Charity number: 1176054 CIO numb•r: CE012S21 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 THE ROYAL AIR FORCE CHARITABLE TRUST CONTENTS Page R8f&r•n¢¢ and adminlstratlvo detalls of the Charity. its Tnmtsos and advisers Trustoes. report Independent auditor's report on thg financial $tstem¢nts Consolidated statement of financial activities 2-12 13-16 17 Charity stat•m•nt of financial artivitie5 Consolidated balance sheat 15 19 Charity balance sheet Con$olldatgd $tat•mgnt of cash flows 20 21 Notss to the financial statem8nts 22-42 THE ROYAL AIR FORCE CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trust89S Air Marshal Philip Osborn CBE, FRAeS Chairman Mr lan Beresford MBE FRAeS CEng FIOD CDir Iresigned 26 September 20241 Mr Peter Brown MBE Bsc (resigned 26 Seplernber 20241 Mrs Mandy Hickson RFAeS (appointed 13 October 20231 Mrs Felicity Chadwick-Hi$led BA Msc Mr Raj Mody MA FIA Lt Gen Richard Nugee CB CVO CBE Mr Stephen Oldfield Dr Kevin Slenson MBA lappoinled 7 D9￿Mber 2023, resigned 2 August 2024} Lady IKalel Wigston LLB BA Air Marshal Sir Julian Young KBE C8 FREng Mr Simon Kimble Mr Miles Cohen lappoinled 5 December 20241 Charlty r•gl$t•red numbèr 1176054 Prlncipal offico Douglas Bader House Horcott Hill Fairford Gloucestershire GL7 4RB Company numb8r CE012521 Governing document CIO Articles and Memorandum of Association 1 December 2017 Ind•p•ndent auditor Crowe U.K LLP Fourth Floor St James House St Jarnes, Squaie Cheltenham GL50 3PR Bankérs Barclays Bank Pl¢ The Docks Gloucestar Gloucestershiie GL12YJ Solicltors Charle5 Russell LLP 8-10 New Fetter Lane London EC4A 1RS Page 1 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENOED 30 SEPTEMBER 2024 Introductlon The Trustees present the consolidated group financial statements for The Royal Air Force Charitable Trust IRAFCTI for the 12 months to 30 September 2024 which incorporate the results of the Trust's subsidiary, The Royal Air Force Charitsble Trust Enterprises Ljmiled IRAFCTEI for the year ended 30 September 2024. Rèferenco and admlnl$tratlvo d•talls Referen¢e and administrab've details are Shown in the schedule of officers and professional advisers on page 1. The Trust¢os The Trustees who served during the period up to when the financial statements were signed a￿ a5 follows.. Air Marshal Philip Osborn CBE FRAeS Chairman Mr lan 8ereslord MBE FRAeS CEng FIOD CDir (Resigned 26 September 20241 Mr Peter Brown MBE Bsc (Resigned 26 September 20241 Mr Raj Mody MA FIA Mrs Felicity Chadwck-Hisled BA Msc Lady IKatel Wigston LLB BA Air Marshal Sir Julian Young KBE CB FREng Mr Stephen Oldfield Lt Gen Richard Nugee CB CVO CBE Mrs Mandy Hickson RFAeS (Appointed 13 October 20231 Mr Simon Kimble Dr Kevin P Stenson PhD MBA (Appointed 7 December 2023, Resigned 2 August 20241 Mr Miles Cohen IAppointed 5 December 20241 STRUCTURE, GOVERNANCE AND MANAGEMENT Hl$tory and ¢harflable objectives The Tfust was established in 1950 in England and Wales, with a grant of £30,000 from the then Air Council, now Ministry of Defence IMODI, lo promote. present or ¢ts-operale in the organisalion ol air pageants and displays, in order lo promote the recruitment and efficiency of the Royal Air Force IRAFI. The original Trust Deed states that proceeds of such air shows may be used to further the aims of the charlty, or for any other charitable purpose that wll benefit past or present members of the Royal Air Force. The Trust providely finance and administrative Support for several air shows held at various loc*ion5 during the period 1950 to 1987. and donal@d in¢ome lo the RAF Benevolent Fund IRAFBFI for the benefit of seNing and former members of the RAF. The Trust remained mostly inactive during the period 1988 to 1993. as the Fund had formed a trading subsidiary, The RAFBF Enterprises, lo undertake the primary air show activity. On 18 February 1994, the Charity Commission approved a revised Scheme of Administration, widèning the permitted activities bul retaining the Trust's original objects. Followng this, the Trustees were able to take the leading role in finan¢ing the trading company's airshow activity, which donated profits to the Trust. Following the completion of a govemance review in 2004, a dècision was taken to alter the relationship befvleen the RAFBF. rts trading company. and the Trust. In January 2005, with the support of the Charity Commission. the RAF, the Benevolent Fund and MOD, the Trust was renamed 'The Royal Air For¢e Charitable Trust, (Charity Number 2108481. The Trust then assumed ownership ol the trading ¢L)mpany frtsm the RAFBF and the Trust's Deed was amended lo reflect this change. At the same time, it was deaded lo alter the name of the trading company lo RAFCTE. Page 2 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 On 1 March 2018, the former Trust (Charity Number 2108481 was incorporated by way of a transfer ofthe assets and liabilities of the charity to a charitable incorporated organisation ICIOI {Charily Number 1176054 & CE0125211. The former Trust remains in existence to ensure that any legacies that May be left to the Trust are not lost,. a 'uniling direction, was completed wlh the Charity Ctsmmission so that the Trust and the CIO are treated as a single charity for repoth'ng and a¢counb'ng purposes. Gov¢rnanco The Trustees are responsible ttsr the governance of the Trust and routs'nely meet as a Board four ts'mes per ¢alendar year,. the￿ ale also currently two Trustee suMJmmittees which deal with finance, audit and risk, and grants strategy and assurance. RAFCTE govemance and day-lo-day management is exercised through ils own Company Board, wth the RAFCTE Chair and one RAFCT Trustee acting as full members on both Boards. Routine Charity business is delegated lo the Dire¢to¥ of the Trust. M05t administrative governance activity is condL¥Cted electronically, and any substantive out-of-committee decisions are confimed at the follovlng formal Board. Trustee 8nd RAFCTE Board competences are matched to charity and business requirernents, and Trustee and Board members ba¢kgrounds include industry, law. commerce, finance, risk, sustainability and charty governance, as well as setvice in the RAF. New Trustees and Board members are recruited throu9h several avenues, both formal and infomial, and the respective B(>ards approve new appoinlmenls, who then undertake an induction process and a basic training package. Tru$lees maintain their currency through charity briefin9 updates and serve a maximum of 2 temis of 4 years, extendable only by the ftjll Board. A strategy and pro¢esS IS in place lo ensure ts.mely and appropriate replacements with relevant skill sets. R•munoration RAFCTE staff pay is considered and approved each year by the RAFCTE Remunefats"on Committee, whilst RAFCTE Company Directors, pay and remuneration is approved by the Trustees. In addition, the TnJslee5 use equivalent criteria 10 Sel the pay of the Charity employees. Charlty Govornaneè Codo The Charity Governance Code was revi6wed by the Trustees during the year and policies for audit, risk, governance, and grant committees were all updated. The Board of Tmstees continued tts lead significant strategy work for the Group, including a detailed future vision that sets Group