R•glster•d numb•r: 08112334 Charlty numbar: 1148914 ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Llmlted by Guarantee) TRUSTEES. REPORT, INDEPENDENT EXAMINER'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmltèd by Guarantee) CONTENTS Page R•f•ronce and Admlnlstratlvo D¥tall$ of Charlty, Its Trust••s and Advlsèrs Trustees. Report Independent Examinorfs Report Statem•nt of Flnanclal Activities 10-11 12 Balance Sheet 13-14 Notes to th¢ Flnanclal Statements 15-28
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Trustees | Guy Bowen, Chairman | |
|---|---|---|
| Ian Bennett (resigned 18 May 2023) | ||
| Fiona Luckhurst | ||
| David Higham (resigned 31 August 2023) | ||
| Rachel Greenwood | ||
| Rebecca Giddings | ||
| Ian Revell | ||
| Adam Collins | ||
| Angus Hickish | ||
| Alexander Krol | ||
| Susie Oakley | ||
| John Sorsby | ||
| Helen Webb | ||
| Company | registered | |
| number | 08112334 | |
| Charity | registered | |
| number | 1148914 | |
| Registered ofice | Douglas Bader House | |
| Horcott Hill | ||
| Fairford | ||
| Gloucestershire | ||
| GL7 4RB | ||
| Website address | www.fsdp.co.uk | |
| Patron | His Royal Highness Prince Feisal lbn Al-Hussein | |
| Independent | Examiner | Guy Biggin ACA, FCCA |
| Crowe U.K. LLP | ||
| 4th Floor | ||
| St James House | ||
| St James' Square | ||
| Cheltenham | ||
| GL50 3PR |
Page 1
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company LSmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Bankers HSBC 2 Market Place Cirencesler Glouce51eTshire GL7 2NB Sollcltors Chades Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Financial Advisor Cazenove Capital Management 12 Moorgate London EC2R 6DA Page 2
ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEM8ER 2023 Tho Tru$te•$. who aro also tha dlroctors for tho purposes of company law, present their rgport and financial statements for the year ended 30 September 2023 under the Companies Act 2006 and the Charities Act 2011, together with the independently examined financial statgment$ for the year, and conflmi that the lattèr comply wlth the requlrements of the Comp4nles Act 2006. th• Ch4rltle$ SORP IFRS 1021 and the Charlly's M¢morandum and Artl¢lo$ af Assotlatlon. CONSTITUTION, OBJECTIVES AND AcnvmES Royal Intemalional Air Tattoo Flying Scholarships for Disabled People IFSDPI was incorporated on 20 Jung 2012 and registered as a charity on 11 September 2012. For legal reasons, its previous unincorporated charity, The Royal International Air Tattoo FIng Scholarships for Oisabled Peopl& (formerly 'for the Disabled'l in memory ol Group Captain Sir Douglas Bader CBE DSO. DFC. IDBMFI, is being kept OP6n for the sola purpose of holding Ihg pemianenl endowmonl funds and for any future legacies in that name. On 7 February 2013, for administrative and accounting convenience, the Charitses Commission approved a Scheme whereby DBMF became a linked charity of FSDP and ceased lo be a separate charity. The governing document for both the incorporated and the unincorporated charflies Is the Articles of As8OCi81ion as adopted on 20 June 2012. The object of Flwng Sd)olarships for Disabled People is to improve the quality of life of disabled people by hèlping th8m to discovèr their trua pot8ntial through the mental and physical stimulation of leaming to fly a light aircraft. For the purposes ol the charity, 'disabled people, means persons who are physically disabled or otherwise impeded for any medical reason from leading a normal lrfe. Each year, dis8blÈd pèople wishing to apply for a scholarship do so by completing a comprehensive application form. A preliminary selecb'on board considers all the applicants, tKDically about 40 per year, and selects around 18 to go fotward to a three4ay final selection boafd Iradilionally held al RAF Cranwell. There, the candidates are subject to medical assessment, interviewed, undertake a variety of iasts and also have the opportunity to find out more about what the scholarship involves. Members of the selection board include the Twstees, FSDP supporters, flwng School instructor5 and qualified medical team. Th$ latter play the crucial mle of evaluating an applicant's potential to meet the Clvil Aviab'on Authoritys medical requirements. The actual number of scholarships awarded In any ong year is dependent on the number of sponsors and the financial slate of the charity. Apart from its website and leaflet dislrfbution al relevant ovgnts, the scheme 1$ adv8rtis8d in the following locatK)ns'. Facebook lwww.www.f8cebook.comlFlyingScholarshipsForDisabledPeoplell. Inslagram Ihttps'.Ilwww.inslagram.comlfflyngscholarshipsO. Linkedln Ihttps.'Ilwww.linkedin.¢onVcompanyl1063677311 X Iwww.twitter.comlFSFDPI 11 also enioys some modest local PR coverage ol the 8Ctivities of some scholars. Most applicants have heard about the charity as a Tesull of visiting the Roy81 Intèmational Air Tattoo IRIATI and the charity's w8bsitè, from Facebook or Twiller, reading case hisiories in specialisl magazines, or from ex FSDP scholars. The Majority of scholarships are sponsored although some are financed by the dividends received from FSDP'S endtswmenl fund Snveslments or fundraising. Each year there are various fundraising activities including members, gel-logelhers and al the Royal International Tattoo. STRUCTURE, GOVERNANCE AND MANAGEMENT Oryanisatlonal Structure The adminislralion ol the charity is vested in the Trustees, Currently eleven in number, who delegate the day-to- day operation ol the charity lo ils General M8nager, who also acts as Secretary to thè Trustees. Page 3
