2025-08-31-accounts

AERO SPACE SCIENTIFIC EDUCATIONAL TRUST CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 SCOTTISH CHARITY NUMBER: SC045931

COMMUNITY BENEFIT SOCIETY REGISTRATION NO. 7524

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

(resigned 27/02/2025)

(resigned 27/02/2025)

Secretary Charity number (Scotland) $C045934 Community Benefit Sociely Number 7524 Registered office a Auditor The AQ Partnership Limited Abercorn School Newton “ West Lothian EH52 6PZ

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS

PAGE

Trustees’ Annual Report Page 4 Statement of Trustees' Responsibilities Page 4 Independent Auditor's Report Page 5 Group Statement of Financial Activities Page 8 Statement of Financial Activities Page 9 Group Balance Sheet Page 10 Balance Sheet Page 11

Group Statement of Cash Flow Page 12

Notes to the Financial Statements

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the year ended 31 August 2025,

The financial statements have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the charity's governing document, the Charilles and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulalions 2006 (as amended) and “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)" (effective 1 January 2019).

Objectives and activities

ASSET |s a Community Benefit Sociely which has now completed its tenth year of operation as a not -for- profit charity whose objectives are the advancement of education, heritage and science In relation to aviation, astronomy, technology, and space for the public benefit. Aero Space Kinross Communily Interest Company (“ASK”), which incorporates Cosmos Planetarium, is wholly owned by ASSET.

Public benefit

The trustees have paid due regard to guidance Issued by the Charity Commission In deciding what activities the charity should undertake,

Achlevements and performance

Gs

STEM Outreach

ASSET continues to inspire Scotland's young people through world-class STEM and immersive learning programmes. In 2024/25, ASSET delivered activities in all 32 Scottish tocal authority areas, reaching 19,792 participants with hands-on science experiences. Importantly, over 25% of our participants were drawn from the most deprived communities in Scotland, helping to break down barriers to opportunity and ensure these transformative programmes benefit those most in need.

Under the auspices of a two-year project led by the Association of Science and Discovery Centres, ASK delivered a second round of “Our World from Space” the national programme which is funded by the UK Space Agency in partnership with the Natural Environment Research Council, part of UK research and Innovation.

As schools face increasing pressure on classroom contact time, a growing appetite for real-world STEM learning, and the continuing challenge of cost-of-living pressures—especially the cost of transporting pupils from remote communities—ASSET’s mobile, accessible approach has become even more vital. Our recent growth has been a diract response to these challenges, enabling us to bring immersive education directly to children wherever they are.

Bulld-a-Plane Projects

Seven years have passed since the aircraft from our first build-a-plane project at Kinross High Schoo! (KHS) took to ihe skies. Throughout 2025 we continued to provide a number of free flights for KHS pupils. As part of our 10-year anniversary celebrations, we also extended an invitation for free flights to 10 pupils from 10 other schools In the local area. Our second build-a-plane aircraft is now also fully operational, and as a result the first three pupils from Strathallan School have enjoyed a flight in the aircraft they helped to build at their schoo!. We now have a cohort of 20 experienced pilots operating the two aircraft.

Alrbus A320 Filght Simulator e Aprivate donor has very generously donated a full scale, fully authentic Airbus A320 replica cockplt filght simulator. Ahigh-end gaming spec PC and specialist software have been purchased to run the simulator which we are now In the throes of configuring ahead of making it available for public use.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

ASK Venue

| am pleased to report significant progress in our quest to create an aerospace discovery centre. To that end, Perth & Kinross Council have agreed in principle to grant us a 100-year lease on a peppercorn rental over an ideal site within the grounds of the Loch Leven Community Campus. Architectural plans have been drawn up to flexibly accommodate a STEM Educational base, a fixed dome planetarium, exhibition space and a flight simulation area. Following an encouraging response to an initial community consultation on the plans, a planning application has been submitted. Assuming planning consent and adequate funding are forthcoming, we aim to commence the construction project during 2026.

Financlal review

The consolidated Financial Statements of ASSET show a group loss of £1,563 for the year. Donations and grant assistance totalling £87,809 helped the group meet its core costs and deliver STEM outreach activities. Over the course of the year, the charily disbursed £137,424 from grants received to cover operating costs and relevant STEM outreach activities. Total income was £165,251 whereas the overell cost of charitable activities reached £168,814. As a result of the above and a small increase in share capital, the net financlal result was that total funds of the charitable group increased to £144,809 (2024 £143,872). This outcome would not have been possible without the generous support of our funders to whom we are truly grateful. A list of donors and grant funders wil be found at note 2 on page 16 of the ASSET accounts.

Reserves policy

Grants and donations received by the society are retained in the charity's bank account and subsequently disbursed to the operating subsidiary”only when appropriate, and as necessary, to cover relevant operating costs. In this way the charity maintains sufficient reserves to cover known upcoming operating obligations.

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

(Resigned 27 February 2025)

(Resigned 27 February 2025)

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Recruitment and appointment of trustees

The directors of the society are also charity trustees for the purpose of charity law. The charily’s trustees are required to perform thelr duttes in accordance with the rules, regulations and guidance issued by the Scottish Charities Regulator - OSCR. Under the requirements of the Rules of the Society, directors are elected by and from the Sociely’s Members. The maximum number of directors serving on the board is determined by a general meeting of the Society. The minimum number of directors allowed is {hree. Directors are elected by members at the annual general meeting and serve for a 3-year term. Directors standing down are eligible for re-election. As a community benefit society based In and serving Kinross-shire, the majority of (he trustees are drawn from the local area with the addition of specialised experts from further afield as and when deemed appropriate by the board. Upon assuming the role of an ASSET trustee, directors are referred to OSCR guidance on trustee duties and responsibjities. Two trustees wereConstructionre- appointed Manager)Astronomerfor another 2 Royal3-yearfor termCharterScotland,at thehas AnnualbecomeGeneralSurveyor).a Patron.Meeting We areIn delightedFebruary. toThese reportwere that Against a background of growing demand for our services, we appointed Hannah Nisbet to the new role of STEM Engagement Manager and added 3 additional part-time employees to STEM support roles. We also welcomed Stephen Donald FCA as replacement Management Accountant. Organisational structure ASSET Is a community banefit society (registered with Co-ops UK) which Is run In accordance with the Rules of the Sociely and in compliance with charity law. Its wholly owned subsidiary is a community interest company, The group is thus an asset locked not-for -profit organisation. The ASSET board meets quarterly for corporate governance purposes and to provide strategic direction for ihe charity and its wholly owned subsidiary - Aero Space Kinross Community Interest Company.

