Rogistered nurnber: 08112334 Charlty numbor: 1148914 FSDP FIYIIS 51HDLARSHIPS FOA DISABLED PEQPLE ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
ROYAL INTERNATIONAL AIR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA company lirnited by gu*antee CONTENTS Page Reference and Admithatfve detalls of the dwrlty. Its tntstees and ad¥lsors Trustee5' rewt 4-12 Independent examlnerfs report 13-14 Statement of flnanclal acthilties 15 Balance sheet 16-17 Notes to the financial statsments 18-32 Page 2
ROYAL INTERNATIIX4Ai AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company limited by yarantee} REFERENCE AND ADMINisfRAnvE DETAIiS OF THE CHARITY. ITS TRVSTEES AND ADVISERS FOR THE YEAR ENDEO 30 SEPTEMBER 2021 Tru$tee5 Guy Bowen, Chairnian Oliver Delany OBE lan Bennett Tony Cann Fiona Luckhurst David Higham Rachel Greenwood Rebetca Giddings lan Revell Jon Ager Company registered fbumb 08112334 Charity re8lstered number 1148914 Reglstered oflke Douglas Bader House, Horcott Hill. Fairford. Gloucestershire. GL7 4RB Website addre55 www.tsdp.co.uk Patron His Royal Highness Prince Feisal Ibn Al-Hussein Independent Examlner Crowe U.K. LLP. 4 Floor. St James House. Stjames Square. Cheltenham, GL50 3PR Bankers HSBC. 2 Market Place. Cirencester, Gloucestershire. GL7 2N8 Sollcltors Charles Russell Speechlys LLP. 5 Fleet Place. London. EC4M 7RD Flnandal Advisor Cazenove Capitsl Management, 12 Moorgate. London. EC2R 6DA Page 3
ROYAL INTERNATIOP4ALAIR TATTOO FLYING SCHOLARSHIPS FOR DIBLED PEOPLE IA company limited by guaranteel TRUSFEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 The Trustees, who are also the dirtorS for the purposes of company law. present theiT report and financial statements for the year ended 30 September 2021 under the Companies Act 2006 and the Charities A£t 2011. together wr(h the independently examined financial statements for the year, and confirm th8t the latter comply with the requirements of the Compans Art 2006, the Charities SORP IFRS 1021 and the Charivs Memorandum and Articles of Association. CONSTITUTION. 08JECTIVES AND AcTInE5 Royal Internional Air Tattoo Flying Scholarships for Disabled People IFSDPI was incorporated on 20 June 2012 and registere(J as a charity on 11 September 2012. For legal reasons, its previous unincorporated charity. The Royal International Air Tattoo Flying Scholarships for Disabled People Ifomierly 'for the Disabled) in memory of Group Captain Sir Douglas Bader CBE DSO. DFC. IDBMFI. is being kept open for the sole purpose of holding the permanent endowment fund5 and for any future legacies in that name. On 7 February 2013, for administrative and accounting convenience, the Charitie5 Commission approved a Scheme whereby DBMF became a linked charity of FSDP and ceased to be a separate charity. The governing document for both the incorporated and the unincorporated charities IS the Articles of Association as adopted on 20 June 2012. The object of FSDP is to relieve the conditKJn of. and improve the quality of life of, disabled people by helping them to discover their true potential through the mental and physical stimulation of learnirbg to fiy a light aircraft. For the purwses of the charity. 'disabled people, means persons who are physically disabled or handicapped or othepwise impeded for any medical reason from leading a normal life. The normal pattern of events initially requires disabled people wishing to apply for a Scholarship to complete a comprehensNe application form. A preliminary selection board considers all the applicants. typically about 40 per year, and selects up to approximately 18 to go fOard to a three- day final selection board at RAF Cranwell. There. the candidates are subject to medical assessment, interviewed. undertake a variety of tests and also have the opportunity to find out more alY)ut what the scholarship involves. Members of the selertion board include the Trustees. FSDP supporters. flying school irbstructors and the medical team. The latter pay the crucial role of evaluating an applitant's potenlial io meet the Civil AviatK)n Authorit5 medical requirements. Scholarships are awarded to those that the selection board collectple consider are most likely to Use the experien so gained significantly to enhance their individual overall well being. The actual number of scholarships awarded in any one year is dependent on a combination of the suitability of the applitants. the number of sponsors and the overall financial state of the charity. Apart from its website and leaflet distribution at relevant events, the scheme is advertised on Facebook Iwww.www.facebook.com in Scholarshi sForDisabledPeo Linkedln Ihttps-.Ilwww.linkedin.comlcompany1106367731adminll and Twitter Iwww.twitter.comlFSFDPI. It Page 4
ROYAL INTERNATIIX4AL AIR TA00 FLYING SCHOiARSHIPS FOR DISABLED PEOPLE IA ¢ompany limited by 8uarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 also enjoys some modest local PR coverage of the activities of some scholars. Most applicants encounter the charity through our orh-site presence at the Royal International Air Tattoo IRIATI, bv visiting the webstte. from social media. reading case histories in specialist magazines. from ex FSOP scholars or from Aerobility- a British flyin8 charity for disabled people. The majority of scholarships are sponsored although some are finanted by the dividends received from FSDP'S end¢)wment fund investments or fundraislng. Each year there are varbjus fundraising activities including the annual Christmas Newsletter. STrVCTURE, GOVERNANCE AND MANAGEMENT OT8anlsallonal Strre The administration of the chartty is vested in the Trustees. Current ten in number, who delegate the day-to-day operation of the charity to its General Mana8ef. Lou Buckley, who also acts as Secretary to the Trustees. In addition