2024-12-31-accounts

Charlty number. 299000 FIRST AIR AMBULANCE SERVICES TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ishop Fleming

FIRST AIR AMBULANCE SERVICES TRUST CONTENTS Pag8 Referenc• and admlnlstrallv• d•lalls of lh• Charlty, It• Trust•M and advl$•rs TNst•o8' rnport Indep•ndoni •udltors' report on th• flnanclal statem•nts Statsmofit of financlal actlvltles 10 Balan￿ 8h••t 11 Nole• to th• flnanclal 6tat•m•nt• 12-18

FIRST AIR AMBULANCE SERVICES TRUST REFERENCE AND ADMINISTRATIVE DETAIL8 OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr D Rlchards CBE. Chalr (appointed 26 Seplember 20241 Mr R Cowie. Chalr of Flnan¢e & Investrnenl CDmmittee Mr 8 Mark Mr D Scott Ms D Griffilh Ms L McKay Mr N Lentem (resigned 9 Decefflber 2024) MrTPR6ed Mr O N Harland (appointed 28 September 2024) Charlty r•g1•1or•d numb•r 299000 Prlnclpal offle• Comwall Air Ambulance Trust Tffjvithick Downs Newquay Comwall TR8 4DY Ind•pond•nt audllors Blshop Flemlng LLP Chartered Accountants statutory Audltors Chy Nyverow Newham Road Truro Comwall TR12DP 8ank•rn HS8C 17 Boscawen Street Truro Comwall TR12QZ Sollcftorn Stephens Scown Osprey Houso Malpas Road Truro Comwall TR11UT Page 1

FIRST AIR AMBULANCE SERVICES TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present Ihelr annual report arKI tlnanclal 8tatements of the charfty for the year ended 31st O•c6mb•r 2024. The financial statem8nls have been prepared in accordance with the accounting pollcles set out In note 2 to the accounts and comply wlth the chariivs trust deed, the Charities Act 2011 and Aco)unllng and the the Charities Statements of R8Comn￿nded Practice and Flnancial Reporting Standards FRS 102. The Charlty also trades under the name Comwall Air Ambulance Trust. OBJECTIVES ACTIVITIES a. Pollclas and objactlv To r8llava slckness in the county ol Comwall and the 1s108 of Scllly by osslsllng In the prov181on ol an Alr Ambulance Service. b. Actlvltl•8 und•rtak•n to achl•v• obJ•ctlv•8 On 1st January 2010 the act5vltSes of the Flrst Alr Ambulance Sor4lca Tru81 (FAAST) were 88surned by a new chaflty, knwall Air Ambulance Trust {CAAT) a company limited by guarantee, and substanllally all of the ass8t8 of FAAST were transferred to CA4T under a deed dated 15th Fébruary 2010. FA4ST has remalned open lo receive any residual donations and legacies. It was othe￿Ise Inacllvo. c. Maln •￿IvItI0$ undértak•n to furth•r the Charlty'g pyrpos•s for th• publlc b•n•fflt The public benefit provlde(I by the Charlty13 Ihe relief of sidtness andlor Injury through rapld treatment an(Vor transportatlon to a hospital or trèatment centro. This benafft is provlded to all communltles across Cornwall and tha Isles of Scllly Includlng resldents and vlsltor8 and although prlmarfly In the county of Comwall. al80 exlends to Devon when requlrad. For prlmary and $8condary mlsslons. the Alr Ambulance Is fre8 at the polnt of need on the grounds of fixed sets of crlt8rla which take into account cllnlcal need, urgency, accesslbility and dlslance to hospltal. The8e ￿terIa are regulaty reviewed and rlgorou81y applled. No prlvala benefit use of the Air Ambulanco hellcopter is given to anyDne al any time. The county lends Itself ideally to a servlce of this kind havlng a wldety scattered populatlon wilh many paople Ilvlng in remote and Isolaled rural communStles, far dist8nl from the nearest accident and emergency hospltal faclllties. During the summer months in partlcular, many of Comwall's naffow winding roads become congested with hollday traffi¢, making any Joumey to h08pitsI by conventlonal means a dauntlng prospect. The beaches, clifftops and moorfand areas where so many accrdents occur are also frequenlly inaccessiblo by roAd. The Alr Ambulance has proven to be an invaluabla part of the counts¥s emergency serrflces. Th8 Alr Ambulance actlvllles and prlmary fundralslng actlvltlos are now undertaken by Ihe new incorporaled ¢harlty as prevlou8ty descrlbed. The Trustoas have complied with th8ir duty to have due regard to guklance published by the Charlty Commisslon on Ihe operation of the public benefit requlrernenl. ACHIEVEhlENTS AND PERFORMANCE Flnandal revl•w a. Golng Gonurn After making approprlate enqulrles, tho Truste88 have a reasonab18 expectatlon thal the Charfty has adequate r880urces to continu8 in operational exlstence for the foreseeable future. For Ihls reason. they conlinue to adopt the golng concem basls In preparing the financial statements. Further details regarding the adoptlon of the golng concem basis can b8 found in the accounting policies. Page 2