At the financial year end, the sociely had 652 members (2024 ~ 520).

Auditor

In accordance with the company's articles, a resolution proposing thal The AQ Partnership Limited be reappointed as auditor of the company will be put al a General Meeting.

Outlook

With 10 years successful operation behind it, ASSET now has over 500 members, an established management team with a proven track record, Is supported by a wide array of funders, and has a growing network of satisfied clients. As a result, the soclety is well positioned to move forward to the next stage of its evolution.

Thanks

As we look forward with a sense of heightened anticipation as to what the future holds, | take this opportunily to express my most sincere thanks to the entire ASSET team, our volunteers, professional advisors, funders, members and friends who have ail helped achleve such positive progress over the past year.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare the financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that year. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently,

• • observe the methods and principles in the Charities SORP,

• make Judgements and accounting estimates that are reasonable and prudent,

• ® state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to material departures disclosed and explained in the financial statements; and

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.

The trustees are responsible for Keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees has confirmed that there is no informalion of which they are aware which Is relevant to the audit, but of which the auditor is unaware. They have further confirmed thal they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Approved by the Trustees and signed on their behalf,

Chairman Date:. | ailal ade

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF AERO SPACE SCIENTIFIC EDUGATIONAL TRUST FOR THE YEAR ENDED 31 AUGUST 2025

OPINION

We have audited the financial statements of Aero Space Scientific Educational Trust (the ‘parent charity’) and Its subsidiary (the ‘group') for the year ended 31st August 2025 which comprise the Group and Parent Charity Statements of Financial Activilies {Incorporating Revenue Account), the Group and Parent Charity Balance Sheets, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financlal reporting framework that has been applied in their preparation ts applicable law and the United Kingdom Accounting Standards, including FRS 102 “The Financia! Reporting Standard applicable in the UK and Republic of treland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial slatements:

° give a trua and fair view of the state of the group's and the parent charily's affairs as at 31st August 2025 and of the group's and parent charity's 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 Co-operative and Community Benefit Soclelles Act 2014, the Charities and Truslee Investment (Scotland) Act 2005 and regulations 6 and & of the Charities Accounts (Scotland) Regulations 2006 (as amended).

BASIS OF OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financtal stataments, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibitities of the trustees with respect to going concern are dascribed in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditors report thereon. The trustees are responsible for the othar information contained within the annual report. Our opinion on the financial stalemants does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility Is to read (he olher information and, In doing so, consider whether the other information is materially inconsistent with the financlal statements or our knowledge obtained in the course of 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 niaterial misstatementmisstatement ofIn thisthe otherfinancialinformation,statementswe arethemselves.required toIf,reportbasedthatonfect.the work we have performed, we conclude that there is a materia!

We have nothing to report In this regard,

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF AERO SPACE SCIENTIFIC EDUCATIONAL TRUST (continued...) FOR THE YEAR ENDED 34 AUGUST 2025 MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the group and parent charity and ils environment obtained in the course of (he audit, we have not identified material misstatements in the trustee's report.

We have nothing to report in respact of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Co-operative and Community Benefit Societies Act 2014 requires us to report to you if, in our opinion:

• ‘ a Satisfactory system of contro! over transactions has not been maintained; or . adequate and proper accounling records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• ° the financial statements are not in agreement with the accounting records and returns: or bd certain disclosures of trustees’ remuneration spacified by law are not made; or bd we have not received ail ihe information and explanations we require for our audit; or

RESPONSIBILITIES OF TRUSTEES As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for lhe preparation of the financlat statements and for being satisfied that thay give a true and fair view, and for such internal contro! 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.

in prepating the financial statements, the trustees are responsible for assessing the group's and parent charity's ability to continue as a going concern, disclosing, as applicable, malters related to going concern and using the going concern basis of accounting unless the trustess alther intend to liquidatethe group or the parent charity or to caase operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 44(1)(c) of the Charitles and Trustee Investment (Scotland) Act 2005 and under the Cooperative and Community Benefit Socielies Act 2014 and report in accordance with the Acts and relavant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that 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 aWways 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 {akan on the basis of these financial statements.

The extent fo which our procedures are capable of datecting irregularities, including fraud, is detailed below.

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to detect material misstatements In respect of irregularities, Including fraud. Based on our understanding of the charity and its Industry, we identified that the princlpal risks of non-compliance with laws and regulations related to: Civil Aviation Authority regulalions, UK tax legislation, pensions legistation, employment legisiation and health and safety regulation, anti-bribery, corruption and fraud and money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Charilles and Trustee Investment (Scotland) Act 2005, Co-operalive and Community Benefit Societies Act 2014, Charities Accounts (Scotland) Regulations 2006 (as amendad) and the Charities SORP (FRS 102).

