2025-12-31-accounts - Royal Aeronautical Society

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Royal Aeronautical Society

Annual Report and Accounts Year Ended 31 December 2025

Charity Registration Number: 313708 Incorporating: Charity Registration Number: 1013530 Charity Registration Number: 1045004

ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Report of the Board of Trustees for the year ended 31 December 2025

The members of the Board of Trustees are pleased to present their annual report and financial statements of the Society for the year ended 31 December 2025.

The Trustees confirm that they have complied with the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Society. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019) - (Charities SORP (FRS 102)).

The guiding principles of the Royal Aeronautical Society are embodied in this extract from the Science and Engineering and for promoting that species of knowledge which distinguishes the profession of Aeronautics

The Society provides free lectures and access to the National Aerospace Library to encourage the public to engage in aerospace and aviation. Membership is open to those who have an interest or are pursuing a career in aviation and aerospace.

Objectives and Activities

The Royal Aeronautical Society has continued to lead the global aerospace and aviation community in 2025, advancing innovation, education, and collaboration. With almost 160 years of heritage, the RAeS remains committed to supporting professionals across the globe, driving high standards and sustainable solutions in aerospace, and inspiring future generations to participate and engage in the industry.

Our mission is:

To lead, as the premier professional community and independent source of expertise in aerospace.

Our vision is:

To be the global, inclusive and forward-looking hub for aerospace.

The Society aims to achieve its mission and vision through the following strategic aims:

Authoritative, Impartial, Evidence-Led Knowledge
Policy Advice and Thought Leadership
Protect our Heritage, Enhance our Future
Support our Communities
Research our Worlds
Education and Outreach
Our Team

Achievements and performance

In 2025, the Society focused on key objectives including to grow membership, increase engagement with core audiences to ensure value and longevity, widen the reach of the events and outreach programmes as well as policy initiatives to inform and influence within the sector and maintain financial stability in order to support future investment planning.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Provide influence and leadership (Strategic aims 1 & 2)

During the year, the Society strengthened its position as a trusted and influential voice across government, industry, and the international aerospace community. Sustained engagement with Parliamentarians, senior officials, and key stakeholders enabled the Society to actively support national policy through a series of high-impact briefing and position papers. Over 2025, we have had over 25 Parliamentary and government engagements with Aviation Ministers and government departments, Aviation, Defence, and Space APPGs, Parliamentarians and Chairs of the Space and Defence Committees, and Government Departments (DfT, DBT, DSIT, DfE, UK Space Agency, MOD, CAA).

In 2025, the Society produced five formal briefing papers, contributing expert insight across defence, sustainability and air traffic management. These papers covered a wide range of strategic issues, including helicopter performance and mission flexibility, resilience in the UK air traffic management system, the future Pacific, and public attitudes to aviation decarbonisation, collectively strength authoritative source of sector expertise.

Direct engagement with government departments, including the new Minister for Aviation, ensured that the sustainability, and workforce development. The Soci (SDR) was formally recognised through the participation of Lord Robertson, Lead Reviewer for the SDR, at the Annual Defence Summit, following the submission of a series of three formal Society papers. The Society remain on the front foot with geopolitical developments with our publication on the US Shift to IndoPacific and Insight articles.

Further parliamentary impact was achieved through the provision of formal evidence to the House of Lords International Relations and Defence Committee on the F-35 programme. The Society also played a key role in the national consultation landscape, submitting responses to eight government and CAA consultations covering performance-based navigation, aviation charges, recommendations for the UK space economy, defence industrial strategy offset, pilot licensing reform, and the airspace change process reinforcing its role as a source of independent, authoritative sector expertise.

In space, the Society continued to expand its national and international influence. The visit of ESA Director General Dr Josef Aschbacher to the Society marked a significant milestone, while closer collaboration with the UK Space Agency now includes partic to the House of Lords Space consultation was cited in the official publication on The UK Space Economy. Relationships with NASA, ESA, and UNOOSA were further strengthened through events, parliamentary engagement, and representation at global space forums in London, Manchester and Glasgow.

Internationally, the Society was represented at the 42nd ICAO Assembly in Montreal, with two skills papers organisations. High-level engagement with ICAO Secretary General Juan Carlos Salazar during the Assembly supported discussions on contrail management, mental health in civil aviation, and workforce development. Strategic relationships were also maintained with the FAA, IATA, and other international organisations. We have also had senior engagement with 7 leading International Aerospace organisations including EASA, UNOOSA, ICAO, ESA, FAA, IATA, and ACI. In Europe, the Society strengthened its partnership with EASA through engagement with Executive Director Florian Guillermet and representation at the EASA SAFE 360° 2025 Conference. Global outreach continued through international branch activities in the US, UAE, Berlin, Paris, and Warsaw.

AEROSPACE and digital output continued to go from strength to strength in the past 12 months. Highlights of the past year included news coverage of RAeS Future Air and Space Defence Summit, Paris Air Show, DSEI, the Farnborough Space Show, Sustainable Skies and Dubai Air Show with the latter introducing dynamic new digital coverage. Our social media outputs and posts detailing Society activity have resulted in an additional 11,602 followers on LinkedIn, an increase of 23% over the last year. Targeting a younger platform by 19% over the year. A stronger focus on producing engaging video content also significantly improved performance on YouTube, achieving a 30% engagement rate across the year.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

segment that brought expert commentary alongside its news and magazine content. In addition, the AEROSPACE app continued to grow and has now been downloaded by a quarter of the membership. The Specialist Groups continue to publish papers and reports of interest to their communities and beyond and exceeded the target of publishing two specialist papers including a new position paper on Enhancing Resilience In The UK Air Traffic Management System.

In response to member interest, a new RAeS Propulsion Specialist Group has been established as a centre of knowledge and authority across the propulsion domain. A Lighter Than Air Working Group has also been created with the Airship Association to bring together those interested in this area. The International Light Aircraft Design Competition 2024/25 ran successfully with ten entries, and two winners were selected for the best team and individual submissions. The 2025/26 competition has now launched, requiring the design of a STOL aircraft for remote island communities.

Factor increased from 1.4 to 1.6. We also published extended versions of the previous two Lanchester Lectures - Frederick W. Lanchester and Aerodynamics: Why an Automotive Engineer Wrote a Book for Aerodynamic Education by Russ Cummings (January 2025) and Advances in Unsteady Computational Aerodynamics with Separation by Marilyn Smith (September 2025). In addition, an online collection showcasing the best historic and current research papers from Glasgow University, celebrating the 75th anniversary of aerospace engineering at the institution, was released in early 2025.

Sustainability remains a key focus and the Society is building its reputation for thought leadership in this area. In March 2025, the Society published its report on Public Attitudes to the Decarbonisation of Aviation, providing insights into how those out A new Environmental Sustainability Coordination Group has been created, working with the Learned ental sustainability.

In 2025, the Society delivered a full programme of events, welcoming more than 3,000 attendees. 17 specialist lectures were attended by over 1,550 guests, featuring distinguished speakers such as ESA Director General in his first Royal Aeronautical Society address. Hybrid formats were introduced across major conferences, significantly increasing international participation, with one event drawing attendees from 18 countries. Across the year, 15 conferences (nine hybrid) and seven webinars were delivered, generating 1,077 registrations.

The Annual Banquet at the InterContinental Park Lane was a highlight, with Guest of Honour Dr Brendan headquarters at No.4 Hamilton Place, also hosted several AeroSociety Lates, from quizzes to an Apollo 13 screening, alongside the popular Air Law Summer Reception.

The Honours Medals and Awards (HMA) ceremony at the end of 2025 showcased another successful year for the HMA programme. The Society have implemented a new digital application form which can now be submitted via the website to help streamline, standardise and attract more nominations.

Attract and support a diverse membership (Strategic aims 2, 4 & 6)

Engagement across the aerospace community has remained strong both online and in person, supported by invaluable volunteer contributions. The Society continues to promote and expand awareness of its work through participation in a wide range of exhibitions and conferences across the sector, including Advanced the Royal Navy Air Officer Conference.

Close collaboration with companies and volunteers continues to deliver a mix of online briefings, workshops and mentoring training. In 2025, more than 57 exhibitions, conferences, airshows, briefings, both online and in person, and mentor training sessions were supported, and the Membership and Registration webinar programme reached 432 potential members and registrants.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

In 2025, members were encouraged to upgrade their membership to a higher grade which is an essential activity to ensure that our memberships reflect the appropriate level of skill and service to the industry. Over 300 members took the opportunity to upgrade their membership in 2025.

