2024-12-31-accounts

Aerobility

Trustees’ Report

and Financial Statements

for the year ended 3! December 2024

Registered Charity Number | 149629 Registered Company Number 08200768

AEROBILITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

INDEX

	Page
Charity information	1
Report ofthe Trustees	2
Independent Auditor’s Report	6
Statement of financial activities	10
Balance sheet	11
Statement of cash flows	12
Accounting policies	13
Notestothefinancialstatements	15

AEROBILITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHARITY INFORMATION

CHARITY INFORMATION	CHARITY INFORMATION	CHARITY INFORMATION
i
Trustees
Shona Bowman	Chairman
Jon Windover	Deputy Chairman
Allister Bridger
FleurCox Christian Fahey		(appointed 1 July 2024) (appointed 1 July 2024)
Benjamin Griffiths Jamie Smith	Treasurer	(appointed 1 July 2024)
Neil Tucker
Simon Warr
Brian Wheeler Paul Winstanley		(appointed 01 April 2024, resigned 20 January 2025)
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
ME194JQ

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AEROBILITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024. 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 is a pioneering charity dedicated to transforming the lives of disabled people through aviation, providing accessible flying experiences, comprehensive training, innovative projects, and industry advocacy to foster inclusion and opportunity in the aviation sector.

With bases at Blackbushe Airport, Tatenhill Airfield, and Lydd Aero Club, Aerobility’s mission is to improve the quality of life for disabled people through education, recreation, and opportunities in aviation. The organization is user-led, with leadership and volunteers often having personal experience with disability, fostering an inclusive community and promoting independence and confidence among its participants. The aircraft also provide flying activities from additional airfields around the UK on detachment.

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.

‘Everyone was so kind, friendly and accommodating. The instructor was very calm, clear, and respectful. He was funny and used humour to help - bonus! Aerobility made the impossible, possible. The flight was amazing.’

‘On behalf of our son, can | please pass on his surprise, thanks and appreciation! We have all noticed how much the course has done for his self-esteem’

‘| feel excited and like more things are possible and like there is light at the end of the tunnel. A fantastic experience which has helped to boost my confidence and self-esteem.’

‘This is a fantastic opportunity for all those with physical disabilities to get out there and start living. Aerobility give you the chance to do that. Physical disabilities are overcome on the ground but once you are up in the air, you are just as able bodied as everyone else. And you are in control! Thank you Aerobility for a job well done.’

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 positive outcomes.

Aerobility measures its success through participation data and wellbeing outcomes, benchmarking improvements against national statistics. Surveys indicate significant wellbeing gains among participants, including reduced anxiety and increased life satisfaction. Testimonials reflect profound personal transformations, with flyers expressing

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AEROBILITY
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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REPORT OF THE TRUSTEES

empowerment, confidence, and lifelong memories. Volunteers and staff receive praise for professionalism, inclusivity, and supportive environments that make aviation accessible and enjoyable for disabled individuals.

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 129 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 Experiences and Training

Flying operations continued to expand. Flying days as well as our ground-based activities, particularly for young people, saw increasing levels of activity through the year. We delivered 1030 hours of flying and 1234 flights during the year (both 15% increases on the previous year). Particularly pleasing was the demand for introductory experience flights for first time participants, with 233 disabled people taking to the skies for the first time during the year. Additionally, solo hire of adapted aircraft supports continued development and independence, with 320 solo flights safely completed by disabled people.

Group Flying Days and Simulator Sessions

During the year the charity organised Flying Days for charities, schools, and disability groups, offering inclusive, tailored aviation experiences that include flights, simulator sessions, and behind-the-scenes tours. These events also involved family and carers to provide shared, memorable experiences. The charity operates a static flight simulator at Blackbushe and a mobile simulator used nationwide, making aviation accessible to those unable to visit its bases. Simulator sessions serve both beginners and experienced flyers for confidence-building and skills maintenance.

Key Projects

Geographic Expansion

The Trustee Board of the charity has defined the objective to explore expanding operations to additional areas of the country. Lydd Aero Club in Kent was identified as an organisation which could deliver Aerobility activities on the charity's behalf. During 2024 the Aerobility team trained the Lydd team on the delivery of flying activities for disabled people, and also provided an adapted hand control for one of the aeroclub’s aircraft. Operations began during the year and results have been very promising. This model of providing on behalf of is now to be explored in other areas of the country.

