Royal Air Force Sport Aircraft (RAFSA) Charity number: 1184646 Trustees Report and Financial Statements for the year ended 31 December 2023
Royal Air Force Sport Aircraft (RAFSA) Trustees report for the year ended 31 December 2023 Admlnistration The charity is registe wth the Charity Commission for England and Wales - Charty number.. 1184646 Prfnelpl¥ ¥ddress'. RAF Sport Aircraft IRAFSAI CIO RAF Waddin9lon Flying Schod & Club RAF WADDINGTON LINCOLN, LN5 9N8 Trust0. Air Marshal Sir Christopher Harper Group Caplain Stephen Wetton (Chairl ng Commander Gary Paul Coleman (Deputy Chaw) Squadron Leader Christopher Martin Hives Squadion Leader Karl Jenkins Flight Lieutenant Kevin Brian Fyfield (Secretary) Flight Lieutenant Christopher Lloyd Edmondson Corporal Glen Hold¢n structurn. Gov•rnane• and Managemgrrt The Royal Air For¢tr Sporl Aircraft IRAFSAI Charity was ffifst registered on 29 July 2019 and is conslituled as a Charitable Incorporated Organisalion. The Charity began oper8tKJns on 1 January 2020, havin9 taken ovèr the assets and activities of Ihe Royal Air Force Flying Clubs Association IRAFFCAI whith ceased operation on 31 De¢emb&r 2019. ObJectlve8 and actbvltl The charitable object of RAFSA is to promote efficie by lostering'Esprbt d? Corp$', ralsing moral&, developinglonhandng mental ré$ilien¢e and encouraging airmanship. air.mindedness and avt)n salety awarnmss lo all m•mt41s of Ihe Royal Air Force through the provision ol Sporl 8ir¢r¥ft fyiThJ and ta1n9. Flnanclal Revlew The charrty's aclivities continued to Tecover p05t Covid 19 with Ihe full engagement, and oversight of, 9 RAFSA Schools and Clubs. 11 reported an operating deficrt of £15,23712022.' def1 of £7,972> belore depratIOn charges and one-off donations and asset sale5 for the year. Alongside a generous grant from the RAF Central FuThl of £16,133 the charty benefited from 3 othèr significant cash inflows. those being the 6ngin& and prop*llor replacement funds ol both Tecnam P2008 aircraft and also the Slingsby T87 Firefly IG-BYYGI., as the operators of Ihe subject aircraft. these fvnds, amounting to £33,964, were previousfy held by the RAF Waddington and RAF Marham Flwng Schools. Having retumed the TL-2000 Sting S4 aircraft IG-NIACI to an airworthy CondOn, il was decided to sell Ihe aircraft and return the proceeds of the sale, minus costs incurred. lo Ihe Air League Charity,. ihe Air League had previously donated th aircraft to RAFSA but the charity Subsequent deemed rt unsuilable for fying training. Funds were used to improvè the irworthiness and general Conditi ol its Robin DR41Y)1180 Regent IG-FITL} arKI G-BYYG. However, a buoyant m8trt for second-hand aircraft led to the pfudent sale of G-FITL. the proceeds of which mained wthin the charty. The ¢harrty rn8de OTatIng costs payments of £1.5CQ lo eath of Ihe 9 FLAFSA Schcds and Clubs and also sold ils large AVGAS fttel bowseT to the RAF Brize Norton Flyin9 Sth(x)l at 8 re{ce price of£3,OTrJ'. Ihe $8le wa5 made on the proviso that the school would self-fund the costs quoted to retum the LNMser to a safe and 1è9al 5t8ndard and that RAFSA would no longer hold any financial lia.11 on the faality. At 31 December 21Y23 the ¢hatity had lotsl cash $0$$ of £116.81812022: £84,519).
