## Aerobility
## **Trustees’ Report**
## **and Financial Statements**
for the year ended 31 December 2023
**Registered Charity Number 1149629 Registered Company Number 08200768**
## **AEROBILITY**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **INDEX**
||**Page**|
|---|---|
|**Charity information**|**1**|
|**Report of the Trustees**|**2**|
|**Independent Auditor’s Report**|**6**|
|**Statement of financial activities**|**9**|
|**Balance sheet**|**10**|
|**Statement of cash flows**|**11**|
|**Accounting policies**|**12**|
|**Notes to the financial statements**|**14**|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **CHARITY INFORMATION**
|**Trustees**|||
|---|---|---|
|Shona Bowman|Chairman||
|Jon Windover|Deputy Chairman||
|Emrys Harries|Secretary|(resigned 7 July 2023)|
|Allister Bridger|||
|Fleur Cox||(appointed 1 July 2024)|
|Christian Fahey||(appointed 1 July 2024)|
|Benjamin Griffiths||(appointed 1 July 2024)|
|Mike Matthews||(resigned 31 August 2023)|
|Joel Rose||(resigned 9 July 2024)|
|Jamie Smith|||
|Neil Tucker|||
|Simon Warr|||
|Brian Wheeler||(resigned 21 April 2023, appointed 01 April 2024)|
|Paul Winstanley|||
|**Company Secretary**|||
|Christian Fahey||(appointed 1 July 2024)|
|**Principal Office**|||
|Blackbushe Airport|||
|Camberley|||
|GU17 9LQ|||
|**Registered Office**|||
|Cawley Priory|||
|South Pallant|||
|Chichester|||
|West Sussex|||
|PO19 1SY|||
**Registered Charity Number** 1149629
**Registered Company Number** 08200768
**Chief Executive** Mike Miller-Smith MBE FRAeS
**Independent Auditor** Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Bankers**
CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4JQ
**Page 1**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **REPORT OF THE TRUSTEES**
The trustees hereby present their Annual Report for the purposes of the Charities Act 2011 and Sections 416 to 419 of the Companies Act 2006, together with the accounts for the year ended 31 December 2023. The trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102).
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
Aerobility is a charitable company limited by guarantee incorporated on 4 September 2012 (company number 08200768) and registered as a charity on 6 November 2012 (charity number 1149629). It is governed by its Articles of Association. The members of the Company are the Directors who are also Trustees under Charity law.
The Board meets regularly and provides the strategic direction and oversight of the charity.
Trustees are recruited by advertising in suitable media and by actively considering suitably qualified individuals who make a direct approach. Candidates are interviewed and skills audited. New trustees are supplied with copies of the charity’s governing and policy documents together with Charity Commission guidance, such as CC3 and CC8, and receive training as necessary.
Aerobility pay policy for key staff reflects experience, performance and regional variations. All salary increases are subject to approval by the Board of Trustees Remuneration Committee.
## **OBJECTIVES AND ACTIVITIES**
The charity’s objects are:
To promote and provide education, recreation and leisure time activities for disabled persons in particular by providing opportunities in aviation with the object of improving the conditions of life.
Aerobility offers disabled people the opportunity to fly an aeroplane and participate in aviation-based activities. Aerobility removes barriers to aviation which as an activity offers disabled people a real sense of achievement and genuinely changes people's lives.
Aerobility delivers learning activities for disabled young people and advocates for disabled people within aviation including work to improve employment rates for disabled people within the aviation sector.
Aerobility's specially adapted aircraft fly from various airfields around the UK providing life changing experience flights and flight training. Aerobility aims to support a variety of aviation activities for disabled people and represents the needs of disabled people whatever their aviation aspirations. Participants range from disabled young people through to soldiers injured in service and elderly persons with disabling impairments. All disability types are catered for including physical disabilities, learning disabilities, sensory impairments and mental health issues.
Lina has Quadriplegia (spinal cord injury). When she flies with Aerobility she says “ _I’ve found a momentary antithesis to my paralysis._ ” She also says “ _I would like to satisfy my dream - to feel like a bird. I also would like to gain the knowledge that flying a plane requires. Nothing excites me more than feeling challenged. Finally a confidence in myself and a affirmation of my mantra that when there’s a wheel there’s a way!_ ” When talking about overcoming her fears Lina says “ _There is always that subconscious feeling of ‘would I ever be able to get the grip of it’ or ‘when would my paralysis and loss of finger movement impede on this incredible journey’, but Aerobility have gone beyond my expectations in settling those doubts and accommodating to my needs. Something I’m forever grateful for!_ ”
Malky Padwa, a 33-year-old-woman from Hackney in London, has been flying with Aerobility. Despite her early onset generalised dystonia – “ _a condition characterised by involuntary contraction of the muscles, tremors, and other uncontrolled movements_ ” – learning to fly has always been Malky’s dream, and she applied for the scholarship after a friend introduced her to the charity. Describing how the Aerobility instructors did “ _everything to accommodate and_
_adapt to [her] needs_ ,” she explained how the scholarship has had a hugely positive impact on her life: which, alongside imparting confidence and self-belief, has also made Malky “ _rethink [her] capabilities_ ”. “ _It also really helped me to really assess myself to what I can do physically and push to achieve more coordination and controlled movements,_ ” she added.
