**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 2023** **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 2023** The trustees present their annual report together with the financial statements for the year ended 31 March 2023. 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 In 2021 the overseeing body, The Royal Air Force Flying Clubs Association (RAFFCA) was superseded by a new organisation, The Royal Air Force Sport Aircraft (RAFSA).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 2023** ## **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 decreased 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 Class Rated Instructor was supported with the cost of their training courses and accreditations. This will assist the School to maintain pilot currency and competency. Other successes include 4 students achieved their PPL, 2 pilots qualified to fly at night, 3 PPL holders renewed their licences, 2 pilots revalidated their Restricted Instrument Ratings, and 3 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 6.5% in the year to £100,446 (2022: £94,293). Income from flying fees and instruction fell slightly to £63,980 (2022: £66,688). Subscriptions also decreased slightly to £13,445 (2022: £14,935). Total operating resources expended increased by nearly 10% to £100,038 (2022: £90,994), but £7,814 of these costs were covered by from reserves. Management and administration costs fell slightly to £14,825 (2022: £16,394). As a result WFS reported an operating deficit of £14,148 (2022: £13,095). The Engine Replacement Fund, which stood at £27,943 at 31 March 2022, 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. After the transfer above, at 31 March 2023 WFS had total liquid funds of £40,452 (2022: £66,830). 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. 2 **The Waddington Flying Club** ## **Annual Report for year ended 31 March 2023** ## **Structure, Governance and Management** As an approved RAF Sport, overall governance of the Waddington Flying School (WFS) falls to the RAF Sport Aircraft Association (RAFSA). RAFSA is itself a Charitable Incorporated Organisation (CIO). However, the day-to-day management and control of the WFS falls to the Trustees and general management committee. The Managing Trustee, Principal Trustee (also appointed as the Chairman) and the committee members are appointed by the membership of the School. The WFS Officer in Charge heads the general committee. However, all management decisions, acquisitions and expenditure are subject to the Principal Trustee’s approval. Committee/Board of Trustee meetings take place every three months. The budget for the next financial year is set in April by the School Executive Committee for approval by the Members at a General Meeting. The Annual General Meeting ratifies the annual audited accounts of the School. Minutes are taken at each Committee and General meeting and are circulated electronically to reach the Trustee within 10 working days of the meeting for their approval. The AGM was held electronically with sufficient time allowed for personnel to read and digest committee decisions and to comment / vote as necessary on issues of the day. The Trustees have continued a programme of work to identify procedures to mitigate risk and to minimise potential impact should risks materialise. ## **Administrative Information** The company is registered with the Charity Commission for England and Wales – Charity number 1155164 The correspondence address is: RAF Waddington Flying Club, RAF Waddington, Lincoln, LN5 9NB The charity is governed by its constitution which was adopted on 4 September 2013 ## **Trustees** The trustees who served from 1 April 2022 to the date of this report are: Air Cdre (retd) Alistair Seymour Sqn Ldr C Hives Flt Lt Mark Chapman Flt Lt N Whitehead Flt Lt Kevin Fyfield Approved by the Trustees on the Ninth day of October 2023 and signed on its behalf by Richard Dawe WFS Manager and Charity Contact. 