strategic intent out to 2026 and sets the wntext for the subsequent forward-looking RAFCTE Business Plan. Fundraising The RAFCT did not engage in any fundraising activities that require disclosure under S162A of the Ch8rilies Act 2011. The Charity does not conduct dOOr-t￿00r fundraising or actively seek donats'ons. The Charity does not have 3 dedicated fundraising departrnent. RAFCTE fa¢ilitales incidental ¢harilable donathons as part of the RIAT event booking precess and collects publi¢ donations during the RIAT event. The charity is grateful for all contributions received. Page 3 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 OBJECTIVES AND ACTIVITIES Stratsgy The RAFCT strategy is underpinned by a clear vision and purpose. Ils vision is that the RAF is valued and respected by UK society and intemalional allies, and future generations feel connected lo the RAF. and to air. space and technology, and inspired lo enhance their personal development. Its purpose is lo Promoto the RAF and Inspire young people and RAF personnel to fulfil their potential in air, space and technology. To Promote the RAF, the Service is placed at the heart of a programme of wodd-class events and aclivilie3, th the Royal International Air Tattoo IRIATI as its unique centrepiece. RIAT is wdely recognised as the be51 military air show in the worfd, attrath.ng truly gtobal participation and very high numbers of public visitors over the three4ay period of the show. RIAT is also a unique Defence diplomacy and engagement event, drawing together senior polits'cal. militsry and industrial leaders from around the world. Furthermore, RIAT hosts the well- established 'Techno Zone,, which is designed lo engage the many thousands of young people vtho wsit the show th a myriad of interactive STEM-focused exhibrts and inspiring speakers. All this not onty promotes the RAF, and air and space more generally, but every pound of profft from RIAT goes lo support the Trust'5 Inspire agenda. These activities are locused on delivering, Wlth and through partneis, access for young people lo fotward-looking air, space and technology activities, with a particular focus on raising the profile of sustainable aviation. AGling as a leading STEM convener and supporter of air, space and tech innovation, the Trust's intent is to make a difference lo the UK'S Nationwide STEM endeavour5 by building to 500,000 high quality engagemenls with young people by 2026 (measured from 20221. and then to deliver 500,000 engagement5 every year thereafter. Within this, the Trust focuses on $upporb"ng young people. broadty aged 5- 25 years old, in three key area5'. acquiring STEM and related ¢aTeers knovAedge'. buildin9 essential skills-. and elebrating and promoting achievement. STRATEGIC REPORT Charlty Ac￿¥[tiO$ and Porfomian¢• In support of its purpose, and powered by RIAT, the Trust made grants, excluding ¢lavA)aeks of £14,407. lolalling £851,932 12022-23.. £264.6261 in 202>24. This marked increase reflects bc>th a successful recovery from COVID and a Iransformalion in RIAT delivery. These grants enabled a UK Nalionwde 2023-2024 STEM endeavour of 226.201 engagements for young people lup from 127,342 engagements in 2023-20241. In this. the Trust is also increasing both the capacity and Impact ol the UK Nalionwde STEM enterprise, building on its work with our principal partner RAF STEM. aligned RAF organisalions lincluding the RAF Air Cadets and RAF Sports Aircraft), and strategic National STEM delivery partners. Core lo this scale of delivery are a number of National programmes and activities. Our flag$hip Road to RIAT Programme continue5 to go from strength to strength, with 400 primary schools and over 23,000 engagements a¢ross the UK in 2023124. Co-designttd with RAF STEM, il engages young people in aviats'on and space themed STEM ath'vities in the build up lo, and during RIAT weekend and features four stages.. hands-on Glider or Space themed STEM Ghallenge day in 5Ghool', a 5UStainability and future aircraft design Nali(trnal Competition,. meet the 'STEM Superslarf sessions, providing an opportunity lo hear from and engage wlh re81 STEM Role Models.. and a National compeb.tion Final al RIAT. The piogramme was again supported by Ac¢enture, who provided a grant donation and actively contributed to the PTOgramme's delivery. Page 4 THE ROYAL AIR FORCE CHAR￿ABLE TRUST TRUSTEES, REPORT ICONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2024 FurthernioTe, building on the success of the Road to RIAT programme, a new secondary school programme has been piloted in 2023124. This new programme, Road lo RIAT: Bla$t Off, wth its space theme, reached 60 schools and 3,500 studen15, across the UK. Again co-designed with RAF STEM, il consists of three stages". hands-on Space themed STEM challenge day in school.. space themed National Competition., and a National Competition Final al RIAT. Both of these Road lo RIAT programmes exemplify the Trust'5 commllmenl 10 5UPPOrting young people acquire STEM and related careers knowledge. build essential skills, and celebrate their achievements, in this case at a National Final al RIAT. This year also Saw the commencement ol a new strategic partnership with Tech She Can. a charity working te imprtsve the ratio of women in technology roles. Our Grant supported the development of two new LIVE Lessons.. Tech lor Living in Spa¢e". and Tech for Sustainable Travel. In addition to 18,000 primary and secondary school students across the UK benefftting from these new LIVE Lessons in school, visitors to the In$pire Stage al RIAT 2024 also experienced the same fantastic Le550ns LIVEI Similarty, the Trust continues to support Primary Engineer'$ Leaders Award 'lf You Were an Engineer, Vvhat Would You Do, National competition. Over 75.000 competition entries were received from schools 3cr055 the UK and. consistent with the Trust's commitment lo building essential skills, the competition helps pupils t*uild listening, $peaking. problem solving, crealivily and leadership s￿.11$. In 2023-24, the National Compolilion w89 backed by a generous grant donation from DXC Technolo9y. one of RAFCT'S partners. Page 5 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Grants avArdèd The Trust grants in 2023-24 supported a number of PAF partners, including RAF STEM, RAF Air Cadets and RAF Sport Aircraft. Prominent amongst the Many productive collaborations between the Trust and RAF STEM is joint support of the Scouts, staged Air Activitie5 badge. Thi5 partnership Is in 115 fifth year and has proved hugely successful in developing new and exciting STEM-focused res¢ur¢es, adivilies and even15. Thi5 enables all Scout 5ecb'ons, from Beavers to Explorer Scouts. to explore the See￿1$ and sclenee of fi￿ht with over 51.596 badges awarded in 2024 along with over 611.000 Scout engagement. Grant making has to refle¢t the purpose of RAFCT, ￿lch is tsvofold.. 1. Promote the RAF. 2. Inspire young people to fujfil their polentsal in Air, Space and Technology. Delwerin9 the Airshow is one way in which the Trust fulfils this purpose. The table bel¢)w 5how5 how our grants also fulfil the purpose of the Trust. The Trust grants in 2023124 are a5 follows.. Pai-lner Grdnl Delail Scouts Air A¢kn'M Bad e 2023-24 Road lo FIAT 2024 Twher Reswrces STEM Bo&ps Flight Sinwlator Fkrdware and SoffvRre for uadrons Field Gun Team Al￿3rd £40,OOLI FIAF SIEM £49,500 RAF Air Cadets £42.400 PAF Cosford RAF N). 