2022-03-31-accounts - London's Air Ambulance Limited

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CONTENTS					PAGES
Members of	the Board	and professional		advisers
Glossary of	terms
Chair's statement
Chief Executive Officer's statement
Trustees' annual report
Independent	auditors'	report			35
Consolidated	statement	offinancial	activities		40
Consolidated	and charity balance sheets				41
Consolidated	statement	ofcashflows			42
Notes to the	financial statements				43

Recommendation			Pro ress
A more representative	diversity	on the	The board is now broadly representative			of
board to reflect the communities		we serve	the London community, as a result ofthe
and a stronger inclusivity strategy across			new appointments. We continue	to work		on
our charity.			increasing inclusivity across the	charity	and
			its oint alliance partners.
The board being more	reflective	on its	The board has started to reflect	on the
performance (the 'how	did we do' test).		approach to the meeting with a	trustee	only
			session after most board meetin	s.

More extensive	More extensive	touchpoints	touchpoints	between	Three additional strategy	briefing and
meetings	to increase trustee			learning,	challenge sessions were	held. Trustees
visibility	and impact				attend on rotation weekly	stand-up calls and
					Town Hall meetings, as well as observer
					shifts to witness missions.
Perform	regular	effectiveness		reviews	An external review will be	held every three
					years with the new Chair	and Deputy Chair
					running an internal review	at the end of his
					first ear.
Longer term succession			plans for trustees		The board has adopted a	new Charter and
and key	roles.				will develop succession options based on
					the tenures therein.

		Restricted	Unrestricted	Total	Total
		Funds	Funds	Funds	Funds
		2022	2022	2022	2021
	Note
INCOME
Donations and legacies	2	261,596	5,726,258	5,987,854	7,444,390
Income from trading activities	3	1,831	5,885,516	5,887,347	5,977,638
Income from charitable activities	4		555,000	555,000	601,083
Investment income			28,955	28,953	36,221
Coronavirus Job Retention Scheme			17,334	17,334	72,701
TOTAL INCOME		263,427	12,213,063	12,476,488	14,132,033
EXPENDITURE
Costs of raising funds	5	452	6,166,464	6,166,916	4,463,588
Costs ofcharitable activities	6	1,489,474	5,364,357	6,853,831	4,775,526
TOTAL EXPENDITURE		1,489,926	11,530,821	13,020,746	9,239,114
NET INCOME BEFORE NET GAIN ON INVESTMENTS			682,242	(544,258)	4,892,919
Net gain on investments	14		659	659	194
Transfer between funds		34,196	34,196
NET INCOME FOR THE YEAR	10	(1,192,303)	648,705	(543,599)	4,893,113
Balances brought forward		2,784,154	16,922,454	19,706,608	14,813,495
Balances carried forward		1,591,851	17,571,197	19,163,010	19,706,608

				Group	Group	Charity	Charity
				2022	2021	2022	2021
					F		E
			Note
FIXEDASSETS
Tangible assets			13	2,023,591	2,492,631	2,203,589	2,492,630
Investments			14	2,782	2,123	2,884	2,226
				2,026,373	2,494,754	2,026,473	2,494,856
CURRENT ASSETS
Stock				9,618	12,094
Debtors			15	1,222,810	1,418,637	1,523,567	4,951,065
Cash at bank	and	in hand		18,979,767	17,315,919	18,217,395	13,282,927
				20,212,195	18,746,650	19,740,961	18,233,992
CREDITORS:	Amounts
falling due within		one year	16	(3,075,558)	(1,534,796)	(2,604,427)	(1,051,117)
NET CURRENT ASSETS				17,136,637	17,211,854	17,136,534	17,182,875
NET ASSETS				19,163,010	19,706,608	19,163,008	19,677,731
FUNDS
Restricted			20	1,591,851	2,784,154	1,591,851	2,784,154
Unrestricted:
General Funds			21	12,118,595	10,922,454	12,118,593	10,893,577
Designated	Funds		21	5,452,564	6,000,000	5,452,565	6,000,000
TOTAL FUNDS				19,163,010	19,706,608	19,163,008	19,677,731

