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2024-09-30-accounts

Registered number: 08112334 Charity number: 1148914

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE

(A Company Limited by Guarantee)

TRUSTEES' REPORT, INDEPENDENT EXAMINER'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 9
Independent Examiner's Report 10 - 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 - 27

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 2024

Trustees Susie Oakley, Chair
Guy Bowen (resigned 17 May 2024)
Fiona Luckhurst (resigned 28 November 2024)
Rachel Greenwood
Rebecca Giddings
Ian Revell
Adam Collins
Angus Hickish
Alexander Krol
John Sorsby
Helen Webb
Jonathan Ager (appointed 23 September 2024)
David Bird (appointed 17 May 2024)
Tony Cann (appointed 28 August 2024)
Oliver Thornton (appointed 14 October 2024)
Company
registered
number
08112334
Charity
registered
number
1148914
Registered office
Douglas Bader House
Horcott Hill
Fairford
Gloucestershire
GL7 4RB
Website address
www.fsdp.co.uk
Patron
His Royal Highness Prince Feisal Ibn Al-Hussein
Independent Examiner
Crowe U.K. LLP
Chartered Accountants
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG
Bankers
HSBC
2 Market Place
Cirencester
Gloucestershire
GL7 2NB
Solicitors
Charles Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD

Page 1

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 (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial Advisor

Cazenove Capital Management 12 Moorgate London EC2R 6DA

Page 2

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees, who are also the directors for the purposes of company law, present their report and financial statements for the year ended 30 September 2024 under the Companies Act 2006 and the Charities Act 2011, together with the independently examined financial statements for the year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Charities SORP (FRS 102) and the Charity’s Memorandum and Articles of Association.

CONSTITUTION, OBJECTIVES AND ACTIVITIES

Royal International Air Tattoo Flying Scholarships for Disabled People (FSDP) was incorporated on 20 June 2012 and registered as a charity on 11 September 2012. For legal reasons, its previous unincorporated charity, The Royal International Air Tattoo Flying Scholarships for Disabled People (formerly ‘for the Disabled’) in memory of Group Captain Sir Douglas Bader CBE DSO DFC (DBMF), is being kept open for the sole purpose of holding the permanent endowment funds and for any future legacies in that name. On 7 February 2013, for administrative and accounting convenience, the Charities Commission approved a Scheme whereby DBMF became a linked charity of FSDP and ceased to be a separate charity. The governing document for both the incorporated and the unincorporated charities is the Articles of Association as adopted on 20 June 2012.

The object of Flying Scholarships for Disabled People is to improve the quality of life of disabled people by helping them to discover their true potential through the mental and physical stimulation of learning to fly a light aircraft. For the purposes of the charity, 'disabled people’ means persons who are physically disabled or otherwise impeded for any medical reason from leading a normal life.

Each year, disabled people wishing to apply for a scholarship do so by completing a comprehensive application form. A preliminary selection board considers all the applicants, typically about 40 per year, and selects around 18 to go forward to a three day final selection board traditionally held at RAF Cranwell. There, the candidates are subject to medical assessment, interviewed, undertake a variety of tests and also have the opportunity to find out more about what the scholarship involves. Members of the selection board include the Trustees, FSDP supporters, flying school instructors and qualified medical team. The latter play the crucial role of evaluating an applicant’s potential to meet the Civil Aviation Authority’s medical requirements. The actual number of scholarships awarded in any one year is dependent on the number of sponsors and the financial state of the charity.

Apart from its website and leaflet distribution at relevant events, the scheme is advertised in the following locations:

It also enjoys some modest local PR coverage of the activities of some scholars. Most applicants have heard about the charity as a result of visiting the Royal International Air Tattoo (RIAT) and the charity’s website, from Facebook or Twitter, reading case histories in specialist magazines, or from ex FSDP scholars.

The majority of scholarships are sponsored although some are financed by the dividends received from FSDP’s endowment fund investments or fundraising. Each year there are various fundraising activities including members’ get togethers and at the Royal International Air Tattoo.

