Annual Report and Accounts 1st January 2025 to 31st December 2025 Devon Air Ambulance Trust Registered company no: 03855746 Registered charity no: 1077998
Annual Report & Accounts Year ended 31 December 2025
Trustees report incorporating the strategic report 3
Foreword
4-5
Who we are
6-7
Public benefit
8-9
Mission facts
10-11
Prevention
12-13
Treatment
14-15
Recovery
16-17
Patient story
18-19
Strategic overview
20-21
Financial growth & sustainability
22-23
Income generation explained
24-25
Growing retail
26-27
How we fundraise
28-29
People, talent, culture
30-31
Our volunteers
32-33
Environmental sustainability & stewardship
34-35
Digital & technology
36-37
Building a new home
38-39
Future plans 2026 & beyond
40-41
End of year financial position
42-49
Financial risk management
50-51
Principal risks & uncertainties
52-53
Statement of Trustees responsibilities
54-55
Independent auditor’s report to Trustees
56-76
Financials
77
2
Legal & administrative
Devon Air Ambulance
CEO Foreword Greg Allen
I was incredibly proud to take on the role of CEO at Devon Air Ambulance at the start of 2025 and my level of pride in being a part of the Charity’s achievements has only grown since then. We’re fortunate to hold a unique place in the hearts and minds of the people of Devon who continue to play a key part in what we do, supporting us with funding, volunteering and passion. This support is fundamental in us providing our lifesaving services to thousands of people each year, and to whoever will need it in the future. That is not to say that it’s been an easy year – the environment remains challenging, particularly with continuing international volatility and uncertainty. The charity sector is particularly vulnerable to increasing prices which not only increase costs but make it difficult to raise funds from a public who are feeling the same pressures. This difficult environment makes the Charity’s work more important than ever, ensuring people can receive medical and clinical care when they need it. This report shows not just the number of patients we have treated but the stories and human impact which sits behind these numbers. These challenges have impacted our finances, and we are currently spending more money than we receive. The accounts show a deficit for the year and we expect a further deficit in 2026. While we aim to increase income to remove this deficit, improving efficiencies and reducing costs will have a part to play as we move forward. This is a challenging environment for many charities, and one which we must rise to and ensure that this critical service continues to proudly serve the people of Devon.
Annual Report & Accounts 2025
3
hoare Wwe
Devon Air Ambulance Trust is the charity that raises the funds needed to provide a free emergency medical service to anyone in Devon and its neighbouring counties when they need it most.
We are proud to deliver a free, high quality emergency medical service to communities across Devon and beyond. We operate two helicopters: an EC135 and a larger H145, from our airbases in Exeter and Eaglescott, North Devon. Both aircraft are equipped for night flight, and our Exeter-based helicopter is available from 7:00am until 2:00am, offering an impressive 19 hours of coverage every day. In addition to our helicopter resources we operate Critical Care Cars, which ensure that even when flying isn’t possible, we can still respond swiftly to emergencies and provide advanced medical care. We work closely with our partners at Southwest Ambulance Service Trust (SWAST), who are responsible for dispatching our team, and those of surrounding counties. This provides a ‘joined-up approach’ across the southwest, with SWAST carefully assessing each situation to ensure the right resource is dispatched. What makes our work truly special is our financial independence, made possible by the remarkable support we receive from our local communities, who fund us through our shops, fundraising events, charity lottery, donations, gifts in Wills, and corporate activities. Because of this, we can plan for the future, based solely on local needs. Our Trustees are committed to public accountability and adhere fully to the Charities Act and Charity Commission guidance. We are grateful and humbled by the continued support we receive.
Our
Values
4
Our values set out the qualities and behaviours we aspire towards as an organisation and they underpin everything that we do.
We take the initiative
Because it matters that colleagues come to work with a sense of drive, purpose and curiosity.
We lead the way
Because exploring the future inspires us.
We achieve our best together
Our commitment to teamwork, diversity and inclusion enable us to build strong networks and achieve more for our community.
Devon Air Ambulance
Our
Vision
To end preventable death, disability and suffering from critical illness and injury.
Our
Mission To transform timecritical care through prevention, treatment and recovery.
Annual Report & Accounts 2025
5
6
Devon Air Ambulance
To support our Mission and work towards our Vision we have three key aims to deliver our service:
Prevention Increase survival rates from out-ofhospital cardiac arrests (OHCA) Improve survival rates following road traffic collisions (RTCs) Broaden our impact through outreach and education initiatives Treatment Increase our service delivery Increase the scope of our practice Maximise our availability Recovery Offer tailored support for all our patients Offer a peer-support programme Establish a memorial garden and visitors’ centre
Public benefits
• The relief of sickness and injury primarily in the county of Devon through the provision of emergency medical services and equipment by helicopter or other emergency vehicles. • The advancement of health through provision of training, research and education in the field of prehospital emergency medicine and treatment or prevention of sickness and injury. • The provisions of other health related services including aftercare of patients. The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit
Annual Report & Accounts 2025
7
MISSION FACTS
5 2 0 2
Medical emergencies can impact lives anywhere and at any time. We’re there during those times of need.
AIR & LAND missions
NIGHT missions
VOLUNTEER responder scheme
8
Devon Air Ambulance Annual Report & Accounts 2025
8
Devon Air Ambulance
2,125 395 70
We attended
trauma
medical
agricultural
equestrian
sports related
road traffic collisions
1,047 1,073 42 17 46 266
125 0 - 17yrs
754 18 - 69yrs
356 70+ Our busiest day
SATURDAY
Our busiest month
MARCH H
Annual Report & Accounts 2025
9
Prevention Treatment Recovery
Raising Cardiac Arrest Survival Rates & Outreach The Help With All Your Heart campaign continued to expand its reach this year, focusing on increasing awareness and confidence in responding to cardiac arrest. With around a third of our missions relating to cardiac arrests, empowering communities remains a key priority. We strengthened delivery by recruiting a dedicated team member to enable us to reach more people across our region. A key focus has been delivering training in areas of higher deprivation and poorer health outcomes, ensuring support is targeted where it is needed most. Enhancements to our resources, including the introduction of female manikins, help ensure every person receives the same level of care. Our volunteer network has been established and is playing a vital role in delivering high-quality training, equipping communities with the skills needed to act quickly in an emergency. Through continued development and collaboration, the campaign is helping to improve bystander response, ultimately contributing to increased survival rates across the communities we serve.