**Page 2**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **REPORT OF THE TRUSTEES**
Activities are designed and built by disabled people for disabled people, with disabled people and beneficiaries within key roles in the organisation. Through this, beneficiaries achieve:
- Improving self-esteem and stimulating achievement
- Knowledge expansion, well-being and enjoyment
- Removing physical and financial barriers and changing perceptions
- Leveraging ability, improved employability, new community access
- Inspiring people to live their life with new aspirations. “To fly”
Aerobility measures success by gathering metrics and output data such as participation levels and disability types accessing Aerobility services. Aerobility also records and utilises outcomes measures such as well-being and knowledge gained through participation – both directly from service users and also from those around them such as family members and caregivers. Together these measures are utilised for improving the quality of Aerobility services and to ensure aims and objectives are being met. These metrics are benchmarked against the Office for National Statistics data regarding the well-being of disabled people.
Using volunteers to assist with the delivery of services and with Charity administration is a key component of Aerobility structure. Flying instruction, fundraising and outreach event participation, health and safety support, and media creation are key roles delivered by over 75 volunteers.
The Trustees confirm that they have referred to the guidance on public benefit when reviewing the Charity’s aims and objectives and when planning future activity. The Trustees confirm that they are satisfied that public benefit is at the heart of Aerobility’s activities.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable Activities**
Flying operations continued to rebound after the pandemic. Flying days as well as our ground-based activities particularly for young people saw increasing levels of activity through the year. We delivered 938.09 hours of flying and 1097 flights during the year. Particularly pleasing was the demand for introductory experience flights for first time participants with 291 disabled people took to the skies for the first time during the year.
## **Disabled accessible aircraft build – Build a Dream (BaD):**
The BaD team of 6 committed volunteers continued to work throughout 2023 and commenced on the final stages of the build, including the disability modifications to the controls, the engine cowling, doors and windows. Having a Specialized Engineering Lead join the Team in October 2023 is intended to provide the project with additional structure and expertise with the goal of the aircraft flying in 2024.
## **Junior Aspiring Pilot Programme & Aviation Education Programme:**
The Aviation Education Programme 2023/24 continues to serve 12 people a year with sessions running every other Saturday for the school year. Volunteers from the industry lead sessions in all aspects of aviation, including Air Traffic Control, Engineering and Maintenance, Meteorology and even animal transportation.
The Junior Aspiring Pilots Programme 2023/24 was successful. Over two weeks we introduced 9 teenagers to flight, incorporating both ground school and aerial exercises. The highlight of the week is when participants plan and fly a navigation exercise such as flying to the Isle of Wight. The course funding from BBC Children in Need expired during the year, and work now begins to seek to find alternative sources of funding.
## **Project Able**
The key target for Project Able (managed by Aerobility Holdings CIC) are to utilise former RAF Air Cadet G109 motorgliders to benefit Aerobility activities and deliver disability adapted aircraft to the charity. The project continues to be challenging with supply chain and manufacturer delays slowing progress. That said, the first aircraft G-CMGU completed its first year of service for the charity and has been well received.
## **Fundraising, Marketing and Communications**
2023 saw the continued implementation of the strategy to focus on building our own fundraising events and activities i.e. Aviators Ball, Armchair Airshow, Aurora Flight, Wing Walk as well as working increasingly closely with our existing supporters to deepen and broaden relationships within the Aviation community.
The purpose being to drive financial resilience as well as prioritise team efforts on the areas of greatest likely success. As a result of this focus, we have also greatly broadened and deepened our relations with both new and previous supporters such as NATS, Department for Transport, 2Excel, Bristow Group, Aerobytes and London Biggin Hill Airport.
**Page 3**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **REPORT OF THE TRUSTEES**
Another key area of focus has been the launch of the Equal Skies Charter, an Aerobility and industry collaboration – building on our advocacy work, representing the needs of those living with disability, improving employment rates and entry into the aviation sector. By adding lived experience into the aviation industry talent pool, aviation travel for disabled people will improve over time. This activity is funded by a CAA grant ’Reach for the Sky’.
Aerobility is working with Kings College London, UK CAA and other space experts on a European Space Agency funded topical team exploring the accessibility of space in the future.
## **Organisation**
There were a three resignations among the Trustees in 2023, but the overall Board remained stable and continued to have the bi-monthly meeting in person with the option to join online.
The staff and overall organization remain stable.
## **FINANCIAL REVIEW**
Incoming resources amounted to £849,656 (2022: £931,024) including restricted donations and designated funds, the outgoing resources were £1,373,854 (2022: £756,386) giving a deficit for the year of £524,198 (2022 surplus: £174,638), including depreciation costs.