Junior Aspiring Pilot Programme (JAPP) JAPP provides young disabled people with exposure to flying and the aviation industry, combining flight experience with social development. Run by flight instructors and supported by industry volunteers, it introduces participants to the pilots licence syllabus and aviation careers, helping to build confidence and social skills. Since 2017, JAPP has positively impacted around 100 young people and expanded geographically.

Aviation Education Programme (AEP)

AEP is a free nine-month course for young people aged 12 to 18 with mild to moderate disabilities, funded by a grant from jetBlue. It covers a broad range of aviation topics through interactive sessions, simulator use, and excursions to aviation facilities. The program aims to build friendships, confidence, and knowledge of aviation career pathways of all types. Virtual Aviation Experience (VAE) Supported during the year by the UK Department for Transport, the VAE programme delivers free virtual simulator flights to disabled individuals across the UK, requiring only a computer with internet access. It offers three progressive one-to-one sessions to develop flight skills and aviation knowledge. This program expands access to aviation training for those unable to attend physical locations and serves as an introduction to real flight experiences at Aerobility’s sites.

Equal Skies Charter Aerobility leads the Equal Skies Charter (funded during the year by the CAA Reach for the Sky fund), promoting equal access to aviation and aerospace for disabled people. The initiative highlights historical barriers in aircraft design and

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AEROBILITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 REPORT OF THE TRUSTEES

advocates for inclusive design in emerging technologies like eVTOLs. It also addresses employment accessibility, pushing for industry-wide change to integrate disabled individuals fully into aviation careers. This lived experience will ultimately help aviation organisations provide more accessible services for disabled people.

Project Able

The key target for Project Able (managed by Aerobility Holdings CIC) is 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. The project aims to deliver a further aircraft to the charity during 2025 and will then be ceased.

Space4All

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. The charity hosted workshops, exhibited the project, and Aerobility team members were co-authors of academic papers exploring disabled spaceflight.

Advocacy

The charity gave a number of presentations and representations during the year, and exhibited at major events such as NAIDEX (National Disability Exhibition at the NEC) and Farnborough International Airshow. The message of the ability within all, the capabilities of disabled people within the workforce, and the benefits of a more inclusive society being the strongest and most well received messages. A number of Aerobility flyers visited schools and gave motivational and educational talks to the next generation.

Fundraising, Marketing and Communications

2024 saw the continued implementation of the strategy to focus on building our own fundraising events and activities i.e. The Aviators Ball and Aerobility 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 during the year with both new and previous supporters such as NATS, 2Excel, Bristow Group, Aerobytes, The George Goodsir Charitable Trust and London Biggin Hill Airport.

Organisation

Three new Trustees joined the board during the year and there was one resignation. The Board is stable, with a broad skill set and continues 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 £976,960 (2023: £849,656), including restricted donations and designated funds. Outgoing resources were £1,158,880 (2023: £1,373,854), giving a deficit for the year of £181,920 (2023 deficit: £524,198), including depreciation costs. Donations and legacy income amounted to £623,833 (2023: £498,543), of which £314,587 (2023: £101,771) was restricted income, with unrestricted income totalling £309,246 (2023: £396,772).

In 2023, we reviewed the final financial projections for Project Able for 2024 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 residual amount receivable by the charity under the loan at 31.12.2024 was £150,000, and we are confident this will be received during 2025.

At the balance sheet date, the charity's funds amounted to £823,016 (2023: £1,004,936), inclusive of restricted funds of £75,039 (2023: £220,105) and a fixed asset fund of £302,352 (2023: £449,934), giving free reserves of £445,625 (2023: £334,897).

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.

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AEROBILITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

REPORT OF THE TRUSTEES

Robust policies and procedures provide the framework for all activities and include vulnerable adult and child protection, safeguarding for all stakeholders, DBS checking, sustainability 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, Lydd or Tatenhill, removing another significant physical barrier to accessing aviation.

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.

Fundraising becomes increasingly challenging for all charities and Aerobility plans to introduce new fundraising activities particularly focused around the support received from the corporate sector.

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; e observe the methods and principles in the Charities SORP 2019 (FRS 102); e make judgements and estimates that are reasonable and prudent;

• e 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 e 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.

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AEROBILITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

REPORT OF THE TRUSTEES

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 tru: Ss

and signed on their behalf.