FIRST AIR AMBULANCE SERVICES TRUST TRUSTEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 b. Reserves pollcy Due to th8 nature of the of the Charfty, which Se￿8$ to receive any resklual donations and legacles which ar8 subsequently passod to Comwall Alr Ambulance Trust, the Trustee's b81ieve Ihat £Nil reserves are sufficient for the Charity. Durfng the year, th8 Trust recelv6d donallons and legacles totalling £137,995 (2023.. £99,854) whlch, after the deducllon of admlnlstraiive expenses, were remitted to Cornwall Alr Ambulance Trust. The net 88S8t8 of the Trust as at 31 December 2024 wer8 £NII (2023: £NII). STRUCTURE. ¢30VERNANCE AND MANAGEMENT a. Constitullon Flrsl Alr Ambulance Ser¥kgs Trust Is a reglstered charfty, number 299000, and Is con$tltuied under a Trust deed. The charlty Is registered as the First Air Ambulanca Senii¢e Trust, but has adopted the worklng name of Comwall Alr Ambulance Tru8t wlth lh6 approval of the Charities CommlssS0n. The Flrsl Alr Ambulance SaNlc8 was Introduced on 1 AprS11987 as an Integral part ol th8 ComvRII Ambulanco Servlce durlng 1987. The servlce was pald for by Comwall statutory and voluntary donalions, bul Cornwall and the Isles of Scllly Area Health Authorlty found it difflcull to underwrite the cost of th8 Servic8 and consequently on 17 November 1987 the First Alr Ambulance S8Nlca Trust Charfty was estab115hed by Trust Deed daled 22nd February 1988, and 18 govemed by further Deeds of VariatSon, dated 2nd December 2004, 1st September 2008 and 1 5th February 2010. b. M•thod• of appolntm•nt or ol•ctlon of Trn•t••* Thè management of the Charlty Is the responslblllty of Ihe Trusteag who ar• elected and co-opted under the terms of the Tru8t deed. It Is the trusto88' alm to énsure that an appropriate mlx of skills is maintalned on the Board of Trustaas. AJI Iruslaés of the Incorporaied charlty Comwall Alr Ambulance Trust (CA4T), charity 1133295, as referred to in 'Oblect8 and Activite8" are automatI￿llY elected as trustees of Flrst Air Ambulance Trust (FAAST), In a¢¢ordance wlth Ihe Artlcles of Assodation of CAAT and the Tnjst Doed for FA4ST. Truslees conduct separate board me8tings and a 88parat8 AGM to ¢on8kler tha inter98ts of the Flrst Air Ambulance Seriice Trust Independently of the Incorporated tharlty, whlch has conducted the main charitable activities slnce its formalion. c. Org•nl•atlonal 8tructur• and docl•lonwmaklng pollcl•• Th• Charity as constituted does nol have a compllcated organisational struclur•. The Trustee Board manages the Int8r8sls of FAAST in accordance wfth furthering its airns and obleclives in relatlon to th8 Chartty and its relatlonship with the Incorporated charity. The Chlef Executive of CAAT giv8S tim8 voluntsr51y lo matters pertalnlng to FA4ST. Durlng the year. the Charfty re¢elved donatlons exceedlng £5,000 and therefore the ¢xntlnuad rogistratlon of Ihe Charity wilh the Charity Commissk)n Is required. Page 3

