REGISTERED CIIARrrY NUMBEIL. 1202529 ANCIAL STA FOR LEATHE b"¢Mingham NGI 4JA
NTENTS OF THE FINANCIAL STATEMENrs R THE YEAR Report of the Trust¢ I to 3 IndepedeDt E1&5 Report Sttsm¢ttt of FlttanelalArttvilles B414n¢eSh#t Notss to the Finanei*l StatemeRts 7 to 12 Detsikd Ststement Aetivit 13 ty 14
THE LEA Trusr REPOKT OF THE TRU TEES FO THE YEAK NDED30 JUNE The tN5tee5 presenttheRr rerth with the fllwicial statements of th¢ ¢hwity forthe year ended 30 June 2025. Th¢ trustees have adopted ih¢ provisions of Accounlingand Reporting bj. Clwities: Statement of Recoe1)ded Prtictice applicabk io thities preparing their ¢015 in accordance with the FiDaDcial ReEKxtin8 Standard 4ppli¢8ble iti the UK and Republic of Ireland (FRS 102) (effectiY¢ l January 2019). The fuknin¢ial statements haye been in acc(thce with the accowiting polithes Set out in the notes to the aceotsnts and comply with the Chariry's governing docutnenL the Clwitses Act 2011 aDd Accounting and Rwrting b) Charities.. Smement of Recomm¢nded Practic¢ applicabl¢ io cFJariiies prep2Ting their accounts ID accordance with th¢ Financia Reportitkg StaDdard applicable in the UK and Republic of Ireland published in (knOlr2019. OR1EIVEs AND ACTIvr Objectives •nd Th¢ original objects of the ChaTity were to futld fiigbi training for young people und¢r 30 years old wtthin the East Midlands up to a maximum of15 hours w candidate. Due to the narrow %ope of these objects and limited opportullittes to provid¢ fi]nding. the uustees applied to the Charity Commtssioners to wida] the objects to the geogrnphical arrd of England and Waks and increase the maxitnum fl)'ing hours to 30 per Candidate. The amend¢d objects were approved on 6 March 2025. The fundingwill be made by way of a bursary. Slgnlficant actiYiti¢5 The awarding of bthwies and the generation of inVt[DeI income will be the Charities main activity. No bwsari¢$ h4ve been awarded in this iuitial perlo Public benefrt Th¢ Trnstees ar¢ aware that they must carry on the charity's activities fLY the publi¢ benefit and that they mu# pay due regard to the gUidce on the public rtefit IS by the Cbariry Commi5siI)n. Grantmaking The Charity aims io make r80T1¢S Anitiajty of £30,0(rf) per ajmum lo b¢ from incixne generated.The Cbarity WRII wo with flying Clu to &fvertise th¢ grdu15 available, applications in writing to the trustees will be necessary. Applications will be considered bas on the objects of the tharity and the applicat)ts financial positions.The mistees will set a budget for grants and monitor the funds available. Furtdrai5ing The charity d( Dot C out fijndrdistng actÈvities ACHIEVEMENtS AND PERFORMANCE Charitable #etfvities Thi5 IS the itiitial reporting perirf the activilies bave been focus¢don &stsblishing accounting records. opeDÉng bank accounts and making investmenis tog¢th¢r with planning for the tabliS1Dent of links with tlying clubs wlth a view to receiving applications for future bursaries. Fundrnisirtg Aetiviti Thffe are no fimdraisuigactivities Investment performance The trnCes 5¢¢k to achleve aretum of 4Ytr 5Yo whilstrnaDll&ining capital. FINANCIAL REVIEW Finan¢ig1 p)sitlo The net asset5 of the Charity arc £2,080.1?O a( the period which r¢pr¢$ts nel inc4)me that has ixen received wDsiSt mainly of the initial legacy setting up the Charity. Pag¢ I