6 F￿1n9 Training School RAF S ort Aircraft £6,000 Uniwsity Air Squadron Ad￿nture Training £15.000 Junior Ranks Pik)t o￿l¢er Scholarshi Schen £93.000 Sea. D En in￿rin a Career If You Were and En ineer, What Woukl You Do? STATWARS Scho19rshi LIVE Lessons £85,000 £49.000 £so,000 £10.000 £15,000 £102.000 Prirrfjry Engineer FIAT FSDP Tech She Can The Fk)nourable Conyany of Air Piljts s for Disabled P Air Pibt Schdarships ArkvKi htEn ineeri Road to RIAT Ke Road to ￿AT.. B￿￿1 K Sta e 3 Ad￿nture Trainin Scholarshi £8,41XS £85,632 £151,915 £30,0(KJ £851,347 io The Srr•ice Trust 11 Theu TOTAL sses TrLL51 This table demonstrates our Grant making supporting our purpose lo Promote the RAF and Inspire young people and RAF personnel to fulfil their potential in air, space and technology. Page 6 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 ROYAL INTERNATIONAL AIR TATTOO The Charity's trading ￿Mpany. RAFCTE. again delivered a highty successful RIAT in 2024, drawng in 188,000 aviats'on enthusiasts to the scenic RAF Fairford. ShO￿asing a remarkable array of 248 aircraft from 29 Nations. Moreover, the international profile of the Tattoo continues lo draw sorne of the most influential figures in Defence and Air Power, including Chiefs of Air Force, and senior offi¢ials and industry leaders. Attendees were immersed in a rich tapestry of aviation culture, celebrating signffl¢ant milestones such as the 50th anniversary of the iconic F-16 Fighting Falcon and the centenary of the Royal Canadian Air For¢0. They were also trealgd lo unique aircraft displays, Including the British Antarctic Survey's Twn Otter, which plays a vital role in collecting environmental data from some of the most extreme climates on the planet. The evenl's operational theme, 'Pushing the Boundaries in Air and Space,, resonated powe￿IlY throughout the festival. highlightsng not only significant anniversarie5 for the Royal Canadian Air Force, NATO, and the illustrious Red Arrows blrt also contributing to the rsch diversty of aircraft on display. The ¢onsideTable participation from the Canadian Air Force was particularly noteworthy. featuring an eclectic assortment of aircrafi, including the striking Kingfisher airframe. which captivated audiences by making ils highly anticipated debut al a European airshow. By positioning their aircraft closely together, the Canadians crèated an immersive experi&n¢e for visitors. wpth their band providing lively entertainment as attendees navigated the beauts'fijlly arranged showground. This reflects our comm((ment lo celebrating Inlemalional aviation, proving that RIAT remain$ a vibrant global event even after more than 50 years. The sentiment of inlemational collaboration was further underscored by Serbia's inaugural participation as our 58th Country, alongside contributions from nations around the globe to our Viper Line static display. This display showcased an eye-catching diversity of airframes and liveries. creating unique photographic opportunibes that can only be found al RIAT. 'Pushing the Boundaries in Air and Space. also provided a platfom) to demonstrate the latest advancemen15 in aviation technology, aligning with our on-going focus on sustainability. RIAT proudly featured several sustainable aircraft, including innovative electric-powered models. transforniing the show into a landmark occasion. Through extensive collaboration th the Royal Air Force and our headlirse sponsor, BAE Systems, we achieved a groundbreaking milestone,. the world's first Typhoon display powered by 5U513inable aviab'on fuel. This aircraft, affectionately known as 'Moggy,' soared graceftjlly through the Glou¢eslershire skies, powered by a blend of 35°A sustainable aviation fuel and regular jet fuel. This achievement is a significant landmark. illu8lraling our deep commitment lo sustainability and providing a benchmark lor fijture innovations. This year also marked the remarkable expansion of the Techno Zone and the Inspire Stage to their most prominent formats. creating a lively hub of activity and engagement that captivated our visitors. The Techno Zone showcased cuth'ng-edge exhibits from renowned Organisalions such as BAE Syslerns, Oyson, and Lockheed Martin, while the Inspire Stage featured an inspiring lineup of spèakers, including Red Arrows engineers, Miss England and aerospace engineering graduate Jessica Gagen. and astronaut Dr. Meganne Christian. Their shared experiences and insights inspired the audience, fulfilling our mission of encouraging young individuals lo realise their potential in air. space, and technology. In addition lo the engaging a¢tivilies in the Techno Zone, attendee3 had the opportunity to explore a static display of over 70 aircraft, where they could have meaningful Conversations wlh erew members about their airframes and their experiences in the aviation industry. Thi$ facel of the event is fundamental to our objectives. reinforcing Ouf commitment to empowering young people thTough direct intèraction with industry professionals. The financial success of RIAT 24 ftJrtheT aided the Group's recovery post COVID for the third year running, wlth annual profits of £2,517,901 ¢£300k higher than RIAT 23 and the largest historic donation delivered from RAFCTE. Page 7 THE ROYAL AIR FORCE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Looklng ahead to RIAT25 The th&me for RIAT25. 'Eyes in the Skn'es,, will explore the aircraft used in intelligence, surveillance, maritime patrol, search and rescue. survewng, and reconnaissance missions. The summer of 2025 will also celebrate the 40th anniversary ol the Air Tattoo at RAF Fairford, a significant milestone that will be honoured in the lead-up lo and during the event. FINANCIAL REVIEW The financial posilK*n of RAFCT continues lo improve, steady growth underpinned by perfomance of RAFCTE. Indeed, Trustees strongly endorsed RAFCTE'S operating profil for the financial year 2023124, recognising the financial perf0rvnan￿. and effeth've govemance demonstrated by the RAFCTE Board of Directors throughout this peri¢d. Throughout the financial y8ar. a $tralegic approach lo cash management was also implemented, alocating Surplus cash into fixed-temi bank deposits thenever cash flow forecas15 were favourable. This prudent investment strategy resulted in a notable return of £237,541 for the year, representing ¥ significant increase from the previous year's relum of £140,011 in the financial year 2023124. The consolidated in¢ome the RAFCT and the subsidiaries generated for the fiscal year amounlemiatlon The trustees are responsible for the other infomialion contained Mthin the annual report. The other informatitsn comprises the information included in the annual report. other than the financial statements and our audilorfs report the￿on. Our opinion on the financial statements does not cover the other infomiation and we do not express any fom of assurance conclusion thereon. Our re$pon$ibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financtal statements or our knowledge