Support from Society members remained strong in 2025, with Members and Fellows encouraged to nominate colleagues for streamlined membership applications, resulting in over 270 nominations during the year and more than 950 successful applications since the route began in 2018. More than 200 Membership and Registration 1 to 1 support calls were held, membership now spans 115 countries, and over 190 volunteers contribute to Membership, Registration and Accreditation Committees, Sub Panels and Assessor Groups.

Young people are encouraged to pursue careers in aerospace through free Apprentice and Student Affiliate membership, providing access to mentoring, knowledge resources, networking opportunities, awards and scholarships. The Society remains committed to inspiring the next generation and works with UK and international academic institutions to promote membership at all levels of study, with over 5,500 full time students and more than 100 apprentices joining in 2025. Presentations were delivered to over 45 universities and further education colleges through live webinars and in person visits.

The Society continues to review academic programmes that provide the recognised level of understanding, knowledge and skills to underpin professional competence to help graduates on their way to registration as Chartered or Incorporated Engineers. The Society has participated in a full schedule of visits to review academic programmes and professional development schemes for accreditation, including 11 to Higher Education Institutions and 5 professional scheme visits.

We currently accredit 42 Universities and Further Education Colleges and 13 Professional Development Schemes, including the following academic programmes:

DipHE	BSc	BEng	MEng	FD	MSc	App Batchelor
2	1	107	119	1	73	4

The Society continues to recognise academic programmes which are considered to be of significant value and appropriate learning for those seeking to pursue a career in aerospace. We currently approve the following programmes:

BA	MSc	BSc	PGDip	PGCert
1	20	8	1	1

The Society held an Academic Forum in December 2025, bringing together over 25 academic staff from 14 universities and members of the RAeS Accreditation Committee. The event featured best practice sharing, expert presentations on student engagement and collaborative curriculum development, and updates on accreditation processes and Society membership activity.

The 2025 NE Rowe Lecture competition received 15 entries, the highest in over 15 years, with judges praising the exceptional standard. Winners from both age categories were invited to the RAeS Medals and Awards Ceremony and featured in the Medals and Awards Brochure. In June, the 2025 Branches Conference brought together over 60 delegates from 30 international Branches to explore the theme of engaging and retaining young people in the Society.

Several Branch milestones were celebrated in 2025, with the Bedford Branch marking its 60th anniversary in August, the Gloucester and Cheltenham Branch commemorating 95 years since its formation in 1930, and the Hamburg Branch celebrating 20 years of operation since its establishment in October 2005. The Medway Branch reached its 50th anniversary on 20 June 2025, while the UAE Branch marked 30 years since its formation in 1995.

12 September 2025 . The conference sought to inspire and inform the next generation of aerospace professionals through thoughtful discussions on career development, leadership, and the evolving landscape of the industry. Speakers represented Leonardo Helicopters UK, BAE Systems, To70 and Flight Crowd, with the event once again generously sponsored by Leonardo.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

The AeroTube video competition was closed for registration on 5 September. The competition had received three category winners was duly published in the Medals and Awards Brochure, and their work shared on social media. The AeroChallenge was held in July 2025 with a practical challenge and live quiz.

Pakistan Division, China Representative Office and Solent Branch. Speakers from the Advanced Air Mobility Institute, Sun Yaturban transport, alongside challenges in technology, airspace integration, safety, sustainability and regulation. They also offered career advice to aspiring professionals. The event attracted 200 participants worldwide.

The YPN Representative Forum and YP Reception took place in November, featuring workshops on communications, leadership and regional collaboration, followed by an evening networking event that drew 150 registrations and was kindly sponsored by Aviation Logistics Network. A WhatsApp Community for magazine.

The International Air Cadet Exchange (IACE) Conference, held at 4 Hamilton Place in July, brought together event featured keynote presentations from RAeS Chief Executive David Edwards FRAeS and Poppy Howe ARAeS, highlighting the role of emerging professionals and the importance of sustainable innovation in aerospace.

The Equity, Diversity & Inclusion (ED&I) strategy continued to deliver a strong programme of events, activities and initiatives throughout 2025.

The year began with the Mary Jackson Named Lecture, delivered in partnership with the AIAA Diversity and Inclusion Working Group. This annual virtual event once again brought together audiences from both the UK and the USA, strengthening international collaboration.

successful events, one hosted in London and another delivered by the RAeS Paris Branch, expanding our global reach and engagement. Engagement and attendance rose versus prior years with 140 registrations for London, up from 111 in 2024, reflecting growing interest and reach.

Support for the LGBTQ+ community remained central to our efforts The Pride and Allies Group hosted its annual Pride Month celebration in June, followed later in the year by a webinar for the International Day of LGBTQ+ People in STEM, delivered in collaboration with UK Black Pride and Equal Engineers.

The alta Mentoring platform sustained strong growth, increasing from 729 users in November 2024 to 817 users in November 2025, an increase of 88 users, representing 12% year-on-year growth. The alta Steering Group marked National Mentoring Day 2025 with an

Throughout the year, ED&I activities also celebrated and spotlighted a wide range of important awareness moments, including Black History Month, South Asian Heritage Month, Trans Day of Remembrance, and many others, demonstrating our commitment to fostering an inclusive and supportive community year-round.

Promoting professional standards (Strategic aims 1, 3, 5 & 6)

In 2025, the Society demonstrated its strong commitment to advancing professional standards by actively supporting members through the Engineering Council professional registration process, with over 175 members achieving EngTech, IEng or CEng status during the year, reflecting sustained demand for professional recognition across the sector A total of 160 Professional Review Interviews were conducted, dedication in support of guiding and preparing applicants; this effort not only elevates individual careers but also strengthens the aerospace sector by promoting excellence and accountability across the profession. A qualification checking service was also launched in July 2025 to help members identify the most suitable route to Professional Registration.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

The Society continued to grow its community of Corporate Partner organisations, adding 10 new Corporate opportunities for joint initiatives, skills development and professional engagement.

The Society has recently launched its Royal Air Force (RAF) Route to registration, which recognises the career progression and professional development of its personnel. The route recognises the qualifications and professional competencies gained at specific ranks of the RAF and allows the engineering training combined with managerial and leadership experience gained in the front line to be recognised. Engineering Council registrants make a commitment to recording their CPD. This obligation underpins the value of the professional titles of Engineering Technician, ICT Technician, Incorporated Engineer and Chartered Engineer, as well as serving society and enabling it to have confidence in the engineering profession. As an Engineering Council Licensee, the Society undertakes an annual sample of at least 5% nd provide appropriate feedback.

resources, including branch lectures, classic recordings dating back to 1950, and briefing and specialist papers. The Society also continues its partnerships with APM and CMI, providing additional learning modules accessible through the platform.

Chartered Week in February featured member spotlights celebrating RAeS members Lucy Davies IEng AMRAeS, Daniel Young CEng MRAeS and Rhian Kerton CEng MRAeS, highlighting their achievements and the benefits of the Martin Baker approved professional development scheme.

Deliver benefit to society (Strategic aim 4)

Throughout 2025, our education and outreach programmes engaged over 4,000 students across primary, secondary and further education. The Cool Aeronautics primary school programme reached more than 1,000 pupils nationwide, while Project Altitude engaged more than 500 young people and continued to increase awareness of aerospace careers and pathways into the sector.

Our support for national STEM events, including the Big Bang Fair, Boeing Girls in Engineering Day and the Royal International Air Tattoo, in collaboration with teams of volunteers, enabled engagement with over 70,000 members of the public and industry professionals.

over three days, including 48 accessible flights, with 27% of all participants being students with disabilities. The design proved highly inclusive, requiring minimal dexterity, allowing easy entry and exit, and supported by trained facilitators who ensured a sense of equality throughout the experience. Families highlighted how such as needing to physically lift participants and nationwide.

welcomed over 700 attendees and 23 organisations, delivering 20+ industry and recruitment-focused sessions and providing direct insight into the industry.

In 2025 we were proud to launch the National Aerospace Library Discovery Platform, linking all of the -books, e-journals, the Aeronautical Journal, YouTube content and more through one search box.

Thanks to money raised from our book fairs, the Society finished the conservation of part of one of the it is now on display at the National Aerospace Library, Farnborough.

ranging from a decade of conservation to oral history interviewing.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Our staff and volunteers have done some invaluable work cataloguing and conserving the Royal experiences that shaped early aviation and now researchers from across the world can read descriptions of over one thousand letters and choose to visit or order copies for their research. Inspirational stories from those who have shaped and have been shaped by all corners of our industry in our oral history podcasts. 2025 highlights include ballooning pioneer Don Cameron FRAeS and Pat Pearce on how the role of female cabin crew evolved and founding a charity to take ill children to Disneyland, together with how Arthur Webb FRAeS helped to bring carbon fibre to civil aviation and Formula 1. Our oral history interviews have attracted over 5,000 listens over the year, plus more than 7,000 listens from the top performing of our archive of lectures and interviews.