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE {A Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 In addbtion to attendance al quarterfy Trustoe meellngs, Ihe Trustees typically participate in all aspects of the annual selection procédure for scholars, attend th8 Près6nlation Ceramony at the Royal Intemational Air Taltoo rRIAT"I, on whi¢h occasion th8 scholars are presented with their Certifle or wings, and visit scholars during their training in the UK. Tru$t•os At the annual general meeting in each year, the Trustees elect one of their number to be Chairperson until the annual general meeting of the following year. The previous year's Chairperson may stand for re*lection. When a VaCar arises on the Board of Trustees. persons considered suitable to undèrtak$ such 8 rolo, basod on their background and ability lo provide the expertise requireil ol the Board, are approached to detem)ine if they wish. and have the ¢apa¢ity, lo loin the Board and, if so. an interview is arranged. At the time of thèir interwews, potential new Trustees receive a detailed briefing on the purpose afid objectives of the charity and, if appointed, what is expected of them. They are encouraged lo attend a Trustees meeting and observe the selection procedure for scholars. In addllion, they meet with the General Manager for a general briefing on the charitls operations and administration. If the individual agrees to be appointed, the nomination is Ihèn considered and, as appropriat6, approved by the Board of Tnjslees. Al potential Trustees afe required lo confinn they aro a fit and proper person in accordance with the Charits'es Commission requirements. New Trusl88s are provided with.. The Charity Commissioners, Publication CC3 The Articles of Association dated 20 June 2012 The previous year's Report and Accounts The minules of the previous Trustse meetings Thè Trustee Code ol Conduct The Conflict of Interest Policy The last Rlsk Assessment Review and Risk Register Access lo all of the charily's documented policies and procedures The Trustees are expected lo familiarise themselves Mth Ihelr obltrJations and remain abreast of any relevant dèvelopments in charity18W. The Trustees are typically appointed lor 4 years and the maximum tenure has recently been extended lo 8 years. While the latter is the usual maximum. exceptions may be made where il 15 difficult to recruit the appropriate skills or expertise. There is a Trustee rotation plan in place that prompts tho programm8 of rècruitmènt of naw Trustees. Govèrnance Code The TrL¢Stees are committed to good governarsce and readily adhere lo the Seven PdnGiples of th8 Charity Govemance Cod8. Durin9 this financial year, all ol our polici85 have been reviewed by all Trustees and, where appropriate, amendments made. The scholar selection process and the guidanGe given to OLJr nomin8ted flying schoo15 have also been reviewed and improvements made. Pag8 4
ROYAL INTERNATIONAL TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACHIEVEMENTS AND PERFORMANCE By balancing the generosity of our sponsors and the naed to protect funds during 2023. we were able lo award five 3-wèek scholarships to Anthony George, Steve Chalk and Waqas Ali with Bristol Aero Club al Gloucestershire Airport and Caroline Lightfoot and Jim Dinsdale with Turweston Flwng Club al Turweston Aerodrome. We were also able to offer two 4-we8k scholarship8 to Angle Shori and Andy Rayner wth Shadow Aviation al Compton Abbas Airfield. Scholarships were generously spOnsod1ft1nded by British Airways High Flight I0 scholarshipsl. Lockheed Martin, Wlngs Around the Worfd, Boelng, The Scholars, Scholar Fund aThJ Red Arrows Trust. Pooleys Flight Equipment once again generously ¢Jonaled a flighl ba9 and manuals lo every scholar and extensive charity support was also given by 2496 Icumbernauldl Squadron Air Cadets, lo whorn FSDP is extremely indebted. 'The Scholars. Scholarf award was made lo Anthony Rundlg. This award is urKlèrwritten by Ihg fundraising efforts of both Trustoes and provious scholars. The Royal Intemational Air Tattoo took place in July 2023. enabling the charity lo award the scholars from 2022 their'wings". The scholars in question were Layth Abdulla, Liz Syrnes, Lee Anson, Abi Evans, HaeY Budge, Shaw MclnallyJohnslon and Zak Rassam who all flew al Gloucestershire rpOrt, Alaric Prilchaid who flew with Turweston Flying Club al TUSton Aerodrome and Jane Sheltr)n and Geoffrey Hamès vtho fflaw wth Shadow Awalion al Complan Abbas Airfield. The following trophies wefe also awarded.. 