FIRST AIR AMBULANCE SERVICES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 310ECEM8ER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (CONTINUED) d. PollGl¢i adopt•d for tho Inductlon and Iralnlng of Tru•ta•• The Charity has docurnenled policles on the induction and tfalning of new Trustees arKJ where Iraining Is provided, Trustees are Strongly encouraged to partlclpate. All new Trustees are supplled wilh a copy of the Trusl Deeds and a copy of the laiest set of audlted flnandal accounts. The welcom8 pack and trusta8 handbook also Includes a copy of "Good Govemanc8, a practkal guide for tfustees, chalrs and CEOS. (Dalton) as well a8 a range of other board and senior oxeculiv8 18vel policy Informatlon and from ts'm8 to tlme each Trustee has the opportunity to attend tralnlng days covering aspects ¢f governance and trustee responslbllltles. It 18 felt that as a small and straightfo￿ard charity a discusslon wlth existlng Trustees, togelher wlth a r8vlew ol recent management f•POrts and meetlng minutes, 1$ 8 suiiable way for a new Trust88 to leam everything Ihey need lo know to begin thelr Tru51eeshlp effectively. Trustees are offered th8 opportunity to attend tralning and seminars on charity govamance 8nd have access to a number of publicailons of Ihe National Council for Voluntary Org8nlsations (NCVO). Tha Trustses afa 811 Dir8Ctors of the Incorporated charity Comwall Alr Ambulance Trust and banaflt from resource8 and training provided through CAAT. Plan• for futur• yrlod• FAAST racalved donallon8 and legacles totalllng £137,995 durlng 2024 and therefore Ihe continued regi$tratlon of Ihe Charfty with the Charity Comm1881on Is r8qulred unlll such a time thal tho Trustees conslder thal the Charitys roglstration Is rK) longer requlred. 8TATEMENT OF TRUSTEES, RE8PONSIBILITIE8 Tha Trustees are responsible for preparing the Trusteès, Mport and the financial statements in accordance wlth applicable law and Uniled Klngth)m Accountlng Standard8 {United Klnodom Generally Accepted Accountlng Practice). The law appllcable to ¢harltles In England & Wales requlres the Trustees io prepare financlal slatements for each financlal vthich glv8 a true and falr view of the state of affalrs of the ChaTIty and of Its incomlng resources and appllcatlon of resour¢eG. Includlng Its Income and exp8ndlture, for that perbd. In preparlng these finandal ststoments, the Trusl808 ore requlred to: select sultable 8ccountlng policle8 and then apply them ¢onslstently, obser40 the mgthtx18 and prlnclple8 of the Charlles SORP (FRS 102)., make ludgemants and accountSng estlmat8S th8t are reasonable and prudent; state ￿ether appllcable UK Accountlng Standards (FRS 102) have been followed, subject lo any malerfal departures disdosed and explained In the financlal statements: prepare the financlal 8tatem8nt8 on the golng concom bas18 unless It Is Inapproprlate lo wesurne that the Charfty will contlnue in business. The Trustees are responsiblo for keeping adequat8 accountlng records that aro suff￿5@nt lo show and explain tho Chariivs transactlons and disclose wlth raasonable accuracy at any time the financlal position of lh• Chaflty and enable them lo ensure that th8 financial statements Compty wlth the Charities Act 2011. the Charlty (Accounts and Roports) Regulatlons 2008 and the provislons of th8 Trust deed. They are also responslble for safeguarding the assets of the Charity and hence ft)r taklng reasonable steps for the prevention and deteclion of fraud arKI other irregularilies. Page 4

FIRST AIR AMBULANCE SERVICES TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Dlsclosurè of Inforniatlon to audotorn Each of tha person8 who are Truslees at the time when this Truslees, report Is approved has confirmed that.. so far as that Trust88 Is awara, there is no relevant audlt Information of which tho charilsls audltors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a TnJst88 In order to be aware of any relevant audlt Infoimatlon and to @stsblish that th8 charitys auditors afe aware of that Infomiatlon. Audltorn The audltors, Bishop Flemlng LLP. have Indlcated their wllllngne88 to contlnue In office, App by order e members of the board of Trustees and slgned on thelr behalf by.. Mro rd8 CB Dat8:Z7d 2D25 Pag8 5

