2024-03-31-accounts - The Waddington Flying Club

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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 2024

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 2024

The trustees present their annual report together with the financial statements for the year ended 31 March 2024. 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 In 2021 the overseeing body, The Royal Air Force Flying Clubs Association (RAFFCA) was superseded by a new organisation, The Royal Air Force Sport Aircraft (RAFSA).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

The Waddington Flying Club

Annual Report for year ended 31 March 2024

Achievements and Performance

Following a 3-year period of uncertainty and change, The Waddington Flying School (WFS) has stabilised during the subject reporting period, albeit at an overall reduced level of operation due to factors beyond its control. Whilst the RAF Waddington Exec Team has been proactive and highly supportive of the School, the busy local airspace, and restrictions placed on WFS flying during the working week, resulted in a reduced flying rate and associated income.

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. New and prospective members continued to engage with the School which is encouraging and offers evidence that the demand for flying and flying training remains.

Other successes include 5 students achieved their PPL, 2 pilots qualified to fly at night, 2 pilots revalidated their Restricted Instrument Ratings, and 3 flight Instructors revalidated their Instructor ratings.

Since 2016, WFS has operated 2 Tecnam type aircraft which were purchased by the RAF Charitable Trust and granted to RAF Sport Aircraft. However, the reduced flying rate focused the Trustees’ mindsets in regard to the operating cost of the aircraft which could no longer be sustained by the WFS business model. Accordingly, it was agreed that the aircraft should be returned to RAF Sport Aircraft and that the School should lease and operate a single PA28 type only with a view to sourcing a second aircraft of the same type in the near future.

Turning to the year ahead, the Trustees’ primary objectives will be to generate growth within the membership and work with RAF Waddington to identify planning efficiencies that will afford additional flying opportunities. There is no doubt that the WFS is widely regarded as an excellent flying and flying training facility that continues to provide significant benefit to Service personnel and entitled members.

Financial Review

Total incoming resources decreased by 13% in the year to £87,678 (2023: £100,446). Income from flying fees and instruction fell to £48,050 (2023: £63,980). Subscriptions also decreased slightly to £12,915 (2023: £13,445).1

Total operating resources fell substantially by over 29% to £70,710 (2023: £100,038). Management and administration costs fell slightly to £12,597 (2023: £14,825). As a result WFS reported an operating surplus of £4,371 (2023: deficit of £14,148).

At 31 March 2024 WFS had total liquid funds of £37,530 (2023: £40,452).

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 Waddington Flying Club Annual Report for year ended 31 March 2024

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. In 2023, due to COVID 19 restrictions 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, Lincoin, LN5 9NB

The charity is governed by its constitution which was adopted on 4 September 2013

Trustees

The trustees who served from 1 April 2023 to the date of this report are:

Air Cdre (retd) A Seymour Sqn Ldr C Hives Fit Lt M Chapman Fit Lt N Whitehead Fit Lt K Fyfield (to Feb 24)

Approved by the Trustees on the

} day of Aygv3T 2024 and signed on its behalf by

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Sqn Ldr C Hives
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The Waddington Flying Club

Independent Examiner’s report to the trustees

| report to the trustees on my examination of the accounts of The Waddington Flying Club for the year ended 31 March 2024.

Respective responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act”). The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
e — to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and
e to state whether particular matters have come to my attention.

Basis of Independent Examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below

Independent Examiner’s statement

In connection with my examination, no material matters have come to my attention:

a) which gives me cause to believe that in, any material respect, the requirements:
e to keep the accounting records in accordance with section 130 of the Charities Act; or
e to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act.
have not been met; or
b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

JAD Mumby FCA

Mumby Heppenstall, Chartered Accountants

: .

Wellingore Hall

Wellingore

Lincoln

LN5 OHX

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The Waddington Flying School

Statement of Financial Activities for the year ended 31 March 2024

______ 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	___ £ 62,021 10,677 14,979 655 - 88,333 - 70,546 12,597 - 83,143 5,190 - - 5,190 73,234 78,424 Unrestricted Funds	_____ Restricted Funds £ - - - - - - - - -	____ TOTAL 2024 £ 62,021 10,677 14,979 655 - 88,333 - 70,546 12,597 - 83,143 5,190 - - 5,190 73,234 78,424	____ 2023 £ 79,137 8,508 9,512 83 3,206
				100,446
				- 100,038 14,825
				114,863
				(14,417) - (27,943)
				(42,360)
				115,594
				73,234