Royal Air Force Sport Aircraft (RAFSA) Trustees report for the year ended 31 December 2023 Financial Revlew l¢onVdl Th8 trustees dedare that they have approv8d thg trust¢es' report above. Signed on behalf ofthe charit5 trustees Tru51ee'. Trust¥¢'. Fif LT k pifiÉLb I SÉ Sqn Ldr C M HNes Dale., g 202+. Date. 10 MA£Cd 202+
Royal Air Force Sport Aircraft (RAFSA) Independent Examinerfs Report to the trustee5 This report is on the financial slalements of Royal Air FoT(¥ Sport Aircraft IRAFSAI for the year ended 31 December 2023, which are set (xrt on pages 3 to 7, and refers lo my examinatson carried out in al£ordan with Section 145 of the Charities Act 2011 I'lhe 2011 Acf). R•spè¢tive responsibilitSes of Tru¥tees and ExamIr The charity's trustees are responsible for the preparation ofthe accounts in 1rdan wth the iequirements ofthe Chariti8s A¢t 2011 llhe Acn. Th& ¢h8nty's Iwslees consider that an Judit is rKJt requirod for this yoar under section 144121 of the Charities Acl 2011 Ith& 2011 Acll and that an indgpewKlent examinat is needed. 11 is my responsibility lo: èxamine the accounts urmler section 145 of the 2011 Acl., to follow the procedures laid down in the 9¢nernl Directiorts given by th• Charity Commission und&r $trction 14515llbl of the Act," and lo slate whether particular matters have ccffte lo my attenticffl. BaBiB of Indep8nd•nt EM¥minerfs report My examination was carried out in accordance with Ihe genefal Direction5 given by the Charfty Commission. An 8xamin81i¢n includes a review ol the ac£ounting ledS kept by the charity and a comparison tsf the accounts pr&s8nted with those records. 11 also includé$ nsIderatiOn ol any unusual rttrms or dlsdo5uS in the accoun13. and seeking explanations frorn you as Iruslees ¢on¢trrning any such matters. The procedvres undertaken do not provide all the eviden that would be required in an audit and o)nsequently no opinion is given a5 lo whelher the a¢¢ounls presenl true and fair vi8w and the report is limrted to Ihose matters set out in the statement belsy Ind•p•nd•nt Ex•mlnerf• •t•t•m•nt In connection with my examination, no material matters have me lo my attention.. al which gives me CaLe to believ• Ihal In, any malwid respect, th8 requiremenls.. lo keep the accounting rgcords in accordance wth section 130 of the charl.eS Act., or to prepare accounts whlch ¥crd 7fvnth the acr)Junting r8c(*ds a1 c(mpty wth the accounting requiffjments of the 2011 Acl. have not bagn met,. or bl lo which, in my opinion, attention should be drawn in order to enable 8 woper understsnding of the accounts lo be reached. J A D Mumby FCA Chartered Awouniant Wellingore Hall Wellingore Lincoln LN5 OHX 26 February 2024
Royal Air Force Sport Aircraft (RAFSA) Statement of Financial Activities for the year ended 31 December 2023 Unfeslricted Restricted Fun¢Js Funds TOTAL 2023 2022 Notes INCOMING RESOURCES Charitable Activities Grant5 and Donations Investments 7.099 27.865 7,099 27.865 4,790 18,387 Ttstsl 34,964 23,177 RESOURCES EXPENDED Raising Funds Charitable Activities Management and administralion 48.602 1.598 48.602 1.598 27,574 3,575 Total 50.200 50.200 31,149 NET INCOME 115.237) 19.7871 115.2371 19.7871 17,9721 Transfers b8ts8on funds Othèr r¢¢ognl8ed galn•lllo83••1 Depreciation SurplLts ari*ng on sale of wrcraft and equipment Re-valuation ol G-BYYG Transfer sale procgeds of G.NIAC to Air L&a9110 Transfer in of Aircraft and equiwnenl NET MOVEMENT IN FUNDS 1400 19,750 20,CD) {95.39SI 1400 19,750 20,000 (95,3951 118,6501 223,500 181,C691 181,0691 196,878 RECONCILIATION OF FUNDS Total Reserves brought foard 410.231 410,231 213,353 TOTAL RESERVES CARRIED FORWARD 329.163 329.163 410,231
Royal Air Force Sport Aircraft (RAFSA) Balance Sheet a$ at 31 December 2023 Unrestrthd ReStrted Funds Funds TOTAL 2023 2022 Notes FIXED ASSETS Tangible assets 244,800 244,800 351,450 CURRENT ASSETS Debtors Bank 2.109 116.818 2.109 116.816 3,520 84,519 118,926 118,926 88,039 CREOITORS.. amounts falling due wlthln an• yfjar 600 NET CURRENT ASSETS 118,326 118,326 87,439 TOTAL ASSETS 363,126 363.126 438,889 CREDITORS: amounts falllng after more than on• ye•r NET ASSETS 363,128 363.126 43B,889 RESERVES General serVe Englne replacement reserves 329.163 33.964 329,163 33,964 410,232 28,657 363,126 363,126 438,889
Royal Air Force Sport Aircraft {RAFSA) Notes lo the Financial Statements for the year tnded 31 December 2023 1. ACCOUNTING POLICIES Basis of preparing thè finan¢ial statsrnents The financial statements have been prepared in aCrdanCe Mth the Chatities SORP IFRS 1021'Accounting and Reporting by Charrties.. Statement of Recommended Practice applicable to chariknes piÈparing their accounts in accordance with the Financial Reporting Standard applicatle in the UK and Republic of Irelan¢J IFRS 1021 (effective 1 January 2019}'. The financial statements have been prepared under the historical cost convention. Incom• All income 15 recognised in the Ststement of Finanual Acbvilies once the charity ha5 entiilernent to the lunds. it is probable that th& income wll be received and thè amount can be measured reliably. Expendlture Liabilities a re¢ognised as expenditure as soon as there is a) alegal or con$lructive obligation commith'ng the charity to that expendilure, bl rt is probable Ihat a transfer of econc¥nic inefits will be required in settlfyrnent and cl the amount of the obligation can be measured lIablY. Expenditu is accounted lor on an accruals basis and bas been classified under headings that aggregate all cosl related Its Ihe cJlegory. Where ¢osts cgnnot be directly attributed lo particular headings th hp¥e been allocaled to actithti8s on a b8siB nsIstent with the uso ol resources. TangIb fixed •8Bet• The air¢raft shown as fixed assets wer& broughl into the charity al a figure which refiected their estimalgd open markel value. The Trust&&$ have deuded not lo prowdè lor depreciation on these aifuaft as they consider the net realisablè value lo be equal to, or grealef Ihan. the value shown. DepClaI10n is provided on planl and equipment al the followin9 annual rates in order to wrilo off each asset over its èslimale(l u5efvl lrfe. Alrcraft Pl8nl and mgchin•ry 5% sir•vJhl Sto¢ks Stocks are valued at thg lower of cost and realisae value, after making due allcwanc8 lor obsolele and slow movin9 Itèms. Fund aeeounting Unrestricted funds can be used in accordance vAth the thariiable objectives at the dis110 oflhe ITUStees. Restricted funds can only be used for particular re$lrided purp05e5 Wthin the objects ol the charity. Restrictions arise when specified by the donor or vthen lund5 are raised for particular $trIcted purposes. Further explanation ol the nature and purpose of each fund is included in the notes lo the financial sialetnents.