Shona Bowman Chairman

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AEROBILITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024 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 2024, 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.

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AEROBILITY
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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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: e Enquiry of management, those charged with governance around actual and potential litigation and claims; e Enquiry of entity staff to identify any instances of non-compliance with laws and regulations; e Reviewing minutes of meetings of those charged with governance; e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

• e 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.

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AEROBILITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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: htios://www.frc.org.uk/auditors/auditassurance/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.

Cawley Priory South Pallant Chichester Geoffrey Frost BSc(Hons) FCA, Senior Statutory Auditor West Sussex For and on behalf of Blue Spire Limited, Statutory Auditor PO19 1SY

Date

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

				2024	2023
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
	Note	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	1	309,246	314,587	623,833	498,543
Other trading activities	2
Aviators' Ball		194,242	-	194,242	201,197
Otherfundraising events		300	-	300	893
Other income		14,693	-	14,693	21,094
Charitable activities	3
Flight payments		109,761	7,000	116,761	109,670
Contracted services		10,188	-	10,188	3,578
Investments	4	4,598	-	4,598	14,681
Other	5	12,345	-	12,345	-
Total		655,373	321,587	976,960	849,656
EXPENDITURE ON:
Raising funds	6	293,930	57,355	351,285	337,395
Charitable activities	7	671,034	136,561	807,595	628,659
Other costs	8	-	-	-	407,800
Total resources expended		964,964	193,916	1,158,880	1,373,854
Netincome/(expenditure)		(309,591)	127,671	(181,920)	(524,198)
TRANSFERS
Gross transfers between funds	18	272,738	(272,738)	-	-
Netmovement infunds		(36,853)	(145,067)	(181,920)	(524,198)
RECONCILIATION OF FUNDS
Totalfunds broughtforward	18	784,831	220,105	1,004,936	1,529,134
Totalfunds carriedforward	18	747,978	75,038	823,016	1,004,936_

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BALANCE SHEET AS AT 31 DECEMBER 2024

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2023| |Note|£|£|£|£| |FIXED ASSETS| |Aircraft|in|construction|and|aircraft|13|255,417|374,994| |Flight|simulators|13|17,520|25,478| |Property|13|23,732|40,423| |Mobility|equipment|and|other|assets|13|5,683|9,039| |Total|fixed|assets|302,352|449,934| |CURRENT ASSETS| |Aircraft|under|repair and|aircraft|spares|250,357|-| |Stocks|for|resale|2,062|2,062| |Debtors|14|147,277|119,210| |Loan|15|150,000|150,000| |Cash|at|hand|and|in|bank|79,971|360,335| |Total|current|assets|629,667|631,607| |CURRENT|LIABILITIES| |Creditors:|amounts|falling|due|within|one|year|16|109,003|76,605| |Net|current|assets/(liabilities)|520,664|555,002| |Total|net|assets|823,016|1,004,936| |—————|SSS| |THE|FUNDS|OF|THE|CHARITY| |Restricted|funds|18|75,038|220,105| |Unrestricted|funds|18|747,978|784,831| |Total|charity funds|823,016|1,004,936|

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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

and signed on their behalf.

Shona Bowman

Trustee

Aerobility

Company number: 08200768 Charity number: 1149629

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF CASH FLOWS

a ee

			2024		2023
	Note	£	£	£	£
Netcash flowfrom operating activities (see below)			(372,991)		(129,228)
Cash flowfrom investing activities
Payments to acquire tangible fixed assets	11	(46,971)		(96,302)
Proceeds on sale of tangible fixed assets (net ofcommission)		135,000			-
Interest received		4,598		14,681
Netcash flowfrom investing activities			92,627		(81,621)
Net increase/(decrease) in cash and cash equivalents			(280,364)		(210,849)
Cash and cash equivalents at 1 January			360,335		571,184
Cash and cash equivalents at 31 December			79,971		360,335
Cash and cash equivalents consist of:
Cash at bank and in hand			79,971		360,335
Cashand cash equivalents at 31 December			79,971		360,335
Reconciliation ofnet income to net cash flowfrom operating activities
			2024		2023
		£	£	£	£
Net income forthe year			(181,920)		(524,198)
Adjusted for:
Interest receivable		(4,598)		(14,681)
(Gains)/losseson sale oftangible fixed assets		(12,345)			-
Loss on disposal ofother assets		16,130			-	:
Depreciation and impairment oftangible fixed assets	1	55,768		69,003
Decrease/(increase) in aircraft under repairand aircrat parts		(250,357)
Decrease/(increase) in stocks			-		3,104
Decrease/(increase) in debtors		(28,067)		(93,596)
Decrease/{increase) in loans receivable			-	407,800
Increase/(decrease) in creditors		32,398		23,340
			(191,071)		394,970
			(372,991)		(129,228)
Analysis ofchanges in net debt
			2024		2023
			Cash and cash		Cash and cash
			equivalents		equivalents
			£		£
Total net debt broughtforward			360,335		571,184
Cash flows			(280,364)		(210,849)
Totalnetdebtcarriedforward			79,971		360,335

