## **THE ROYAL AIR SQUADRON CHARITY** **Registered Charity No 306024** ## **REPORT OF THE TRUSTEES FOR 2021** **2021 saw the name change from the Geoffrey De Havilland Flying Foundation to the Royal Air Squadron Charity. Due to the review and the aftermath of Covid 19 and the recent review our charitable operations were still restricted in the year.** **However, it did not cause the charity financial distress because income from investments as well as a small contribution from donations exceeded charitable and operational outgoings.** **Investment income and donations produced a total income of £38,631k, a decline of 20% from the prior year. This was primarily due to a decline in investment yields. Donations had declined since 2018 principally due to the recent death of a small number of regular important benefactors.** **The biggest administrative expense is fees from Cazenove plus General administrative expenditure was like the prior year while amounts spent on scholarships, charitable grants and other sponsorships only totalled £5k.** **Notwithstanding extremely unstable conditions in the global economy, the charity’s investment portfolio, managed by Cazenoves, remained slightly up at the end of 2021 at £1.2m,** **The accounts show a surplus for the year which will assist future charitable activities.** ************************* ## **The Geoffrey de Havilland Flying Foundation Statement of Financial Activities for the year ended 31 December 2020** ||2020|2019| |---|---|---| ||**£**|**£**| |**Incoming Resources**||| |Voluntary Income: Donations||15,500| |17,150||| |Investment Income||32,998| |36,898||| |Interest received|98
|| |106||| |**_Sub-total Incoming Resources_**
||**_48,596_**| |**_54,154_**||| |_CAPITAL SALES_||| |**_Share Sales_**||**_547,085_**| |**_159,083_**
**_Total Incoming Resources_**
||**_595,681_**| |**_213,237_**
|**_213,237_**|| |**Resources Expended**||| |_FLYING SCHOLARSHIPS / SUPPORT_||| |John Cunningham fying scholarships||3,727| |30,753||| |BMAA Microlight scholarships|5,500|| |-||| |RAFFCA Aerobatic competition||-| |3,500||| |RAFFCA PPL training – 1 student (RAF100)
||-| |1,240||| |Sir John Thomson ‘Spirit of Aviation’||2,048| |2,438||| |Pilot Engineering scholarships with UoH – 2 students||-| |4,900||| |FAAOA gliding scholarships||2,240| |-||| |FAAOA NCO tug pilot rating – 1 student
||-| |1,000||| ||13,515|| |43,831||| |_OTHER SPONSORSHIPS_||| |Ukraine Air Cadet exchange||-| |1,158||| |Cadet awards at Old Warden||-| |-||| |DH Memorial Lecture||-| |-||| |**_Sub-total Charitable Activities_**
||**_13,515_**| |**_44,989_**||| ## _EXPENSES_ |Management fees – Cazenove Capital Management
9,683
JC Book – fees and expenses