10
Devon Air Ambulance
The Centre for Post-Collision Research, Innovation and Translation During 2025, IMPACT continued to strengthen its role as a national and international leader in post-collision research and innovation. The centre received significant recognition for its work, including the Prince Michael International Road Safety Award, the Air Ambulance Association Award for Innovation, and a Road Safety Award from the Chartered Institution of Highways and Transportation. These honours reflect the growing influence of IMPACT’s research in shaping evidence-based improvements in postcollision care. A major milestone during the year was the successful delivery of the UK’s first Road Injury Priority Setting Partnership, bringing together clinicians, researchers, operational services, policymakers and members of the public to identify the most important unanswered research questions in post-collision care. This work will help guide future research investment and policy development in the UK and internationally. IMPACT also continued to expand its research and capacity-building activities. A programme of research seminars fostered collaboration and knowledge exchange, while the centre’s mentorship scheme supported early-career researchers. We continue our strong relationship with Vision Zero and several projects secured external funding, including grants from the Lardale Foundation, GEMs, and Transport Scotland, enabling further work on the Road Injury Chain of Survival and bystander-enabled care. Together, these achievements demonstrate IMPACT’s continued growth and its commitment to translating research into practical improvements for patients injured on the road.
Annual Report & Accounts 2025
11
Prevention Treatment Recovery
“We remain committed to maintaining Devon is a stunning county featuring diverse landscapes these exceptional and terrains. standards, ensuring every patient receives the best possible care”
Providing excellent care across these different areas and ensuring swift transport to the appropriate treatment centres is central to our service. Our aircraft deliver clinical crews to patients and transport them as needed. Critical care cars can reach some patients faster depending on location and serve when helicopters are unavailable due to weather or mechanical problems. Providing excellent patient care remains our top priority. Our service is regulated by the Care Quality Commission (CQC), which awarded us ‘Outstanding’ status, their highest rating, during their last inspection in 2022. We remain committed to maintaining these exceptional standards, ensuring every patient receives the best possible care. 2025 was another busy year for Devon Air Ambulance (DAA), with the charity attending land and air missions across Devon and neighbouring counties. Of the 2,125 occasions, the service was called to assist in 2025, 395 of these were night missions. With a network of more than 200 Community Landing Sites (CLS) across Devon, DAA crews can get to patients during the hours of darkness. Further training this year has also increased our night capability. The charity’s Volunteer Responders were also tasked to 70 missions. The Volunteer Responder scheme is an initiative by the charity, where
12
Devon Air Ambulance
Helicopter Emergency Medical Services (HEMS) dispatchers call on DAA’s off-duty clinicians to respond to a medical emergency they are local to. The most common cause of medical emergency over the 12 months was once again incidences of cardiac arrest. 16.2% of missions were to assist cardiac arrest patients. This patient group accounted for nearly one third of all patients (27.9%) in 2025. We were also tasked to 1,047 trauma related incidents including 266 road traffic collisions. Of the 1,238 patients attended over the 12 months, DAA assisted 125 children aged 0-17 years, 754 adults aged 18-69 and 356 patients over 70 years of age.
The way we work has changed over time. In the past, there was a noticeable increase in activity during the summer, but now this surge lasts longer. We’ve adjusted our methods to keep up with higher demand. Additionally, we’re seeing more severe
injuries and illnesses, which has led us to reorganize our team so we can respond effectively to these new challenges. Monitoring helicopter performance is essential, but operating two aircraft types creates training inefficiencies and higher costs. Replacing an aircraft is expensive, and decisions about future replacements are still under review. Recruiting skilled pilots is difficult due to limited qualified candidates, and these challenges with recruitment and retention are expected to persist into 2026. Ensuring our team is fully resourced to maintain high service standards remains a key focus for the coming year. We will continue to explore future
development opportunities to ensure we are delivering the best care. None of these lifesaving missions would be possible without the continued generosity of our supporters. We thank our local community, for enabling crews to continue providing specialist, time-critical, prehospital care to patients when they need it most.
Annual Report & Accounts 2025
13
14
Devon Air Ambulance
Prevention Treatment Recovery We have continued to expand our support beyond initial medical intervention. We recognise that the first incident can be distressing for everyone present. The Aftercare Team helps patients, families, and bystanders at the scene understand what happened, including explaining the care provided, and why some patients were transferred to specialist hospitals rather than the nearest ones. By learning from patients’ experiences, we continually refine our care, improving their recovery journey and ensuring we meet the highest standards set by the CQC. This team provides bespoke support and links individuals with other charities and organisations for specialist or ongoing assistance. This year, we have increased the size of our Aftercare Team so this crucial work not only continues but also grows in scope. We would also like to acknowledge the contribution of Hannah Gompertz, who, together with her grandfather, initiated what became the ‘Yellow Hearts to Remember’ campaign. Inspired by the loss of her grandmother to Covid-19, Hannah drew a yellow heart and placed it in her window during lockdown, a gesture that quickly resonated with thousands across the UK. The yellow heart has since become a symbol of remembrance and solidarity, honouring those lost in the pandemic and supporting people grieving in isolation. We are proud of Hannah for creating a chance to remember loved ones and help collective healing.
Annual Report & Accounts 2025
15
Defib delivery saved Dean’s life
“I felt absolutely fine all morning. but as I stepped into the canteen portacabin, I suddenly felt lightheaded and quite unwell.” 16
Devon Air Ambulance
Just after 7AM, April 3rd, 2025, Dean Stelloo arrived at work. He called his wife, Gemma, and sat chatting, waiting for the site to open, promising to call when he finished. A normal start to another normal day. “I felt absolutely fine all morning,” Dean recalls. “But as I stepped into the canteen portacabin sometime later, I suddenly felt light-headed and quite unwell. That’s the last thing I remember.” Thankfully, working in health and safety, Dean had championed the need for additional first aiders, as well as defibrillators that could be accessed by all workers on the company’s construction sites.
He was resuscitated twice before the ambulance arrived, before briefly regaining consciousness in the back of the road ambulance to ask if someone had called Gemma. From there, it was a blur. “It was like a weird dream,” Dean says. “Everyone kept changing.” He finally woke up in the hospital recovery ward and couldn’t understand why he was there. Doctors explained that he had suffered a sudden out-ofhospital cardiac arrest, surviving only thanks to the immediate CPR and defibrillation he had received on site.
“That’s why services like Devon Air Ambulance are vital”
After feeling lightheaded, Dean collapsed, falling hard onto the concrete outside the canteen, he was in full cardiac arrest. Colleagues rushed to his side, with one worker immediately beginning CPR, before the site’s nominated first aider took over. First-aider, 24-year-old, Jack, remembers hearing Dean’s ribs break - but he didn’t stop.
A defibrillator was retrieved, amazingly, a device that Dean himself had taken to the site weeks earlier. The first shock was delivered, bringing him back momentarily, but he went into arrest again. Another round of CPR. Another shock. Dean’s life was hanging in the balance.
For Gemma, the experience was no less intense, “We’d just spoken on the phone 20 minutes before,” she says. “Then the call came, and I couldn’t take it in. I heard the paramedic, but I was in disbelief. I just kept asking, ‘Are you sure it’s Dean?’”