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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.

Reclassification

During the year under review it was identified some of the staff costs had been included within raising funds rather than direct charitable activities. These costs have been reclassified in the year under eview and the comparative year for comparability purposes. There is no

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES ne a a ee E ee 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.

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

TANGIBLE FIXED ASSETS	TANGIBLE FIXED ASSETS
Fixed assets are stated at cost and depreciation is provided at rates calculated to write-offthe cost ofeach 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	5% straight line
Flight simulators	20% straight line
Mobility Equipment	20% of net book value
Otheritems	20%ofnetbookvalue

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 authorisirig 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.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

1. Incomefrom donations and legacies	1. Incomefrom donations and legacies
				2024			2023
	Unrestricted	Restricted		Total	Unrestricted	Restricted	Total
	Funds	Funds		Funds	Funds	Funds	Funds
	£	£		£	£	£	£
Donations	67,746	100		67,846	63,603	100	63,703
GiftAid reclaimed	7,671	-		7,671	8,301	-	8,301
Trust and corporate donations	131,276	261,487		392,763	235,074	101,671	336,745
Sponsorship	100,000	53,000		153,000	83,833	-	83,833
Regular giving	2,553	-		2,553	5,961	-	5,961
	309,246	314,587		623,833	396,772	101,771	498,543
2. Incomefrom othertrading activities
				2024			2023
	Unrestricted	Restricted		Total	Unrestricted	Restricted	Total
	Funds	Funds		Funds	Funds	Funds	Funds
	£	£		£	£	£	3
Aviators’ Ball	194,242	-		194,242	201,197	-	201,197
Sponsored participation	300	-		300	893	-	893
Raffles	-	-		-	30	-	30
Merchandise	2,820	-		2,820	1,275	-	1,275
Otherfundraising income	11,873	-		11,873	19,789	-	19,789
	209,235 OSS	- SSO		209,235 223,184 - eeTeToT—™_C—EeSESESEEaSS=—N“=—=Sa			223,184 aCl
3. Income from charitable activities
				2024			2023
	Unrestricted	Restricted		Total	Unrestricted	Restricted	Total
	Funds	Funds		Funds	Funds	Funds	Funds
	£	£		£	£	£	£
Charitable activities	-	-		-	445	-	445
Flightpayments	109,761	7,000		116,761	104,225	5,000	109,225
	109,761	7,000		116,761	104,670	5,000	109,670
Othercontracted services	10,188	-		10,188	3,578	-	3,578
	10,188	-		10,188	3,578	-	3,578
	119,949 SCS	7,000 OCC	126,949 lllllmS™SaS		108,248 CCSC	5,000	113,248 _———————————
4. Income from investments
				2024			2023
	Unrestricted	Restricted		Total	Unrestricted	Restricted	Total
	Funds	Funds		Funds	Funds	Funds	Funds
	£	£		£	£	£	£
Bank interest received	4,598	-		4,598	7,699	-	7,699
Loan interest	-	-		-	6,982	-	6,982
	4,598	-		4,598	14,681	-	14,681