Royal Aeronautical Society Foundation Fundraising

In 2025, The Society did

not undertake any fundraising activity requiring disclosure under S162A of the Charities Act 2011. The Foundation has however continued to support a number of projects totalling £92,493 (2024: £28,748) with the following projects being supported:

Digitisation of the Society & NAL archive
Student/Apprentice Learning & Development;

Financial Review

As a registered charity the Society is required to prepare its accounts under the Statement of Recommended Practice (SORP FRS 102).

In the accompanying Statement of Financial Activities (SOFA) expenditure includes both the direct cost of the activity plus supporting costs which are apportioned on a basis consistent with the use of resources and is based on either the number of staff working on that activity or time allocated to support the activity. When comparing income against expenditure some activities such as Careers and Education, National Aerospace Library (NAL) and Publications and Information show a loss for the year. However, it should be noted that these activities are also supported by Membership Income which is not reallocated in the SOFA and are part of the benefits supplied by the Society to its members.

The Trustees have considered a number of factors in concluding that the adoption of a going concern basis in the preparation of these financial statements is appropriate. This includes a review of the budget and forecast including cash flow for up to December 2027 and the review of risks facing the charity. The Society has a strong portfolio of investment and financial performance and these continue to be monitored regularly. The Trustees have reviewed the key assumptions within the forecast and satisfied that the current level of due and that the financial statements are appropriately prepared on a going concern basis.

Income

Total income increased by 1.9% to £6,305,730 with total unrestricted income increasing by 1.1% to £5,999,597.

Income from Donations & Legacies comprises donations to various funds, £317,832 was received in 2025 (2024: £225,098). Donations and contributions were received from individuals and organisations including £39,956 from Boeing and £137,439 (2024: £76,583 Subsidiary Branches to fund their activities throughout the year.
Income from Charitable Activities a t £4,893,123 (2024: £4,905,617), represents 77.6% of the income generated by the Society in 2025; the principal income sources being Membership Services (including individual and Corporate Partner subscriptions), EPA, Conferences and Events and Publications.
Income from Membership Services represents 56.8 increased by 5.6% in 2025 to £3,584,122 from £3,393,726.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

The conferences and seminars were operated in person in 2025, the overall delegate and sponsorship income finished the year at £416,145 down by 23.0% on 2024. The previous year benefited from the 4-day conference partnered with CEAS which was a one-off event.
Publications income increased by 22.7% to £205,105, driven by higher advertising sales for the AEROSPACE magazine in 2025.
The Education, Skills and Diversity Team generated £36,250 in 2025 (2024: £45,700), income reduced by 20.7% which included sponsorship and income from its annual Careers Fair and sponsorship for some of its activity.
Income from End Point Assessment (EPA) at £641,472 (2024: £744,293), reduced by 13.8% as a result of delayed assessments in 2025.
Income from Other Trading Activities , room hire services, income generated £813,157, up by 7.6% in 2025 from £755,951. The room hire activity is run by the trading subsidiary Aeronautical Trading Limited (ATL) which made a profit of £21,035 (2024: £57,384 loss). There are no plans to change the activities of this business, which involves the provision of facilities to external customers The Society continued to lease (under licence to third
parties) offices on the 4[th] and 5[th] floor, overall, this had generated £231,432 in 2025 (2024: £222,526). Room sponsorship had generated £31,286 (2024: £48,286).
Investment Income reduced to £267,466 in 2025 from £293,285 in 2024. Of this, £84,543 (2024: £118,920) was reinvested by the Society during the year.

Expenditure

Expenditure increased by 5.4% to £6,161,850 with total unrestricted spending increasing by 5.1% to £5,866,557 as a result of the inflationary increases on operating expenditure.

The costs of Raising Funds reduced in 2025 by 3.2% to £625,886 with unrestricted costs also reducing by 2.2% to £618,066. Costs included room hire services, administration and investment fees. In 2025, the Society continued to upgrade its services to provide enhanced facilities to members and the general public.

Charitable Activities

6.4% to £5,535,964 with unrestricted expenditure increasing by 6.1% to £5,248,491. Costs include
with its current Strategic Objectives.
In 2025, Governance costs increased by 4.6% from £174,432 to £182,375. Costs include staff costs for Head of Governance to oversee the support to the Board of Trustees, Council, and internal Boards of the Society. Other costs included staff cost of Governance Executive to provide support on Governance, expenses associated with the return of in-person Council meetings, Council plus travel costs for the President.

Surplus

The net incoming resources (before gains on investments) for the year produced a surplus of £143,879 (2024: £342,584). During the year, the Society had gains on its investment of £256,324 and actuarial gains of £58,000. The net movement of funds for the year was a surplus of £458,203 (2024: £428,617).

Unrestricted funds carried forward of £12,414,249 (2024: £12,137,324) represent approximately 30 months operating expenditure. However, not all these funds can be readily liquidated as they represent the functional fixed assets of the Society. In accordance with Charity Commission guidance, the Trustees have adopted a formal Reserves Policy set out below.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

The overall income for Room Hire Services (Operated by Aeronautical Trading Limited) was up by 13.82% and finished the year at £550,257 (see note 18 of the accounts). The Society received income from other Trading activities including leased offices (under licence) on 4[th] and 5[th] floors, at £231,432 and room sponsorship income at £31,286 in 2025.

Pensions Scheme

The financial statements reflect the full financial position of the Defined Benefits Pension Scheme which became a closed scheme on 31 March 2001. The Scheme are valued based on assumptions derived from yields on AA rated corporate bonds and gilts.
The most recent valuation on a discontinued basis was at 1 April 2022 which remaining liabilities on that date the actual valuation showed a deficit of £982k.
decline in the FRS102 deficit since 2022, which showed a pension scheme asset in these years. As the scheme was closed to future accruals, the Trustees feel that the recoverability of the asset is too remote and this had not been recognised in the accounts in 2025. The Society contributed £76,000 to the fund in 2025.
From 1 April 2001 the staff pension arrangements are in the form of Group Personal Pensions with Standard Life, in 2021 this was transferred to Aegon. The Society makes contributions, but the funds are owned by and are the responsibility of the individual staff members. From August 2015 the Society adopted Automatic Enrolment and received an acknowledgement of re-declaration of compliance in August 2025 from the Pension Regulator.
The Society is in the process of progressing a buy-out of the Defined Benefits Pension Scheme. This will transfer the pension liability to a third party.
No.4 Hamilton Place Purchase, Valuation and Charges on the Property - In March 2009, the Society purchased the freehold of No.4 Hamilton Place at a cost of £4,859,755. Prior to the purchase, No.4 Hamilton Place was leased from the Crown Estate; in 2002 the lease was revalued by the Trustees on a draft valuation of £3,864,407 (based on existing use). From 2009 the Trustees have decided to add this valuation to the actual cost of the purchase of £4,859,755 to value the property in the Balance Sheet at £8,140,689 (less depreciation on property) as at 31/12/2025. At the time of purchase in March 2009 the Market Value of the freehold interest in No.4 Hamilton Place was £11,700,000.
Charges on No.4 Hamilton Place - exceeding £4,255,000) on No.4 Hamilton Place to act as security against their loan. The mortgage was fully repaid in July 2024 and the charge was removed in the same year. The Trustees of the scheme. In return, by agreement with the Trustees of the Scheme, the Society will continue to pay reduced contributions to the Scheme in future years as required.

Risk Management

The Board of Trustees establishes and regularly reviews the Risk Register. This is actively managed by the Audit Committee. The Chief Executive and Audit Committee are responsible for ensuring that risk registers and management plans are reviewed regularly by the Leadership Team and that risk-management plans are acted upon, updated, and monitored to eliminate, minimise, or otherwise avoid identified risks. They are also responsible for highlighting risk developments to the Board of Trustees throughout the year.

The Risk Management Policy sets out risks in a timely and effective manner and describes the standard of risk management that the Board of Trustees and stakeholders can expect with regards to the design, development and delivery of Royal Aeronautical Society services and activities.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

The principal risks identified in 2025 were:

Governance The risk of not meeting the regulatory and financial reporting requirements, not managing the business risks appropriately, and not delivering objectives effectively.