Page 3

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational Structure

The administration of the charity is vested in the Trustees, currently thirteen in number, who delegate the day to day operation of the charity to its General Manager, who also acts as Secretary to the Trustees.

In addition to attendance at quarterly Trustee meetings, the Trustees typically participate in all aspects of the annual selection procedure for scholars, attend the Presentation Ceremony at the Royal International Air Tattoo (“RIAT”), on which occasion the scholars are presented with their certificate or wings, and visit scholars during their training in the UK.

Trustees

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 election.

When a vacancy arises on the Board of Trustees, persons considered suitable to undertake such a role, based on their background and ability to provide the expertise required of the Board, are approached to determine if they wish, and have the capacity, to join the Board and, if so, an interview is arranged.

At the time of their interviews, potential new Trustees receive a detailed briefing on the purpose and objectives of the charity and, if appointed, what is expected of them. They are encouraged to observe one year’s process from beginning to end, including Trustees meetings, scholarships, RIAT and observe the selection procedure for scholars. In addition, they meet with the General Manager for a general briefing on the charity's operations and administration. If the individual agrees to be appointed, the nomination is then considered and, as appropriate, approved by the Board of Trustees. All potential Trustees are required to confirm they are a fit and proper person in accordance with the Charities Commission requirements.

New Trustees are provided with:

The Trustees are expected to familiarise themselves with their obligations and remain abreast of any relevant developments in charity law.

The Trustees are typically appointed for 4 years, and can be renewed at that point, with a maximum tenure of 8 years. While the latter is the usual maximum, exceptions may be made where it is difficult to recruit the appropriate skills or expertise. There is a Trustee rotation plan in place that prompts the programme of recruitment of new Trustees.

Governance Code

The Trustees are committed to good governance and readily adhere to the Seven Principles of the Charity Governance Code. During this financial year, all of our policies have been reviewed by all Trustees and, where appropriate, amendments made. The scholar selection process and the guidance given to our nominated flying schools have also been reviewed and improvements made.

Page 4

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

By balancing the generosity of our sponsors and the need to protect funds during 2024, we were able to award seven 3 week scholarships to Caroline Cooper, Steve Hamilton and Luke Louden with Bristol Aero Club at Gloucestershire Airport, Hamilton Males and Dorothy Stuart with Sherburn Aero Club at Sherburn-in Elmet Aerodrome, and Keiran Bennett and Ashley Vingoe with Halton Microlight Club at RAF Halton. We were also able to offer four 4 week scholarships to Tamla Willie, Niamh Phillips, Kate Evans and Jamie Campbell with Shadow Aviation at Compton Abbas Airfield.

Scholarships were generously sponsored/funded by British Airways High Flight (two scholarships), Lockheed Martin, Wings Around the World, Boeing, The Scholars’ Scholar Fund, Red Arrows Trust, Jame Rao – Live Your Dream, Abi Evans – Do What You Can’t, The Ingram Trust and RAF Charitable Trust. Pooleys Flight Equipment once again generously donated a flight bag and manuals to every scholar and extensive charity support was also given by our many volunteers, to whom FSDP is extremely indebted.

‘The Scholars’ Scholar’ award was made to Hamilton Males. This award is underwritten by the fundraising efforts of both Trustees and previous scholars.

The Royal International Air Tattoo took place in July 2024, enabling the charity to award the scholars from 2023 their “Wings”. The scholars in question were Steven Chalk, Anthony George and Waqas Ali who all flew at Gloucestershire Airport, Caroline Lightfoot and James Dinsdale who flew with Turweston Flying Club at Turweston Aerodrome and Angie Shori and Andy Raynor who flew with Shadow Aviation at Compton Abbas Airfield. The following trophies were also awarded:

2023 Wings Around the World Trophy to Caroline Lightfoot 2023 George Stewart Memorial Trophy to James Dinsdale 2023 Douglas Bader Trophy to Vivienne Case

Finally, scholarship certificates were also awarded to all eleven 2024 scholars.