Since the incident, both Dean and Gemma have become passionate advocates for CPR training and access to defibrillators. Dean even created a presentation on cardiac arrest awareness while still in hospital and their children now know where the nearest defibrillators are in their local village. “We were lucky that day,” Dean says. “It happened in a town centre. But I work in remote locations - any other time, I might not have been so close to help. That’s why services like Devon Air Ambulance are vital.”
Annual Report & Accounts 2025
17
To meet our aims our strategy has evolved to become more agile and flexible, reflecting our rapidly-changing environment. By recognising what we want to achieve short-term as well as more strategic and long-term targets that are reviewed annually, we aim to have a structured but adaptive approach. To meet our three key aims and work towards our vision, we have identified five focus areas to drive us towards our mission. Each focus area has been considered in the following timeframes: tactical (1-2 years), strategic (2-5 years), visionary (5-10 years) and ‘over the horizon’ (10+ years).
Strategic overview Financial Growth & Sustainability
p20-21
To fund our service and fuel our ambition through growth, engagement and efficiency.
People Talent & Culture
p28-29
To attract, train and retain exceptional people by being a world-class organisation people want to work for.
Environmental Sustainability & Stewardship Stewardship of our environment, community impact and healthy future.
Digital & Technological
p34-35
Harness our data and technology to support innovation, operations and collaboration.
Building a New Home
Innovative multi-purpose resource empowering us to deliver excellence.
18
Devon Air Ambulance
p36-37
p32-33
Annual Report & Accounts 2025
19
Financial growth & sustainability While an annual deficit of £1.1 million will always be disappointing, this was well ahead of a budgeted loss of £2.5 million. The two significant factors were lower operational costs and strong income from legacies at the end of the year. Legacy income remains a major factor in determining the year’s financial results. While the £5.8m of income in the year was below last year’s exceptionally high £8.4 million, it was in line with the short and medium-term average level. However, legacy income had been behind budget through the year before exceeding budget by over £1 million in the final quarter – this demonstrates how variable legacy income continues to be.
20
Devon Air Ambulance
Our ambition is to fund our service and fuel our ambition through growth, engagement and efficiency Key objectives Growth to provide sustainable year on year growth in net income to cover the costs of our operational plans. Engagement through our local communities to ensure support and understanding of our service. Efficiency a continuing improvement in efficiencies to make the absolute most of the money provided by our supporters.
Annual Report & Accounts 2025
21
Income generation explained Delivery of the income generation strategy continued in 2025, although the difficult external environment continued to restrain the targeted growth.
Summary of 2025
The deficit of £1.1 million was £1.4m less than the expected £2.5 million but well below the £1.4 million surplus generated in 2024 on the back of legacy income of £8.4 million – the £5.8 million from legacy income in 2025 is closer to what is expected in a ‘normal’ year. The results for the year also included investment gains of £211,000 on investments held.
Lasting legacies
Legacies remain the most significant income stream and the most variable. A single legacy of approximately £2.9 million in 2024 generated an unusually high figure of £8.4
22
Devon Air Ambulance
million that reduced in 2025 to £5.8 million, which was ahead of expectations.
The backlog of estates going through probate at His Majesty’s Courts and Tribunals Service (HMCTS) prior to 2024 was largely processed last year, which not only created a record number of probate applications being issued in 2024 but created a large workload for the sector. This has been part of the reason for it generally taking longer for cash to be distributed from estates which has increased the amounts due to DAA. This was unusually high in 2024 at £8.3 million which created some pressure on cash and a need to draw £3.2m from investments, but has reduced through 2025 to £6.5 million. This has meant there has been no need to draw into investments to fund the deficit with cash dropping by £129,000 in the year to £1.3 million while current investments grew by £843,000 to £850,000. Legacy income was ahead of expectations in 2025 by £608,000 while operating costs were below expectations by £680,000 with no expensive aircraft maintenance costs, meaning that the resulting deficit of £1.1 million is ahead of what we believe the underlying deficit position of approximately £2 million to be. This deficit will not disappear immediately
but will need managing and decreasing in the short term,
before being removed fully in the longer term. During the year we began developing a refreshed legacy marketing plan. This work will strengthen how we communicate the impact of Gifts in Wills and ensure supporters have clear, accessible information. Updated messaging and associated activities will be introduced during 2026.
Fundraising 2025
Our fundraising team continued to work with individuals, community groups, businesses, and charitable trusts and foundations across Devon to secure essential funding. Their work remains central to our ability to meet the increasing operational demands on our service. A significant development in 2025 was the introduction of our first large scale event in several years: the Heli Hike. The event attracted 130 participants, who completed either a 14 mile or 26 mile route along the South Devon coast. The event raised £47,251 and received highly positive feedback from participants. A refreshed Heli Hike, including
a new family friendly option, is planned for July 2026. Our lottery continued to be an important and steady income stream, generating £2,489,000. Player numbers remained strong at 48,100. We recognise that growth of the lottery is dependent on successful canvasser recruitment and retention, and this remains a challenge. Work to support this area will continue into 2026 alongside the planned move to a new lottery management system, which will provide improved tools for promotion and customer experience.
and dedication of our crews. The images were displayed via donated busstop advertising space, across digital channels, and through community exhibitions. We also appointed a dedicated Community Engagement Coordinator. This new role will support the growth of our prevention and education work, including our Help with all your heart programme, which teaches essential CPR skills and safe use of a defibrillator.
Raising our profile
Our communications and marketing team played a key role in supporting income generation throughout 2025. Their work included producing promotional materials, managing digital platforms, engaging with the media, and ensuring consistent messaging across all our channels. This support helps strengthen public understanding of our work and ensures our income‑generating activities are well positioned. In 2025 we launched our first standalone communications campaign, It’s Who We Are. Featuring striking photography donated by North Devon photographer Paul Martin. The campaign highlighted the skill
Annual Report & Accounts 2025
23
24
Devon Air Ambulance
g n i w o r G Retail Retail sites allow us to engage with our community, fostering collaboration and support across Devon. Our retail operation continued to grow in 2025, with the opening of a new shop in Tiverton. We were delighted with the warm welcome we received and are grateful for the strong support shown by customers, donors and new volunteers. We also relocated our Exmouth shop to larger and more suitable premises. The improved layout and ground‑floor stockroom have already enhanced efficiency and created a better experience for customers, volunteers and staff. In September, we welcomed Kerry Hearn as our new Head of Retail. Kerry joined us from St Luke’s Hospice in Plymouth and has already made a strong contribution to the development of the retail team and operations. Conditions have been challenging for retail with a background of rising costs and cost of living pressures, but growth has continued with sales increasing from £2.7 million to £2.9 million. In 2025, retail generated a loss of £207,000 (£86,000 loss in 2024) which was after a significant £388,000 (£359,000 in 2024) contribution to overheads. The aim continues to be to grow shop numbers and returning the shops to profitability. The significant contribution that shops make to our overhead costs should not be overlooked while it continues to be seen as a vital part of our income generation strategy, underpinning the community links which feed into other income streams such as legacy income. In 2026, we will undertake a full review of our retail strategy. This will focus on maximising the potential of our existing shops while exploring opportunities for new, larger sites where they can offer long‑term sustainability.