3 The Waddington Flying Club Independent Examinor's report to Ihe truste I report to the tnjstees on my èxaminab.on of the accounts ofThe Waddin9ton Flying Club for the year ended 31 March 2023. Respective responsibilltim of Tru$t¢¢• •rKI Examiner The charity's Iruslees are ￿sponsible for Ihe prepafatson of the accounts in a(xordance wilh the requirements ol thè Charities Act 2011 (Xhe Act l. The ¢hanly'5 lJuslees consider that an audrt 1$ not reqvired for Ihis year under section 144121 of the ch8rits.es Aci 2011 (the 2011 Act) and Ihal an inderendent examination is needed. It 1$ my ￿SponSIbl1￿Y lo.. examine the a¢￿Unts under sectKJn 145 ofthe 2011 Act", lo lollLW4 the procedures laid down in the general Directions given by th& Charity CommisS￿n under section 14515llbl of the Act.. and to Stale whether parbcular matters have ¢m to my 8Itenb￿. 8a•l• of Indep•nd•nt Ex•mln•rf• rnport My examination was canied wl in arthrdance wrth the genernl Directions gNen by the Charrty Commission. An examination indutJ*8 a review of the accounting i•¢ords kepl by the thanty and a comparison ofth? accounts preBented with those reC￿rds. It Also include$ consideration ol any unusual st•m$ or disclosures in the accounts. and se*king explanalion$ from you as truslees conceming any $u¢h matters The Fwcedures und*rtaktrn do nol provide all the evidance Ihal would be required in an audit al￿ eonsequontly no opinK)n o gwen as to whether the accounts present 8 true and fair view and the report 1$ limrted to those matters set out in th8 $laten7enl bekn Indepond•nt Examln•rf• •t•t•rnent In connection with my ¢x8min¥tion. no material matters h8ve rthne to my attenlKJn'. 91 whi¢h giv•8 me cause to t4iev& Ihal in. afty material respect, the requir•rnéni8.' lo keep the 8co)unbng rec￿ldS in accordance se￿￿ft 130 of the Chant*8 Act". or to prepare 8c¢ounts whtch ac￿rd wilh the ao))unts"ng records and comply with th8 accounting ￿quireMentS of the 2011 Act. have not been met.. or bl lo which, in my opinion, •ttention should be drawn in orl•r lo enable a propor uThJerstandin9 of the ace4)unts to be rea¢hed. J A D Mumby FCA Murnby H8ppenstsll. Chartered Accountants Wellingore Hall Wellingor& Lincoln LN5 OHX 31,.IA•*1 ## **The Waddington Flying School** ## **Statement of Financial Activities for the year ended 31 March 2023** |__________________________________________
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)**
Return of Engine Replacement Fund to RAFSA
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total Funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|_______________
£
79,137
8,508
9,512
83
3,206
100,446
-
100,038
14,825
-
114,864
(14,418)
-
(27,943)
(42,361)
115,595
73,234
Unrestricted
Funds|___________
Restricted
Funds
£
-
-
-
-
-
-
-
-
-|________________
**TOTAL**
**2023**
£
79,137
8,508
9,512
83
3,206
100,446
-
100,038
14,825
-
114,864
(14,418)
-
(27,943)
(42,361)
115,595
73,234|__________
2022
£
81,623
6,835
5,831
4
94,293
-
90,994
16,394
107,388
(13,095)
-
-
(13,095)
128,690
115,595| |---|---|---|---|---| 5 ## **The Waddington Flying School** ## **Balance Sheet as at 31 March 2023** ______________________________________________________________________________________________ |Notes
£
**FIXED ASSETS**
Tangible assets
2
46,693
**CURRENT ASSETS**
Stock - fuel
7,909
Debtors
-
Prepayments
-
Bank
5
40,452
48,361
**CREDITORS: amounts falling due within one year**
21,820
**NET CURRENT ASSETS**
26,541
**TOTAL ASSETS**
73,234
**CREDITORS: amounts falling due in more than one year**
**NET ASSETS**
73,234
**RESERVES**
7
Operational Reserve
12,000
Engine Replacement Reserve
-
Project Reserves
-
General Reserve
61,234
73,234
Unrestricted
Funds|Restricted
Funds
£
-
-