Strong internal control processes protect the Society against not meeting regulatory and financial reporting requirements. An internal audit of data protection measures found that the majority of measures were successfully implemented. Resulting actions, including staff refresher training, are being implemented to reduce the risk of data breaches.

Safeguarding Risks include not protecting members or staff from harm or abuse due to inadequate policies and training. An updated Safeguarding Policy was approved in 2025, with implementation, communications and adoption programme in place to prevent any inappropriate management of safeguarding incidents. Financial Risks include not having a good level of reserves to support the Society in meeting its operational objectives. Risk also includes fraud and misappropriation of assets. overspending and/or spending on non-priorities, financial fraud and loss of income streams A Finance Director role was introduced in 2025 to focus on finance strategy and to minimise financial risk.

IT Risks include lack of data security, cyber threats and inefficient operation.

Enhanced security protocols, continuous threat monitoring and regular staff awareness training protect against potential cyber threats. The risk of cyber attacks was a focus in 2025, with more targeted departmental plans developed to protect the Society. Robust project management processes phased roll out of solutions and rigorous testing schedules are in place as well as workforce planning and resource management to minimise negative impact of the digital transformation programme.

Venue Risk includes not maintaining or enhancing No.4 Hamilton Place so it is no longer fit for purpose.

Preventative maintenance plans were in place with regular inspections to proactively address any concerns in addition to a comprehensive business continuity plan and adequate secure storage and insurance coverage for assets

Reserves Policy

The-year end reserves were made up as follows:

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Unrestricted Reserves and Designated Funds

Finance Strategy

The current Finance Strategy was approved by the Trustees in March 2022 and is reviewed annually by the Finance Committee. The Finance Strategy was established to enable the Society to meet its Strategic Objectives by 31 December 2025 which it has been able to achieve. The Strategy included the following:-

Operations to generate sufficient funds annually to ensure that the Society is fully resourced to achieve its long-term Strategic Objectives; all annual surpluses to be allocated to one of the future (adverse) events;
The Society continuing to focus on re-building its unrestricted liquid reserves and increase the level
The Society should endeavour to reduce its long-term liabilities once it has built up its reserves to a level that covers operational requirements.

At the end of 2025 Free Reserves (which excludes Net Book Values of fixed assets) stood at £2,984,915 (2024: £2,828,078); this is 121.7% (2024: 139.0%) of the reserve target of the equivalent to £2,451,384 (2024: £2,033,717); the Society achieved the Reserves target (as outlined in the Finance Strategy).

At the end of 2025 unrestricted reserves and designated funds were as follows:

Free Reserve

The Trustees have reviewed its Finance Strategy, covering the period to 2025. The Trustees have decided that in view of the considerable uncertainty which characterises the current economic climate the Society should concentrate its efforts on re-building its unrestricted reserves and hold any additional cash (on interest bearing deposits) to cover any income shortfalls; at the end of 2025, the balance of the fund was £2,984,915 (2024: £2,828,078). This excludes fixed assets, loan on property and designated funds.

Royal Aeronautical Society Foundation

The Foundation was setup in 2006 by the Trustees to organise and cowider charitable activities such as supporting aviation heritage projects supporting the next generation of aerospace professionals, as well as supporting the development of No.4 Hamilton Place (including repaying of the mortgage).

Pension Fund Reserve

Under FRS102, and in accordance with SORP, this reserve has been setup to reflect the liability of the Defined Benefits Pension Scheme which shows a pension scheme asset since 2022. The Trustees feel that the recoverability of the asset is too remote and has not recognised the asset in the accounts in 2025.

At the end of 2025 there were two Designated Funds as follows:

Flight Simulation Sponsorship Fund

Over the past couple of years, the Society has received sponsorship to support the Flight Simulation Group activities.

Designated IT Future Fund

This fund was setup by the Trustees in 2021 to be used to fund the IT projects to enhance and develop the digital capability of the Society.

Restricted and Endowment Reserves

Restricted Funds

Alan Snudden Fund Restricted

This is engaged in, the air transport operating industry. The founding deed (1992) allowed the Trustees to initially accumulate unspent income into the Endowment Fund. However, the deed now allows the Trustees to hold the income generated in a restricted fund and this was setup in 2017.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

ALTA

This fund was created from donations from a number of organisations to support the ALTA Mentoring Platform launched in 2019; the platform was setup for women in aerospace and aviation who are seeking woman-to-woman mentoring support with easy access to professional women working in the sector. In addition, the fund supports face-to-face networking events and research to provider greater support to .

Project Altitude Boeing

In 2020, Boeing agreed to support various projects within the Society, one being Project Altitude ; the aim is to encourage young people to become the innovators of tomorrow; the fund will support various STEMbased activities and events aimed at Primary, Middle and High Schools as well as young people just starting their careers.

RAeS Future Scholarship Fund (Formerly Centennial Scholarship Fund)

The Centennial Scholarship Fund was ceased in December 2020 and the fund balance was transferred to RAeS Future Scholarship Fund from January 2021. The aim of the fund is to support funding costs for internships in the Aerospace sector to give the recipient an insight into working in the sector and enhancing the individuals Professional Development.

Flying Start Challenge

This fund was setup in 2020 from donations from a number of Corporate Partners with the aim to support Flying Start Challenge; an annual competition aimed at providing secondary school students to design a glider; the competition is run and managed jointly by the participating organisations.

Kremer Fund

The Kremer Fund provided by the late Henry Kremer for the promotion of Human Powered Flight and are administered by the Society.

Michael Bishop Foundation Fund

The Fund was setup in 2019 by the Trustees from a donation of £25,000 from Lord Glendonbrook/Michael Bishop Foundation to fund the Sir Ralph Robins Medal; this award is given to individuals demonstrating excellence in Engineering Leadership.

National Aerospace Library (NAL)

An appeal was started in 2004 towards the creation of a National Aerospace Library (NAL). In 2008 the Society opened a branch of the NAL within the Hub Building at Farnborough. In 2009 this facility was support some of the ongoing operations of the NAL at Farnborough as well as future capital projects.

RAF Chair in Air Power Studies

In 2008 the Society began (with support from the RAF) to raise funds for the Chair in Air Power Studies with the aim of establishing an independent academic Research Fellow at a UK university.

Falcon 2 (Formerly School Build-a-Plane Challenge)

In 2008 the Society launched the Schools Build-a-Plane (SBAP) Challenge which aims to provide young people in UK secondary schools with the opportunity to build a real light aircraft from kits, giving them hands-on experience of building aircraft and an understanding of scientific and engineering principles behind flight. This project is supported by funding from The Boeing Company (USA) and sales of the completed aircraft. From 2023, the fund balance will be spent towards the Falcon 2 Initiative which is an extension of the SBAP programme.

World Skills

In 2021, the Society received a grant from World Skills UK who are an independent charity and work with employers, education and governments. They are a proud member of WorldSkills, a global movement of over 80 countries. WorldSkills supports young people across the world via competitions-based training, worldSkills O This covers the management and delivery of skills in the Aircraft Maintenance competition activity.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

AAU Outreach Fund

In 2022, the Society received a donation from Association of Aerospace Universities (AAU) after dissolution, in accordance with the wishes of the members and office holders. The fund was set up to support the Society towards outreach activities within Aerospace and Aviation.

DFT & CAA Sky Challenge Fund

In 2024, DFT and CAA joined Boeing as one of the supporters for the Falcon 2 Programme. The contribution from industry and government will allow for the delivery of a national outreach programme empowering students of all ages and abilities to experience the thrill of flight and variety of careers in aviation through the pathways highlighted within the programme.

Endowment Funds

The Alan Snudden Fund, Awards Trust and the CAARC (Commonwealth Advisory Aeronautical Research Council) Fund are held in pooled investments which were referred to as the Common Investment Fund in previous accounts. These funds are subsidiary charities of the Society as explained in Note 13.

Alan Snudden Fund

This fund is established to provide scholarships to young persons entering, or already engaged in, the air transport operating industry. As noted under restricted funds, a new Restricted Alan Snudden Fund was setup in 2018 to hold the net income generated by the Endowment fund.

Awards Trust

This was created in 1995 from several separate funds held for the purposes of Medals, Merit Awards, Educational Awards and Lecture fees. With the agreement of the Trustees of the Society and the Charity Commission these separate funds were combined to give greater flexibility and more efficient use of those funds.

CAARC Fund

Through the Awards Trust, the Society administers the Commonwealth Advisory Aeronautical Research Council (CAARC) Bursaries.

