**Registered Charity no. 1155164** ## **The Waddington Flying Club** Operating as ## **The Waddington Flying School** **Annual Report and Financial Statements** **For the year ended 31 March 2022** **Contents** ## **Page** 1 – 3 Annual Report 4 Independent Examiner’s Report 5 Statement of financial activities 6 Balance sheet 7 – 10 Notes to the financial statements **The Waddington Flying Club** ## **Annual Report for year ended 31 March 2022** The trustees present their annual report together with the financial statements for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Objectives and Activities** The Royal Air Force Waddington Flying Club was established in 2003 and registered as a charity with the Charity Commission as The Waddington Flying Club in 2013. In 2021 the overseeing body, The Royal Air Force Flying Clubs Association (RAFFCA) was superseded by a new organisation, The Royal Air Force Sport Aircraft (RAFSA). As a result, the operating name of the club was changed to the Waddington Flying School (WFS) but the charity remains The Waddington Flying Club. The object of the Waddington Flying School is: ‘The promotion of efficiency of the armed forces of the Crown by the provision and support of facilities and activities for the efficiency and well- being of Service personnel’. This object presents the Trustee with wide powers, enabling them to provide charitable assistance to all elements of the Royal Air Force Community. The Waddington Flying School (WFS) has a main aim set by the Trustee: ‘To be respected for our professional and safe approach to flying training, management and airmanship, and to be admired for our friendly and welcoming atmosphere’. Specifically, the aims of WFS are: - a) To provide effective flying training for Service and associated personnel in a professional manner, at the lowest possible cost. - b) Offer flying instruction leading to the award of a civil flight crew licence or rating. - c) Provide facilities that enable members to engage in flying related activities. - d) Encourage and promote an interest in aviation and aviation competition. The charity delivers public benefit as it assists in providing Royal Air Force personnel with the necessary skills to carry out the Royal Air Force contribution to the defence of the United Kingdom and its interests. Service Funds are established for the benefit of Service personnel to promote military efficiency which underpins esprit de corps and team working, and they help to encourage personnel to develop the character, spirit and attitude to face challenges associated with military service. As a result, the Fund delivers a benefit to the general public in helping to provide personnel who are motivated, have high morale and are willing to serve the needs of their country and that of its public, at all times 1 **The Waddington Flying Club** ## **Annual Report for year ended 31 March 2022** ## **Achievements and Performance** The Waddington Flying School has remained in a period of recovery having suffered a general reduction in activity caused by the worldwide pandemic. In turn, income from membership subscriptions somewhat flat-lined and remained key concern for the Trustees. However, The Junior Rank and Junior Officer Pilot Scholarship Scheme (JRPSS & JOPSS) remained a key deliverable and, to some extent, served to maintain a core operation. Supporting pilots to maintain or regain their currencies safely has been the main effort for the cadre of flying instructors. Having previously secured several grants to train flying instructors for the school, a further 2 Flight Instructors and 2 Class Rated Instructors were supported with the cost of their training courses and accreditations. This will assist the School to maintain pilot currency and competency. Other successes include 5 students achieved their PPL, 3 pilots qualified to fly at night, 3 pilots revalidated their Restricted Instrument Ratings, and 2 flight Instructors revalidated their Instructor ratings. Having relocated to a new operating site at RAF Waddington, a new MOD encroachment agreement allowed refurbishment works to commence on a self-help basis. Public funds cannot be used for such activity and as such, the works were funded from core funds previously allocated to the task. The refurbishment and fitting-out of the schoolhouse was considered an excellent achievement which now serves as a first-class training facility. ## **Financial Review** Total incoming resources increased by 40% in the year to £94,293 (2021: £67,369). Income from flying fees and instruction recovered to £66,688 (2021: £30,474), but was