2024-12-31-accounts - Royal Air Force Sport Aircraft

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Royal Air Force Sport Aircraft (RAFSA) Charity number: 1184646

Trustees Report and Financial Statements for the year ended 31 December 2024

Royal Air Force Sport Aircraft (RAFSA)

Trustees report for the year ended 31 December 2024

Administration

The charity is registered with the Charity Commission for England and Wales - Charity number: 1184646

Principle address:

RAF Sport Aircraft (RAFSA) C/O RAF Waddington Flying School & Club RAF WADDINGTON LINCOLN LN5 9NB

Trustees:

Air Marshal Sir Christopher Harper Air Vice Marshal Mark Phelps Group Captain Stephen Wetton (Chair) Wing Commander Gary Paul Coleman (Deputy Chair) Squadron Leader Luke Bowman Squadron Leader Christopher Martin Hives Squadron Leader Karl Jenkins Squadron Leader David Taudevin Flight Lieutenant Charlotte Deschenes Flight Lieutenant Christopher Lloyd Edmondson Flight Lieutenant Carl Jenkins

Structure, Governance and Management

The Royal Air Force Sport Aircraft (RAFSA) Charity was first registered on 29 July 2019 and is constituted as a Charitable Incorporated Organisation. The Charity began operations on 1 January 2020, having taken over the assets and activities of the Royal Air Force Flying Clubs Association (RAFFCA) which ceased operation on 31 December 2019.

Objectives and activities

The charitable object of RAFSA is to promote efficiency by fostering ‘Esprit de Corps’, raising morale, developing/enhancing mental resilience and encouraging airmanship, air-mindedness and aviation safety awareness to all members of the Royal Air Force through the provision of sport aircraft flying and training.

Financial Review

The charity’s activities continued with the full engagement, and oversight of, 9 RAFSA Schools and Clubs, which operate as separate Legal entities. It reported an operating deficit of £5,397 (2023: deficit of £15,236) before depreciation charges.

Alongside a generous grant from the RAF Central Fund of £16,133 to assist with Operating Costs for Association activities, the Charity benefited from a one-off grant of £5,000 from the Royal Air Squadron to enable the running of the RAFSA Aerobatics Competition. Membership subscriptions amounting to £5,377 from the Clubs completed the major income.

The Aerobatics Competition, held at Conington Airfield, was the focal point of the Charity’s events for the year, allowing significant outreach and promotion of its activities. Participant’s own personal contributions were supplemented by RAFSA Charitable Funds to enable a wider engagement opportunity for the Association.

The charity made Operating Costs grants to each of the Clubs (enabled by the RAF Central Fund grant plus some supplementation from RAFSA Reserves). These were based on a bidding process to apportion to each club according to their needs. In total, payments of £17,404 were made to Clubs, including the cost share of Annual maintenance for the RAFSA owned, RAF Waddington Flying School operated, Tecnam P2008 G-RFCA. In addition, a further £750 was granted to Clubs to support New Member Engagement.

Royal Air Force Sport Aircraft (RAFSA)

Trustees report for the year ended 31 December 2024

Financial Review (cont’d)

At 31 December 2024 the charity had total cash reserves of £109,354 (2023: £116,818).

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

David

Taudevin

Digitally signed by David Taudevin Date: 2025.10.08 12:08:05 +01'00'

Trustee: David Taudevin

Date:

Royal Air Force Sport Aircraft (RAFSA)

Independent Examiner’s Report to the trustees

This report is on the financial statements of Royal Air Force Sport Aircraft (RAFSA) for the year ended 31 December 2024, which are set out on pages 3 to 7, and refers to my examination carried out in accordance with Section 145 of the Charities Act 2011 (‘the 2011 Act’).

Respective responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and
to state whether particular matters have come to my attention.