REPORT OF THE TRUSTEES R TH£ YEAR ENDED 30JUNE 2025 FThAcL REvw Prkn¢iw41 funding sources The principal fundingsource 15 invNlmc•¢ in¢. Investmen¢ pjlicy and objettives The fancial objectives of the charity is to at least rnaintaiti the real value of assets whilsi ga)erating a stable and sustaiThabl¢ relurn tt) fiuhd grdllt making. The Tnisteu seek to athieve a retlun 014Vtr 5% whilst maintaining capitsl. At an aggregate level the overall portfolio risk Should rauti0 &La1. environmental and dhical consideration5 are not taken itito xeounL Rtterves tM)liey The Irusle¢s have resolved to maintain the level of reserves at the value of the illitial kgary of £1,952.510 allowing for fluctuaiions in the inv¢stment TnaTket.The resttw&8 are ut)restMed funds.The reserve5 uninvested and readily av?i]abl¢ lo ¢ov¢r grants and nmoi costs are £233.219. Th¢ filtsthc1 objectives of the chaTity is kn at least maintain the real valu¢ of &ss¢ts wbi]st g¢n¢rdtili8 a 51ablE and sustalnable rethn) to grant makitig. The Chariry aims to make trKwsaTies initially of £30.(XIO F¢r to b¢ ]na(k frotn iticome generad. The Charty is planning (( the cstablisbment of lioks with flying clubs with a view to rec¢iving applicalion$ for future bursaries. Covernlng docurnent Th¢ tharity is controlledby its govemingthumeDL a(knJoftrUstarKlCffllts0n uninc{K dwity. Charlty eonstltutlon The ChaTity w&$ ¢reatsJ under a ttust&ed dabj 28 Match 2023. Reeruitintntnd p1(ment of neiw trustee5 New trustees are 4)p)inted by with ageMellt ofthe c(M)tinuingtruslee5 intheir ak&)lu* dis¢retiw. Ikclsion makiDg Thettwtees d1$ jointly. IDduttion a•d tr&iniDg o¢B¢w t$t Risk manageJmeDI The trusiees have a thity to identify and review the risks to whith the clwity is ex alld th ensure apprryriate controls are in place to tmyide re&wnable a8surat)ce againA fraud and em)r. REFERENCE AND ADTrIINisfRATIVE DETAIIS Rwstered Charity Dwtnbpr 1202529 Prlncipal addres Nottlljgljam NOttghalre NGI 4JA
REPORT OF THE TRUSTEES FOR THE YEARENDED 30 JUNE 2025 TsIteS A R Harby Charter¢d C¢Eti6edAccowitallt Mrs H E Ma¢millan Chartered Accountant Independent Eotr Wright Vigar Limityl Morti)n House l? Appl¢ton Gate Newark NG24 IJY Solicitor5 Ashton Bond Gisg 13 Castlebridge Office Village Kirtley Driv¢ Nottingham NG7 IUT Investmfflt AdTrryyers MHA Wtalth Lockgales House Rushmills BedfordRo Northampton NN4 7YB B8Nk¢rs HSBC 85 Lewisham High Street London SE13 6BE Accounl•Dts Lemans 29 Arboremm Street Nottingha NGI 4JA REPORTING PERtOD The period ¢oY¢red by the fancial statemenis is more than l? months a5 this is th¢ first rqIll8 the legal autbority to change the accounling perM)d is included in the Cbariiies Ad ?011. Approyed by orderof the board oftrwqrcs on 14 Awi12026and signuj on its bthalflry.. Pdge 3
THE LEATHERtAI¥D FLYING TRAifryNC. TRU ldepend¢llt reportto th¢tr of TheiatherlAd FtyRngTraiing Trst I report to the charity trustees on my examinati¢xL of the accounts of The Lthland FtyiD8 TrJillin8 TnLSt (the Trust) for the ytsr ended 30 June 2025. Rwnsibi]ities and bsis of rew)rt As the Charity tru51e¢s of the Trusi you are responsksle for the weparatirn of the accounts in accorthce with the requirements of th¢ ChaTiti¢s Ad 2011 Cthe ACV). I report in respect ofmy examinati ofthe Trusts accounts caTTied (Rrt wider Section 145 ofthe Ath and ID ]8 Out my exajnination I have followed al] applicabk DirectiSgivell by the Chlty Cotnmission