still 45% down on pre-pandemic levels. Subscriptions increased moderately to £14,935 (2021: £14,210). Total operating resources expended also increased by nearly 40% to £91,380 (2021: £65,314), largely accounted for by the recovery in aircraft operating hours and the associated costs. Management and administration costs increased to £16,393 (2021: £14,362). As a result WFS reported an operating deficit of £13,095 (2021: £1,865 surplus). At 31 March 2022 WFS had total liquid funds of £66,830 (2021: £72,409). Principle funding is received from subscriptions and flying activities from School members. Some additional funding, for specific equipment or activity, is obtained from the RAF Central Fund and the RAF Charitable Trust through the over-arching organisation – the RAF Sports Aircraft Association. All expenditure is made for the ultimate benefit and provision of services to School members. The WFS needs a relatively low level of reserves, mainly to cover for the fluctuating aviation supplies market, principally due to the volatile nature of the price of oil. Additional reserves are created and held from time to time when future liabilities and expenditure is identified and the trustees consider it prudent to earmark funds to cover the outlay. The Engine Replacement Fund, which stood at £27,943 at 31 March 2022 (2021: £26,113), which originally came into the Club when RAFFCA was wound up in 2019, was transferred back to RAFSA (successor organisation to RAFFCA) on 29 June 2022. RAFSA owns the two aircraft concerned but WFC will remain the operator. 2 The Waddington Flying Club Annual Report for year frnded 31 Mai'ch 2J22 Structure, Governance •nd Management As an approved RAF Sport. overall governar￿e ofthe Waddinglon Ftying SdK¢I ￿ Sl falls to the RAF Sport ￿'rcraft A$soc¢ation IRAFSAI. RAFSA is itself a Charitai)le IrKotporated Organbsation ICIO). However. Ihe day-to4ay managernenl and control ofthe ts11s to th• TW$t￿ and general management committee. The Managing T￿￿te￿, Printspal Trusté• (also app￿nted as the Chairman) the cY)mmrtlee mem￿r5 ar# appointed by thè mèmb8fship ol th6 School. The WFS Offur in Charge heads the genéral commrttee. Htywever. all management dgci$K)n$. acquisition8 and expendrture are suttye¢i 10 th• Pnn)pal Tw$lee's apwoval. Commrt¢ewBoord ol Tw$ta* m88tin9S take fv every three monlhs The budget for the next finanual yèar is set in April by thè School Ex￿(￿1¥9 CfyMmAt8e for approval by the Members al a General Meebng. The Annual General Mèètin9 ratifies the annual auditad accwnts ol th• School. Minutes are taken at eath Ctsmrniltee and G&n&ral meeting and ar8 circulated eloctronically lo reach Ihe Trustse wilhin 10 wthing days of Ihe meeting for th￿'r approval. In 2021. due to COVID 19 re3triction$ th¥ AGM was held eledronically vnth suffioent time allcwed for personr￿1 ￿ r•ad #nd dig•St comm11t￿ deei$ions and lo commtrnt I Vole as n￿$sory on issues ol the day. The Trustees h¥ve t>)nlinufjd • prograThffig ofwork to Klentify woceddres to M￿'gate ii6k and lo minimis• potential impact Should iisk5 materialist. Adminl•tr•tbv• Inlom•tlon Th• company i• r•gisterod with tho Chanty CommY8Bion for Engi¥nd •rkl Wal•$- Chonty numb•r 1155164 The ¢Orr¢$pond•n￿ adar•s$ 1$.. RAF Wa&Jii)gkni Flying Club. RAF Waddington. LirKo*n. LN5 9N8 The tharsty is governed by it8 con81rtution was a¢JtsPttd on 4 2013 Tru•t••• The Iruslees wtr) seryed from 1 April 2021 to the dale Ctflhis feP)rl are". Gp Capt S Kilvinglon IStt>Jd down 31 March 20221 Sqn Ldr A Robson {- tood do*n 31 Ma￿h i022 Sqn Ldr C Hivès Ftt Lt N ￿ltehead Approved by Ihe Trustees on the l¥. dayof J4fvJ 2023 li9￿j on its beho11 by Sqn Ldr C Hlv•s The Waddington Flying Club Independont Examiner's report to the trustoes I report lo thg trustetts on my examip.alion of Ihe aeeounls ol Tne W&Jdington Flyin9 Club for the year ended 31 March 2022. Respective respon¥ibiliti•s af Trustees and Examiner The charrty's trustees are resFx)nsible lor the preparation of thè accounts in accordance with the r￿uIreMents of the Charities Act 2011 1.the Act"). The Charity's trustées conwder that an aud*t is not requirèd for this year under section 144121 of the Chanties Act 2011 (the 2011 Act) and Ihat an independerf examinat￿ is needed. It is rny ￿sponsibl)rtY to.. examine the accounts undef S•CtA?n 145 ofthe 2011 Art. to follow thè pr¢¢•dures laid ¢Jown in the general Direcbons given by the Charity Commission undef section 14515llbl of the Act.. and lo stsle whelhef Particular matters have eome lo my attentim. Ba81• ol Indop•nd•rrt E￿MIn•t• r*port My examination was carried out in ac￿rdanCe with the general