to the quarterly Trustee meetings. the Trustees typically participate in 311 asperts of the annual selection procedure for scholars. attend the Presentation Ceremony at the Royal International Air Tattoo I"RIAfi, on which occasK>n the scholars are presented with their certificate or wings. and also Visit scholars during their training. Trustees At the annual general meeting in each year. the Trustees elect one of their number to be Chair until the hnnual general meeting of the following year. The previous year's Chair may stand for re- election. When a vacanq arises on the Board. the Trustees assess the implications in terms of any consequent shortfall in pertinent background. knowledge. skill or experience. The latter. together with considerations relating to diversity. informs the decision as to the nature of the replacement Trustee soughL Adverbsing for Trustees has proved fruitless and invariably suitable individuals are identified through personal connections. As and when an individual rs identified as a p)tential Board member. slhe is approached to determine interest in, and the capacity to. join the Board. Subsequently, an inteNiew by Trustees is arranged during which a detailed briefing on the purpose and objectives of the charity is given along with guidance on the responsibilities of a Trustee. DependinB upon their familiarity with the charity. the individual is also given the opportuntty to srt in on 3 Board meetin& observe the selection Page 5
ROYAt INTERNATIONALAIR TATTOO FLYING SCHOiARSHIPS FOR DISABLED PEOPLE IA company Ilmlted byiuarnntse) TRusfEts' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 process at RAF Cranwell and meet. an(1 be briefed by, the General Manager before 8 mutual decision is made. All potential Trustees are required to confimi they are a fit and proper person in accordance with the Charities Commission requirements. New Trustees are provided with= The Charity Commissioners, Publication The Essentiol Trustee (CC3J The Articles of Association date(J 20 June 2012 The previou5 year's Report and Accounts The minutes of the two previous Trustees, meetings The Terms and Conditions for Scholars and Flying Schools The last Risk Assessment Review and current Risk Register Access to the company data storage software Airtable and all the charitVs documented policies and procedure5 The Twstees are experted to adhere to the chariws Code of Conduct, familiarise themselves with their obligations as a Trustee and remain abreast of any relevant developments in charity law. The Trustees are typically appointed for an initial temi of 4 years and may. at the discretion of the Board, serve one further term of up to 4 years. While 8 years is the usual maximum, exceptions mav be made where it is difficult to recruit the appropriate skills or expertise. There is a Trustee rotation plan that prompt5 early consideration of the need to retsin and replace the qUISIte knowledge and expertise in the trustee trfjdy. GovernaKe Code The Trustees are committed to good governance and readi adhere to the Seven Principles of the Charity Governance Code. During this accounting period all of our policies were brought on line and subsequentty reviewed and. as appropriate, amended. All Trustees are required to affirm they have rea(1 all policies. The selection process also remains under review with a particular focus on reducing the risk of unconscious bias. Experience this year has also prompted the necessity to give both flying schools and applicants better guidante as to the chariws expectations of individuals who accept a scholarship. There is an outstanding requirement forthe Board to review its own perfomiance. Page 6
ROYAL INTERNATIONAL AIR TA00 FIYING SCHOLARSHIPS FOR D15ABLEO PEOPLE IA company limlted by guarantee) TRUSTEEY REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACHIEVEMENTS AND PERFORMANCE The constraints associated with the COVID-19 pandemic made for a challenging environment in which the charity had to operate. However. the Trustees were detemiined that. after a fallow year in 2020, scholarships should proceed. While the initial screening of applications meeting could all be done online, the unavailability of the facilities provhled by RAF Cranwell necessitated a different approach to final selection. The SUC55 of the process subsequently adopted, which involved using Zoom for interviews, the facilities at Kemble for aircraft familiarisation and a Cirencester GP practice for the medicals, owed much to the exceptional efforts of Tony Cann, Lou Buckley, Or Gus Hickish and our mentor team. led by Amanda Edmunds. While it was not ideal and, with the benefit of hindsight, there was scope for improvement. it worked. A total of 13 ScharShIpS were awarded as follows: Charlotte Hart. Yvonne Mccarthy. Arthur Moan and Sheeba Mir with Gryphon Aero Club at Cotswold Airport; Matthew Williamson, Albert Thomson and Simon Gillespie-Khan with Bristol Aero Club at Gloucestershire Airport; Scott MacLeod and Philip Marlow with Turweston Flying Uub at Turweston Aerodrome- and Tim Mabon, David Follett, Fleur O'Reilly and Will Behenna with Shadow Aviation at Compton Abbas Alrfield. A total of 7 of the scholarships We generousty sponsored by British Airways High Flight. Woddwings Trust, Lockheed Martin. Wings Around the World and a most welcome and engaged newcomer, Boeing. In addition, we were able to make a "Scholar5' Scholarf award, underwritten by the fundraising efforts of both Trustee5 and previous scholars. Further awards were also made in the name of Pooleys Flight Equipment. who donate a fight bag and manuals to every scholar, and 2496 Icumbernauldl Squadron Air Cadets. who provide extensrve administrative support to the charity, in recognition of their singular contributions. Although the RAF Charitable