				AT 31	AT 31	MARCH 2022
							Group	Group
							2022	2021
								F
Cash flows from operating			activities
Net income							(543,599)	4,893,114
Adjustments for:
Depreciation charge							441,541	509,682
(Gains) /	losses on investments						(659)	(195)
Loss/ (gain) on disposal offixed				assets			51,711
Dividends	and interest	from	investments				(28,953)	(36,221)
Decrease	/ (increase)	in stock					2,477	2,107
(Increase) / decrease		in debtors					195,827	(63,201)
Increase	/ (decrease)	in creditors					1,540,762	325,855
Net cash	provided by operating activities						1,659,107	5,631,141
Cash flows from investing			activities
Dividends	and interest	from	investments				28,953	36,221
Purchase	of property,	plant	and	equipment			(24,212)	(241,332)
Net cash	(used in) investing activities						4,741	(205,111)
Change	in cash and	cash	equivalents		in	the year	1,663,848	5,426,030
Cash and	cash equivalents		at the beginning			of the
year							17,315,919	11,889,889
Cash and cash equivalents			at	the end	ofthe year		18,979,767	17,315,919
Note A —Analysis of		changes		in net debt
						At 1 April	Cash	At 31 March
						2021	Flows	2022
Cash						17,315,919	1,663,848	18,979,767
						17,315,919	1,663,848	18,979,767

he useful economic life of	that asset as follows:
Helicopters	-over its useful life to 2024
Medical Equipment	- over 3years straight line basis
Office Improvements	-over the life ofthe lease
Plant and Equipment	-over 3years straight line basis
Computer Equipment	-over 3years straight line basis
Office Equipment	-over 3years straight line basis
Motor Vehicle Equipment	-over the period of the vehicle lease

INCOME FR	OM DONATIONS AND	LEGACIES
Current year		Restricted	Unrestricted	Total Funds
		Funds 2022	Funds 2022	2022
		E	E
Corporate and	individuals	48,938	5,214,138	5,263,076
Foundations		212,658	191,396	404,054
Collections —pots and buckets			41,564	41,564
Gifts in kind			279,160	279,160
		261,596	5,726,258	5,987,854
Comparative	year	Restricted	Unrestricted	Total Funds
		Funds 2021	Funds 2021	2021
		E	E
Corporate and	individuals	467,925	5,420,369	5,888,294
Foundations		947,381	291,851	1,239,232
Collections —pots and buckets			22,554	22,554
Gifts in kind			294,310	294,310
		1,415,306	6,029,084	7,444,390

			Restricted	Restricted	Unrestricted	Unrestricted	Total		Total and
			Funds	2022	Funds 2022		Funds		Unrestricted
							2022		Funds 2021
			E			E			E
Lottery, corporate sponsorships
and retail shop						5,482,240	5,482,240		5,797,765
Events				1,831		396,427	398,258		179,873
Other trading	activities					6,849	6,849
				1,831		5,885,516	5,887,347		5,977,638
INCOME FROM CHARITABLE			ACTIVITIES
			Restricted		Unrestricted		Total		Total and
			Funds	2022	Funds 2022		Funds		Unrestricted
							2022		Funds 2021
			E			F			F
Institute of Pre-Hospital		Care				130,000	130,000		126,082
Grant income	from Barts Health
NHS Trust						425,000	425,000		475,001
						555,000	555,000		601,083
COSTS OF RAISING		FUNDS
Current year				Restricted Unrestricted				Total Funds
				Funds		2022 Funds 2022			2022
					E		F
Direct staff and related		costs					1,450,821		1,450,821
Appeals costs						140	2,215,225		2,215,365
Support costs						312	1,557,619		1,557,931
						452	5,223,665		5,224,117
Lottery, corporate sponsorships shop			and retail				942,799		942,799
						452	6,166,464		6,166,916

Comparative		Restricted	Unrestricted	Total Funds
		Funds 2021	Funds 2021	2021
			F
Direct staff and related costs			1,217,926	1,217,926
Appeals costs		6,308	1,148,071	1,154,379
Support costs		21,053	1,715,694	1,736,747
		27,361	4,081,691	4,109,052
Lottery, corporate sponsorships shop	and retail		354,536	354,536
		27,361	4,436,227	4,463,588

