RF.GIS'I'LRED CO*IPANI' ￿E,}IBER.. Ck'U22772 IEnglRnd W•le%l RF.GISTERED CHARI"I'I' l Lli IBf.R: 1190721 rt uf the Trustees iin#u(lited Fingnei#l Statemenis rvr the l'ear LndeJ 31 December 2024 for The Schools, Aeros ace C.'8r¢ers Pro ranime l.'lieeler & Co Lid C'h&MirLd .4ccouniani 'I"he ShTiibbery' 14 (;hurch Sircct i'hiichur¢h HLtmpshire RG28 7A13 The S¢hools' kl¥r.()s ce C-areer¥ Pru rarnme Conttnts of tbe Firt#ncial Siatements for the l'ear Ended 31 Dettmbtr 2024 Page Rtf¢rcnie And.4dmtn15trative Detail$ Report of tlit'I'ru5tees Independent Examiner's Repnrt Staletnent vf Financigl Activilies Bal#nce Sheet Cash Flow Stalement Not¢5 to the C¥¥h Flow Statemvnt otes io the Financial Staiem¢nt5 12 to 16 Detailed St#tem¢nl of Tr'inAiicial ArtiTrilies 17 The.%rhools' Aero$ p#¢¢ c.areers Pro ramD]e Referente #Dd Administrative l)etfti15 for the l'ear Ended 31 December 2(124 .1 RLISI'EES Dr Michael Smith MT.4drian Jon¢s -Mr C'.hri5tophcr Smith Elaine Il'hioe Gilli<￿1 N larshall Chair Trea5urcr and l)eputy Chair appnirtted 12.07.2024 RTr:GJ&>TERFD nbFICE 9 V%'nt Rvad BaRiiiostoke IlampshiiL RCJ21 %N'L. REC.IS'I'Tr.RED COMPANIY NL':.MBFR C.F.O?2772 IEn¥land itnd Il'alesl RF.Gis"fERF.D CIIARITI, )L'hlBF.R DLPENDF.N I. b:x.4￿.jll5ER WhLLILr & C.() r.td CharteTed AILuiintant. Ihc Shrubbtt Whitchurch Hatnpyhirc RG28 7,IB Page I 'I'he SLh(Fol%' Aeros ate C.dreers Pro rajuffle Ke ort uf the Tr1151ees fvr the Year F'Dded 31 Dtttmber 2U24 'I'h¢ truslecs whn ar¢ also diTeLlnrs of the chJritv for the purpv5CS Ot'thc C.ompHnies Act 20t16, present Ihcir ieport with tlic tinanc131 staleJnLiils olthe ¢harii>, fuT the vtar ejided 31 Dccember 2024. 'fhc tru%ieeR hal'e adL)piL,d the proNisiun% of AcLounting and Reponing b), C.haiilits.' Statement of Recotnnicndcd Praclice applicablc to charities prL'paTing IhLir accoiints Jll (ICCOTdance w'ith tlie F'-inanci21 Reporting Standard applicabl¥ in thc LK and Republic ot 5reland 11.'RS 1021 l¢fltrtivc l January 2019}. OBJEC.TI*'ES,I)D..ICTIVITIF.S Objellives and aims ror Ilie publiL bLiiefit, lo advance the cducarion of young pcaple hy pronioling, su%taiiiing and IllCTea5ing tljeir individual and LuIIL'Ctive k'tiowlLdge and underst￿n￿]ng uf cnEineerin¥, aviation and T¢lared SLIL'nte% vsa the mLdiurn of aero%pa¢¢ and in%piriiig Ihcni lo pursue tn¥ineeTiiig at)d a￿1￿11￿￿ rclaicd care¢rb. Mie Trustee8, hawing had rcgard olthe EuidanLL Issued b). tlje Chdrily Commi.q%ion on public knefit, hai'e desigrted the Schooi8' Aerospacc C.'areer% Programn)L lo undertakt thL lull0￿..1jig.. excite jvung pcople'% inter¢sl in engineering gencrall}', dnd a¢rnnauliLs and astronaulJLS Sptcifically., InlvTm t]ieJn of Ihe relalcd c￿Trellr and potential career opw)Munilie5 available., ¢.¥plaiJi the route5 into thos¢ ¢ureers, and proiidc a rcgu12¥1) updated source of 5uppori mdteTial.