un(kr Section 145(5Kb) of the Act. Independent eJamiDerfs statemeDt I have completed my examination. l ¢onfiT]u that no mallers bave come to my atlentioD in connection with the eX]natIOn giving me cause to beli¢v¢ thai in any counting recordqwety n(A kqA in resw of the Tn&asTwuiredby lOn 130 ofthe knL" the accounts do not compty with the applicable rryuirts cottcernitig the fi)rm and c4)nteDt of aCcOlts set out in the Ch8ritie% {Accoullts and Re)rts1 Regulaiions 2008 other than any requirement that the a¢Vts give a true and fairview which 15 not a matter¢onsi(ler¢d &5 part of all indyndent exatDirÈation. I have no ¢oncem5 and have come acros5 no other malters in Conn¢d] with the eXaluatiOtt to which attenlion should be drnwn in this report in order to enable a proper understanding ofthe acwunts be ThL P G L Colcomb FCCA Wrighi Vigdr Limited ChaneredA¢cixmtsnts 12 Applthi G*¢ New'ark NG24 IJY 15 April 2026 Page4
THE D FLy¥G BALANCE SHEET UNE 2025 30.625 30.6.24 TotaE fimd N¢Xes FIXED ASSETS Investjnents 1.846,128 1.719.520 Debtors Cash al bgmk 8255 233219 62,120 204.335 241.474 266.455 CREDITORS Amounts fallingth within LN)ey¢ar 17.482) (7,980) IYET CiWiENT ASSETS 233,992 258,475 TOTAL ASSETS LESS CURRENT LIABILITIES 1080,120 1,977.995 NET A&SETS 2.080,120 ,977.995 FLll¥DS Unreylic fUJS io 2,080.120 1.977,995 TOTAL FUNDS 2,080,120 1,977,W5 The fjnancial statements were approv by the Board ofTTUSt¢es and ath]sed for issue on 14 April 2026 and were signed on its IhrbY. A R Harby- Trust¢¢ HE Macmillan- T[lee Trnotes forni part ofthese financial statemeDts Page 6
THE LEATHE STATEMENT OF FINANCIAL A THE YEAR ENDED 30 JUPIF. 2025 Period 28.3.23 Year FJJded 30.6.25 30.624 fijnd fim( 1,960,766 Invthent income 76.205 30,134 Total 76205 1,9W.9(MI EXPEP4DTTURE ON Raisingfunds 21261 30232 7.980 Totsl 30,583 38212 Net gains on itsvesljnents 56,503 25.307 NET INCOME 102,125 1,977.995 RECONCILIATION OF FUNDS Tirtai funds broughtforward 1,977.995 1080.120 1,977,995 Pag¢ 5
THE LEATHERLIND FLYING TRAINING TRU NOTES TO THF. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 21llS ACCOt)NTING POLICIES Basisofpreparlng tht finAneil slAteme•ts The fmancial slat¢Jllenis of the chariry. which is a public beDefit entity under FRS 102, have been prepared in aecordance with the Clwiiies SORP (FRS 10?)'Accounttng 3Dd Rewring by Charities." Statement of Recommended Practice applicabk to ohati(ies preparing their accounts in accordance with the Fitiallcial Reporting Stsndard applicable in ihe UK and RUbliC of Ireland (FRS 102) (effective l January 2019),. Finanria] Reporting Statsdard 102 The Financial Retxmting Standard applicable in th¢ UK and RepublTrc of Ireland, and the Chari¢i¢5 Aci 2011. The fmancial statements have been prepared wxkr the historical ¢ost convention, with the exce10 of investellts which are included at mad(etvalue, Lgmodified by th¢ revaluation of cett4in assets. The fmancial statements have been prepanxl to give a Irue and fail view and have departed frthn the Charit1¢5 (Accounts and K¢poTts) Regulaiions 2>8 onty to the extent Yeqllired to provid¢ alrue and fair view,. This depat1ure has involved following th¢ Accounting a1 Rerfftting by CharilTres.' Ststement of Rec0mended Practice applieable to charities ]waritig their aunts in accordance witb the Financial Reporting Stsndard applscable in the UK aThl