Trust did not have the resources to sponsor a scholar. an award was made in the Trust's name in recognition of their past support and the ongoing link between the two charities. Two scholarships were also given in the name of the charttVs founders. Paul Bowen and Tim Prince. Unfortunately, the RIAT was cartcelled for a second successive year. In consequence, the coincident presentation teremony. at which our 2019 Scholars would have received their 'Wings' and other trophies would be awarded. did not take place. Final decisions remain pending as to the potential recipients. for both 2019 and 2021. for Yhe Wings Around the World Trophy, and 'George Stewart Memorial Trophy (given respective to the womanlman who has benefitted the most from being awarded a scholarship in the previous year). However, 'The Douglas Bader Trophrf (the result of a generous legacy from Gregory Whiteley, which is 8iven to the individual who has contributed most to the Charity in the preceding 12 months) will be awarded at RIAT 2022 as follows: 2020 Julle Bull (retired General Manager) 2021 The FSDP Mentor Team of 2021 Page 7
ROYAL INTERNAnChNAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA cornpany Ilmited by8u¥anteel TrUSTEES' REPORT FOR THE YEAR ENOED 30 SEPTEMBER 2021 We fulfilled most of our objectives for 2020121 most notably that of improving our outreach to. and support for, the wider family of the charity made up of previous scholars, Trustees and other supporter5. The practical consequence was the creation of a members, only area on our website called the 'Big Wing. la reference to the char5 antecedents of having been founded in memory of Sir Dougla5 8aderl. The Big Wing is a forurn that allows members to exchange idea5, seek and obtain advice on a range of subjects, watch online webinars. gain updates on FSDP artivities or simply socialise. The initiative has been a modest success and will be fvrther developed. The Trustees remain indebted to all our sponsors. supporters, stholars and members of the public for their donations, which have enabled the charity to function during the past year. However, it has been, and will remain, a challenging time for fundraising with planned fundraising events put on hold. Equally, no substsntive progress ha5 yet been made with the fund raising committee and this is an area for particular focus next year. FINANCIAL REVIEW The year on year comparator between this and the preceding Financial Year IFY) is largely unhelpful. Not only is there a difference in duration but, imFM)rtantty, in the preceding year we offered no scholarships and that had an attendant impact on both the associated overheads and our fund raising activities. However, there is one significant figure to note Total Funds - a5 those carried fonKard by the charity have increased over the past year by £112k l£1.332k v £1,220kl. The reason. as shown in the Statement of Financial Actr¥itie5 ISOFA}, is a net gain on investments of £112k. The Trustee5 have tradith)nally aimed to protect the ¢haritVs capital and INe within rfs means by spending no more than the annualty budgeted income. It is also an expedient approach as the harity has limited capacity to manage and place many more than the typical 12 scholarships per year. However. given the disappointments of last year, the Trustees were determined from the outset of the FY, and despite the surrounding financial uncertainties and attendant risk of having to draw upon our reserves. to award at least 12 scholarships. This was though not to be regarded as precedent. In the event. 13 individuals were identrfied as deservin8 of a scholarship. It is gratifying, therefore. to note the more or less exact match of income and expenditure. with a very modest deficit of £82. This Outcome was achieved as a result of the combination of generosity of sponsors and a significant reduction in overheads. The General Manager is to be commended on her close management of the latter. The cancellation of RIAT, in particular. meant that we did not incur the significant overhead associated with the Presentation Ceremony. Additionally. for variou5 practical reasons, not all scholarships were taken up in full. While, we can be well satisfied with the 0come of the this FY. it is apparent that our fundraising will have to be far more effectrve in the future if the charity is to remain sustainable at traditional levels of activity. Page 8
ROYAL INTERNATIChYAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA cofflpany Iwnlted by 8uaranteel TRUSTEE5' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 INVESTMENT POLICY FSDP'S capital is invested with the Cazenove Charty Multi Asset Fund ICMAFI- The latter meets our objective to have our funds held within an investment vehicle with a diversified strategy involving equities, bonds. property and alternatives assets. Additionally. the CMAF aims to provide income and capital growth in excess of the CPI + 4% (net of fees) over a rolling 10 year period. This allows the Trustees to plan on its investment income return. The CMAF also has a responsible investment approach that operates certain exclusions while ensuring that environmental, social and governance onsiderations apply in all investment decisions. The Trustees are aware that of tts £1.332k funds Some £536k is pernianent endowment and this restricts the use of these funds accordingby. However. FSDP is most fortunate to retain the on-goin8 support and engagement of the benefactors of the permanent endowment. While it remain5 our benefactor5' turrent wish to keep the funds as endowed. they would not, subject to consultation. wish to preclude the applKation of the funds to another use that demonstrably better served the long term interests of the charity- CURRENT ANO FLrruRE PLANS The events of the past