ARMY AIR CORPS THE ARMY AIR CORPS CHARITY- TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR 1 APR 24 TO 31 MAR 25 Reference and Administrative Infomiatlon Charity Name.. Amiy Air Corps Charity (A4C Charty) Address: Headquarters Army Air Corps Middle Wallop STOCKBRIDGE Hampshire S020 8DY Charities Commission Registered Number: 1184333 Trustees who manage the Charity.. Col E J Butterworth ADC Col B Shaw MBE Col O Stead OBE Col J Peycke Col T Moore MBE Col P Kitson Col Retd A Tucker Ll Col D Lambert MBE AAC R Bramle AAC Ma. D Edmondson AAC Ca t E Wilson AAC Ca t B Handcock AAC Ca Retd H James W01 P Doche AAC t M Hale AAC SS t K-L CarterAAC Ex Officio and Chair Ex Officio Ex Officio - Ceased tenure 1 Mar 25 Ex Officio- Commenced tenure 10 Apr 25 Ex Officio Ex Officio Chair of Investment Sub Committee COO ted Co O ted- Ceased tenure 17 Oct 24 Co O ted- Commenced tenure 17 Oct 24 Co O ted- Ceased tenure 10 A r 25 Co O ted- COmmend tenure 10 A r 25 Member ISC - Commenced tenure 4 Dec 24 Co O ted - Ceased tenure 10 A r 25 Co O ted - Ceased tenure 17 Oct 24 Co O ted - Commenced tenure 17 Oct 24 Isc Non-Trustee Committee Members Nam• Ll Col B Fowler AAC Ll Col J Dawes AAC Role Char Chief Executive and Chair ASATC President HQ OffIr5, Mess Committee Registered Charity No 1184333 Page 1 of 10
Organisations that provide functions to the Charity.. Bankln Holt's Military Banking 200 Fowler Avenue Fowler Business Park FARNBOROUGH GU14 7JP Audltorn Xeinadin Audit Ltd Chartered Accountants Statutory Auditor 12 Conqueror Court S11NGBOuRNE ME10 3BH Wilsons LLP Alexandra House St Johns Street SALISBURY SP12SB Rathbones 30 Gresham Street LONDON EC2V7QN Governance. Structure and Management Governance. The Governing Scheme for the AAC Charity was agreed on 14 Jun 19 and sealed on 9 Jul 19. coming into operation as a CIO on 1 Oct 19. The Amy Air Corps Charity supersedes the previous schemes of the Army Air Corps Fund (1072126) and its predecessors. The Charty began operating as a CIO to provide the charity, its Trustees and agents with better legal protection and to give it the ability to hold property and to employ siaff. should there be a need in the future. A review of g0Veman practi8 conducted in 201012011 confirmed that sound prOsSeS and praCtIS were in pla in relation to prevention of fraud and effective delivery. Those processes and praCtIS continue and are reviewed each year. The Trustees are regularly alerted to the dangers of complacency and maintain a rolling review of the subject. All Trustees and non-executive members of the AAC Committee re1ve inslruclions and referen duMentS relevant to their role, including audited financial reports, minutes of meetings. the scheme agreed with the Charity Commission and underpinning inslruclions directly related to the Charity and its activities. They are also referred to the published Charity Commission guidance for Trustees. Opportunities to access external training for Trustees are also advertised. The objects of the Charity and the duties of the Committee are highlighted at each meeting. Members present are invited to declare any interests that may have a bearing on their objective decision making. Known and related interests are registered and held in the Regimental Headquarters. 10. The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of Registered Charity No 1184333 Page 2 of 10
the incoming resources and application of resources of the charty for that period. In preparing these financial statements. the Trustees are required to: Select suitable accounting policies and then apply them Consistently. Observe the melhcrfjs and principles in the Charities SORP 2019 (FRS 102). Make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any time the financial posrtion of the Charty and enable them to ensure that the financial statements cclnply with the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. 12. Structure. The structure of the Army Air Corps Charity Twstee Board and tF supporting Committee is set within Army Air Corps instruclions. The board is small enough to be effective, large enough lo be representalive and authoritative enough for the responsibilities laid upon it. The structure is effective, while being diverse enough to ensure a spread of views and experIen. The Amy Air Corps Committee also has the responsibilty for reviewing and upholding the traditions, customs, history and heritage of the Corps. 13. The principal Trustees of the Charity are appointed mainly as eX-Off10 by virtue of experience and position held within the organisation. Others are co-opted members in order to provide breadth and diversity. The majorty of the ex-officio Trustees either have experien on other boards or have or have had management responsibilities for other funds through their military appointments. though formal Trustee training is provided where required. The Charity has an Investment Sub-committee (ISC) appointed to manage invested funds with members of the ISC appointed to the board of Trustees. The Trustees include the Head of Ami for the Amy Air Corps under the appointment of Colonel Army Air Corps, the Commanders from the main Army Air Corps Gommunities and representative unit commanders. The voluntary Trustees are drawn from the serving and retired communities. Additional members may be drawn onto the Committee as non-voting subject matter experts and representatives as required. This ensures that the Trustees have sufficient knowledge, experience and levels of representation to make decisions as well as ensuring that the Corps Committee is well advised and represented. Though some of the Trustee positions are tied to appointments wrthin the Army Air Corps they are voluntary: an Registered Charity No 1184333 Page 3 of 10
individual holding a specific appointrnent with the Amy Air Corps may opt not to take up the related appointment on the Army Air Corps Trustee Board. Non-voting obsep4ers from serving members of the Amiy Air Corps may also be invited lo attend meetings from time to time. 14. Management. In order to ensure that the Charity's objects can be met appropriately its funds are allocated into either restricted, unrestricted or designaled funds. These are Clarified in detail in notes to the aoUnt$ at Enclosure 2 to this report. Committee meetings are advertised in advance to the serving and veteran communities with invitations to submit items for discussion. The Trustees meet fomially in Committee lce each year. usually in the Spring and Autumn. The ability to communicate out of committee enables swift decision making when there is need. The financial activities, processes and procedures for the Charity are reviewed at each Spring meeting. Financial authority levels, delegalions and expenditure forecasts are also authorised then by the Trustees. The Charity's accounts are audited by an external auditor at each financial year end in March with those accounts providing the basis for this report and its submission. The audit report is reviewed by the Trustees and other committee members and is available to Amy Air Corps personnel through their units. Meeting minute5 and an annual report on the financial activities of the Amy Air Corps Charity is also published in the Army Air Corps, Newsletter, Hawkeye, and the Army Air Corps Joumal. Publicalion of the Charty's periodic activity is now circulated more frequently by using the Corps, Communication channels. Charity ObigGt 15. The objects of the Amiy Air Corps Charity are: To promote the efficiency of His Majesty's Amiy and particularly the Amiy Air Corps in such charitable ways as the Trustees may decide. The relief of persons who are in need, hardship or distress and are serving or fomer members of the Corps or the children or dependants of such persons. 