		Staff and			Total Funds
Current year		related costs	Depreciation	Other costs	2022
Fundraising	activities	1,428,265	5,461	3,790,391	5,224,117
Lottery and	retail shop	22,556		920,243	942,799
		1,450,821	5,461	4,710,634	6,166,916

		Staff and			Total Funds
Comparative	year	related costs	Depreciation	Other costs	2021
Fundraising	activities	1,216,893	48,120	2,844,039	4,109,052
Lottery and	retail shop	1,033	5,209	348,294	354,536
		1,217,927	53,329	3,192,333	4,463,588

Current year	Restricted	Restricted	Unrestricted	Total Funds
	Funds	2022	Funds 2022	2022
	F		E
Charitable Activities:
Helicopter maintenance		1,705	1,314,807	1,316,512
Direct helicopter costs	618,201		1,088,682	1,706,883
Fire-fighters costs			286,162	286,162
Vehicle leasing	106,738		18,856	125,593
Direct vehicle costs			335,774	335,774
Consultancy fees			95,356	95,356
Institute costs		32,070	200,170	232,241
Other related costs	730,586		906,931	1,637,516
Support costs		175	1,117,619	1,117,794
	1,489,474		5,364,357	6,853,831

Comparative year	Restricted	Unrestricted	Total Funds
	Funds 2021	Funds 2021	2021
	E	E
Charitable Activities:
Helicopter maintenance	266,932	865,993	1,132,925
Direct helicopter costs	209,950	929,138	1,139,088
Fire-fighters costs		307,712	307,712
Vehicle leasing	86,333	12,241	98,574
Direct vehicle costs		250,340	250,340
Consultancy fees		95,948	95,948
Institute costs	24,988	111,711	136,699
Other related costs	225,815	268,217	494,032
Support costs	12,903	1,107,305	1,120,208
	826,921	3,948,605	4,775,526

	Staff and
Current year	related costs	Depreciation	Other costs	Total 2022
Helicopter maintenance			1,316,512	1,316,512
Direct helicopter costs	714,980	305,948	685,955	1,706,883
Fire-fighters costs	286,162			286,162
Vehicle leasing			125,593	125,593
Direct vehicle costs	307,357		28,416	335,774
Consultancy fees			95,356	95,356
Institute costs			232,241	232,241
Other related costs	915,984	174,098	547,435	1,637,516
Support costs	613,424	3,171	501,199	1,117,794
	2,837,907	363,461	2,130,580	6,853,831

	Staff and
Comparative year	related costs	Depreciation	Other costs	Total 2021
Helicopter maintenance			1,132,925	1,132,925
Direct helicopter costs	778,292	305,948	54,848	1,139,088
Fire-fighters costs	307,712			307,712
Vehicle leasing			98,574	98,574
Direct vehicle costs	189,990		60,350	250,340
Consultancy fees			95,948	95,948
Institute costs			136,699	136,699
Other related costs	458,435	35,597		494,032
Support costs	547,056	21,916	551,236	1,120,208
	2,281,485	363,461	2,130,580	4,775,526

hose activities is	summarised below:
Current year		Emergency	Educational	Total
		Medical	Activities	2022
		Service
Grant income		425,000		425,000
Institute income			130,000	130,000
Total charitable	income	425,000	130,000	555,000
Costs		(6,621,590)	(232,341)	(6,853,831)
Net cost funded	from other income	(6,196,590)	(102,241)	(6,298,831)
Comparative year		Emergency	Educational	Total
		Medical	Activities	2021
		Service
Grant income		475,001		475,001
Institute income			126,082	126,082
Total charitable	income	475,001	126,082	601,083
Costs		(4,638,827)	(136,699)	(4,775,526)
Net cost funded	from other income	(4,163,826)	(10,617)	(4,174,443)