Annual Report & Accounts 2025
25
how we
e s i a r d Fun
We remain committed to ensuring that all fundraising activity is carried out responsibly and in line with recognised standards. Devon Air Ambulance is registered with the Fundraising Regulator and complies with the Code of Fundraising Practice. We are also registered with the Fundraising Preference Service, through which supporters can request to stop receiving communications. During the year we received five requests (2024: two). We received four complaints relating to fundraising in 2025 (2024: four): Three related to lottery promotion by an external agency; feedback and additional training were provided in each case. One related to a raffle mailing, and learning from this was incorporated into future activity. All complainants were satisfied with the response they received. We also received three complaints relating to our retail operation. These related to customer service, refusal of donations for health and safety reasons, and our policy on dogs in shops (currently under review). Most fundraising activity is undertaken by our own staff, although we work with a small number of carefully selected professional partners, such as those supporting our lottery. Where third parties are involved, we maintain close oversight to ensure high standards of practice, compliance with regulatory requirements, and adherence to our Supporter Promise. Supporters can contact us with queries or concerns by visiting our complaints-procedure page: www.daat.org/ complaints-procedure.
26
Devon Air Ambulance
Annual Report & Accounts 2025
27
People, Talent, Culture
To attract, develop and retain exceptional people by being a world-class organisation that people want to work for. Learning & Organisational Development Building on the foundations laid in 2024, we expanded our Management Development Programme, introducing modules on strategic planning, and delivered additional sessions on coaching and mentoring, team building and emotional intelligence. The digitisation of learning content and streamlined booking via SharePoint has also improved accessibility to learning and development content. A significant piece of work this year has been the trial of an Annual Development Review, supported by a competency framework and 360-degree feedback, which currently has been tested with our Senior Leadership Team and Heads of Departments. Looking forward to 2026, as part of a wider organisational roll out, this initiative will ensure personal development plans are embedded across roles, reinforcing our growth mindset and commitment to continuous improvement.
Talent, Management & Recruitment Recruitment remained a priority, with continued investment in our digital applicant tracking system, enabling blind recruitment and fairer processes. This process also included the digitisation of our onboarding processes in late 2025 to streamline administration while ensuring a smooth onboarding journey for new members of staff.
28
Devon Air Ambulance
We successfully led on appointing many key roles, including our CEO who joined in January 2025, and our new Joint Operations Director who joined in March 2025. Both roles were subject to recruitment processes which focused not only on technical expertise and experience, but also put candidate’s people skills, values and behaviours to the test. Staff members, volunteers and Board members all formed part of the selection process and interview panels to ensure that we had a well-rounded view of each candidate.
Health, Wellbeing & Support Supporting staff wellbeing is of great importance to us and something that is under continual review. Our Wellbeing Ambassadors are key to this process and are trained in Mental Health First Aid. They deliver targeted wellbeing campaigns throughout the year, while also supporting training on topics such as menopause awareness. In 2025, we consolidated our occupational health, physiotherapy and counselling providers, combining these services into one accessible platform called SMART Clinic. As a result, access lead times to occupational health services were significantly decreased, meaning that we were able to support staff members more swiftly. We also updated our benefits offering, enhancing maternity and adoption/shared parental leave in line with NHS standards. This is something that we believe is key in supporting our staff, allowing them to take time off to support their families during these important life changes. In addition, a review of staff benefits was also undertaken, from which, annual leave entitlements, life assurance, and
pension arrangements are currently under review.
Employee Engagement We established a People Forum to give staff members a stronger voice in shaping organisational policies and initiatives. Its purpose is to create an open platform for collaboration, feedback and discussion on key, ‘people-related’ matters, such as pay, benefits, wellbeing and diversity. By involving staff from across the organisation, the forum promotes transparency, and inclusivity, ensuring that our culture and practices reflect the needs and aspirations of our workforce. Our 2025 Best Companies staff engagement survey had a response rate of over 80%, with DAA achieving a 2* ‘outstanding’ accreditation in terms of its overall engagement with staff. While overall engagement remains positive, we recognise the need for targeted action in some areas which is being worked on jointly between the Heads of Department, the People Team and supported by the newly established People Forum.
Equality, Diversity & Inclusion We remain committed to reflecting the diversity of our community. Blind recruitment processes, diversity monitoring and inclusive training underpin our approach. We recommitted to the Disability Confident Scheme which provides assurances for disabled candidates during our recruitment processes. We have worked with Exeter University MBA students via local Community Impact Project to look at the use of AI in recruitment and how we can ensure candidates are using AI appropriately in their applications, which can particularly support neurodiverse applicants. The People Forum will play a key role in shaping future EDI initiatives and ensuring representation across all levels.
Pay & Remuneration In 2025 a general pay uplift of 2% was applied, with higher increases for those impacted by the Real Living Wage, which rose to £12.60. DAA maintains
its commitment to the Real Living Wage for 2026. The Board of Trustees and Directors of the wholly owned subsidiary Trading Company are responsible for determining the remuneration of the Senior Leadership Team (SLT), including the Chief Executive. To achieve our strategic goals, DAA requires excellent leadership coupled with effective and professional management. We set salaries in line with our general pay policy principles to be competitive with similar roles and commensurate with the scope of their responsibilities and demands of the job. Benchmarking data will be sector specific to each role wherever possible. The Trustees and Directors are very aware of their responsibility to donors, patients and the local community and their overriding concern is delivering the best possible service both safely and as cost effectively as possible. To do this, both companies must be run in a businesslike way and the SLT is responsible and held accountable for achieving demanding targets for outstanding patient services and helicopter operations, key relationship management, income generation, probity, cost effectiveness and efficiency across the group. In line with sector best practice guidelines, the Trustees and Directors consider a pay ratio of 5:1 x the median full-time equivalent salary provides a reasonable cap on executive pay. Through this policy the pay multiple of the most highly paid member of staff will be monitored annually by the Remuneration committee. Aside from matching doctors pay to NHS pay scales and our committment to matching the Real Living Wage which also resulted in some small pay increases to maintain pay differentials, there was no other general pay uplift in 2026 and unfortunately a consultation commenced in July which may result in redundancies. We are committed to supporting our staff during this challenging time while ensuring that DAA is financially secure to carry out its charitable objectives into the future.
Annual Report & Accounts 2025
29
our
s r e e t n Volu
Volunteers continue to play a vital role in strengthening community connections, supporting income generation, and enhancing the resilience of our operations. 2025 has been an important year for volunteering, marked by improved volunteer experience, digital transformation, and a changing national volunteering landscape.