Royal Air Force Sport Aircraft (RAFSA) Notes to the Financial Statements for the year ended 31 December 2023 ANALYSIS OF INCOME Unrestricted Funds Resiricted Funds TOTAL 2023 2022 al Charltabl• Activitie¥ subrIp.03 7.099 7,099 4,790 7,099 7.099 4,790 bl Grants and Donations RAF Central Fund Othef grants Aeros- enlry fees Insurance claim 16,133 16,133 5.000 1,320 5,412 16,812 1,575 1.320 5.412 27.865 27,865 18,387 ¢1 Investments TOTAL INCOMING RESOURCES 23.177 ANALYSIS OF EXPENDITURE unre5tn.cted R06tricled TOTAL 2022 •) Ral8lng Fund• bl Charitable Actlvltle$ Operating c05t5- G-NIAC Other operating COSt$ and equipment Support lor dubs Return of RAFCF granl from pnor year Aeros competition costs Scholarship costs RAFSA promobonal costs Wobsile 4.19) 16.548 13,500 3,888 8.202 4.190 16,548 13,500 3,886 8,202 4,567 10,434 1,391 1.492 392 48.602 1,492 392 48,602 9.462 1.700 27.574 cl Man•g•rn¢nt ond Adrnini8tration Sundry admin exps SubScrip.0ns etc Travel & subsistence Legal fees Bookkeeping Independent Examiner Fge Bank charges 323 199 203 323 199 203 984 1,143 227 372 372 480 21 1,598 800 420 21 1.598 3,575 TOTAL RESOURCES EXPENDED 50.2CKI 50,200 31,149
Royal Air Force Sport Aircraft IRAFSA) Notes to the Financial Statements for the year ended 31 December 2023 TANGIBLE FIXED ASSETS Plant & Equtpment rcraft TOTAL Cost At 1 January 2023 Additions Disposal$ 365,0 20,000 125,0(KJ 260.OC(I 15.500 380,500 20,000 132,500 268,000 Depreciation Al 1 January 2023 Ch8rge lor year Eliminated on disposal 28.250 800 29,050 400 6,250 23,200 6,250 22,OCL) 1.200 NET BOOK VALUE At 31 December 2023 238,OC 6.800 244,800 351,450 Al 31 December 2022 336.750 14.700 Thè charity sold the TL-2000 Sling S4 G-NIAC in septemLr 2023. The proceeds of sale, less operatinglrepair costs, were 9rant¢d back lo the Air League Charity Ithe original founders ol th? projecti The charity ¥150 Sold the Robin DR400 &FITL and the luel bo•tser transferred from Marham FC in 2022. The trustees have decided not to provide for further d&pr100n of the remaining aircraft held by tha chgrity. Their net realisable valLtè is considered lo remain at or above original valuabon. The expected luture useful operating life ol the fuel bowser is estimated to be 20 years and depr8cialion Is Iher&for& provided 815% per annum on rKtst. DEBTORS 2023 2022 Insuran¢e re Spirit of Ayre Other expenses to b8 relunded 1.715 1,715 2,109 1.895 CASH AT BANK AND IN HANO n$ted Reslricted TOTAL 2022 Bank Current Engine Reserves 82,854 82,854 33,964 55,862 28,657 Ca8h 116.818 116.818 84,519 MOVEMENT ON RESERVES General Reserve Engine Reserves TOTAL Balance at 1 January 2022 SurplusllDefiatl lor year Other recognisad 98insllosse$ Transfers Ilolrtrom Balance at 1 January 223 Transfers Ito}Ifrom Surplusl{Defiritl for year 88lan¢x al 31 December 223 213,353 {7.9721 204.850 213,353 17,9721 204,850 28,657 28,657 410.231 28,657 5,307 438.888 5.307 181,0691 363,126 {81,069) 329,163 33.964