betwee spent.	n charitable activities	and fundraising	activities based	on estimated
Current year		Raising	Charitable
		funds	activities	Total 2022
Staff and related costs		929,676	548,817	1,478,493
Finance costs			2,229	2,229
Depreciation		5,638	3,083	8,721
Office costs		622,617	468,580	1,091,197
Governance	costs (see note 9)		95,085	95,085
		1,557,931	1,117,794	2,657,725
Comparative	year	Raising	Charitable
		funds	activities	Total 2021
Staff and related costs		874,175	547,056	1,421,231
Finance costs			1,537	1,537
Depreciation		48,120	28,717	76,837
Office costs		814,452	473,389	1,287,841
Governance	costs (see note 9)		69,509	69,509
		1,736,747	1,120,208	2,856,955

						Restricted	Unrestricted Total Funds	Unrestricted Total Funds	Unrestricted Total Funds
						Funds 2022	Funds	2022	2022
	Salary costs							62,404	62,404
	Office costs							8,508	8,508
	ITcosts							1,913	1,913
	Audit fees							18,475	18,475
	Computer	equipment		depreciation				83	88
	Legal fees							3,703	3,703
								95,085	95,090
						Restricted	Unrestricted Total Funds
						Funds 2021	Funds	2021	2021
							E
	Salary costs							42,392	42,392
	Office costs							4,755	4,755
	ITcosts							2,038	2,038
	Audit fees							14,500	14,500
	Computer	equipment		depreciation		340		437	777
	Legal fees							5,047	5,047
						340		69,509	69,509
10.	NET INCOME
	Net income	is	stated after		charging:
								2022	2021
									E
	Staff pension		contributions					334,095	300,435
	Operating	lease costs —building						174,278	159,553
	Operating	lease costs - other						32,526	23,504
	Depreciation
	- on owned assets							493,253	509,682
	Auditors' remuneration
	-as auditors		ofthe parent		charity			22,275	14,500
	-as auditors		ofthe subsidiaries					13,621	13,400
	- for other	services						4,950	9,274

STAFF COSTS
	2022	2021
		E
Wages and salaries	3,572,987	3,229,799
Social security costs	369,743	335,317
Pension costs	345,476	300,435
	4,288,205	3,865,551

The number ofemployees was:	whose emolu	ments for the year	fell within t	he following
	Number	ofemployees	Number	ofemployees
	2022			2021
260,000to F69,999		6		6
270,000to F79,999		6		4
280,000to F89,999		2
F90,000to F99,999		2
2100,000to 2109,999		1
F110,000tof119,999
2120,000to 2129,999
F130,000tof139,999

	Group	Group
	2022	2021
	No	No
Fire fighters	5	5
Pilots	5	5
Operational	36	35
Fundraising	32	28
	78	73

GROUP
			Office	Plant, Office	Motor
		Medical	Improve-	&Computer	Vehicle
	Helicopters	Equipment	ments	Equipment	Equipment	Total
COST
At 1 April 2021	4,982,832	615,749	264,987	440,507	32,292	6,336,367
Additions		16,762		7,450	-	24,212
Disposals
At 31 March 2022	4,982,832	632,511	264,987	447,957	32,292	6,360,579
DEPRECIATION
At 1 April 2021	2,815,826	303,731	264,985	431,146	28,047	3,843,735
Charge for the year	305,948	174,255	2	8,803	4,245	493,253
Eliminated on disposal
At 31 March 2022	3,121,774	477,986	264,987	439,949	32,292	4,336,988
NET BOOK VALUE
At 31 March 2022	1,861,058	154,525		8,008		2,023,591
At 31 March 2021	2,167,006	312,018		9,361	4,245	2,492,631

			Office	Plant, Office	Motor
		Medical	Improve-	&Computer	Vehicle
	Helicopters	Equipment	ments	Equipment	Equipment	Total
COST
At 1 April 2021	4,982,832	612,115	264,988	408,425	32,288	6,300,648
Additions		16,672		7,450	-	24,122
Disposals
At 31 March 2022	4,982,832	628,787	264,988	415,875	32,288	6,324,770
DEPRECIATION
At 1 April 2021	2,815,826	300,091	264,985	399,067	28,049	3,808,018
Charge for the year	305,948	174,253	3	8,800	4,239	493,163
Eliminated on disposal
At 31 March 2022	3,121,774	474,264	264,988	407,867	32,288	4,301,181
NET BOOK VALUE
At 31 March 2022	1,861,058	154,523		8,008		2,023,589
At 31 March 2021	2,167,006	312,024		9,358	4,239	2,492,630