Our promotional activity during this financial year was focussed around keeping the momentum gained by our success in 2023, which was our 40th anniversary since the charity’s formation. We relied heavily on social media as our normally largest platform for social interaction. However, we were able to host two Christmas parties at flying schools this year, which both raised a modest income. We also launched the Scramble 100 – a fundraising scheme, aiming to get 100 people to raise £100 each in 100 days through whichever means they choose – this raised nearly £10,000. The focus of the charity continued to work towards supporting our existing ‘family’.

In accordance with the charity’s Strategic Plan, much continues to be done to raise the profile of the charity notably through social media. The charity currently does have limited staffing capacity and so, in addition to attracting funds, the focus remains for the immediate future on increasing the quality and quantity of annual scholarship applications.

While the indicators from the wellbeing metrics are encouraging, the qualitative evidence, as reflected in our scholars’ individual stories of their experience, continues to be overwhelmingly positive.

Our Flying Training sub committee has continued to prove invaluable in aiding Trustee decision making, notably regarding meeting our duty of care in respect of both the selection of flying schools and maximising the scholars’ flying experience. The Flying Training sub committee and medical team play instrumental and much valued roles in mitigating the key risks to which the charity might be exposed. Our disability sub committee, focussing specifically on issues surrounding disability, ensures we are doing our best to minimise difficulties for our disabled ‘family’ members. We also have a functioning Fundraising committee and a very robust Mentor team who support new candidates through the application and selection process, as well as through their scholarships.

Page 5

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees remain indebted to all our sponsors, supporters, volunteers, past and present scholars and members of the public for their donations, which have enabled the charity to continue to support disabled adults throughout the UK.

FINANCIAL REVIEW

Turning to the Statement of Financial Activities below, the combined income from donations and investments decreased from £671,535 last financial year to £270,024 this one. This is not cause for concern because the figure for the last financial year included an exceptional donation of £500,000 that increased our permanent endowment considerably. Sponsorship income increased by 84% in our FY2023-24 and donations (including FSDP’s lottery income but excluding the exceptional donation of £500,000 last financial year referred to above) increased by 46%.

As in previous years, the charity was extremely well supported in its fund-raising activities by current and past scholars, mentors and the wider FSDP ‘family’ of supporters.

FSDP’s total expenditure in FY2023-24 increased from £164,922 the previous year to £199,782. The costs of raising voluntary income decreased from £18,213 to £9,320 because FY2022-23 saw additional activities undertaken in support of the charity’s 40th anniversary awareness - which were not replicated in FY2023-24. Expenditure on flying scholarships increased from £146,709 the previous year to £190,462 this year principally because FSDP offered 11 scholarships in FY2023-24, as opposed to 7 in the previous year.

There was an overall increase in the value of invested endowments of £85,881 over the financial year from £1,225,627 to £1,311,508. This increase in value of £85,881 reflected the reduced volatility in the world’s investment markets and a reduction in inflation. There was also an increase in unrestricted funds from £470,138 to £573,323 ie of £103,185. The overall result was a £189,066 increase in the charity’s net assets from £1,695,765 to £1,884,831

Most of the charity’s targeted aims for 2024 were achieved or work on them continues. These aims included:

. Completing successfully the first year of operation of the FSDP bursary award scheme.

. Identifying additional benefactor organizations and individuals to increase the number of scholarships that FSDP can offer.

. Running a successful fundraising project called ‘Scramble 100’ in which participants were encouraged to run their own local schemes to raise money.

. Working with and supporting past scholars to fundraise for FSDP through its Scholars’ Scholar Fund.

Page 6

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

INVESTMENT POLICY

The majority of FSDP’s assets are invested in the Cazenove Capital’s Charity Multi-Asset Fund (CMAF). The CMAF meets our objective of having a diverse portfolio comprising equities, bonds, property and alternative assets. The CMAF aim is to provide income and capital growth of at least UK CPI +4% (net at fees) over a 10year period. Losses were sustained in the early years of this decade due to both the COVID pandemic and the early part of the Ukraine War. As a result, it is unlikely that the CMAF will meet its exacting aim for some years. However, now that those years of highly variable market performance and very high inflation have passed, the CMAF is performing well. The Trustees are therefore reasonably confident about receiving an acceptable investment income return. The CMAF also has a responsible investment approach that is applied in all investment decisions.