- build a highl! aLlive rtetmork of indii'idLials ajid organiz4ttions ihar will asS151 Ihe%c )'thung people Lnler and progTCSS thcir CaTeer5. and. most imponani of Jll, r¢cognisin¥ the chroniL ¥hvrtd¥e of eiigine¥rs in thc I,￿. and Ihc serious Ittis-conctptio b￿ thc majorirn. of young pcoiile acro55 all s()Cln&econoinic (Iiid ethnic backuv¥inds of the ac¢¢ssibilii}' of the acrospac¢. space and aviation industrie%. bring }'oiing pcc)ple face-to-loce M'iih poiential vmployers in industry. With tlie later point In tnind. according to Engineeringl'K.. "ThL nuinbey of new. enginecring apprenliLes and graduates in ihl UK per year will nced to double to tncct Ilie ourr¢nl TequiremL'nt of 180,OnO bnnuall}'. l-here 15 a sli()rifall of 54.000 5kill¢d ¢ngiiieering profL'55ionals eacli )'car, bui it. that gap ¢vuld be filed it is cstimaied li iloiild gcntraie an addiliunal £27 Billion p¢r vlai for tlic Lk eiononi}'. Illmost kalt. of bil￿ten I l 19 years old %av thc) knov little nr notliin¥ abuul H'lial etJKin¢trb do. This lack uf awarene%$ is Luinpoundtd by tlic fact that niost STEM Icachets 4rE not fmm an eDgineerin¥ bJckground and ¢ai)Iivt talk wilh genuine aiiihuril}' nn the topii. The Alnl ol the tharity is to, iii its $niall Hayy help fjll that gap and so contribute in a rybnst valid? l)rlictical nd megDingful tTr the IIK etuThomi' and bv extensioJJ to st)ti¢ty' as a whole. Tu do so li8￿.e d¢%'is¢d three elem¢nis'. an annual Todd-show of tiine fdct-to-face Preselltations around ihc LK ro gTOVP5 oc Indepeadent and bldle schools undertaken at s¢leclLd'hosl' %thools' nnual hatTrds-vn En¥incering W'orkshops undertaken inilially ar Shuttleworlh Crjllege atjd assisicd by th¢ RAF Museum., folloiY-(?n NleN'ork which includc% tncntoring and Jnier-actii'c supp()rf b), indiistr). and associated tradL and prolcs%innal bodie¥ w'hich is opejk to all vuung people Lip lo the age of 18 *ia thciT sLhool%, and IhLTcafter in tlieir vwn righi: thL %chool% and 411 VTgani%ations Involved ill and 8UPPOrting the charit).. a websire and .4()cial mcdia policy designed 10 prvvide a continuous floiv Of relevant infornidli()n lo oiir ben¥firiarie5 I'hc SAC.P do¢s not make grants. The SAC'P'S policy in Tespecl of InVL.￿hn¢nt is ds fvlluw's.. 'To asS151 the del'elopmeni of the long-ILTm financial security of the ch2fiiy ond thc ability lo fund une¥peGted bul ess¢nlidl Lircum5tances. .411 aciivilies arc currenily undcriaken on a no cost ba815 fnr the young pcople iiivolv¢d. Page 2 "I"he schools, Aeros 4tce Career¥ Pro ranime k¢ orl tsf tbe Tru%tees for the Yegr b'nded 31 Dt¢vmbtr 2024 I"RA TF.GIC' REPORT Ilchievtmtnt and perlorfftance Building on MhJt we achieved as reLOTded in ilie pr¢Nious Annual Report wc.. In¢rEascd our database of school% to oier 700 LIK-wide. Continued th¢ rL'organi.4ati()n of the SACP In Te.