2021 Wings Around the Worfd Trophy to Jane Shelton The George Stewart Mernorial Trophy to Zak Rassam The Douglas Bader Trophy lo the HaOoy Budgo Flnally, scholarship ¢ertrfi¢ates We also award8d to all $èv9n 2023 scholars. Our promotional activity during this financial year was greater than normal a5 2023 was our 40tr anniversary since the charitys formation. We Telied heavily on social medla as our normally largest platform for social interaction. However, we were able lo host two barbequgs at fiwng schools this year. which both raised modest income. We also created an intera¢tiv8 app for th• community to come together and launched the Big Wing 40th Anniversary Tour- a tour ol various airfields around the UK spreading the FSDP message, increasing awarèness of the charity and generating local publictty. The focus of the charity continued lo work towaids supptsrting our existing 'faMil, many of whom were now emerging from lockdown situations for long periods ¥wlh the lack of soaal interaction impacting adversely on their mental health. In accordance with the tharills Strategic Plan, much continués lo bè done to raise the profilè ol the char¢ty - notably through social media. The charfty currently does have limited stsffing capacity and so, in addlb'on lo attracting funds. the focus remains for the immgdiale fulurg on incrgasing the quality and quantity of annual scholarship applications. While the indicators are encouraging. it 1$ premature lo draw any definitive condusion5 from the wellbeing m81ri¢s we have introduced. However, the qualitative evidence, as reflected in our scholars, individual stories of their expBrien¢e, ntinUeS to be overwhelmingly positive. Page 5
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE {A Company Llrnlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Our Fn9 Training sub-cornmillee has continued lo prove invaluabl8 In aidlng Trustee deasion-making, notably regarding meetir¥g our duly of care in respert of both thè sel8ction ol flying schools and maximising the scholars, flying experience. The Flying Training sub<r)mmittee and medical team play instrumental and much valued roles in M'galing the key risks to which the charity might be exposed. This year, we have also established a disability sub-¢ommittee to focus specifically on issues surrounding disability. ensuring we are doing our best lo minimise difficulties frjr our disabled 'famill members. We also have a functioning Fundraising committee and a very robust Mentor team who support new ¢andidal&s through the appli(*tion and seloction process, as well as throu9h their scholarships. The Trustees remain indebted to all our sponsors, supporters, volunteers, past and present scholars and membtrrs of the public for their donations, which have enabled the charity lo continue lo support disabled adults throughout the UK. FINANCIAL REVIEW Tuming to the Statement of Financial Activities ISOFAI. the combined income from donation5 and investments increased year on year from £148,234 10 £171,535, excluding endowment IOme. Sponsorshlp income in¢reased by 6.3Yo in FY 2022123 and Donations lincluding the thariws lottery incomel by 7.7O/.. Once again, the charity was extremely well supportèd in its fijnd-raising actlvlties by CLtrrent and pasl scholars, mentors and the wider FSDP family ol SkJPPOrteis. The ¢haritls total expenditure in FY 2022123 fell slighuy from £168,984 in the previous financi81 year lo £164.922. The costs associated with raising voluntary income in<xeased significantly from £6,236 to £18.213 because ol the additional activities undertaken in support of the charity's 40th Anniversary awareness activities. Expenditur$ on flying scholarships reduced from £162.748 to £146,709 as the Trustees offered 7 scholarships in 2023, as opposed to 10 in the previous year. Tha charity was also very fortunate lo receive a further £500,000 permanent èndowment from thé Wings Around the Wortd charity which was wln(5ing up. Alihough there was an overall loss of £18.473 in invested endowmenls during the flnancial year, the overall funds available to the charity increased from £744,100 10 £1,225,627. The losses of £18,473 in the charity's mulb'_asset investment portfolio with Cazenove were significantly less than the previous FY losses of £91.995 reflecb'ng the reduced volatility in the Yd,$ investment markets and the gradual reductson in inflationary pressures. The wa5 a small decrease in unrestri¢ted funds from £475,326 10 £470,138. The overall result was 8 £476.339 Increase In the tharitys not assets from £1.219,426 10 £1.695,765. Despite the limited $oUrCeS available to administer the charity, the majority of the charity's targeted aims and ambitions for 2023 wèrè 6ither achieved or work has commenced on them induding.. .Launching the charitys Big Wing app lo help broaden our community of past and present scholars and increase 8war6ness of this community .Identifying addllional benefactor organisations and individuals in order to increase the number of scholarships that the Chadty ¢an potentsally offer .Maximising the publicity and awareness of the charity's 40th anniversary .ThÈ launch of the FSDP bursary award schème with bursary fundlng b&ing oblaingd from the RAF Charitablg Trust and Marshall Group .Working with and sUppOng past scholars lo fund-raise for the charity through ils Scholar's Scholar fvnd Page 6
