jt with no govemment supwt. wo rely solely on the
generosity of our supwler&
I'd Ih
to th￿k every srwje one of you who helps lo keep Cc￿Th¥all Air knilwlan¢e and Th￿$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 rel￿￿tr￿nt prc¢esses had well over applicants, which shows how
hI￿ty 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 tow*ds providing the best critical care ar ambulance seThice possibk.
The wkler econc*nic en¥r￿ment 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 Se￿n￿ Ufesav*YJ a￿aft whth wll wovmje the nv)st advarThd care,
ena￿Ing 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' he*J ftx the f¥st time at Scorrier House. ￿er 4.thjo Supporters attended,
cèlebrating noi only Corrr•MII kn AMI￿lan￿. but aso the briknt blue light swvice$ we work ah)ngs*de.
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 T￿1 team. with the atrJpiKffj of a new retall strat￿. which started with
the redesiw of strye ¢￿¢¢pt and the ￿k￿lian of ¢￿ Wadebrkl9e store. Whlst we were very p￿￿8nt 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. I￿1 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 h*Jhty professional staff. workmig for
and ￿ over 250 volunteers dedlcatlng th￿SaNJS 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
Ch￿t 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 Cl￿ty 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 AMI￿18n¢¢ Trust for the year 1 J￿Uary 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 CoMp￿Y comply
with the current ststut(ry requirements, the requremerts of the charitable CoMpan￿S 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 Re￿￿119 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 transp￿tsti￿. primarfty In Cornwall and Ih? l$les of Scilty. Thgse are the
purposes of the charity as set out in its goveming d0￿Ments. The diarity seNes a local conmnunty of arouTh
577,000 people, together *ryth over five million ¥isitOTS who c¢yne to fhe region every year.
Th& charity relies on the Ioc81 community to false sufftiert fmds to delrver the seNSce wthout recelvlng
regular govemment funding or SUPF*Yt from the N*ional Lottery. The charity's critTrcal care team of
Paramedics. Dothjrs and Pilois provide enhanced emenJ8ncy medical ser¥￿e$ to the m05t seriously ill and
injuied patients thmghout ComW￿l and the Isles of Scilky. These serv5￿5 are delivered in p¥tnership wilh
the South Weslem Ambular￿e NHS F(￿r￿latiOn Tmst ISWASffl who SUP￿ the delivery of Ihg
dinical SO￿1C&S and Castle Ar. based n Liskeard. operate the Leonardo AW169. fagistration G4RWL
wlth a second AW169, registrati(m G-CNLL comiThJ seNce imm￿entlY.
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, wed0m1nan￿Y 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 Comw*l. also exlendg lo Devon and
beyond wthen required. Th8 Comwall Ar Arn￿1a￿e is free at point ol need. on the gr0￿dS of fMed sets
of crfterfa which take into alxount dir¥cal need. urgency. accessibility. and distsnce to hospital. These ¢riteria
are reg￿arlY revi8**1l and rh3¢ThJsty appl*d. No wrvale ber￿ft 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 w￿ld¢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 tr￿fe[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<￿￿W￿l 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(tIN￿oI45
Ttan5fvs
Page 6

CORNWALL AIR AM8ULANCE TRUST
(A COPAPANY LIMITED BY GUARANTE
TRUSTEES REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2024
oy sa￿d my Ilf•"
Over the coufs8 of 2024 we welcomed forrner Pat￿15 to the aIrt￿se, 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 Amb￿anCe was tasked to the 8cen8. as part ol a large-scalo Mult￿890n￿ rgSP¢Ytso. In a
complgx oporalh)n the Coastguard Searth & Rescue hel￿0P￿r 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 p￿cture(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 LI￿n. 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 h*J been playing on his ¥cooler oulsi(k Tkni he was a¢cAden￿Y 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 Conv￿1 Ak AMt￿￿ce Cr￿ bel￿e beng awlifted to hOs￿tal for onward
care. He undeNMIt fai?al surgery and has since made a gC￿ recovery. Jai and rrnm KrLzy visited t
airt￿se Several mnlhs later lo thank Cnlical Care Paramedi￿ Jeremy Will in pefson.
Kizzy saMJ'. I will be forever gateful. because ¥tt￿n ￿'re in that scary *tuatI￿ all you want 1$ someom who
knows what the￿re doing and can hdp. I'l be forever tyatelul for the tharrty, until you need il you don't
reallse what an ama￿r@ 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( funtha1sl￿j thalenge for Comwal Alr Ambulance in 2024. just
months after suffering a heart attack in a reft￿te part of r*)rth Ccrfnwal.
The crew were tasked to help arKI after landirvJ in 8 ne*ty f￿J, 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 r￿te 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 d￿￿Ul1 ￿ 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 GV*JiAIITEE)
TRUSTEES REPORT ICONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Th• H•112 Appeal lun(knI￿Tr9 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$a of a seccffld AW169 hglicopiar. thyning an add￿onal high-
specificatirm aircraft will boost Ihe chariWs resdiBnce. capablllty antl versati￿ty, allowww Ihe a￿creW to attend
more missions by air, 3654ays-a•year Se￿iCe. Umwnately. this wil help us to save even more lives acr088
ComwaH arKI the Isles of Sclly.
The m•n app8al year fI￿ssed on several fundralsing campaigns Sp￿fi￿llY catered for cuporale,
community and irKlividual S￿porterS as well a8 ryr ￿￿￿5. Key highligh1$ 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 S￿nMar r8ffie. oppc*lunrties to l￿d a misslon, ty ra181ng
£5,000 and a chance f(Y SCI￿8 to get in¥ol4ed.
From a content perspeclive. ￿ year fO￿se￿ ￿ deveh)pNJ a serièg of messaging and visual cA)nlent lo
accompany the campaigns aThl to highl￿1 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
#HELi2
li
10

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 laU￿h of ts H¢li2 A￿#1 started *ith a of the d￿rIty. 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 0veth￿l ol su￿￿ter 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
Throug1￿Ut Ihg year we have grtr*n ow 8tWeliw Ily￿ VKl80 ￿nIeTrt. to help rai50 awareness of the
charity's operations and to educate a￿jIenC*S atKYrt our IrfeSav￿g 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 carnpa￿n videos around t￿1¢$ 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 •j￿at￿3nS.
