# **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** # **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024** ## **CHARITABLE INCORPORATED ORGANISATION CIO NUMBER 1178920** Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **CONTENTS** |Pages 3 to 6|Report of the Trustees| |---|---| |Page 7|Statement of Financial Activities| |Page 8|Balance Sheet| |Pages 9 to 14|Notes to the Financial Statements| |Page 15|Independent Examiners Report to the Trustees.| 2 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **CIO NUMBER** 1178920 ## **DATE OF REGISTRATION** 25 June 2018 **START OF FINANCIAL YEAR** 1 January 2024 ## **END OF FINANCIAL YEAR** 31 December 2024 **TRUSTEES THAT SERVED DURING THE YEAR TO 31ST DECEMBER 2024** Air Cdre D Rowland Chair (to March 2024) Wg Cdr MS Ghataora (Trustee) Chair (wef March 2024) WO T Jones Mr GV Williams Mr A Wright Mr S Stockill Mr AF Vizoso Treasurer AOC no. 22 Group may appoint one trustee who will be Chair of the CIO. Other trustees are elected at AGM. **CORRESPONDENCE ADDRESS** RAF Microlight Flying Association No 3 Hangar The Airfield RAF Halton Aylesbury Buckinghamshire HP22 5PG **GOVERNING DOCUMENT** CIO Association Document **BANKERS** Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough Hampshire GU14 7JP **INDEPENDENT EXAMINER** J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF **OBJECTS** The objects for which the CIO is established (the “Objects”) are to promote the effectiveness of His Majesty’s Armed Forces by increasing physical fitness, fostering the esprit de corps and raising morale of members of the Royal Air Force and other services, in particular, (but not by way of limitation) in an inclusive and safe environment, through promoting, encouraging participation in and providing or assisting in the provision of facilities for Microlight Flying. 3 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **EXECUTIVE COMMITTEE** **Committee member name Office (if any) Dates acted if not for whole year** Wg Cdr MS Ghataora Chairman Wef 10 Mar 24 Air Cdr D Roland Deputy Chairman Sqn Ldr P Waters Plans & Projects Wg Cdr (Retd) AF Vizoso Treasurer Mr S Greaves Dep Treasurer Sqn Ldr J Colmey OIC Halton Microlight Club Wg Cdr K Walton Ops & Flt Safety Air Cdre D Rowland Dep Ops & Flt Safety Wg Cdr MS Ghataora Eng Member Chf Tech (Retd) D Seath Chief Flying Instructor Sgt P Orford Training Camp Member Maj A Washbrook Secretary The charity is governed by its trustees with the assistance of an executive committee appointed annually at a general meeting of members. ## **OBJECTIVES AND ACTIVITIES** The Association aims to provide ‘Air Experience’ flying for new recruits to the RAF during their basic training. Additionally, it provides flying training toward the award of a Civil Aviation Authority accredited piloting qualification together with facilities for students to sit the theory and practical examinations leading to the award of a National Private Pilot’s Licence (Microlights). For qualified members, the Association provides aircraft and facilities to allow members to develop their flying skills in a controlled and suitably structured environment. The trustees have been mindful of the guidance issued by the Charities on public benefit. The Association’s policy on grant making is to support members who seek to improve their flying qualifications in a direction that will offer assistance towards meeting the aims of the Association. Typical of this approach would be the award of grants towards the costs of members training to become flying instructors. It is acknowledged that sport in the RAF is delivered through the aegis of the Sports Associations and the willing, enthusiastic volunteers who undertake roles on the Executive Committees and in the associations. The delivery of RAF competition would not be possible without officials, all of whom are volunteers. The contribution in these roles is highly valued and much appreciated and recognised as a duty activity in Service policy documents. ## **RELATIONSHIPS