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Limitod by Guarante&l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 INVESTMENT POLICY FSDP'S capital is invested wlh the Cazenove Charity Mulli Asset Fund ICMAFI. This fund meets our oblecllve to have our fvnds held within an investment vehicle with a diverslfied strategy involving equlties, bonds, property and alternative5 assets. Additionally, the CMAF aims lo provide income and capital growth in &xc&ss of the CPI + 410 Inel ol fees) over a rolling 10 yèar period. This 8llows the Tnjstees to plan on its investment income return. The CMAF also has a responsible investment approach that operales certain exclusions while ensuring that gnvironm8ntal. social and gov8manco considerations apply in all investment decisions. The Trustees are aware that of the £1,696k funds some £1.226k is permanent endowment and thus restricts the use of these funds accordingly. However, FSDP is mort fortunate to relain the ongoing support and et)gagement of the benefactors ol the permanent endovrnenl. While it remains our benela¢iors' Currgnt wish to keep the funds as endowed. they would not, subject to consultation, wish to preclude the application of the funds to another us8 that dèmonstrably battef sarvèd the long temi interests of the charity. PLANS FOR THE FUTURE There are some 13 million disabled people in the UK. While ther8 arè many thousands of charities supporting those wlh a disability, there is clearly a potential demand for our support. The Trustees have been privileged lo see flrst-hand the difference that has been made for the disabled community by the charity through its scholarship and bursary schem6s. However, a lirnitalion on achieving ils goal of changing live5 through the medium ol flight is the availability of flying schoo15 either with th8 relevant expertisè within its instructor cadre or the specialist equipment lo train those with the wide range of disabilities we encounter. In consequence, our ambitions lo extend our brand and oulroach within both the aviation industy and disabled sector musl be lemperod by pragmatism. Work continu&s to identify other flwng schools capable of meeting the needs of the charity and the FSDP scholars. Meetings have been held during the year with the intention of adding one further school in 2024, and further one in 2025, thus increang the charitys capadty to offer scholarships. subjg¢l to the appropriate due diligence regarding available funds. Over the next year, on-going and new activities include:. Retaining the Current bursary sponsor5 and, if possible, obtaining al18ast one morg bursary sponsor .PUbllsIng the new Big Wing app lo increase uptake and usage .Ensuring appropriate su¢¢8ssion planning is und8rtak8n for the retirement of the charity Chair in 2025 .Organise 8 40Éh Anniversary fundraising event. RISK MANAGEMENT FSDP has a Risk Assessment that is subject lo annual review. The kèy risk of thè loss of the charity's assets is mitigated through the investment policy referred to above. Other key risks would arise in the event ol there being a major incident involving a scholar. This risk Is mitigated through the selection screening process, which crucially includes medical assessment and in thg careful choice of flwn9 schools. The latter is the particular responsibility of the Flwng Training Committ8e. the membership ol which has the requisite expertise. Our safeguarding policy also has a role to play in the protection of both our scholars and the charity. A particulady rigorous review of our insurance cover took place, which emphasised the need lo ensure the ¢h8rity was a n8rned part in each of the contracted flwng school's public liability ¢ov8r. Page 7
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarnntel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 PUBLIC BENEFIT We continue lo obtain, nolably through th8 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 wellbeing as a Ilirecl result of completing the scholarship. We also now c4)ndu¢t survtsys that measurtr a s¢holarfs wellbeing prr to the award of a scholarship, on the completion ol the scholarship and then again a mSnimum of 10 months later. These quanlitalive rneasure5, combined with the qualitative commentary, offer evidence of sustained benefit for most scholars in terms of wellbeing, confidence and engagementiwltlrtociety. The Trustees have ¢omplied wlth the duty in Section 4 of Ihe Charities Act 2011. to have due regard lo public benefit guidance published by Iha Charity Commission RESERVES POLICY The Trustees maintain the vw that the charity should hold a cornbinalion of 'cash' plus investment income sufficient lo equate to awarding 8 scholarships plus the associated 8dminislralive support ¢OSts. This currtrndy equates to circa £150K. While reserves are currently sufficlent. the need for regular additional unrestricted fundraising remains. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trusle8s (who are also directors of the Royal Intemalional Tattoo Flyng Scholarships for Disabled Ptrople lor the purposes of company lawl are rèsponsible for preparing tha TnJst8gs' annual r8port and the financial slalemenls in accordancè with applicable law and United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards). Company18w r8quir&s the Trusteos to Pfepare financial 51alemenls for e8¢h financial year. Under company law the Trustèès must not approve the financial slaterTTrenls tJnl8ss Ih8y are sat15fied that they give a true and fair ew ol the slate of affairs ol the Charitab company and of the incoming resources and application of resources, including the Income and expenditure. of the charitable company for that period. In preparing these financial statements, the TTuslees arè required to.. 'select 5Uitable accounb'ng policies and then apply them consislenuy., •obsgrve the methods and principles In the Charili8s SORP-, make judgements and estimates that are rèasonable and prudent.. 'state whether applicable UK accounting standards have been followed, subject to any material departufes disclosèd and explained in the financial stslemenls., and 'prepare the financial slaleTntsnls on the going ncern basis unless il is inappropriate to presume that the charitable company wlll continue In bLJsiness. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitsble companls transactions, disdose with reasonable ac¢ura¢y at any time the finan¢i81 position of the charitable company and enable them to ensure th81 the finan¢i81 statemonts comply wth the Companies Acl 2006 and the provision5 of the charitys constitution. Thèy are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarant881 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Approved by order of he members of the board of Trustees and signed on their behalf by.. Guy Bowen Ichair of Trusteèsl Date.. Page 9
ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company LSmltéd by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Indépendent Examlnerfs Report to thè Trust8•s of Royal Internatlonal Alr Tattoo Flylng Scholarshlps For Dlsablgd People I'th¢ Charlty'l I report to the charity Trustees on my examination of the accounts of the Charity for tt)g year endgd 30 September 2023 which are sel out on pages 12 10 28. This report is rnade solely to the charitable company's Tnjstees, as a body, in accordance with Chapter 3 of Part 16 of the Companies A¢t 2006 and the charitable companvs Trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might slate to the charitable companrfs trustees those matlers l am required lo stal8 to them in an indep8nd8nt examiner's rèport arsd for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable cornpany and th¢ ¢haritable company's Trustees as a body for my independent examiner's work, for this report, or for the opinions I hava lomied. Re¥ponslbilities and Basis of Report As the Truslees of tho Charity land ils directors for the purposes of company lawl you are r¢sponsible for the preparation of the accounts in accordance with the requirernenls of the Companies Act 20061'the 2006 Act,). Having satisfied myself that the acco(Jnts of the Charity are not required lo be audited under Part 16 01 the 2006 Act and af& oligible for independent examination. I report in respect of my examination of the Charivs accounts carried out under section 145 of the Charitie5 Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directsons given by the Charity Commission under section 145{51{bl of the 2011 Act. Indepgndènt Examlnerfs Statement I have completed ffly examination. I confimi that r¥) matiers have come lo my attention in conn6clion wlth the examinatson gfving me cause to believe.. accounting records were not kept in respect of the Charity as required by sectior¢ 386 01 the 2006 Act., or the accounts do not accord with those record5,' or the accounts do not comply with the ac¢ounting requirements of section 396 of the 2006 Act other than any requirement that the accounts giv8 a 'lrug and fair. view which is not a matter conshdered as part of an independent examination- or Ihe accounts have not bg8n pr8par8d in accordanco with the methods and principles of Ihg Stalernenl of Recomméndèd Practice for accounting and reporting by charities lapplicable to charib8s preparing their acGounts in accordance with the Financial Reporting Stsndard appl¢¢able in the UK and Republic of ITèland IFRS 10211. I have no ¢oncerns and have come across no other matters in Gonnection with thè èxamination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Page 10
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 2023
Signed: Guy Biggin ACA, FCCA, Crowe U.K. LLP 4th Floor St James House St James' Square Cheltenham GL50 3PR
Dated: 04 March 2024
Page 11
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarantee) STATEIAENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted Endowment funds funds 2023 2023 Total fund$ 2023 Tot81 funds 2022 Notè Incomo from: Donations Investments 117,480 $4,055 soo,000 617,480 54,055 99,044 49.190 Total Incom• 171.535 500,000 671.535 148,234 Expenditurè on: Raising funds Charitable acfy'vilies 18,213 146.709 18,213 146,709 6,236 162.748 Total expendlturè 164.922 164.922 t68,984 Net Incomallexpenditurel before ngt losses on investments 6,613 111,8t11 500.000 118.4731 506.613 {30,274) {20.750) (91,995) Nel losses on investments Nèt movement in funds 15.188) 481.527 476.339 1712, 745) Reconclllatlon of funds: Total fvnds brought forward Nel movement in funds 475,326 15,188) 744.100 481.527 1,219,426 476,339 1,332, 171 1112.745) Totsl funds carrled forward 470.138 1,225,627 1,695.765 1,219,426 The notes on pages 15 to 28 form part of these financial statemonts. Page 12
ROYAL INTERNATIONAL AIR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmltod by Guarantee) REGISTERED NUMBER.. 08112334 BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Not• Fix•d a55•1s Investments 13 1,615.146 1. 146,929 Current assets D8blors Cash * bank and in hand 14 2,738 113.536 2,568 107,762 116.274 110.330 Cr8ditors: amounts falling due within one year 15 {35.6551 f3T,833J Net current assets 80,619 72.497 Total nat asséts 1,695,765 1.219.426 Charlty funds Endowment fvnds Unreslricled funds 17 1,225,627 470,138 744, 700 4T5,326 17 Total funds 1,69S,765 1,219,426 Pag9 13