%p¢cl of tsiana¥eTnent, operations, and Trustee repre5cntation. Cvmpletcd 30 pre.genlalions to 90 schools, invol￿1n¥ active engagemLDI w'Trth oi'er 4.500 studL'nts. r)es1 Jfj td aR(I launLhcd a nei* H'Lbsitc and a8lOtiut¢d soiial tnl'dia platforins. l-h¢ Hehsite proi'tdeb ¢omprehensive Inlorniatioii about exisling and potential future carceri, technologics olthc 4th Indu5tridl Rcvolutioti, and haiidpiLked articles of inl¢rL%t. Cunlinued ID incrL'd5¢ Ihc iiumber tsl'Lvnipanics supporting Ihc 5ACP. Iltt¢nd¢d FdTnb()rouoh Iniem&livnal and Ptterborvugh STENI Fe£tival 2024. .4equir¢d tlit Boston D>Thainic5 quddrupcd robot 'Spoi'. and devLlopcd a %tand-alonc large larg￿age mudcl N'oice io i'iiict svstem, eiiabliT)g Spoi lu %p¢ak. ,Icquired a cumplcre audio-Trisual s>%lern includiiig spiakcTS & niicropliones. as wcll as I I AR(VR.Meti Quest 3 sysl¢a15 plus relevanl software. Acquired Lusloiii built travel cascs for all equipmenl uscd during l)reseni&iiiun%. Addcd a fhori aLLrediled Introductori Coursc lor %tud¢nts to complclc thTnugli APLiK, Iviih 3a candjdales passed through iii daT¢. C.ontiniJed discussiun% ￿ltI1 InembErs uf the aerospa¢¢ industry concerning financial &ssi%tan¢¢ and scrvicc£i%upport in kind FiDanci*l rcview Principal fundiog Sources Privtsle &. corporaie ￿ponsOrS are the main SOUTces of fiynding. Invt*t]nent policv And objeclivv These are os 5ralcd in obJctliN'e5 & aclivilies RtstrTres policv lu eiisure ihe 51iurl aijd, separaielv, lonEcr-tern) liqijidity and financial indepcnéence of Ihe SACP. Funds in deficit Therc arc no funds in dcficit. Funds hild #s custodiAn tru&tee on hehalf of oiheFS There are no funds held on behalf of oihers. Pag¢ 3 The.Srhools' Aeros 2r¢ Chreers Pro ramme Re tsrt of the'I"rustet. fDr (he l'ear Ended 31 1)erember 2024 STRAI'&:G'JC' RLPORT linanciAI #nd risk managtm¢nt oiijeclive% polÈcies The I rustccs aekno%*l¢dge that thc identification ￿]d rnanagement uf risk to the SACP is their T¢sponsibility. Consequentl!. a dctailcd Risk Polic), and as%ocialed dLiiun procediire$ 1.4nnL'xcsl ha￿e becn crcatcd. klGcordin¥l)'_ again¥t Iht aim of SAC.P Ihc Tru%tcc% annuall}. reviL'W' aiid a5se55 IhL ri%ks Ili¢ StlCP fJ¥¢s in all arexs of its work, and plans accordiIi¥li fL)r the managemcnl ot tho.se T15ks. It'neLLSStitN', r¢piews AfL uiidertaken withix] ¢ach 12-monih pcriod. Idenlifyithg Ri¥ks As d mininiuni, the l-ruslee5 Collstder 2$ part of the ideniifiralion proce%*, the following.. the SIIC'P'S aini, policies and stratt¥lLS-. IhL' naturc and scale of-IhL s.￿ep.% aclivjiiLJ- the OUlCLimc5 thar nccd tn be acliicvLd, ¢xlcrnai racTors Ihai niiglit affect the SAI'P, such as legisldlivn and Ttgul2lion- tlit SACP'b iepuiation Thiih it5 major tiinder5 nd sUPP()Ticr%, d£ appropriaie. PdSt mistake£ and problems rhat tli¢ SAQP has ftted., tlie op￿￿611￿g structure.. IUT ex3niplc. subsidiary trading Canipanies lil. & when appli¢#blell, ur venlurLS (if & .hcn applicable)., 115 rclation%hip with oihL'r orgaDisations. Assessing Ri￿k Iti aTI driempt to take a¢¢oiin1 of all facirtrs, forcsten and IioteJili81. IhL following 8ss¢syment rnethod has bcen adopred.. likeliliood x impacr impact. 'I-hc cflect is ro oivc Lxtra emphasis lo Itnp&tct w'hen asseising risk. Additionalls, il 1.