The Directors of Aeronautical Trusts Ltd, being the Trustees of the above funds, confirm that each has sufficient assets to fulfil its obligations.

Investments

Investments Policy

accordance with powers delegated by the Board of Trustees. Cazenove have been appointed as new investment managers after the year-end in 2024. The transition took place in May 2025. There are no restrictions on the powers of the Board of Trustees to invest under the Royal Charter. The Finance Committee is responsible for reviewing the performance of the investments each quarter as outlined below.

Investment funds

This was set up to defray the running expenses and support the grant making (Restricted and Endowment Funds) activities of the Society. Since 2005 income generated is reinvested back into the fund.

At the end of 2025, the investments stood at £4,469,088 (2024: £4,018,187); over the past 12 months investments have increased by 11.2% (against the target of RPI + 4%). This is lower than the benchmark of 19.9% (FTSE All Share Index) as a result of the first five months performance.

The performance was improved after the transfer to Cazenove on 20 May, the investments increased by 11.8% from this period to 31 December 2025 compared 12.4% (FTSE All Share Index).

Overall, the Trustees were satisfied that the following the transfer to Cazenove, the Investments advisors background in 2025.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Risk/Investment strategy

The investment strategy minimises the level of risk required to meet the return objectives, subject to achieving a level of diversification across assets classes both within the UK and overseas markets. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects and the stability of certain banks continues to make the management of investments difficult. The charity is a long-term investor and the Trustees, on professional advice, continue to hold a mixed portfolio of equities, bonds, cash, and other investments designed to provide a level of stable income and the possibility of investment gains. The equity component of the investment portfolio is weighted with medium appetite for investment risk with the main exposure to investments in the leading advanced industrial economies with a history of paying dividends.

The Society does not have any ethical restrictions on its investments. However, the Finance Committee (on behalf of the Trustees) will take reasonable steps to ensure that investments are not made in institutions that, to its knowledge, operate policies or have objectives that are opposed to the aims of the Society.

The Finance Committee agreed the asset allocation with the investment advisors, and this is reviewed on a quarterly basis. At the end of 2025, the asset allocation was as follows:

Plans for future periods

events and priorities across defence, space, innovation and emerging technologies, future flight, aviation connectivity, sustainability, and skills. There will also be a renewed focus on All-Party Parliamentary Groups both in civil and defence.

The focus will continue on maintaining the high standards set by the flagship print magazine while expanding digital and online content for members, continuing to invest in the e library and, on the heritage side, publishing material on the Royal Aeronauti cal Society’s own history from the archive, releasing additional digital collections and continuing to produce oral history podcasts from across the sector. The Aeronautical Journal will increase to at least 15 papers per issue.

across digital platforms throughout 2026.

A review of the Specialist Groups will ensure their subject coverage, activities and engagement continue to meet member needs and contribute effectively to the Society’s aims ~~.~~ The Society will also continue to deliver a broad range of professional development and accreditation opportunities to support ongoing competence, upskilling and professional practice.

developed in 2026 following their positive reception.

The focus is on deepening the impact of education, STEM and careers activity by strengthening progression pathways from early engagement through to employment, while continuing to widen access to aerospace. The Society will continue to consolidate the efforts around aerospace cross accreditations within the armed forces to support the retention of skilled engineers. A Society position paper will be published this year with recommendations to address engineering skills shortages.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Inclusive initiatives such as the Falcon 2 accessible glider simulator will be scaled, targeted careers messaging refined across all education stages, and industry and employer involvement strengthened to better link inspiration with real opportunities.

Going forward, the focus is on strengthening engagement with Equity, Diversity and Inclusion committees and expanding the reach of initiatives both within and beyond the aerospace sector. Priorities include broadening participation from individuals across diverse backgrounds, increasing attendance and visibility of events, expanding the alta community by attracting more mentors, mentees and supporting organisations, and continuing to build partnerships that enable impactful, inclusive programming. These eff

continues to drive meaningful change across the sector.

As part of Finance Strategy, with the aim of further reducing its two major liabilities, the Mortgage on No.4 The mortgage liability was repaid in 2024. 6 is to maintain strong reserves whilst at the same time to invest on projects that will provide long term benefits such as the IT CRM system.

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Structure, Governance and Management

The Society is a Professional Membership Body and Learned Society holding a Royal Charter. It is established as a Charity under the terms issued by the Charity Commission. The Charter of Incorporation and the By-Laws form the code that governs the Society.

The Society has 4 international Divisions, 12 international branches and 36 UK Branches. Each Branch is run by a committee of volunteers and the office holders within each committee are Chair, Secretary and Treasurer. each of these officer roles must be held by a different member of the Society.

The Board of Trustees is the governing body of the Society. It establishes and reviews the policies and strategy of the Society, ensuring that the objects of the Society, its administration, and management of its finances (including its assets and investment portfolio) and property are upheld in compliance with the -Laws and the law. The Board of Trustees consists of the President, President-Elect, Immediate Past President and six members, at least three of whom are members of the Society, recruited from open applications, supported by the Nominations Committee and ratified at the Annual General Meeting.

The Board of Trustees may delegate to the Council or any board or committee such powers and duties as it sees fit and the law and good practice for charities allows, but the Board of Trustees remains responsible for the actions of such boards and committees and the Board of Trustees may dissolve a board or committee at any time. The current committees of the Board of Trustees are the Audit Committee, Finance Committee, Nominations Committee and Remuneration Committee. The Board of Trustees has delegated the responsibility to the Finance Committee for directing the Society finances and developing sound Committee supports the Board of Trustees in monitoring management, internal audit, and control processes through offering objective advice.

The Council represents the views of the membership and the professions. It addresses relevant and timely issues across the aerospace sectors, providing advice to the Trustees and the Executive on such matters. The Council is made up of the President, President-Elect, immediate Past President, the Presidents of the global Divisions, the Chair of Trustees, representatives from 4 Boards and 3 Committees, 15 members elected by the membership and up to 3 co-opted members. The total number of Council members must not exceed 32.

Elected Council members usually have a three-year term, elected by the voting members of the Society. (in May each year). The President is elected from within the Council approximately 18 months before taking office (from the AGM). Presidents serve a term of one year only. In the 12 months prior to taking office the President serves as President-Elect of the Society and in the 12 months after this the outgoing President serves as the immediate Past President of the Society. The current boards and committees which report to the Council are the Learned Society Board (LSB), Membership Services Board (MSB), Professional Standards Board (PSB), Next Generation Board (NGB), Medals and Awards Committee, Equity, Diversity and Inclusion Committee and Future Funds Committee.

The Society encourages all Trustees to attend training courses relating to their role and responsibilities as Trustees and a Trustee Training log is maintained.

The day-tofor all operational matters, including the implementation of the Strategic Review; the CE is supported by other members of the Executive Team which comprises the Chief of Staff and three operational directors covering Finance, Knowledge (including Events, Knowledge and Information and IT), and Membership and Professional Standards including Community Engagement. The Chief Executive consults closely with the Chair of the Board of Trustees and the President over issues of significance and ensures the staff are managed effectively.

All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 4 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Executive and, in accordance with the

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

average earnings. When the Chief Executive or Executive Team member is appointed, the remuneration is bench-marked with other membership and professional bodies of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles. The pay of the Executive team is reviewed annually and any increase is approved by the Chief Executive.