The Waddington Flying School

Balance Sheet as at 31 March 2024

Notes FIXED ASSETS Tangible assets 2 CURRENT ASSETS Stock - fuel Debtors Prepayments Bank 5 CREDITORS 6 Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS CREDITORS: amounts falling due in more than o NET ASSETS RESERVES 7 Operational Reserve Engine Replacement Reserve Project Reserves General Reserve	£ 46,693 5,760 - - 37,530 43,290 11,559 31,731 78,424 ne year 78,424 12,000 - - 66,424 78,424 Unrestricted Funds	Restricted Funds £ - - - - - -	TOTAL 2024 £ 46,693 5,760 - - 37,530 43,290 11,559 31,731 78,424 78,424 12,000 - - 66,424 78,424	2023 £ 46,693 7,909 40,452
				48,361
				21,820
				26,541
				73,234
				73,234
				12,000 - - 61,234
				73,234

The Waddington Flying Club

Notes to the Financial Statements for the year ended 31 March 2024

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

The Waddington Flying School

Notes to the Financial Statements for the year ended 31 March 2024

2. TANGIBLE FIXED ASSETS

Cost At 1 April 2023 Additions Disposals Depreciation At 1 April 2022 Disposals Charge for year NET BOOK VALUE At 31 March 2024 At 31 March 2023 3. ANALYSIS OF INCOME £ a) Charitable Activities Flying/instruction fees 48,050 Exam fees 1,056 Subscriptions 12,915 62,021 b) Trading Sales - fuel and oil 10,677 Other 10,677 c) Grants and Donations RAF Charitable Trust - Scampton hangar - RAFFCA/RAFSF 8,500 Gift-Aid receipts 2,916 Closed ELC 3,563 14,979 d) Investments Bank interest 655 Suspense - TOTAL INCOMING RESOURCES 88,333 Unrestricted Funds	Buildings £ 60,440 60,440 15,083 - 334 - 14,749 45,691 45,357 Restricted Funds £ - - - -	Plant & Equipment £ 25,910 25,910 24,574 - 334 24,908 1,002 1,336 TOTAL 2024 £ 48,050 1,056 12,915 62,021 10,677 - 10,677 - 8,500 2,916 3,563 14,979 655 88,333	TOTAL £ 86,350 - -
			86,350
			39,657 - -
			39,657
			46,693
			46,693
			2023 £ 63,980 1,702 13,455
			79,137
			8,508 -
			8,508
			- - 3,155 6,357
			9,512
			83
			97,240

The Waddington Flying School

Notes to the Financial Statements for the year ended 31 March 2024

4. ANALYSIS OF EXPENDITURE £ a) Raising Funds Functions - b) Charitable Activities Fuels 21,038 Aircraft Hire 15,380 Aircraft maintenance 17,820 Insurance 5,116 Instruction costs 9,155 Training 137 Hangar relocation costs 818 Other direct costs 1,081 Depreciation - 70,546 c) Management and Administration Manager 6,548 Sundry admin exps 486 Cleaning & maint 90 IT, software 1,741 Telephone, internet etc 120 Travel & sub 25 Professional and consultancy - Independent Examiner Fee 810 Insurance 158 RAFFCA Subscription 1,464 Bank charges 1,155 12,597 TOTAL RESOURCES EXPENDED 83,143 5. CASH AT BANK AND IN HAND £ HSBC Current 6,394 Reserve 21,135 Bond 10,000 Engine Replacement Fund - Cash 0 37,530 Unrestricted Funds Unrestricted Funds	Restricted Funds £ - - - - Restricted Funds £ -	TOTAL 2024 £ - 21,038 15,380 17,820 5,116 9,155 137 818 1,081 - 70,546 6,548 486 90 1,741 120 25 - 810 158 1,464 1,155 12,597 83,143 TOTAL 2024 £ 6,394 21,135 10,000 - 0 37,530	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
			14,826

			114,864
			2023 £ 9,955 20,481 10,000 - 16
			40,452

The Waddington Flying School

Notes to the Financial Statements for the year ended 31 March 2024

6. CREDITORS AND ACCRUALS: Falling due within one year

6. CREDITORS AND ACCRUALS: Falling due within one year
£ Creditors - Accruals 810 Payments received in advance 10,748 11,559 7. MOVEMENT ON RESERVES Unrestricted Funds	Restricted Funds £ -	TOTAL 2024 £ - 810 10,748 11,558	2023 £ - 913 20,906
			21,819

EMENT ON RESERVES
Balance at 1 April 2022 Transfers to/(from) Deficit for year Balance at 1 April 2023 Transfers to/(from) Surplus for year Balance at 31 March 2024	Operational Reserve £ 12,000 12,000 12,000	Project Engine Reserves Replacement £ £ 7,814 27,943 (7,814) (27,943) - - - -	General Reserve £ 67,838 7,814 (14,418) 61,234 5,190 66,424	TOTAL £ 115,595 (27,943) (14,418)
				73,234 5,190
				78,424