% re￿¥￿bir¢d thai risk sloring often InvolTres a dogrte rtf jijdgemcni or.&ubjecrivilJy ¥U w'here iiiforinaiivn on past events nr patterns 15 dtrailable thjs is Taken into aC¢OUDT if appropriate tlierebN enahliiig Inore cK'iden¢ed-based deLl5ioll5. Furthermor¢, M"hilst a focu5 on high-impacl risk is iinportant, Truslccs dv not forgci thai what might be a lowcr impacl risk can change to I'LTI high impa¢1 risk bccau.ie of the PL)5sible ¢onneclion beiiv¢¢n it liappeniry¥ and triggering Ilic occiirr¢n¢¢ uf other risks. DeLiding Sub5e(ru¥nt ilction I'here In&TrJuf Tisks are id¥nlilied the TTUStee5 will ensure Ih2t appropriate actTOII 15 being ittken to nian&g¢ them. Tlie risk rcview includcs &%.Eessing lioii. eff¢LliN'e exisiittg Lunlruls arc a% w'¢ll as con%id2ring an}. addilicinal action Ihiil need5 10 bc taken, eiilier b} Itsscning tlie likelilioud ul'ilie event o¥Lurring, or les%ening ils impact if 1t does. Risk managemeni ]% diined at Tedu¢ip.¥ the 'gross' leF¢l ol. risk identified 10 a 'nil' lei.'el of risk,. in utheT words, Ihc T15k- Ihdt remain.s afier approi)ri￿te action has bccn taken. I rusie¢5 will tonn J I'le￿ as 10 Ihe atceptabiliiy vl'the net risk Ihat retnains aller nidnagenient. In a$5¢SsillL aLtiun to bc taken, the costs of manag¢mcnr or Lontrol will bL ¢onsid¢r¢d it) th¢ ¢onlLxt of th¢ polcntial Jmpacl or likels, cost thai ihc coniri)15e¢k5' 10 prevent or miri¥alc. Il balaiice ¥￿111, Ih¢rtfore: need lo be struck betllL'cn tlie cosi vf fiirther action lu illana¥c ihc rjsk a￿d ihc potential Impact of ihL' fL51dual risk. Periodic IlIonitvriy]g & Assesstntnl "l-hc 8.4C.P prnccss enSUT¢S that.. new risk5 are PTÉ)perly repori¢d lind eNaluated. riik aspects of SiEnilicdnt new projec15 ¢irc considered a5 pari ofproje¢t appraisals,. an) signiticant failurcs ol-control sN'51ems drc proi)erl5' repvri¢d dnd action¢d., theie is dn adequate leN'el of undL'r£tandin8 of individual rtSPOnbibiliiits fur boili implcmL'nt2tion and moniti)ring of the control Syitcms.. ali} further actions rcquired are ideniificd,- IruslLLs consider alld reN'ieM' the annual pr()Le54 It%elf., Iruslees arc pro%'ided with relevant and timel) interini repons. The Ineiliod of CLidilj'ing such approacli bj the SACP i% thTnugh the ol. a risk registei. Tlic rcgi%ler pull.s iogetheT the ke) aspeLIs ol- dic Tisk inanagemLnl process. It schcdulc% risk-s their assessnienl. Ilie controli tn placc. and lh¢ nct TTsk%, and Ilien idu are resptsn5iblc for the prcparation i)f the aciounl% in accorddnce with the r¢quircments vf ihc C.omp2ni¢s Aci 200() (the 2006 Act,). 14ai-ing sati%fied my5clf thal the ￿7CcOunt5 of the Cvmpanv are Jioi requircd to he audilcd linder Part 16 of the 20U6 Act and are eli¥iblc for indepLThdcnt ex2rniJialion, I repnrf Itj rlspect of In￿ exdtniiiation of }our Lharitv's accoiinls ds Carried oiil under Section 145 of the Charitic4 Aci 2U I I I'iht 2011 .4il'l. In caTThing out tnv c.