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

5. Other income
			2024			2023
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	£	£	£	£	£	£
Profiton sale ofaircraft	12,345	-	12,345	-	-	-
	12,345	-	12,345	-	-	-
6. Raising funds
			2024			2023
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	£	£	£	£	£	£
Directfundraising expenditure	169,827	16,028	185,855	123,799	33,324	457,123
Otherfundraising costs	43,264	25,831	69,095	45,581	29,822	75,403
Supportand governancecosts	80,839 293,930	15,496 57,355	96,335 351,285	34,056 203,436	70,813 133,959	104,869 337,395
7. Charitable activities
			2024			2023
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	£	£	£	£	£	£
Aircraft operating and hire	276,817	2,169	278,986	174,503	9,128	183,631
Aircraft and equipmentdepreciation	36,507	-	36,507	51,855	-	51,855
Supportand governancecosts	357,710 671,034	134,392 136,561	492,102 807,595	345,968 572,326	47,205 56,333	393,173 628,659
8. Support and governance costs			2024			2023
	Raising Funds	Charitable Activities	Total Funds	Raising Funds	Charitable Activities	Total Funds
	£	£	£	£	£	£
Wagesand salaries Premisesand office costs	28,290 32,918	340,302 81,143	368,592 114,061	25,154 33,276	240,162 93,208	265,316 126,484
Motorand travel expenses Legaland professionalfees IrrecoverableVAT	6,775 1,390 24,872	11,142 2,780 49,744	17,917 4,170 74,616	4,127 26,144 13,074	18,291 3,309 26,148	22,418 29,453 39,222
Othersupportand governance costs	2,090 96,335	6,991 492,102	9,081 588,437	3,093 104,868	12,056 393,174	15,149 498,042
Unrestricted Restricted	80,839 15,496 96,335	357,710 134,392 492,102	438,549 149,888 588,437	34,056 70,813 104,869	345,968 47,205 393,173	380,024 118,018 498,042

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Page 15

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

9. Other costs	9. Other costs
				2024			2023
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£	£
Loan	value written down	-	-	-	407,800	-	407,800
		-	-	-	407,800	=	407,800
10. Independent auditor's and examiner's fees
				2024			2023
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£	£
Audit Otherservices		4,900 540	- -	4,900 540	4,900 480	- -	4,900 480
11. Wages and salary cost
						2024	2023
						Total	Total
						Funds	Funds
						£	£
Grosswages						474,810	356,797
Employer's national insurance costs						40,749	29,806
Employer's pension contributions						14,121	10,201
Other staffcosts full recovered						-	15,333
						529,680	412,137
						2024	2023
Staff	numbers:
Averagehead count - administration ofcharitable activities						17	13
Analysed as:
	Parttime					13	9
	Full time					4	4
						17	13

During the year under review one employee (2023: one employee) received employee benefits (excluding employer national insurance and pension costs) above £60,000 in the range £70,000 to £80,000 (2023: range £60,000 to £70,000).

During the year under review one (2023: one) member of the charity's staff, identified as key management personnel, received employee benefits (inclusive of salary, social security and pension contributions) totalling £82,854 (2023: £71,061). During the year expenses of £1,671 were reimbursed to key management personnel in the form of travel and subsistence expenses incurred 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 £14,121 (2023: £10,201) with £2,193 (2023: £1,854) payable at the balance sheet date.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

12. 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.

During the year under review donations totalling £60 were received from trustees without conditions attached. There were no other related party transactions requiring disclosure in these financial statements.

13. Tangible assets

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Aircraft|in| |construction|Flight|Mobility|Other| |and|aircraft|simulators|Property|equipment|equipment|Total| |£|£|£|£|£|£| |Cost| |Brought forward|636,691|39,790|166,915|16,721|20,942|881,059| |Additions|43,822|-|-|2,049|1,100|46,971| |Disposals|(181,192)|-|-|-|-|(181,192)| |499,321|39,790|166,915|18,770|22,042|746,838| |Depreciation| |Accumulated|brought forward|261,697|14,312|126,492|13,492|15,132|431,125| |Charge|24,614|7,958|16,691|3,754|2,751|55,768| |On|disposals|(42,407)|-|-|-|-|(42,407)| |243,904|22,270|143,183|17,246|17,883|444,486| |Net|book|value|carried|forward|255,417|17,520|23,732|1,524|4,159|302,352| |Net|book value|brought|forward|374,994|25,478|40,423|3,229|5,810|449,934|

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The aircraft were valued in the period since the year end by JKV Aviation Limited and were deemed to have an overall value of £545,000.

14. Debtors

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||| |---|---| |Trade|debtors| |Prepayments| |Accrued|income| |Other|debtors|

----- End of picture text -----

----- Start of picture text -----
||| |---|---| |2024|2023| |Total|Total| |Funds|Funds| |£|£| |27,489|70,237| |82,511|10,640| |36,514|35,450| |763|2,883| |147,277|119,210|

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

1. Loan

Loan

	‘
2024		2023
Total		Total
Funds		Funds
£		£
150,000		150,000
150,000		150,000

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 31.12.24 was £150,000 and this is expected fo be settled in cash and remaining aircraft.