Donations and legacy income amounted to £498,543 (2022: £560,483), £101,771 (2022: £354,584) of which was restricted income, with unrestricted income totalling £396,772 (2022: £205,899).
At the end of the year we reviewed the final financial 2024 projections for Project Able and decided to write down the book value of a Loan originally made to Aerobility Holdings CIC, which is under common control with the charity. The charge amounted to £407,800 for the year but has no effect on the liquidity or operations of the Charity. The residual amount receivable by the Charity under the Loan at 31.12.23 was £150,000 and we are confident this will be received in cash during 2024.
At the balance sheet date, the charity's funds amounted to £1,004,936 (2022: £1,529,134) inclusive of restricted funds of £220,105 (2022: £1,049,998) and a fixed asset fund of £449,934 (2022: £422,635) giving free reserves of £334,897 (2022: £56,501).
## **Risk management**
The assessment and management of risk is a core principle at Aerobility.
An operational Safety Management System (SMS) which incorporates regular risk assessments of all aviation and charitable activities is embedded within daily procedures and includes a reporting procedure which is regularly reviewed by the charity safety team and trustees. The Aerobility safety subcommittee meets bimonthly.
Robust policies and procedures provide the framework for all activities and include vulnerable adult and child protection, safeguarding for all stakeholders, DBS checking and volunteer management.
Financial risk is minimised using agreed policies and procedures, and through the regular financial review by Trustees of monthly management accounts.
All levels of management, staff and volunteers are accountable for the delivery of our risk and safety performance, from the Trustees and Chief Executive downwards throughout the whole organisation.
## **PLANS FOR FUTURE PERIODS**
Our focus on relationships within the Aviation Industry and Government has seen a positive financial performance including the securing of a Department for Transport Grant of £514,314 over three years, commencing 4th April 2022.
The purpose of this grant is to fund Virtual Aerobility, which will see the charity embed, pandemic-born services as part of ongoing operations. This will enable the charity to support more people, more efficiently and more often, wherever they are. In turn, driving organisational resilience and protection from future national disruption. It will ensure we can support disabled aviators wherever they are, without need to come to Blackbushe or Tatenhill, removing another significant physical barrier to accessing aviation.
**Page 4**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **REPORT OF THE TRUSTEES**
As activity levels continue to rise we will explore adding additional adapted aircraft in the fleet, more instructional capability, and also delivering services from more areas of the UK.
During 2024 and 2025 we will continue accelerating our Equal Skies Charter – an across industry activity designed to improve both services for disabled people and the employment of disabled people. Supporting positive change and awareness from within. - The charity was awarded £109,183 for this 2 year-long project in 2023, mainly funding a Programme Manager.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees (who are also directors of Aerobility for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant information of which the charitable company’s auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **APPOINTMENT OF INDEPENDENT AUDITOR**
The charity exceeded the audit threshold for the year under review and appointed Blue Spire Limited as independent auditor.
This report has been prepared having taking advantage of the small companies’ exemption in the Companies Act 2006.
Approved by the trustees 30 September 2024 and signed on their behalf.
Shona Bowman Chairman
**Page 5**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **INDEPENDENT AUDITOR’S REPORT**
## **Independent Auditor’s Report to the Members of Aerobility**
## **Opinion**
We have audited the financial statements of Aerobility (the ‘charitable company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the report of the trustees (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report has been prepared in accordance with applicable legal requirements.
**Page 6**
**AEROBILITY** FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **INDEPENDENT AUDITOR’S REPORT**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit **;** or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report **.**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the sector in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Companies Act, and Employment Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. There is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.
**Page 7**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **INDEPENDENT AUDITOR’S REPORT**
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor. This description forms part of our auditor’s report..