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 I￿k, a C(Yrish sea Sh￿ty. 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 p*ient. 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 fvrt￿r 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 LI￿￿ED BY GUARANTEE)
TRUSTEES REPORT ICOllnNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Chrf8tfflas cam￿40n
success of 'Slry it H(￿￿. $9gJed the 2024 Chris¢mas ￿Tr￿a￿]n. For tho third year in a row. we
developed an animation in partnership wilh a kKal animation rJ)mpwy. Using th8 'Sing it Home. titl8 soa
shanty as the sour¥JtracK it folltrwed the story of a y¢yJrKJ tw who wrote to Sants asking for a second
t￿le0pIer for Christmas - wl¥ch Djuhj allow the c¥ew to save ThwJre people Idte his mother. The bgtter lakas a
magical journey across Corrmsh landscapes and wrives in the North Polo T*he￿ the efves get tsjlldlng the
helicopler in their Workshop. ￿st in time for Christmas. The anrn*ed visuals wora us8d acros$ a wKla range
of i))mmw)icab'on Ch￿nelS induding xxial media, a knrfde raroe of printed materfja* brandlng of our'sing il
Home. themed Carol Concert- also wsible ￿ ow reta￿ shops. This Co￿7¢1d8d ¥Ath ￿8&￿ng the holfvvay
tsrget of the Heli Appeal wtrI￿h generated extra inteTesL All (knnalions made over the feslive perlod were
dwbled. thanks to somè very gemrous do1￿. aThl res￿ in ￿Ing1￿j 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 AmbUla￿e Op￿811c￿ has contirn*d its trend of w￿￿81*Yj mechanical and pilot availability in
2024. Pilot avalabilty improved to onty 1% lost to traybing aThJ $￿knesS combined throughout the year.
Helicopter serviceability has a150 improved markedty tfvs year wilh only 2% bst to technicd reason5 {from
7Vo in 2023). This conlributed to a 5% shift towords I￿lIcOPter1 Rapid Response Vehide ￿pOnSe ralios
(59W41 %). The Rapid Response Vehi&s have agan perfom*d Ilawlèssly IhroughoLrt the entirety of 2024
wth no breakdowns. Whilst 2024 has had sim18r tssking levels to 2022. Ihis is down 10% compared to 2023.
minring the 10% drop Sn Comwall t(￿risM numbws in the same period. The relativety p￿T weather in the
2024 summer season further added ts) Ihe thalww. with an in(xease of 6% to 22% unavail*ility due lo
wfjat￿r.
Category
Vehicle
Tw*y2f1445
274
In the area of Tecmical Crew mern￿ (TCM) tra￿ing. CAAT contimm lo be a sector ￿der wlth the vast
majoiity of its Paramedics having ￿Mpleted phase 1 of ts simulator trainiry tffogram for TCPA duties (left
hand seat avialmin duties).
Conlinuing to deliver the Comwau Ar AmLwlm fvture medi¢4 nK*Jel strategy mile$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 tkn*or 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 lo￿d 8ven during helicopter maintenance peric4ds. Not only
does this offer us greater independence, increased 3v*bilty. and consistery, but enhances safety through
th• benefits ol onty operats.ng one thpe of lthotkn.
This coming upstr*ft in Operati￿￿1 capabilty has dKaated that w8 have a matching engineering and
Operatlng Certificate support pthge enh￿ceMent 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¥an*dics dedicated to air ambulance operations,
deployment on emergency missK)ns frryn Iheir Emergency CSnKal Hub in Exetor and the dinkal wverna￿e
and oversight ofthe par￿ed￿ 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 S￿pcrfI physicians for th
deveh)pment of speoalisl paramedic aircrew and lo uTrJ8rtak8 dinical shifts as part of the crew b￿fi￿n9
SP8cHksl skills IwtKularty the provision of Pr&HoW Emwgw Anaesthesial.
Cornwall 81ood Blk••
The Blwd Transfu￿0￿ 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 fom*d auoss the kneallt￿re cOm￿￿nIty. This ha$ reS￿led in greater IBvels of
engagement bets¥een the charity and the IC8. supporb.ng heahhcare across the reg￿n.
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 ￿1b￿anceS UK
Bristow (Search and Res(xk
Comwall Aiwirt Newquay
CoMw￿l 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 Gr￿rK1(￿w. cth Sup￿￿1 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 tt￿e$ wlhui the charity hea￿UarterS. 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 testaTh*nt to the pgLyl8 VAK) are involved, and the twne Ihey are willir*J to give
to the ￿$8.
Duriig the year ¥￿ atso re¢ognisad and ¢d¢t￿aled a rnllnbèr of Groundcr8w who have vO￿nteered br the
charity for over 10 yea￿.
New Customer R•latlonshlp Manag•m•nl System
Tho charlty has looked at how ￿ can k88p sUPp￿terS bgtter Info￿ ab¢yJt (Njr d￿ritable actlvilles and
this year invested in a new customer rdationship rnanagemenl tool. to help keep supporters at the heart of
eve￿1[¥) Ihat %Ye do. This the *ttemal charity lears ¢Joser together. working over nine m￿th$ to
do$*3n and import data and implemant Ihe néw systam vthich In I￿n *ill help the charity to urxlerstond its
d￿oIS 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•l￿n9
During the HEL12 Appeal year. ￿￿agen￿nI with c4Jr $UpF￿ has boen fuTrJamgntal to our fir￿n¢la1
success. Three f*$hip events saw over 6.OCN) Supp￿erS engage wlth the charity (Alemative Triathlon.
H81ifesl & Runway RunaT0￿d}. Challenges pky a fun part in our supporter calendar. wth Iwo SU￿es¥ful
skydlve days, treks. and hkes. 33 buslness supporters joine(l the HEL12 Appeal and sp￿sOred a 'step'.
Communltles and Indlvlduals pu￿haSed 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 throug1￿Ut 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] I￿r$ at 23 cOmn￿l￿ty events. ralslng an iiuedib
£31.879.
Ptclure below:'Sleppkng OUV Campai
M*r Donor Gmng and Ph#anthropy Fonun
Our mw giving engagement is survxted by a Pl￿￿t￿Y FonKn of CormvaN Air Amt4Jlance Yolunleers
and Ambassad￿5. Thls small group ¥al￿tle high net worth introdudtons to the thadty, byhlst dso
arrang￿9 engagement arKI fundrai￿n9 events. TIMS gro￿ ￿Sed over £350,IXIO dwlng the year.