Stronger Engagement Across Devon The Volunteer Team continued to increase face‑to‑face visits, attend events alongside volunteers, and create more opportunities for feedback. Ann Ralli joined the team on many of these visits, which was hugely impactful and meaningful for our volunteers. Her involvement helped strengthen trust, improve communication, and ensure volunteers felt even more connected and supported.
New Volunteero System The phased rollout of Volunteero, our new volunteer management system has been a major step forward. Work completed in 2025 includes migrating volunteer data, running testing groups, creating new digital onboarding pathways, and staff training. Full implementation is planned for early 2026, with volunteers supported throughout.
30
Devon Air Ambulance
Trial for New Wellbeing Support Volunteers We designed and launched a new Wellbeing Support Volunteer role to provide early, compassionate, confidential emotional support to volunteers. A six‑month pilot began in January 2026, offering a support line for our volunteers.
in numbers
600+
volunteers
94,000+
£1M +
volunteered hours
social capital value*
Recruitment, Induction & Role Development
Training & Culture
DAA continued to refine role descriptions and induction materials, focus recruitment in high‑need areas (especially retail and events), strengthen links with schools and colleges, and explore new specialist volunteer roles including wellbeing and community engagement.
A renewed focus on training will help strengthen volunteer management across the organisation as we head into 2026. Key developments include, planning a cultural induction for volunteers, creating scenario‑based training resources for staff who manage volunteers, and updated guidance to ensure consistent practice.
Volunteer Contributions Volunteers continued to support DAA across a wide range of activities—retail, community fundraising, events, box and bucket collections, talks, and specialist tasks. 2025 volunteer contribution shows continued growth year on year.
*Social capital value is a way of measuring the monetary value that volunteer hours contribute to an organisation. This recognises both the value of the time delivered and the wider benefits that volunteering creates.
Annual Report & Accounts 2025
31
Environmental sustainability & stewardship Our Commitment Oversight of this work sits with our joint Environmental Sustainability & Stewardship and Digital & Technology Committee, which reports directly to the Board. Alongside this, our staff‑led Green Team continues to play an important role in embedding sustainable practice across the organisation. This structure ensures that environmental considerations remain a core part of our planning and decision‑making, despite the wider external pressures affecting the charity sector and the national landscape.
Environmental Aims Our environmental aims guide our approach and are reviewed regularly: • • • • • •
Developing and implementing a climate‑change emergency commitment Managing resources sustainably, including fuel, buildings and transport Ensuring ongoing scrutiny of our investment policy and its environmental impact Supporting a strong organisational “green” ethos Promoting environmental awareness and education Reviewing and monitoring environmental risks as part of our corporate risk register
The Green Team During 2025, the Green Team was refreshed following recognition that its momentum had
32
Devon Air Ambulance
slowed. Membership has been strengthened and the team has re‑evaluated its priorities, resulting in a new action plan and renewed delivery programme. Recent work includes the creation of a nature‑friendly wellbeing space at head office, progress on our carbon‑calculator project, the launch of printer‑cartridge recycling, and early development of repurposed‑uniform items for use in community engagement. The team has also been updating our sustainable‑procurement approach, supporting organisation‑wide digital‑email clean‑ups, refreshing internal communications on sustainability, and designing new in‑house sustainability training. These activities continue to support our commitment to the Devon Climate Emergency and embed practical, everyday environmental awareness across the organisation.
Sustainable Facilities Environmental considerations continue to be built into our approach to managing and planning our facilities. Our Head of Facilities, who brings prior experience in environmental and sustainability work, plays an active role in the Green Team and supports the integration of sustainability across premises, airbases, service contracts, waste management and vehicle use. This focus also extends to planning for our proposed combined airbase and head‑office facility, ensuring that environmental factors are accounted for from the outset.
Investments Our Investments Policy is reviewed regularly within the framework of Environmental, Social and Governance (ESG) considerations. A detailed review took place in the previous year, and we continue to receive enhanced reporting on carbon emissions, ESG risk ratings and alignment with the Sustainable Development Goals.
Climate Change Emergency Declaration We remain an active supporter of the Devon Climate Declaration, developed by a consortium of public, private and voluntary organisations working together through the Devon Climate Emergency Response Group. The declaration sets out shared ambitions for tackling climate change across the whole county, and we have continued to engage
We remain committed to acting as responsible stewards of our environment and considering the long‑term impact of our operations on the communities we serve. Our investment portfolio continues to perform comfortably above benchmark ESG measures. The merger of our investment managers, Investec and Rathbones, has further strengthened the transparency and detail of the ESG data we receive.
Emissions Reporting An emissions report, commissioned from Eunomia and completed in 2021, continues to inform our approach. Building on this, we are developing an app to support measurement of our carbon emissions, initially focused on scopes 1 and 2. This will enable us to improve the accuracy and consistency of our data and help guide future action.
with partners through meetings and discussions throughout the year.
Looking Ahead The renewed momentum of the Green Team will continue to play an important role in driving our environmental work forward. Alongside this, Board‑level oversight will remain focused on ensuring that ESG considerations are embedded in our strategic decisions, including major developments such as the proposed new combined airbase and head‑office facility. Maintaining a balanced, consistent approach to ESG will help ensure that environmental sustainability remains a core part of our organisational culture and long‑term planning.
Annual Report & Accounts 2025
33
Digital & technology
2025 was a pivotal year for digital transformation across Devon Air Ambulance.
Milestones of 2025
The introduction of a new intranet and the consolidation of SharePoint data storage have been among the most significant milestones. These initiatives have fundamentally improved the way teams collaborate and manage information. The new intranet provides a unified platform for communication, resource sharing, and peer learning. This enables staff from different departments to connect more easily, access up-to-date information, and participate in organisation wide initiatives. Our goal is to foster a culture of collaboration, where knowledge and best practices are shared more freely, and support is readily available.
The consolidation of data storage onto SharePoint has centralised our digital assets, making it easier to manage documents, track version changes, and ensure data security, supporting GDPR compliance and operational transparency. Another fundamental component of our digital transformation has been the focus on process improvement across the organisation. This focus saw our digital team partnering with various departments to identify, analyse, and optimise key workflows, resulting in tangible benefits for both operational efficiency and staff experience.
Taking stock As we close 2025, our digital estate is more robust and better governed than ever before. The digital systems mapping project that was undertaken catalogued systems, with a clear focus on data security, contract management, and compliance. Cybersecurity has also seen marked improvements thanks to the introduction of multi-factor authentication, which is now mandatory; phishing
34
Devon Air Ambulance
simulations are now routine, and Microsoft Defender has been deployed to protect against malicious content. In addition, our achievement of Cyber Essentials plus, is further testament to our continued commitment to cyber security. Lastly, to ensure compliance, we are introducing processes for renewal tracking and data deletion.
y e n r Jou
The Onward Looking ahead, the digital team is poised to build on this year’s foundations.
