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 FI￿ng 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 Certif￿le 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 spOnso￿d1ft1nded by British Airways High Flight I￿0 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, Ha￿eY Budge,
Shaw MclnallyJohnslon and Zak Rassam who all flew al Gloucestershire ￿rpOrt, Alaric Prilchaid who flew
with Turweston Flying Club al TU￿Ston 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 F￿n9 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 I￿Ome. 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 Y￿￿d,$ 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 sUppO￿ng 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 increa￿ng 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
.PUbl￿lsIng 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 Guarnnt*el
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 pr￿r 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 TA￿00 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 TA￿00 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 con￿rn 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 inCur￿d by the Charity to raise funds for its
charrtable Purposes and includes costs of all fundraising aCtivit￿S 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 obligat￿n 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 TA￿00 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 per￿tu'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 ex￿n￿rtur& 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 TA￿00 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 donat￿nS 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 0￿rateS 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