We evaluated the trustees’ and managemant's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls} and determined that the principal risks were related toposting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, Also there is the risk of fraudulent misappropriation of: cash or other assets.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements, Our audit procedures included but were not limited to:

• • Discussing with the trustees and management thelr policies and procedures regarding compliance with laws and regulations; ¢ Communicating identified laws and regulations throughout our engagement team and remaining alert lo any indications of non-compliance throughout our audit; and

• « Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. * Reviewing for feqal fees incurred in the year for indications of non-compliance or titigation. * Reviewing Board Meeling minutes.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF AERO SPACE SCIENTIFIC EDUCATIONAL TRUST (continued...) FOR THE YEAR ENDED 31 AUGUST 2025

Our audit procedures in relation to fraud included but were not limited to:

• ¢ Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;

• ¢ Gaining an understanding of the internal controls established to mitigate risks related to fraud; ¢ Discussing amongst the engagement team the risks of fraud; and ¢ Addressing the risks of fraud through management override of controls by performing journal entry testing. ¢ Performing income completeness testing and agreeing receipts to subsequent bank lodgement.

Because of the Inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The primary responsibility for the prevention and detection of irregularities including fraud rests with management.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: htlps:/Awwwy.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

USE OF OUR REPORT

This report is made solely to the charity's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the society, in accordance with section 87 of the Co-operalive and Community Benefit Societies Act 2014. Our audit work has been undertaken so that we might state to the trustees and society those matters we are required to state to them in an auditor's report and fer no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trusees, as a body, and the society for our audit work, for this report, or for the opinions we have formed. a : THE A9 PARTNERSHIP LIMITED Abercorn School Chartered Accountants Newton i Statutory Auditor Broxburn i

Abercorn School Newton Broxburn EH52 6PZ

ofThe the AS Companies Partnership ActLtd 2006,Is eligible to act as an auditor in terms of section 1212

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

GROUP STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Group Revenue Account)

FOR THE YEAR ENDED 31 AUGUST 2025

		Note		2025		2024
			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			£	£	£	£
INCOME AND ENDOWMENTS	FROM:
Donations		2	58,270	29,539	87,809	71,346
Charitable activities		3	66,749	-	66,749	47,020
Investments		4	10,693	-	10,693	42,677
Total income			135,712	29,539	165,251	131,043
EXPENDITURE ON:
Raising funds		5	12,500	-	12,500	12,500
Expenditure on charitable activities		5	104,716	49,598	154,314	130,594
Total expenditure			117,216	49,598	166,814	143,094
NETINCOME/(EXPENDITURE)		8	18,496	(20,059)	(1,563)	(12,051)
TRANSFERS BETWEEN FUNDS
Gross transfers belween funds			7,323	(7,323)	-	-
NETMOVEMENT IN FUNDS		19	25,819	(27,382)	(1,563)	(12,051)
RECONGILIATION OF FUNDS
Total Funds brought forward at	1 September 2024		116,490	27,382	143,872	155,923
Increase in share capital		18	2,500	-	2,500	-
TotalFundscarrledforwardat31August2025		21	144,809	-	144,809	143,872

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 12-26 form part of these financial statements

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AERO SPAGE SCIENTIFIC EDUCATIONAL TRUST

PARENT STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Revenue Account)

FOR THE YEAR ENDED 31 AUGUST 2025

		Note		2026		2024
			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
			£	£	£	£
INCOME AND ENDOWMENTS	FROM:
Donations and voluntary income		2	38,250	24,414	62,664	62,486
Charitable activities		3	-	-	-	-
Investments		4	40,693	-	10,693	12,677
Total income			48,943	24,414	73,357	75,163
EXPENDITURE ON:
Raising funds		6	12,500		12,500	42,500
Expenditure on charitable activities		§	113,010	24,414	137,424	61,778
Total expenditure			125,510	24,414	149,924	74,278
NETINCOMEXEXPENDITURE)		8	(76,566)	0	(76,566)	885
TRANSFERS BETWEEN FUNDS
Gross transfers between funds			-	-	:	:
NETMOVEMENT IN FUNDS		19	(76,566)	0	(76,586)	885
RECONCILIATION OF FUNDS
Total Funds brought forward at	1 September 2024		219,730	-	219,730	218,845
Increase in share capital		18	2,500	.	2,500	-
TotalFundscarrledforwardat31August2026		21	145,664	-	145,664	219,730

All income and expenditure derive from continuing activites.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 12-26 form part of these financial statements

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST
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	GROUP BALANCE SHEET	GROUP BALANCE SHEET	GROUP BALANCE SHEET
	FOR THE YEAR ENDED 31 AUGUST 2025
		Note		2025	2024
			£	£ £	£
FIXED ASSETS
Tangible Assets		10		120,160	105,611
Investments		11		-	-
Total	fixed assets			120,160	105,611
CURRENTASSETS
Debtors		12	18,307 18,424
Cash	at Bank and in hand		317,991 304,261
Total	current assets		336,298 322,682
LIABILITIES
Creditors: Amounts falling due within oneyear		13	28,663 10,435
Net current assets				307,635	312,247
Total	assets less current liabilities			427,795	417,858
Creditors: Amounts falling due after more than one year		14		282,986	273,986
	F			144,809	143,872
TOTAL NETASSETS				144,809	143,872
THE FUNDS OF THE CHARITY
Unrestricted Income Funds		19		(75,991)	(101,810)
Restricted Funds		20		0	27,382
Share	Capital	18		220,800	218,300
				144,809	143,872
These	Ch*- financial statements were approved by the directors on..:.........0 ossdeere42026andare signedon				on their behalf
by:

The notes on pages 12-26 form part of these financlal statements

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

PARENT BALANCE SHEET

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FOR THE YEAR ENDED 31 AUGUST 2026
Note 2026 2024
£ £ £ £
FIXED ASSETS
Investments 11 1 1
Total fixed assets 4 1
CURRENT ASSETS
Debtors 12 118,363 196,273
Cash at Bank and In hand 314,136 301,292
Total current assets 432,499 497,565
LIABILITIES
Creditors: Amounts falling due within one year 13 3,850 3,850
Net current assets 428,649 493,715
Total assets less current liabilities 428,650 493,716
Creditors: Amounts falling due after more than one year 14 282,986 273,986
TOTAL NET ASSETS 145,664 219,730
THE FUNDS OF THE CHARITY
Unrestricted Income Funds 19 (75,138) 1,430
Restricted Funds 20 0 0
Share Capital 18 220,800 218,300
BOF __145,664_ ___219,730_
These ls suc
by: financial statements wereapproved bythe directors on . . |y,ial- 2026andaresigned on their behalf
The notes on pages 12-26 form part of these financlal statements
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GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 314 AUGUST 2026
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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2026|2024| |£|£| |Cash|flows|used|In|operating|activities| |Net income/(expanditure)|for the|reporting|period|(as|per| |statement of financial|activities)|(1,563)|(12,051)| |Adjustments|for:| |Depreciation|9,696|7,847| |Interest|received|(10,693)|(12,677)| |Interest|pald|12,549|12,586| |(increase)/decraase|In debtors|114|(6,480)| |increase/(decrease)|in|creditors|18,228|5,689| |_ 29,894||8,965.| |Net cash|provided|by/(used|In)|operating|activities|28,331|(5,086)| |Gash|flows|from|Investing|activities| |Interest|received|10,693|12,677| |Purchase|of property,|plant and|equipment|(24,245)|(4,236)| |Purchase|of intangible|fixed|assets|-|:| |Net|cash provided|by/(used|in}.operating|activities|(13,552)|8,444| |Cash|flows|from|financing|activitles| |Repayment of bank|loans|including|interest|(1,549)|(1,588)| |Proceeds|of new share|issues|8,000|:| |Buy back of shares|(7,500)|-| |Proceeds|from|issue|of|bonds|:|-| |Net cash|provided|by/(used|In) operating|activities|(1,049)|(1,586)| |Change|in|cash and|cash|equivalents|In|the|reporting|period|43,730|4,769| |Cash|and cash|equivatents|at|the|beginning|of the|reporting|period|304,261|302,492| |Cash|and cash|equivalents|at|the|end|of the|reporting|period|317,991|304,264| |Analysis|of|cash|and|cash|equivalents|2024|2024| |£|£| |Cash|at bank Including|overdrafts|317,991|304,261| |317,994|304,264| |Analysis|of changes|In|net funds| |£|£| |Cash|and|cash|equivalents|at|ist September 2024|304,261| |Borrowings|at|ist September 2024|(261,486)| |Net funds|as|at ist September 2024|™|42,775| |Cash|Flows|13,730| |Capital|Repayment|of Borrowing|3,600| |17,230| |Net funds|as|at 31st August 2026|60,005| |Cash|and cash equivalents|at 31st August 2025|317,994| |Borrowings|at 31st August 2025|(257,986)| |Net funds|as|at|34st August|2026|60,005|

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AEROSPACE SCIENTIFIC EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. ACCOUNTING POLICIES

Bas!s of accounting The financial stalements are prepared on a going concarn basis under the historical cost convention unless otherwise stated in the relevant notes to these accounts, and include the results of the charity's operations which are described in the Trustees’ Annual Report and all of which are continuing.

The financial stalements have been prepared In accordance with the Statement of Recommended Pracitce: Accounting and Reporing by Charitles preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand (FRS 102} issued In October 2019, ihe Financtal Reporting Standard applicable in the Unilad Kingdom and Republic of freland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, the Charilies Accounts (Scotland) Regulations 2006 (as amended) and the Co-operative and Community Benefit Soclatias Act 2014. .

The charity consiltutes a public benefit entity as defined by FRS 102. The charity is a registered public charily in Scotiand. The address of the charity's registered office and a description of the charity's operations and principal activities are further discussed in the Trustees’ Report.

The financial statements are presented In sterling which fs the functional currency of the charity end rounded to the nearest £.

Group Accounts These financial statements consolidate the results of the parent charity and its wholly owned subsidiary Aero Space Kinross Community interest Company.

Critical accounting estimates and areas of judgement

The charity makes eslimates and assumptions concerning the fulure. The charity has nol identified any estimates and assumptions that have @ significant risk of causing a material adjustment lo the carrying amounts of assets and llabililies. Sa

Going concern

Al the time of approving the financial statements, the trustees have reasonable expectation that the charity has adequate resources 10 continue in operational existence for the foreseeable fulure. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial! slataments,

Fund accounting

Restricted funds are subject to resiricllons on their use, Imposed by the donor or through the terms of an appeal.

Restricted capital funds are gran\ funding thal has baen received in respect of specific capital expendilure. These grants are amortised over the useful life of the assets the grants were recelved for. The amount transferred behveen funds relates to the amortisalion of the capilal grants.

Unrestricted funds can be used al the discretion of the Trustees In furtherance of the objectives of the charity.

income

All income is racognised gross in the statement of financial activitles. income Is only recognised when all of the following crileria ara mel:

• Entitlement: control over lhe nights or other access to lhe economic benefit has passed to the charity;

• Probable: Ils more likely than not that the economic benefils associated with the {ransactlon or gift will flow to the charity; and

• • Measurement: the monetary value or amount of the income can be measured rellably and the costs incurred for lhe transaclion and {he costs

• to complete the transaction can be measured rellable.

Income from Irading activities includes income earned from fundraising events and trading activilles to ralse funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is generally recognised when entitlement has occurred, Where income Is earned from goods not yet delivered or services not yet provided such amounls are classed as deferred income on the balance sheet, carried fonvard and released in the year lo which the Income relates once the goods or services have been provided.