WITH ANY RELATED PARTIES** The RAF Microlight Flying Association is not linked to a wider network but operates with the consent and governance of the Royal Air Force and in accordance with its policies for sport and for safety. Similarly, the Association is not linked to the Civil Aviation Authority or the British Microlight Aircraft Association but operates in accordance with the regulations (UK Law) within the Air Navigation Order (2016 and 2022), together with rules and obligations set out by each of these organisations. ## **ACHIEVEMENTS AND PERFORMANCE** The Association's policy of maintaining financial reserves to meet its future aircraft maintenance obligations has allowed its aircraft planned maintenance programme to continue. Scheduled maintenance of the aircraft continued throughout the year. The scale of the MoD contract to provide air experience flying for new recruits to the RAF during their initial training at RAF Halton had been reduced during 2023. At the request of the Association, the contract was renegotiated and flying resumed in Sep 24 on revised terms. This “not for profit” activity is heavily supported by volunteer work from association members and is priced to cover operating costs only. During 2024, 43 air experience flights were carried out. 4 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **ACHIEVEMENTS AND PERFORMANCE (continued)** The Association aims to offset the majority of its standing costs from "fixed" income comprising membership subscriptions, aircraft syndication fees and grants. Although not completely effective, this approach allowed us to keep our aircraft fleet fully serviceable during 2024. An application for grant money to support the purchase of a replacement aircraft was made during the year and the association is hopeful that the remaining Team Eurostar EV 97 aircraft can be replaced during 2025.Pending replacement, the aircraft was deployed to RAF Cosford for use by the Cosford Microlight Club on “dry lease” terms. As RAF Cosford has a hard runway, it is hoped that they will be able to gain increased utilisation of the aircraft during the winter months. At RAF Halton, once again poor weather at the beginning of the year and for the last 2 months of the year meant that nearly 25% of the flying year was lost. Notwithstanding, there were 14 students actively engaged in training and 3 students completed their first solo flights. Three students successfully passed their General Skills Tests for the award of a National Private Pilot's Licence (Microlights). In furtherance of the charity’s Public Benefit objectives, 2 students funded by Flying Scholarships for Disabled People completed their courses in July and September in the Association’s C42C aircraft. In addition, A training camp was held in September which saw 3 students and their instructors navigate their way around south-west England, operating the aircraft away from their home base and negotiating more complex airspace. Notwithstanding the poor weather, 340 flying hours were completed in Association aircraft. ## **PERFORMANCE OF FUNDRAISING ACTIVITIES AGAINST OBJECTIVES SET** Fundraising, in the form of grants, membership subscriptions, syndication fees for aircraft pilots and hourly flying fees covered the basic costs of aircraft operation and raised sufficient funds to support the direct operating costs of the aircraft. A worrying trend of cost rises for aircraft spares and consumables continues and charges to members were kept under constant review throughout the year. ## **SERIOUS INCIDENTS** There were no serious incidents requiring disclosure. ## **FINANCIAL REVIEW** The Association started the year in a strong financial position but the poor weather and airfield unserviceability that dogged the final months of 2023 continued until the end of March and only 7 hours of billable flying was carried out in the first 3 months of 2024. Things picked up slowly in Apr and May but it was not until Jun that flying rates really picked up. A decision