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Geoffrey Frost BSc(Hons) FCA, Senior Statutory Auditor For and on behalf of Blue Spire Limited, Statutory Auditor Date[01 October 2024]
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
**Page 8**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Other trading activities
**2**
Aviators' Ball
Other fundraising events
Other income
Charitable activities
**3**
Flight payments
Contracted services
Investments
**4**
Other
**5**
**Total**
**EXPENDITURE ON:**
Raising funds
**6**
Direct fundraising costs
Indirect fundraising costs
Management and support
Charitable activities
**6**
Aircraft operation and hire
Management and support
Other costs
**7**
**Total resources expended**
**Net income/(expenditure)**
**TRANSFERS**
Gross transfers between funds
**16**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**16**
**Total funds carried forward**
**16**|**Unrestricted**
**Funds**
**£**
396,772
201,197
893
21,094
104,670
3,578
14,681
-
742,885
8,578
72,982
200,694
235,486
258,022
407,800
1,183,562
(440,677)
746,372
305,695
479,136
784,831|**Restricted**
**Funds**
**£**
101,771
-
-
-
5,000
-
-
-
106,771
150,966
-
-
-
39,326
-
190,292
(83,521)
(746,372)
(829,893)
1,049,998
220,105|**2023**
**Total**
**Funds**
**£**
498,543
201,197
893
21,094
109,670
3,578
14,681
-
849,656
159,544
72,982
200,694
235,486
297,348
407,800
1,373,854
(524,198)
-
(524,198)
1,529,134
1,004,936|**2022**
**Total**
**Funds**
**£**
560,483
160,897
58,686
22,913
100,743
6,706
20,071
525|
|---|---|---|---|---|
|||||931,024|
|||||205,615
43,906
52,802
232,716
221,347
-|
|||||756,386|
|||||174,638
-|
|||||174,638
1,354,496|
|||||1,529,134|
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 9**
## **AEROBILITY**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **BALANCE SHEET AS AT 31 DECEMBER 2023**
|**Note**
**FIXED ASSETS**
Aircraft in construction and aircraft
**11**
Flight simulators
**11**
Property
**11**
Mobility equipment and other assets
**11**
**Total fixed assets**
**CURRENT ASSETS**
Stocks for resale
Debtors
**12**
Loan
**13**
Cash at hand and in bank
**Total current assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
**14**
**Net current assets/(liabilities)**
**Total net assets**
**THE FUNDS OF THE CHARITY**
**Restricted funds**
**16**
**Unrestricted funds**
**16**
**Total charity funds**|**£**
**£**
374,994
25,478
40,423
9,039
449,934
2,062
119,210
150,000
360,335
631,607
76,605
555,002
1,004,936
220,105
784,831
1,004,936
**2023**|**£**
**£**
337,171
24,670
53,649
7,145
422,635
5,166
25,614
557,800
571,184
1,159,764
53,265
1,106,499
1,529,134
1,049,998
479,136
1,529,134
**2022**|**£**
**£**
337,171
24,670
53,649
7,145
422,635
5,166
25,614
557,800
571,184
1,159,764
53,265
1,106,499
1,529,134
1,049,998
479,136
1,529,134
**2022**|
|---|---|---|---|
||||1,529,134|
||||1,049,998
479,136|
||||1,529,134|
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The accompanying notes form part of these accounts.
Approved by the trustees 30 September 2024 and signed on their behalf.
Shona Bowman Trustee
Aerobility Company number: 08200768 Charity number: 1149629
**Page 10**
## **AEROBILITY**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **STATEMENT OF CASH FLOWS**
|**Note**
**£**
**£**
**Net cash flow from operating activities (see below)**
(129,228)
**Cash flow from investing activities**
Payments to acquire tangible fixed assets
**11**
(96,302)
Proceeds on sale of tangible fixed assets (net of commission)
-
Proceeds on sale of investments
-
Interest received
14,681
**Net cash flow from investing activities**
(81,621)
**Net increase/(decrease) in cash and cash equivalents**
(210,849)
**Cash and cash equivalents at 1 January**
571,184
**Cash and cash equivalents at 31 December**
360,335
**Cash and cash equivalents consist of:**
Cash at bank and in hand
360,335
**Cash and cash equivalents at 31 December**
360,335
**Reconciliation of net income to net cash flow from operating activities**
**£**
**£**
Net income for the year
(524,198)
Adjusted for:
Interest receivable
(14,681)
Depreciation and impairment of tangible fixed assets
**11**
69,003
Decrease/(increase) in stocks
3,104
Decrease/(increase) in debtors
(93,596)
Decrease/(increase) in loans receivable
407,800
Increase/(decrease) in creditors
23,340
394,970
(129,228)
**Analysis of changes in net debt**
**2023**
**Cash and cash**
**equivalents**
**£**
Total net debt brought forward
571,184
Cash flows
(210,849)
Total net debt carried forward
360,335
**2023**
**2023**|**£**
**£**
452,848
(189,150)
-
-
20,071
(169,079)
283,769
287,415
571,184
571,184
571,184
**£**
**£**
174,638
(20,071)
57,872
-
43,247
187,200
9,962
278,210
452,848
**2022**
**Cash and cash**
**equivalents**
**£**
287,415
283,769
571,184
**2022**
**2022**|
|---|---|
**Page 11**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **ACCOUNTING POLICIES**
## **GENERAL INFORMATION, SCOPE AND BASIS OF THE FINANCIAL STATEMENTS**
Aerobility is an incorporated charity, limited by guarantee, incorporated in England with the company number 08200768. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are outlined in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **INCOME RECOGNITION**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and ‘Income from other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’.
The charity received government grants in respect of the Coronavirus Job Retention Scheme and project funding. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Investment income in the form of bank interest is recognised as the charity’s right to receive payment is established.
## **EXPENDITURE RECOGNITION**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
## _Management and support costs_
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. Staff costs have been allocated between costs of raising funds, charitable activities and governance costs on the basis of time spent by staff. Support costs cannot be directly attributed to particular headings and have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Support costs have been allocated between costs of raising funds and charitable activities on the best estimate of the use of those resources.