16. Creditors: amounts falling due within one year

16. Creditors: amounts falling due within one year
	2024	2023
	Total	Total
	Funds	Funds
	£	£
Trade creditors	75,681	44,296
Other creditors	2,193	1,854
Accruals	3,900	3,900
Deferred income (see below)	16,817	17,718
Othertaxation and social security	10,412	8,837
	109,003	76,605

Deferred income

Deferred income
				Brought	Released	Deferred	Carried
				forward	in year	in year	forward
				£	£	£	£
Gift vouchers				2,823	(2,823)	-	-
Other income in advance				14,895	(14,895)	150	150
				17,718	(17,718)	150	150
Income received in relation to future accounting periods, is deferred,			and	released to income	in line with the	specified timing of its use.
17. Analysis of net assets between funds
				2024			2023
	Unrestricted	Restricted		Total	Unrestricted	Restricted	Total
	Funds	Funds		Funds	Funds	Funds	Funds
	£	£		£	£	£	£
Tangiblefixed assets Current assets Current liabilities	302,352 554,628 (109,003) 747,977	- 75,039 - 75,039		302,352 629,667 (109,003) 823,016	449,934 411,502 (76,605) 784,831	- 220,105 - 220,105	449,934 631,607 (76,605) 4,004,936

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AEROBILITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |18.|Analysis|of net movement|in|funds| |Year ended|31|December|2024| |Brought|Incoming|Outgoing|Carried| |forward|resources|resources|Transfers|forward| |£|£|£|£|£| |Restricted|funds|-|1| |Junior Aspiring|Pilot|Programme|12,922|-|-|(12,922)|-| |Build|a dream|23,602|-|(321)|(23,281)|-| |Scholarship|fund|99,778|12,000|-|(95,246)|16,532| |Project|Able fund|-|-|3|=|s| |Aviation|Education|Programme|(AEP)|-|-|(2,310)|7,617|5,307| |ISTAT|JAPP|and|AEP|-|7,617|-|(7,617)|-| |DfT|Virtual|Aerobility|54,837|143,926|(145,563)|-|53,200| |Equal|Skies|3,966|40,944|(45,721)|811|-| |The|Eve|&|Philip|Morrison|Family|Trust|25,000|-|-|(25,000)|-| |Cherokee|Six Campaign|-|117,100|-|(117,100)|-| |Total|restricted funds|220,105|321,587|(193,915)|(272,738)|75,039| |Unrestricted|funds| |Designated|funds| |Fixed|asset fund|449,934|-|-|(147,581)|302,353| |449,934|-|-|(147,581)|302,353| |General|funds|334,897|655,373|(964,964)|420,319|445,625| |Total|unrestricted|funds|784,831|655,373|(964,964)|272,738|747,978| |Total funds|1,004,936|976,960|(1,158,879)|-|823,017| |Year|ended|31|December|2023| |Brought|Incoming|Outgoing|Carried| |forward|resources|resources|Transfers|forward| |£|£|£|£|£| |Restricted|funds| |Junior Aspiring|Pilot Programme|9,127|7,465|(3,670)|-|12,922| |Build|a|dream|25,338|100|(140)|(1,696)|23,602| |Scholarship|fund|87,778|42,000|-|-|99,778| |Project Abie|fund|745,000|-|-|(745,000)|-| |Aviation|Education|Programme|(AEP)|394|-|(718)|324|-| |ISTAT JAPP|and AEP|zm|=|=|-|-| |DfT|Virtual|Aerobility|73,178|144,093|(162,434)|-|54,837| |Equal|Skies|109,183|(81,887)|(23,330)|-|3,966| |The|Eve &|Philip|Morrison|Family Trust|-|25,000|-|25,000| |Total|restricted|funds|1,049,998|106,771|(190,292)|(746,372)|220,105| |Unrestricted|funds| |Designated|funds| |Fixed|asset fund|422,634|-|-|27,300|449,934| |General funds|.|422,63456,502|742,885-|(1,183,562)-|719,07227,300|449,934334,897| |Total|unrestricted funds|479,136|742,885|(1,183,562)|746,372|784,831| |Total funds|1,529,134|849,656|(1,373,854)|1,004,936|