obtained in the audit OT Otherw5e appears lo be materially misstated. If we identify such material inconsislen¢ies or apparent material misslalement5, we are required to determine whether this gives risa lo a material misstalemenl in the finan¢ial slalemenls themselves. If, based on the work we have perfonred. we conclude that there is a material misststement of this other infomation, we are required to report that fact. We have nothing to report in this regayd. Mattèrs on whl¢h we are required to report by exceptlon We have nothing lo report in respect of the following matters where the Charf(ies (Accounts and Reports) Regulali¢n$ 2008 require5 US to report to you if, in our opinion.. the information given in the Trustees, report 1$ inconsistent in any material resped wth the financbal slalemenls., or the parent Charty has not kept sufficient accounting records., or the parent Charity financial statements are not in agreement wth the accounting records and retums., or we have not received all the information and explanations we ￿qUIre for our audit. Rè$ponsibiliti•s of trustees As explained more fully in the Truslee$' responsibilities statement. the Trustees are responsible for the Preparation of the financial statements which give a true and fair view, and for such inlemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from malenal mi55ts1ement, vthelher due lo fraud or effor. In preparing the financial statements. the Trustees a￿ responsible for assessing the Group's and the parent charity's ability to continue as a going con¢em. disclosing. as applicable. matters r91ated lo going concern and using the going concern basis of accounting unless the TTuslees erther intend to liquidate th& Group or the parent Charity or lo cease operats'ons, or have no realistic allemalive but to do so. Page 14 THE ROYAL AIR FORCE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL AIR FORCE CHARITA8LE TRUST ICONTINUEDI Auditor's rn$pon$lbllltles for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Ad 2011 and report in accordance with the Act and relevant regulations made or hawng effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a ￿ole are free from matèrial misslalemenl, bvhether due to fraud or error. and to issue an Auditorfs report that in¢ludes our opinion. Reasonable assurance is a hiyh level of assurance, but is not a guarantee that an audit conductgd in accordance wth ISAS IUKI wll a￿ayS delect a malenal misststemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the bagis of these financial stalemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedurés in line with our responsibilities. outlined above, lo delecl material misslatemenls in respect of irregularities. including fraud. The ex1enl to which our procedures are ￿pable of detecting irregularit1è5, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and re9ulations that have a direct effect on the determination of material amounts and disclosures in the financial slatemenls. The law5 and regulations we considered in this context were the Charitses Act together ¥Mlh the Charit165 SORP IFRS 1021. We asse55èd the required compliance with these laws and regulations as part of our audit procedu￿$ on the related financial stslemenl items. We identified the greatest risk of material irnpact on the financial statements from irregularities. induding fraud. to be the override of contiols by management, cul•off of income recognition, merchandise and programme sales. Our audit procedures tri respond lo these risks Included enquirie5 of management about their own identification and assessment of the risks of irregularf(ies. sample testing on the posting of journals and reviewing accounting eslimales for biases, designing audit pro¢edur¢s to lest the ¢ut-off of income and merchandise and programme sales, reviewing regulatory correspondence and reading of minutes ol meets'ng$ of those ¢harged with governan¢e. {￿ing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some rnalerial misstatements in the financial slalemenls, even though we have properly planned and performed our audit in accordance with audth'ng standards. We are not responsible for preventing non-¢ompliance and cannot be expe¢led lo detect non-compliance with all laws and re9ulations. These inherent limitations are particularly signrficanl in the case of misstatement resulting from fraud as this may involve sophisticated s¢hemes designed lo avoid detection, includin9 deliberate failure lo record Iransaclions, collusion or the provision of intentional misrepre$entalion$. A further de￿riptIOn of our responsibilities for the audit of the financial statement$ is located on the Financial Reporting Council's web5rte al.. www.frc.or .ukJaudilorsres onsibilities. This description forms part of our Audrtorfs report. Page 15 ## **THE ROYAL AIR FORCE CHARITABLE TRUST** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL AIR FORCE CHARITABLE TRUST (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James' Square Cheltenham GL50 3PR Date: 18 June 2025 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 16 THE ROYAL AIR FORCE CHARITABLE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 R•strl¢tsd Unregtrl¢ted fund$ fund$ 2024 2024 Total funds 2024 Total runds 2023 Nots Income from.. Donations and grants Other trading activities Investments 50.000 172,210 17.628,300 237,541 222,210 17.628,300 237,541 Y51.560 75,018,880 140,011 Total income 50.000 18.038,051 18,088,051 t5,310,451 Expendituro on: Raising ftjnds Charitsble activities 15,594,675 802,826 15,594,675 852,826 13, 192,4Q3 274,749 50.000 Totsl 8xp8nditur 50,000 16.397,501 16,447,501 13,467, 752 Ngt incomg b•forè taxation Taxation 1,640,SSO 1,640.550 1.843.299 63,379 Not movemènt In funds 1.640,SS0 1,640,SSO 1,906,678 Rg¢onclliatlon of funds: Total fvnds brought forward Net movement in fijnds 100 5,119.598 1.640.550 S,119.698 1.640.550 3.213,020 1,906,678 Total fund$ carrlfjd lonvard 100 6.760,148 6.760.246 5,719,698 The Consolidated Stslemenl of Financial Aclivrttes includes all gains and losse$ recognised in the year. The notes on pages 22 to 42 form part of these financial statements. Pagfr 17 THE ROYAL AIR FORCE CHARITABLE TRUST CHARITY STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Rostricted Unr¢$tri¢t¢d funds funds 2024 2024 Total funds 2024 rotal funds 2023 In¢ome from: Donations and gfants Investments 50.000 2,711,877 27.341 2.761,877 27,341 2,396,347 21,021 Total income Expenditure on: Raising lunds Charitable activities 50.000 2,739.218 2.789,218 2,417,368 287,865 789,037 287,865 839,037 194,987 274, 749 50,000 Total expenditur R¢¢on¢iliatlon of funds Total funds brought forward Nel movement in funds 50.000 1,076.902 1.126,902 469. 736 100 4.869,845 1.662,316 4869.945 1,662.316 2,922,313 1,947,632 Total fund$ carrl•d forward 100 6.532,181 6,532.261 4,869,945 Page 18 THE ROYAL AIR FORCE CHARITABLE TRUST CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024 Charity number.. 