The Chief Executive and committees that report to the Trustees and the President, prepare reports for each Trustee meeting. Board and committees that report to the Council provide reports for each Council meeting, alongside the Chief Executive and Chair of Trustees. Trustees have access to copies of all reports. Each year the Annual Report and Annual Accounts are approved by the Trustees and are available to all members

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Reference and Administrative Details

Name/Registered charity number:

Royal Aeronautical Society	313708
Subsidiary charities:
The Royal Aeronautical Society Awards Trust	1045004
Alan Snudden Memorial Trust Fund	1013530
Subsidiary Companies:
Aeronautical Trading Limited	03243525
Aeronautical Trusts Limited	00239631

Registered Address:

No.4 Hamilton Place, London, W1J 7BQ, UK

The following were Trustees for all or part of 2025:

P Round FRAeS (Chair of Trustees) K Khan FRAeS (Immediate Past President until 8 May 2025) D Chinn FRAeS (President until 8 May 2025 and then Immediate Past President) R Gearing FRAeS (President-Elect until resigned as a Trustee on 18 February 2025) A Wood FRAeS (President Elect 14 April - 8 May and President from 8 May 2025) M Macdonald FRAeS (President-Elect from 8 May 2025) A Allen FRAeS A Cowdery FRAeS (until 8 May 2025) A Kennedy (from 8 May 2025) S Moynihan FCA CRAeS (until 8 May 2025) H Nye FRAeS E Renton (from 8 May 2025) S Svensdotter FRAeS (from 8 May 2025)

The following are in attendance at the meetings of the Board of Trustees:

D Edwards FRAeS, Chief Executive P Hornsey, Chief of Staff J Anderson, Head of Governance P Mensah, Director of Membership and Professional Standards (for parts of 24 March and 22 September 2025 meetings only)

K Moss, Finance Director (for 24 November 2025 meeting only) S Philips FRAeS, Head of Community Engagement (for parts of 23 September and 24 November 2025 meetings only)

H Barton FRAeS, Council member (for 23 September 2025 meeting only)

D Olufisan MRAeS, Council member (for 30 June 2025 meeting only)

J Palmer MRAeS, Council member (for 23 September 2025 meeting only) M Staib FRAeS, Council member (for 24 November 2025 meeting only)

Directors of Aeronautical Trusts Limited:

D Edwards FRAeS, Chief Executive S Moynihan FCA CRAeS (until 8 May 2025) E Renton (from 8 May 2025)

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Executive Team:

D Edwards FRAeS, Chief Executive P Hornsey, Chief of Staff E Bossom, MRAeS, Director of Knowledge and Networks P Mensah, Director of Membership and Professional Standards (until 12 December 2025) A Ng, Financial Controller (until 26 October 2025) K Moss, Finance Director (from 27 October 2025)

Advisors

Auditors:

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW, UK

Bankers:

HSBC Bank Plc, Level 6, 71 Queen Victoria Street, London, EC4V, 4AY, UK

Investment Managers:

JM Finn & Co, 25 Copthall Avenue, London, EC2R 7AH, UK (until May 2025) Cazenove, 1 London Wall Place, London EC2Y 5AU (from May 2025)

Pension Advisors:

GPP Scheme

Kerr Henderson (Financial Services) Ltd, 16 Wellington Park, Belfast, BT9 6DJ

Defined Pension Scheme (Closed)

ISIO Group Limited, 27-45 Great Victoria Street, Belfast BT2 7SL, UK

Solicitors:

Penningtons Manches Cooper LLP: 125 Wood Street, London EC2V 7AW

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ROYAL AERONAUTICAL SOCIETY REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025

Statement of the responsibilities of the Board of Trustees

accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the charity and group and of the financial activities of the group for that period. In preparing those financial statements the Board of Trustees is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the group will continue in operation.

The Board of Trustees is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable the Board of Trustees to ensure that the financial statements comply with applicable law. The Board of Trustees is also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Trustees of the charity at the date of approval of this report is aware, there is no r is unaware. Each Trustee has taken all of the steps that they should have taken as a Trustee in order to make themselves aware of any relevant audit information and to

For the purpose of this statement the group comprises the Royal Aeronautical Society and subsidiary charities and companies as outlined in Note 18 within the notes accompanying the Financial Statements.

Website

Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance an of the Board of Trustees. The Board of Trustees -going integrity of the financial statements contained therein.

Financial statements

These financial statements reflect the requirements of the Statement of Recommended Practice: Charter and By-Laws.

Signed........................................................... Air Cdre Peter Round FRAeS Chair of the Board of Trustees

Date: 23 March 2026

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

I

Opinion

We have audited the financial statements of Royal Aeronautical Society for the year ended 31 December 2025 which comprise Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Cashflow Statement and notes to the financial statements, including 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). In our opinion the financial statements:

December 2025 its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 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

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.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements he financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the
sufficient accounting records have not been kept by the parent charity; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit

Responsibilities of trustees

19, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the group and charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102).

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the timing of recognition of publications, events and commercial venue hire income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, designing audit procedures over the completeness and timing of recognition of

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

publications, events and commercial venue hire income, reading minutes of meetings of those charged with governance and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this r eport, or for the opinions we have formed.

Crowe U.K. LLP

31 March 2026

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

Consolidated Statement of Financial Activities (SOFA)

For the Year ended 31 December 2025

£ 118,941 4,893,123 827,309 160,224 Unrestricted Funds	£ 61,452 - - 107,242 Restricted Funds	£ - - - - Endowments (Subsidiary Charities) Funds	£ 137,439 - - - Designated (Branches) Funds	Total 2025 £ 317,832 4,893,123 827,309 267,466	Total 2024 £ 225,098 4,905,617 765,878 293,285
5,999,597	168,694	-	137,439	6,305,730	6,189,878
618,066 5,248,491	7,820 102,810	- -	- 184,664	625,886 5,535,965	646,271 5,201,023
5,866,557	110,630	-	184,664	6,161,851	5,847,294
133,040	58,064	-	(47,225)	143,879	342,584
125,353	30,370	100,601	-	256,324	88,032
258,393 (39,468)	88,434 (50,923)	100,601 49,373	(47,225) 41,018	400,203 -	430,616 -
218,925 58,000	37,511 -	149,974 -	(6,207) -	400,203 58,000	430,616 (2,000)
276,925 12,137,324	37,511 813,696	149,974 1,427,258	(6,207) 403,247	458,203 14,781,525	428,616 14,352,909
12,414,249	851,207	1,577,232	397,040	15,239,728	14,781,525

All amounts relate to continuing activities. The notes 1 to 21 form part of these financial statements.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

Consolidated Balance Sheet as at 31 December 2025

The notes 1 to 21 form part of these financial statements.

These financial statements were approved and authorised for issue on behalf of the Trustees of the Royal Aeronautical Society on 23 March 2026.

Air Cdre Peter Round FRAeS E Renton Chair of the Board of Trustees Trustee

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

Charity Balance Sheet as at 31 December 2025

The notes 1 to 21 form part of these financial statements.

These financial statements were approved and authorised for issue on behalf of the Trustees of the Royal Aeronautical Society on 23 March 2026.

Air Cdre Peter Round FRAeS E Renton Chair of the Board of Trustees Trustee

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

Consolidated Cash Flow Statement

There were no borrowings or other debt arrangements and no further information to disclose in a reconciliation of net debt.

Reconciliation of net movement in funds to net cash flow from operating activities:

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

Notes to the Financial Statements

1. Accounting policies, judgements, and key sources of estimation uncertainty

a) The Society is a Professional Membership Body and Learned Society holding a Royal Charter. It is established as a Charity under the terms issued by the Charity Commission (registered number: 313708). The Charter of Incorporation and the ByLaws form the code that governs the Society. The registered office address is 4 Hamilton Place, London, W1J 7BQ.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019) - (Charities SORP (FRS 102)) and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The Society has a strong portfolio of investments and financial performance continues to be monitored regularly. The Trustees have reviewed the key assumptions within the forecast and are satisfied that the current level of free reserves and cash balances are

Taking into account the reserves position of the Society and the anticipated future results the Trustees do not consider that the appropriateness of this basis is subject to any material uncertainty.

b) The consolidated accounts include the activities, assets and liabilities of the Society, its subsidiary companies, subsidiary charities and branches. Further information on the subsidiaries is disclosed in note 18. No separate SOFA or cashflow statement has been prepared for the charity as is permitted by the Charities SORP.

Aeronautical Trading Limited is the trading company and subsidiary company of the Society and its results, assets and liabilities are included in the consolidated accounts. The trading company operates the Venue Hire operations of the building. These activities are consolidated on a line by line basis and have the same year end as the Society.

Aeronautical Trusts Limited is the subsidiary company of the Society and is the corporate Trustee of the subsidiary charities - Royal Aeronautical Society Awards Trust (1045004) and Alan Snudden Memorial Trust Fund (1013530). This entity is clearly distin subsidiary charities. No separate income and expenditure accounts are presented as the movement in endowment funds are not material.

The Royal Aeronautical Society Awards Trust registered in England and Wales (registered number: 1045004) is a subsidiary charity of the Society, this entity is clearly subsidiary charities. No separate income and expenditure account are presented as the movement in

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

endowment funds are not material. The CAARC fund is shown as a distinct fund from the other funds of the Royal Aeronautical Society Award Trusts in these accounts. It is a specific fund administered within that charity.

Alan Snudden Memorial Trust Fund (1013530) is a subsidiary charity of the Society, subsidiary charities. No separate income and expenditure account are presented as the movement in endowment funds are not material.