				Unrestricted	Unrestricted	Unrestricted	Unrestricted
				Group	Group	Charity	Charity
				2022	2021	2022	2021
					E		E
Market value at 1 April			2021	2,123	1,929	2,225	2,031
Net	gain on revaluation			659	194	659		194
Market value at 31 March 2022				2,782	2,123	2,884	2,225
Analysis	of investments	at 31 March 2022:
							E
Unlisted UK subsidiary			undertakings			102		102
Listed UK Equities				2,782	2,123	2,782	2,	123
				2,782	2,123	2,884	2,225

				2022	2021
					F
Turnover				5,482,829	5,797,763
Cost ofsales				(900,026)	(324,967)
Administrative	expenses			(189,407)	(151,008)
Interest receivable				4	3,101
Net profit				4,393,396	5,324,889
Reserves b/f
Amount gift aided		to the charity		(4,393,396)	(5,324,889)
Retained in subsidiary
The assets and	liabilities ofthe subsidiary		were:
				2022	2021
					E
Fixed assets
Current assets				824,302	3,936,334
Current liabilities		and provisions		(824,300)	(3,936,322)
Total net assets
Aggregate share		capital and reserves

				2022	2021
					E
Turnover					98,935
Cost ofsales					(20,291)
Administrative	expenses				(122,001)
Interest receivable					3
Other gains/losses		—loan waiver			95,000
Tax
Net profit					51,646
Reserves b/f				(28,877)	(22,769)
Amount gift aided		to the charity		28,877
Retained in subsidiary					28,877
The assets and	liabilities ofthe subsidiary		were:
				2022	2021
					F
Fixed assets
Current assets				100	116,128
Current liabilities					(87,151)
Total net assets				100	28,977
Aggregate share capital and reserves				100	28,977

DEBTORS
		Group	Group	Charity	Charity
		2022	2021	2022	2021
			E		E
Trade debtors		19,730	6,508	19,206	6,485
Other debtors		178,795	74,986	177,245	73,240
Prepayments	and accrued income	1,024,285	1,337,143	974,178	1,331,541
Amounts owed by Group undertakings				352,938	3,539,799
		1,222,810	1,418,637	1,523,567	4,951,065

		Group	Group	Charity	Charity
		2022	2021	2022	2021
			E		E
Trade creditors		1,320,275	412,391	1,262,965	378,028
Taxation and social security		101,647	98,639	101,657	98,640
Sundry Creditors		177,427	210,401	121,755	142,198
Accruals and deferred	income	1,467,209	813,365	1,130,853	432,251
		3,075,558	1,534,796	2,617,221	1,051,117

			2022	2021
				E
Balance	at 1 April		337,553	414,290
Amount	released	to income	(337,553)	(414,290)
Amount	deferred	in the year	450,828	337,553
Balance	at 31 March		450,828	337,553

Group	an	d charity
			2022		2021
Operating		leases which expire:	Land and		Land and
			buildings	Other	buildings	Other
Within	1 year		186,582	45,321	186,582	35,782
Between		1 and 5years	482,004	39,279	668,586	33,284
			668,586	84,600	855,168	69,066

			Tangible fixed
			assets and	Cash at	Other net
			Investments	bank	liabilities	Total
Restricted	funds		1,279,906	5,839,584	(5,527,640))	1,557,656
Unrestricted		funds
General funds			746,467	7,687,619	3,684,511	12,152,790
Designated		funds		5,542,564		5,452,564
			2,206,373	18,979,767	1,843,129	19,163,010
Fund balances at 31			March 2021 are represented by:
			Tangible fixed
			assets and	Cash at	Other net
			Investments	bank	liabilities	Total
Restricted	funds		1,585,069	1,046,745	152,340	2,784,154
Unrestricted		funds
General funds			909,685	10,269,174	(256,405)	10,922,454
Designated		funds		6,000,000		6,000,000
			2,494,754	17,315,919	104,065	19,706,608