The following specific policles are applled to particular categories of income:

• . Voluntary income Is received by way of grants, donalions and glfis and Is included In full in the Statement of Financial Aclivitles when receivable, Grants, where entiiement Is not conditional on the delivery of a specific performance by the charity, are recognised when the charily becomes unconditionally entlited to the grant.

• ¢ Donated services and facilitles are included al the value to the charity whare this can be quantified. The value of services provided by volunteers has nol been included in these accounts. Donated assets are included at the falr value the charity would have been wilting to pay to obfaln the goods,

• bd interest income Is included when recelvable. . bd Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity eams (he right {0 considerallon by fis performance.

Inconie Is anatysed and direcily attributed fo the appropdate aclivity that produced the Income.

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AEROSPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 34 AUGUST 2025

4. ACCOUNTING POLICIES (continued)

Expenditure All expenditure Is accounted for on an accruals basis and Is recognised when there 1s a fegal of constructive obligation to pay for expenditure, it is probable that settlement will be required and the amount of the obfgation can be measured retlably. All casts are allocated between the expenditure categories of the Statement of Financtal Acliviles on a basis to reflect the use of the resource, Charitable expenditure comprises those costs Incurred by the charity in the delivery of ils activities and services for Its beneficlaries. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs include staff costs, overheads and governance cosls. Value Added Tax income and expenditure fs shown net of VAT, where applicable.

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||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Tangible|fixed|assets| |Tangible|fixed|assets|are|stated|al|cost or valuation,|nel of depreciation|and|any provision|for impalrment. AH|fixed|assets|are|Initisily|slated|at| |cost.| |Depreciation|Is|calcutaled so as|to write|off the|cost of an|asset,|less|its|eslimaled restdual value,|over the|useful economic|iife|of that assel|as| |follows.| |Plant,|Equipnient|and|Aircraft|5%|to 20%|straight|line| |Equipment|20%|straight line| |Residual value|represents|Ihe|aglimated amount which would|currently be obtained|from disposal|of an|assel,|after deducting|eslinvaled|costs| |of disposal,|If the|assets were|already of an age and in|the|condition expected|al the|end|of its|useful|life.| |investment|In|subsidiaries| |investments|in|sudsidlaries|are|staled|at cost|lass|amounts|written|off.| |Nobtors| |Trade|and|other|debtors,|that|are|recelvable|within|one|year,|are|measured|at|thelr|recoverable|amounts|and|include|amounts|owed|to|the| |charity|for the|provision|of|goods and|services|or amounts pald|in advance for goods|and|services that|the|charity|will recelve.| |Llabilitles| |Liabilities|arise|from|tegal|or|constrictive|obtigations|that|camniit|the|charity|to|expenditure.|A|Ilabilily|and|relaled|expendilure|Is|recognised| |when|all|of|(he|following|crilerta|are|mel:| |-|Obligalion:|a|present|legal!|or constructive obligation|exists|at the|reporting|date as a|resull|of a|past|event;| |-|Probable:|It|is more|likely than|not that a|transfer|of economic benefits,|often|cash,|will be|requirad|in|settlement;|and| |-|Measurement:|the|amount of|the obligation|can|be measured|or estimated|rellably.| |Liabilities|(hat|are|classified|as|payable|within|one|year|on|inilial|recognition|are|measured|at|the|undiscounted|amount|of|cash|or|other| |considerallon expected|to|be|pald. Amounts|are|Included|in|liablities when|aulhorised|and|committed.| |Cash|at|bank|and|In|hand| |Cash|at bank and|In hand|Is|held|to|meet|the|short-term|cash commitments|as|they|fail due and|for Invesiment|purposes.| |Financlal|instruments| |The|charity|only has|financial|assels|and|Ilabllitles|of a|kind|that|qualify|as|basic|financial|Instruments.|Basic|financial|insteuments|are|initially| |measured|al|thelr|transaction|value|and|subsequently|measured|ot|Ihelr|selttement|value.|Non-basic|financial|instruments|are|classified|and| |accounted|for,|according|to|the|substance|of|the|contractual|arrangement,|as|elther|financial|assels,|financtal|liabilities|or equity|Instruments.| |An equity instrument|is any contract|thal evidences|a|residual|interest|In the|assats of the|group afer deducting|all of|its|llabillttes,|

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AEROSPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Concesslonary loans

Concessionary loans are initially recognised as a loan at the amount paid or recelved and are subsequently updated to reflect accrued interest, repayments and any impairments in the value of ihe loan.

Impatrment

Assels not measured at falt value are reviewed for any indication that the asset may be impaired at each balance sheet dale. If such indication exists, the recoverable amount of the asset, or the assel’s cash generating unil, Is estimated and compared to the carrying amount. Where the carrying amount exceeds ils recoverable amount, an tmpatrment foss is racognised as expenditure in the SoFA and Is allocated to the heading under which the asset is deployed.

Operating lease agreements

Renlals applicable to operating leases where substantially all of the benefils and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