16. The Charty achieves its object by: Relieving persons in need by making grants or short-term loansl of money to them or providing or paying for goods, services or facilities or by making grants of money to other persons or bodies who also provide goods. services or facilities to those in need. 1 Loans may be secured or unsecured. Where loans are unsecured the Trustees are rigorous in their checks and decision making processes to mitigate as far as possible any risks to the Charity's fvnds. Registered Charity No 1184333 Page 4 of 10
Supporting activities that enhance the wellbeing of the past and present members of the Anny Air Corps and eligible others by making grants of funds that may not be met from public or other SoUrs. The Amy Air Corps Charity also acls as a holding fund ft)r other Amiy Air Corps funds which include the Amy Air Corps Veterans. Association and the Headquarters Messes. Summary of main achievements of the Charity during the year 2024-2025 17. The Charty has met its objects in the last year by: Making individual benevolen grants of £74,689. This figure is set against an initial budget of £78,000. The overall figure granted is more than that granted in the previous year against a similar number of cases. This is indicative of ever increasing costs and complexty in benevolen support with some requirement to assist beneficiaries where statutory provision has been lacking. A £20,000 grant was also made to the Army Benevolent Fund in order to support Cases not directly seen by Ihe AAC Charity. Granting £140,000 to support Amiy Air Corps Sport and Advenlurous training participation for serving personnel. Granting £5.000 to A4C veterans, groups to support outreach and social activities to collectively assist those groups in the maintenance of cohesion. Making Good and Benefit grants of £10,855 to units via Iheir Commanders to improve the morale and wellbeing of personnel in units where public funds cannot do so. These grants are enhand by similar from the Headquarters Officers, Warrant Officers, and Sergeants, Messes. Granting £3,938 to support Commemorative and Remembrance events in the UK and overseas. Funding Corps level Awards and their presentation reMOnieS that celebrate Sucss. Total funds committed were £13,782. The Service Transition Cell is now at full operating capabilty has helped the Charity to identify and assist those leaving or who have recently left Ihe Servi either directly from its own resources or by referral to other charities or support agencies. Continued contribution to the Amy Flying Museum, specifically to Ihe archivist salaries. in order to preserve and maintain Anny Air Corps heritage. Registsred Charity No 1184333 Page 6 of 10
Financial Review 18. General. The Trustees review the Charity's finances al each meeting and at year end. The principal source of funding for the Charity aclivity is drawdown of income from investment alongside the voluntary contributions of the serving AAC community2 The ISC is appointed by the Trustees to manage investments for growth in order to support annual aclivty while retaining funds to cover future risks. Advi is readily available to allow the Trustees the flexibility to use investments to meet need as required. 19. Voluntary contributions. Voluntary contributions are paid into to the Charity's General Purpose Fund from the serving community through the Day's Pay Scheme (DPS). Contributions are based on rank. with OffirS and Senior NCOS adding additional funds to their respective Headquarters Messes as restricted funds. Army Air Corps Reserves Officers and soldiers are also invited to contribule to the charity through the DPS but at a pro-rata rate based on the amount of days they ser¥e compared lo their Regular Amiy counterparts. The AAC'S serving communty is briefed on the Charity and its activities when they first join the Corps where they are invited to contribute if they wish to. Further updates are also provided al other points during their training and careers. The majority of serving personnel now contribute voluntarily to the Charity with only a small minority electing not to do so. The reduction in the workforce numbers in the Corps over rent years has had an effect on this income stream as there are now fewer serving members making voluntary contributions. 20. Investments. Dividends, interest and profit from the Amiy Air Corps Charlty's investments are used to help fund activities. It has previously been Ihe practice to reinvest this income within the investment portfolio to support growth. The Trustees have however directed that income from invesknenl now be Iransferred to the General Purpose Fund (GPF) lo mitigate for the increased demand on the Charity against the reduction in income from voluntary contributions and an increasing benevolen demand. The resulting investment policy is to aim for growth with an assured annual income, coupled to the ability to draw on investrnents for forecasted projects. 21. Donations and legacie8. There are periodic donations and some regular donations to the Charity. Where a significant donation or legacy is received it is the practice to allocate those funds to a specific project so that the donation is recognised and recorded. 22. Funds grantsd by others. The Glider Pik)t Regiment Association was disbanded in 2016. In 2013 they requested that their small benevolent fund was administered on their behalf by the Army Air Corps with funds transferred into the then A4C Fund (now Charity). These funds were held as designated funds with Christmas grants distributed through the Army Air Corps to nominated widows of the Regiment's veterans suffering hardship and need. The ArmyAir Corps has also utilised GPRA funds to provide an enduring mainlenance 2 Through the Army's Days Pay Scheme debited from salary Registered Charity No 1184333 Page 6 of 10
