REGISTERED CHARITY NUMBER: 121)2529 Wrighi Vigar Lithited Stsfvtory Audito Mortojt Hollse 12 App]etonQat¢ Newark NG24 IJY THE LEA THERLAND FLYING TRAINING TRUST CONTFNTS F THE FIiYANCIAL STATEMENTS FOR THE PERIOD 2 CH2 TO 30 JUNE 20 Page Report of the Trnstee$ Report Df the Indetxndent Auditors Ststsrnent of FID8ncisl Actlvities Balanee Sheet Co$h Flow Statement 10 Tr4otes to the Cash Flow Statement Notes to the FinaDcial Ststements 12 to 15 The trustees ptry￿t their T¢￿rt with the fioall¢M ¥tat¢mettts of the charity for th¢ wicd 28 M￿Ch 2023 to 30 June 2024. The tntyte&s have adoptrd th¢ provisions of A¢wwiting and Repoiting by fvities.. St8trment of R¢ethnrneDdcd Prartice applicabk to charities prepu1￿ their ID &c¢ordaDce wth the Financial Rwting Standard applicable in the UK and Repllblic of Irela]￿ (FRS 1021 {¢ff¢d1￿ l Jmuary 2019). Th¢ finallcial statemerts have been in accordajw with the w>]icie8 %1 ijut in th¢ no¢¢s to the aceounts and cotnpty wiih tb¢ Charty's 8ov¢ming documonl th¢ Chariii¢s Act 2011 and Acrowittihg aDd RffpDrtitig by Chaxili¢s'. stsienKnt of Re¢iMnmeth Pra￿1￿ appli￿ble to thrities preparing their accounts in awoTdw with the Finmcial Reporting Standard applic4bl£ in the UK and Rwublic of Ireland published in O¢Lthr2019. OWEcfivES AND ACllVITILS Objfetives a)Ml aim Th¢ original object8 of the Charity were to fi￿d tWittrainiDg foryoullg people UDd¢r 30 5Y8TS okl within the East MidiJttds to a of 15 I￿8 PErcandidAtr. Dlle to the rfflrow scy of the8¢ objects and limited (yportt￿eS to provide fimdittB. the trug¢¢v5 to tht Commissitinths to widen the obi¢cts to the g¢ogrnphical ar¢a of England and Wales and it￿re￿ the n￿￿]muM fyiti8 htyjrs to 30 per ¢andidate. Th¢ &tn¢nded obj#4 were apwoved on 6 Marth 2￿25. The fvnding will be mad¢ by way ¢Jf a bu8￿y. sIEnIfi￿nt attlvllles The awaTding af burwies and tbe 8onwatM)ll of invesknent i￿orne wiu be the Charities TDain activity. No butsories thav¢ been awarded in this initiaiwiod. Public ben¢ftt The Tnwccs ar¢ aware that th¢y (any ￿ th¢ adivAlÈes forth¢ pubiie b￿efit aDd that they Jnllyt pay due regard to th¢ guida￿ tspublic bo)efit issued by th¢ Charity Commissirn. Cr*Mlmakl The Chhrity ain￿ to rnak¢ buTsarieg of between £50.OW and £75,IA)O per 8nnum to be made from inwne ￿rated.Th0 ch￿lty will WO￿ with flyin8 clubs io adverlise the grnnt% availabk. applications in vniiiJ]g to the tr￿￿¢S will ￿ necessary. AtwlicatiorLq WIU ￿ considereJ b￿d OD the objects of the charity gndthe applicatts fi￿R￿1￿ po5ition&Th¢ tn¥tee8 will s a tth8¢t for grants arKi JThonitor the fimds available. dr*bin% The doe5 rtot tany fuDd rJisillgaCtiviue$ ACHIEVEMENf AND PERFOIIMANCE C￿rIt￿b￿ ae¢lvltl¢s This is the Initi￿ ttportimg perfo& the a¢tIVit￿ have be¢n focused on e4tsbltshin8 acwuntitig rrtordg, 0[￿1n& i*ttk accowitg w]d making