FIRST AIR AMBULANCE SERVICES TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIRST AIR AMBULANCE SERVICES TRUST

OPINION

We have audited the financial statements of First Air Ambulance Services Trust (the ‘charity') for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• e give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities Act 2011.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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FIRST AIR AMBULANCE SERVICES TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FIRST AIR AMBULANCE SERVICES TRUST (CONTINUED) OTHER INFORMATION The other infomiation compri88S the Information induded in the Annual raport olh8r than the financial statements and our Audltors. report thereon. The Trustees are responslble for the other information containod within th8 Annual report. Our opinion on th8 financlal statements does not cover the other Infom)atlon and, except to the extent othepwlse explldtly staled In our report. we do not express any fomi of assuranc8 concluslon thereon. Our responsibility Is to read the other Inlomiatlon and. In dolng so. conslder whether th& other Informatlon Is materlally incon8iStent wlth the financial Statements or our knowledge obtained in the cour6e of th8 audit, or othenvise appears to be materially mi58tated. If we id8ntlfy Suth material inconslslencles or apparent material misstatements, we are required to detemilne whether Ihis gives rlse to a material misstal8ment in Ihe financlal statements thémselves. If, based on the work we have performed. we conclude that there is a materlal misstalamènt of this other informallon. wa are required lo report Ih8t f8Ct. We hava nothing to report In Ihls regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respe¢t ol Ihe followlng Matte￿ where the Charltle3 (Accounts and Reports) Reguladons 2008 requlres us to report to you If, In our oplnlon: the Infomiation given In the Trustees, report is Inconslstent In any mat8rlal respect wllh the flnanclal statements: or sufflclent accountlng records havè ntst beèn kept; or th8 flnanclal Statements ara not In agreement with the accountlng records and r•iums,' or we havo not recelved all the Infomiation and explanatlons we requlre for our aud5t. RESPONSIBILrriES OF TRUSTEES A8 explained more fully In tha Trustee3' re8pon81blr￿eS slatemenl, the Truslees are respon8Sble for the preparation of the Ilnanclal statements whlch glve 8 true and fair vi8w, and for such intemal control as the Trustees dotemiine Is necessary to enable tha preparatlon of ffinancial statements that are free from rnaterial mlsstatement, whether due to fraud or error, In proparfng the flnanclal statements, the Trustees are responslble for a8se8slng the charlvs ability to conllnue as a golng concarn, disclosing. a8 appllcAblo, matters related to golng concern and u51ng the golng concem basis of accounting unle83 the Trustees either interMI to IlquEdate the charity or lo cease operations. or havo no realistlc aliematlve but to do so. Page 7