oirect￿$ 9iven by the Charity Commi66ion. An examinalion includes a revw4 of the accounting recoft1$ kept by the tharity and a comparison of the accounts presented with thoge rec4Jfds. It also indud•s ¢onsK1efation of any unusual rtems or disdosur&s in the accounts. and seeking explan8tion¥ Irom you ¥5 trustees rnricerning any 3yGh mayers. The pr￿dureS undertaken do not provide 811 the evidence that would be required in an oudit and tons•qu&nUy no O￿n￿)n is gNen •$ lo W￿lhal th• accounts present a true and lair view and th• r•port is limrted to those matters set out in th& statément below Ind•p•nd•nt Ex#mln•r'• st•tsm•nt In connection wlh my ex8m1nat￿n, tK* m8twal matters have c4Jme io my 8ttenb"on'. 81 whith gives mg to tolieve Ihat in. any material resk*a, the requirements.. to kegp th8 xcounting We￿rdS in accorfanc¥ wilh 130 01 the chari1￿ Act.. or to prepare ac£ounts which accord with the ￿Quntir￿J t•¢ord$ and cunply wth the accounting requirem*nl$ of the 2011 Act. have not been m•l', or bl to which, in my opinion, atten￿n shoukj be drawn in order to enable a proper understsnding of the o¢¢ounts to be reached. '&/.,/a. J A D Mumby FCA Mumby Heppenstall, Chartered Accountants Wellingore H811 Wèllingora Lincx)In LN5 OHX ## **The Waddington Flying School** ## **Statement of Financial Activities for the year ended 31 March 2022** |__________________________________________
Notes
**INCOMING RESOURCES**
3
Charitable Activities
Other Trading
Grants and Donations
Investments
Other
**Total**
**RESOURCES EXPENDED**
4
Raising Funds
Charitable Activities
Management and administration
Other
**Total**
**NET (DEFICIT)/INCOME**
**Transfers between funds**
**Other recognised gains/(losses)**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total Funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|_______________
£
81,623
6,835
5,831
4
-
94,293
-
90,994
16,394
-
107,388
(13,095)
-
(13,094.58)
128,690
115,595
Unrestricted
Funds|___________
Restricted
Funds
£
-
-
-
-
-
-
-
-
-|________________
**TOTAL**
**2022**
£
81,623
6,835
5,831
4
-
94,293
-
90,994
16,394
-
107,388
(13,095)
-
-
(13,095)
128,690
115,595|__________
2021
£
44,685
5,080
17,508
97| |---|---|---|---|---| |||||67,370| |||||-
50,953
14,552| |||||65,505| |||||1,865
-
-| |||||1,865| |||||126,825| |||||128,690| 5 ## **The Waddington Flying School** ## **Balance Sheet as at 31 March 2022** ______________________________________________________________________________________________ |||Unrestricted|Restricted|**TOTAL**|| |---|---|---|---|---|---| |||Funds|Funds|**2022**|2021| ||Notes|£|£|£|£| |**FIXED ASSETS**|||||| |Tangible assets|2|52,193|-|52,193|62,666| |**CURRENT ASSETS**|||||| |Stock - fuel||9,600||9,600|6,587
| |Debtors||-||-|| |Prepayments||-||-|| |Bank|5|66,830||66,830|72,409| |||76,430|-|76,430|78,996| |**CREDITORS: amounts falling due within one year**||13,028||13,028|12,972| |**NET CURRENT ASSETS**||63,402|-|63,402|66,024| |**TOTAL ASSETS**||115,595|-|115,595|128,690| |**CREDITORS: amounts falling due in more than one**||**year**|||| |**NET ASSETS**||115,595|-|115,595|128,690| |**RESERVES**|7||||| |Operational Reserve||12,000||12,000|12,000| |Engine Replacement Reserve||27,943||27,943|26,113| |Project Reserves||7,814||7,814|9,258| |General Reserve||67,838||67,838|81,319| |||115,595|-|115,595|128,690| 6 **The Waddington Flying Club** **Notes to the Financial Statements for the year ended 31 March 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and bas been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 20% on reducing balance ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 551111 7 ## **The Waddington Flying School** ## **Notes to the Financial Statements for the year ended 31 March 2022** __________________________________________________________________________________________ ## **2. TANGIBLE FIXED ASSETS** |**Cost**
At 1 April 2021
Additions
Disposals
**Depreciation**
At 1 April 2021
Disposals
Charge for year
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021
**3.**
**ANALYSIS OF INCOME**
£
**a)**
**Charitable Activities**
Flying/instruction fees
66,020
Exam fees
669
Subscriptions
14,935
81,623
**b)**
**Trading**
Sales - fuel and oil
5,883
Other
952
6,835
**c)**
**Grants and Donations**
RAF Charitable Trust - Scampton hangar
-
RAFFCA/RAFSF
-
Gift-Aid receipts
3,488
Closed ELC
2,344
5,831
**d)**
**Investments**
Bank interest
4
**TOTAL INCOMING RESOURCES**
94,293
Unrestricted
Funds|Buildings
£
60,440
60,440
-
-
10,028
10,028
50,412
60,440
Restricted
Funds
£
-
-
-
-|Plant &
Equipment
£
25,910
25,910
23,684
-
445
24,129
1,781
2,226
**TOTAL**
**2022**
**£**
66,020
669