Basis of Independent Examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below

Independent Examiner’s statement

In connection with my examination, no material matters have come to my attention:

a) which gives me cause to believe that in, any material respect, the requirements:
to keep the accounting records in accordance with section 130 of the Charities Act; or
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act.

have not been met; or

b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

J A D Mumby FCA

Chartered Accountant Wellingore Hall Wellingore Lincoln LN5 0HX

29 April 2025

Royal Air Force Sport Aircraft (RAFSA)

Statement of Financial Activities for the year ended 31 December 2024

______________ Notes £ INCOMING RESOURCES 2 Charitable Activities 5,377 Grants and Donations 22,573 Investments - Total 27,950 RESOURCES EXPENDED 3 Raising Funds - Charitable Activities 32,330 Management and administration 1,017 Total 33,347 NET INCOME (5,397) Transfers between funds - Other recognised gains/(losses) Depreciation - Surplus arising on sale of aircraft and equipment - Re-valuation of assets 18,200 Transfer sale proceeds of G-NIAC to Air League - Transfer in of Aircraft and equipment NET MOVEMENT IN FUNDS 12,803 RECONCILIATION OF FUNDS Total Reserves brought forward 51,217 TOTAL RESERVES CARRIED FORWARD 64,020 Unrestricted Funds	_____ Restricted Funds £ - - - - - - - - -	___ TOTAL 2024 £ 5,377 22,573 - 27,950 - 32,330 1,017 33,347 (5,397) - - - 18,200 - 12,803 51,217 64,020	______ 2023 £ 7,099 27,865 - 34,964 - 48,602 1,598 50,200 (15,236) (9,787) (400) 19,750 20,000 (95,395) - (81,068) 132,285 51,217

Royal Air Force Sport Aircraft (RAFSA)

Balance Sheet as at 31 December 2024

Notes £ FIXED ASSETS Tangible assets 4 263,000 CURRENT ASSETS Debtors 5 2,109 Bank 6 109,354 111,463 CREDITORS: amounts falling due within one year 600 NET CURRENT ASSETS 110,863 TOTAL ASSETS 373,863 CREDITORS: amounts falling due after more than one year - NET ASSETS 373,863 RESERVES 7 General reserve 341,965 Engine replacement reserves 31,898 373,863 Unrestricted Funds	Restricted Funds £ - - - - - - -	TOTAL 2024 £ 263,000 2,109 109,354 111,463 600 110,863 373,863 - 373,863 341,965 31,898 373,863	2023 £ 244,800 2,109 116,818 118,927 600 118,327 363,127 - 363,127 240,831 33,964 274,795

Royal Air Force Sport Aircraft (RAFSA)

Notes to the Financial Statements for the year ended 31 December 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements 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)'. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a) a legal or constructive obligation committing the charity to that expenditure, b) it is probable that a transfer of economic benefits will be required in settlement and c) the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and bas been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

The aircraft shown as fixed assets were brought into the charity at a figure which reflected their estimated open market value. The Trustees have decided not to provide for depreciation on these aircraft as they consider the net realisable value to be equal to, or greater than, the value shown.

Depreciation is provided on plant and equipment at the following annual rates in order to write off each asset over its estimated useful life.

Aircraft - nil Plant and machinery - 5% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Royal Air Force Sport Aircraft (RAFSA)

Notes to the Financial Statements for the year ended 31 December 2024

2. ANALYSIS OF INCOME a) Charitable Activities Subscriptions b) Grants and Donations RAF Central Fund Other grants Aeros - entry fees Insurance claim c) Investments TOTAL INCOMING RESOURCES 3. ANALYSIS OF EXPENDITURE a) Raising Funds b) Charitable Activities Operating costs - G-NIAC Other operating costs and equipment Support for clubs Return of RAFCF grant from prior year Aeros competition costs Scholarship costs RAFSA promotional costs Website c) Management and Administration Sundry admin exps Subscriptions etc Travel & subsistence Legal fees Bookkeeping Independent Examiner Fee Bank charges TOTAL RESOURCES EXPENDED	£ 5,377 5,377 16,133 5,000 1,440 - 22,573 - 27,950 £ - 3,887 2,362 13,517 - 10,779 633 813 340 32,330 79 - - - 397 480 61 1,017 33,347 Unrestricted Unrestricted Funds	Restricted Funds £ - - - Restricted £ - - - -	TOTAL 2024 £ 5,377 5,377 16,133 5,000 1,440 - 22,573 - 27,950 TOTAL £ - 3,887 2,362 13,517 - 10,779 633 813 340 32,330 79 - - - 397 480 61 1,017 33,347	2023 £ 7,099 7,099 16,133 5,000 1,320 5,412 27,865 - 34,964 2023 £ - 4,190 16,548 13,500 3,888 8,202 390 1,492 392 48,602 323 199 203 - 372 480 21 1,598 50,200

Royal Air Force Sport Aircraft (RAFSA)