FIRST AIR AMBULANCE SERVICES TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FIRST AIR AMBULANCE SERVICES TRUST (CONTINUEDI AUDITORS. RESPONSIBILrriES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have b8en appointed as auditor under sectlon 145 of the Charftles Act 2011 and r&port in accordance with the Act and relevant regulatlons made or havlng effect thereunder. Our objectlves are to obtaln reasonable assurance about wh8th8r the financial statement8 as a whole are fra6 from materlal misstatement, whether due to fraud or error, and to Issue an Audltors, report that Includes our opinion. Reasonable assurance Is a high lev81 of assurance, but is not a gua￿ntee that an audil conducted in accordanc8 wlth ISAS (UK) will always deteci a materfal misstatement when It exists. Mis81atements can aris8 from fraud or error and are consldefed material If, Indlvldually or In th8 aggregata. they could reasonably be expected to Influ8nce the economic decisions of users taken on the basls ol these flnanclal statemenis. Irregularities, Including fraud, are Instances of non-compliance with laws and regulations. We design procedures Sn line with our responsibilities, outlined abov8. to detect matedal mlsststements in respect of irregularities, Including fraud. The exlent to whlch our procedures are capable of detectlng irregularliles, including fraud detalled below: We have consklered the nature of the 11￿u81ry and sector, control envlronment and buglne88 P8rformance; We have consK1er8d the results of our enquirles of management and Ihe the Board about thelr own identlff catlon and assassment of the rlsk of Irregularltles., For any matters Identllled we hav6 obtalnad and roviéwad tha parent charltable companla documenlatlon of thalr policies and procedures relating to,, Identltyng. 8valualSng and cOmpl￿n9 wlth laws and regulatSons wholher they were aware of any In8tanrAs of non<ompllarKe', Detecting and responding to the rlsk ol fraud and whether Ihey have knowledge of actual, 8U8pect6d or alleged fraud; and The intemal Gontrols esiab118hed lo mitlgata the rlsk8 of froud or rKJn•compllance wlth laws and regulallons. We have con91dered th• mattef8 dlscussed among the audit engagement t¢am. Induding internal tax sp￿1811s￿, regarding how and where fraud might occur In the flnandal stslements and potential indlcators of fraud. As 8 result of these procedures, we have con8klered the opportunltlos and Inc8nlSve8 that may exl8t wlthln the organisatlon for fraud and Identified the hlghest area of risk io be In relation lo Income r•cognltSon. with particular risk In relation to year*nd cut off. In common wilh all audiis under ISAS (UK) we are also required to perfomi speclflc procedures to respond to th8 risk of management overrlde. We al80 obtalned an understandlng of Ihe leg81 and regulatory framework3 that the Charftable Group and Company op8r8tes In, focusing on prov1s1or￿ of those laws and regulations that had a dlrect effect on tho determlnation of materlal amounts and d18closures in the financial statements. The koy laws and regulations we consldered in this context induded the Charities SORP (FRS 1021- Accounling and Reportlng by Charities and the Flnanclal Reporting Standard applicabl8 in Ihe UK and Republlc of Ireland (FRS 102). In addition, we have considered provisions of other laws and regulatlons that do not have a direct affecl on the flnanclal stalernents but Compllance wfth whlch may be fundamental to the Charltsb18 Group and Companys ablllty to operale or to avoid a materlal penalty. These Indude data prot8Ctlon regulations, health and safety regulatlons and employrnent leglslatlon. Our procedures to respond to risks Identlfied included the followlng: Documenllng and validaling the control environment for Incom8 and d8blor8 and carrong out walklhrough tosting; Undertaking substanlive sample-based testlng or proof in total calculations on all matefl81 rev8nu8 Streams to ensure revenue has been recognised 8ppropriately and accurately, Conslderlng manual Income loumals as part of our work on fraud risks documented above: Reviewing the financial stslement disclosufes and testing to supporting documentation; Pag8 8

FIRST AIR AMBULANCE SERVICES TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FIRST AIR AMBULANCE SERVICES TRUST (CONTINUED) Enqulrlng of management concemlng aclual and potential litigation clalms: Performing ana1￿•Cal procedures to Id&ntlfy any unusual or unexpected rolatlonshlps that may Indlcate rfsks of material mlsstatement; Reading mlnules of meetlngs of those charged with govemance,. and In addresslng the rlsk of fraud through management ovethde of controls. testlng lh8 approprlat8n8ss of journal anlrles and other adjustments; assesslng whether the judgements mada In rnaklng accounllng estimates are Indlcatlve of a potentlal bias and evaluating the business rationale of any slgnlficant transactions that are unusual or outslde the normal cours8 of business. We also communicated relevant laws and regulations and potenllal fraud risks to all eng8g8m8nt team m8mbers and remained alert lo any Indlcatlons of fraud or non-compllance wlth laws and regulations throughoul thé audit. Our audSt procedures were designed to rospond to risks of material misstatement In the Ilnanclal statements, r8cognlslng thal the rlsk of not detecting a material misstatement due to fraud is high8r than the rlsk of not delectlng one resulllng from an error, as fraud may involve deliberate concoalment by, for example, forgary. mlsrepresentatlons or through colluslon. There are Inherent Ilmllatlons In the audlt procedures perfomi8d and the further removed rK)n-wmpllance with laws and ragulations is from Ihe events and tran8actlon8 refleGted In the financlal statamants, the1888 Ilkely we would become aware of It. A furthar dascrfptlon of our re8ponslbllltl8s for the audll of the financial statements Is located on the FlnanGial ReportSng Councll's webslte at: This déscrlptlon forms part of our AuditOfS' report. USE OF OUR REPORT Thls report Ss made solely to the charitrfs trustee8, a8 a body* in accordance wlth Part 4 of the Charltles (Accounts and Reports) Regulallons 2008. Our audlt work has b8en und8rtaken so that we mlght state to th8 charltys trustees those matters we are requlred to stale to them In an Audltor8' report and for no othar purpose. To the fullest extent permitted by law, we do not accept or assumè r8sponslbllSty to anyona other than the charlty and Sts trustees, as a body. for our audit work, for this report. or for the opinion8 we have fomied. Blshop Flemlng LP Chartered Accountants Statutory Audltors Chy Nyvarow Newham Road Truro Cornwall TR12DP Date: 7d 8ishop Fleming LLP are eligible to aci as audilors in tarms of sectSon 1212 of the Companles Act 2006. Page 9