		2025	Group 2025	2025	2024	2025	Charity Parent 2025 2026	Charity Parent 2025 2026	2024
		£	£	€	£	£	£	£	£
		Unresiricied	Restricted	Total	Total	Unrestlcted	Restricted	Total	Total
		Funds	Funds	Funds	Funds	Funds	Funds	Funds	Funds
Donations
Grant income
GrantIncome		33,250 33,250	29,539 29,539	62,789 62,789	67,236 57,236	33,250 33,250	24,414 24,414	67,664 57,864	56,836 56,836
Non-grantfundedvoluntaryIncome	Income			;
Donations Memberships		25,000 20 25,020	.	25,000 20 26,020	13,103 1,007 14,110	5,600 §,000	:	5,000 - §,000	5,285 365 5,650
.		58,270	29,539	87,809	11,346	38,250	24,444	62,664	62,486
Grant Income
		2025	Group 2025	2025	2024	2025	CharityParent 2025 2026		2024
		£	£	£	£	£	£	£	£
		Unrestricted	Restricted	Total	Tota!	Unrestricted	Restricted	Tolal	Total
:		Funds	Funds	Funds	Funds	Funds	Funds	Funds	Funds
Architectural HeritageFund TheRussell Trust TheGannochyTrust TheStaffordTrust	“e	25,000 3,250	2,000	- 2,000 25,000 3,250	4,500 3,000 17,000 6,000	25,000 3,250	2,000	. 2,000 25,000 3,250	4,600 3,000 17,000 5,000
CivilAviation Authority				.	250			-	250
WalterCraig Trust Perth&KinrossCouncd StAndrewsCommunityEducation			6,414	- 5,414 :	2,000 14,088 3,000		5,414	- 5,414 -	2,000 14,586 3,000
CarnegieTrust As. for Science& DiscoveryCentres BritfordTrust HughFraserFoundation Nancy RobertsTrust RJLargTrust The FoyleFoundation	Centres	- . §,000 93,250	§,126 16,000 6,000 1,000 1,000 : 29,539	. 6,125 10,000 5,000 1,000 4,000 §,000 62,788	7,506 . . - - : : 57,236	: - §,000 33,250	. 10,000 5,000 1,000 1,000 - 24414	- - =10,000 5,000 1,000 4,000 6,000 $7,684	7,500 - . : : - : 66,836

1. Donations

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 34 AUGUST 2025

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Group Charity Parent
2026 2026 2026 2024 2025 2026 2025 2024
£ £ £ £ £ £ £ £
Unrestricted Resteleted Total Totat Unrestdcted Restricted Total Total
Funds Funds Funds Funds Funds Funds Funds Funds
3. Charitable activitles
Cosmos - STEM Event income 44,884 : 44,884 34,950 - - - -
Flying Club 21,865 : 21,885 15,070 : : : -
66,749 : 66,749 47,020 - . : .
4. Investment income ‘
Bank Interest 10,693 : 10,693 12,677 10,693 : 10,693 12,677
40,893 : 10,693 12,877 40,693 : 10,693 12,677
TOTAL INCOME po 48,943 24,414 73,9577 NGS
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AERO SPACE SCIENTIFIC EOUCATIONAL TRUST
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NOTES TO THE FINANCIAL STATEMENTS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |FOR THE YEAR ENDED|31|AUGUST|2025| |Group|Charity|Parent| |2025|2628|2025|2024|20625|2025|2025|2024| |£|£|£|£|£|gE|£|E| |Unrestricted|= Restricted|Total|Total|Unrestricted|Restricted|Totat|Total| |6.|CHARITABLE|ACTIVITIES|Funds|Funds|Funds|Funds|Funds|Funds|Funds|Funds| |Cost of sctivilies & support costs|= &|88,764|49,598|138,382|416,662|108,693|24,444|$33,107|67,828| |Govemance costs|7|15,952|:|15,952|13,932|4317|4.37|3,850| |104,716|49,598|154,314|130,594|£13,010|24,414|$37,424|61,778| |RAISING|FUNDS| |iaterast|on bonds|12,500|12,600|12,500|12,500|-|12,600|12,800| |12,500||12,600|12,500|42,600||12,500|12,600| |TOTAL RESOURCES EXPENDED|117,216|49,503|166,814|$43,004|425,50|24,414|$49,024|74,278|

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 34 AUGUST 2025

				2026	Group 2025	2026	2024	2025	CharityParent 2025 2026	CharityParent 2025 2026	2024
				£	£	£	£	£	£	£	£
6.	CHARITABLEACTIVITIES
				Unrestricled Funds	Restricted Funds	Total Funds	Total Funds	Unrestricted Funds	Restricted Funds	Total Funds	Total Funds
	{a) COSTOFACTIVITIES&SUPPORTCOSTS Grantspadout CounesCost §,232				41,184	. 19,416	. 26,775	108,250	24,414	132,664 ”	$6,836 .
	BdaPane			-		.	1,649			-	:
	FtyingClubexpenses Wagesardsstares		9	6,461 44,613	6,483	6,481 26,9968	5,661 -			- .	: .
	Staffvaining					-	-			*	-
	Sta pension costs desired coalmubon Director'sremuneration		9	314	25,208	314 «§=626,208	* «24,537			-	.
	Director'spenstoncost				669	569	659
	RentreEeencesondother			5,530		§,530	$,105			.	.
	Insane Comptierruaningcosts			8,447 4,046		8.417 1,046	6,839 1,466			- .	659 .
	Leasing-motorvelicies			3,349		3,349	3,469			.	.
	Motor runing expanses Travelingexpenses Subscriptiaas Consuttancyfees			2,199 1,877 4,023 18,168	8,059	2,199 1,877 4,023 24,227	4,414 4,243 1,366 23,091	144		: . 144 .	: - 86 201
	Charitabledonations Bankcharges			150 634		160 644	- 385	70		- 70	. 60
	Printingandslasonery Books,pesodicats, referencematedals Advertsing Tefecommuntations Entenaining % Sundeyexpenses			208 986 2,283 204 382 965	95	288 OBS 2,388 204 362 985	489 gos 1,478 79 4,004 6568	180		. : 480 : : -	. * . . : .
	Oepreciaton LoanInterest			9,688 49		9,698 49	7,847 86	49		. 49	. 88
				TEA HB,508TSBO2 176,662,				T0863	HATE	195,107	67,928.

Grants pald out are exclusively pald to the subsidiary company, Aero Space Kinross Communily Interesl Company.