Society activities in the area local to the branch and to represent the Society locally and organise lectures and other events. These activities are included in the charity results the same year end as the Society.

c) Income is generally recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from Events, Education & Skills, Venue Hire, Donations, National Aerospace Library, Publication, Policy are accounted for at the time of event in the year. Income from donations is recognised on receipt or earlier where entitlement is established, receipt is probable and amounts can be measured reliably. where Income from legacies is recognised where evidence of entitlement exists, the value is measurable with sufficient reliability, and on the earlier of the date of receipt of finalised estate accounts or the date of payment.

Grant income is recognised in the SOFA when received or when the charity becomes entitled to receipt. Grants that have been received will be treated as deferred income where there are specific requirements in the terms of the grant that the income recognition is dependent on certain activities being completed in a future accounting period.

Individual subscriptions income is recognised on the amount received for the year. Amounts received during the year in relation to the future years are deferred. The Corporate Partners Scheme is recognised on receipt as anticipated funds are not enforceable debts. Where income is received net of tax, any taxation recoverable is taken to income on receipt of the net amount.

d) Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when commitment to terminate a post on the grounds of redundancy has been made,

Direct expenditure is allocated to categories of activity. Where expenditure cannot be directly allocated it represents support costs and is apportioned on a basis consistent with the use of resources, by reference to the number of staff working on each activity. Governance costs which are the statutory and organisational costs of operating the Society as a legal entity are included in support costs and apportioned consistently.

e) Quoted investments being a form of basic financial instrument are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing market price.

Realised and unrealised gains on investments shown in the SOFA are taken to the fund for which the investments are held.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

f) Capital Expenditure - All purchases costing over £1,000 in total which are to be used for a period of more than one year are capitalised.

Heritage assets are held at deemed cost and not depreciated. They are reviewed annually for impairment.

g) Depreciation is provided on the following basis:

Land is not depreciated.
Freehold premises Property is depreciated over 100 years at 1%.
Fixtures and Equipment including computers - Over the estimated useful life of the asset which varies between two and ten years.
IT Development Over the estimated useful life of the asset which varies between two and five years.
Assets under construction are not depreciated.

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

h) The operating leases are disclosed in the note 12 to the financial statements. Lease payments under operating leases are charged against income on a straight line basis over term of the lease.
i) Restricted income funds represent income subject to donor specified restrictions and the income arising on endowment funds for which specific uses have been specified. Expenditure for the specified purposes is set against the relevant income in the statement of financial activities. Unexpended balances are carried forward as restricted income funds or where the terms of the endowment provide for this, transferred to the capital balance of the endowment fund.

Unrestricted and Designated funds represent amounts set aside by the Trustees as detailed within Note 14 and 15 of the financial statements.

j) All employees of the Society may join the Group Personal Pension Scheme with Aegon (formerly Standard Life). The Society contributes according to a scale of contributions recommended by our Pensions Advisors, this scale being broadly designed to reproduce the scale of pensions they would have received on the basis of the old defined benefits scheme. The assets of the Group Personal Pension Scheme are paid Aegon and all aspects are their
own responsibility, although the Society provides free individual advice each year to the members from qualified professional advisors. The costs of the GPP are charged to the Statement of Financial Activities as they fall due.

In addition, there is a frozen defined benefit scheme to which the Society continues to contribute in order to fund past service costs. In 2025, the recent FRS102 valuation shows a pension scheme asset. Under the Governing documents the charity is entitled to a refund when the last payment is made. As the scheme is a closed scheme for future accruals, the Trustees feel the recoverability of the asset is too remote and has not recognised the asset in these accounts (See Note 21).

k) The Society has charitable status and is exempt from taxation of its income and gains falling under with section 478 of the Corporation Tax Act 2010 or section 256 of the taxation of Charitable Gains Act 1992 to the extent they are applied to its Charitable objectives.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

Freehold premises are held at the historic valuation of the leasehold originally acquired by the Society plus the additional cost of the subsequent purchase of the freehold and less the depreciation on property (not land).

The heritage assets represent pictures, books and other items of Aeronautical interest held by the Society for which there are no readily identifiable market values, have an indefinite life and are therefore not depreciated. The Trustees have concluded a valuation in 1997 which on transition to FRS 102 has been used as deemed cost. The impairment on heritage assets is considered annually.

l) In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparently from other sources.

The valuation of assets and liabilities of the Defined Pension Scheme are performed by a professional actuary. Fuller details are provided in note 20 and these include details of the actuarial assumptions adopted. There is a pension scheme asset at the year-end. As the scheme was closed to future accruals, the Trustees feel that the recoverability of the asset is too remote and this had not been recognised in the accounts as an asset on the balance sheet in 2025. In the opinion of the Trustees, these assumptions represent the only material areas of estimation uncertainty in the financial statements.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

2. Analysis of Income

The analysis of income and expenditure by fund represents the activities of the Society including membership and the activities of its subsidiaries.

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In 2025, The Society had not received any legacy income(2024: £50,500).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

2. Analysis of Income (continued)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

3. Employee information

The average numbers of staff employed during the year was 59.58/63.67 FTE (2024: 57.25/54.33 FTE).

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The charity contributes towards a defined contribution pension scheme. The cost of this scheme is charged to SOFA and amounted to £271,405 (2024: £223,026). The scheme did not give rise to any provision.

Employees receiving emoluments in excess of £60,000 (excluding pension contributions) fall within the following bands:

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The key management personnel of the Society comprises the Board of Trustees and the Executive Team as listed on page 18 and 19. The total amount of employee benefits (including employer pension contributions and employer national insurance) received by the Executive Team comprising the Chief Executive, Chief of Staff, Director of Membership & Professional Standards, Knowledge and Networks Director, Financial Controller and Financial Director for their services to the Society was £629,538 (2024: £581,019). Aggregate termination payments for the year were £nil (2024: £1,957).

Trustees do not receive remuneration for their services. During the year the President was reimbursed £12,128 (2024: £10,596) and 2 (2024: 1) other Trustee(s) were reimbursed £3,759 (2024: £1,180) in respect of travel and subsistence expenses incurred in performance of their duties.

In accordance with normal commercial practice the Society has purchased insurance to protect trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Society business. The insurance provides cover up to £5,000,000 on any one claim and the cost for 2025 was £2,000 (2024: £3,959).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

4. Related party transactions

In 2025, The Society charged its subsidiary company Aeronautical Trading Limited £314,024 (2024: £359,709) in respect of administrative expenses which represents an allocation of overheads from the Society.

Under a Gift Aid declaration, Aeronautical Trading Limited will make a gift aid payment of £nil to the Charity this year (2024: £nil).

The Aeronautical Trading Limited paid the charity £nil (2024: £304,048) of monies collected on invoices settled in 2025.

As at 31 December 2025, the Aeronautical Trading Limited owed the charity £524,087 (2024: £88,630).

A number of Trustees hold senior positions in organisations in the aerospace industry which from time to time transact with the Society, the Trustees have no direct involvement with these transactions.

5. Analysis of expenditure

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Within Careers & Education, a total of £55,589 was paid to individuals (2024: £78,522) covering 39 grants and prizes (2024: 46). Grants are paid when approved and accrued from the time of approval.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

5. Analysis of expenditure (continued)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

6. Analysis of support costs

The Society initially identifies the costs of its main activities and then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the key activities undertaken by the Society in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.

Direct expenditure is allocated to categories of activity. Where expenditure cannot be directly allocated it represents support costs and is apportioned on a basis consistent with the use of resources, by reference to the number of staff working on each activity (IT and Premises) and staff time (Management, Finance, HR, and Governance).

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

6. Analysis of support costs (continued)

Governance costs are included in support costs and reallocated across all activities; they include costs for a Governance Manager, expenses associated with Council meetings, Council elections, maintaining President.

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The President, Council and Expenses were related to travel & subsistence, training and other administrative costs.

7. Fixed Assets Group and Charity

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The Trustees of the Society's Defined Benefit Pension Scheme (closed) have taken out a second charge on No.4 Hamilton Place to cover the Society's obligations in the event that the Society defaults on its payments to the scheme; in return the Society has received reduced contributions to the Scheme in future years.

Of the above £8,539,075 (2024: £8,426,831) represents assets held for the Society's use. Functional Assets are also used by Aeronautical Trading Limited and this is reflected in their normal management charge.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

The heritage assets of £410,843 (2024: £410,843) represent pictures, books and other items of Aeronautical interest held by the Society for which there are no readily identifiable market values. The Trustees have concluded a valuation 1997 which on transition to FRS 102 has been used as deemed cost. The impairment on heritage assets is considered annually.