These efforts aim to ensure Devon Air Ambulance remains resilient, efficient, and future-ready through ongoing digital transformation. Key priorities include:
Continued GDPR Compliance and System Consolidation
Further consolidation of overlapping systems will drive efficiency and cost savings.
Data Quality and Visualisation
Introducing regular data cleansing routines and focusing on data visualisation techniques to make insights more accessible and actionable.
Cybersecurity Enhancements
Rolling out sensitivity and retention labels and maintaining a zero high-risk vulnerability target.
Environmental Sustainability
Continuing our net zero ambition, by improving reporting, and integrating sustainability metrics into KPIs.
User Experience and Engagement
Continuing to refine our digital estate and platforms, with a focus on increasing engagement both internal for our staff but also improving the experience externally for our donors and volunteers.
Annual Report & Accounts 2025
35
Building a new home An integrated Operations Centre and Head Office will underpin our strategic ambitions for patient care through enabling our work in prevention, treatment and recovery. Plans to develop a new multi-purpose facility for the charity took a series of steps forward in the year with several milestones reached. In reaching an agreement to purchase a site bordering our current airbase at Exeter airport we have taken a major step towards our vision to develop an integrated Operations Centre and Head Office that will meet our communities’ needs now, and in the future. We’ve appointed a modular construction company to lead on the project and our work is now focussed on developing detailed plans for an advanced operations hub with clinical training and crew welfare areas, patient and family support areas, an upgraded hangar and improved store management, a visitor and education zone, and shared office and workspaces for support staff. The development of the building, site, access and other plans, which have been drawn up alongside local consultants and under the auspices of the local planning authority, have paved the way for us to submit a planning application in the coming year. Alongside our plans for the new facility taking shape, we have formed a Capital Appeal Board and begun to engage potential private supporters, grant funders and sponsors to garner their support. We expect our capital appeal fundraising to build impetus as we prepare for a public launch later this year.
36
Devon Air Ambulance
Annual Report & Accounts 2025
37
Future plans 2026 & beyond For each £1 we spent on fundraising and income generation (including support costs) in 2025 we raised £2.21. While significantly below the prior year figure of £2.87, which was impacted by the unusually high level of legacy income in 2024. The expenditure committed to the income generation strategy is expected to have a positive impact over time so the general trend is expected to be upwards, but on an annual basis it will continue to fluctuate.
Administration and Support Costs Good administration is key to efficiency with a direct impact on the Charity’s effectiveness and so remains a key area under constant review, and one which we expect the Digital Strategy to underpin. Efficient administration drives informed decision making and continual improvements while mitigating risks, potentially saving further costs by safeguarding the Charity’s assets for the ultimate beneficiaries.
Requirements and Responsibilities The legal requirements and responsibilities have never been higher for Devon Air Ambulance
38
Devon Air Ambulance
following its sustained growth and the wider regulatory responsibilities, for example through data regulations and health and safety. Both our accounting system and CRM system need to capture thousands of transactions with accuracy while the size of DAA measured by income, expenditure or staff numbers continues to grow.
Cost Vs Benefit The balance between costs and benefit is kept under constant review by senior management not just immediately but in the context of the potential impact of decisions over the medium and longer term. Increasing uncertainty in the wider world continues to make this challenging, but by using scenario analysis a wider context is provided to Trustees and senior management to aid decision making. This does not guarantee ‘correct’ decisions – a significant fall or increase in legacy income could drastically alter both the shortand longer-term context very quickly. However, it does provide a broad but understandable range of possibilities based on the most up to date knowledge and evidence to allow sensible
decisions to be made with consideration of the known risks.
Support Costs Support costs as a percentage of income is a key performance indicator and increased from 9.8% to 12.0% in 2025. The increase was mainly driven by the exceptionally high legacy income in 2024, and the percentage going forward is expected to be more reflective of the 2025 figure.
Financial Performance The expected fall in legacy income from the unusually high levels of 2024 have resulted in a deficit of £1.1 million. This was helped by legacy income being £608,000 above budget and operational expenditure being £680,000 less than expected, which both helped to offset the targeted £2 million of capital appeal proceeds not being raised within what remains a difficult fundraising environment. The fall in the legacy debtor from £8.3 million to £6.5 million has helped fund the deficit by releasing cash with no amounts withdrawn from investments in the year.
Income Income decreased from £15.8 million to £13.6 million with £2.6 million of this decrease coming from legacies. Retail revenue grew by £188,000 while the launch of some new events also increased events revenue from £91,000 to £163,000 while income from charitable activity continued to grow.
Expenditure Expenditure has also increased in the year, although strong cost control in the year has helped to limit this to a 1% increase to £14.9 million. The expenditure on charitable activities makes up over 58% of the costs and fell 5% from £9.2 million to £8.8 million. Retail costs increased by 11% to support the growth in shops with salaries continuing to meet the commitment to pay the real Living Wage. Growing the number of shops will be important as costs are expected to continue to increase, so more shops will generate revenue not just directly but also through its promotion of the Charity. Lottery costs increased 10% due to the costs of signing up new members, with lottery membership gradually increasing over the year. Costs of donations and legacies also
increased by 11% to £2.1 million, partly due to an annual salary uplift as well as wider cost pressures. While the speed of income growth has so far been behind expectations, this is consistent with the difficult fundraising environment being seen nationally by charities, and the expectation remains that income will continue to grow.
investments are largely liquid as demonstrated by the draw downs in the year and when assessing availability of short term funding these investments and their degree of liquidity is considered. Excluding these investments there remains £7,967,000 of net assets to fund ongoing operations, short-term maintenance and repair costs, maintaining and improving the infrastructure and the continuing enhancement of the service. This includes £6.5 million receivable in relation to legacies, the timing of which is subject to some uncertainty.
Other Movement The investment gain of £211,000 was generated through the last three quarters of the year after the portfolio initially fell by £122,000 in the first quarter. Over half of this fall was offset in the second quarter before a strong third quarter generated the majority of the gain which held strong through the final quarter. This portfolio is generally being held for the medium to longterm and no drawdowns were made in the year following £3.2 million being drawn in the prior year to support the cash position as the legacy debtor had grown. Net assets have therefore fallen by the deficit of £1.1 million to £21.2 million with £7.8 million tied up in fixed assets. While long term investments aren’t generally intended to be drawn into for the short term, it is acknowledged that these
The Trustees remain mindful of the importance of generating and monitoring sufficient financial resources to continue operations, particularly with the uncertainty of and fluctuations inherent within specific income streams such as legacy income and the wider economic and social uncertainty. With the increase in costs in recent years the risk exposure to a fall in legacy income from the exceptionally high levels of recent years is identified as a key risk.