Staff costs together with CEO expenses are apportioned according to time spent on each activity.
Other general expenses are allocated according to an estimate of the proportion of resources expended.
## **EMPLOYEE BENEFITS**
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
**Page 12**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **ACCOUNTING POLICIES**
## **TAXATION**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **TANGIBLE FIXED ASSETS**
Fixed assets are stated at cost and depreciation is provided at rates calculated to write-off the cost of each asset over its useful economic life, less any estimated residual value as follows:
Property 10% straight line Aircraft in construction None in the period of construction Aircraft 15% of net book value Mobility Equipment 20% of net book value Other items 20% of net book value
Where fixed assets were received as part of the net assets transfer from the British Disabled Flying Association on 1 January 2013, The assets were recorded as additions at net book value. Depreciation rates have remained unchanged following this transfer to write of the remaining cost of the assets over their useful economic lives.
The Charity owns specially adapted light aircraft and mobility aids to assist users of the aircraft and the depreciation charge for these assets are allocated as a charitable expense.
Items of capital equipment are capitalised where the purchase price exceeds £1,000
## **STOCKS FOR RESALE**
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
## **DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **CASH AND CASH EQUIVALENTS**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **FUND ACCOUNTING**
## _Restricted funds_
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the note 15 of these financial statements.
## _Unrestricted funds_
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **GOING CONCERN**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 13**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Income from donations and legacies**
|Donations
Gift Aid reclaimed
Legacies
Trust and corporate donations
Sponsorship
Regular giving|**Unrestricted**
**Funds**
**£**
63,603
8,301
-
235,074
83,833
5,961
396,772|**Restricted**
**Funds**
**£**
100
-
-
101,671
-
-
101,771|**2023**
**Total**
**Funds**
**£**
63,703
8,301
-
336,745
83,833
5,961
498,543|**Unrestricted**
**Funds**
**£**
20,383
553
500
145,736
26,120
12,607
205,899|**Restricted**
**Funds**
**£**
10
-
1,500
340,694
12,380
-
354,584|**2022**
**Total**
**Funds**
**£**
20,393
553
2,000
486,430
38,500
12,607|
|---|---|---|---|---|---|---|
|||||||560,483|
## **2. Income from other trading activities**
|Aviators' Ball
Sponsored participation
Raffles
Merchandise
Other fundraising income|**Unrestricted**
**Funds**
**£**
201,197
893
30
1,275
19,789
223,184|**Restricted**
**Funds**
**£**
-
-
-
-
-
-|**2023**
**Total**
**Funds**
**£**
201,197
893
30
1,275
19,789
223,184|**Unrestricted**
**Funds**
**£**
160,897
58,686
1,243
1,883
6,767
229,476|**Restricted**
**Funds**
**£**
-
-
-
-
13,020
13,020|**2022**
**Total**
**Funds**
**£**
160,897
58,686
1,243
1,883
19,787|
|---|---|---|---|---|---|---|
|||||||242,496|
## **3. Income from charitable activities**
|Charitable activities
Flight payments
Other contracted services|**Unrestricted**
**Funds**
**£**
445
104,225
104,670
3,578
3,578
108,248|**Restricted**
**Funds**
**£**
-
5,000
5,000
-
-
5,000|**2023**
**Total**
**Funds**
**£**
445
109,225
109,670
3,578
3,578
113,248|**Unrestricted**
**Funds**
**£**
-
100,743
100,743
1,706
1,706
102,449|**Restricted**
**Funds**
**£**
-
-
-
5,000
5,000
5,000|**2022**
**Total**
**Funds**
**£**
-
100,743|
|---|---|---|---|---|---|---|
|||||||100,743|
|||||||6,706|
|||||||6,706|
|||||||107,449|
## **4. Income from investments**
|Bank interest received
Loan interest|**Unrestricted**
**Funds**
**£**
7,699
6,982
14,681|**Restricted**
**Funds**
**£**
-
-
-|**2023**
**Total**
**Funds**
**£**
7,699
6,982
14,681|**Unrestricted**
**Funds**
**£**
1,485
18,586
20,071|**Restricted**
**Funds**
**£**
-
-
-|**2022**
**Total**
**Funds**
**£**
1,485
18,586|
|---|---|---|---|---|---|---|
|||||||20,071|
**Page 14**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **5. Other income**
|**5. Other income**|||||||