P•Je 18

CORNWALL AIR AM8ULANCE TRUST
(A COMPANY UMITED BY GuAR￿￿EE)
TRUSTEES REPORT ICOPrnNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In M•mory Glvlng
We are defighted to thnrk ckxdy *ilh th• [￿r* direc*0￿ 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 r￿e of In Memory cdIec￿n boxes for the I￿ara1 ser¥ic8 and baspoke thank you cards and
Seeded pap8r, so our supporters hO￿fullY fdt that they are at the ol our tharty. We offer a free seThice
to create a trbute to l¢)ved ones: http$JleonYwatsrambulan¢otrUst.orgltritr￿Ie-fvnd$l
Logacl•s th• Gfft ol Hop•
In 2024. our total irK(xne fr(ffi in Wls am￿nted to an inexedibl8 £2.8M. This vitsl incxMn8 supports our
MI￿On to delNer 88senti81 sérv￿ and lif8saNryn9 to those in need. Legacy gffts are the cornerstone of
our f￿anCIal 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$. By I)d￿J1￿j Comwal Air Amlwlance Trust in Iheir estate planning, donors le8
behind a profound and la51wwJ legacy. ex￿1￿Y￿ pay-it-forward ￿l¢)$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$.
We extend our heartlott tharth5 to the c(NJnty coun(alhNs. the local parish arKI tovm ¢ouncls auoss Comwall
for Iheir C(￿lributiOnS. whi¢h are Mtal in ￿lpIr￿j us serve residents and wsitorts in thes8 c￿nmUnities. Beyond
Cwall, w& have been privileged kn receive support from Thjmerc￿s generous orgarisations that havè
helped fund new training tscilties. equipped our crew wilh essential kil, and, ￿ some cases, provided match
funding alongsid8 other donors to amplty the impact of their grants. Wlile somé supporters prefer lo remain
anonymous. we are pleased to wtAldy acknowledge Ihe generosty of the followrng organisal￿ns.'
Alr Ambulances UK
AAUK
-CH 1971 charitab￿ Trvst
Bamford charitab￿ Twst
Bears Down Windfami (Nad*al
Th8 HELP A
Jack50n Will Trust
Rosamund8 Pilther Charitable Tntst
Sr Richard Sutton Ltd. and Sir Da￿d & Lady Gay
Sutton
The Van Den Be h CharitaNe Trust
The Calleva Fo￿datiOn
Tho Charles & Camilla Park Charttable Twst
The Dra
ors Co
an Charitable Fund
The Exc81 FuThJ
The ()Jinian Trust
The Grace Trust
Gl n Valle
Crematorium
The Steel CharitaL￿ Trust
Benev
n Chari
Cazenove CT
Church Trust
Cornish Ma50nic Foundation and L
Masonic Charilable Four￿811(
Eccle5iastiGal Insurance rtM)vem￿ for Good
Gave
ain Manor Fam
Help Appeal - County Amt￿lanCe ROsam￿ld8
Pilcher Charilable Trust
Th& Rodwa
Charitabl& Trusl
The R 81 Warrant Holders A$￿¢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, Caff￿110￿1, Cranlo¢k, Comwal Cwnclkxs Community Chest fuThJ. Crantock. Crowan, Oobwalls,
Forrabury & Minster, Germoe, GurwalA)e, G*eek, fywinear - G*rfthian, Hay19, Jacobsl¢)w. Laneo$t.
Lanreath. Launcells. Looe. Ludgvan, Mamacan, Mor4Yenstow, MullK)n, Pelynt, Pdpeoro, Sgnngn. South Hill.
Sl Allen, St Austell Bay. St Austell Town. St 8uryan. Lamoma & Pwl. St Day, St Dennts, St EndellK)n, St
EnTrJer. St Gennys. St Issey. Sl Keyne & Trev*iYland, St Mart"n by Looe, St Stephens by Launceslon Rural
Parish CoulK￿. St Teath, Sl Veep, St Stithians. Trevalgj, Trpsrnor. Trum. Warbstow,
Wendron.
Their unwavefing supwl eftab￿ us to o)nlknue del1vw1￿ Ifesaving 8er4ices and bLMlding r8silienc8 *ithin
r communities. We are deeply grateful for th￿[ contrilyjbons in 2024.
Lottery
At Comwal Air AmbulanL¥ Tnrnt. ow cyJmrnitsl￿tI to transparenty. aCC4)u￿5ty, and ethical fLndraising
practices is pawnounl. Therefc*e. V+* have partnered wilh Lottay Fundraising Services Ltd ILFSI. a trusted
8nd Gambling CommisS￿n accredited to mana9e OLf lottwy operations.
Under the dligenl supeM$on of our team. LFS ensures that ¢yJr lottery *ivity"e$ adhere to the highest
standards ol Complian￿ aThl integnty. We IK*J (warterty corrY￿ance meetings with LFS, conduct r8gular
reviews of canVa￿￿j activits￿. arKI provide comwehensr¥e ind￿￿￿5 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
Commur￿lieS and Sp￿adIng awarews about tha vital work we do.
We woukl Ilke lo ext•nd our grat•lul th￿kS to 4)u¥ loyal lott•ry pl￿r8.
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
S￿porterS 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 pers￿￿1 licenso hohJBrs for th8 charity who are the Head of
Stralegk Givlng. Debbie-marie Henshaw. and the Chief Ex•xthe fficer, Tim Bunting.
The d￿rity holds quarterly compliance ffleeting5 *iih the knttery fundraising OFW8tor and undertake5 revbews
of canvassing a¢*ivities. charity team ￿0¥￿Ie an to Comwall Ar Arnt￿lance and the brand8d
unifomis vknilst LFS provides th8 tr￿nIng of lundraisers enwd directly in corrwnunicaling y￿ the pul￿1¢.
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 Fundrai￿n9 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 lxrnn￿ts￿9Trt il makes lo donors a￿1 pl￿11¢. 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 g￿rat8 £1(M)k rrKy8 inc[￿ than 2023 of £1.4 millic￿.
Gift was a big foeus for thè rotsil slc*es 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 W￿nIe8T1￿j expe￿n¢* ￿Te indusive.
f981 and look ol the shop was created ttrwough ￿lThJ industrial aesthettt 8rMI natural ffnlshes, feature
displays and llexbilty. Thg St(￿0 d￿n a￿0 cc¥nnKwtos its w personolfy unwlue to its locality.
Fwthermore. th8 CW s￿Ured a new 18as8 in D8c*mbar 2024 for tha o￿ning 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
acCO￿lbsh 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
L￿e 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 u*t8. 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￿ pl*s. 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 r￿ded lo keep C￿1 Ar AmlxAm resronding to emerger￿leS 365
days a year.