1176054 2024 2023 Nots Fixad a$$gts Intangible assets Tangible assets Curr•nt assots 12 76,060 1.326,857 90,625 7,368,490 13 Stocks Debtors Cash al bank and in han¢J 15 16 106.682 4,692,450 5.431.030 79,454 3.826,482 4,869.004 10,130,162 8,774,940 Credilor5.' amounts falling due within one year 17 14,772,831} (4,502,357) Not ¢ury•nt a$gets 5.357,331 4,272,583 Total assets loss Current Ilabllltlos 6,760,248 5,731,698 Creditors." amounts falling due after more than one year 18 (612,QOO) Total net assets 6,760,248 5, 119,698 Charity funds Reslricled funds Unrestricted funds 19 100 100 Designated funds General funds 227.987 6,532,161 249,753 4,869,845 19 Total unrestricted funds 19 6,760,148 5,119,598 Total funds 6,760,248 5.119,698 Thè financial stale approved and aulhorised for issue by the Trustees and signed on their behalf by.. Air Marshal Philip Osborn CBE Trustee Date.. The notes on pages 22 to 42 form part of these financial statements. Page 19 THE ROYAL AIR FORCE CHARITABLE TRUST CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Nots Fix8d assats Investments Curr¢nt a$$ets 14 1,700,100 1, 700, 700 Debtors Cash at bank and in hand 16 2,431,SS6 2.545,061 1,911,215 1,326,508 4.976,617 3.237, 723 Creditorg." amounts falling due wlhin one year 17 1144,4561 (67,878) Net curront assots 4,832,161 3, 169,845 Total net assets 6,532.261 4,869,945 Charlty fund$ Restricted funds Unreslricled funds 19 19 100 100 4,869,845 6,532.161 Total funds 6,532,261 4,869,945 The financi tements were approved and aulhorised for iSSLte by the Trustees and signed on their behalf by.. Alr Marshal Phlllp Osborn CBE Trustee Oate.. &'i&' x5. The notes on pages 22 to 42 form part of Ihe$e financial slatemenls. Page 20 THE ROYAL AIR FORCE CHARITABLE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Noto Cash flows from oporatlng activities Nel cash used in operating activities 21 1,329.729 (79, 118) Cash flows from invosting activitios Purchase of intsngible assets Purchase of tar¥Jible fixed assets Interest received 14.450} (90.625) {48.608) 1248.538) 237.541 140,011 Nèt cash provid•d byllusod inl investing activlties 184,483 1199.152} Cash flows from financing activiti0$ Repaymen15 of borrowing Interest paid 1943.5001 {8,6881 (280,500) (68,950) Net cash used in financlng actlvltl•s 1952,1861 1349,4SOI Chang8 in cash and cash ¢qulval¢nts in the year Cash and cash equivalents at the beginning of the year 562,026 1627,7201 5,496, 724 4,869,004 Cash and ¢a$h èquivalents at the end of thg year 22 S,431,030 4.869.004 The notes on pages 22 to 42 form part olthese financial statements Page 21 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polici•s 1.1 B•si¥ of preparation of financlal ststsm•nts The financial statements have been prepared in accordance wth Ac¢ountsng and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing IheiT accounts in accordancè with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 (effective 1 January 2019} - {Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republi¢ of Sreland IFRS 1021, the Companies Act 2006 and the Charibes Ac12011. The consolidated financial statements havè been prepared under the historical c05t convention. The Royal Air Force Charitable Trust meets the definition of a public benefit entsty under FRS 102. The Royal Air Force Charitable Trust is a Charitable Incorporated Organisation Icompany number.. CE0125211 Icharty number.. 11760541 limited by guarantee. The Charity is incorporalad in England and Wales and its registered address is Douglas Bader House, Horcott Hill, Fairford, Gloucestershire, GL7 4RB. The Charity has taken advantage of the exemptions in FRS 102 from the requirement to present a Charity only Cash Flow Statement and certain disclosures about its own financial in$lrumenls within the consolidated fin8n¢ial statement5. These financial statements Consolidate the results of the charity and ils subsidiaries, The Royal Air Force Charitable Trust Enterprises (Company no 021903931 and Scampton Airshow Limited (Company no." 102338101. Scampton AiTshow Limited was dormant throughout the year ended 30 September 2024. Scampton Airshow Limited ceased post year-en¢J. The Consolidated Statemènt of Financial Aclivibes and Con501idaled Balance Sheet consolidate the financial statements of the Charity and ils subsidiary undertakings. The results ot the Subsidiaries are consolidated on a line by line basis. intergroup transaeb.ons are fully eliminated on consolidation. 1.2 Going ¢oncern The Trustees hav8 an expectation that the Group IRAFCT and RAFCTEI have adequate resoureeg lo continue their activities for the foreseeable future and therefore there are no material uncertainties. Informing the decision the Tnjstees ratified the 5-year business plan of RAFCTE In December 2024. On this basis the Trustees are able to adopt a going concem basis for the preparation of these finan¢ial statements. Page 22 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting polici•$ l¢ontinu?dl 1.3 In¢omg In¢ome from donations Income from giftslcovenanls is recognised in the financial statements when the Charity becomes enlilled lo the income, il is probable that the income ¥MII be received and the amount can be measured with sufficient reliability. Income from othor trading a¢tivities The amounts shown in the Consolidated Statement of Finanual Activth'es represents the value of all good5 and services supplied to customers during the year, at selling price exclusive of Value Added Tax. Income is recognised at the point al vh)i¢h the Charty or Companies have fulfilled th￿r contractual obligation5 to the customer. All income is recognisèd once the Charity ha5 enlillemenl to the income. il is probable that the income will be received and the amount of income receivable can be measured reliably. 1.4 Expenditure Expenditure 15 accounted for on an accruals basis. Costs of raising funds ￿flect costs of RIAT, marketing, publicity and printing costs associated with enhancing public awareness of the Charity together with staff ry>515. Grants payable have been recognlsed In the finan¢ial stslements when the Charity has fomially approved the individual institutions, application for grant monies. al the Trustees. Meeting and this has been communicated lo the third party. Please refer lo the Tru$lees' Annual Report for analysis of the grants awarded during the year. Support costs include grant expenditu￿ and govemance costs, vthich are incurred in support of charitable expenditure. Governance ¢o$t$ in¢lude expenditure directly attributable to the Trustees, statutory, con5ti1ulional and strategic duties and are disclosed in Notè 8. All expenditure is classif￿d under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of expenditure for vthich it was incurred. Expenditure on charitable activities is incurred on directty undertaking the activities vthich further the Group's objectives, as well as any assoaate(I support ¢osls. 1.