Annual Report & Accounts 2025
39
End of year financial position
Reserves
The Reserves policy and the designations made within the reserves are key tools in monitoring and maintaining cash flows. In line with Charity Commission guidelines, the Trustees monitor the level of reserves to ensure that they are sufficient for the Charity to achieve its objectives. The Trustees deem it necessary to have the security of reserves to enhance and develop the service with confidence, particularly where there may be a timing delay between implementing more costly operational activities and obtaining the necessary funding. 2024 demonstrated how irregular timing of legacy income can require the security which reserves provide. The Trustees review the allocation of the Charity’s reserves and make specific designations where applicable. The Trustees aim for free reserves plus undesignated investments to cover 12 months of expenses following a 33% decrease in revenue. This inclusion of undesignated investments reflects the liquidity of the non-current investments, with this liquidity being regularly monitored. Due to the diverse income streams in the Charity, it is deemed unlikely that income will drop beyond this level in the short term. While legacy income has been a key component of revenue in recent years and by its nature is expected to fluctuate, it is not an income stream which would entirely disappear and would generate a certain level of income even in a low year. When the Board are making decisions, reserves are considered not just in the present but also looking forward through forecasts to allow for short-term impacts including the fluctuating impact of legacy income. Free reserves are considered to equal the General Reserve (I.e. total reserves, less restricted and designated funds) less attributed tangible fixed assets.
40
Devon Air Ambulance
The Trustees are not looking to set an upper limit on the level of reserves at this stage, as substantial resources will be required to enhance the provision of the service, and the designations which form part of the charity’s total reserves will continue to be regularly reviewed by the Trustees. Forecasts are used to identify and monitor the risk of reserves exceeding the target level for a sustained period.
Year End At the year-end, total reserves were £21.2 million and free reserves, plus undesignated investments, equalled £8.5 million which exceeded the target of £5.8 million representing 12 months net costs following a 33% decrease in revenue. Free reserves excluding undesignated investments totalled £8.0 million in the year. This level of reserves is considered reasonable by the Trustees despite costs expected to exceed income for the short and medium term. The Trustees have increased their frequency and detail of oversight due to the deficit position and expectation that the reserves will fall below the targeted level. While the legacy debtor remains high cash is seen as the largest risk, but with over £2 million held in short term investments and cash, and £4.6 million held within investments, there are sufficient liquid reserves for the short-term. This allows more time to plan and implement longer term actions while the expectation remains that income generation will begin to grow more significantly than costs.
Designations & Restricted Income The free reserves discussed above are calculated after deduction of restricted and designated funds, which are explained in detail in note 19 of the accounts. A restricted fund is held relating to the £95,000 provided by County Air Ambulance to fund two additional critical care cars. These were purchased in 2023 and the restriction has continued to be reduced by depreciation charges, leaving £50,000 at the year-end. The £27,000 raised in 2021 from the Christmas Campaign for new ventilators remains unspent while £6,000 of the Health Education England grant provided to establish new processes and participate in simulation training with hospital staff also remains unspent at the year-end. The Norman Trust provided £1,200 to fund the purchase of a syringe driver during 2023 which is not yet purchased. Four restricted funds were established in the prior year for grant funding in relation to the postcollision centre. Two of these related to Vision Zero South West projects, one of which £250,000 was received has reduced down to £214,000 by the end of the year and the other where £150,000 was received is now at £114,000. Another grant in relation to the post collision centre generated £21,758 has now largely been spent, with £1,000
remaining at the year-end, while a grant from the Tropical Health Education Trust of £9,500 was also spent in the year. A few new restricted funds have been made in the year, with £5,000 remaining for the GEM Charity Grant at year-end, £10,000 from an AAUK grant and £35,000 from the Laerdal Foundation. £22,000 has also been received to be spent on offering a training course from the IMPACT centre, while £147,000 was received for the capital appeal. The most significant designation relates to the proposed new combined airbase and head office facility. This remained at £4 million in the year as the project continues to progress although the difficult funding environment has slowed the momentum. This designation currently reflects the total expected cost less the expected proceeds from a capital appeal, but both the costs and income may fluctuate as the project progresses further. The only other designation relates to £472,000 for helicopter maintenance based on the expected cost of an expensive item needing repairing to ensure immediate repair and limited downtime. As the newest aircraft is covered under a Serviced By the Hour (‘SBH’) agreement this is only calculated for G-DAAN and increased in the year due to inflation and exchange fluctuations.
The expectation remains that income generation will begin to grow more significantly than costs.
Annual Report & Accounts 2025
41
Financial risk management Aligning the cash resources held to the requirements of the reserves policy and future designations and investments is the key objective of managing the financial risk. Cash flow forecasts and their relationship with restricted, designated and free reserves are monitored regularly and reviewed quarterly by the Financial Sustainability and Growth Committee. Additional scenario analysis is also incorporated into this analysis to provide wider context and understanding. There remains a significant exposure to price risk relating to noncurrent investments and the Trustees have set an investment policy which does not embrace any more risk than a medium risk investor and utilises Francis Clark Financial Planning (‘FCFP’) to oversee the investment manager. The appointment of the Auditor is reviewed annually with a tender carried out periodically – a tender was carried out in 2022, and this is the third year that Crowe have been appointed as auditors.
Investment Powers Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish.
42
Devon Air Ambulance
Investment Policy A strict investment mandate is in place with Investec and monitored by Francis Clark Financial Planning (‘FCFP’) and is in line with a detailed Investment Policy. This Policy is under constant review and detailed discussion and review of the wording around sustainability was completed at the December 2024 meeting with no further amendments being made then or during 2025. The objective is currently stated as achieving a total return of 3% above inflation (as measured by CPI) on an annualised basis over a rolling 5-year period, to retain the real value of the capital’s purchasing power. While high levels of inflation in recent years have put pressure on this target the Board believes it remains relevant. The Trustees are averse to capital volatility and aim not to embrace any more risk than a medium risk investor. A diversified geographical and asset class mix of assets is permitted, although high risk assets such as derivatives must only make up a small portion of the portfolio and be used for portfolio management rather than speculation. These arrangements are under constant review and are believed
to remain the best options for Devon Air Ambulance’s current needs despite the shortterm variabilities which have been seem in domestic and international markets in recent years. Investec were appointed in 2021 following their success in a highly competitive tender process supported by FCFP which was held as the previous manager had been in place for over five years. During the year Investec merged with Rathbones who are now formally our investment manager.
Investments Investment gains of £211,000 in the year included £262,000 of unrealised gains and £51,000 of realised losses. Investments are expected to fluctuate in the short term and the Trustees are comfortable with the performance of the investments since the transfer to Rathbones and through the year. The Trustees are confident that this investment remains aligned to the Charity’s requirement and that the medium risk investment mandate is being implemented. FCFP monitor Investec and provide independent feedback to the Board who also monitor the performance in line with their expectations and have direct contact and feedback from
Rathbones. Investment income has fallen in the year to £115,000 from £172,000, consistent with less funds being held within investments and lower interest rates.