taken by RAF Halton in 2023 had reduced the amount of Air Experience flying that was to be carried out and led to the Association requesting the re-negotiation of the contract. This was concluded in August and AEF flying, at the new rates, resumed in September. In common with 2023, the year ended on a wet note with lengthy periods of rain leading to flooding of the grass airfield and a significant reduction of its availability for use. In November and December only 11 hours of billable flying were carried out. Notwithstanding this, the Association finished the year in a solid position with aircraft servicing up to date and sufficient reserved maintenance funds to meet the needs of the fleet. Free Reserves stood at £27,861 at 31st December 2024, as represented by unrestricted net current assets. If unrestricted designated funds are also included, the reserves stood at £70,625. The Association holds reserves for the purpose of accumulating funds to meet the immediate, medium and longterm maintenance needs of its aircraft. Maintenance requirements develop over time and aircraft usage and they become progressively more onerous. Additionally, the accumulated maintenance reserves contribute to each aircraft’s replacement costs. At the year-end, the value of the aircraft maintenance reserves stood at £47,954 (£42,764 designated funds and £5,190 restricted funds). There are no uncertainties about the charity continuing as a going concern. However, the charity will have to find a new base of operations if RAF Halton closes in 2029. The charity's principal source of funding is members’ contributions and grants in aid. The principal risk facing the charity is the forecast closure of RAF Halton in 2029. 5 ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION RFPORT OF THE TRUSTEES (contlTrued) FOR ThE YEAR ENDED 31 DECEMBER 2024 TTUSt•*s' R1*pon￿bIlItIeX The Chariknes Art 2011 requlres the Trustees to pfypare flnanclal ststements for each financkl year whfch glve a true nd falr view of the state of affalrs of the CIO and of the svrplus of the CIO for that peflod. In preparfng those flnandal ststements thè Trustees are requlred to: 5È1eLt sultsble aco)vnUng Fdldes and appty them conslstentty; make Judgments and e5tlmates that are reaxjnable and prudent; and prepare ffnanclal statements on the golng mncem basls unless tt Is Inaptryjdate to p￿sUmÈ that the CIO wlll cryiynue In exlsteno. The trustees are responsiblÈ for keeplng proper accounung rttords, whkh dlsclose reasonable acruracy at any tlme the finanaal poslvon of the trust. They a￿ also responslblt for safeguardlng the assets of the tnjst and hen for taklng rea￿nable *p5 for the prevenuon and (Jetectton of fraud and other IrrtguL4rtiJes. Datè . 202 Slgnature.......-....................-..- PRITr￿ NAME............... ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |Notes
**INCOME:**
**Income and Endowments from:**
Donations and Legacies
3a
Charitable Activities
3b
Other Trading Activities
3c
Investments
3d
Other
3e
**TOTAL**
**EXPENDITURE**
**Expenditure on:**
Raising Funds
4a
Charitable Activities
4b
**TOTAL**
**NET INCOME/(EXPENDITURE) BEFORE**
**INVESTMENT GAINS/(LOSSES)**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
Transfers between funds
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2024**
**2023**
£
£
£
**£**
**£**
1,500
1,235
24,250
26,985
45,221
13,259
16,980
-
30,239
30,458
-
-
-
-
-
-
-
-
-
-
967
-
-
967
779
**15,726**
**18,215**
**24,250**
**58,191**
**76,458**
-
-
-
-
-
12,914
9,432
24,250
46,596
73,631
**12,914**
**9,432**
**24,250**
**46,596**
**73,631**
**2,812**
**8,783**
**-**
**11,595**
**2,827**
-
-
-
-
-
**2,812**
**8,783**
**-**
**11,595**
**2,827**
-
-
-
-
-
**2,812**
**8,783**
**-**
**11,595**
**2,827**
310,049
33,981
5,190
349,220
346,393