contract for the GIKler Pilot Regiment Memorial at the National Memorial Arboretum and to contribute to other rernembrance projects. The Army Air Corps Charity Trustees have subsequently agreed to transfer the small GPR fund balance into the overall AAC Charity GPF but will continue lo provide for GPR veterans and eligible dependants until it is clear that the need no longer exists or transferred funds are exhausted. Risks 23. The Trustees see the following as risks to the Charity being able to meet its objects: A reduction in income from voluntsry contributions by either individual choice or by a reduction in the size of the AAC'S workforce that might be brought about by any future structural changes directed by the Anny. A reduclion in the retum on investments through poor perfomiance orthe need to draw down on the capital invested to meet need. Mismanagement of funds. The withdrawal of MOD Workfor and infrastructure provision. Changes to the Day's Pay Scheme distribution by the MOD. 24. The Trustees have mitigated the risks by: Regular review of investment performancethrough the ISC and retaining funds for enduring future charitable activity. Encouraging the serving officers and soldiers lo contribute to the Charity through the DPS, principally by making them aware of the Charity and the benefits it offers them, both in and out of servi. A developing plan. to be implemented in FY 2025-26. to establish a means of making voluntary contributions, specifically for welfare and benevolence, for the AAC'S veteran communty. A stringent set of control measures for agreeing financial expenditure, making payments as well as routine oversight checks and an annual audit of accounts. J Particularly from the more junior cohort which continues lo be affected in the greatest measure by cost of living increases. Registered Charity No 1184333 Page 7 of 10
Financial reserves policy 25. £250,000 is required as annual investrnent drawdown in order to meet the current and projected activities of the Charty. This dictates an investment portfolio with an expected 5 % annual return. Should that annual return fall then an increased investrnent portfolio would be required or a review and adjustment of the Charity's operations. It is therefore the Trustees, policy to maintain the overall fund value at circa £12mn4 allowing, where required and possible, some investrnent accumulation to mitigate against inflation increases or as yet unseen increases in demand for the Charty's support. The overall value also all0v for committed restricted funds of £263k, designated funds of £182k and fe reserves of £800k. 26. The invested funds remaining at current levels mitigates risk and ensures available funds to support. in perpetuty and in line with the Charity's objects, those that serve, will seNe or have served in the AAC, including eligible dependents. Should any of the risks to the Charity be realised. an irreducible minimum of circa £7mn in investments would be required simply to support beneficiaries and cover running costs of the Charity at the lowest levels, including some workforce funding should current arrangements and MOD support change. Should the AAC ase to exist as an organisation within the Army potential beneficiaries will always remain. 27. Trustees have agreed that Ihe previous free reserves level of £400.000 was on the conseNative side and have agreed to increase lo this to £800,000 this year noting the points made above; the increasing benevolence demand and reducing MOD support to the serving community in some areas. This figure not only allows for immediate coverage of up to two years of commitments at current levels or the funds could be made available for a shorter temi larger scale project in support of the Charty's objects. Future planning 28. The Charity will Continue to follow its objectives detailed previously in this report. 29. The funds set for the production and publication of an authoritative history of the Army Air Corps book will not be fully expended once the second volume is published in Q1 of 2026. The TrUStS have agreed to explore the relocation of the AAC memorial within the National Memorial Arboretum as a suitable lasting legacy alongside the book to those who contributed the funds. Funds have been committed to support a bi or triennial gathering of past and present members of the AAC and the wider Anny aviation community with the next event scheduled for Summer 2027. Funds are now being set aside for this and other future anniversary events. 30. The funds agreed for the AAC'S participation in World War Two 80th commemorations in Summer 2024 are likely to be last of such larger scale events for the foreseeable fijture. 4 At 2025 MaTket Rates and Performan Registered Charity No 1184333 Page 8 of 10
31. The Charity has supported the continued use of the Military App, Eagle Connect as means of communicating with the Charty's contributors and beneficiaries., the past and present members of the AAC. Commitment and reSoUrS remain for the traditional means of communication such as newsletter and joumal. Any savings made from a transfer to more electronic communications are still not expected to be fully realised before the end of 2025. 32. The Trustees continue to monitor and to examine the domestic income and expenditure against the in-year budget as a means of intelligent forecasting. Despite some fluctuations they believe that demands for welfare and charitable support across the serving and retired communty will continue to rise. That expenditure includes the traditional benevolen in temis of the relief of those in need. It also embraces the positive effects on morale and well-being of proactive expenditure on sports and adventurous training, welfare projecls and similar activities within the communty. They are also alert to the continuing negative effects of austerty measures in society and of changes within the Armed Forces themselves, not leasl of which are the increased readiness cycles and training deployments. All of these factors dictate that there will be a continuing need to take income from investment in order to support the charitable objects and that investment income will be the principal sour. The Trustees will routinely examine the growth, rna1ntenan and use of ils reserves against medium and long tem needs and risks. Public benefit statsment 35. The Charty supports those in need both serving in the AAC and its fomer members, their families and dependents. Further support to the serving community through good and benefrt financial grants enhanS morale and wellbeing thus enhances military efficiency, giving benefrt to the Ministry of Defence and therefore the wider Public and the Nation. The Trustees confirm that they have referred to the Charty Commission Guidan on Public Benefrt when reviewing the Charity's aims and objectives and in planning future activities. Disclosurfr of Informatlon to auditors Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that.. a. So far as that Trustee is aware, there is no relevant audit information of which the Charty's auditors are unaware. b. That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charty's auditors are aware of that infomation. Registered Charity No 1184333 Page 9 of 10
Report approval This report has been read and agreed by the Amiy Air Corps Charty Trustees. E J Butterworth ADC Colonel 9 Dember 2025 Enclosures: Auditors report. Audited accounts 1 Apr 2024 to 31 Mar 2025 with notes. Registered Charity No 1184333 Page 10 of 10