Notes to the Financial Statements for the year ended 31 December 2024

4. TANGIBLE FIXED ASSETS

Cost At 1 January 2024 Additions Disposals Depreciation At 1 January 2024 Revaluation Eliminated on disposal NET BOOK VALUE At 31 December 2024 At 31 December 2023	Aircraft £ 260,000 - - 260,000 22,000 (17,000) - 5,000 255,000 238,000	Plant & Equipment £ 8,000 - - 8,000 1,200 (1,200) - - 8,000 6,800	TOTAL £ 268,000 - - 268,000 23,200 (18,200) - 5,000 263,000 244,800

The trustees have decided not to provide for further depreciation of the remaining aircraft held by the charity. Their net realisable value is considered to be at or above original cost to the charity.

5. DEBTORS

Insurance re Spirit of Ayre Other expenses to be refunded 6. CASH AT BANK AND IN HAND Bank Current Engine Reserves Cash 7. MOVEMENT ON RESERVES Balance at 1 January 2023 Surplus/(Deficit) for year Other recognised gains/losses Transfers to/(from) Balance at 1 January 2024 Transfers to/(from) Surplus/(Deficit) for year Balance at 31 December 2024	£ 96,121 13,233 - 109,354 Unrestricted	Restricted £ - General Reserve £ 410,231 (81,069) 329,162 12,803 341,965	2024 £ 1,715 394 2,109 TOTAL £ 96,121 13,233 - 109,354 Engine Reserves £ 28,657 5,307 33,964 (2,066) 31,898	2023 £ 1,715 394 2,109 2023 £ 82,854 33,964 - 116,818 TOTAL £ 438,888 (81,069) - 5,307 363,126 (2,066) 12,803 373,863

Royal Air Force Sport Aircraft (RAFSA)

Detailed Income & Expenditure for the year ended 31 December 2024

INCOME: Club subscriptions RAF Central Fund Other grants received: Geoffrey de Havilland Other - Aeros Leased Aircraft Insurance refund EXPENDITURE Operating costs - aircraft insurance Operating costs - G-RFCA Leasing costs - G-EGBJ (net of hire fees) Support for clubs (£1,500 x 9) Refund of RAFCF grant Equipment costs Insurance Aeros competition costs RAFSA promotional costs Website Other operational costs Travel & subsistence Subscriptions Sundry admin exps Bookkeeping Independent Examination Fee Bank charges NET OPERATING (DEFICIT)/SURPLUS Depreciation Surplus/(loss) on sale Revaluation of aircraft Transfer proceeds of G-NIAC to Air League Transfer to G-BYYG eng/prop reserve TRANSFER TO RESERVES Reserves b/f Reserves c/f	3,886.80 3,443.34 (2,784.00) 13,517.02 - 1,560.00 143.02 10,778.67 812.72 339.56 632.50 - - 78.79 397.40 480.00 60.80 -	2024 £ 5,377.00 16,133.00 5,000.00 1,440.00 - - 27,950.00 32,329.63 1,016.99 (5,396.62) - - 18,200.00 - - 12,803.38 329,162.66 341,966.04	4,190 10,899 2,785 13,500 3,888 3,080 174 8,202 1,492 392 - 203 199 323 372 480 21	2023 £ 7,099 16,133 5,000 1,320 - 5,412 34,964 48,602 1,598 (15,236) (400) 19,750 - (95,395) (9,788) (101,069) 430,232 329,163

Royal Air Force Sport Aircraft (RAFSA)

Detailed Balance Sheet as at 31 December 2024

FIXED ASSETS Cost Depn Aircraft 260,000 (5,000.00) Fuel Bowser 8,000 - CURRENT ASSETS Debtors Prepayments Bank Lloyds current - HSBC 96,121.30 Tecnam reserve - G-BYYG reserve 13,233.00 CREDITORS: amounts falling due within one year Payments in adance - Accruals 600.00 NET CURRENT ASSETS TOTAL ASSETS RESERVES General reserve Surplus/deficit for year Engine replacement	2024 £ 255,000.00 8,000.00 263,000.00 2,108.89 109,354.30 111,463.19 600.00 110,863.19 373,863.19 329,162.66 12,803.38 341,966.04 31,897.15 373,863.19	5,000 77,854 24,176 9,787	2023 £ 238,000 6,800 244,800 2,109 116,817 118,926 600 118,326 363,126 430,232 (101,069) 329,163 33,963 363,126