**312,861**
**42,764**
**5,190**
**360,815**
**349,220**| |---|---| Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 9 to 14 form part of these financial statements. 7 ROYAL AIR FORCE MICROLIGHT FLYING ASSOCXATIOt4 BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestritted Deslgnate¢J Restrlcted 31-Dec-24 31-Dec-23 Funds Fvn¢Js Funds Total Total Flxed A&￿ts Yanglble assets 285.000 285,000 285.000 CurT•nt Assets stocks DebiOVS 2.079 Z.079 Cash at bank and In hand 27,814 42.764 5.190 75.768 68.144 144 CredIto￿. amounts falllng due wlthln one year 2,032 2,032 3.924 NET CURRENT ASSETS 27.861 42,764 5,190 75.815 64,220 TOTAL ASSEfs les5 ￿rrent 11a￿lIVeS 314861 41764 5,190 360,815 349.220 cr￿ltor& amorjnts ftdlllng due In more than one year Funds of the CIO General Funds 312.861 312,861 310,049 Deslgnatsd Funds 42.764 42.764 33.981 Restricted Funds io 5.190 5.1 5,190 Fund• Slgntd oft behall ol all the trusleeg Slgnattjre ... .. rflk J,- Print Name ........................................................... Date of approval ... ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Basis of preparation** The financial statements of the charity 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The CIO constitutes a public benefit entity as defined by FRS 102. ## **Changes to accounting estimates** No changes to accounting estimates have occurred in the reporting period ## **Material prior period errors** No material prior year error have been identified in the reporting period ## **1. ACCOUNTING POLICIES** ## **Income** ## **Recognition of Income** These are included in the Statement of Financial Activities (SOFA) when: - the CIO becomes entitled to the income; - it is more likely than not that the trustees will receive the resources; and - the monetary value can be measured with sufficient reliability. ## **Offsetting** There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. ## **Grants and Donations** Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). ## **Contractual Income and Performance Related Grants** This is only included in the SoFA once the CIO has provided the related goods or services or met the performance related conditions. ## **Gifts in Kind** Gifts in kind for use by the CIO are included in the SoFA as income from donations when receivable. ## **Volunteer Help** The value of any voluntary help received is not included in the accounts but is described in the Trustees' annual report. ## **Income from interest, royalties and dividends** This is included in the accounts when receipt is probable and the amount receivable can be measured reliably. ## **Investment Gains and Losses** This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. ## **Insurance claims** Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP) and are included as an item of other income in the SoFA. 9 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES (continued)** ## **Income from membership subscriptions** Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities. ## **Debtors** Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the CIO. Subsequently, they are measured at the cash or other consideration expected to be received. ## **EXPENDITURE AND LIABILITIES** ## **Liability Recognition** Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the CIO to pay out resources and the amount of the obligation can be measured with reasonable certainty. ## **Grants with Performance Conditions** Where the CIO gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. ## **Grants Payable without Performance Conditions** Where there are no conditions attaching to the grant that enables the donor CIO to realistically avoid the commitment, a liability for the full funding obligation must be recognised. ## **Deferred income** No material item of deferred income has been included in the accounts. ## **Provisions for liabilities** A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. ## **Fixed Assets** These are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or, if gifted, at the value to the CIO on receipt. At present the fixed assets consist solely of five microlight aircraft. ## **Depreciation Expense** The microlight aircraft are kept in a condition where they do not lose much value year to year so the amount of depreciation is set to reduce their net book value to their insured value. Depreciation on other tangible fixed assets would be calculated at a rate to write off their cost on a straight line basis over 3 years from the month they are purchased. |**2. TANGIBLE FIXED ASSETS**
EQUIPMENT