Current year			Balance at				Balance at
			1 April 2021	Income	Expenditure	Transfer	31 Mar 2022
Helicopter Fund			1,353,269	56,422	(202,136)		1,207,556
Manikins Fund			38,759	8,875	(25,223)		22,412
Response Car Fund			24,655	112,121	(100,738)		36,038
Patient Liaison Nurse		Fund	44,925		(7,286)		37,639
Ultra Sounds			19,194		(13,690)		5,504
Thomas Packs			2,051	4,122	(1,600)		4,573
BScScholarships			1,600				1,600
Office Move			274				274
Presentation &Outreach
Equipment			522	1,000	(627)		895
Helipad Ops			126,745	16,218	(42,570)		100,393
Fellowship Fund			59,999	8,000	(5,885)		62,114
Patient Support			16,200		(646)		15,554
PRU			5,330	6,000	(6,999)		4,331
Outreach Activity	Fund
Institute Activity	Fund		3,173	33,735	(26,185)		10,724
Helivan Fund			4,244		(4,241)		3
Helipad Redevelopment
Fund			667,150		(619,536)	34,196	81,810
Jet Fuel and Mission Costs
Helicopter Costs			416,064	434	(416,064)		434
Other Restricted	Funds			6,500	(6,500)
Additional Medical Team Trial				10,000	(10,000)
Restricted funds			2,784,154	263,427	(1,489,926)	34,196	1,591,851

UNRESTRICT	ED INCOME	FUNDS
Current Year	Balance at 1 April 2021	Income	Expenditure	. t Net gain on investment	Balance at Transfers 31 March 2022
General funds
	10,922,454	12,213,061	(10,983,386)	659	(34,196)	12,118,594
Designated
helicopter
fund	4,000,000					4,000,000
Designated
CRM and
helipad
development	2,000,000		(547,436)			1,452,564
	16,922,454	12,213,061	(11,530,822)	659	(34,196)	17,571,159

helipad develo	pment.
ComParative year	Balance at 1 April 2020	Income	Expenditure	. Net gain on investment		Transfers	Balance at 31 March 2021
General funds
	8,590,365	12,716,727	(8,384,832)		194	(2,000,000)	10,922,454
Designated
helicopter
fund	4,000,000						4,000,000
Designated
CRM and
helipad
development						2,000,000	2,000,000
	12,590,365	12,716,727	(8,384,832)		194		16,922,454

					Group	Group	Group		Charity		Charity
					2022	2021			2022		2021
							E				F
Financial assets		measured		at fair value through			statement		offinancial	activities:
Investments					2,782			2,123	2,884		2,226
The income,	expense,		gains		and losses	in respect		of financial assets		are	summarised
below:
Net gain/(loss) investments		on			659			194	659		194
Investment	income				28,953		36,221		28,948		33,120

The full consolidated sta is presented below:	tement offinancial	activities for t	he year ended 3	1 March 2021
		Restricted	Unrestricted	Total
		Funds	Funds	Funds
		2021	2021	2021
INCOME
Donations and legacies		1,415,306	6,029,084	7,444,390
Income from trading activities			5,977,638	5,977,638
Income from charitable	activities		601,083	601,083
Investment income			72,701	72,701
TOTAL INCOME		1,415,306	12,716,727	14,132,033
EXPENDITURE
Costs of raising funds		27,361	4,436,227	4,463,588
Costs of charitable activities		826,921	3,948,605	4,775,526
TOTAL EXPENDITURE		854,282	8,384,832	9,239,114
Net income before net	gain on
investments		561,024	4,331,895	4,892,919
Net gain on investments			194	194
NET INCOME FOR THE YEAR		561,024	4,332,089	4,893,113
Total funds brought forward		2,223,130	12,590,365	14,813,495
TOTAL FUNDS CARRIED FORWARD		2,784,154	16,922,454	19,706,608