¥aminaiion I ha￿'e followtd the l)irecijUt15 giv¢ii bj Charitv Coinmi55ion under Scciion 14515 j {bl ot. Ihe 2011 Act. Independent cxAmilltr's statel￿ent Since your chdrily'% gross illLuHie exceeded £2£0.000 SOUT cxaminer rnijst bc a mtmber i)f kj li%led bodv. l liln eonfirrn that l am qualified to undertakL IhL exaniinaiivn bccause l am a mcmher nf the Instiiule nf C'huriLred .4ccounlanis in England and ￿'a]e.%. which is Oiit of tlie Iisicd bodies. I hai'v completed rny cxamin211on. I confirni that no rnatt¢rs hav¢ coine lo niy aticntion in conncLlioll witli ihc txaniinaiiun ¥iving me causL to bclieve.. acLoulliiiig records w¢r¢ not kept in rcspcci of Ihc Company a5 required by Scciion 386 vf the 2006 Act., or the acii)Iini& do not accorij ￿'1th those record5. or Ihc actouiits do ni)t coinpli. with the accountin¥ rcquirement5 of 8cclion .396 01. (he 2006 Ail other tlian any reqijircmcni thai the aLLULints give a trii¢ and fair which 18 nat a matier considered as part of ai) itJd¢pendent cxamination., Dr lh¢ d￿CO11nt4 hai'¢ noi bceii iireparcd In accord8n¢¢ with the mtihods and principlcs nf tlie Siaienient of Recomtn¢ndcd Practice for accounting and rcprjrting b} Llidrilies lappli¢abl¢ to chariiie5 prcparing their atLountq Ill itccurdaiice wilh Ilie Finanrial RcpottinÉ %tandard Jpplicable In th¢ L,'K and Republic of Iyeland (FR£ I n211. I hale no roncern$ 2nd have come across no oiheT matters in CODnccrion with tlie examination ro which dllLntiL)n slioiild be drawi in ihi5 rcport iii order to cnahle a proper underslandtng vf the accounls to bc reathed. K¢Nin Wheeler FCA The ljislilule of Chartered Accountants in England and W'alcs M'heelej. & Co Ltd C.hartcrcd.4ccountanis The Shrubbcry 14 Church SITCL't 11 hitchurch Ilampshire RG28 7AB Dalc.. Page 7 'ht SchDols' Aeros Le Caretr5 Pro ramme Statement of Fin2ntio1 Activities ror tbe lear F.nded 31 Detember 2024 2024 202.7 LnrestrictLd fund runds IINC.'ONIE AND E￿D011..￿ILlT￿ FRO.T41 l)onalion5 and legaGies 250,000 J20,114 Other trading activi(i¢s Invesimenl income 20.2.?4 9,253 32,619 Total 282,619 349,()0 I EXPk,N¥DITURE OTr4 Rai%ing funds 5.046 Charit*ble acttiitie$ SLhool pre%eniaiion cosi% Websiie cosis 126,905 77,022 OthL'r 898 Total 94.177 ILT INCOfvIE 120,9G4 255,424 RECONC.II.1.4'rioN OF FIINI)S Total funds brJu¥ht forn¥ard 925.656 670,232 T(ITAL Tr'L,'NDS C.'4RRIED FORWARD 1,046,620 92£.656 Tlie nc)ILs f()Trn Part of th¢be financial siaiemcnts Page 8 20 2024 2Q23 iIDrt*iGty] Totsl fuDd It 8 io J02J06 138.451 CURRENT AgsrTS 944.774 787.805 CREDITOKS 16N)) 16rK)I NET CURRENfA&SETS 944,114 787205 TOTAL L85m LESS C15RRENT LIABllXllL8 I.iW620 925,656 NET ASSE15 1.146,020 925ffj56 13 1.046.620 925,656 TOTAL FifNDS I,(46.