FIRST AIR AMBULANCE SERVICES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•strlctsd funds 2024 Total funds 2024 Total funds 2023 Noto Incom• from: Donalions and legacles 137,995 137,995 99,854 Total Income 137,995 137,995 99.854 Expondltur• on: Charltable acllvltie8 137.99S 137.995 99,854 Total •xpandltur• 137,995 137,995 99,854 N•t mov•m•nl In funds R•conclllatlon of fund•: Total fundi carrl•d I0￿4￿d The Statement of Financial Activltlos Includas all galns and1088e8 recognised In the year. The note8 on pages 12 to 18 form part of these flnanclal 8tatement8. Pag8 10

FIRST AIR AMBULANCE SERVICES TRUST BALANCE SHEET AS AT 31 DECEM8ER 2024 2024 2023 Nots Curr•nt a88•ts Deblors Cash at bank and in hand 80,000 56,647 10 99,442 136,647 99,442 Credltor8'. amounts falllng due wlthln one (136,8471 (99,442) M•t curr•nt as*•t• Total n•t •8s•ts The ancial state ts were approved and authorlsed for Issu8 by Ihe Trustees and 81gned on their behalf by. MrDR (Chalr of Trus Date.. z7d 2c)25 The notes n pages 12 to 18 form part of theBe financlal statements. Page11

FIRST AIR AMBULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION First Air Ambulance Sarvices Trust Is a reglslered charlty, number 299000. and is eonstitut8d under a Trust déad. Th8 charity is r8gistar8d as the Flrst Alr Ambulance Service Trust, but has adopted the working name of Cornwall Alr Ambulance Trust wlth the approval of the Charllles Commlssion. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The tlnancSal statements have teen prepared In accordance wfth the Charffjes SORP {FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice appllcabl8 to charities preparlng Ihelr accounts kn accordance with the Financial Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) 18ffeclive 1 January 2019), Ihe Financial Reportlng Slandard applicable In the UK and Republic of Ireland IFRS 102) and Ihe Charities Act 2011, The financial statements hav6 been prepared to glve a 'lrue and fa5rf view and have departed from the Charities (Accounts and Reports) Regulatlons 2008 only to the extent required to provide a 'lrue and fairf view. This departure has involved followlng the Charitles SORP (FRS 102) publIs￿d on 16 July 2014 rather than the Accounllng and ReFMNdng by Charltl88: Ststement of RecornmerKl8d Practbce effectlve from 1 Aprm 2005 which has slnce beon withdrawn. Flrst Alr Ambulance Servlce8 Tru8t rneels the defjnltion of a publlc bonefit antlty under FRS 102. Ass8ls and liabililias are initlally r8cogni8ed at hlstoflcal cost or transactlon value unless otherwlse stated in the relevant accounung pollcy. 2.2 INCOME All Income i¥ recognised once th• Charity has enllllement to tho Income, It 18 probable that tha Income will be received and th8 amount of Income recelvable can be measured reliably. Tho recognltSon of Income from legacle818 dependent on establlshlng 8ntlllem8nt, the probablllty of recelpl and the ablllty lo e8tlmate wlth 8ufficient accuracy tha amount recelvable. Evldenc• of entitlemont lo 8 18gacy 8xl8ts when the Charfty has sufflclent evldence that a glft has been left lo them {through knowledge of the exlslence of a valld wlll arKI the death of tho bonefactor) and tho executor is salisfi8d that th8 property in questl(Jn S￿11 nol be requlred to satisfy claims in the eslate. Recoipl of a legacy must b6 recognised when It Is probable that It ￿411 be received and the fair valu& of the amount receivable, which will generally be the expected cash amount to be dlstrlbuted io the Charlty, can be reliably measured. Grants are Sncluded In the Slatement of financial a¢tivities on a receivable basls. The balance of income recelved for Spedtlc purposes but not expended during the period is shown In the relevant funds on the Balance sheet. Where income is received in odvanco of èntiilemenl of rec61pt, its r8cognition Is deferred and Included In credltor3 a8 doferred Income. Where entltlement occur8 before Income Ss recelved. the Income Is accrued, Page 12