The charity w0￿j liko to èxtend ils hèarf&l to 8￿Y 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 th￿kS 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 M*sty The al￿n, President CO1￿01 S
E￿ard Bolilho KCVO OBE and PresKlthrt Ba￿ar8 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 bey￿d.
The pmcipal sourc*s of ￿Cl￿ne 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 b￿k interest gains on wWests￿nts.
The results are for the group. whlch I￿ludeS the tharws wI￿llY owned subsidiary CA4T Trading Ltd. The
trading sub5*Jiary ca￿leS cwt varnus sp￿150r￿.p acbvR*s. *ith profits being Gift Aided to th8 charity. so Ihat
no corporation tax becomes payaL4e.
Page 23

CORNWALL AIR AMBUL*J4CE 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
75*1
The fi￿reS In the ￿r￿clIdate(I statemwt of fmarKi* a￿lieS ts expenthfvire on "Ralslng funds" and
'Charitable acti￿￿e$. Ind￿￿e ￿ alltxation of t￿se 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 d￿rity.
P￿24

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 estatrAISt￿d a Reserves Pdicy to enswe conliiuat*)n of the air ambular￿0 ser¥ic8 in the
event of a 8hortlall of ￿¢c￿ne ov8r eXPe￿IllUr0 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 rest￿1￿ to Change and opportunty.
The reserves polty 18 fomially reV￿Wed by the Truslees each year n line with the Charity Commlsslon
guidanc8 "Chwity reseNes.' bLnldirKJ reslIe￿ CC19". At the Decemt*r 2024 board meeting the reseNes
p)licy was reviewed and havir¥J tsken a￿￿nt of thé risk an*i8. 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.
0￿13140M and ￿rb￿se
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 govwr*d 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 I￿nit0￿g 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 s8￿re rgasonable invgstrnent
In¢ome and sust*n rKrfJernte capital growth.
The held investments on 31 Decem￿ 2024 *ith a m*ket 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 acCo￿t 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. (un￿1*￿e I￿OMe
rJ
The chwlty also IKlds dOw￿lts 01 £8.8M w*¥ch are hekj at UK rewlated b￿kS and other ¢a$h and
inveslment accounts.
FInan￿41 H••llhlGolng ¢onG•rn
Global uncwta•ity and Inllaknay kyesswes I4qve er(*Ye41 real knc(Knes *thich has nev1￿blY had
consequences for th8 charity. The charity has a strong resaNe$ positM)n abng$ide dolailgd finanaal
monitoring giving it the ability lo ts) cMditiMs. Addiiionamy. thé charity has dNerse income
streams, continued community s￿p(rt aThJ a strong luturn in￿rne FiP81in0. Tho purchase of a second
hdicoptsr h) 2025 has been fvlly costed and measured aganst the Chan￿$18Ve1S of cash, Ywestrnen15. and
fro0 resorv88, giving th8 Trustees a reasonable 6xpectation that the charity has adequate r￿UrCeS lo
G<)ntlnu8 in operalional existenc¢ for the fmeable future. For this rea$￿. they conti1￿ to adopt the going
concem basis in Fwiaring the finonGia Stat￿n￿ts. 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•l￿e ¢omp*y 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 m8rTX￿Urn & Arttdes of Assoclatlon dated 24 November
2009 as amended by Special Resolutions dated 31 2014. 4 2018. 15 April 2025 and is
fegstered ch*ity 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 $peualists a￿1 a Committee of the 8o¥d vtho assess their suitabilty. In
2024, the Trustees made changes to Iheir GovemiTr3 Documenl relatir¥J lo Ihe r8appDintment of Trustees
completing their Ihird tem) of servke. TINS amendm￿1. appyoved by the Charity Commission, permits a
Director (Trustee) Wt￿ has served nine yea￿. to be re4ected for one fixther tenn of one year by unanimous
agreement. This change to the Govemir¥J D(￿ment was made lo provwje full flexibllty reduce Iha risk of
losing a director with key expertse al the wrong Tr￿MentI￿ring evomng strategy.
Palle￿$ adopt•d for th• Inductlon *MI tsalning of TnMi••s
Th8 charlty provKles a lul inthction programme for new Trustees. This i￿*Id&S providing Trustees with an
organi5ation email address and acce￿ to a dedicated Sh8￿p£￿nt site with ch￿ty information and financial
dats. From time to time each Trustee can attend trainiThJ and Irustees ne￿￿thing events, days CDvoring
aspects of go¥emanc8 and trust8e respon*ditigs I￿￿ding 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 Leade￿ip 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 I￿1￿(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 (￿rr￿nty 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 auth￿rty. sei by the Board ofTntstees. ty)vems the exlenl to *thich policy dèeAS1￿8,
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 regisle￿d chty by the Gambling Commisslon
for its lottery and raffle adivities. The d￿lIty also paid ils voluntary ￿ to the Fun¢*aising Regulator.
The charity is also registered *ith the Informakn COMM￿ 0￿e &)mpli8s w￿h 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 Bo*d leNTI Risk aThl Autht Conwniitee, whlch meets fow twnes a
yoar and ￿p￿ts to the Bo* of Trustees. Flsk rnanwent ig a fundamental 0￿ent of tha charity's
business Strategy on all levels and enc￿￿￿9$8es ¢*fferenl types of risk. It 15 lhe￿lOre an integral part of the
buslness planrung arvj eontrollng processes.
The commlttee has resp￿$bI￿ ky ensuriThJ the adewacy of flsk M￿￿emen( inlemal control. and
govemance a￿angements ￿ 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 airry*t (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 wrfraS￿re ind￿J￿19 Staff and vc￿nteer
trairmn
Work Colab￿a￿ 7*1th 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 In￿Me lo
support u ￿1ft In our
seNce lavels.
C￿linu• reyitrw aclivitses. Er￿th9 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 identif￿1 by Ihe Ch￿ty. 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 w￿8$$ of Ihe ch*lty is laryely depeThJent on ils e*)ility to att￿1 relain talented stsff. wilh
appropriate Skills. who share its core values and pa5sKffl knthe cause of saviNJ INgs. The charity is therefore
committed to inveS￿ng in Its peopl8, both from a remuneration b￿effitS 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 IvJI￿t slandath.