Inde ndent Audilorfs Re ort to the Trustees of Ami Air Co s Chari inion We have audited the financial statements of Amiy Air Corps Charity (the 'charitable company,) for the year ended 318t March 2025 which comprise Statement of Financial Activiti8S, the Balance Sheet, the Cash Flow Statement and noles to the financial statements, including signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fairview of the state of the charitable companys affairs as at 31 March 2025, and of its incoming resources and application of resources, in¢luding ils incorne and expenditure, for the year then ended-, have been properly prepared in accordance with United Kingdom Generally A¢¢ept8d Accounting Practice; and have been prepared in accordanGe with th8 requirements of the Charities Act 2011. Basis for o inion We conducted wr audit in accordance with Intemational Standards on Auditing {UK) IISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial staternenls in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit 8vidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatin to oln concorn In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditions that, individually or collectively, may casl significant doubt on the charitabla company's ability to continue as a going Gon¢ern for a period of at least e1ve months from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of thetrustees with Spect to going cOnM a described in the relevant sections of this report. Other infomiatlon The other information comprises the infomiation included in the truste88 annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within th& annual report. Our opinion on the financial statements does not cover the other infomation and, except to the extént otherwise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the othèr information is materially inconsistent with the financial stalements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have Enclosure 1 Page 1 of 3
performed. we conclude thal the is a material misstatement of this other inforrnation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are re uFred to re ort b exce tion We have nothing to report in respect of th8 following matters in relation to which the Charities (Accounts Reports) Regulations 2008 require us to port to you rf, in our opinion.. the infomiation gNen in the trustees. report is inconsistent in any material re$pact wlth the financial statements. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records. or we have not received all the infomiation and explanations we require for our audit. Res nsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 2, 3 4 the trustees a responsib18 for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable th8 pr8paration of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concem. disclosing, as applicable, rnatters related to going ¢on¢em and using the going concem basis of accounting unless the trustees either intend to liquidate the dpritable company or to cease operations, or have no realistic attemalive but to do so. Auditor res nsibilltles for the audit of the financlal statèments We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurancè about whether the financial statements as a whole are free from material mi55taternent, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can attse from fraud or error and are Considered material if, individually or in the aggregate, they could reasonably be expe¢ted to Influen the economic decisions of users laken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and gUlations. We design procedures in line with our responsibilities, outlined above, to detect materral misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. As part of an audtt in acGordan¢e with ISAS (UKI, exercise professional judgement and maintain professional scepticism through the audit. We also.. 1. Assessed the susceptibility of the entity's financial statements to material mi$statem8nt, including how fraud may occur. 2. Held di5¢ussions with thè client regrading their F)olicies and pro¢edur88 on compliance with laws and regulations. 3. Held disCU5sion8 Wlth the client regarding their policies and procedures on fraud risks, including knowledge of any actual suspected or alleged fraud. We consider the entity's controls effective in identifying fraud. W8 do not nSIder there to be significant difficulty in detecting irregularities. Enclosure 1 Page 2 of 3
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a rnaterial misslatement in the financial statements or non-complian with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further dèscription of our responsibilities is available on the FRC'S website at= htt s'.Ilwww.frc.or .uklauditorslaudil-assurancelauditor-s-res onsibilyties-for-the-audit-of-the- fildes¢ri ion_of-the_auditorOAE2ah80%99s-res nsibilities-for. This desGription fomis part of our auditor's report. Us8 of our re This report is made solely to the Gharbtable company'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 mighl state to the charitable company'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 pemiitted by law. we do not accepl or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Samuel Ketcher FCCA {S8nior Statutory Auditor) For and on behalf of Xeinadin Audit Limited, Statulory Auditor Chartered Accountants 12 Conqueror Court Sittingbourne Kent ME10 5BH Xeinadln Audil Limited Is èllglble to act as an auditor in temis of sectlon 1212 of the Companles Act 2006. Enclosure 1 Page 3 of 3
Enclosuro 2 to AAC Charity Trustees Report 2024-25 Dated 9 Dec 25 ARMY AIR CORPS CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED31 MARCH 2025 Unr•#bfct6d Rèstsld•d Total Funds Total Funds Funds Funds 318t Pljarch 31st Mah 2025 2024 Income and endowments from: Donations and legaci8S Charitable actMbÈs Investments 260,240 16,590 285.5C 151,987 20.959 3,224 412.227 37.549 288,730 391,410 46,871 283,682 Total Incon and endowments 562,336 178,170 736. r21, Exp•ndilur• on: Raising funds Charitab18 actiiAtias Other 43,859 501,639 25,718 43.859 664.708 25,718 40,811 163.C69 9,541 Totsl oxp•nditu 571,216 163,C69 734.285 708.716 Net Incomellexpendlturel before goin11¢)¢$I on In¥tsents 18,880) 13.101 4,221 13,247 Net galnslllos8e8) on invosknents 10 {83.956) 183,956) 707.f69 Net Incomel{exp•ndlturnl 92.836 13,101 9,735 720,916 Transl•r bW••n fund Net Incomlng Resource8 before other rncognlsod galn$ and 10$80$ {92.836) 13.101 179.735) 720,916 Other Recognlsed Galn8 and Lo88e8 N•t Mo¥¢ment in Fund$ 192.8361 13,101 179.7351 720,916 Roconclllatlon of fvnds Total fvnds brought forward 11,736.861 250,147 11,987.008 11.266.092 Total funds carrfed fonvard 11,644,025 263,248 11.907,273 11,987.(8 Th8 notes on pages 4- 17 form part of those accounts The statement of finanal actiMtie5 includes all gains and lo&ses recognised during the year. Registered Charity No 1184333 Enclosure 2 Page 1 of 17