few years have taught U5 to be pragmatic. flexible and open to different means of fulfilling the charit5 aims. While we hope to return to RAF Cranwell for the final selection process next year. it is apparent that we can, and should, do more to mitigate the physical challenges the domestic accommodation presents candidates. The past year has also demonstrated the need to addTess some disparity in approach. as between the respective ftying school's, in the expectations of scholars and the scope of training. Accordingly, our plans for the next FY include the following.. Further developing the membership of. and range of activity within. The Big Wing,. Identifying and obtaining a range of specialist equipment that can be used to mitigate difficulties encountered by candidates with the domestic accommodation at RAF Cranwell. Revising the teTms and conditions and related documents that determine the charity'5 expectations of the scholarship experience at the spective flying sch¢)ols. Amending the tern)s and conditions relating to scholarships so as to ensure candidates are familiar with. and acknowledge. the attendant obligations. Continuing the delivery of interview training to ensure that all inteiewerS are of a consistent standard and we optimise our prospects of selecting the m05t suitable applicants. Mounting a digttal PR campaign so as better to exploit all opportunities to market the charity and reverse the declining number of applications. Tracking and evaluating scholar's outcomes over the longer term. Page 9
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLEO PEOPLE (Acompany limited byKuarantse> TRusfEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Increasing our fund raising including the creation of a fund raising committee so as to increase the annual number of scholarship award5. Conduct a crisis management exercise involving all Trustees. Conduct a board perfom)an¢e rewew as per the Charity Commission Govemance Code. Furthering relationships Wlth local disabled charit5 and specialist equipment providers. Enhancing our governance to accord with the best practice recommended in the Charity Governance Code. Maintaining within the Trustee Board the full complement of skills. experience and capacitv necessary to delNer the charivs objertives. RISK MANAGEMENT FSDP has a risk register that is subjert to annual review. The key risk of the loss of the charlS assets is mitigated through the investment poliry referred to above. Other keys risks would arise in the event of there being a major incident invofving a scholar. This risk is mitigated through the selection screening process. which crucially includes medical assessment and in the cafUl choice of flying schools. The latter is the particular responsibility of the Flying Committee, the membership of which has the requisite expertise. OUT safeguarding policy also has a role to play in the protection of both our scholars and the charity- A particularly rigorous review of our insurance cover took place, which emphasised the need to ensure the charity was a named party in each of the contracted flying schoof5 publlc Ilabllity cover. PUBLIC BENEFIT We continue to obtain. notabty through the post scholarship oral and written reports that are required of every scholar, clear evidence that the vast majority of scholars enjoy a considerable boost in their sense of well being as a dirert $Il of completinB the scholarship. We also conduct Surveys, based upon the Warwick4dinburgh assessment tCM)l. Ihat measure a stholarfs well being prior to the award of a scholarship, on the completion of the scholarship and then again a minimum of 10 months later. While these quantitative measu5 combined with the qualitative commentary offer evidence of a sustained benefit in terms of well-being, confidence and engagement with sttiety- for the majority of scholars, we are minded to do more research on the subject. All of the foregoing constitutes a public benefit. The Trustees have complied wth the duty in Section 4 of the Charities Att 2011. to have due regard to public benefit guidance published by the Charity Commission Page 10
ROYAL INTERNATIONAL AIR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA ¢omyny limited by guarantee) TRUSfEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 RESERVES POLICY The Trustees maintain the view that the charity should hold a comblnation of 'cash' plus investrnent income sufficient to equate to awarding 10 scholarships plus the a5SOCiated administrative support costs. This currently equates to circa £125k. Current reserves are more than sufficbenL Trustees remain confident in the charitV5 financial viability. STATEMENT OF TRUSTEES. RESPONSIBILMES The Trustees (who are also directors of the Royal International Air Tattoo Flying Scholarships for Disabled People for the purposes of company lawl are responsible for pParIng the Tru5tee5' annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted A¢counlin8 Practice (United Kingdom Accounting Standards). Company law requires the Trustees io prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a tme and fair view of the state of affairs of the charitable company and of the incoming resources and applhcation of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable attounting policies and then appfy them consistentty observe the methods and principles in the ChaTittes SORP make judgements and estimates that are reasonable and prudent state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charriable compan¢s transactions. disclose with reasonable acturaty at any time the financial position of the charitable company and enable them to ensu that the financial statements comply with the Cornpanies Art 2(K)6 and the provisions of the charivs constitution. They are also responsible for 53feguarding the assets of the tharity and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. Page 11