Racnitiry in some areas ofth8 tèam has dIffi￿lt 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 ad￿1 the Real Wage foundati￿ co￿￿1trn8nt to paY￿g staff equit8bly.
V40 have also ¢realed c￿8 pay sc* to encourage develownent different aws of Ihg organisation.
Salaries of Ihe Senior Leadership Team, incknlin9 lh8 Ch*f Exe(xrtive Officer are reviewed annually, based
on performance. by the HR & Remur*ratw)ns Committee before beirvJ ratified by Ihe Board ofTruslees.
Senlor ExKutlve Pay Dlsclosur•
The charity acknowledges the reCon￿endatI(mS of the Report of Ihe Inquiry into Charity Senior Executlve
Pay and Guidance for Trustees ￿ Setting R￿n￿eratIOn by the UK National Counal for Voluntary
Organis81ions INCVO}. The inquiry adV￿ateS 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 sen￿r 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 (COP￿INUEDTr
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEES. RESPONSIBILITES
Th8 Trust8es (W￿ are also the direct￿5 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 AcwJnI￿9 Skythrds (Uniled Kin￿*y￿ Gewally P£cepted AcC￿nI￿ Pfadieè}.
Cornpany law requires the Trustees to prepare fknandal statements each finanoal year. Under Company
law the Trustees must not approve the f￿ar￿jaI statements unless they are satis￿d 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 i￿ome and exwKlitwe. for Ihat WKXI. In preparing these financial 8tatemnts.
the Trustees are requlred to..
Selecl suitable ￿LoUnt￿￿ Fdicies then apply them conSi￿Y
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 fin￿cIal 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 tranSa￿On$ 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. le￿rt is 4)woved has confmied thaL'
So far as thal Trustee Is aware, there is no relevarrt &Klit inlornmtion of t*thith 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 iTh*cale(l tsir w*y)ess to ¢ontw1￿ in office. The dèslgnated
TrI￿lee5 wil
a rnappointing thè a￿litorS at a m88ting ofth& Trustees.
stees, Repo
m￿Y 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 ￿rATh*￿IanC0 (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 Consolsdal￿J B*nc8 SheeL the Charity Balance She81. the Consolid8tsd Slalgmenl
of Cash Flows and the related notes. a summary of stgnificant ￿coUn￿ng wllcles. The fin8nryo1
reporling frarnew￿k that has b88n appliad in their wopwation is applicablè law United Klngdom Accountir
Stsndards, IM4uding FlnarKaal Rep￿try s￿dard 102 The Financial ReF&¥ting Stwthrd applicable In th9 UK
and R￿￿￿11¢ of Irel￿tt (United Kwydwb Gemraly *￿ePted P4xountiNJ Practice).
In i>ur Opini￿ the financlal ststeM￿ts'.
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 ￿￿))n￿r￿ resources and aFplicatw)n ofwurc8s. Its Incom
and expendittre for the end&J'.
havo b8on pro￿ wepared in wtth United Klngth)m Genor4y A￿pted Acts)untlrKJ
Practi¢e,' and
have Lwn prepared in acC￿ts￿e with ts reqwrements of the Companies Ac* 2LY)6.
BASIS FOR ¢￿INION
We ¢(￿ducted our a￿j(( in acCo￿anCe with IntemalirM)o1 *ndards on AuditiNJ {UKI (1s￿ (UK)) and applicabb&
law. Our responsibilities u￿￿er thos8 slandards are further described in the Auditors, responsibilitie$ for ihe audit
of the slatements seclion of our TO￿rt. W8 are independent of the Group In accordanc8 wth the ethirAI
requirements Ihal are relevant to ￿r a￿lit of the fmancial statements in th& UnStod Kingdom. includiThJ th8
Finan￿al R8porting Council's Ethrcal StaNl*d. and ￿ have luifiied our O￿T ethical responsibililies MI
accordance ￿ these requirements. We belthry thal Ihg 8￿J￿nC8 Wo havo obtsn¢d is suffknent ar*J
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 f0sF4￿51bdltleS 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 ￿R￿lI8ULANCE TRUST
(CONTIMUEDI
OTHER INFORMATION
The 0th8r informalion r￿MprIseS the inlcrfm*Th induded in the AnTh￿l Rep(xt 0th8r than the financial
statements and our Auditors. Rèwt there￿. The Trustees arn respmth for thè 0th8f informathin C￿l21n•d
wilhin Ihe Annual Report. Our op6nion on Ihè financ4a5 slatsments does not ￿ tha other Inf0M￿tIon and,
except lo the extent othprY4i5e expl￿1￿ in our report VIP do not exwoss any fom) of assurancg condusion
thertffi. Our restKJns*Jility is to r8ad Ihe ¢)ther infornia11￿ and. in thing so. r#Jnsider whethor th8 other
InfOnna￿On is malorialty n￿l$l$l￿t wth Ihe fwwcial Slat￿entS or our kno%￿edge obtained in the ￿urne ofth8
. or othemse appears lo be malerialy n¥5sL*ed. If we wjentify such material 1￿C￿$1$1tncieS or apparent
material misstatements. we we requyed lo determne vthether this gives rise to a rnalerial misstalwnont wi the
financial statements themselves. If, the TAe have perf0m￿, * C￿ClUd• that tham is a material
Hsstalement ofthls other InforMaU￿. V•P are rgquknd to report thal fact.
We have nothiThJ to re￿rt n this regwd.
OPIMION ON OTHER MAThERS PRESCRWED BY THE COMPANES ACT 21106
In our cp1rMc￿. based on the w(Yk urvjerlkn In Ihe ofthe
the infcfmation giv￿ in the Trusle88' Repcxt for the fww¢a81)*ar lor ￿th1¢h the fir*wl stateff*nts are
pwpared Is ￿nsIStenI wilh Ihe finarKial slatfjff￿ts.
Ihe Trustegs. R&port has been wopwed in accryda￿￿1Ih ￿*¢ab￿legal reqL*em8nts.
MAThERS ON IYHICM WE REQUIRED TO REPORT BY EXCEPTION
In th8 IwJhl of our kn￿￿edge and undetstandirwj of the (xry￿Y and Its envkoM)ent obtalned In Ihe
fAiurse of Ihe audil. we have not pjentrf￿ mthial in the Trust￿, RoF#Jt
We have rrf)IhirwJ to reyt ￿ resFeCt of the ftikMiThJ mattets th Ttlalion to comp￿1￿8 Act 2006 req￿re$
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 rec*ved from trfanches not visited by us.. or
the parenl th*ltat4e coryany fwwKlal Ststern￿ts ￿ not in a￿e￿ent the aeeounting records and
retums: or
¢ertawi dL8dowes ol Twstee8' sp•ofied ty law aro nol m&le" or
we have not reC￿￿d all the irrfofflwbon and eypknl*Jns ￿ requwe for cw awjit.