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Limlted by Guarantee) REGISTERED NUMBER: 08112334 BALANCE SHEET ICONTINUEDI AS AT 30 SEPTEMBER 2023 The Charity was entitled (o exempb'on from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in qutsstion in accordance whh section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo a¢¢ounling records and preparation of financial stalemenls. The financial slatemenls have been prepared in accordance wlh Ihe provisi¥ applicable to entities svbjecl lo the small companies reglme. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. //L/ Guy Bowon (Chair of Trustees} Date.. Iz <<•lp The note5 on pages 15 to 28 lom) part of ihese financial statements. Page 14
ROYAL INTERNATIONAL AIR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlt•d by Guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Gènèral information The Royal Inlemational Air Tattots Flwng Seholarships for Dlsabled Peopla is a company limited by guarantee and incorporaled in England and Wales 1081123341 and a registered charity 111489141. Its regi5tèr8d office and prin¢ipal place of businèss is Douglas Bad&r House. Horcott Hill, Fairford, Gloucestershire. GL7 4RB. Accounting policie5 2.1 Basls of prèparatlon of financlal stat•ments The financial statements have been prepared in accordance wth the Ch8ritios SORP IFRS 102} - Accounting and Reporting by Charilias.. Slal8mgnl of Re¢ommand&d Prac14ce applicable lo ¢hari11gS proparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffective 1 January 20191, the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021.the Companies Act 2006. and the Charities Act2011. Royal Inlemational Air Tattoo Flying Scholarships For Disabled peop meets th$ definition of a publ1¢ benefit enlbty under FRS 102. Assets and Ilabilities are initially recognised at historical cost or transa¢tion value unless oihetwise stated in the relevant accounting policy. 2.2 Golng concern The Trustees have undertaken planning and forecasting and continue to closely monitor any ¢ircumslancgs that might affèct th8 stability of the charity. The Trustees believe that the Chrity's frnancial resources are sufficient lo ensure the ability of the charity to continue as a going conrn for the foreseeable future, being at least twelve months from the dale of approval of these financial statements and that there are no material uncertainties about its ability to continue and therefore have prepared the financial stslemenls on the going ¢on¢8rn basis. 2.3 Incom• Donations income is received by way ol sponsorship for individual scholar5hlp placements. and by way of donations and gifts (including Gift Aid). Income from donations is included in income when receivable. When donors impose condition5 which have lo be fuffilled before the charity becornes entitled lo such income, the receipt of Income is not Included within Income until the pr8-¢ondllSons have been mel. Investmenl income Consists of dividends and interest on the Chariws bank and investrnenl balances. Investment in¢ome is included when receivable. For legaues. enlillem9nt is taken as the earlier of the dale on which either= the Charity is aware that probate has beèn granted, the eslale has been finalised and nolificalion has been made by the executorlsl to Ihe Charity that a distribution will be made. or when a dislributlon is rectrived from the eslale. Receipt of a legacy, in whole or in part. is only considered probable when the amount can be easured reliably and the Charity has been notified of th¢ executorfs intèntion lo make a distribution. Where legacies have been notified to thè Charity, or the Charity is aware of the granting of a probatè. and the criteria for incolne recognition have not been met, then the legacy is treated as a contingent asset and disdosed if material to the charity. Page 15
ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles Icontlnuèdl 2.4 Expondlture All expenditure is account6d for on an accruals basis and has been classified under headings that aggregate all direct costs related to the category. The irrecoverable element of VAT is included within the &xp8nsfj to which it relates. Charitable activities relale to direct costs of scholarships 8warded. The cost of overall dir&¢tion and adminislralion. includiro the salary and overhead costs of administration. is apportioned on the basis that 70Yo ol these support ¢tssts also relate to eharitable activities. Ralslng funds comprise of those costs incurred in settiThJ up and managing fundraising events and the investment manageTS' fees. Govemance costs comprise all costs incurred in running the charity. As such, il include5 secretarial expenses. indepgndgnt examination and legal fees together with the remaining 30¢k of support costs not allocated to direct ¢haritable activities. Expenditure on raising funds includes all expenditure inCurd by the Charity to raise funds for its charrtable Purposes and includes costs of all fundraising aCtivitS events and non-charitable trading. Expenditure on (*aritable activsties is incurred on directly undertaking the activitie5 whl¢h further the Charity's objectives, as well as any associated support costs. 2.5 Taxatlon As a regisl8rgd charity the Royal Intemational Air Tattoo Flying Scholarships for Disabled People is ents"Iled to taxation exemptions on all of its income and galns, properly applled for Its charltable purposes. 2.6 Investments Investmènts listed on a T8cognised Stock exchange are slated at the market value at the dale of the Balance sheet. Gains and losses on investments are recognised in the Stslemont of Financial Activities. 2.7 Dobtors Trade and othar dèbtors are recognised at the settlement amount aftef any trade discount offered, Prepayments are VBlued at the amount prepaid. 2.8 Cash at bank and in hand Cash at bank and in hand is represented by cash in hand and deposits with finaricial institutions. Cash equbvalents and current Investments are highly liquid and mature in no more than 3 months. 2.9 Llabllltlès and provlslons Creditors are recognised where the Charity has a prg$8nt obligatn resulting from a past event that will probably result in the transfèr of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Page 16