IA Ilftthd byg4wantee) The feport of the Trustees has been wepared in accordance wlth the speuol wovisM)ns relating to small companie5 subiert to the small c¢)mpanles re8iffle within Part IS of the Companles Att 21x16. Approved the Trurteeson l? feb aa22 and &gned on their beh* by: Page 12
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company LIMIt by Guarant•el INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Indopendgnt Examine¢5 Roport to the Trustees of Royal Intarnational Atr Tattoo Ftylng Scholayshlps For DI$•bl Pooph {Ihe Charltyl report lo the charty Trustees on my examination of the accounts of the Chty for the year ended 30 SeptemEer 2021 whith are set t on pages 13 to 32. This report is mode solety to the charitsble companls Trust, as a body, in accordance wth Chaptr 3 of Part 16 of the Companies Act 2006 and the charitsble companys Trustees as a body in accordanee wilh section 154 of the Charities Acl 2011. My independent examinerfs work has been undertaken so that I might stale to the charitable companls trustees those matters l am required lo state lo them in an indepgndent examinerfs report and for no other purpoge. To the fullest extent pem)rtted by law. I do not accept or assume responsibility to anyone other than the Charitab company and the charitable rnpanS Trustees as a body for my indgpendent examiner's wor. for this ieport. or the opinions I have fomed. R•sponslbilltles and Basls of Roport As the Trustees of the Chty {aTrJ its di1 for the purpose$ of company l&vl J¥)u are responsible for the prepaiaJn of the ¥counts in accordance requirwnents of the Companie5 Act 2C I'the 2006 Acfl. Having salisfd mysew that the accounts of the Ch81ity are not required to be audited under Part 16 of the 20C6 Act and are eligie for independent examination. I report in respect of my examination of the Charivs accounts carried out Lbnder tKIn 145 of the Charitss Act 2011 1.the 2011 Acl'l. In carrying oul my examinats.on I hav¢ folkfvwed the Directi¢yB siven by Ihe Charity cmMISn under 145151(b} of the 2011 Act. Indepgnd•nt Examlnerfs Sta¢gm8nt I have ccffipleled my examination. I confirni no mattets have come to my attention in cOnOn with the examination giving me cause to bele". accounting rec¢)rds were not kept in respect crf the Charity as rwHred by wtion 386 of 20C6 Act., or the accounts do nol accord with those records., or the CoUnts do not ccmtly tyth the accounting requwements of section 3 of the 20C6 Act other than any requirement that the a¢in(S gw a and whh i8 not a matter considered as part of an independent examin"on", or the accounts have rK)t been prepaT•J in accordance Vthilh the methods arKI principles of the SLemenl of Recommended prlIte for untsng and reFQrting by charriies [appIab to charities preparir¥J their accounts in accordance with the Financial Rew)rts'ng Slandard applicab in the UK and Republic of IrelaThY (FRS 10211. I have concerns and have come across other matters in connection with the examinatIc to whith attention shoukj be drawn in this report in order to enabkn a prcper undwstsndiThJ of the accounts to be reached. Page 13
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
Signed: Dated: 25 May 2022 Guy Biggin FCCA Crowe U.K. LLP 4th Floor St James House St James' Square Cheltenham GL50 3PR
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ROYAL 11ERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Total Total fvnds funds fvnds funds fund$ 7 monlhs yoar •nded 30 year ended 30 y••r •ndd 30 y•ar 8nded 30 ended 30 September September September S•pt8mber September 2021 2021 2021 2021 2020 Income fr¢)m: t)onations Invesknenls 92.454 46,660 25.557 21.803 Total I(n8 139.114 139.114 4T,360 Expendlturo on: Raising funds Charitable activities 6.206 132,990 3,507 35,652 131.990 Tolal exp•ndltur• 138,196 139.196 39, 159 Not Incomel{axpondlture) beforn not gains on Investments 918 {82) 8,201 Nel gains on investments 67.022 111.986 32,944 Net movement In fund8 45.882 67.022 111.904 41,145 Reconclllatlon of fund¥'. Total funds brought 1.000 732.276 67.022 1,220,267 111.904 I, IT9, 122 41,145 Net movement in funds 45,882 Total funds carrted forward 632.874 799,297 1.332.171 1.220.267 The rteS on pages 18 to 32 f(wm part d these financ1 statem*)ts. Page 15
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee) REGISTERED NUMBER: 08112334 BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 2020 Flxed assets Investments 13 1,238,922 1.026.936 1,238.922 1,026.936 Current assets Debtors Cash al bank and in hand 14 4.276 110.568 2.222 198.499 114,844 2CLI. 721 Creditors.. amounls falliw due *ithin e 15 121.6951 (7.390) Net cuirent assets 93,249 193,331 Total net assets 1.332.171 1.220.267 Charfty funds En¢kYhml funds Restitted funds UnrestrKled funds 17 17 799.297 732,275 17 532.874 486.992 Total funds 1.332.171 1,220,267 Page 16
IA Company Umlt•d by Guarants•) REGISTERED NUMBEK. 00112334 BALANCE SHEEf (CONTr4UEDI AS AT 30 SEPTEM8ER 2021 Thg membern ha r•rNired th• comFUry to otlakn fw tr* qufjsti In acry)rdan(x section 476 of Companles Ad 2(th. Guy BO1. Chalrnmn (Clkilr of Trustees) Pago 17