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS

19. Analysis of netmovement in funds (continued)	19. Analysis of netmovement in funds (continued)
Description ofrestricted funds
Junior Aspiring PilotProgramme	Funds received from BBC Children in Need and Hart Rotary	to provide aviation
	education to disabled young people.
Builda dream	Funds donated for the construction ofa 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 ofcharge.
ProjectAble 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 programme for young disabled		people with an
	interest in aviation
ISTAT JAPP andAEP	Funds received in support of Junior Aspiring Pilot and	Aviation			Education
	programmes.
DfT VirtualAerobility	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, whereverthey 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.
TheEve& Philip Morrison Family Trust	Funds received intowards the cost ofhand control development.
Cherokee Six Campaign	Funds raised to purchase a Cherokee Six.
Designated funds
Fixedassetfund	Funds received to purchase new assets forthe charity.
20. Material transfers between funds
	Unrestricted Funds			Restricted
From	To General Fixed Asset				Funds
	£ £				£
Transfer 1
TheEve& Philip Morrison FamilyTrust Cherokee SixCampaign	General funds 25,000 - Generalfunds 117,100 - 142,100 -				(25,000) (117,100) (142,100)
Transferfrom restrictedfundsto general fundsfollowing the purchase ofaircraft and items from general funds.
Transfer 2
JuniorAspiring PilotProgramme Build adream Scholarship fund	Generalfunds 12,922 - General funds 23,281 - Generalfunds 95,246 - 131,449 -		(12,922) (23,281) ____(95,246) (131,449)
Transfer from restricted funds to general funds following a review of expenditure.on these areas an recognition of expenditure within
unrestrictedfundsontheseprojects.

an Page 20

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

20. Material transfers between funds (continued)	20. Material transfers between funds (continued)
		Unrestricted Funds		Restricted
From	To	General	Fixed Asset	Funds
		£	£	£
Transfer3
ISTATJAPP and AEP		-	-	(7,617)
	Aviation Education Programme (AEP)	-	-	7,617
Transfer from ISTATJAPP and AEP	funds to Aviation Education Programme in a simplification offund analysis.
Transfer4
General funds	Equal Skies	(811)	-	811
		(811)	-	811
Transfer from general funds to Equal	Skies restricted fund to coverthe overspend in this fund.
Transfer 3
General funds	Fixed Asset reserve	147,581	(147,581)	-
		147,581	(147,581)	-
Transfer between funds on additions	to fixed assets net of depreciation.
		420,319	(147,581)	(272,738)
21. Financial instruments
The carrying amounts ofthe charity's financial instruments are as follows:
			2024	2023
			Total	Total
			Funds	Funds
			£	£
Financial assets
Debt instruments measured at amortised cost:
Trade debtors (note 12)			27,489 2 AB	70,237 10.237
Financial liabilities
Measured at amortised cost:
Tradecreditors(note 14)			75,681 81	_—__44,296 296

a— Page 21

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE FINANCIAL STATEMENTS

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|||||||| |---|---|---|---|---|---|---| |22.|Comparative|statement|of financial|activities| |2023| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |Note|=|£|£| |INCOME|AND|ENDOWMENTS|FROM:| |Donations|and|legacies|1|396,772|101,771|498,543| |Other trading|activities|2| |Aviators'|Ball|201,197|-|201,197| |Other|fundraising|events|893|-|893| |Other|income|21,094|-|21,094| |Charitable|activities|3| |Flight|payments|104,670|5,000|109,670| |Contracted|services|3,578|-|3,578| |Investments|4|14,681|-|14,681| |Other|5|-|-|-| |Total|742,885|106,771|849,656| |EXPENDITURE|ON:| |Raising|funds|6|203,436|133,959|337,395| |Charitable|activities|7|572,326|56,333|628,659| |Other|cost|8|407,800.|-|407,800| |Total|resources|expended|1,183,562|190,292|1,373,854| |Net income/(expenditure)|(440,677)|(83,521)|(524,198)| |TRANSFERS| |Gross|transfers between|funds|18|746,372|(746,372)|-| |Net movement|in funds|305,695|(829,893)|(524,198)| |RECONCILIATION|OF|FUNDS| |Total funds|brought forward|18|479,136|1,049,998|1,529,134| |Total funds carried forward|18|784,831|220,105|__1,004,936_|

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