FIRST AIR AM8ULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Iconllnued) 2,3 EXPENDITURE Expendlture Is recognlsed once there Is a legal or constructlve obllgallon to transfer economlc benefit to a thlrd paty. It is probable that a transfer of economic benefits wlll b8 requlr8d In settlement and the amount of the obligation can be measured reliably. Expgnditure is dassified by adlvlty. The costs of each actlvlty aro made up of the total of dlrect costs and shared costs, including SUPPOrt costs involved in undertaklng each actlvlty, Dlrect costs attrlbutable to a slnole activity are allocated direclly to that activity. Shar8d costs which contribute to more than one activity and support cosls whith are rM)t attributable to a single activity are 8PPOrtioned belween those activities on a basls consistent wlth the use of resources. Central staff costs a￿ allocated on the basis of time spent, and depreciation charges allocated on the portion of the a88et's use. Exponditure on charitable activities is incurred on directly undertaking the actlvlties which further the Charftys objectlvos, a8 well a8 any a8soclated support costs. AII oxpondltura 58 Incluslve of Irrecoverable VAT. 2.4 DEBTORS Trade and other debtors aro racognlsed at the settlement amounl after any trade discount offered. PrepayThents are valued at the amounl prepald nel of any trade dlscounts due. 2.5 CASH AT BANK AND IN HAND Cash at bank and In hand Includes cash and short-term hlghly Ilquld Investments wilh a short maturlty of threa months or less from the date of acqulsltlon or opanlng of the deposit or similar account. 2.6 LIABILITIES AND PROVISION8 Llabllltles are recognlsed when there Is an obllgatlon al the Balance sheet date as a result of a p88t event, It Is probabl8 that a transfer of economlc benefit wlll be requlred in settlement, and the amount of the sottlamanl can be &stimatad rellably. Liabilities are recognised 8t Ihe amount Ihal the Charity anlicipates il will pay to s•tt16 tha debt or tho amounl It has received 85 advanced payrnents for the goods or services it must provide. Provisions are measured at the best estlmate of the amounts requlred to settle the obligation. Where tho effect of the timo value of money Is material, tha provislon is bas6d on the present value of thoso amounts, discounted at the pre.tax discount rale that reflecls the rlsks speclfflc to the Ilablllty, The unwlndlng of the dlscounl Is recognlsed In the Slalement of Ilnanclal aGtlvltles as a financè cost. 2.7 FINANCIAL INSTRUMENTS The Charlty only has financial assets and financSal liabilities of a kind that qU81fy 85 basic financigl inslrum8nls. Basic financial Instruments are Inltially recognlsed at tr8ns8Ction value and subsequently measured al thelr settlemenl value ￿￿th the exceptlon of bank loans whlch are subsequently rneasured at amortised cost using the effective int8rest method. 2.8 FUND ACCOUNTING Genaral funds ar8 unfestricted funds which are available for us8 at the dlscretion of the Trustees In rtherance of tha genoral objectives of the Charity and whlch have not been deslgnated for olher purpose5. Page 13