RESPONS181ufiES (hf TRUSTEES
As ex￿$nod futy in the TnJste6¥ R6sp¢*thlit*s Statthnen( Iho Trusteeg {who are a180 the diroctors ol
the charitabl8 oJmpany for the purposes of CoMp￿Y lawl are resFthsiNe for the prePara￿n of tho financial
8t8lémenl$ 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 st*ements that are free from rnaterial
mksstatemenl. whthr duo to fra￿j or grror.
In preparing Ihè financial statements. the TNstees ￿ res￿￿1b10 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 char*able rynyor to cease opera11￿. cff have ￿ reali51ic altemative bL* to do so.
Pag8 32

CORNWALL AIR AM8ULANCE TRUST
(A COMPANY LIMITED BY GUAR￿lTEE)
INDEPENDENT AUD￿oR8. REPORT TO THE MU18ERS OF CORNWALL AIR AMBULANCE TRUST
(CONTINUED)
AUDITORS. RESPONS181LITES FOR THE ￿DIT OF THE HNANCIAL STATEMENTS
Our Obje￿1¥e$ ore to oblain rfjasonatrA8 assuran￿ about TNthether the financial ststements as 8 whole are fr88
from material mr￿lat•man¢ vth8ther du8 to Irawj or eThor. and to issuo an Auditors, Report Ihat kndudes OUT
nlon. Reasonable as$uran¢e Is a high lgvel of assuraneé, but i8 not a warantee that an audit conductad In
occordanc8 with ISAS (UK) will always deteL* a mateiial mi5Statement %¥hen * exists. Misstatements can orise
from fraud or eThor and aro considered matsiial rf. indi¥¥Ju81ty or in Ihg 8ggro9ato. thgy could reasonably be
ext¢cted to in1luen￿ the eeorMXniC dec￿￿n$ 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 1ffag￿r1l[es, indudwwJ fraud is
detsiled behx:
We have conskJÈred the r¢aturn of the and sath. ointrol en￿rOnment Wbd business
perfoman¢8:
We havè tiJnsi(knd the rosult8 of WLwl88 of WKI ￿ tho Board ob)ut
thèir own 1d8ntillca￿D 8nd assessment offv iisk of &W￿antIes.
For any matters id8nthffi•J ￿ have obtained aTrJ r￿eWed the parent chwitawe cixnponls
d￿M￿tati¢￿ of tholr ￿11￿8$ relatiryJ to;
. Idenffjlng, evaluoUr¥J and V•lh laK ￿ regulalki￿% *th6th6r thèy wer8 aware of wy
inslancas of nOn￿mplIanCe.'
- Oelecting and resrorKlirrfJ to risk ol fr￿d aNJ have kA￿ledge of actual. suspeL*ed or
alleged fraud: aThJ
. The inlwnal o)ntrols astablisW to the risks of fraLKI or n￿￿C￿MPlan¢e with laws and
regulations.
We have considgred ts matlfrrs arr4)rvJ Ihg audit engag&nent team. Indudlng Intemal tax
SP8tialists regarthng hcfiy and ¥rt￿e fraud might occw in the fmancial stalements and polgnlial iThJi￿10rs
of fraud.
As a rewlt of these Fxo¢edurns. wa have th? OFY￿unitI&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 re￿i￿d to
perf￿M speryf￿ procedwes to resF￿d to the iisk of management oveThKIo.
We also obtained an Unde￿￿￿￿￿ of Ihe legal aThJ regu￿￿1 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 a￿l¢able in th8 LK orNJ Republic of IreIar￿ {FRS 102). In addl￿On. 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 reg￿atIonS. 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 Woce￿re9 lo resFKffld lo rth wjentifiad ndLhJed the
foifowing..
DocuM￿lIng 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 Um￿ED BY GUARANTEE)
INDEPENDENT AiK)ITORV REpoKf TO THE IEIABERS OF CORNWALL Ali AMBULANCE TRUST
ICONTINUED)
PerforThMng anatyti¢21 procedures to Id￿tify rnal or unexp8ctgd relatirthNps Ihat may Indlcate
iisks of material misstatement
Reading minutes of meetiws oftt¥Jse *ryth 9￿mance.,
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 S￿nIfiCant
transal*￿ thal are ￿U￿OI or ¢￿t>dO tho cows¢ of Lwsi18$5.
We also communicated rdevant WKI rylalions and [￿tial fra￿￿ risks to al engagement t6am members
and rernained alert to anyin￿ti￿￿ Offr￿￿1 or rKTrQ￿ *ith law5 rewlalions thrtyjfvt the audll.
Our a￿111 pl￿ed(￿e$ wern to reS￿￿￿j lo rlsks of malerial mlsstatemert in the financ￿[ statements.
recognising Ihat Ihe risk of nLrt delethg a malorwl misststement due to fraud is hvJher tr￿n the rFsk of not
dat8Cting one resulting from ￿ error. as frwj may nvolve de￿berate concealment by, for example, forgery,
misrepresentalion$ ￿ through co*Jston. There are inherent limita￿n3 in the audit procEdure5 perIo￿ed 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 b￿ne of
A frjrther desul[￿￿ of OLW reSp(x￿till￿@S for th8 a￿j11 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 d￿ritatI? ffi￿. as a bc*ty. in accordan￿ ￿lIh Chapter 3 of Pp*i
16 of th8 Companies Acl 20(6. Our authl has been urKlertaken so ttwl we might sL*e 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 tr￿y. 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 Acco￿trnts
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
2￿345
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 stal￿ent 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 It￿9 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 investm￿ts
Prc¢eods from the sale of tarwJth ￿ed assets
Purchase of tan51￿e 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 ￿￿￿pr*s1•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 wep￿1 in with the Charities SORP (FRS 1021 .