￿0 925,656 Tbe ¢hmbl¢ c4)mpaDy ts eatitled awlit wJd¢r Section 477 of tbt CoThwie5 kn121K)6 forthe y ended 31 Ik*ember2024. Thc have w rrquThl the to obtsin WJ audit of its fin8n¢ial %tslenws fLY the yetr eJJd¢d 3] LX%eth2024 in atcordw SeLties Purchase of langiblL' lixvd assct5 nlLILsI rcLcivcd 113.3861 32.619 11 ¥4,4341 Net cash proNYded byi(u5ed inl inNtsrinÈ activiiics Cliange ith tx¥h and cash equiialents in the reporting period Ca4h 2nd cg41i eqijivalents at Ihe be%inning of thv reporting period 156,969 522.189 787,804 665,016 Cash #nd tash equivalenls at the end tsf the reportittg perivd 944,774 787,80 71ie notes form part of Ihe5e finanLldl stallmenls Page 10 The SrhoDIs' Aeros 3£e LaTc¢f5 Pr(b rAmme Ni)tes to the C.'a&h fr'IDW Statement for th¢ l'ear Ended 31 Detetnber 2024 RF.CO)CILIATIOIS OF )ET INCnNIF. TO,YE"r c,ISH FLOW FROM OPEILITI)C. ACTI￿ I"I'ILS 2024 )et ithttsTh¢ for the reportin% period lay per tht 8tatement of Tr'inAn¢i#l A£tlVLties) Adjustments for.. Depreciatii)n chargye5 Inl¢r¢sl rLLLIN'cd Decrease In stocks Dccreasc in dcbrors IncreaseildeLreasLI in ¢rcditors 120.964 255,424 4.% C)81 19,2.5.11 4.137 6.500 15,4211 (32,619} 60 let ¢J5h proTr'ided by oper9tioiis 1.37,776 297,370 ANAI.YSIS OTr. C.'IIAJGLS I.Y NKT FLNDS Casli floH' At.31 12.24 et 1#sh Cash ai bank 7¥7,805 156.969 944.774 7¥7,805 156.969 944,774 I'otal 787,805 -%6.964) 944,774 The notes fonii part of these financial 5lai¢JllentS Page I I Tht S¢hools' Aer05 ace Car¢er5 Pro rgmme Iyotes to tlio Finxniial StBtemeiits for tht l ear Endtd 31 Deieillber 2024 ACCOL,YTIJG POLICIES of pi'¢parin% Ihe $tatements The financial sldiem¢ntb ol. Ihe charitable ¢VTnpanJ, M'hich Tb a piiblic benefit enlilj linder l.-RS 102. have b¢in prcpared In acGordanct w'illi IIIL Chdritie5 SORP IFRS 1021 'Accuunting and Keporting bi. ChariiiL%" Statenieni of R¢oomTMcnded PracliiL applicable to LliaTItI¢s prepaiin¥ Ihcir accoun15 in accardaIice ￿1[17 tlie E.-inancial Rcporting Standard applicablt iii tlie IAK 3nd Republic of Irelarjd (FRS 1021 {cftcctJNe l Januarn. 20191, '-inanLiiil Rcporting Standard 1112 "1 li¢ Financial Reportin¥ Standard £ipplic#blc in th¢ L.K and KepubliL of Irelat]d' and lh¢ Companies Acr 2006. '1'he findncial statejnenls have been prepared undeT th£ hi%ron¢al cosi ionvcnliLTrll Intome All inconJL' 1% recogiiisLd In Ihe Sialetn¢nt uf Financial ALlivitics ttnce the chdriN lias eJ)tillcn)¢n1 to th¢ funds, it is probable tlial IhL tll¢onie i¥Jll h¥ received the amount can bc Tllea%ured rcliablv. Exp¢nditure l.iabiliiics are recogni.%cd as expcndiluTe ai soon theie 15 a leg41 or constrncti%'¢ obligatinn commirting thL' ch2rits' lo that expendiiurc. it is probabl¢ Ihal a transfer tyl- economic b¢nLfiis ￿.11] bc reqiiircd in scitlgrneni and the din(iunl of Ili¢ obligation Lan bc Ineasured reliabl J. F.xpendiiure iy aLttsunled for on accrua15 basis and has betn LI￿sIr1¢d uijder li¢adings that o￿rc8ate all ¢051 rclatcd In rhe baie¥uTr Wliere Lvsls cannot b¢ dirccilv aiiribiiled to Pdrticular h¢adin¥s they h&v¢ bccn allncated to activitie* on & bas15 con5jsienl with the ilb¢ of rcsources Tgngible fjxed g%$tt4 D¢prcciation Is proNidcd 2t thc folloming 3nniial rat¢b in order to wiitg off each a55el ovcr its C51imatid u4efiil P12nl