FIRST AIR AMBULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM DONATIONS AND LEGACIES Unr•$trlct•d lund• 2024 Total funds 2024 Totsl funds 2023 Donations Legacles Grants 3.913 134,082 3,913 134,082 4.133 93,721 2,000 137.99S 137.995 99,854 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIE8 Summary by fund ty Unre8trletsd funds 2024 Tolal 2024 Total 2023 Direct costs 137,995 137.995 99,854 Page 14

FIRST AIR AMBULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE BY AcnvmES Actlvltl•8 undertaken dlrectly 2024 Support costs Total funds 2024 Total funds 2023 2024 Charftable Actlvltles 133,887 4,108 137,995 99.854 TOTAL 2023 96,786 3,068 99,854 ANALYSIS OF DIRECT COSTS Total fund8 2Q24 Tolal funds 2023 tlvltle• 2024 Donation to CAAT 133,887 133,887 96.788 ANALYSIS OF SUPPORT COST8 Total funds 2024 Total funds 2023 Acllvltl•• 2024 Bank charg88 Govemance costs 183 3,925 183 3,925 183 2,885 4.108 4,108 3,068 AUDITORS. REMUNERATION 2024 2023 Feés payable lo tho Charltls audilor for the audli of the Charitys annual accounts 2,760 2,640 Page 15

FIRST AIR AMBULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES. REMUNERATION AND EXPENSES Durlng the year. no Truslees recelved any remunerallon or other benefits {2023 - £NILI. Durlng Ihe year, no Trustèa •xpansas hava been Incurred {2023 - £NIL). DEBTORS 2024 2023 DUE ￿THIN ONE YEAR Prepayments and accrued income 80,000 80,000 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Tradè cradStors Arnounts owed to group undertaklngs Accruals and deferred Income 18 96.786 2,640 133,887 2,760 136,647 99,442 10. CASH AT BANK AND IN HAND 2024 2023 Ca8h al bank and in hand S6,647 99,442 Page 16

FIRST AIR AMBULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. STATEMENT OF FUNDS STATEMENT OF FUNDS . CURRENT YEAR Balanco at 31 December 2024 Income Expendltur• UNRESTRICTEO FUNDS General Funds 137.995 (137,995) STATEMENT OF FUNDS . PRIOR YEAR Balance at 31 08c8mb8r 2023 Incoma Expenditure UNRESTRICTED FUNDS General Funds 99,854 (99,854) 12. ANALYSIS OF NET ASSETS 8ETWEeN FUNDS ANALYSIS OF NET ASSET8 BEfwEEN FUNDS - CURRENT PERIOO Unre•trlcted fund• 2024 Total funds 2024 CUr￿n1 ass8ts Credltors due wlthln one year 136,647 136,647 (136,647) 1136.647) TOTAL Page 17

FIRST AIR AMBULANCE SERVICES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestrfcted funds 2023 Total furKIs 2023 Current assets Creditors due within one year 99,442 (99,442) 99.442 (99,442) TOTAL 13. RELATED PARTY TRANSAclloNS The Charity made a donallon In year of £133,887 {2023: £96,786) lo its paMnt undertaking and controlling party b8lng Comwall Air AmbulanGg Trust, a tharitable company incorporated and regi81ered in England and Wales. At the year end thé Charity owed a balanca of £133,887 (2023: £98,786) lo Comwall Air Ambulance Trust. 14. CONTROLLING PARTY The Charitys controlling paty 18 the Comwall Air Ambulance Trust (CAAT}, a charllable company Incorporated and r8gist8red In EnglarKI arKI Wales. The Gompany number for CAAT is 07085879 and the charity number is 1133295. The Charity operates under Iha same Board of Trustees as CAAT. The principal PUfPOS8 and actlvlty of CA4T Is to relieve pain and sickness for the benefit of the publlc by assisting in thè provlsion of emergency medlcan 8eNicè8 and èquipmant, In particular tha provlslon of an Alr Ambulance S8rvlce or other 8m8rgency tran8POrtallon prlmarlly In ComwaH and the Isles of Scllty. Coples of the group flnandal statements may bo obtained from Companies House. Page 18