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 av￿t￿)n salety awarnmss lo all m•mt41s of Ihe Royal
Air Force through the provision ol Sporl 8ir¢r¥ft fyiThJ and t￿a￿1n9.
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.' def￿1 of £7,972> belore dep￿r￿atIOn 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 Cond￿On, 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 m8￿trt for
second-hand aircraft led to the pfudent sale of G-FITL. the proceeds of which ￿mained wthin the charty.
The ¢harrty rn8de O￿TatIng 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 charit￿5 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 ExamI￿r
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 $trction
14515llbl of the Act," and
lo slate whether particular matters have ccffte lo my attenticffl.
BaBiB of Indep8nd•nt EM¥minerfs report
My examination was carried out in accordance with Ihe genefal Direction5 given by the Charfty Commission. An
8xamin81i¢n includes a review ol the ac£ounting le￿dS kept by the charity and a comparison tsf the accounts pr&s8nted
with those records. 11 also includé$ ￿nsIderatiOn ol any unusual rttrms or dlsdo5u￿S 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 CaL￿e 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 ¥c￿rd 7fvnth the acr)Junting r8c(*ds a￿1 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 fo￿ard
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 ReStr￿ted
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 aC￿rdanCe *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$lructive obligation commith'ng the
charity to that expendilure, bl rt is probable Ihat a transfer of econc¥nic i*nefits will be required in settlfyrnent and
cl the amount of the obligation can be measured ￿lIablY. Expenditu￿ is accounted lor on an accruals basis and
bas been classified under headings that aggregate all cosl related Its Ihe cJlegory. Where ¢osts cgnnot be
directly attributed lo particular headings th￿ hp¥e been allocaled to actithti8s on a b8siB ￿nsIstent with the uso
ol resources.
TangIb￿ fixed •8Bet•
The air¢raft shown as fixed assets wer& broughl into the charity al a figure which refiected their estimalgd open
markel value. The Trust&&$ 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.
Dep￿ClaI10n 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 realisa￿e 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 dis￿110￿ 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¥
sub￿rIp￿.0￿3
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 septemL￿r 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&pr￿10￿0n 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￿$t￿￿ed
Reslricted
TOTAL
2022
Bank
Current
Engine Reserves
82,854
82,854
33,964
55,862
28,657
Ca8h
116.818
116.818
84,519
MOVEMENT ON RESERVES
General
Reserve
Engine
Reserves
TOTAL
Balance at 1 January 2022
SurplusllDefiatl lor year
Other recognisad 98insllosse$
Transfers Ilolrtrom
Balance at 1 January 2￿23
Transfers Ito}Ifrom
Surplusl{Defiritl for year
88lan¢x al 31 December 2￿23
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