EncloBure 2 to AAC Charity Trustses Report 202¢25 Dated 9 Dec 25 ARMY AIR CORPS CHARITY BALANCE SHEET AS AT 31ST MARCH 2025 Noto 31st March 2025 31st March 2024 Fixéd Ass•ts w6tments 10 11.473,970 11.473,970 11,649,641 11.649.641 Curr•ntAss•ts Debto Cash al bank and in hand 11 12 27,433 445.470 25.377 370.936 472,903 396.313 Llabllltl•$ Creditors.. AmoLrts fallng due V+ithin year 13 39,600) 158,9461 Net Cuwènt Assets 433,303 337.367 Total assets loss current Ilablllti•s ,00 The Funds ofthecharity Reslrioted tuThls 14 263,248 250,147 Unrestricted knds Designated Other Charilable Fund8 15 17 181,943 11,462,082 203,398 11,533,465 Total ¢tharity fuThJs 11,90 87,00 Th8se fjnawal staterrEnts have been prepared in accordance wth FRS 102. Appmed by the Board ofTrust•es on ............. 09-Dec-25 On its behall by Col E J Butlerwgrth ADC, ChairofTnrt8ee8 notes on pages 4- 17 form part ofthese accounts AIIMV 14lP COIIPS Registeréd Charlty No 1184333 Enclosure 2 Page 2 of 17
Enclosure 2 to AAC Charity Trustoos Report 2024-25 Dated 9 Dec 25 ARMY AIR CORPS CHARITY STATEMENT OF CASHFLOWS AS AT 31ST MARCH 2025 31st March 2025 31st March 2024 Cash flows from op•rating o¢tivlli¢s Net incomellexpenditLbrel per SOFA Adjustments for.. Depreciation IGain5lllosses on investments Dividends and interest from investments (Increaselldecrease in debtors in year Increaselldecrease) in creditors in year Net ca¥h provld8d {us8d In) by operating aclivitles 179,7351 720.916 83,956 1288,7301 12,0561 19346 305911 1707,6691 1283,6821 1634 19 836 251233 Ca$h flows from Investlng actlvltles Dmdends and interest from investments preedS from the sale of investments Purchase of investments N&t cash provided by (used Inl Investlng actlvitios 288,730 2,234,604 2 142 889 380.445 283,682 1,017,377 1,133,204 167,855 Change In cash and cash aqulvalents in tho year 74,534 {83.378} Cash and ca8h equlvalents brought forwalll 370,936 454,314 Ca8h and cash equlvalents at the end of tho yoar 370 936 The notes on pages 4- 17 form part of these accounts APklY AIR COPP5 Registered Charity No 1184333 Enclosure 2 Page 3 of 17
Enclosure 2 to AAC Charity Trustees Report 2024-25 Dated 9 Dec 25 ARMY AIR CORPS CHARITY NOTES TO THE ACCOuTrs FCIR THE YEAR ENOED 31ST MARCH 2025 1 Accountlng P¢llcles a} Summa ofsl nificant accountin ollcles and ke accountin e5tlmatss The prinrApal accounting policies appli in the preparation of Ihege financial stslements e set out bdow. The polrAe$ have bean consistently ¥)pli8d lo all the years presenteil, unless otherwise stated. bl Statement of com Ilanc• The financial statements hav8 bg8n prepared in accordance th Accounting and RepCing by Charities.. Stslemenl of Recommgnded Prod1 applicable lo charities preparing th8ir accounts in accordance wlh the Financial Reporting Standard applicable In the UK and Republic of keland issued in October 2019. the Financial Reptyting Standard 4plicable in the Unrted ngdoM and Republ of Ireland IFRS 102), the Charrties Act 2011 and UK Generally Accèpted Accwnting c) Bas18 of aratSon Army Air Corp$ chanty meets the definf(ion of a public benefft entity under FRS 102 and is Charitable Incorporated Organisation registered %Mth the Charrties Commission in England, Unile(l Kingdom. Assets and liabilities are Inrtially recognised at historka cost or transaction value unless othe1$e statgJ in the relewdnt accounting policy notes. The finanryal $L8tements are prepared in stwlir>g, which is the fUnctILal currency of the Charity, monelary am¢wnts in these financial statwnents are rounded to the nearest £. d) Income and endoymignts l income is recognised On the charfty has entr(lemenl to the income, it is probable that the Income wll be recwved and the am¢)unl of the income receirable can be measured reliably. Dono¢i¢)ns Donations are recr4nised lthen recefv8ble. In the event that a donaion is $ublect to fulfilliThJ p8rfom)ance conditions b8for8 the chwity is entitled to the funds, the income is deferred and not recognised until f( is probable that those conditions wll be fulfilled in the reporting Per. Income from Gift Aid tax recla#ns is recognised lor any donalJn5 Wth rdevant Gtft certrfutes recognised in ineome ftr the year. Any amounts of Glft not weived by the year and are accounted for In income and xcrued inc(Mne in debtors. For legaaes, entitlemenl is taken on a casè by ease basis as the elar th8 date on whlc*" the arity is aware that probate ha5 been granted, the estate has been finalised and notification has been made by the exeojtorlsl lo the charity that a ejislribulion wll be Me, or vjhen distribution is received from the estate. ReCp1 of a legacy, li whcle or In part, is only consided probable when thè amount can be measur8AI raliably and the ch8rity has been notifièd of the executor's intention lo make a distribution. W the legacy 15 the fom of an assai other than eash or an asset listed on a roniSed stcL4( &xthange, recogn((icn 15 subject to th& value of the asset belng able to be reliably measured and title to the 8sset has passed lo the charity. Where legaciès have been notffied to the charity or the charity is aware of the granting crf probate, and the criteria for inci)me recogniticn have not been met, then the legacy IS tr8algJ as a eontingenl asset and dd0¥ea rf material. APMY AÈR COIPS Register&d Charlty No 1184333 Enclosure 2 Page 4 of 17
Enclosure 2 to AAC Charity Trustses Report 2024-25 Dated 9 Doc 25 ARMY AIR CORPS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 1 Accountlng Pollcles - contlnued Donated facilities and donated prof8$9ional seceS are recognised in inccyne at their fair value when their economic benefrt is proble, it can be measured reliably and the charty has control over the ilem. Fair value is detemiined on the basis of the value of the gift to the charity. For example the amount the charty would be willing to pay in the open market for such facilities and seNces. A wrresponding amount 1$ recognised in ewenditure. Grants Grants are accounted for as re¢eNed. Gmls recewed are included as unreslricled funds unless the source of the income restficts rts applical¥)n in which case il would be included in the relevant restrted fund. InveStMt Income Investment inccthe together with the lax recoverable thereon is aGGOUnt for on a received basis. Expenditure 15 reccJnised once there is a legal or constructive Obligat lo make a payment to a third party, it is probable that selllemenl will be required and the amount of the obligation can be measured relkgbly. All expenditure 15 accounted for on an eru818 basis. Grants payabl• Grants payable are payments male to third parties in the furtherance of the charitable objects of the Trust. In Ihe case of an unconditional grant offer this is accrued once the recipient has been notrfied of the grant award. The notification gives the recipient a reasonable eypeclation that they will receive the on&year or mulli•year grant. Grants awards that a Subject to the recipient fulfilling performance conditions are only accrued when the r1plent has been nolifi& of the grant and any remaining unfulfilled eondrtion atta¢hing lo that grant is outside of the control of the Trust. Irrecoverable VA T Irrecoverable VAT is charged 4ainsl the e>penditure hing for which it was incurr&J. Ralslng funds These are costs incurred in attracting voluntary inccffle, the management of investments and those incurred in trading activities that raise fund5. Ch&ritsble activilles Charitable expenditure comprises those costs incurr&J by the charity in the delwery of ils actiwties and services for its beneficiaries. It Indudes both eosls that can be allccaled directly to such acliwties and those costs of an indirect nature necessary to support them. AIIMY AIR ¢OAPS Registered Charity No 1184333 Enclosure 2 Page 5 of 17