-
JC Medals and awards – Bentley Priory

(711)*
Stationery, gifts etc
96
Expenses of administration

1,877
Trustee Indemnity Insurance

493
**_Sub-total Expenses_**

**_11,438_**
_CAPITAL PURCHASES_
**_Share Purchases_**

**_146,292_**
**_Total Resources Expended_**

**_202,719_**
_Net Incoming / (Outgoing) Resources c/fwd_
_10,518_|9,102
1,500
-
240
2,118
493
**_13,453_**
**_599,182_**
**_626,150_**
_(30,469)_| |---|---| _*****_ £1,412 of the 2018 cost was recovered from RAFCT in 2019, hence the net credit in 2019 ## **The Geoffrey de Havilland Flying Foundation** Statement of Financial Activities for the year ended 31 December 2020 2020 2019 **£ £** _Net Incoming / (Outgoing) Resources b/fwd (30,469) 10,518_ **Other recognised gains / (losses)** Gain / (loss) on revaluation of investments 17,486 87,942 _Net movement in funds_ _**(12,983) 98,460**_ ## **Reconciliation of Funds** Total funds brought forward 1,127,394 1,028,934 _Total funds carried forward_ _**1,114,411 1,127,394**_ ## **The Geoffrey de Havilland Flying Foundation** Balance Sheet as at 31 December 2020 2020 2019 £ £ £ £ **Fixed Assets** Investments 1,108,397 1,079,827 **1,108,397 1,079,827 Current Assets** Cash at bank 6,014 47,567 **6,014 47,567** _Net Current Assets 6,014 47,567_ _**Net Assets 1,114,411 1,127,394**_ REPRESENTING _**Reserves 1,114,411 1,127,394***_ *For a detailed analysis of the Reserves, see next page General Reserves 1,077,008 Sir John Thomson ‘Spirit of Aviation’ 37,403 Total Reserves 1,114,411 The accounts have been prepared on a Receipts and Payments basis ## **Analysis of 2020 Donations** _Donor Amount Nominated purpose £_ Philip Meeson 10,000 Spirit of Aviation Dr the Hon Gilbert Greenall 1,500 General Earl Fitzwilliam Charitable Trust 2,000 General Maxi Gainza 2,000 General ## **Total** ## **15,500** ## **Analysis of Reserves** |_General Reserves_||_2020_|| |---|---|---|---| |_2019_|||| ||**£**||**£**| |Balance brought forward, 1 Jan||1,097,943|| |1,008,045|||| |Incomingless
expended resources||(38,421)|| |1,956|||| |Revaluation of portfolio at year end||17,486
|| |87,942|||| |Balance carried forward, 31 Dec||1,077,008|| |1,097,943|||| |_Sir John Thomson ‘Spirit of Aviation’_|||| |Balance brought forward, 1 Jan||29,451|| |20,889|||| |Specifed donations received||10,000|| |11,000|||| |SoA expenditure||(2,048)|| |(2,438
)|||| |Balance carried forward, 31 Dec||37,403|| |29,451|||| * A share of the annual revaluation of the GdeHFF general share portfolio (be it upwards or downwards) has not been assigned to ‘Spirit of Aviation’ because the amounts to be allocated would be _de minimis._ **The Geoffrey de Havilland Flying Foundation Statement of Financial Activities for the year ended 31 December 2020** 2020 2019 **£ £ Incoming Resources** Voluntary Income: Donations 15,500 17,150 Investment Income 32,998 36,898 |Interest received|98
|98
| |---|---|---| |106||| |**_Sub-total Incoming Resources_**
||**_48,596_**| |**_54,154_**||| |_CAPITAL SALES_||| |**_Share Sales_**||**_547,085_**| |**_159,083_**
**_Total Incoming Resources_**
||**_595,681_**| |**_213,237_**
|**_213,237_**|| |**Resources Expended**||| |_FLYING SCHOLARSHIPS / SUPPORT_||| |John Cunningham fying scholarships||3,727| |30,753||| |BMAA Microlight scholarships|5,500|| |-||| |RAFFCA Aerobatic competition||-| |3,500||| |RAFFCA PPL training – 1 student (RAF100)
||-| |1,240||| |Sir John Thomson ‘Spirit of Aviation’||2,048| |2,438||| |Pilot Engineering scholarships with UoH – 2 students||-| |4,900||| |FAAOA gliding scholarships||2,240| |-||| |FAAOA NCO tug pilot rating – 1 student
||-| |1,000||| ||13,515|| |43,831||| |_OTHER SPONSORSHIPS_||| |Ukraine Air Cadet exchange||-| |1,158||| |Cadet awards at Old Warden||-| |-||| |DH Memorial Lecture||-| |-||| |**_Sub-total Charitable Activities_**
||**_13,515_**| |**_44,989_**||| |_EXPENSES_||| |Management fees – Cazenove Capital Management||9,102| |9,683||| |JC Book – fees and expenses||1,500| |-||| |JC Medals and awards – Bentley Priory
||-| |(711)*||| |Stationery, gifts etc||240| |96||| |Expenses of administration