Accounllng and Retx)ts1g by Charities.. stat￿nent of Rec0mn￿nded Practice aptdicable to tharities
pr8paring their a¢￿￿nIS ￿ accordanc8 ¥**h lh8 F￿ancial Rwting Standard 4)plicable in the UK
and Republic of Ireland (FRS 1021 leffedNe 1 January 2019). the Financial Repor￿n9 Stsndard
Op￿1¢able in ts UK and Rewbk d Ireland {FRS 102) and thè c￿￿leS 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 cOr￿F￿lated Stat•monl ol Fiw¢ial P4*¥*i8s (SOFA) and ConsolhJat8d Balance Sheet
¢￿so￿late 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 athl￿￿9è ol the exemption anowed under secllon 408 of the cOm￿leS 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 reym￿d 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 SatiSf￿d 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 sTATEmEr￿s
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUWnNG POLICES (ContIm￿dI
2.3 INCOME
All Income Is recogris8d (￿ce the Charity has 8nlillement to Ihe ￿n￿Me, 11 Is probable Ihal the
Incc¥ne wll be r￿e1ved and the amount of in¢y)Th r￿￿Vable ceA) bo moasurgd raliatty.
The recognilion of from lggarios is (Went on 8$￿71$h11g entiuement. the probablltty of
receipt and abllNy to esknats w￿h suffi(ient acLuracy the anO￿t 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 V*il ba receNed aThJ the fair valuè
of the am(￿nI re￿1V*1e, T*thith kwner*y 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 p￿1 is shown In the
relevant fr￿d$ on the Balanuj Sheet. Where Inc4Xng rec8iv8d in advance of enliuement of recelpl,
its reco¥[4￿n is deferred and in(*Kled in as deforr8d inoim8. Where entitlwnent ocgJrs
bekye is re¢eived. the YKome is awugd.
Income lax recov￿aL￿O in rd81￿ to in¥6s1ffl￿I is recogr4s￿ at th? tim& Ihe Investment
licorne is r￿1vable.
2.4 EXPENDITURE
Expenditure Is recogni¥gd is a legal OroJnstft￿t•* obllgakn lo tr￿s10T •conomic bonofit
to a Ihird party. it is probab18 that a tr￿sfer of ets)nomic bwefits will b8 requlrgd in settlement and
the amount of the oblgat*Jn 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 s￿*Port cosls whlch are
not attrlbjlable to a single ac*wty we apporth)ned beiween Iho8e actiWt￿S 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.
ExpeThj￿re on rashYJ fwxts 01 eXwM*1￿e ￿￿Ted by Ihè Group to ral8e fvnds for its
¢haritatAe pwposes and inc*Nlos costs d all fin1ra￿¥wj aclivilies events and rn)n-charilabl• trading.
2.5 IpifEREST RECENABLE
Interesl on knds hgkl ￿ d$[K￿lt is wthled V•then Te¢ebvable the amwnt can b8 measured
rdlabty by the Gr￿P.. this is n￿naUY wn rKrtifi(zkn of the witerost pail or payable by Ihe institu￿On
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
ACcOuNT￿G POUCES (Gontlnued)
2.6 FOREIGN CURRENCES
Monetary assets a￿j Ilabl1￿85 doncrfnknwted In aro translated Into Sterflng at rntes
ofex¢hang8 ruliry at th8 raF￿1n9 d*¢.
Transactions in ￿rreTh￿s are traThs*d into sterlwwJ ai thè rate njling on the date of the
transaction.
Exchange gains and knsses are recogni5ed ￿ the Conx*dated 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￿$1 or vthe of the asset can b8 rrnasured reliably.
Tangiblg ￿9d ass8ts initsalty rgcogni88d at C4JSt. Aftgr roco9nition. underthe eosl trrt)del. tanglble
ffixed assets are mea￿red at cost less acrJJmulal8d depreciation and any ￿mulated Impalmienl
losses. Al costs inojrred to brng a tsrwJlJle T￿ed asset lilo ils interthd ￿ffid6th)n should bg
included in the measurement of cost.
Dep￿cIall￿ is charged so as to alktate the c*)si of law fixed assets less their resi(￿al valuo
¢)ver their esltrnated useful Ilves.
Depreciat￿ is p￿￿d￿j fdknhirwj bas6s."
Froefvo￿ land
Operations lacility
. 50 yèars
SI￿1 leasehL*J . le1￿ of the leas8
- 25% rethJciry bolanc*
Shop ftttwes and fittings
Equlpmenl {irK*Jding Alr(xaft - 3 to 5
specialist equipment}
Hdiccpter
- over 20 years to 30% of residual va￿e
- not dep￿ated until asset is in use
2.8 INVESTMENTS
Flxed asset Inveslmwts are a lomi of ffrondal trtslnjmgnt and arg in6tialty recognised al thèir
transadon cost and subs8quènUy moasured at far value at the Balance Shag1 dato, unless the value
not bo measurod ro&atrAy in whKh case it is moasured at rDst less impawment. Investment galns
and losses. whgther wlisgd (W Lffwgali59d. are rnmbind arKI pre59nled a5 'Gainsl{Losses) on
invgslmwls. in the Consolidated SLiteme￿ of F￿￿￿la1 Acltvities.
InVeStrne￿ in subsKliaries are ¥ah￿d at C05t less pru¥isTh fty impamient.
2.9 STOCKS
Stocks are vdu8d at Ihe lty¥w of ¢ost and nel rna&sablg Valug aftgr rnakwig due allowanc￿ for
obsolete SIO￿n￿7ng Stocks. Cosl I￿￿je$ al direct costs and an appropriat8 prowtion of fix•J
and overheads.
110 DEBTORS
Trade and ijther debtor8 are reC￿￿d at the seltlement arnowt thr any trade discount offered.
PrepayThents are vahjed at the an(￿￿1 wep*d net of ￿ tr8de diwJn¢s dw.
Paye 41

CORMWALL AIR AMBULANCE TRUST
{A COMPANY UMITEO BY GU*jIA￿rEEI
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 irw8stsr￿nls wrth o short matur
ofthree months or18ss from tha dale of or opw¥ng orth8 d@to￿t or similar aco¥JunL
2.12 LI￿LMEs 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 r8k*ty.
LiaLMli11gs arg rocigr45gd at tho amcA￿l 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
unw1nd￿g of Ihe (liS0)￿t i8 rec4wis&J li the Statem￿1 ol Finoncaal Acbvities as a
finarKe cost.
2.13 FINANCIAL *4STRUIIEpirs
The Group ￿lY has financial assets and financial liablit*s of a knnd that qual￿ as basic financial
instruments. Basc tharKial instruments arn niknalty recXJgni￿ at transaclion valua and subsequenlty
rneaswed at t￿1 setdement vak* wlth the exceptK)n (rf bank loons whth ar8 subsequently
moaswed at aM0￿Sed cost the offocllve inlgrgst m9th0d.