Enclosure 2 to AAC Charity Trustses Report 202&25 Datsd 9 Dec 25 ARMY AIR CORPS CHARirY NOTES TO THE AccouTr¥fs FOR THE YEAR ENDED 31ST IAARCH 2025 1 Accounting Pollcles - contlnu•d Allocation of support and g(wemanca costs Support costs have been allocated betsveen governan costs and other suppLKt costs. Governance costs comprise all costs involving the public &countabilty of the charity and its compliance wrth regulation and good practice. These costs include Gosts lated lo statutory audit and Ial fees together wth an appcrtionment of overhead and support costs. Fixod assel investments Investments are a form of basic financial instrument and are initially rwnised at their transaction value and subsequently measured at their fair value as al the balance sheet date Using the closing quoted market price. The ststement of financial activities indudes the net gains and losses *i5ing on rewdluation and disposals throughout Ihe year. The charity does not acquire put options, derivatives or other complex flnanckgl instruments. The main fomi of financial risk faced by the charty is that of volatility in equity markets anej investment markets due to wider economic conditions, the attitude of investors lo investment risk, and changes in sentiment ¢on¢erning equtieS and within particular sectots or sub sectors. I galns and losses are taken to the Stalemenl of Financral Activities as they arise. Realised gains and losses on investments are calculated as the drfFeren between sales prrKeeds and their opening carrying value CK their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the dIfferen befftn the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are combined in Ihe Ststement of FanC1 tlties. gl Fund structure Unrestricted income funds are general fvnds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity and have not been designated for other purposes. Designated funds are unrestricled funds that are resources set aside for speoific purposes at the discretion of the trustees. Restitted income funds are those donated for use in a particular rn or for specific purposes, the use of which 15 reStrj to that area or purpose. AP¥Y AIR eowps Registered Charity No 1184333 Enclosure 2 Page 6 of 17
Enclosure 2 to AAC Charity Trustees Report 202&25 Datyd 9 Dec 25 ARMY AIR CORPS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 1 A¢countlng Poll¢le6 - ¢ontlnued h) Taxatlon The Fund Is a reglstered charity and accordingly is exempl from all forms of direct tayalton l) Financial instrunwnts The charity only has financial assets and liablities of a kind that quarfy as basic financial instruments. Basic fanCIal instruments are inrtially recognised at transaction value and subsequently measured at their settlement value. J) Fund-Ralsln Stsndard¥ Inforni•tlon The charity does not cry out any significant fundraising activities. Where fvnd raislng activities are undertaken these activities are reviewed and Monitored by the trustees and support and advi is provided where necessary. omgnts and k sourc8s of estimation uncertaln accountln Ilc There are no signrficant judgements made in applying the above accounting policies and no key sources of estimation uncertainty that May cause s material aéjustsmenl lo the carrying amount of assets and liabililies within th8 nexi financial year. 11 Goln concem There are no material UnrtaInlieS about the charty's ability to continue in operational stence for the forseeable future. ml D•btOfS Trade and other debtors are recognised al Ihe setuement amount. Prepayments are valued * the aTh)unt prepaid. n) Llabllltles and rovlslon$ Llabilities are recognised when there is an oblatiOn at the balan sheet date as a result of a past event, il is probable that a transfer of economic benefit wll be required in setuemenl, ar)d the amount of the settlement can be estimated lably. Liabilities are recognised at the amount that the Charity anllclpates R will pay to settle the debt or the amount it has recewed as advanced payments for the gc4Jds or sermces it musl promde. ARMY AIReoRPS Registered Charity No 1184333 Enclosure 2 Page 7 of 17
Enclosure 2 to AAC Charity Trustees Report 2024-25 Datod 9 Dec 25 ARMY AIR CORPS CHARtTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2026 Unrestrfctsd Rèstrlcted 31st March Funds Fundg 2025 31st March 2 Incom8 from donatlon5 and leyacies ReJimenlal 5ub5criptlons COIF Charty Fund Calendar Charitable Tru$l DatIOnS - Legacies Donated Semces (Note Sl Other 184,363 800 126,987 311,350 800 3.000 2,000 67,115 27.962 412,227 2.684 800 3.000 67.115 64.225 26.701 391,410 25.(KlO 151,987 Total 2024 245,019 146,391 391,410 3 Income from charltabl8 actmtles Unused IndIlu01 B8n8vol8nce Grants Refunds CtribUt)n IrMard8 granlayments 1,652 1.652 2S7 35,640 37.549 15.819 14.681 16,590 20,959 Total 2024 22. 149 24, 722 46,871 4 Income from investments Income from quoted investments Interest on deposit accounts 280.509 280,509 277,257 6.425 283,682 285.K 3.224 288.730 Total 2024 280, 3,332 283.682 S Donated Goods and Servl¢¢s Thi3 represents the services of the Corps h£c(nIant, Corps Secretary, Assist1 Cw Se¢retary and Welfare Assrstsnl whth have b8en donaied to the Charity by the Minislry of Defence Incle 71. The real eslale facililvas used by the Charity are donated by the Ccxnmandanl cl the Army Amation ctre. Due lo the fact that f&iif(ies used are owned by the Ministry of Defence it is impossible to place a market lue on them. The donat facilities have not therefo been included in these accounts. Arimy AIR corips Registered Charity No 1184333 Enclosure 2 Page 8 of 17