ROYAL INTERNATIONAL TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limit•d by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 General Infornlatlon The Royal Intematw)nal Air Tatto) F'n9 SChorgh1pS for Disabled People is a company limtted by guarantee and incorporated in England and Wdes {081123341 and a registered chanty {11489141. Its re9iStered offKe and prinwd plaee of business is l)ougL Bader House. Hor Hill, Fairford. Gloucestershire, GL7 4RB. Accounting policies 2.1 Basis of preparntion of fin•nclal statemenls The ffinancial statemgnts have been prepared in accdanc th thè Charitses SORP {FRS 1021- AcccHJnlin9 and Reportw)g by Chariti'es: Statement of RLnmended PrtiCe applicJle to charities prepariThJ their xcounls in accordance wth the Financi Rerxjting Standard applicable in the UK and Republ of Ireland IFRS 102) {effective 1 January 2015), the Financial Reporting Standard applicab in the UK and Republ of IrelaThJ (FRS 1021.the ComleS Act 2006, and the Charities Ac12011. Royal Intemalional Air Tatt¢ Fkn"ng Scholatships For Disabled Pecyle meets the definition of publK benerrt entty undef FRS 102. Assels and liab11rt a Initial ¢¢>anIsed al historical cost tran5ackn.on value unless otheNtse stated in the relgvanl accounts"TrJ poky. 2.2 Going concern The Truslees have undertaken plannirvJ and foraStIr13 and continue to closety monitor Cowd-19 and the develLying siluatN)n. Despile the curyent circumstances the Trustees believe that the Chartys financial resources are sUfficnt to ensure the ablty of the charty to continue as a going concem for the foreseeable future. being al least twefve months from the date of approval of these financial slatements an(1 that there are no malena uncertainties about ils abilrty lo ¢CtinUe and therefore have prepared the fw)ancial stalements on the going ¢on¢em basis. 2.3 Income Donations irKome is recv&J by wwi of sponsorship for indNidual schOlahIp pl&ements. and by way of donations al grfts (including Grft A1. Income from donatiDns included in income vthen receivable. When dcrfM)TS impose condth"on$ have to be fulfild before the charity becomes entrt lo such income, the receipl of irwne is not luded within Income until the pre-conditions have been mat. Investment inccne consists of divKlend$ and intwest on the ChÉVs bank and investment balances. Investment irLome is Ind when rKeivable. For legacies, entiuemenl is taken as the earlr of the date on lch erther.. the Charity is aware that probate has been gTrnled. Ihe estate has b88n finalised and notrfieation has been made by the executor{s) to the Charity that a distrbution wll be made. ¢y when a distribution is received from the estate. Receipt of a legxy. in whole OT in part. is only c(x)$KYered Probab when the amount Can be measured relwbty arKI th9 Charty has b88n nc*if of the execulor's intenlion to make a dislribution. Where legacies have been notrfed io the Charty. or the Chanty is aware of the granting of a probate. and the criteria for income recognition have not been met. then the legacy 15 treated as a eonttngent asset and discbsed rf material to the charity. Grats arè in¢ded in the Slalanent of Financd Activit$ on a e1Vable basis. The balance of income woived for speth purp)ses bul not expended during the r)8Tiod is shthvn in the relevant Page 18
ROYAL INTERNAT1014AL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEPABER 2021 Accountlng policios l¢ontlnuedl 2.3 Income (conllnued) funds on the Balance Sheet. Where incryne i8 rBceived in aJvance of entitknenl of rece, its regnItIOn is deferred and iKludod in creditors as deferred inc(ng. Where entf(lemenl occurs before inccrfne is receid. the incune is 2.4 Expendlture All gxpendibjre is ented for on ral5 basis and has been dassifd under headings that aggregate all direct costs rdated lo the c9)ry. The irrecoverable element of VAT 1$ included thIn the e¥pense to vknich it relates. Charitable &tMtses relate lo (lirect costs of scholarships arded. The ¢osl of overan diraclion and administration, includin9 the salary and overhead costs ol adminislration, 1$ appthoned on the basis that 70% ofthese $uppyt co¥ts also relae to charitable activitw. Raisng funds comprise of those costs incuvred in setting up aThJ managing fundraising events and Governance costs comprise all costs incurred in Djnning the charty. As SL+ch. rt includes secretarial expenses. independent examinat and gaI fees together wth the remaining 300A of support costs not allocated to dir1 charilable activilw. Expenditure on raising funds iludeS al expenditure irKurred by the Charity to raise funds for its charilable ppOSeS aNJ includes $ts of all fundraising acINitS events and no1harthle trading. ExFenditure charrtable &b"¥ibes ts incurred on diredy undertaking the activities vknich fvrther the ChariVs clecti$. as well as any a5sociate(l $LPPOrt costs. IS Gov•rnment grants Govemment grants relaling lo tangible fixed assets are treated as deferred income and released lo the Staternenl of Financial Aclrvitigs over the exFeCted useful Irves of the assets concerned. Other grants ore credited to the Statement of Financial ActilieS a5 the reLgtwJ expenditure 1$ incurred. 16 Taxation As a registered charity the Royal Intematwal Air Tattoo FI.n9 scholarsh)$ for Disab18d People is entided to tsxalion exemptKfbS ¢)n all of its irKcne and gains. property applied for its charitabl8 puwes. 2.7 Investsnents Investments listed on a re)gnised si(Kk exch*y are slated at the market value at the dale of the Balance sheet. Gains and bsses on investrnents are reeojniged in the Statement of Financial ActNities. 2.8 DdJl(Ks Trade and other debtors are recogftised al the settb&ment OUnt after any trade discount offered. Prepayments are valued at the amount pryj. Page 19