1,877
Trustee Indemnity Insurance

493
**_Sub-total Expenses_**

**_11,438_**
_CAPITAL PURCHASES_
**_Share Purchases_**

**_146,292_**
**_Total Resources Expended_**

**_202,719_**
_Net Incoming / (Outgoing) Resources c/fwd_
_10,518_|2,118
493
**_13,453_**
**_599,182_**
**_626,150_**
_(30,469)_| |---|---| _*****_ £1,412 of the 2018 cost was recovered from RAFCT in 2019, hence the net credit in 2019 ## **The Geoffrey de Havilland Flying Foundation** Statement of Financial Activities for the year ended 31 December 2020 2020 2019 **£ £** _Net Incoming / (Outgoing) Resources b/fwd (30,469) 10,518_ **Other recognised gains / (losses)** Gain / (loss) on revaluation of investments 17,486 87,942 _Net movement in funds_ _**(12,983) 98,460**_ **Reconciliation of Funds** Total funds brought forward 1,127,394 1,028,934 _Total funds carried forward_ _**1,114,411 1,127,394**_ ## **The Geoffrey de Havilland Flying Foundation** Balance Sheet as at 31 December 2020 2020 2019 £ £ £ £ **Fixed Assets** Investments 1,108,397 1,079,827 **1,108,397 1,079,827 Current Assets** Cash at bank 6,014 47,567 **6,014 47,567** _Net Current Assets 6,014 47,567_ _**Net Assets 1,114,411 1,127,394**_ REPRESENTING _**Reserves 1,114,411 1,127,394***_ *For a detailed analysis of the Reserves, see next page General Reserves 1,077,008 Sir John Thomson ‘Spirit of Aviation’ 37,403 Total Reserves 1,114,411 The accounts have been prepared on a Receipts and Payments basis ## **Analysis of 2020 Donations** **----- Start of picture text -----**
Donor Amount Nominated
purpose
£
Philip Meeson 10,000 Spirit of Aviation
Dr the Hon Gilbert Greenall 1,500 General
Earl Fitzwilliam Charitable Trust 2,000 General
Maxi Gainza 2,000 General
Total 15,500
Analysis of Reserves
General Reserves 2020
2019
£ £
**----- End of picture text -----**
Balance brought forward, 1 Jan 1,097,943 1,008,045 Incoming less expended resources (38,421) 1,956 Revaluation of portfolio at year end 17,486 87,942 Balance carried forward, 31 Dec 1,077,008 1,097,943 _Sir John Thomson ‘Spirit of Aviation’_ Balance brought forward, 1 Jan 29,451 20,889 Specified donations received 10,000 11,000 SoA expenditure (2,048) (2,438) Balance carried forward, 31 Dec 37,403 29,451 * A share of the annual revaluation of the GdeHFF general share portfolio (be it upwards or downwards) has not been assigned to ‘Spirit of Aviation’ because the amounts to be allocated would be _de minimis._ **The Geoffrey de Havilland Flying Foundation Statement of Financial Activities for the year ended 31 December 2020** |**Incoming Resources**
Voluntary Income: Donations
17,150
Investment Income
36,898
Interest received
106
**_Sub-total Incoming Resources_**

**_54,154_**
_CAPITAL SALES_
**_Share Sales_**
**_159,083_**
**_Total Incoming Resources_**
**_213,237_**
**_213,237_**|2020
2019
**£**
**£**
15,500
32,998
98