Of FSDP’s £1,884K of funds, some £1,312K is permanent endowment. Therefore the Trustees are restricted legally on how they use those funds. FSDP is very fortunate to retain the ongoing support and engagement of the benefactors of the permanent endowment. Whilst it remains the benefactors’ current wish to keep the funds as permanent endowment, subject to them being consulted, they do not preclude the application of the permanent endowment to another use that may better serve the long-term interests of FSDP.

PLANS FOR THE FUTURE

There are some 13 million disabled people in the UK. While there are many thousands of charities supporting those with a disability, there is clearly a potential demand for our support. The Trustees have been privileged to see first hand the difference that has been made for the disabled community by the charity through its scholarship and bursary schemes. However, a limitation on achieving its goal of changing lives through the medium of flight is the availability of flying schools either with the relevant expertise within its instructor cadre or the specialist equipment to train those with the wide range of disabilities we encounter. In consequence, our ambitions to extend our brand and outreach within both the aviation industry and disabled sector must be tempered by pragmatism.

Work continues to identify other flying schools capable of meeting the needs of the charity and the FSDP scholars. Although two new flying schools were sourced in 2024, but successfully supplying scholarships, efforts will continue to push further north, hopefully sourcing a school in Scotland, subject to the appropriate due diligence regarding available funds.

Over the next year, on going and new activities include:

Page 7

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

RISK MANAGEMENT

FSDP has a Risk Register as well as a general Risk Assessment that are subject to annual review. The key risk of the loss of the charity’s assets is mitigated through the investment policy referred to above. Other key risks would arise in the event of there being a major incident involving a scholar. This risk is mitigated through the selection screening process, which crucially includes medical assessment and in the careful choice of flying schools. The latter is the particular responsibility of the Flying Training Committee, the membership of 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 particularly rigorous review of our insurance cover took place, which emphasised the need to ensure the charity was a named part in each of the contracted flying school’s public liability cover.

PUBLIC BENEFIT

We continue to obtain, notably through the post scholarship oral and written reports that are required of every scholar, clear evidence that the vast majority of scholars enjoy a considerable boost in their sense of wellbeing as a direct result of completing the scholarship. We also conduct surveys that measure a scholar’s wellbeing prior to the award of a scholarship, on the completion of the scholarship and then again a minimum of 10 months later. These quantitative measures, combined with the qualitative commentary, offer evidence of a sustained benefit for most scholars in terms of wellbeing, confidence and engagement with society.

The Trustees have complied with the duty in Section 4 of the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission.

RESERVES POLICY

The Trustees continue to hold the view that FSDP should have reserves of cash and a reasonable expectation of receiving investment income in the current financial year that, together, equate to the costs of 10 scholarships (ie costs of flying schools and scholars’ accommodation and food). This currently equates to a total of circa £150,000. Whilst reserves are sufficient to cover this total cost, the need remains for additional fundraising to bring in money that can be used for unrestricted purposes.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of the Royal International Air Tattoo Flying Scholarships for Disabled People for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable 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 Trustees are required to:

Page 8

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

Independent Examiner's Report to the Trustees of Royal International Air Tattoo Flying Scholarships For Disabled People ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2024 which are set out on pages 12 to 28.

This report is made solely to the charitable company’s Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s 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 state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s Trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and Basis of Report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

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 2024

Independent Examiner's Statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of (enter body here), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Dated: 6 March 2025

Helen Blundell

LLB FCA FCIE DChA

Crowe U.K. LLP

Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Page 11

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
Income from:
Donations
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income before net gains/(losses)
on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
197,834
72,190
270,024
9,320
190,462
199,782
70,242
32,943
103,185
470,138
103,185
573,323		 Endowment
funds
2024
£
-
-
-
-
-
-
-
85,881
85,881
1,225,627
85,881
1,311,508		 Total
funds
2024
£
197,834
72,190
270,024
9,320
190,462
199,782
70,242
118,824
189,066
1,695,765
189,066
1,884,831		 Total
funds
2023
£
617,480
54,055
671,535
18,213
146,709
164,922
506,613
(30,274)
476,339
1,219,426
476,339
1,695,765

The notes on pages 14 to 27 form part of these financial statements.