ROYAL INTERNATIONAL AIR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting poli¢ies leontinuèdl 2.10 Flnanclal Instruments The Charity only has financial assets 8nd financial liabi1itiès of a kind that qualify as basic financial inslrumenls. Baslc financial instrumenls are Inltlally COgnised at transaction value and subsequently measured al their $9tt1gment value. The Charity has the followng basic financial inslrumenls. Inveslmenls, cash at bank and in hand, a¢¢rued income. accruals and other creditors, which are all measured al their settlement value. 2.11 Ponslons The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.12 Fund accounting Unrestricted funds whl¢h are available for use at tha discretion of the Trustees in furtherance of the general objects'ves of Ihg Charity. Permanent endowment funds represent those assets which rnust be held permanenlly by the Charfty, principally investments. The funds musl be retained in pertu'ty to generate income to provkle lurthar scholarshlps. Expendable endowment funds are attTibulable lo the Origin amount settled on the Charity, subsequent settlement and accumulated gains and losses thereon. The trndowments are expendable at the discretion of the Trustees on expenditur8 which mgels tho ¢haritablè objectives of the Charity. Investment incorne, gains and losses are allocated to the appropriate fund. Crftkal accountlng 8stimatos and aroas of judgement Prep8Tab'on of the financi81 stslernents requlres management lo consider making any signfficanl jud9ements and estimates whefe necessary. There are no items in the financial statements where significant judgements and estimalK)ns have been made. Page 17
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlt8d by Guarantee) NOTES TO TPIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from donations Unrgstrlctod Endowment funds funds 2023 2023 Total funds 2023 Tol ftinds 2022 Donations Donations Gift Aid Sponsorships received Lottery income Othèr Income 25.965 2,602 8Q.898 6.090 1.925 500.000 525,965 2,602 80,898 6,090 1,925 15,519 1.000 76, 105 5, 108 1,312 Totsl 2023 117,480 500,000 617.480 99,044 rofal 2022 99.044 99,044 Investmènt Sncome Unrestr5ct funds 2023 Total funds 2023 Total fvnds 2022 Dividends Interest 52,803 1,252 52,803 1,252 49, 186 Total 2023 54,055 54,055 49, 190 Total 2022 49,190 49,190 Pagè 18
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlt¢d by Guarants¢} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Expenditure on raising funds Costs of ral$lng voluntary Income Unrèstrletèd funds 2023 Total funds 2023 Total fvnds 2022 Markettng Investment managerfs costs Event costs 3,665 3,227 8,068 3,253 3,665 3.227 8.068 3.253 197 3,054 392 Lottery prizes 2.593 Total 2023 18.213 18.213 6,236 Total 2022 6,236 6,236 Analysls of expendlture on charltable actlvltles Summary by fund typè Unrostrlcted funds 2023 Total 2023 Total 2022 Scholarships 146.709 146.709 162.748 Totsl 2023 146,709 146,709 162.748 Total 2022 162, 748 q62, 748 Page 19
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysis of expenditurg by activltl•s Actlvltle5 undertaken dlroclly 2023 Support costs 2023 Totsl funds 2023 Total fvnds 2022 SGholarships 102,317 44,392 146,709 162, 748 Total 2023 102.317 44,392 146,709 162,748 Tot812022 119,926 42,822 762, 748 Analysis of direct costs Total funds 2023 Tolal funds 2022 Staff costs other dirèct costs Scholarships approved 27,679 25,638 49,000 25,769 28,794 65,363 Total 2023 102,317 119,926 Page 20
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE {A Company Limitgd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 malysis of expendlturt by activitie$ l¢ontlnu6dl Analysls of support costs Total fund$ 2023 Tolal funds 2022 S¢holarshlps 2023 Staff cosis Travelling and subsistence Offico support costs 13,840 5,192 25,360 13,840 5,192 25,360 12,884 4,744 25,194 Total 2023 44,392 44,392 42,822 Total 2022 42,822 42,822 Office support costs include: 2023 2022 Accountancy costs, Professional fees and Independent Examingrfs foes Insuran¢e Administration costs Sundry costs 14.601 4,000 2.580 4,179 6,205 3,619 9,296 6,074 25,360 25, 194 Includod within 5UPPOrt Costs ale gov8rnancg Costs of.. 2023 2022 Staff costs Accountsncy costs, professional fèos and Independent Examinerfs fees 13,840 14,601 12,884 6,205 28,441 19,089 Page 21