|---|---|---|---|---|---|---|
||||**2023**|||**2022**|
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Other income|-|-|-|525|-|525|
||-|-|-|525|-|525|
## **6. Analysis of operational expenditure**
|Direct fundraising expenditure
Merchandise cost
Cost of aircraft and parts sold
Indirect fundraising costs
Credit card collection fees
Aircraft operating and hire
Aircraft depreciation charge
Resources expended
CEO remuneration
Operations director
Aviation Activities Officer
Virtual Services salary costs
WIS manager
Office and financial administration
Employer's national insurance
Employer's pension
Premises costs
Building depreciation
General office expenses
Depreciation
Motor and travel expenses
Auditor and examiner fees
Irrecoverable VAT
Other governance costs
Total support costs
Total resources expended
**Analysed by fund:**
Restricted funds
Unrestricted funds|**Raising**
**funds**
**£**
157,123
2,421
-
72,969
13
-
-
232,526
18,799
-
38,807
57,018
-
-
3,294
3,060
10,497
3,305
19,351
124
4,127
1,654
13,074
27,584
200,694
433,220
150,966
282,254
433,220|**Charitable**
**activities**
**£**
-
-
-
-
-
183,631
51,855
235,486
43,865
-
-
-
-
85,644
7,686
7,141
41,994
13,222
37,496
498
18,291
3,309
26,148
12,054
297,348
532,834
39,326
493,508
532,834|**2023**
**Total**
**Funds**
**£**
157,123
2,421
-
72,969
13
183,631
51,855
468,012
62,664
-
38,807
57,018
-
85,644
10,980
10,201
52,491
16,527
56,847
622
22,418
4,963
39,222
39,638
498,042
966,054
190,292
775,762
966,054|**Raising**
**funds**
**£**
203,776
1,839
-
42,785
1,121
-
-
249,521
17,171
-
-
-
-
-
2,978
2,291
5,099
3,272
5,455
156
1,488
1,477
-
13,415
52,802
302,323
56,113
246,210
302,323|**Charitable**
**activities**
**£**
-
-
-
-
-
191,983
40,733
232,716
40,066
-
24,990
13,724
-
52,097
6,948
5,346
20,399
13,090
25,781
622
5,251
2,953
-
10,080
221,347
454,063
46,572
407,491
454,063|**2022**
**Total**
**Funds**
**£**
203,776
1,839
-
42,785
1,121
191,983
40,733|
|---|---|---|---|---|---|---|
|||||||482,237|
|||||||57,237
-
24,990
13,724
-
52,097
9,926
7,637
25,498
16,362
31,236
778
6,739
4,430
-
23,495|
|||||||274,149|
|||||||756,386|
|||||||102,685
653,701|
|||||||756,386|
**Page 15**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **7. Other costs**
|**7. Other costs**|||||||
|---|---|---|---|---|---|---|
|Loan value written down|**Unrestricted**
**Funds**
**£**
407,800
407,800|**Restricted**
**Funds**
**£**
-
-|**2023**
**Total**
**Funds**
**£**
407,800
407,800|**Unrestricted**
**Funds**
**£**
-
-|**Restricted**
**Funds**
**£**
-
-|**2022**
**Total**
**Funds**
**£**
-|
|||||||-|
## **8. Independent auditor's and examiner's fees**
||||**2023**|||**2022**|
|---|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Audit|4,900|-|4,900|4,750|-|4,750|
|Examination|-|-|-|(320)|-|(320)|
|Other services|480|-|480|480|-|480|
## **9. Wages and salary cost**
|Gross wages
Employer's national insurance costs
Employer's pension contributions
Staff numbers:
Average head count - administration of charitable activities
Analysed as:
Part time
Full time|**2023**
**Total**
**Funds**
**£**
356,797
29,806
10,201
396,804
**2023**
13
9
4
13|**2022**
**Total**
**Funds**
**£**
276,019
23,073
7,636|
|---|---|---|
|||306,728|
|||**2022**
11|
|||8
3|
|||11|
During the year under review 1 employee (2022: no employees) received employee benefits (excluding employer pension costs) above £60,000.
During the year under review 1 (2022: 1) member of the charity's staff, identified as key management personnel, received employee benefits (inclusive of salary, social security and pension contributions) totalling £71,061 (2022: £59,526). In the comparative year expenses of £nil were reimbursed to key management personal in the performance of their duties.
Aerobility operates a defined contribution pension scheme for its employees. Contributions to the scheme in the year amounted to £10,201 (2022: £7,636) with £1,854 (2022: £2,157) payable at the balance sheet date.
**Page 16**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **10. Related party transactions**
None of the trustees received any remuneration during the period under review. No trustees were reimbursed expenses during the period under review.
There were no other related party transactions requiring disclosure in these financial statements.