Enclosure 2 to AAC Charity Tru$t••s Report 2024-25 Dated 9 Dec 25 ARMY AIR CORPS cHARy NOTES TOTHE ACCOUNTS FOR YEAR ENDED 31ST PaARCH 2025 unles1cto{ Ro$trictsd Tolal Total Funds Funds 31st Il•r¢h 31st March 2025 2024 A8 Re¥tstrd 6 EXpondIr ¢n rni8lng funds Advetti51rv FL¥KI MarHger Charges 930 42.929 930 42,929 ,859 40,811 Total 2024 7 Exp9nd1M on charltabl• actlvlt Grants lo IliAdual8 (>8nts lo knsb'tuborn8'. BerEv01e Grants 86,646 78,646 48,775 Swport fr)rVetsraF 10,000 10,000 5,605 Presetvation of History & Heritage 29,500 29,500 20,000 EYperKlit to Impro thè lid Èyèriee of seNrKJ person1, support to terarn aThJ preserwation ofhistory and heritage.. - General Purpose FUFKJ grarts - HQ Offieers M&ss grants - AAC VeteTrns' Association gTrnts - HQ WOS & $9ts Mess grant - AAC Sport5 grants - GPRA Dorotions Awards. Tropli6s & Presentations SpoOr$hip Repai FUtionS Rauniors & AnThversari•s ComrwricatiorB lIh Ser¥irLq arKI Veter Herita9e- fMsts)ry book Website MorrtNy wb$lt& fres Salaries {nole 51 Prinb"NJ. Postage & Stathornry 6,595 6,595 1,200 10,000 91,874 91.874 15.658 10.266 12,785 63.638 150 20,000 13,782 104,026 30,085 64,902 31.955 748 12.168 61,647 86,629 2,889 12,565 96.737 15,658 10,266 12,785 30,000 33.638 150 20,000 5,479 104,026 433 B,231 31,955 748 12.188 20,000 17,985 117.921 8,031 90.19S 4,884 7,236 676 9,070 720 84,225 1,373 8,303 29,652 56,671 720 67,115 2,095 01,639 720 67,115 2,095 Total 2024 das$llSGaOon of prioryear e>peThJ1bj has been Lpdated folkswiTrJ a rpwiew of wmpliaa s%ith Charities SORP, Iws Th)t rfysulgd in an overall ¢hange to e>peThJibJe has lead 10 8 testatemert ofsome categories ofe>pendith. Full dets1 offvse grants are conlaitEd the TnBtee's Report. No reMurationwS paid to Tnjstaes dUrij Ihe year. Reimbursed costs amDuntiru to £107 pad to Mr TrLtstees dLrrirvJ yearfor office costs. ThB A¥myAir Gorps does rn)t ha%* any ¢wnpk)yees. The seNces oftre Corps A¢countant, co$ Secretary, Assistsrrt Corps Se¢r•tary and Weware As5istsrrt are donated to ts charity bythè Ministy of DÉfèncè (te 51. ARklY Alll COPP.5 Registered Charity No 1184333 Enclosure 2 Page 9 of 17
Enclosure 2 to AAC Charity Trustees Raport 2024-25 Dated 9 Dec 25 Af4YIY AIRCORPS ¢HARirY ACC UMTS FOR THE YEAR ENDED 31ST MARCH 2D26 Totsl FuMl• 31st Mar¢h 31stAlarch Fur 8 Othor 10,764 122 10,764 8,316 kleth"w Colts Trust Tthlng BoThk Charges 561 13 15 25,718 646 25,718 9,641 T¢a12024 9.511 9,541 F•)feeswe p to tha ser%Kts the 9 Tolal r080wco8 oxwd•d Totsi 3111 Il¥r¢h 2025 Total 31gt ¢05t8dlrgCtty alkicthd tOUvlti•• 1.501 58, 21.851 317,112 316.047 Awd¥, Prpgentdon$ & TrWs Clrt Sponsc¥thip tireet Rryr$ toSeAing Perxmnd FXIlS ti'reet Fund#8 R8JniMs etrnrnuntS 18.782 104,026 ,085 13.782 1D4,0 17,9 8.031 31.*5 74e 31.955 7.236 9.070 tXr8Ct Sothvare& App$ Hwrt8y. Hi$ityy Boc4( 13,215 13.215 12.16& 1Z1e8 676 Adbtrlisiig SupwL Supwt SuppLYt 1&779 67,115 42,92& 64,L5 40,811 1,373 8.316 Fund Manag¥ tharyes Pmllng, Post4e& Sl&t#Thy Audft k (ge5 Trustee TralnirN Sundr 41929 Supwt Supw)I Sup SupF 10,764 10,784 581 122 1,7 Totd Reree5 E4)ty)J 104.089 267,W9 155.718 42, 11,12 734 285 7718 TLW2024 7T,6 lQ812 99.t45 t9,617 076 708716 ARMY AIR CORPS Registered Charlty No 1184333 Enclosure 2 Page 10 of 17
Enclosure 2 10 AAC Charity Trustees Report 2024-25 Datad 9 Dec 25 10 Flxéd as8•t InvestsM•nts 2026 oted Invèstménts 8IFwd as ot 1 Aprfl 2024 Le$s-. Disposals al opening book value 2025 proceed5.' £2,234,604., loss.. £44.320 12024 pmcee(Js'. £1,017,377,. profft: £69,358 Add.. Acquisf(is al cosl Net unrealis1 insp8tm¢nl gains I11089e81 11.649.641 12,278,924) 2,142,889 {39,6361 Market value at 31 Mah 2025 11 473.970 Hislortsl ¢0818131 M8rch 2025 10,728.082 T¢l81 profrt I Ilossèsl on Inv•stm•nts w8r8 20251£83,9561', 2024 £707.889 All investments ar• unre8trfeted funds and art h•ld primarfly for Inv•stmont Ygtum 31st March 2025 UK Ltsted Investments Other Investments 1.693,797 3 921.870 5,615,867 5,333,697 524,6C6 5,858,303 11 Debtors 2025 2024 Other debtors 27.433 25.377 12 Cash at bank and In hand 202S 2024 Holt's. Royal Bank of Scotland Invastec 116,946 328 524 178,750 370 936 13 Cr•dltors Amounts falling due wlthln one yeAr'. 2025 2024 u81$ knuals for grants payable 28.174 11 426 39,800 24,718 34 228 58,946 AI*CORP5 Registsred Charity No 1184333 Enclosure 2 Page 11 of 17
Enclosure 2 to AAC Charity Trustees Report 2024-25 Dated 9 Dec 25 ARMY AIR CORPS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 14 Restrlctod Funds 8alancè 1Bt Aprll Transfws 2024 Balance Movemerrt of Re50ur¢o$ 31st March Incoming toIng 202S Sports Ha WOS, and Sgls, M8SS Ha Officers, Mes¥ GPF Benevolence Grants Website 5,000 (5,0001 {10,0001 10,000 25,000 49.317 101,853 {30,0} {51,290} {71,779} (lo,0) 77,59J 172,557 70,617 192,631 250,147 176.170 163.069 Balanc• ljt Aprfl 2023 Bal•n¢• Transfovs Movement of Rosourc•s 31st March Incoming Outgolng 2024 Sports HQ WOS. and Sgts. Mess HQ Officers, Mess Website 5,000 (5,000) (10,000) 25,000 46,036 102,909 130,0001 149,0821 (129,9351 85,636 209,583 77,590 172,557 303,789 10,OC 174,445 218.087 250.147 This fund ig used 10 8$SiSt Corps members in the pursuit of specifpd sporting aetiwt$, Thls relate5 to allcr*ions from the kny Sports Control Board and an external sponsor. WarT8nt Off ' and Ser Members of the HQ Mess pay one days pay per annum Inlo thls fund. The fvnd is used lo enhance the furnishings and surroundings of the buildings lo support lunctK)ns Ihrcwghoul the year for it's current and retired members. They also give support to the pfedeces8ors of the AAC, the Glider Pilot's Re9iment A550ciation. Office Members of thè HQ Mess pay one days pay per annum into this fund. The fund is used to enhance the fabri¢, fumishings surroundings of the buildings and to 8UPPOrt function5 throughout the year for il's current and retired mernbers. GPF Grants Jring the year, the OffirS. $$ and the Warrant Officers and Sergeants Mess contributed £5,000 each for the sperAfic purpose of supporting Iheir velefans in the fLYm of indmdual benewlen¢e grants. This relates to funding from the knned Forces Covenant Fund to help enhance the A4C Webshe in order lo pThide better communi¢alKJn and interaction wlh the AAC Veteran cornmunily. The restri¢le(J bal)ee used on the project. Once complete the remaining unrestr1 b81ane8 was transferred to a nthv Communications fund to provide resources to roach out lo the seNng personnel and veterans iria the new Army Air Corps )p. ARMY AIR ¢tsFIPS Registered Charlty No 1184333 Enclosure 2 Page 12 of 17
Enclosure 2 to AAC Charity Trustees Report 202425 Datod 9 Dec 25 ARMY AIR CORPS CHARITY NOTES TO ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 15 Unrostrfctsd funds UnstriCted funds show a large OUnt in resen which is èxpected to rise. This is due to predicted $ignrfi¢anl in¢rease in grants and donations paYle, as explained in the Tru$tea$ Report. BaJanr8 GalnB I Baknnc• 31st 1st Aprl Tran8f8 2024 on hS)¥ement 0fR•#Our¢ Inv•8lm•nl• kn¢omh)g Outgolng 2026 G¢ngrn1 Purp989 Fund 11,533.465 1172,033) 183.9581 561,271 1376,6651 11,462,082 D•8lynat•d Funds AAC Vetèrats, A$$'n Glider Pilot Rrft A8s'n Sports Heritage- hislory book 65thAnrrivgrsary Raunion% & Annivwsarios CommunicAtior6 wth S¢Niro MI Volgr¥r AAG Website 44,468 5.000 1,821 11.2711 34,337 140,000 64,624 (10,286} (5501 2S7 1137,6641 112,1681 39,202 36.930 52.456 54.502 30,000 11,696) 131.9551 11,9481 53,355 83.956 562 336 571.216 11.644 025 Gain8 1 B•lJn 31¥t fknv•rn•ntof R•low6 Mprch Transfern knTe1tsnts Incoming Oulo01ry 2024 1t Ap 2023 General Purpo88 Fund 10,713.983 1130,000} 707.669 531,699 (289,8861 11.$33.485 D•8natsd Funds hAC Veterarts. Ass'n Glder Pibt R8gtAss'n SKM)rts History Book th Aeary Rewior6 8 AMiver8aries commurlcatr wlh SeTvirvJ aTrJ Vetera AAC Website 47.357 2.221 63,170 140,CQO 65,300 59,386.00 159,3861 59,386 10,880 12,8891 {400) 15.819 1184,658) (676} 1,821 34.337 64.624 14,8841 17.2361 54.502 10.962,303 10.000 707 E69 547 518 49D 629 11.736,861 The fun<Js of the tharily indulle the fknn9 dèsign8ted funds which ha b88n sat aside out of unrestric*¥(I funds by the Trustees for sp¢cffi¢ purposes.. Afikiy Airi CORPS Registered Charity No 1184333 Enclosure 2 Page 13 of 17