Cost
01-Jan-24
Additions
Transfers
Note 10
Cost at
31-Dec-24
Depreciation
01-Jan-24
Disposals
Charge
Depreciation at
31-Dec-24
Net Book Value
31-Dec-24
Net Book Value
31-Dec-23|Unrestricted
Designated
Restricted
TOTAL
£
£
£
£
316,055
-
-
316,055
-
-
-
-
-
-
-
-
316,055
-
-
316,055
31,055
-
-
31,055
-
-
-
-
-
-
-
-
31,055
-
-
31,055
**285,000**
-
-
**285,000**
285,000
-
-
285,000| |---|---| The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st December 2024 : None 31st December 2023 : None 10 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |**3. ANALYSIS OF INCOME**
**a) Donations and Legacies**
RAF CF Grant - Kit & Equipment
RAF CF Grant - Operating Costs
RAF CF Grant - New Member Activities
Donations and Public Funding
Sponsorship
**b) Charitable Activities**
Aircraft Running Income (Rental/Hire/Lease)
Coaching/Training/Pers. Contributions
Gain on Sale of Kit & Equipment
Subscriptions & Syndication Fees
Other
**c) Other Trading Activities**
**d) Investments**
**e) Other**
Bank Interest Received|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2024**
**2023**
£
£
£
**£**
**£**
-
-
-
-
2,287
-
-
24,250
24,250
25,825
-
-
-
-
690
750
1,235
-
1,985
16,419
750
-
-
750
-
**1,500**
**1,235**
**24,250**
**26,985**
**45,221**
2,575
16,483
-
19,058
21,125
3,819
-
-
3,819
1,303
-
-
-
-
1,031
5,715
497
-
6,212
6,844
1,150
-
-
1,150
155
**13,259**
**16,980**
**-**
**30,239**
**30,458**
**-**
**-**
**-**
**-**
**-**
-
-
-
-
-
**-**
**-**
**-**
**-**
**-**
967
-
-
967
779
**967**
**-**
**-**
**967**
**779**| |---|---| 11 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **4. ANALYSIS OF EXPENDITURE** |**a) Raising Funds**
**b) Charitable Activities**
Aircraft Running Costs
Coaching & Training
Kit & Equipment
Operating Costs (analysis below)
New Member Activities *
Depreciation|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2024**
**2023**
£
£
£
**£**
**£**
**-**
**-**
**-**
**-**
**-**
5,674
6,852
3,160
15,686
23,538
1,706
2,132
-
3,838
8,453
1,317
-
800
2,117
3,236
4,321
448
20,290
25,059
26,635
(104)
-
-
(104)
714
-
-
-
-
11,055
**12,914**
**9,432**
**24,250**
**46,596**
**73,631**| |---|---| * The negative figure shown against New Member Activities represents an over-accrual in the previous financial year. ## **Analysis of Operating Costs** |Independent Examiners Fees
Insurance
Printing, Postage and Stationery
Telephone and Internet
Bank Charges
IT and Equipment
Subscriptions and Membership
Training Camp
AGM Costs
Other Expenditure|**TOTAL**
**TOTAL**
**2024**
**2023**
**£**
**£**
1,260
1,134
19,876
18,368
7
49
129
64
-
22
282
1,001
2,441
2,821
1,011
3,060
53
110
-
6
25,059
26,635| |---|---| ## **5. DETAILS OF CERTAIN TYPES OF EXPENDITURE** |**5. DETAILS OF CERTAIN TYPES OF EXPENDITURE**|| |---|---| |Assurance services other than audit or independent examination
Other fees (for example: financial advice, consultancy, accountancy services) paid to the
independent examiner
Independent examiner’s fees|**TOTAL**
**TOTAL**
**2024**
**2023**
**£**
**£**
1,260
1,134
-
-
-
-
1,260
1,134| |**6. DEBTORS AND PREPAYMENTS**
Unrestricted
Designated
Restricted|**Total**
**Total**| |Funds
Funds
Funds
£
£
Prepayments
2,079
-
-|**31-Dec-24**
**31-Dec-23**
**£**
2,079
-| |**2,079**
**-**
-|**2,079**
**-**| 12 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** |**7. CASH AT BANK AND IN HAND**|Unrestricted|Designated|Restricted|**Total**|**Total**| |---|---|---|---|---|---| ||Funds|Funds|Funds|**31-Dec-24**|**31-Dec-23**| ||£|£|£|**£**|**£**| |Cash at bank and in hand|27,814|42,764|5,190|75,768|68,144| |Total|**27,814**|**42,764**|**5,190**|**75,768**|**68,144**| |Creditors
Accrual - Independent Examination
Accruals - other