8. Investments Group and Charity

The Finance Committee (on behalf of the Board of Trustees) review the Society's investments with Cazenove (investment advisors) on a quarterly basis.

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Dividend income in the statement of financial activities arise from the above holdings which are all listed on the London Stock Exchange. The management of investments was transferred to Cazenove in May 2025, the investments value was £3,998,076. The fund has since increased in value by £471,012.

9. Debtors

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

10. Creditors falling due within one year

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Deferred income represents income from Subscription for Membership, Publications, Venue Hire, Conference, Sponsorship for future periods. This includes sponsorship from Marshall, Martin Baker and Airbus.

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11. Creditors falling due after one year

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In March 2009 the Society purchased the freehold of No 4 Hamilton Place (Society's HQ) at a cost of £4,859,755; the Society repaid its mortgage in 2024.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

12. Operating lease

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In 2025, the operating leases cost was £nil (2024: £897).

13 . Endowment funds

The following reserves are held in accordance with the reserves policy set out on page 10 of this report.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

14. Restricted income funds

The following reserves are held in accordance with the reserves policy set out on page 10 of this report.

Alan Snudden Fund The Trustees had the power to accumulate surpluses for 21 years from the founding deed which was dated 1992; transfers to net income made from 2013 have been transferred back to Restricted to cover future commitments.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

15. Unrestricted reserve funds

The following reserves are held in accordance with the reserves policy set out on page 10 of this report.

The Free reserve represents the surplus on funds available for future general activities after allowances for the reserves specified in the policy. In 2025, branches received £41,018 subvention transfers from

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

16. Designated Branches funds

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

17. Analysis of funds

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18. Capital Commitments

The Society has capital commitments of £428,334 (2024: £nil), in respect of an IT CRM & CMS project.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

19. Subsidiary charities and companies

Accounts for the Society only have been presented as the amounts relating to subsidiary entities are - No separate income and expenditure account are presented as the movements in endowment funds are not material.

No separate income and expenditure account are presented as the

The subsidiary charities are:

The subsidiary charities are:
	Registration Number	Registered in
The Royal Aeronautical Society Awards Trust	1045004	England and Wales
Alan Snudden Memorial Trust Fund	1013530	England and Wales

The CAARC fund, which is shown as a distinct fund from the other funds of The Royal Aeronautical Society Awards Trust in these accounts is a specified fund administered within that charity.

The subsidiary companies are:

The subsidiary companies are:
	Percentage of Net Assets		Registered in
	shares held	£
Aeronautical Trusts Limited	100%	1	England and Wales
Aeronautical Trading Limited	100%	2	England and Wales

Aeronautical Trusts Limited is the corporate trustee of the subsidiary charities set out above.

Aeronautical Trading Limited (registered number 03243525) is the only trading company and its results, assets and liabilities are included in the consolidated accounts. Its results and financial position are summarised below:

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

20. Consolidated Statement of Activities 2024

The following Consolidated Statement of Financial Activities for the year ended 31 December 2024:

£ 78,792 4,905,617 765,878 186,023 Unrestricted Funds	£ 69,723 - - 107,262 Restricted Funds	£ £ - 76,583 - - - - - - - 76,583 - - - 109,365 - 109,365 - (32,782) 34,551 - 34,551 (32,782) 36,500 38,808 71,051 6,026 - - 71,051 6,026 1,356,207 397,221 1,427,258 403,247 Endowments (Subsidiary Charities) Funds Designated (Branches) Funds	£ £ - 76,583 - - - - - - - 76,583 - - - 109,365 - 109,365 - (32,782) 34,551 - 34,551 (32,782) 36,500 38,808 71,051 6,026 - - 71,051 6,026 1,356,207 397,221 1,427,258 403,247 Endowments (Subsidiary Charities) Funds Designated (Branches) Funds	Total 2024 £ 225,098 4,905,617 765,878 293,285
5,936,310	176,985	-	76,583	6,189,878
632,007 4,947,368	14,264 144,290	- -	- 109,365	646,271 5,201,023
5,579,375	158,554	-	109,365	5,847,294
356,935	18,431	-	(32,782)	342,584
43,051	10,430	34,551	-	88,032
399,986 (37,258)	28,862 (38,050)	34,551 36,500	(32,782) 38,808	430,616 -
362,728 (2,000)	(9,188) -	71,051 -	6,026 -	430,616 (2,000)
360,728 11,776,596	(9,188) 822,885	71,051 1,356,207	6,026 397,221	428,616 14,352,909
12,137,324	813,697	1,427,258	403,247	14,781,525

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

21. Defined Benefit Pension Scheme (now frozen)

The valuation used for FRS102 disclosures has been based on the most recent actuarial valuation as at 1 April 2022 and updated by the Actuary to take account of the requirements of FRS102 in order to assess the liabilities of the scheme at 31 December 2025. Scheme assets are stated at their market value at 31 December 2025.

The most recent valuation on a discontinued basis was at 1 April 2022 assets fully covered its priority liabilities and 77% of the remaining liabilities on that date; the actuarial valuation shows a deficit of £982k (2019: £1,294k).

The following notes comprise the full disclosures as set out in FRS102.

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

21. Defined Benefit Pension Scheme (now frozen) (continued)

Economic assumptions

nomic assumptions
	Proposed assumption at		Proposed assumption at
		31 December 2025		31 December 2024
Discount rate		5.40% p.a.		5.40% p.a.
Future increase in Retail Prices Index ("RPI")		2.90% p.a.		3.15% p.a.
Future increase in Consumer Prices Index		2.25% p.a.		2.40% p.a.
("CPI")
Deferred revaluation rate
CPI subject to a maximum of 5.00% p.a.		2.25%p.a.		2.40%p.a.
Pension increase
- Pre April 1997 in excess of GMP		4.00% p.a.		4.00% p.a.
- April 1997 - April 2005		2.75% p.a.		2.95% p.a.
ographic assumptions
	Proposed assumption at		Proposed assumption at
		31 December 2025		31 December 2024
Pre/Post-retirement mortality	98% of SAPS 'S3' Pensioner		98% of SAPS 'S3' Pensioner
		years of birth		years of birth

Demographic assumptions

Future improvements in longevity CMI 2024 projections with a CMI 2023 projections with a long term trend of 1.0% p.a. long term trend of 1.25% p.a. Life expectancy Male currently aged 60 26.2 25.9 Female currently aged 60 28.8 28.8 Male currently aged 40 27.4 27.4 Female currently aged 40 30.0 30.2 Commutation 50% of members assumed to 50% of members assumed to commute some of their commute some of their pension to receive the pension to receive the maximum tax-free cash lump maximum tax-free cash lump sum using the Scheme's sum using the Scheme's current cash commutation current cash commutation terms. terms. Retirement age Members are assumed to Members are assumed to retire at age 60 retire at age 60 Proportion with eligible spouse 80% of males / 70% of 80% of males / 70% of females. females. Males assumed to be 3 years Males assumed to be 3 years older than female spouses older than female spouses Options (e.g. transfers out) Set in line with 2022 valuation Set in line with 2022 valuation

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

21. Defined Benefit Pension Scheme (now frozen) (continued)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

21. Defined Benefit Pension Scheme (now frozen) (continued)

D) Return on the Scheme Assets

Actual return on assets (gains) E.1) Analysis of the amount charged to Profit and Loss Losses/ (gains) on settlement and curtailments Administrative costs Net interest income Total E.2) Analysis of net interest cost Interest income on Scheme assets Interest in Scheme liabilities Net interest (credit) / cost F) Amount recognised in Other Comprehensive Income Return on Scheme assets less interest income Actuarial gains/(losses from a change in assumptions Actuarial (losses)/gains from experience Expense/(Income) recognised in Actuarial Losses		31 December 2025 £'000 (389) 31 December 2025 £'000 - 170 (36)	31 December 2024 £'000 (44) 31 December 2024 £'000 47 53 (26)
		134	74
		31 December 2025 £'000 (158) 122	31 December 2024 £'000 (150) 124
		(36)	(26)
		31 December 2025 £'000 62 10 (14)	31 December 2024 £'000 (322) 315 5
		58	(2)

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ROYAL AERONAUTICAL SOCIETY FOR YEAR ENDED 31 DECEMBER 2025

21. Defined Benefit Pension Scheme (now frozen) (continued)

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The recent FRS 102 valuation shows a pension scheme asset. Under the Governing documents the charity is entitled to a refund when the last payment is made. As the scheme is a closed scheme for future accruals, the trustees feel that the recoverability of the asset is too remote and has not recognised the Pension Scheme asset in these accounts as a result

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