2.14 PENSIONS
The Gro￿ operates a defined c(¥rtF*UlW￿ Per￿ft scheme aNI the pgnsion chaTrag represénts the
amounts payable by the Gr￿p 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
p￿￿OS0s. 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¢￿da￿e with specific restriclions IMpo￿d by
dor￿r$ or whith hav8 ￿an rais8d ty lh8 G￿￿p for partic3Jlar wrpose5. Th6 costs ol ralslng and
admlnlslerkng such funds are d￿r9ed aganst the specifK The avn and of eath restrthd
fvThJ is set oui in the notes lo the financial S￿*m￿ts.
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 s￿9 judgemènts *• tsmtinualty 6vahJaknd aThJ are basad on historical 8xperieru aThY other
factors. includir¥J éxF*claticrfts ¢rf firture 6vents 1hat are b8liev8d to b8 reasonable under th8
Ciitical act(￿n11ng estimates and ass￿.
The Charfty makes estimates a$s￿mP￿0n$ 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 maler*l adjustsvwl lo the caTh￿n9 amounts ol
assets and li•blilies wilhin Iho naxi fin￿￿1￿1 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.C￿7
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 i1￿0m￿
Ir￿rne 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
p￿44

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 R￿SING vOLuNT￿y 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
Pro￿slon 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 sTATEmE￿rs
FOR THE YEAR ENDED 31 DECEMBER 2014
A￿Y81s 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
ProVI￿On 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 a￿ltOrIor Ihe a￿lI￿of the Charitys anrul
24J30
23,750
Fees payablB lo the Charitys audrtor in res￿ of.
I taxation ad￿sory 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
Ch￿ty
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
Ch￿ty
2023
Admlnlstrallon
Charity shops
Fundrai$irvJ
MarkeliThJ
Key Managem￿1
VOl￿te￿ departm￿1
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 {eXc￿dI￿j emplO￿r p8nsion c08ts} exceeded
£60.01]O was..
Group
2024
Group
2023
In the bald £60,fy)1- £70.CK¥J
In the ts￿￿1 £70.LK11 . £80.CKIO
In the band £80.001- th),(
In the band £90,001- £11M).000
The bandkngs above Tel* to ￿eC￿￿￿1￿>￿d pikts rkn d)arity s￿1)r oKeoJlive. Tho nLThbers are
annualis8d and therefore ￿d￿Je 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 ￿ear￿ad orolh9r ber*fjts (2023. £NIL).
DurirwJ the ended 31 2024. expwws of £17T leimt￿r8ed or paid thredy to 2
Trusteess {2023: £50 to 1 Tnth).

v•
¥*
Iri

CORNWALL AIR AhlBULANCE TRUST
(A COMPANY UPAITED BY GUARANTEE)
NOTES TO THE FIN￿le1AL 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) W1￿Ch 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 v￿uE
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: A￿lOUNT$ FALUNG DUE ￿ThIN OME YE*R
Group
Gr￿p
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
9￿555
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 FIl4￿C￿ 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
AMb￿anCe
{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￿ ot￿Mb&r
(Lo88e$}
2024
Bal*n¢• 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
opera￿nS
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 FIN￿￿CIAL 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
2.71x1.1￿X1
(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

CoRNw￿L 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 t*t*8en 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 tK*J fvnd5 tr tho re*¢eff*nl of the air aMbJ1￿C6 helicoptsr. The
TnJ8tses agrethd to tfansler tho dgpr8(*tKin of Ihe hglicopter Ihi5 fund w￿uallY. 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 f￿￿ed by ￿￿eStrIC￿ funds and from fund whose
restriction eThJ8d up¢)n th8 acquisition of ts asset.
Not Book V•luo of Unrestrl¢l•d F￿￿d 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 fly￿5 frrt the purchase of 8 58corthJ AW169 air ambulance helicoth.
FLWKIS wll be released in 2025 wilh the ofa second AW169 air aM￿lanCe hell￿p￿r.
21 RESTRICTED CAPITAL FUP
H•llcopt•r AW169- DCMS ILIBORI
This Hel￿p￿T lund of £1M made up ol £162,500 offvnthg durlng 2018 and a fLWther £837,500
re¢er4ed in 2019 from Depwlmènt for c￿l￿a, Ma(Aa & SF¥Nt, towards the cost of the new hellcoptsr
pwthase, a prowylm￿ d deywiaiw helic•)pter i8 aucated to Ihis fi￿d.
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(Y￿ardS 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 f￿d 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 prO￿rt￿n of restrcted gr￿1 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 FIN￿CIAL 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 kntlbii￿j
1.235.716
2.679A28
ADJUSTMENTS FOIL.
Dopreaaknon charges
(Golns) on rewalual*)n ol inveslrnents
(Loss) on cash balanc*s 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 Invesbw￿S
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 EQ1AV￿EHTS
Group
2024
Group
2023
Cash In hand
8,833.769
8,452,103
27. ANALYSIS OF CHANGES IN NEf DEBT
A131
D￿mber
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
G￿P
2023
Char
2024
Charity
2023
eONTrACTED FOR Birr NOT PROVIDED
IN THESE FINANCIAL STATEMEI4TS
Acquisilion of L￿gi￿4e 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 COntributi￿S 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 comnw1w￿ts to makg fulure rninimwn leasa
Group
2023
¢hailty
2024
Ch￿ty
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 ly￿10n of helKX)Pter seNc8s
from Casde kn Lknited vthlch commenced in JLTh 2021 a terni of 10 ￿ar$. The minimum amount
payable in during th8 next 3 months ￿d0r the C￿traCt twms is £3LTh).959 {2023.' £2￿.5111. This is due lo
a break clause where 90 notice can be gr￿.
MEMBERS. LIABILITY
Each member ol the charitable o)mp8ny Underta￿ to contrimrte to the assets of the company In the
evert of It belng wwnd up vknAe helsh8 is a member, ¢x within one year after helsh• caases to be
member. such am￿nI as may be rwJred. exce8diNJ £10 for the defAs lablilie$ contracted
before helshe ceases to be a member.
33. RELATED PARTY TRANSACTIO
The charity has tsken athntage of the exfjmpt￿ in FRS102 SeCI￿n 33.IA in not disclosing intra syoup
transxtions with 100% subsi(liaries.
Py61