**8. CREDITORS AND ACCRUALS: AMOUNTS**
**FALLING DUE WITHIN ONE YEAR**|Unrestricted
Funds
£
772
1,260
-|Designated
Funds
£
-
-
-|Restricted
Funds
£
-
-
-|**Total**
**31-Dec-24**
**£**
772
1,260
-|**Total**
**31-Dec-23**
213
1,134
2,577| ||**2,032**|**-**|**-**|**2,032**|**3,924**| |Creditors
Accruals
**9. CREDITORS AND ACCRUALS: AMOUNTS**
**FALLING DUE IN MORE THAN ONE YEAR**|Unrestricted
Funds
£
-
-|Designated
Funds
£
-
-|Restricted
Funds
£
-
-|**Total**
**31-Dec-24**
**£**
-
-|**Total**
**31-Dec-23**
-
-| ||-|-|-|**-**|**-**| |**10. RESTRICTED FUNDS**
RAF Central Fund Grants
RAFMFA ELC Grant|**Balance**
**01-Jan-24**
**£**
-
5,190|Income
£
24,250
-
**CURRENT**|Expenditure
£
(24,250)
-
**REPORTING**|Transfers
-
-
**PERIOD**|**Balance**
**31-Dec-24**
**£**
-
5,190| ||**5,190**|**24,250**|**(24,250)**|**-**|**5,190**| |RAF Central Fund Grants
RAFMFA ELC Grant|**Balance**
**01-Jan-23**
**£**
36,609
14,055|Income
£
28,802
-
**PREVIOUS**|Expenditure
Transfers
£
(28,802)
(36,609)
(32)
(8,833)
**REPORTING PERIOD**||**Balance**
**31-Dec-23**
**£**
-
5,190| ||**50,664**|**28,802**|**(28,834)**|**(45,442)**|**5,190**| Central Fund Grant - to be used for operating costs, kit and equipment, overseas visits and development activities. ELC - for the provision of flying training. Expenditure that can be allocated against particular aircraft is transferred to the designated funds where the expenditure is shown. The transfers represent those funds that the donor had restricted for use towards the purchase of new aircraft. The restriction was fulfilled upon purchase, allowing the asset to be transferred to general funds and used for any charitable purpose. The restricted funds are wholly represented by cash reserves of the CIO. 13 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. DESIGNATED FUNDS** |Aircraft G-HMCA
Aircraft G-HMCE
Aircraft G-HMCF
Aircraft G-HMCH
Aircraft G-CMNG
Aircraft G-HMCA
Aircraft G-HAEF
Aircraft G-HMCE
Aircraft G-HMCF
Aircraft G-HMCH
Aircraft G-CMNG|**Balance**
**Balance**
**01-Jan-24**
Income
Expenditure
Transfers
**31-Dec-24**
**£**
£
£
**£**
12,601
815
(1,139)
-
12,277
11,281
2,642
(1,328)
-
12,595
7,252
1,777
(997)
-
8,032
2,255
2,984
(1,602)
-
3,637
592
9,997
(4,366)
-
6,223
**33,981**
**18,215**
**(9,432)**
**-**
**42,764**
**Balance**
**Balance**
**01-Jan-23**
Income
Expenditure
Transfers
**31-Dec-23**
**£**
£
£
**£**
10,981
2,400
(780)
-
12,601
12,569
-
-
(12,569)
-
10,771
8,331
(7,821)
-
11,281
3,325
7,671
(3,744)
-
7,252
2,587
5,916
(6,248)
-
2,255
-
3,972
(3,380)
-
592
**40,233**
**28,290**
**(21,973)**
**(12,569)**
**33,981**
**CURRENT REPORTING PERIOD**
**PREVIOUS REPORTING PERIOD**| |---|---| ## **12. TRANSACTIONS WITH TRUSTEES AND OTHER RELATED PARTIES** No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them (2023: One Trustee was reimbursed an amount of £775.56 for fuel costs paid personally, and incurred in relation to the Association's training camp, not incurred in their role as a Trustee.) ## **13. RISK ASSESSMENT** The trustees actively review the major risks which the CIO faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. ## **14. RESERVES POLICY** The trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily. ## **15. PUBLIC BENEFIT** The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The trustees confirm that they have paid due regard to the CIO Commission guidance on public benefit before deciding what activities the CIO should undertake. 14 ## **ROYAL AIR FORCE MICROLIGHT FLYING ASSOCIATION** ## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** I report to the trustees on my examination of the accounts of Royal Air Force Microlight Flying Association Charitable Incorporated Organisation ("the CIO") for the year ended 31st December 2024. As the CIO's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). ## **Responsibilties and basis of report** I report in respect of my examination of the CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Date: 28 August 2025 Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham Chichester PO18 8NF 15