$ Taxatlon As a registered charity, the Charity is entitled to taxation exemptions on all income and gains properfy applied for 11$ ¢haritable purposes. Tax 13 recognised in profit and loss except that a charge attTibulable to an Item of income and expense recognised as other comprehensive income or lo an item recognised directly in equity is also recognised in other comprehensive income or direcdy in equity respe¢tively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substsnlively enacted by the reporting date in the countries where the Group operates and generate$ incorne. Page 23 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting poli¢￿$ l¢ontinuedl 1.6 Intangible a$s•ts and amortlsatlon Intangible assets are initially recognised al cost. After recognition, under the cost model, intangible assets are measured at cost less any a¢¢umulaled am¢rtisation and any accumulated impairment losses. Amortisation is provided on intangible assets al rates calculated lo write off the ¢0s1 ol each asset on a straight-line basis over ils expected useful life. Amortisation is provided on the followlng basis.. Websrte development 20% 1.7 Tanglble fixed assets and doprnclation Tangible fixed assets are Stated at C051 less depreciation. Freehold land is not depreciatgd. Cost represents purchase price together wth any incidental costs of acquisition. There is no capitalisation The carrying values of the tan9ible fixed assets are reviewed for impairment when events or changes in circumstance$ indicate that the carrying value may not be recoverable. Depreciation is provided on tangible fixed assets so as to write off the costs on a straight line basis. less any residual value. ovor their expected useful economi¢ life as follows.. The eslimaled useful Iwes are as follows.. Freehold propety Motor vehicles Fixtures and fittings 50 years 5 year5 3 10 5 years 1.8 Invostmonts Fixed asset investments in subsidiaries are slated at cost less provision for diminution in value. 1.9 stocks Stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all dire¢l ¢o$ts and an appropriate proportion olfixed and variable overheads. 1.10 D&btors Trade debtors and accrued income are recognised at the settlement amount after any impairments. Prepaymerits are valued at the amount prepaid nel of any trade dlscounls. Included wthin the Charity's debloTS and creditors are amounts owed fromlto its subsidiarie5 which are recognised al the settlement amount after any impairments. 1.11 Cash and cash 8quivalonts Cash al bank and in hand is represented by cash in hand and deposits wlh finanaal institutions repayable without penalty on notice of not MO￿ than 24 hours. Page 24 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policles l¢antlnued) 1.12 Liabilltio$ and provisions Creditors are recognised where the Group and Charity has a present obligation resulb'ng from a pa51 event that wll probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or e51imaled reliably. Creditors are nornially recognised at their settlement amount after allowng for any trade discounts due. 1.13 Financial instruments The Group and Charity only has financial assets and financial liabilities of a kind that qualrfy as basic finan¢ial in$lrumenl5. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. 1.14 Operating leas Rentals applicable to operating leases where substantially all of the benefits and risks of tswnership r&main with the lessor a￿ Charged lo the consolidated Statement of Financial Activities on a straight line basis over the period of the le35e. 1.15 Pensions The Royal ￿'r Force charitab￿ Trust and The Royal ￿'r Force Charitable Trust Enterprises operates a defined contribution plan for its empltsyees. A defined contribution plan is a pension plan under which the entity pays fixed eonlribulion$ Into a separate entity. Once the conlnbub'ons have been paid the entity has no further payment obligations. The contnbutions are recognised as an expense in the Statement of Financial Activities when they fall dye. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the entity in independently administered funds. The expense is recognised wthin unrestri¢ted funds be¢ause this is the fund used lo pay wages and salarie3. q.16 Terniination benefits Redundancy and termination costs are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy has been made. 1.1T Volunteers Volunteers help out wth various aspects of the running of the annual Royal Intemalional Air Tattoo and we a￿ very 9fateful for their contribution. Their contribution is in lime only. Placing a monetary value on their contribution pre5en15 significant difficulties, and together wlh the lack of a market comparator price for general volunteers. make rfi impractical for their contribution lo be measured reliably for accounting purposes. Given the absen¢e of a reliable measurement basis, the contribution of volunteers is ngt accounted for in these financial slalements. Page 25 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (Contin￿dI 1.18 Fund ac¢ountlng The unrestricted funds are available for any purpose within the aims and objectives specified in the TrLtst Deed ol the Charity. Designated funds comprise general funds, which have been set aside at the discrètion of the Trustees for specific purposes. The purpose of these are sel out in Note 19. Restricted funds are lo be used in accordance wth specrfic restrictions imposed by the donorg and grant providers. The aim and use of the restricted funds are set out in Note 19. Critical accounting estimatès and aroa$ of Judgemgnt Preparation of the financial statements requires management lo make significant judgements and e5timales. The items in the financial statements where these judgements and estimates have been made include.. 2.1 Us8ful oconomic Ilvo$ 01 tanglble fix•d a$$¢ts The annual depreciation charge for the tangible fixed assets is sensitive to changes in the eslimaled useful economic lives and residual values of the assets. The usefvl economic lives and residual values are amended when necessary lo reflect current e5timales. basèd On economic utilisation and the physical condition of the assets. See Note 73 for the carrwng amount of tangible fixed assets anil Note 1.7 for the useftjl lives for each class of asset. 2.2 R8cav•rability of d•btor¥ The Group and Charity makes an esb'mate of the re¢overable value of trade and other debtors. When assessing impairment of trade and other debtors. management cf)nsiders factors including the current credit rating of the debtor, the ageing profile ol debtors and historical experience. See Note 16 for the net earryng amount of the deblor5. 2.3 Hl$torlc ac¢rual$ In the instances where invoices are not received in relation tv Services that have been provided lo The Royal Air Force Charitable Trust Enterprises and Scamplon Airshow Limited. the Group makes an estimate of the expected cost to the Companies. Whon assessing the value of these accwalslprovisions, management consider5 previous invoices relating to similar services and discussions held with the third parties in relation lo the expected costs. Where invoices have not been received for 2 years, the accruals and provisions are written down over 5 year3. See Note 17 for inclusion of the year end. Page 26 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Incomo from donations and grants R•strl¢tsd Unregtrl¢ted fund$ funds 2024 2024 Total fund$ 2024 Total funds 2023 Donations and grants 50,000 172.210 222.210 151.560 Total 2023 I51,￿0 151.560 Incomè from othor trading activities Incomg from non charltsblg tradlng a¢tlvltie$ Unr•strittsd lunds 2024 Totsl funds 2024 Total funds 2023 RIAT Income Other In￿me Trading Income 17.355,214 17,3SS,214 14,732,345 44,875 44,87S 42,875 228,211 