Enclosur• 2 to AAC Charity Trustees Report 2024-25 Dated 9 Dec 25 ARMY AIR COKDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 16 Unrestrfcted funds - ¢ontlnu•d AAC Vetera ation The Army Air Corps Veterans, A88CCi8tion promdes a fccal point for Communicati with ¥eterans of the Amy AK Corps, retired members of Army Amation and widows. Glid Pdot5 R imenl Assctkatio This fund is for dispgrs)n lo a number of beneflar of the GIKler PilrA Regiment Assoaation as annuiti8s and lo those veterans and eligible dependants in need on a case by case basis. During the year. the trustees agreed to transfer the remaining balance of £1,271 to the General Purpose Fund. Future support lo Glider Pilot veterans and their elKJible dep8ndents wll be provided by the General Purpose Fund. orts Thts fund is used to as$i$t Corps members in the pursuit of spled 5POrting ivilies. A dèsignated fund has been set up for the remainder of the costs of the productbn of the history book. The balance on the Fenton Sear designated fund was transfeed into this fund during the finanaal year end 31st March 2021. 65th Anniversa This dasvJnaled fund was set up to allte fundiig to mat1¢ the 65th year of the Army r Corps establishment in Septgmber 2022. In Ixder to celebrate that event the Army Air Corps held a reunion event al the home of the Amiy Air Corps in Middle Wallop on 3rd September 2022. Funding was made available to dispersed Army Air Corp$ units to support lrtal 8V8nls. The activity was titled Eaglefest 65. After the eNEnl, a remaining balance of £59,386 was transferred to a new fund for futur@ &v8nls, named ReunKins. ReunK)ns A new designated fund Sel up for future anniversary events of the kny Air Corps. The rémaining balance on the 65th Anniversary designated fund was transferred into this fund. This fund was set up for future Eaglefest events and SignnI anniversaries of the Amiy Air Corps. Communications with Serwn Personnel and Veterans This new desvJnated fund was sel up during Ihg financk41 year ended 31st March 2024 in cder to promde funding for a new kny Corps ADP. Thi5 prowded the ability to communicate wlth the wider Army Air Corps community and to put indimduals in touch with each other. On completK)n of the AAC Website the rèmainlng unrestricted balance from this project was transferred into the CommunicalKJns fund amounting to £10,880. During the financial year ended 31¥1 Mar¢h 2025, the remaining balance was transferred to the General Purpose Fund. wh8re costs relating to Ihk8 actimty wll be ch8rged In the future. Ami Aircor s Websit8 A desKJnated fund was sel up during the year ended 31st Mar¢h 2023 to create a website and to provide funding for ongoing development and maintenance and lo improve communications with the veteran community. During the year end 31st March 2024, the remaining balance was transferred to the Communutions with Semng Personnel and Veterans Fund. AItIY AIP ¢OIIPS Reglstered Charity No 1184333 Enclosure 2 Page 14 of 17
Enclosuro 2 to AAC Charity Trusteos Report 2024-25 Dated 9 Dec 25 18 Assets AttrlbutBbl•to Fund5 The baianc& M the resthcted accounts hdd wlhin the Royal Bank of Scotland deposit acCCnI. The unresldcted and deslgnated funds are held w((hin the remander of the fund& 19 Ultlmate Controlllng Party The kny Corps Chartty was controllwj throughout the Currenl previou$ year by the Regimental Committee and Trustees. 20 R•latfjd Party Transactlons Three trustees are also Iruslees of the Amiy Flying Wseum, a charity that the kny Corps chtY pThides grants and donations to. During the year ded 31st March 2025 the Arn)y Ar Corps Charity granted £20,000 to the Army Flying Museum lo hire two archiwist5. During the year ended 31st March 2024 £18,000 was granted, together th £2.000 for repwrs. Drg the year ende(131s1 March 2025 payments lotalling £9.500 were made lo the Arniy Historical rcraft Trust for flyover s8Nc8s. The kny Historical Trust shares a common trustee with the Army Air Corps Charity. No payments were made during the year ended 31st March 2024. During the year a sponsorship donation lotslling £5,000 {2024 £5,O)01 was recewed from company for %thom a trustee of the Arniy kn Corps Charity is an employee. ARk•V AIR CO•PS Registered Charity No 1184333 Enck)sure 2 Page 16 of 17
Enclosure 2 to AAC Charity Trustses Report 2024-25 Dated 9 De¢ 25 ARMY AIR CORPS CHARTrY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 21 Conting•nt Llablllty There are no contingent li*ililies. 22 Flnan¢lal Instrument8 31st March 31st March 2025 2024 Financk4 assets measured al fair value through Financkql assets that are debt instruments Measur * 11,473,970 11,649,641 472,9D3 396,313 11.946,873 12,045.954 Llabllltles Finan¢BI IBbililw measured at amortised 39,600 (58.9461 Financkgl assets measured at falr value through Incomele>pendrtU in¢lude8 investments. The basis used for detemiining the far value of investments is the Unadjust quoted price in &live markets. Financial assets that are debt Instruments measured at amortised wsl includes other debtors and cash at bank and in hand. Financial liabilrties measured at amortised cost includes acuual$. Items of Incom4 expen$4 gains or loss•s Net galnsl (108sesl Incom• 2025 Financial assets measured at falr value through Financial assets measured at amortised cost 280,509 8,221 288,730 (83,956) 83,956 2024 Financial asset$ measured at fair value through Financial assets measured at amortised cost 277.257 6,425 283.682 707,669 707,669 23 Post balanc• shoet gvonts There have not been any post balance sheet events. 24 Analy818 of changes In net cost At 1 April Cash flow8 At31 March 2024 2025 Cash al bank in hand 74,534 74,534 445.470 445.470 370,936 RMY AIII CORPS Registsred Charity No 1184333 Enclosure 2 Page 16 of 17
Enclosure 2 to AAC Charity Trustsos Report 2024-25 Dated 9 Dec 25 ARMY AIR CORPS CHARITY NOTES TOTHE ACCOU14TS FOR THE YEAR ENDED 31ST MARCH 2025
Grants to knstitutions
Bonovol8nco GrJnts 2025 2024 Roy31 BrfO$h Leglon SSAFA Tom Harrison House RAF BeOn A W Lynn Ltd 5 RegimentArmyAir Corps 1 RegimentAmyAir Corps 4 RegimentArmyAir Corps AmryAviation Centre RAF Shav/oury 3 Regiment Army Air Corps F Wmarch Veterans Aid BLESMA- British Limbks$ ExSeNcemensAsgociation Harfey PsyclJatr$ts 35,714 23,268 12,500 2,000 1,500 500 350 327 312 175 15,836 25,421 1,500 1,860 1,000 929 955 980 48,775 76,646 ApplicatIor for grarts are revie by ts CharityaTrJ, ifagreed, a paid to the abova ir6ti1ubons for orvNard paymentto the individtml cOrr. Grants to Support Vgtgrnn8 2025 2024 The Rathy ProFct BI 8eretCTrBritab Trust 5,000 5,000 10,000 5.605 5.605 Grants to Pre8er¥e Hlstory and Herhge 2025 2024 Army F'n9 Museum Historic Aircraft Flight 20,000 9,500 29,500 20,000 20,000 Registsred Charity No 1184333 Enclosure 2 Page 17 of 17