To reftect the fact that the subsidiary undertakes most charitable activities on behalf of the parent, the trustees transferred £105,000 of historical grant and other relevant income accumulations lo the subsidiary during the year, This transfer was effected to catch up with historical aninual lanster shontfal's lo ensure that all third party grants end relevant income had been fully disbursed to, snd appropriately reflected in, the accounts of the subsidiary undertaking.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES 7O THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2626

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Charity Parent| |2026|2025|2626|2024|2026|2026|2026|2024| |£|£|£|£|£|£|gk|£| |7,|GOVERNANCE|COSTS|UnrestrictedFunds|RestrictedFunde|FundsTotal|FundsTotal|UnrestrictedFunds|RestrictedFunds|FundsTotal|FundsTotal| |Fees|payabis|to auditor.| |+ Preparation|of statutory accounts|1,670|.|1,870|4,700|4,020|-|4,020|856| |+ Audit of accounts|6,297|-|6,287|6,000|3,297|-|3,297|3,000| |Independent Examination|fees||-|-| |Accountancy fees|8,348|6,348|6,232| |Legal & professional faes|1,437|-|1,437|-|-|.|-|-| |8.|NET INCOMENEXPENOITURE)|FOR THE YEAR|Group|Chartty Parent| |2025|2024|2025|2026| |£|£|£|£| |This|is|stated after charging:|FundeTotal|FundsTotal|FundsFotal|FundeTotal| |+|Depreciatién|of fixed|assets|0,686|7,847|.|-| |- Audit feos|287|6,000|3,297|3,000| |9.|EMPLOYEES|Group|Chasity Parent| |2026|2024|2025|2024| |£|£|£|£| |Wages|.|48,204|24,537|-|.| |Social|security costs||.|.|-| |Employer pension|contributions|883|659|:|:| |,Gs|peeve47,087Ett See25,196a|-|:| |Average number employed|2|1|-|-| |There|are|no employees whose emoluments exceed £60,000 (2024:|None).| |None of|tho|Truslees were pald any remuneration|or reimbursed expenses|by the|charity during|tho year (2024:|None).| |Directors|remuneration pald|by the subsidiary amounted to: £25,777|(2024:|£25,196}.|

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

10. TANGIBLE FIXED ASSETS

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|||||||| |---|---|---|---|---|---|---| |Plant,| |Equipment|and|Equipment| |Group|Alreraft|Total| |£|£|£| |COST|I| |At|1st September 2024|167,904|4,619|172,523| |Additions|20,000|4,245|24,245| |Disposals|-|-|-| |At|31st|August|2025|187,904|8,864|196,768| |DEPRECIATION| |At|ist September 2024|65,191|1,721|66,912| |Charge|for|Year|8,043|1,653|9,696| |Eliminated|on|disposals|.|-|-| |At|31st August 2025|73,234|3,374|76,608| |NET|BOOK VALUE|“| |At|31st August 2025|114,670|5490|120,160| |At|ist September 2024|102,713|2,898|105,611|

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The parent charity does not have any tangible fixed assets but has loaned sums to the subsidiary for the purchase of the aircraft. All fixed assets are used directly for charitable purposes.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2026

11. INVESTMENTS

The group does not have any investments outwith the group subsidiaries

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|||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Charity|Parent|subsidiarlesGroup|Total| |£|£| |cost| |Al|ist|Seplember 2024|1|1| |Additions|-| |At 34st August 2025|1|1| |IMPAIRMENT|,| |At|tst|September 2024|-|.| |Charge|for|the year|-|-| |At|31st August|2025|:|-| |NET BOOK VALUE| |At|3ist August 2025|1|1| |At|fst|September|2024|1|4| |Aero|Space|Scientific|Educational|Trust|subscribed|for|4|share|in|iis|wholly-owned|trading|subsidiary,|Aero|Space|Kinross|Community|Interest| |Company when|it was|incorporated|on|14th August 2015|at a|cost of £1.|

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. Aggregate
Proportion of amount of
Subsidiary vollng rights assels, Summary of
undertaking CompanyNumber IncerporatlonCountry of Holding andheld shares Nature of business Habllitiesfunds and profits/(iosses)for the year
£ £
Aero Space Kinross Ordi Development of themed
Community Interest SC513451 Scotland h nary 100% aviation and aslronomy (854) 76,003
Company snares centre
The subsidiary company, Aero Space Kinross Community Interest Company, registration number SC513151, has claimed exeniption from
audil under section 479A of the Compantes Act 2008.
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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

42. DEBTORS

DEBTORS	Group		Charity	Parent
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	5,801	13,489	-	-
Amounts owed bygroup companies		-	414,309	191,591
Prepayments and accrued income	12,506	4,932	4,054	4,682
	18,307	48,421	118,363	196,273

Amounts owed by group companies are repayable on demand and are interest free.

1. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTSAMOUNTS FALLING DUE WITHIN	ONE YEARYEAR
	Group		Charity	Parent
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	1,177	§58	-	-
Accruals and deferred income	23,646	7,796	3,850	3,850
PAYE & Ni	3,840	2,081	-	-
	28,663	10,435	3,850	3,850

1. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

	Group		Charity	Parent
	2025	2024	2025	2024
	£	£	£	£
Bank loans	4,125	2,625	1,125	2,625
Bond creditors	250,861	250,861	250,861	250,861
Accruals and deferred income	25,000	42,500	25,000	12,500
Other creditors	6,000	8,000	6,000	8,000
	282,986	273,986	_282,986	273,986

During the 2022-2023 financial year £250,861 was raised by bond issue. The bonds attract interest of 5% per annum, with interest being paid on redemption. It is anticipated that these bonds will be redeemed in 2029-30. The money raised by this bond issue is ringfenced in a deposit account.

1. FINANCIAL INSTRUMENTS & BORROWINGS

The carrying amount for each category of financial instrument is as follows:

		Group		Charity	Parent
		2025	2024	2025	2024
		£	£	£	£
Financial	liabilities
Financial	liabilitiesmeasuredatfacevalue	257,986	261,486	257,986	261,486

Financial liabilities iargely consist of the measured at face value bond. The bond attracts 5% interest and is expected to be payable during 2029-30. There is also a Bounce Back loan of £1,125 which is being repaid monthly and loans of £6,000 from 3 members and there are no fixed repayment terms.