R¢public of Ireland issu¢d in October 2019 rather than the Accountitjg and Rcporting b}, Charities.. Slatement of RKollfftiended Pra¢lice effective frlxn l April 2W5 which since been withdrawn. The fmancial statements have been we[ed on a going C(M¢M bosis, the tswstees consideT there are no material uncertainties aboui the Charl5 ability to continue as agoing concern. The financial staternents are preseDieAI in 5t¢Tling which is the fi]nctional cullency of the Charity and Tounded to the Th¢ si]ficant accountiAgp)lithes applKd ID the NeiwatiLm 0fth fillancial statements are set oth lOw. Jncome All income is recognIs Rn th¢ Statement of Financial Activities once the cbarity" has entt¢lan¢n¢ th the fuDds, it is probable that the income will be rrf¢ived and theamowbi can be me&sureil reliabty. Expenditure Liabilities ar¢ rKogDised as expenditure as as theTe is a legd or wnstructive obligation cornmitting the charity to that expenditure, it Is probable that a transfer of ecoDOtllK benefits will be r¢quiTed in settlement and the amoLmt of the obligation can be rneasured reliably. F.xpendinJre is accounted for on an a15 basis ld has been classified under headings that aggregate all CO related to the category. Where costs taimot be directly atiributed tt) wticular headings they have been allocated toadivities OD a b8si5 eonsistent with the use of SOurCes. Tas¢io The charity is from tsx on ltsd)arltableYVltS. Restricted funds ¢all only be wed for pffiicular Testri¢ted purpLW within the objects of the ¢hartry. RestriclM)ns arise when specified by the donor orwhen fijnds are raised forparticularTestr1purp)ses. Furtber fAplanation ofthe na¢ur¢ a1[1 oftach fimd is inclu(kd in the nrrtes to th¢ fJnan¢ial statements. DebtOTS and CUrretL10bilI(ieS Cash #t Bk The Charity holds sufficient fimds in meet its cash C(XnmititLet as they fail Lkn. Page 7 continued...
NOTES TO THE FINANCIAL sfATEMENTS-¢o•¢iny¢d FOR THE YEAR ENDED 30 JUNE 2025 AccouiYfiNG POLICIES- IDvesthieDts Investtnents are inc]uthl at cost initmlly which i8 SUbsY valu1 io th¢ maTk¢t valuc at the year end as deterniined by the trnst's invesbnent maJM8ers MHA WEALTH and changes are recognised in nel gain]053¢$ in the Ststement DfFinaneial Activiti&%. All investsnents arebeld tffllnarily foran invesln)entreturn. Peri 28.3.23 30.6.25 30.6.24 Franknj inveslment income 61,703 10289 4,213 17,719 9.910 2,505 DeFQSit xcount iDl¢r¢st 76205 30,134 RAISING FUNDS Rthingdonallons **d lep¢ks P¢Ti 28.3.23 to 30.6.24 Year Ended 30.625 128 50 Investment Th¥4n¢ent 28.3.23 Ended 30.625 30.6.24 Portfolio e)ent Investment alvice 15.077 7,056 7.654 22,528 22,133 30.182 22,261 30,232
TES TO THE FIN CIAL StATEMENTS- t¢11 R THE YEAR ENDED 30 JUNE 25 INDEPENDENT EXAMINERIAUDITORS. REML'NERATION Period 28.3.23 to 30.6.24 y¢Ended 30.6.25 Fees payabk to the auditors forthewjdil of th¢ charitys 2,340 1.5(M) TRUSTEES REMUNERATION AND BENEFrrs There were no tmstees. mnunerntiQD or other benefits for the yw ended 30 June 2025 nor for the period ended 30 June 2024. Trnstees, expenxe5 Ther¢w¢D0 trustees. expensespaid fortheyvdr ended 30 June 2025 nor fixthe mj endj30jullC 2024. Donation$andkgacies 1,960,766 Inyesttllt incotne 30.134 Total 1,990, Raising find5 30232 7.980 Totsl 38212 Netgains iDV¢Stments 25J07 NET IfqcoME 1.977,995 TOTAL FUNDS CARRIED FORWARD 1,977.995 Page 9 continued...