ROYAL IKtERNATIONAL AIR TATTCIO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Limhed by Guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accountlng polici•s Icontinu•dl 19 Cash al bank and In hand Cash is Tepresenled by cash in hand and deposits financial lnstrtuis. Cash equivalents and current investments are highty IK4uKI and mature in more than 3 months. 110 Llabllltles and provl8lons Creditors are re£ognL8ed where the Charity has a present obligatK)n Tesulb'ng from a past event that wil probabty result in the transfer of funds to a third party and the amount due lo settle Ihe oblKJation can be measwed or estimated reliabty. 111 Flnanclal Instruments The Charity onty has finan¢ial assets and financial Ivknihbes of a kind Ihat qualffy as basic financial instruments. BasK financ instruments are initialty reco3nised at Irans&1 value and subsequenlty measured at their settlement valuft. The Charty has the ft4km.ny basie financk31 instruments. Investments. cash at bank and in hand. crued income, acCAlS and other credrtors. are all measured at their settknienl value. 112 P•nsions Th& Charty operates a detined conlrbub.on pension scheme and Iho pens)n char9p represents the amounts payable by the Charty to the fund in respect of the year. 113 Fund ac¢ountlng Unreslricled funds which are avaiLabk ts use at the (scretion of the Trustees furtherance of the general 0ectiveS of the ChaTty. Restrided funds are funds whth are to be used in accordanc& with specific restrictions imposed by donors or which have been raised by the Charity for partKular purposes. The eosls of raising and ministering such funds are charged against the specifjc fijnd. The awn and use of each restricted fund 1$ set ¢>Jt in the notes to the financkql statements. Pemianent endtrwmenl funds represerrt those assets wthich musl be held peanentlY by the Charity, principalty investments. The funds musl be retained in perpetuity to 98nerat8 income to provide Expendable end0ent fuThJs are attributable to the orwJinal amount settled on the Chanty, subsequent Settlement and accumulated gains and losses thereon. endowments afe expendable at the discretk)n of the Tfttees on expenditure whKh meets the charrtable objectTves of the Charity. Investment irOMe. gans arKI h)sses are alkncated to the appropriate fund. Pag9 20
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limit•d ty Guarant•e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Crltical accounling •stlmates and ar$ of judgom•nt Preparation of the financial statements requires management to consider makiry any signrficant judgements and eslinales wwe necessary. There are items in the financial statements where signtficantjudgements and estimati($ have been m>Je. Income from donatioms Unrestrlcted Total Total funds funds funds year ended year ended 7 fftonlhs 30 ended 30 September S•ptember Sepfembef 2021 2021 2020 Donatlons Donations Grft Aid Sponsorships received Lottery income Other income Govemmenl grants 9,483 4,288 73.052 4,834 797 4,534 407 7,994 2.498 124 10,000 73,062 797 Total year ended Septemb•r 2021 92.454 92A54 25.557 Tot&1 7 months nd 30 S8Pt&mb8r2020 25,557 25.557 Govemmenl grants received of £Nil (7 thS ended 30 Sepl&mber 2020." £10,CW were frcln the CoronaviTU5 Small Business Grant Fund. Page 21
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Investment Income Unrestrict Total funds funds yw endgd yo•r •ndod Total funds 7 monlhs ended 30 September September Septemb8r 2021 2021 2020 DNidends Bank interest 46.660 21.802 Tolal year ended September 2021 46,660 21,803 Total 7mthS ended September 2020 21,803 21,803 Expandlturo on ralslng fvnds Costs of raising voluntary incom• Unrestrlcted T¢al funds funds year ended year onded Total funds 7 months ended 30 ptthnber Septombor Semembei 2021 2021 2020 Markeling Investment manage¢s costs Lottery prizes 1.276 2.749 2.181 1,276 2.749 1181 536 1,811 1. 160 Total y•ar ended 30 S•ptanb•r 2021 6,2C6 6.206 3,7 Total 7 months endgd S9Ptgmlw 2020 3.X17 3,507 Page 22
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmltod by GuarnntO01 NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Analysls of expendlturn on charltabh actl¥SU Summary by fund ty Unrestrkted Rtrk1ed Total Tolal funds funds funds fvnds yèar endod year ended year ended 7 months 30 30 ènded 30 Septwiber SePtber Septomber September 2021 2021 2021 2020 Scholarships 131.990 132,990 35,652 Total year ended 30 Septombw 2021 131.99) 132.990 3&652 Tolal 7 nK)nths èndbd 30 Septembw2020 35.652 3&652 Page 23
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Analysls of expendIrn ty actlv6tles Actlvltles undertaken Support Totsl Tolal div•ctty costs fund$ lunds year ded year •nded year •nd•d 7 months 30 ended 30 Sept¢mb•r S•pt¢mber Septembèr S8Ptemb6r 2021 2021 2021 2020 Scholarships 92,028 132.990 35,652 Tolal September 2021 92.028 40,%2 132,990 35,652 Total Seplomb8r 2020 16,227 19,425 35,652 Analysls of dlroct costs Total Tot81 funds year ended 7 months 30 8ndgd 30 septnber SW&mb6r 2021 2020 staff costs othei direct Costs Scholarships approved 23.668 5.849 62,511 16, 143 T¢)ts12021 92.028 16.227 Page 24
ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE {A Company Llmhed by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Anatysls of gxp•ndlturn ty actlvltles Icontlnuedl Analysls of support costs ScholarJhlp Total Total funds funds year ended year ended 7 months 30 30 ended 30 Sgplgmbor Septomber Sepfambe 2021 2021 2020 Staff costs Travelling and subststence Office supKKJt Cost 11,835 639 28.488 11.835 639 28A88 8,071 160 11.194 Total year ènded 30 Sèpt•mber 2021 40.962 40,962 19,425 T¢)tal 7rnth$ gndgd 30 Sept8mtw 2020 19.425 19.425 Offico Support costs include: Year end•d 7 months nd8d 30 Septefflb•r Sep¢embef 2021 2020 Accourtancy c¢Jsts, profession fegs and lThJependent Ex1$ fees In$uranc8 17,128 3,810 4.06S 3.48S 2.541 3.282 171 Administrati costs Sur¥Jry 28,488 11.194 Pa98 25
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 SEPTEMBER 2021 Included wthin sUpt costs are governance costs th. Year ended Tmonlhs 30 ended 30 September September 2021 2020 Staff cosls Aceountsncy costs. professional fees ald Independent Exanwie¢s fee8 11.835 17.128 &071 5.2 28,983 13,271 10. Independent •mIne$ r•munerallon Year ended 7 monfhs end8d 30 September Septembei 2021 2020 Faes payable lo Ihe Chaws iWdent examiner for the indyThJent examination of the Charitys annual xcounts Fees payable lo the Charivs iThYependenl examliw in respect ot. Accountancy 1,600 1,5 11. Yr end•d T mt%rths nd8d 30 Septemb•r Seplgmbei 2021 2020 Wages and salar Social security costs Contribution to defin&J contrbutK¥n pensffi sthemes 33.912 22. 754 360 1. 100 35.603 24,214 Page 26