Page 12

2024 2023
Note f t
Fixed assets
lnvestments 13 1,729,9A4 1,615,146
Current assets
Debtors 14 25,596 2,738
Cashatbankandin hand 183,940 113,536
209,535 116,274
Creditors:amountsfallingduewithinone
year		 15 {54,609} {s5,655)
Netcurrent assets 154,927 80,619
Totalnetassets '1,884,831 1,695,765
Charityfunds
Endowmentfunds to {,311,509 1,225,627
Unrestrictedfunds 16 573,323 47A,138
Totalfunds 1,994,93{ 1,695,765

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. General information

The Royal International Air Tattoo Flying Scholarships for Disabled People is a company limited by guarantee and incorporated in England and Wales (08112334) and a registered charity (1148914). Its registered office and principal place of business is Douglas Bader House, Horcott Hill, Fairford, Gloucestershire, GL7 4RB.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102),the Companies Act 2006, and the Charities Act 2011.

Royal International Air Tattoo Flying Scholarships For Disabled People meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have undertaken planning and forecasting and continue to closely monitor any circumstances that might affect the stability of the charity. The Trustees believe that the Charity's financial resources are sufficient to ensure the ability of the charity to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and that there are no material uncertainties about its ability to continue and therefore have prepared the financial statements on the going concern basis.

2.3 Income

Donations income is received by way of sponsorship for individual scholarship placements, and by way of donations and gifts (including Gift Aid). Income from donations is included in income when receivable. When donors impose conditions which have to be fulfilled before the charity becomes entitled to such income, the receipt of income is not included within income until the pre-conditions have been met.

Investment income consists of dividends and interest on the Charity’s bank and investment balances. Investment income is included when receivable.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of a probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material to the charity.

Page 14

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure

All expenditure is accounted 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 expense to which it relates.

Charitable activities relate to direct costs of scholarships awarded. The cost of overall direction and administration, including the salary and overhead costs of administration, is apportioned on the basis that 70% of these support costs also relate to charitable activities.

Raising funds comprise of those costs incurred in setting up and managing fundraising events and the investment managers’ fees.

Governance costs comprise all costs incurred in running the charity. As such, it includes secretarial expenses, independent examination and legal fees together with the remaining 30% of support costs not allocated to direct charitable activities.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

2.5 Taxation

As a registered charity the Royal International Air Tattoo Flying Scholarships for Disabled People is entitled to taxation exemptions on all of its income and gains, properly applied for its charitable purposes.

2.6 Investments

Investments listed on a recognised stock exchange are stated at the market value at the date of the Balance sheet. Gains and losses on investments are recognised in the Statement of Financial Activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued 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 financial institutions. Cash equivalents and current investments are highly liquid and mature in no more than 3 months.

2.9 Liabilities and provisions

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Page 15

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The Charity has the following basic financial instruments. Investments, cash at bank and in hand, accrued income, accruals and other creditors, which are all measured at their settlement value.

2.11 Pensions

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 which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Permanent endowment funds represent those assets which must be held permanently by the Charity, principally investments. The funds must be retained in perpetuity to generate income to provide further scholarships.

Expendable endowment funds are attributable to the original amount settled on the Charity, subsequent settlement and accumulated gains and losses thereon. The endowments are expendable at the discretion of the Trustees on expenditure which meets the charitable objectives of the Charity.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

Preparation of the financial statements requires management to consider making any significant judgements and estimates where necessary. There are no items in the financial statements where significant judgements and estimations have been made.