**_48,596_**
**_547,085_**
**_595,681_**| |---|---| ||

| **Resources Expended** _FLYING SCHOLARSHIPS / SUPPORT_ |John Cunningham fying scholarships||3,727| |---|---|---| |30,753||| |BMAA Microlight scholarships|5,500|| |-||| |RAFFCA Aerobatic competition||-| |3,500||| |RAFFCA PPL training – 1 student (RAF100)|
|-| |1,240||| |Sir John Thomson ‘Spirit of Aviation’||2,048| |2,438||| |Pilot Engineering scholarships with UoH – 2|students|-| |4,900||| |FAAOA gliding scholarships||2,240| |-||| |FAAOA NCO tug pilot rating – 1 student||-| |1,000||| ||13,515|| |43,831||| |_OTHER SPONSORSHIPS_||| |Ukraine Air Cadet exchange||-| |1,158||| |Cadet awards at Old Warden||-| |-||| |DH Memorial Lecture||-| |-||| |**_Sub-total Charitable Activities_**||**_13,515_**| |**_44,989_**||| |_EXPENSES_||| |Management fees – Cazenove Capital Management||9,102| |9,683||| |JC Book – fees and expenses||1,500| |-||| |JC Medals and awards – Bentley Priory||-| |(711)*||| |Stationery, gifts etc||240| |96||| |Expenses of administration||2,118| |1,877||| |Trustee Indemnity Insurance||493| |493||| |**_Sub-total Expenses_**||**_13,453_**| |**_11,438_**||| |_CAPITAL PURCHASES_||| |**_Share Purchases_**||**_599,182_**| |**_146,292_**||| _**Total Resources Expended 626,150 202,719** Net Incoming / (Outgoing) Resources c/fwd (30,469) 10,518_ _*****_ £1,412 of the 2018 cost was recovered from RAFCT in 2019, hence the net credit in 2019 ## **The Geoffrey de Havilland Flying Foundation** Statement of Financial Activities for the year ended 31 December 2020 2020 2019 **£ £** _Net Incoming / (Outgoing) Resources b/fwd (30,469) 10,518_ ## **Other recognised gains / (losses)** Gain / (loss) on revaluation of investments 17,486 87,942 _Net movement in funds_ _**(12,983) 98,460**_ ## **Reconciliation of Funds** Total funds brought forward 1,127,394 1,028,934 _Total funds carried forward_ _**1,114,411 1,127,394**_ ## **The Geoffrey de Havilland Flying Foundation** Balance Sheet as at 31 December 2020 **----- Start of picture text -----**
2020 2019
£ £ £ £
Fixed Assets
Investments 1,108,397
1,079,827
1,108,397 1,079,827
Current Assets
Cash at bank 6,014 47,567
6,014 47,567
**----- End of picture text -----**
_Net Current Assets 6,014 47,567_ _**Net Assets 1,114,411 1,127,394**_ REPRESENTING _**Reserves 1,114,411 1,127,394***_ *For a detailed analysis of the Reserves, see next page General Reserves 1,077,008 Sir John Thomson ‘Spirit of Aviation’ 37,403 Total Reserves 1,114,411 The accounts have been prepared on a Receipts and Payments basis ## **Analysis of 2020 Donations** |_Donor_
|_Amount_
|_Amount_
|_Nominated_|_Nominated_| |---|---|---|---|---| |_purpose_||||| ||_£_|||| |Philip Meeson
|10,000
|Spirit of Aviation||| |Dr the Hon Gilbert Greenall|1,500||General|| |Earl Fitzwilliam Charitable Trust||2,000|General|| |Maxi Gainza|2,000||General|| |**Total**
|**15,500**|||| |**Analysis of Reserves**||||| |_General Reserves_||_2020_||| |_2019_||||| |||**£**||**£**| |Balance brought forward, 1 Jan|
||1,097,943|| |1,008,045||||| |Incomingless
expended resources|||(38,421)|| |1,956||||| |Revaluation of portfolio at year|end||17,486
|| |87,942||||| |Balance carried forward, 31 Dec|||1,077,008|| |1,097,943||||| _Sir John Thomson ‘Spirit of Aviation’_ Balance brought forward, 1 Jan 29,451 20,889 Specified donations received 10,000 11,000 SoA expenditure (2,048) (2,438) Balance carried forward, 31 Dec 37,403 29,451 * A share of the annual revaluation of the GdeHFF general share portfolio (be it upwards or downwards) has not been assigned to ‘Spirit of Aviation’ because the amounts to be allocated would be _de minimis._ CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Report to the trusieesl mtmbws Ot On ac¢ounts for thè y•ar 31si tiecembw 2021 Charity no 111 •ny) J6024 I reFQrt ￿ the trusw on my examnHtAin of the aCcO￿ts of the ab ch￿ fthe Trusn lor the year ended Responslbllld¢s and A8 the charity mtstees of the TTtK5t. you for the prePar￿lon basis ol r•port ot the aecounts in accordance th the req￿reMents ol the cl￿tieS A 20U fft A￿. I reF4Jt in respect of my examinab.on of the Tnjsi's accounts carr￿d out )tter sectson 145 ol Ihe 20ll Act and in carying my examinab"on, I have lolbwe(I the aFvltsble Di1e¢DC￿s gNen by the Chanty Commioon der Sec1￿ 145t5Xbl ol the Act. Independent I have completed my examination. I C￿firn that no m￿11￿ mattets ha examinerfs statemert my attents￿ (other than that dLsdosed bekny.) in ¢onnect*Jn wtth the examin￿1￿ gr*s me cause to believe thai wi. any material theAdor Ihe aCcO￿ts not a¢ctNd ¥￿th the accounb"i¥J fecords Vlilh the examina￿1 ￿ which aiiention should be drawn in order to enable a proper undersianding ol the accounts to be ￿aChed. • Plthw deleie Ihe 11r￿dS in the tsrackets ilthey do Slgned: Ilth OcrotrRr 2022 October 20 Relevant prol•sslon qualifiC￿lOn(S) or body (rf any): Address: Barton Manor. Barton E5fate. v￿￿)p1ngham. l* otwght P032 6LB Only compleie JI the examiner needs io highlight matter5 of concem (see CC32. Independeni examuiabon ol tharjty accoun￿ th"rec¢ions and gLudance for examiners). IER Gl¥e here briel details ol any iiems that the examiner wishes to disclose. IER O¢tober 2018