228.211 243,660 Total 2024 17,628.300 17.628.300 15,018.880 Total 2023 15,018,880 15,018.880 Inv8stmènt Incomè Unrn$trl¢tsd funds 2024 Total funds 2024 rot funds 2023 Investment income 237,541 237,541 140,011 Total 2024 237,541 237,541 140,Q11 Total 2023 140,011 140,011 Page 27 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Expenditure on raisiny fund$ Other trading expgnsgs Unrostsl¢tgd funds 2024 Total funds 2024 Total funds 2023 RIAT expen¢JrtUTe Interest paid Admin costs Payroll costs Depreciation Amortisalion 11.187,512 11,187,512 8,686 8,686 1.354,988 1,354,988 2,934,233 2,934,233 90,241 90,241 19,015 19.015 9,329,070 68,950 1, 143,813 2.599,360 51,210 Total 2024 15,594,675 15,594,675 13, 192,403 Total 2023 13, 792,403 13, 192,403 Analysls of oxpenditure on charltable a￿VItI8$ Summary by fund typ¥ Rèstrict￿ UnT•$trl¢ted funds funds 2024 2024 Total 2024 Total 2023 Charitable activities 50,000 802,826 852,826 274,749 Total 2024 50,000 802,826 852,826 274, 749 Total 2023 274, 749 2f4,749 Page 28 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analy$is of expèndituro by activltios Actlvltles undertaken diractly 2024 Totsl funds 2024 Total funds 2023 Charitable activities 852,826 852,826 274,749 Total 2024 852,826 8S2,826 274.749 Tolal 2023 274, 749 274. 749 Analysis of direct costs Support ¢¢sts 2024 Total funds 2024 Total funds 2023 Grant expenditure Govemance c05tS 837,525 15.301 837,525 15,301 264,626 10, 123 Total 2024 852,82 852,826 274,749 Total 2023 274,749 274, 749 Included within governance c0515 above for the charity is £3,753 {2023.' £2,078) of travel and subsistence costs and £11,54812023.. £8,045) of professional lees. No grants lo indivFduals were paid during the year. Page 29 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Auditorfs rgmunaratlon 2024 2023 Fees payable lo the Chanty's auditor in respect ot. The auditing of the accounts of the Charity The auditing of the a¢¢ounls of the Subsidiary entity All assurance services not included above 4.630 18,430 3,630 17,900 3.780 10. Staff costs Group 2024 Gmup 2023 Charity 2024 Charity 2023 Vvages and salaries Social security costs C¢nlnbuts'on lo defined contribution pension schemes 2.607,9S2 222,122 2,294,343 221,694 208,475 16,335 151,281 11,347 104,159 83,323 7,018 4,935 2,934.233 2,599,360 231,828 167,563 During the year there were redundancy, lerminalion payments and restructuring costs of £Nil (2023.. £73,013) in relation lo agreements made ￿th employees to end employment contracts. There was £NIl oulslanding al the year end (2023.. £N￿). In additi.on to wages and salaries, costs tolalling £26,160 {2023.. £97,990) were incurred in relation to self employed ¢ontra¢tors. The average number of persons employed by the Charity during Ihe year was as follows.. Group 2024 No. Group 2023 No. Charity 2024 No. Chanty 2023 No. r shows 52 44 oirier 55 46 Page 30 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. Staff costs Icontinuodl The number of employees whose employee benefits (excluding employer pension coslsl exceeded £60,000 was.. Group 2024 No. Group 2023 No. In the band £60,001- £70.000 In the band £80,001- £90.000 In the band £90,001- £100,000 In the band £100,001 £110,000 In the band £120,001- £130,000 In the band £130,001- £140.000 In the band £180,001- £190,000 In the band £190,001- £200,000 Included in the above ig 1 12023." 11 employee of the Chanty included in the £80,001 £90,000 bra¢kel (2023.. £80,001- £90.000). The Senior Managernenl Team of the Group are d&¢m&d to bè the Directors Of each entity and the Trust Director. The remuneration for these teams amounted lo £777,144 (2023.. £880,867). Thi$ is inclusive of employef s national insurance and pension costs. 11. Tru$tee$' remuneration and expenses During Ihe year. no Trustees received any remuneration or other benefits (2023.. £Nil). During the year. expenses totalling r258 were reimbursed or paid directly to 3 Trustees [2023.. £57 to 2 Tmsleesj. These related to travel and subsisten¢e and professional fees. Page 31 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. Intangible a$59ts Group Webslte Dov8lopmant Cost Al 1 O¢tober 2023 Additions 90.62S 4,450 AI 30 September 2024 95.075 Amortisation Al 1 October 2023 Charge for the year 19,015 AI 30 September 2024 19,015 Nat book valu• AI 30 September 2024 76.060 At 30 September 2023 90,625 Page 32 THE ROYAL ￿R FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Tangiblo fixed a$$•ts Group Freohold praporty Motor Flxtures and v•hl¢l•s rittings Totsl Cost or valuatlon At 1 October 2023 Addition5 Disposals 1.663,394 53.212 931,764 48,608 1347,8721 2.648,370 48,608 1347.8721 At 30 September 2024 1,663,394 53,212 632,500 2.349.106 Dèpr•ciation At 1 October 2023 Charge for the year On disposals 559,945 23.720 50.011 3.132 669,924 63,389 1347.8721 1.279,880 90,241 {347,8721 At 30 September 2024 583.665 53,143 38S.441 1,022,249 Not book value At 30 September 2024 1,079,729 69 247.059 1,326,857 AI 30 September 2023 1, 103,449 3,201 261,840 1,368,490 The nel book value of freehold land and buildings includes £477,550 (2023.. £477,5￿) of land which is not depreciated. Page 33 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2024 14. Fixed asset Investrnonts Invèstments in subsidiary ¢ompanlè$ Charity Cost or valuation At 1 October 2023 1.700.100 AI 30 September 2024 1,700.100 Not book valu8 AI 30 September 2024 1,700,100 At 30 S&ptember 2023 1,700, 100 RAFCT made an investment in RAFCTE tolalling £1.7m during the year ended 30 September 2021. The Charity also own$ £100 of Share Capital in SAL a dormant subsidiary. The company cea$ed after the year-end. For details of subsidiarie5 See Note 27. 15. Stocks Group 2024 Group 2023 Finished goods and goods for Tesale 106,682 79,454 Stock is stated after a provision of £26,264 (2023.. £26,264). Page 34 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Duo within on• yèar Trade debtors 3.788,819 3, 194,295 Amounts owed by group undertakings Prepayments ar￿ accrued income Tax re¢overable 2.431.556 9,911,215 212,773 S90,858 261,246 370,941 4.592.450 3,826,482 2,431,556 1,glt,215 17. Credltofs: Amounts falllng duè wlthln one year Group 2024 Group 2023 Charlty 2024 Charrfy 2023 Bank loans Trade creditors Other taxation and social security other creditors Accruals and deferred income Grants a¢crued - InSts￿lI0nal 331,5QO 494,732 52,7 79,671 3,544,404 59,300 888,911 59.245 19.974 3,677.316 127,38S 3,085 5,750 2,828 59.300 13,986 127.385 4,772.631 4,502,357 144.456 67,878 Group 2024 Group 2023 Deferred income at 1 October 2023 ResouTces deferred during the year Amounts released from previous periods 2.808,079 2,802,892 1,546.683 2,808,079 12,808,079) (2,802,892) 1.546,683 2,808,079 Included within defer￿d in¢ome are amoLsnls which relate to future periods beginning on or after 1 October 2024. Page 35 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. Crodltors: Amounts falllng due within one year (continued} 2024 Reconciliation of grant creditor¥ - Gr¢up and Charity Commitment5 al 1 October 2023 Grants awarded in the year Grants paid in the year Grant5 dawed back in the year 59,290 18S1,9321 934,434 114A071 Commltments at 30 September 2024 127.38$ 18. Credltors: Amounts