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

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1. RELATED PARTY TRANSACTIONS

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 34 AUGUST 2025

Aero Space Scientific Educational Trust own 100% of the share capital of Aero Space Kinross Community Interest Company. At 3ist August 2025 there was an intra group loan from Aero Space Scientific Educational Trust te Aero Space Kinross Community Interest Company of £144,309 (2024: £191,591). There is no Intarast applied to ihis loan. No repayment terms were in place at the year end.

There are loans from 3 members in other creditors payable afler more than 1 year in the amount of £6,000 (2024: £8,000) and there are no fixed repayment terms. ;

3 trustees have also contributed £19,000 to the bond Issue on the same tens as all other bond holders,

The personal company of a director of the subsidiary provided science educator consultancy services to the charitable group In the amount of £4,181 (2024: £1,670) during the year.

The total compensation paid to key management personnel for services provided to tha charitable group was £25,777 (2024: £25,196).

The charitable group does not have an ultimate controlling party.

17. OPERATING LEASE COMMITMENTS Lessee ‘ey

Al the reporting end date the charity had outstanding commitments for future minimum tease payments under non-cancellable operating leases, as follows:

		2026	2024
		£	£
	Withinone year	1,116	3,349
	In two to five years	:	1,116
	in over five years
		1,416	4,465
18.	SHARECAPITAL	2028	2024
		£	£
	Ordinary Share Capital
	Issuedand fullypatd
	85,800Runwaycommunityshares of£1 each 435,000 Flyingclasscommunily sharesof£1 each	85,800 135,000	85,800 132,600
		220,800	218,300

Both classes of share capital have the same: voting, dividend, and repayment rights in accordance with the share offer (Our Big Ask) and the Rules of the society.

Flying class community shares are only made available to suitably qualifed and velted pilots and confers on them the fight to operate the altcrait In accordance with the group's policies and procedures. .

Runway communily shares of £1 each include 26,650 of shares held by Big Society Capital.

The trustees do not have any current intention to make dividend payments or share redemptions to any sharaholdars.

Tha parent society had 552 members at 31st August 2025 an increase of 32 since 31st August 2024.

During the year, 15,000 flying class shares were Issued at par value and 42,500 flying class shares were also bought back at par value.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

19. STATEMENT OF FUNDS

STATEMENT OFOF FUNDS
		Group
	Unrestricted
	General Reserves	Restricted Reserves		Total
	£			£
As at 1 September 2024	146,490		27,382	143,872
Incoming resources	435,712		29,539	165,254
Outgoing resources	(117,218)		(49,598) -	166,814
increase insharecapital	2,500		-	2,500
Transfers	7,323		(7,323)	-
As al31 August2025	144,809		0	144,809
		Charity	Parent
	Unrestricted
	General	Restricted
.	Reserves	Reserves		Total
	£			£
As ati September2024s	219,730		-	218,730
Incoming resources	48,943		24,414	73,357
Outgoing resources	(125,510)		(24,414)	(149,924)
Increase in share capltat	2,600		-	2,500
Asal34August2025	445,664		0	445,664

20. RESTRICTED FUND ANALYSIS

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used, as described In the Trustees’ Annual Report.

Group	Balanceat 01-Sep-24	= Incoming Resources	= Incoming Resources	Resources Expended		Transfers	Balance at 34-Aug-25
AirRaceChallenge	:						-
ASKVenue	6,989		5,414	(8,414)		(6,989)	:
ASKVenueBankAccount Deposils	250,881				.		250,864
ASKVenueBond Creditors	(250,861)					-	(250,861)
Plane Instruments	-					:	-
STEM Outreach /OurWorld from Space	20,059		24,125	(44,184)		.	~
Warm Spaces	334					(334)	-
	27,382		«29,539	49,598		7,323	-
CharityParent	Balance at	incoming		Resources		Transfers	Balanceat
	01-Sep-24	Resources		Expended			31-Aug-26
ASKVenueBankAccount Deposits ASKVenueBond Craditors	250,864 (260,881)		- -	- -		: -	250,864 (250,861)
Resiricted grants	-		24,414	(24,414)		:	.
	:	we	AAI4	(24,414)		:	-

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AERO SPACE SCIENTIFIC EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

21, ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group		Unrestricted
		General Reserves	Restricted Reserves	Total 2026
		£	£	£
Fixed Assets		120,160	-	420,160
NetCurrentAssets LongTerm Liabilities		56,774 (32,125) 144,809	250,861 (260,861) -	307,635 (282,986) 144,809
Group		Unrestricted
		Gensral Reserves	Restricted Reserves	Total 2024
		£	£	£
FixedAssels		105,611	-	105,611
NetCurrentAssets		34,004	278,243	312,247
Long Term Liabllities		(23,425)	(250,861)	(273,988)
		116,490	27,382	143,672
Charky Parent	%	Unrestricted Genera! Reserves	Restricted Reserves	Tota! 2026
		£	£	£
Fixed Assets		4	~	1
Net CurrentAssets		177,788	250,861	428,649
LongTerm Liabilities		(32,125)	(250,881)	(282,986)
		145,664	“	145,864
Charlly Parent		Unrestricted General Reserves	Restricted Reserves	Total 2024
		£	£	£
Fixed Assets		i	.	4
NetCurrentAssets		242,854	250,861	493,715
LongTerm Liabililies		(23,125)	(250,861)	(273,986)
		219,730	-	219,730

22. FRC ETHICAL STANDARDS

in common with many olher groups of our size we use our auditors to assist with the preparation of the financla! statements and completion of corporation tax returns.