ROYAL INTERNATIONAL AIR TArroo FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guarantsa) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 10. Independènt •xamlnèrfs remunaration 2023 2022 Fees payable to the Charltls independent examiner for the independent tsxaminalion of the Charitls annual accounts 2,740 2, 100 Fees payable lo the Charws independent examlner in respect of- Accountancy 1,900 1,800 11. Staff ¢o$ts 2023 2022 Wages and salaries Contribution lo defined contribution pension heM8 39,600 1.919 36,837 1.816 41,519 38,653 The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Headcount No employe& re¢èivad remLtneration amounting to more than £60,000 in either year. 12. Trustees. Femuneration and •xp•ns•s During the year. no Trustees received any remuneration or other bengfils (2022.. £Nil}. During the year ended 30 September 2023, expenses totalling £3,527 were reimbursed or paid direclly to 8 Tiuslees (2022- £2,448 to 7 Twst8&s). Page 22
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. Flxed a550t investments L15ted investments Cost ar valuatlon At 1 October 2022 1.146,929 498,491 {30,2741 Additions Revaluations At 30 Seplomber 2023 1,615,146 14. Debtors 2023 2022 Other debtors Prepay7nenls and a¢cwed inwme 1,000 1.738 1,568 2.738 2,568 Page 23
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 15. Creditors.. Arnounts falllng duo wlthin one year 2023 2022 Trade creditors Grants payable Accruals 21,672 9,449 4.534 12,050 17,196 8,587 35,655 37,833 Reconelllatlon of grants payable 2023 2022 Commitments at 30 September 2022 Grants awarded in Ihe year Grants paid in the year Grants clawed back in the year 17,196 7,265 {15.012} 5,410 66,940 (48.988) (6, 166) Commltments at 30 September 2023 9.449 IT,196 16. Flnanclal Instruments 2023 2022 Flnancial assets Finanaal assets measured al fair value through inwme and expenditure 1,615.146 1, 146,929 Financial assets measured at fair value through income and exnrtur& comprise listed investments. Page 24
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmitod by Guar3nts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. Stat•m6nt of funds Statement of funds - current year Balance at 30 Galnsl Sopternber IL055esl 2023 Balance at 1 Octob8r 2022 Income Expenditure UnTe$lricted funds Unrestricted FLtnds 475,326 171,535 {164,922) (11,801) 470.138 Endowment funds Wings around the worfd - Pemianent endowment Former scholar's fund - Expendable endowment John Savile fund- Expendable èndowment 498,901 500,000 {12.386) 986.515 17,775 1441) 17,334 113.696 {2.823) 110.873 ACT fund- Expendable endowment Vic¢arage Trust- Expendable ondowmenl Entrepreneurfs fund- Expendable endowment 45.478 {1.129) 44.349 56.882 11.412) 55.470 11.368 (282) 11,088 744,100 500,000 {18,473) 1,225,627 Total of lund$ 1.219,426 71,535 1164.922) {30.274) 1.695.765 Page 25
ROYAL INTERNATIONAL AIR TA00 FLYING SCHOLARSHIPS FOR DISABLED PEOPLE {A Company Lirnlted by Guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. Statement of fund$ {¢ontinu•dl staterngnt of funds - prlor year Balance al 30 Septamb8r 2022 Balance at l October 2021 Gainsi (Loss&s) Income Expenditure Unrestrlcted funds Unrestricted Funds 532,874 148,234 (168,984) (36, 198) 475,326 Endowm•nt funds Wing5 around thg wortd - Pemanenl endowment Former scholarfs lund - Expendable endowment John Savile fund- Expendable endowment ACT fund- Expendable endowrnenl Viccaragè Trust- Expendable endowment 535,911 (37,010) 498,901 19,093 (7.318) 1T,775 122, 130 (8,434) 113,696 48,851 f3,373) 45,4T8 61. 101 (4,219) 56,882 Entrepreneurfs fvnd- Expendable endowment 12,211 (843) 11.368 T99,297 (55, 197) 744. 100 Total of funds 1,332, 171 148,234 f168,984) f97.995J 1,219.426 Page 26
ROYAL INTERNATIONAL AIR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company Llmlted by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. Statement of funds (continued} Permanent Endowment Funds Th& Wings Around tha Wodd fund comprises donatnS raised by Pdly Vacherfs kn solo flights around the wodd and a variely of other fundraising initiatives. Expondable Endowment Fund5 The Former S¢holars' fund comprises dofiatio from fom)er scholars. The John Saville fund comprises donatsons frtyn John Saville. The ACT Fund comprises donations from the ACT Foundation. The Vi¢carage Tiusl furKI comprfses donallons from Peter Viccars and the Vic¢arage Trusl. The Enlr8pr8n8urs Fund compris8s donations from the Entrepreneurs Fund. 18. Analysls of net assets bolmeen fund$ Anolysl$ of n*1 a$$•t$ bétw¢•n funds - current year Unr•$trlct•d Endowm•nt funds funds 2023 2023 Tatal funds 2023 Fixed asset investments 389,519 116,274 135,6551 1,225,627 1,615,146 116,274 135,6551 Current assets Creditors due within one year Total 470,138 1,225,627 1,695.765 Analysis of net assets between funds- Pfior year Unrasfri¢tod Endowmon funds funds 2022 2022 Total funds 2022 Fixed asset Investments Currant assats 402,829 110,330 (37.833) 744, 100 1.146,929 110,330 (37,833) Creditors due wlhin one year Total 475,326 T44, 700 1,219,426 Page 27
ROYAL INTERNATIONAL AJR TAThOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE IA Company LSmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 30 SEPTEMBER 2023 19. P8nslon commitments The Charity 0rateS a definod contribution pension scheme during the year contributions amounting to £1.919 (2022.. £1,816) We made to the scheme. There was £nil oulslanding at the year end (2021.. £nllJ. 20. Related party tra115a¢tions The charity has a close r8laUonship with the Royal Air For Charitable Trust Enterprises Limited ('RAFCTE'I and through il the Royal Inlemalional Air Tattoo from which il derive5 its namg. Dtjring the year, the charity paid £24,797 12022.. £5,000) to reimburse RAFCTE for costs incurred on behalf of the charity. Tho amount payablg to RAFCTE at the yaar end was £21,229 (2022.. £2.206). Page 28