## **11. Tangible assets**
|Cost
Brought forward
Additions
Disposals
Depreciation
Accumulated brought forward
Charge
On disposals
Net book value carried forward
Net book value brought forward|**Aircraft in**
**construction**
**and aircraft**
**£**
553,814
82,877
-
636,691
216,643
45,054
-
261,697
374,994
337,171|**Flight**
**simulators**
**£**
33,290
6,500
-
39,790
8,620
5,692
-
14,312
25,478
24,670|**Property**
**£**
163,615
3,300
-
166,915
109,966
16,526
-
126,492
40,423
53,649|**Mobility**
**equipment**
**£**
16,721
-
-
16,721
12,685
807
-
13,492
3,229
4,036|**Other**
**equipment**
**£**
17,317
3,625
-
20,942
14,208
924
-
15,132
5,810
3,109|**Total**
**£**
784,757
96,302
-|
|---|---|---|---|---|---|---|
|||||||881,059|
|||||||362,122
69,003
-|
|||||||431,125|
|||||||449,934|
|||||||422,635|
## **12. Debtors**
|Trade debtors
Prepayments
Accrued income
Other debtors
**13. Loan**|**2023**
**Total**
**Funds**
**£**
70,237
10,640
35,450
2,883
119,210|**2022**
**Total**
**Funds**
**£**
10,024
-
-
15,590|
|---|---|---|
|||25,614|
||||
|Loan|**2023**
**Total**
**Funds**
**£**
150,000
150,000|**2022**
**Total**
**Funds**
**£**
557,800|
|---|---|---|
|||557,800|
This Loan was made to Aerobility Holdings CIC, which is 100% controlled by the Charity, to finance Project Able. The residual amount still receivable by the Charity under the Loan at 31.12.23 was £150,000 and this is expected to be settled in cash during 2024.
**Page 17**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **14. Creditors: amounts falling due within one year**
|**14. Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other creditors
Accruals
Deferred income (see below)
Other taxation and social security|**2023**
**Total**
**Funds**
**£**
44,296
1,854
3,900
17,718
8,837
76,605|**2022**
**Total**
**Funds**
**£**
19,096
2,157
4,751
14,941
12,320|
|||53,265|
## **Deferred income**
|**Deferred income**|||||
|---|---|---|---|---|
|Gift vouchers
Other income in advance|**Brought**
**forward**
**£**
2,679
12,262
14,941|**Released**
**in year**
**£**
-
(12,262)
(12,262)|**Deferred**
**in year**
**£**
144
14,895
15,039|**Carried**
**forward**
**£**
2,823
14,895|
|||||17,718|
Income received in relation to future accounting periods, is deferred, and released to income in line with the specified timing of its use.
## **15. Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities|**Unrestricted**
**Funds**
**£**
449,934
411,502
(76,605)
784,831|**Restricted**
**Funds**
**£**
-
220,105
-
220,105|**2023**
**Total**
**Funds**
**£**
449,934
631,607
(76,605)
1,004,936|**Unrestricted**
**Funds**
**£**
422,635
109,766
(53,265)
479,136|**Restricted**
**Funds**
**£**
-
1,049,998
-
1,049,998|**2022**
**Total**
**Funds**
**£**
422,635
1,159,764
(53,265)|
|---|---|---|---|---|---|---|
|||||||1,529,134|
**Page 18**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **16. Analysis of net movement in funds**
|**16. Analysis of net movement in funds**||||||
|---|---|---|---|---|---|
|**Restricted funds**
Junior Aspiring Pilot Programme
Build a dream
Scholarship fund
Project Able fund
Aviation Education Programme (AEP)
ISTAT Virtual Aerobility
DfT Virtual Aerobility
Equal Skies
S Morrisson
**Total restricted funds**
**Unrestricted funds**
Designated funds
Fixed asset fund
General funds
**Total unrestricted funds**
**Total funds**
**Restricted funds**
Junior Aspiring Pilot Programme
Build a dream
Scholarship fund
Project Able fund
Aviation Education Programme (AEP)
ISTAT Virtual Aerobility
DfT Virtual Aerobility
Equal Skies
**Total restricted funds**
**Unrestricted funds**
Designated funds
Fixed asset fund
General funds
**Total unrestricted funds**
**Total funds**||**Year ended 31 December 2023**||||
||**Brought**
**forward**
**£**
9,127
25,338
87,778
745,000
394
-
73,178
109,183
-
1,049,998
422,634
422,634
56,502
479,136
1,529,134|**Incoming**
**Outgoing**
**resources**
**resources**
**Transfers**
**£**
**£**
**£**
7,465
(3,670)
-
100
(140)
(1,696)
12,000
-
-
-
-
(745,000)
-
(718)
324
-
-
-
144,093
(162,434)
-
(81,887)
(23,330)
-
25,000
-
-
106,771
(190,292)
(746,372)
-
-
27,300
-
-
27,300
742,885
(1,183,562)
719,072
742,885
(1,183,562)
746,372
849,656
(1,373,854)
-
**Year ended 31 December 2022**|||**Carried**
**forward**
**£**
12,922
23,602
99,778
-
-
-
54,837
3,966
25,000|
||||||220,105|
||||||449,934|
||||||449,934
334,897|
||||||784,831|
||||||1,004,936|
|||||||
||**Brought**
**forward**
**£**
1,253
25,338
23,488
745,000
500
7,000
-
-
802,579
291,357
291,357
260,560
551,917
1,354,496|**Incoming**
**resources**
**£**
10,414
-
64,290
-
-
-
188,717
109,183
372,604
-
-
558,420
558,420
931,024|**Outgoing**
**resources**
**£**
(2,540)
-
-
-
(106)
(7,000)
(93,039)
-
(102,685)
-
-
(653,701)
(653,701)
(756,386)|**Transfers**