Page 16

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. Income from donations

Donations
Donations
Gift Aid
Sponsorships received
Lottery income
Other income
Total 2024
Total 2023		 Unrestricted
funds
2024
£
40,226
1,080
148,770
6,486
1,272
197,834
117,480		 Endowment
funds
2024
£
-
-
-
-
-
-
500,000		 Total
funds
2024
£
40,226
1,080
148,770
6,486
1,272
197,834
617,480		 Total
funds
2023
£
525,965
2,602
80,898
6,090
1,925
617,480

5. Investment income

Dividends
Interest
Total 2024
Total 2023		 Unrestricted
funds
2024
£
72,096
94
72,190
54,055		 Total
funds
2024
£
72,096
94
72,190
54,055		 Total
funds
2023
£
52,803
1,252
54,055

Page 17

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. Expenditure on raising funds

Costs of raising voluntary income

Marketing
Investment manager's costs
Event costs
Lottery prizes
Total 2024
Total 2023		 Unrestricted
funds
2024
£
1,141
4,183
554
3,442
9,320
18,213		 Total
funds
2024
£
1,141
4,183
554
3,442
9,320
18,213		 Total
funds
2023
£
3,665
3,227
8,068
3,253
18,213

7. Analysis of expenditure on charitable activities Summary by fund type

Scholarships
Total 2024
Total 2023		 Unrestricted
funds
2024
£
190,462
190,462
146,709		 Total
2024
£
190,462
190,462
146,709		 Total
2023
£
146,709
146,709

Page 18

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. Analysis of expenditure by activities

Scholarships
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
145,748
145,748
102,317		 Support
costs
2024
£
44,714
44,714
44,392		 Total
funds
2024
£
190,462
190,462
146,709		 Total
funds
2023
£
146,709
146,709

Analysis of direct costs

Staff costs
Other direct costs
Scholarships approved
Total 2024		 Total
funds
2024
£
28,708
38,738
78,302
145,748		 Total
funds
2023
£
27,679
25,638
49,000
102,317

Page 19

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Scholarships
2024
£
Staff costs
14,353
Travelling and subsistence
5,474
Office support costs
24,887
Total 2024
44,714
Total 2023
44,392
Office support costs include:
Accountancy costs, professional fees and Independent Examiner's fees
Insurance
Administration costs
Sundry costs
Included within support costs are governance costs of:
Staff costs
Accountancy costs, professional fees and Independent Examiner's fees		 Total
funds
2024
£
14,353
5,474
24,887
44,714
44,392
2024
£
15,959
3,972
1,998
2,958
24,887
2024
£
16,778
15,959
32,737		 Total
funds
2023
£
13,840
5,192
25,360
44,392
2023
£
14,601
4,000
2,580
4,179
25,360
2023
£
13,840
14,601
28,441

9. Office support costs include:

Page 20

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. Independent examiner's remuneration

2024 2023
£ £
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts 2,780 2,740
Fees payable to the Charity's independent examiner in respect of:
Accountancy 1,930 1,900

11. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2024
£
41,044
2,017
43,061		 2023
£
39,600
1,919
41,519

The average number of persons employed by the Charity during the year was as follows:

2024 2023
No. No.
Headcount 1 1

No employee received remuneration amounting to more than £60,000 in either year.

In 2025 the Trustees intend to increase the headcount from one to two by employing a part time Administrative Assistant to help the General Manager.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023: £Nil) .

During the year ended 30 September 2024, expenses for test fees and travel & subsistence totalling £ 2,194 were reimbursed or paid directly to 7 Trustees (2023 - £3,527 to 8 Trustees) .

Page 21

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Fixed asset investments

Cost or valuation
At 1 October 2023
Disposals
Revaluations
At 30 September 2024		 Listed
investments
£
1,615,146
(4,066)
118,824
1,729,904

14. Debtors

Other debtors
Prepayments and accrued income		 2024
£
-
25,596
25,596		 2023
£
1,000
1,738
2,738

Page 22

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. Creditors: Amounts falling due within one year

Trade creditors
Grants payable
Accruals
Reconciliation of grants payable
Commitments at 30 September 2023
Grants awarded in the year
Grants paid in the year
Commitments at 30 September 2024		 2024
£
21,639
28,260
4,710
54,609
2024
£
9,449
88,000
(69,189)
28,260		 2023
£
21,672
9,449
4,534
35,655
2023
£
17,196
7,265
(15,012)
9,449