NOTES TO THE FINANCIAL STATEM£NTS- contiR4e41 FOR THE YEAR ENDED 30 JUNE 2025 Listed 1nvesttnts MARKET VALUE At l Juty 2024 Additions D1SaIS ReVahtiOnS ,719,520 176,427 62,221 (112,IHO) At 30 June 2025 1.846,128 NETBOOKVALUE At30 JuTre21ll5 1,846,128 At30 Jwi¢2024 1,719,520 Thtte were investrneDt W[th a marketV8lue of £466,917 thL8ide theUK &% at 30.(h$2025. Investments representing mor¢ than 5Y• ofth¢wtsl InV¢stsnts at the year ULd VANGUARD INVS SRSVANGUARD US GovfBOND IDX GBP £103.235. DEBTORS: AMouKfs FALLING DUE IvrrHIN ONE YEAR 30.625 30.6.24 8255 62,120 CREDfioiLS: AMouNfs FALLING DUE WmIlN ONE YEAR 30.625 30.6.24 7.482 7,980 Ne¢ moyement At 30.625 At 1.7.24 unrestr1d fuDds G¢nwal fvThJ 1,977.W5 102,125 1080,120 TOTAL FUNDS 1.977.995 102,125 1080,120 Page 10 conttnued..
TRAINING 1RUST NOTES TO THE FINANCIAL TATEllNTS- YEAR ENDED 30 JUNE 20 tinmd io. MOVEMENT IN FUrDs. continwl Net movement in fun(& inclutsl inth¢ ave are Is Collows. Movement in fvnds Unrestricted fun General fjjrnd (30583) 56,503 102,125 TOTAL FUNDS 76205 (30.583) 56.503 102,125 CoJnparattYe5 for movement iti fund Net movemeni At 30.624 Unrestricted f4nds G¢n¢rdl fi]nd 1,977.995 1.977.995 TOTAL FUNDS 1,977.995 1,977,995 cornpardtivet movement in fimds inthe bbove are &5 follows: Movement nds exnded losses Unr¢strietsd fuDd5 G¢neral fid 1.99). (38212) 25.307 1.977,995 (38212) 25,307 1,977,995 Pagell
THE LEATHERLAND FLYING TRAIL TRusr NOTES TO THE FINANCIAL STATEMENTS-eoH¢inued FOR THE YEAR ENDED 30 JUNE 2015 ii. RELATED PARTY DISCiLISURLS Included in arxn]als 15 an omouni due to Lemans Chartered Certified Accountallts for accountancy and tsxa¢ion services of £5,982 (£5,640- 2024). The Tntskes MrA R Harty aud Mrs H E Pdacmillan are Partners in this f]rni. P8g¢ 12
LEATH TA Peri(xl 28.323 YearFded 30.6.25 30.6.24 Don8tioll5 And iryacie5 .952,510 8256 Tr¢ClaImed 1.961),766 Lives¢Jnemt income Frthed investsnqrt income Unfranked inveslmoi income Dwit account inter¢5t 61,703 10.289 4213 17.719 9,910 2.505 76.205 30,134 Totsl Incoming rtsourees 76.205 1,990,91K EXPENDifuRE Inv¢strnent managemettt ethts Porttolio management Inv¢slm¢nt advice 15,OT7 7,056 7,654 22.528 21133 30,182 Supp)rt eost8 Management Trdv¢I Cost5 68 Finance Bank charges Gov¢rnanLY costs Auditors, r¢mwieration Inde1 Examnmtion Ffz A¢¢ountancy and legal fees 2J40 i.soo 6,822 5,640 8J22 7,980 Total Tesources expen(kd 30J83 38,212 Net ID¢ome before gains*nd lojgej 45,622 1,952.688 Page 13
DETAILED sfATEMENT OF FINANCIA Period 28.3.23 YearEnded 30.6.25 30.624 Reali5ed rccognised 15 #nd k*se4 R¢alis¢d gainsl(lows)rn investments (5,718) 4,015 Net ineomt 39.g 1.956.703 This tAge thes fomi Fwt ofthe fowKial s¢atan¢nts Pag¢ 14