**£**
-
-
-
-
-
-
(22,500)
-
(22,500)
131,277
131,277
(108,777)
22,500
-|**Carried**
**forward**
**£**
9,127
25,338
87,778
745,000
394
-
73,178
109,183|
||||||1,049,998|
||||||422,634|
||||||422,634
56,502|
||||||479,136|
||||||1,529,134|
**Page 19**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**16. Analysis of net movement in funds (continued)**||
|---|---|
|**Description of restricted funds**||
|_Junior Aspiring Pilot Programme_|Funds received from BBC Children in Need and Hart Rotary to provide aviation|
||education to disabled young people.|
|_NATS Management Support_|Funds received to cover the cost of employing administrative management.|
|_Build a dream_|Funds donated for the construction of a self-build aircraft.|
|_Scholarship fund_|Funds received to support disabled fliers by subsidising the cost of flights, enabling|
||those people awarded scholarships to fly with aerobility free of charge.|
|_Aircraft spares fund_|Funds received to acquire aircraft in need of repair and aircraft spares to be used as|
||part of Project Able.|
|_Project Able fund_|Funds received to support the repair and bring into use Vigilant aircraft for the|
||charity's use and for sale.|
|_Aviation Education Programme (AEP)_|Funds received to support our 2021/2022 programme for young disabled people|
||with an interest in aviation|
|_ISTAT Virtual Aerobility_|Funds received in support of the development of our virtual activities for disabled|
||people with an interest in aviation.|
|_DfT Virtual Aerobility_|Fund received to support the development of Virtual Aerobility Project which|
||consists of three projects: Virtual Aviation Experience, Armchair Airshow, Inspire-|
||Ability to be able to reach even more people, wherever they are.|
|_Equal Skies_|Fund received to support the Charter which aims to increase accessibility of the|
||aviation industry, ensuring everyone has equal access to the employment, products|
||and services it offers. We are working with partners across the industry to raise the|
||level of understanding of what disability is and what accessibility means to their|
||organisation.|
|**Designated funds**||
|_Fixed asset fund_|Funds received to purchase new assets for the charity.|
|**17. Material transfers between funds**
**From**
**To**
_Transfer 1_
Project Able Fund
General Funds
_Transfer 2_
General funds / Build a Dream fund
Fixed Asset reserve
Transfer from restricted funds on the relase of the funding by the grantor.
Transfer between funds on additions to fixed assets net of depreciation.|**General**
**Fixed Asset**
**£**
**£**
(750,000)
-
(750,000)
-
(25,604)
27,300
(25,604)
27,300
**Unrestricted Funds**|**Restricted**
**Funds**
**£**
(750,000)|
|---|---|---|
|||(750,000)|
|||(1,696)|
|||(1,696)|
||||
**Page 20**
## **AEROBILITY**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **NOTES TO THE FINANCIAL STATEMENTS**
## **18. Financial instruments**
|**18. Financial instruments**|||
|---|---|---|
|The carrying amounts of the charity's financial instruments are as follows:
_Financial assets_
Debt instruments measured at amortised cost:
Trade debtors (note 12)
_Financial liabilities_
Measured at amortised cost:
Trade creditors (note 14)|**2023**
**Total**
**Funds**
**£**
70,237
70,237
44,296
44,296|**2022**
**Total**
**Funds**
**£**
10,024|
|||10,024|
|||19,096|
|||19,096|
**Page 21**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
## **AEROBILITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **19. Comparative statement of financial activities**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Other trading activities
**2**
Aviators' Ball
Other fundraising events
Other income
Charitable activities
**3**
Flight payments
Contracted services
Investments
**4**
Other
**5**
**Total**
**EXPENDITURE ON:**
Raising funds
**6**
Direct fundraising costs
Indirect fundraising costs
Management and support
Charitable activities
**6**
Aircraft operation and hire
Management and support
**Total resources expended**
**Net income/(expenditure)**
**TRANSFERS**
Gross transfers between funds
**16**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**16**
**Total funds carried forward**
**16**|**Unrestricted**
**Funds**
**£**
205,899
160,897
58,686
9,893
100,743
1,706
20,071
525
558,420
149,502
43,906
52,802
232,716
174,775
653,701
(95,281)
22,500
(72,781)
551,917
479,136|**Restricted**
**Funds**
**£**
354,584
-
-
13,020
-
5,000
-
-
372,604
56,113
-
-
-
46,572
102,685
269,919
(22,500)
247,419
802,579
1,049,998|**2022**
**Total**
**Funds**
**£**
560,483
160,897
58,686
22,913
100,743
6,706
20,071
525|
|---|---|---|---|
||||931,024|
||||205,615
43,906
52,802
232,716
221,347|
||||756,386|
||||174,638
-|
||||174,638
1,354,496|
||||1,529,134|
**Page 22**