-
-
-
-|**TOTAL**
**2023**
£
46,693
7,909
-
-
40,452
48,361
21,820
26,541
73,234
73,234
12,000
-
-
61,234
73,234|2022
£
52,193
9,600
66,830
76,430
13,028
63,402
115,595
115,595
12,000
27,943
7,814
67,838
115,595| |---|---|---|---| 6 **The Waddington Flying Club** ## **Notes to the Financial Statements for the year ended 31 March 2023** ## **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 2023** __________________________________________________________________________________________ ## **2. TANGIBLE FIXED ASSETS** |**Cost**
At 1 April 2022
Additions
Disposals
**Depreciation**
At 1 April 2022
Disposals
Charge for year
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022
**3.**
**ANALYSIS OF INCOME**
£
**a)**
**Charitable Activities**
Flying/instruction fees
63,980
Exam fees
1,702
Subscriptions
13,455
79,137
**b)**
**Trading**
Sales - fuel and oil
8,508
Other
8,508
**c)**
**Grants and Donations**
RAF Charitable Trust - Scampton hangar
-
RAFFCA/RAFSF
-
Gift-Aid receipts
3,155
Closed ELC
6,357
9,512
**d)**
**Investments**
Bank interest
83
_Suspense_
_3,206_
**TOTAL INCOMING RESOURCES**
100,446
Unrestricted
Funds|Buildings
£
60,440
60,440
10,028
-
5,055
15,083
45,357
50,412
Restricted
Funds
£
-
-
-
-|Plant &
Equipment
£
25,910
25,910
24,129
-
445
24,574
1,336
1,781
**TOTAL**
**2023**
**£**
63,980
1,702
13,455
79,137
8,508
-
8,508
-
-
3,155
6,357
9,512
83
97,240|**TOTAL**
**£**
86,350
-
-
86,350
34,157
-
5,500
39,657
46,693
52,193
2022
£
66,020
668
14,935
81,623
5,883
952
6,835
-
-
3,487
2,344
5,831
4
94,293| |---|---|---|---| 8 ## **The Waddington Flying School** ## **Notes to the Financial Statements for the year ended 31 March 2023** __________________________________________________________________________________________ |**4.**
**ANALYSIS OF EXPENDITURE**
£
**a)**
**Raising Funds**
Functions
-
**b)**
**Charitable Activities**
Fuels
19,474
Aircraft Hire
23,065
Aircraft maintenance
20,446
Insurance
5,894
Instruction costs
12,125
Training
1,163
Hangar relocation costs
11,842
Other direct costs
529
Depreciation
5,500
100,038
**c)**
**Management and Administration**
Manager
6,657
Sundry admin exps
724
Cleaning & maint
1,385
IT, software
2,389
Telephone, internet etc
242
Travel & sub
418
Professional and consultancy
-
Independent Examiner Fee
750
Insurance
158
RAFFCA Subscription
1,312
Bank charges
791
14,825
**TOTAL RESOURCES EXPENDED**
114,864
**5.**
**CASH AT BANK AND IN HAND**
£
HSBC
Current
9,955
Reserve
20,481
Bond
10,000
Engine Replacement Fund
-
Cash
16
40,452
Unrestricted
Funds
Unrestricted
Funds|Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-|**TOTAL**
**2023**
**£**
-
19,474
23,065
20,446
5,894
12,125
1,163
11,842
529
5,500
100,038
6,657
724
1,385
2,389
242
418
-
750
158
1,312
791
14,825
114,864
**TOTAL**
**2023**
£
9,955
20,481
10,000
-
16
40,452|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
2022
£
8,459
20,398
10,000
27,943
30
66,830| |---|---|---|---| 9 **The Waddington Flying School** ## **Notes to the Financial Statements for the year ended 31 March 2023** __________________________________________________________________________________________ ## **6. CREDITORS AND ACCRUALS: Falling due within one year** |Restricted
Funds
£
£
Creditors
-
Accruals
913
Payments received in advance
20,906
21,820
-
**7.**
**MOVEMENT ON RESERVES**
Operational
Project
Engine
Reserve
Reserves Replacement
£
£
£
Balance at 1 April 2021
12,000
9,258
26,113
Transfers to/(from)
(1,444)
1,830
Surplus for year
Balance at 1 April 2022
12,000
7,814
27,943
Transfers to/(from)
(7,814)
(27,943)
Deficit for year
Balance at 31 March 2023
12,000
-
-
Unrestricted
Funds|**TOTAL**
**2023**
£
-
913
20,906
21,819
General
Reserve
£
81,319
(386)
(13,095)
67,838
7,814
(14,418)
61,234|2022
£
2,363
913
9,751
13,027
**TOTAL**
£
128,690
-
(13,095)
115,595
(27,943)
(14,418)
73,234| |---|---|---| 10