InY¢51ments kngaber with planniug for th¢ estsb]ishment of JitQs with ttyiti8 thbs with a vi¢w to re￿ivIng applicati1￿ for firtuts bursari￿. FuDdT*i¥illg •ctfvltles The￿ or¢no fi)ndraisiti8 Octivities 1TrYes￿ent perfonD•nc¢ The trlls*es 8¢ek tD athe a of 4Y￿ SY. whilst maitttairnng rapithl. The ioiti81 illvestrneut wag mad¢ on l F¢bn]ary 2024 and a re￿¢W on I l March 2025 gbowed a totsl net r¢turn of 6.5%. Page I IIATHER FLV RE ORT OF THE R T Bl USTEES 28 2023 TO 30 F]f4ANCIAL REVIEIV The net 18sets ofthe (Jwity are £1977.995 at tlLe period ¢n4 vkni¢hT¢]xe*nts net ittC4)m¢ trot has TKcived cowiststig rnainty of the initsal legacy setsillg Np the Charity. PriRdp81 f•ndlDg ￿￿r< Th¢ prillcipal fimdfrJ8 wur¢e i* inveslmenl iticiyne. tnvestwent polity •*d obJeetiv¢& The financial objeetive3 of th¢ rlhgriry is to 81 l¢ty Maint￿ the red value of a&￿S whi18t 8¢DErJtittg 4 St•ble and sustainable return to fund grant makin& The Trust¢rf seek to achieve a Fdum of 4Y4P 5% wht16t mailltainmg capitsl. At att aggregat¢ level the overall trfolio risk 8knuld be Cautious. rnvirnttmaKal and eth￿￿ ¢on5iderdti￿5 are Dcrt tak¢M irrto Reservej pol The trustees haye resolv¢d to the l¢v¢l of resthvu at th¢ vAlue of th¢ ID1t￿l legao of £1,952,510 8llowln8 for flucti￿tIO￿S in th¢ inY¢sts)Jellt mark¢t.Thc r¢sme8 ar¢ wJre8trKted fnnds.The Th$erV￿ pDitiveste4 aryl readily avaÉlable lo cover andnllmi￿ costs ar¢ £204,335. The fjnancftal Obje￿iVeS of trK cbhrity 15 lo at least maintaiD the real value of assets whilst gen¢Talins astabk and su5tsinable raum th fund grant The Char￿ty aims to )llake bursaTi¢$ of betweeu £50,0(X) a￿1 £75,(KKI w attt)wn to be JDad¢ from generated. The Charity is planning fir th¢ est8b]is])murt of lith with fying ¢luiM wlth o vit¢rtO Chxrlty num)ber 1202529 Pag¢ 2 LEA RTO OR THE STEES AR Principal #ddr¢J• 29 Arborellmn Stre NortinghamsbiT¢ NGI 4JA Tryste A R 118ttsy Chartered Certifjd ACable of detecting i￿¢8￿]aTI￿C'1 including fraud is detailed below: Ow WQTk is wfornwd to incJud¢ att ass￿￿1 of the susceptibllity of thè entitys fman¢iaJ st8t¢ttteffLts to mat¢rial missta*m¢rdL i￿l￿dU￿ the iisk of fraud. Owing to th¢ 1]the￿tIlmithtlonS of an audiL there 18 an ￿aVoIdablp risk th&¢ at¢ri81 mis$tat¢llKllts in the finallcial stattmeTrts may ntxbe d¢t¢rteS 1.977.995 The financial st&ements w¢r¢ aN￿0Ved￿Y tr¢ Botrd of Thisttt5 and apjthorised (or 10 Awil 2025 and vfft¢ $i8tsed on its lthalf by: A R Iforby. TnLth¢ H E Macthrlkn. TnJst¢e The Dotes fonn p•t ofthese 8tsterne￿ts Page 9 LEA D FLYIN R THE fxBIoD 28 MAR T030JU Not¢s Cash flow$ frnTr oper*tlng a¢¢Mtks Cash generated from operntions Financ¢ costs pald 1.868.464 (50) Nd eagb providedby ￿￿till8 &L%iviti¢$ ,868,414 Cash frow inve411ng 4¢tlvltlo1 Pwchwe offiK¢4J &55et inve8tments Sale of fixed ass¢t investments J￿￿eSt re¢eived Di¥idtnds r¢ceiveA (1351.879) 057.666 2.505 27,629 Net (used iTJyprovided by finv¢stitig activities (1.664.079) Chonge l• o45h 4nd equlv*l¢nts Sn the r¢portkni perlo Casb and ¢qufvo]entJ at the beWnDlng of ¢k¢ repDrtkn8 P￿k￿l 2(H.335 ca￿ *nd Lyjh ¢qulv*lellts at the end ofthe r¢portlJg per1￿1 21M.335 Thenotrs forni pt of these fi#attcial state]]KJ Page 10 ES STA RECOI¥CILIATION OF NET INCOME TO NET CASH FIOW VROM OPERATING ACTIVITIES Net i1￿0￿¢ for the roporth8 Friwl per the Stat¢m¢nt ofFln*n¢lal Aetivl¢iéi) Adjuslm•llts for: 1.977.995 {25,307) {2.505) 50 (27,629) (62,120) 7,9 tntsrestrettived Finance costs Dividends Tffcived ID d¢btors Net ¢ay& provldEd by OP￿t￿)n5 1.868A64 A14ALYSIS OF CHANGES Ir4 NET FUF4DS Ai 28.3.23 Cash flow At 30.624 Net ush Cagb atbank 204.335 204,335 204,335 204,335 Total 204.333 204.335 The no￿ fomi part of the￿ financi￿ *a¢rmmts Pagell RLA OTHE D28MA E 2(124 ACCOUNTING POLICIES B#sJo ofpreparlng the flTraAcl*l ststements The financiai staternents of the djarity. whi¢h is a public FxDefit cntity und¢T FRS 102, have beth) pwared in acconknce with the Ciwiti¢8 SORP {FRS 102) 'Ac¢ountiJ8 and R¢portlll8 by Chariti¢s.' Statetnent of ReComMffld￿ Practicg applicable to Ch￿ItieS pr¢paTll￿ their aca)UDts in WXordw￿ with th¢ Fittancial REFQrtin Standyrd applicabl¢ in the UK 8ttd Republic of Jreland (FRS 102) (effKtive l Jatllmry 2019Y, FAll￿ClaI Reporting Standard l(f2 The FitwKial ReFWting Sthlld￿ appli¢abl¢ in the UK and Republic of Irelatkt aod the ChAfi¢ie5 Acl 2011. The r]nancia] stat¢ments havè bwi preptred under the historical cost C4)mtentioi with the exception of inve51rnents which are included atmarket vaIue, as a￿dified by the revaluation of certain The staknts have been pwttred to 8ive a Irue #nd faiv view and have dE￿rted frorn the Charitie5 (A￿ounts and Reports) Regulation8 2LM)8 only to the extent required to wovide a and fair vi¢W. Thi$ d¢paTttre has involyed ftillowing the AccouDtiDg and ReP)rti￿ by Charities: Statement of Recom]nen&d Pradicv applithle ¢0 churiti¢5 PT¢parmg their a￿a￿Lts in ￿(Ordan¢t with the FiJ]4nciai R¢Wli￿ Stalldord opp11￿b￿ in the UK Republir of ￿tknd igsued iD Cktober 2019 Tather than the ALcounttng ond Rewting by Ciwities.. Statement of RecoDthielld¢d Pwtite e￿1ve l AprAI 2005 which hLs sin¢¢ b¢eD Withdrawn. The fu￿claI siat¢meDts have b¢tyJ preprnl on rl 80ing concern b￿13, In￿¢¢¢$ CLntsideT tlv¢ arE mal¢riJl ￿r￿ertainticS al￿ tho Chiritys ability to &¥ a 8OiDg (￿ce￿L The financial ￿emen1$ &e pr¢s¢n*d in sterling W￿¢h 1$ the fun¢tiono1 cutrew of the ChKty find Towided to th¢ Th¢ SI￿1fi&4ttt wjullting pol￿1￿ applied in the prewa￿￿ of th¢s¢ fitialle1￿ stItsn￿ set ollt below. Atl income is recognised in the ststem￿l of Fillallcial ActiVili¢5 iynce the charity bas entiilrnt to the fjJDds. it is probabl¢ th8t the Anconlewill be JKeived and