14,935
81,623
5,883
952

6,835
-

-
3,488
2,344
5,831
4
94,293|**TOTAL**
**£**
86,350
-
-| |---|---|---|---| ||||86,350| ||||23,684

-
10,473| ||||34,157| ||||52,193| ||||62,666| ||||2021
£
29,894

580
14,210| ||||44,684| ||||4,546

534| ||||5,080| ||||9,588
-
3,449

4,471| ||||17,508| ||||97| ||||67,369| 8 ## **The Waddington Flying School** ## **Notes to the Financial Statements for the year ended 31 March 2022** __________________________________________________________________________________________ |**4.**
**ANALYSIS OF EXPENDITURE**
£
**a)**
**Raising Funds**
Functions
-
**b)**
**Charitable Activities**
Fuels
18,847
Aircraft Hire
18,375
Aircraft maintenance
15,058
Insurance
7,823
Instruction costs
12,851
Training
2,860
Hangar relocation costs
3,592
Other direct costs
1,116
Depreciation
10,473
90,994
**c)**
**Management and Administration**
Manager
7,275
Sundry admin exps
232
Cleaning & maint
1,544
IT, software
2,115
Telephone, internet etc
281
Travel & sub
844
Professional and consultancy
-
Independent Examiner Fee
1,296
Insurance
798
RAFFCA Subscription
1,435
Bank charges
573
16,394
**TOTAL RESOURCES EXPENDED**
107,388
**5.**
**CASH AT BANK AND IN HAND**
£
HSBC
Current
8,459
Reserve
20,398
Bond
10,000
Engine Replacement Fund
27,943
Cash
30
66,830
Unrestricted
Funds
Unrestricted
Funds|Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-|**TOTAL**
**2022**
**£**
-
18,847
18,375

15,058
7,823
12,851
2,860
3,592

1,116
10,473
90,994
7,275
232
1,544
2,115
281

844
-
1,296

798
1,435

573
16,394
107,388
**TOTAL**
**2022**
£
8,459
20,398

10,000
27,943
30

66,830|2021
£
-
11,273

7,871
4,594
6,458
5,319
6,300

6,942
1,640
556| |---|---|---|---| ||||50,953| ||||6,859
481
1,979
1,272

1,635
574
-

787
203

-
761| ||||14,551| ||||| ||||65,504| ||||2021
£
10,838

25,394
10,000
26,113
64| ||||72,409| 9 **The Waddington Flying School** ## **Notes to the Financial Statements for the year ended 31 March 2022** __________________________________________________________________________________________ ## **6. CREDITORS AND ACCRUALS: Falling due within one year** |**6.**
**CREDITORS AND ACCRUALS: Falling due within one year**|||| |---|---|---|---| |£
Creditors
2,363
Accruals
913
Payments received in advance
9,751
13,028
**7.**
**MOVEMENT ON RESERVES**
Unrestricted
Funds|Restricted
Funds
£
-|**TOTAL**
**2022**
£
2,363
913
9,751
13,027|2021
£
117
750
12,105| ||||12,972| ||||| |**EMENT ON RESERVES**||||| |---|---|---|---|---| |Balance at 1 April 2020
Transfers to/(from)
Surplus for year
Balance at 1 April 2021
Transfers to/(from)
Deficit for year
Balance at 31 March 2022|Operational
Reserve
£
12,000
12,000
12,000|Project
Engine
Reserves Replacement
£
£
22,500
24,250
(13,242)
1,863
9,258
26,113
(1,444)
1,830

7,814
27,943|General
Reserve
£
68,075
11,379
1,865
81,319
(386)
(13,095)
67,838|**TOTAL**
£
126,825
-
1,865| |||||128,690
-
(13,095)| |||||115,595| 10