ROYAL INTERNATIONAL TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 11. Slaff costs (contlnu•dl The average number of persms em0)Ed by the Chanty during the sear was as folb•ts'. Year •nd•d 30 September 2021 No. Trntt$ ended 30 Seplembei 2020 No. Headcount No empbyee reca¥trJ remuner1 amcrtmtiNd to more £60.000 in either Jtar. 12. Trustees. remuneratlon and exp•nse8 Dufing the year. no Trustees receid any rWnUn8rat or other benefrts (7 months endgd 30 SgPtemb8r 2020 £N}. During the year ended 30 September 2021. <x TnJ8tee iieurred expenses of £74 in relation to travel (7 months ended 30 September 2020 £NILJ. 13. Fix•d assot inv•stments Llsted Investments Valuallon Al 1 Oclober 2020 Additions Revalua1v$ 1.026.797 11)0.000 112,125 At 30 September 2021 1.238.922 Page 27
ROYAL INTERNATIONAL AFR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE {A Company Limitqd by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 30 SEPTEMBER 2021 14. Debtorn 2021 2020 Other debtOTS Prepayments and accrued In¢be 2,851 1,425 407 1,815 4.276 2,222 15. Creditors: Amounts falllng due wlthln one year 2021 2020 Trade creditors Grants payab Acenjals 6.820 5,410 9,385 (110) 21.595 7.390 Re¢on¢lllatlon of grnnts payable 2021 2020 Commitments al 30 September 2020 Grants awarded in the year Grants paid in the sear Grants claweil back in the 78.044 {57.101) 115.5331 Commitmonts at 30 September 2021 SAI0 16. Flnan¢lal Inslrumgnts 2021 2020 Financial assets Financ1 assets measured at fair throu inc¢yne and expenditure 1.238.922 1.026, 797 Financi assets measured at fair value through IrQme eXFditUre comprtse listed investments. Page 28
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE A Company Llmlt•d by Guaranto91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 17. Statsment of funds Statement of fvnds • curront y•ar 8alanco at 30 Galnsl S•pt•mber {Lossesl 2021 Balan¢• at 1 Octob•r 2020 Income Expendlturn Vnre5tTicl•d funds Unrestncted Fur 486.992 139.114 (138,196) 44,964 532,874 Endowment funds Wings around the V*YJrhJ- Pemianenl endcmnent Fomier schokrfs fund- Expendable endowrnent John Savile fund- Expendable endowment ACT furbLk Expendable endrymnent Vic¢arage Twst- Eyndable endowment Entrepreneurfs furK Expendable erKlowment 4,974 44.937 535,911 17A92 19,093 111,889 10.241 122.130 44.756 4,096 48,851 $5,9n &123 61.101 1,024 11211 732,275 67.022 799.297 Restrl¢tgd funds Scholarship fund Total of funds 1,220.267 139.114 1139.196) 111.986 1.332,171 Page 29
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 17. Ststgmant of funds (continu} Statsment of funds - prlor year Balance al 30 September 2020 Bdance al Gain {LossesJ lrtome EXltU Unr•strict•d funds Unrestrid&J Funds 465, 767 47.360 (39. 159) 13,024 486,992 Endowm9ntfunds Wings around the worhJ- Permanent endowment Former scholarf5 fund - Expendable endowTnent John Savile fund- Expend*l8 endry4¥ment ACT fun& Expendable endcmment Viccaragg Trust. Exp8n&ib endment Entrepreneurfs fun Expendable end0%lent 477,618 13.356 490,974 17.016 476 17,492 I845 3,044 111.889 43.538 1.217 44, 755 54,4S5 1.523 5S978 10.883 11,187 712.355 19,920 732,275 Restrkted funds Scholarship fijnd Total of funds 1, 179, 122 47,360 (39, 159) 32,944 1.220,267 Page 30
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A ComnY Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 17. Statement of funds Icontlnufjd) Pgrnian8nt End(YfflMnt Funds The Wings Around the Wcth fund c(x)Iprises donatffis raised by PcAty Vacherfs fv40 sdo flKJhls around the worbj and a Wdriety of other fundraising rt*veS. Expendable Endowment Funds The Fomier Schdars. fund comprises fr(xn sch(kn. The John Saville fund comprises donalK)ns frcm John savi1. The ACT Fund c(p1Ses thlnatsns fr( the ACT Foundation. The Vttarage Trust fund comprises frcth Peter Vwxars and the Vuarag9 Trust. The Entrepreneurs Fund comprises thinations from the Entreprerwirs Fund. Restrkted Funds The Sthjarship fund comprFses sCholahIp¥ with restitti0 received from Ihe Mr Pilots Benevdenl Fund and the Royal r Force Chariwb Trust 18. Anaty$b of net assets between funds Anatyyls of net assets botwe•n funds- currentyear Unrestrkted Endowmenl funds funds 2021 2021 Total funds 2021 Fixed asset investments Current assets Creditors due within one 439.625 114,844 (21.595} 799.297 1,238,922 114,844 121,5951 Total 532.874 799,297 1,332.171 Page 31
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSFIPS FOR DISABLED PEOPLE IA Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 18. Anatysls of net assèts bet¥mn funds {¢ontiThu•d} Anatyth of net assets between funds- prfor year UnrnstrKted R8slrKted Endowmenl fvnds 2020 Tolal fuftds 2020 2020 2020 Fixed asset investrts Current assets Credrtors due within ce ar 294.661 199. 721 (7.390) 732.275 1.026.936 2CQ.721 (7,390) Totsl 486.992 732.275 1.220,267 19. Penslon ¢ommilm•nts The Charity operates a dofined contribution pension $che during the year ¢ontribution5 amounting to £1.591 (7 Monu end8d 30 Seplember 2020.. £1.1(XlJ V4pre made to the h¢M. There was £nil outstanding at the year end (2020." £nil). Related party trarbsactlons The chanty has a close relat*)nship the Royal Air Force Charitablg Trust Enterprises Limrted rRAFCTE"l and through it the Royal International "r Tattoo from lch it derives ils name. During the year, the charity paid £7.4¢)J IT mc¥)ths efftled 30 September 2020.. £4,317J to reimbur50 RAFCTE for costs incvrred behalf of the chanty. The amount pay4)le to RAFCTE at th6 year end was £nil (7 monlhs ended 30 Seplember2020.' £nM). Page 32