tbe allk)unt can be measur¢d reliabty. Expenditure Liabilities ar¢ re¢4)gDiJ¢d as expendituY¢ as soon as thet% is a legal or ¢onstiuctiv¢ obli￿10￿ comTnitting the ¢barity to that eXp￿d￿lure, it is probable that a transfer of ecLMM)mic benefits will be Nutred in Settlem￿}1 and the amownt oftbe obligotion can ￿ measured reliabty. Exp¢DditUTe is &¢OWited for on an a¢¢n￿lS basis I￿ been cI45¥ifi¢d der h¢4din8s that 411 cog1 r¢lal¢d lo the Rtr8ory. Where costs be diyecuy athl)utrd to pwti¢uJar headings they have been allocated to activitK5 ona basis ([￿15t¢￿ with th¢ wc or￿s01Jrtt9. Taxalto The cbarity is exempt fro]ntax on charitsbk adivities. Fund tteollnting Unr¢strid¢d fiuth ¢an be used In accord￿ with the ¢harh*ble obi¢¢tives at the d]Mti￿ of th¢ trwterf. Rtgtriaed fjjllds catt ottly be for particulw r￿tricted purpos¢s within the (￿J¢￿ts of the chaTity. RestrictAOJJS Furtlw expl￿10￿ of tb¢ natrre and of ehch fimd i5 itichul¢d ijj th¢ Lotcs tothe fJJj¥Wi￿ stthM￿. Debtors and Current Ll*bllllJe4 Debtot5 znd Crnlitors ￿ measfftd transaetion pri￿. sh ot Th¢ Chthy hobJ5 S￿￿Le￿￿t futth in ord¢T to m¢¢t its short t¢Jm cash C4)rnNllt[￿ts as thry thll due. Pag¢ 12 eontinu¢d.. ININ NOTES TO FORT IAL STATEME Tl) ACCOUNTING POLICILS. eonthiu¢d Inv¢styients ar¢ ifteluded at cost initially IvhÉch is $ubs¢qnthty revthed the muke¢ vwlue 8t the Ye￿ end as d¢tern)ined by the th￿t'S iAvestmeth man4&ers MHA WEALTH and chang¢s are re the ¢harity's wditors fw the audil of the ¢harity5 financial statements 2,340 TRUSTEES, REMUNERATION AND BRNEFrrs The￿ no tru#¢e8'ivIiiutieration or other i￿nefits for th¢period emded 30 J￿¢ 2024. Trllgteu, expen There were no tnLSteos' ¢ATr¢nses paidfor the p¢riod endvj YJ Junt 21Y24. FIXED A&SET INVESTMENTS Listed itivestmeuts MARKET VALUE Additions Diswats 2.351.879 (653,651) 21292 At 30 June 20 1.719.520 NET BOOK VALUE At 30 ju￿ 2024 ,719.520 TbeTe weTe inYestm¢nt Ivith a llwket valu¢ Qf £404.366 outsi& thE UK as at 30.062Q24. JDYe5trtnts Iweserting more than 5% of the tLrtal investments atthe year ettd are. VANGUARD INVS SRS VANGUARD US GOVT BOND IDX GBP £102.649. Pag¢ 14 STOTHEF PERIOD ATEME DEBTORS: AMOUNT3 FALLING DUE WITHtN OIYE YEAR Otkner debtors 62.120 CREDITORS: AMOUNTS FALLINC DUE WITHIN of4E YEAR Cxher ¢r¢dir(Ns 7,980 ii. MOVEMENT FUIYDS N¢t At 30.6.24 Uttreslrleted funds Genml finjd 1.977,W5 1377.995 TOTAL FUNDS 1.977.995 ,977.995 Netmovement in funds, ijjcluded the 8trK)Ye are ag follows: Incoming Mov¢m¢nt fillLd$ UArestrltted G¢neTal fLnd j.990.9c￿) {38,2J2) 25,307 1,977.995 TOTAL FUNDS 1.990.£Y)O (38212) 25,307 1.977,995 12. RELATED PARTY DISCIA)SURES InCl￿d in accnmls is an amount du¢ lo l£m&ns Chartered Cenifioj Accountants for a¢¢ouW and ¢axatÈon services of £5.640. Th¢ TnJ$tees MrA R Harby and Mr5 H E Ma￿1]Iall ar¢ Parlner8 An thi5 funL Pag¢ 15