Page 23

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Statement of funds

Statement of funds - current year

Unrestricted funds
Unrestricted Funds
Endowment funds
Wings around the world -
Permanent endowment
Former scholar's fund -
Expendable endowment
John Savile fund- Expendable
endowment
ACT fund- Expendable
endowment
Viccarage Trust- Expendable
endowment
Entrepreneur's fund-
Expendable endowment
Total of funds		 Balance at 1
October
2023
£
470,138
986,515
17,334
110,873
44,349
55,470
11,086
1,225,627
1,695,765		 Income
£
270,024
-
-
-
-
-
-
-
270,024		 Expenditure
£
(199,782)
-
-
-
-
-
-
-
(199,782)		 Gains/
(Losses)
£
32,943
69,126
1,215
7,769
3,108
3,886
777
85,881
118,824		 Balance at
30
September
2024
£
573,323
1,055,641
18,549
118,642
47,457
59,356
11,863
1,311,508
1,884,831

Page 24

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Unrestricted Funds
Endowment funds
Wings around the world -
Permanent endowment
Former scholar's fund -
Expendable endowment
John Savile fund- Expendable
endowment
ACT fund- Expendable
endowment
Viccarage Trust- Expendable
endowment
Entrepreneur's fund-
Expendable endowment
Total of funds		 Balance at
1 October
2022
£
475,326
498,901
17,775
113,696
45,478
56,882
11,368
744,100
1,219,426		 Income
£
171,535
500,000
-
-
-
-
-
500,000
671,535		 Expenditure
£
(164,922)
-
-
-
-
-
-
-
(164,922)		 Gains/
(Losses)
£
(11,801)
(12,386)
(441)
(2,823)
(1,129)
(1,412)
(282)
(18,473)
(30,274)		 Balance at
30
September
2023
£
470,138
986,515
17,334
110,873
44,349
55,470
11,086
1,225,627
1,695,765

Page 25

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Statement of funds (continued)

Permanent Endowment Funds

The Wings Around the World fund comprises donations raised by Polly Vacher’s two solo flights around the world and a variety of other fundraising initiatives.

Expendable Endowment Funds

The Former Scholars’ fund comprises donations from former scholars.

The John Saville fund comprises donations from John Saville.

The ACT Fund comprises donations from the ACT Foundation.

The Viccarage Trust fund comprises donations from Peter Viccars and the Viccarage Trust.

The Entrepreneurs Fund comprises donations from the Entrepreneurs Fund.

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Fixed asset investments
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
418,396
209,536
(54,609)
573,323
Unrestricted
funds
2023
£
389,519
116,274
(35,655)
470,138		 Endowment
funds
2024
£
1,311,508
-
-
1,311,508
Endowment
funds
2023
£
1,225,627
-
-
1,225,627		 Total
funds
2024
£
1,729,904
209,536
(54,609)
1,884,831
Total
funds
2023
£
1,615,146
116,274
(35,655)
1,695,765

Page 26

ROYAL INTERNATIONAL AIR TATTOO FLYING SCHOLARSHIPS FOR DISABLED PEOPLE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. Pension commitments

The Charity operates a defined contribution pension scheme during the year contributions amounting to £2,017 (2023: £1,919) were made to the scheme. There was £nil outstanding at the year end (2023: £nil).

19. Related party transactions

The charity has a close relationship with the Royal Air Force Charitable Trust Enterprises Limited (“RAFCTE”) and through it the Royal International Air Tattoo from which it derives its name.

During the year, the charity paid £26,204 ( 2023: £24,797) to reimburse RAFCTE for costs incurred on behalf of the charity. The charity received £15,000 (2023: £7,000) from RAFCTE as sponsorship income.The amount payable to RAFCTE at the year end was £20,615 (2023: £21,229).

During the year, Dodo Solutions who is owned by Lou Buckley's son provided webhosting and maintenace services to the charity for £4,400 (2023: £1,710) . These services are approved by the board and invoices over £1,000 require the Treasurer's signature.

Page 27