falling due after moro than ono year Group 2024 Group 2023 Bank loan$ 612,000 Included within the above are amounts falling due as follows.. Group 2024 Group 2023 Batwoon on8 and two yèars Bank loans 306,000 Bafvmn two and fiv¢ yoars Bank loans 306,000 Sgeur•d loan The bank loan was paid in fvll during the year ended 30 September 2024. tt wag a loan from Barcjays Bank and was secured by a mortgage dgbenlure incorporating a first legal Charge over the freehold property and land al Dou9las Bader Housè, Horcott Hill, Fairford, Glciuc&st8rshirè, GL7 4R8. Page 36 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 19. Statomonl of lund$ Balan¢e at 30 Gift aid and S•ptsmb&r Income Expenditure eliminations 2024 Balance at 1 O¢tobgr 2023 UnrgStrl¢t•d funds Dosignatod fund$ RAFCTE 249.753 17.838,500 115,320.5991 12.539,6671 227,987 General lunds General Funds- all funds 4.869.845 199,551 11,076,902) 2,539,667 6.532.161 Total Unr•striet•d fvnds 5.119,S98 18.038,051 116,397,501) 6,760.148 Restricted funds Restricted Funds- all funds 100 so,000 150,0001 100 Total of funds 5,119,698 18,088,051 116,447,501) 6.760.248 Page 37 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 19. Statement of fund$ l¢ontlnuod} statement of funds - prlor y¢ar Bal8nce at 30 Gain$4 S8ptefftber (Losses) 2023 Balance at 1 October 2022 Gift aid and Income Expenditu￿ eliminations Unrestrictad funds Deslgnated fund$ RAFCTE 440, TOT 15, 137,870 (12,934,037) {150,OOOJ (2,244, 787) 249, 753 General funds General Funds- all funds 2, 772,213 172,581 (469, 736) 150,000 2,244,787 4,869.845 Total Unrèstrictsd funds 3,212,920 15.310.451 (73.403, 773) 5,119,598 R•$tri¢tsd funds Restricted Funds all fvnds 100 loo Total of funds 3,213,020 15,310,451 (13,403,773J 5,119,698 Thg RAFCTE Funds pu￿0$8 is lo be used by the l￿ding conrp8lly to ensure there are enough funds lo meet costs as they fall dtJe, leading up lo the RIA Teach year. Restricted funds The RAF Waddinglon Fund was lo fund the ngw aAr show at S¢amplon. DXC technology pro¥￿e a granl in order to support the annual delivery of Primary Engin88ffs 'lf You Were an engineer. What Would You Do?- National STEM competition, as included in the Gfftnts table, partner 6 on Page 6. Page 38 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 20. Analysis of not assets bgtrmèèn funds Analysis of net assets betW￿n funds - currént p•riod R&strlct8d Unr8strlct8d fund$ funds 2024 2024 Total funds 2024 Tangible fixed assets Intangible fixed a55ets Current assets Creditors due wthin one year 1,326,857 1,326,857 76,060 76.060 100 10,130,082 10,130.162 14,772,831) {4,772,8311 Total 100 6,760,148 6,760,248 Analysis of net assets b•tweon funds - prior parlod Reslncled UnreslrKted lunds runds 2023 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Current assets c￿dItors due wthin one year Creditors due in more than one year 1,368,490 1,368.490 90,625 90,625 8, 774.840 8, 774,940 14,502,357) 14,502,357) (612,000) (612,OOOJ 100 Total 100 5,119,598 5,119,698 Pag¢ 39 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. Rgconciliatlon of nét movement In funds to net cash fiow from operating acttvitios Group 2024 Group 2023 Net income for the perfodlag per Statement of Financial Ath'vities) 1,640.$50 1,906,6T8 Adjustments for: Depreciation charges Amortisalion Inler8st paid Interest received 90.241 19.015 8,686 68,950 1237.$411 (140,0IqJ 127,2281 (34, 771J IY65,9681 (1,812,050J 601,974 (55,745? (63,379) 51,210 Ilncreaselldecrease in stocks Iln¢reasel in debtors Increasel Idecreasel in creditors Tax paid Nèt ¢a$h pmvided byl{used inl operating aC￿vItI0$ 1,329,729 (79, 118) 22. Anatysis of cash and cash oqulval&nts Group 2024 Group 2023 Cash al bank and in hand 5,431.030 4,869,004 Total cash and cash oquivalènts 5,431,030 4.869,004 23. Analy51$ of change5 in net dobt At1 October 2023 Cash flov At30 September 2024 Cash at bank and in hand Debt due within 1 year Debt due after l year 4,869,004 1331,5001 1612.0001 562,026 331,500 612,000 5,431,030 3,925,504 1,505,526 5,431,030 Page 40 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 24. Ponslon ¢¢)mmitments ThÈ pension Cost charge for the period repr&sents contributions payable lo the defined contribution scheme and amounted lo £104,159 (2023.. £78,588J. Contribution5 lotalling £19.974 (2023.. £13,921J were payable la the stheme at the end of the period and are induded wlhin other creditors. 2S. Operating loas8 commltm¢nt$ AI 30 September 2024 the Group had future minimum lease payments due under nonwcancellable operating lease5 for each of the following periods.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 3.866 6.765 3,866 15,462 10,631 19,328 Total lease payments recognlsed as an expense in the year amounted to £3,866 (2023.. £1,933). 26. R•lated party tran5action5 Royal Air Forcg Charltabl• Trust Entsrprlses IRAFCTEI The Royal Air Force Charitable Tw$1 Enlerpri5e5 Is a vtholly owned subsidiary of the Charity. During the year, RAFCTE were reimbursed ¢osls of £231.828 {2023.. £157,563? which were paid on behalf of RAFCT. There was an outstanding balance of £2,431,556 due to RAFCT al the year-end (2023.. £1,857.232). RAFCTE agreed a gift aid donation of £2.539,667 (2023.. £2,244, 78n lo RAFCT. Scampton Airshow Llmltsd (SAL) Scamplon Airshow Limited is a wholly owned subsidiary of the Charty. The Company was dormant during the financsal year. RAF100 As part of a programme related investment RAFCT is a partner of RAF100. Royal International Air Tattoo Ftying Scholarships for Oisabled People This charity has a close relationship with the Royal Air For¢e Charitable Trust Enterprises Limited from which it derives its name. During the year RAFCTE were reimbursed costs of £26,204 12023.. £24,797) which were paid on behalf of the Royal International Air Tatto¢ Flying Scholarships for Disabled People. The amount received from RAFCTE was £15.000. The amount payable lo RAFCTE at year end was £20,61512023.' £21.819). There were no other related paty Iransa¢tiC•ns during the year ended 30 September 2024 (2023.. None). Page 41 THE ROYAL AIR FORCE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 27. Principal subsidiarios The followng was a subsidiary undertaking of the Charity. Ownership of RAFCTE Is held by the Charity. As such RAFCTE is deemed to be a wholly owned subsidiary of the Trust. Under the Trust Deed the Trustee5 have the power lo appoint andlor remove any corporation acting as their nominee. ultimate control of RAFCTE is therefore held by the Trust. The lollowng was a subsidiary undertaking of the Charity.. Name Company number Registere¢J offic8 or principal Prfncipal activity place of business The Royal Air Force Charitable 02190393 Trnsl Enterprise5 IRAFCTEI Dougles Bader House. Horcott Running the Royal Hill. Fairford, GktucesteT5hire, International Air GL7 4RB Tattoo IRIATI Class of shares Includad In consolidation Limited by Yes guarantee The finanaal results of the subsidiary for the year were.. Namè Incom8 Expondltur• Profit for thè year N¢t assets The Royal Mr Force Charitable Trust Enlerpri3e5 IRAFCTEI 17,838,500 11S.320,5991 2.S17,901 1,927,987 Assets lotalled £8,987,918 and Ilabililies lolalled £7,059,931 giving total nel a$$els of £1,927.967. Page 42