Social Investment Policy With environmental sustainability and stewardship being one of our four key strands underpinning the strategy, the social investment policy has continued to be a key consideration for Trustees. Environmental, Social and Governance (‘ESG’) factors were part of the criteria used when evaluating the tender in 2021. The review of the investment mandate and policy in December 2024 considered Investec’s approach to ESG and a regular review of key metrics
of the investments covering ESG risk ratings, emissions and sustainable development goals and the impact of becoming part of the Rathbones group. These discussions reassured the Board that they have a suitable approach and since the merger with Rathbones this has been supported by improved ESG data covering more of the portfolio in more detail. The policy itself does require Rathbones to have sufficiently robust assetselection governance in place to ensure that companies/entities which are invested in employ reasonable ethical standards. The Trustees value the importance of environmental sustainability and stewardship highly and through their Climate Emergency Declaration have committed to ‘investigate and understand the climate impact of our investment policy.’
Although Devon Air Ambulance has no specific formal investment exclusions, the approach of Investec for their charity clients is to avoid direct investments in companies which derive greater than 10% of their revenue from tobacco, armaments, gambling, higher interest rate lending, adult entertainment, tar sands and thermal coal.
Other Factors in Achievement of Objectives Devon Air Ambulance works closely with the South Western Ambulance Service NHS Foundation Trust (SWASFT) who up until 31st March 2019 employed the paramedics seconded to our service. In partnership with our neighboring air ambulance charities, Cornwall, Dorset & Somerset, Wiltshire and Great Western we
“The Trustees are confident that this investment remains aligned to the Charity’s requirement and that the medium risk investment mandate is being implemented.“
Annual Report & Accounts 2025
43
commission SWASFT to provide a specialist dispatch team who do a vital job ensuring our services are tasked to the patients who most need the enhanced and critical care we provide. The support of councils and communities across Devon have been and continue to be significant factors in the achievement of our night operations objective as well as the initial money received through the LIBOR funding which helped finance much of the night-landing site implementation. Membership of the Peninsula Trauma Network provides great benefit through peer support, networking and communication across the region. Through the Air Ambulances UK, we connect with our fellow Air Ambulance Services around the country. This provides opportunities for learning and sharing of best practice across all our activities. This has allowed networks across the Air Ambulance charities to blossom in recent years, with regular meetings taking place between Chairs and CEO’s as well as meetings covering finance, fundraising, people, risk, Information Technology and environmental sustainability amongst numerous others. In addition, staff across DAA subscribe to relevant professional bodies. Dave Hawes, the Director of Corporate Services & Accountable Manager, is a
44
Devon Air Ambulance
Director for the Institute of Legacy Management, a role which provides valuable insights in a key area of income for the Charity. Working in partnership with other organisations is seen as key opportunity to work towards our charitable objectives. The Post Collision centre and Vision Zero is a great example where working with other organisations gives us more support to make a greater impact on our charitable objectives both in Devon where road accidents impact many of our patients, and more widely across the rest of Britain and the World.
Related Parties Both helicopters are owned and operated by the Charity’s wholly owned subsidiary, Devon Air Ambulance Trading Company Limited.
Governance Devon Air Ambulance Trust was formed in 1991 to raise and receive funds to provide an emergency response ambulance service primarily in the county of Devon. It became an incorporated company, limited by guarantee, on the 30 September 1999 and is governed by its Memorandum and Articles of Association dated 29 September 1999. Several Special Resolutions were passed in 2009, 2016, 2017, 2019,2021 and 2025 to ensure that the Articles of Association
remained up-to-date, relevant and complete. The most recent change in April 2025 introduced a maximum Trustee term of 9 years without a 3 year break which was previously required after the first 6 years. During the year a simplified Board structure was adopted for the wholly owned trading subsidiary. The majority of Directors resigned with all non executive Directors being appointed as Trustees to the Charity. Two non-executive Directors were left on the Trading Company Board with two executive Directors.
Trustee Recruitment and Appointment The Board of Trustees is made up of independent members who undertake the role on a voluntary basis and who bring a broad range of professional skills, experience and expertise to the Charity. A comprehensive Trustee Recruitment Brochure contains detailed information about the role of a trustee, organisational information, recruitment process details and trustee testimonials, can be shared through contacts, social media and via trustee recruitment platforms and portals. Any expression of interest by an individual who would like to join the Devon Air Ambulance board as a new trustee will be considered on merit, on a caseby-case basis, as and when it is received.
Once an expression of interest is received from a prospective Trustee, it is reviewed and the applicant invited to attend two separate meetings with one panel consisting of the Chair and Trustee representatives, and the other panel made up of the CEO and Senior Leadership Team. A debrief follows between both interviewing panels and, if it was agreed that an applicant was suitable to be appointed to the Board, they are invited to attend the next quarterly board meeting, at which time they would be formally confirmed in post. As noted above all non-executive Trading Company Directors who were not currently Trustees were appointed as Trustees in the year with the majority then
resigning as Trading Company Directors. This has resulted in the appointments of Ryan Bebbington, Nicola Steevenson, Jill Nye and Oliver Dismore in May. They joined Helen Pennack, Ian Fortune and Becky Smith who were all appointed in April. During the year Julie Hawker came to the end of her second term at the end of March, while Ross Hemingway resigned in September. We are thankful for the contributions of Julie and Ross as well as all our Trustees who contribute their time and effort to guide the Charity. There remains a good balance of Trustees who have been in a position for several years with a strong corporate memory,
combining with newer Trustees who naturally bring a fresh perspective. The individuals on the Board bring with them an impressive array of experience and expertise across a broad range of fields pertaining to the delivery of Devon Air Ambulances service, and the stability has also created a longer term feeling of certainty and resilience. However, a shortage of clinical knowledge was identified in the year for which the Board are looking to recruit a new Trustee with clinical knowledge in 2026. The appointments made in and since the year ensure that the Board remains resilient ahead of future departures that will occur as terms come to an end.
Annual Report & Accounts 2025
45
Trustee Training & Induction After being formally appointed, all new Trustees are given access to the Charity’s sharepoint site which manages their key documents. Trustees and Trading Company Directors also join a Governance ‘team’ which is used for internal messaging, collaboration sharing information relating to all aspects of governance. They are provided with a copy of the Trustees’ Handbook which includes a briefing of their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, and the committee and decision-making processes of the Charity, as well as access to all committee and board meeting minutes, agendas and supporting papers. New trustees are also sign-posted to the Strategic Plan and the most current financial information contained within the Annual Report and Accounts which can be found on the Charity’s website. Both Trustees and Directors come from a variety of backgrounds which strengthens cognitive diversity but will also have differing experiences and knowledge of approaches to governance. Trustees of the Charity not only have responsibilities as Trustees but also as Directors and members, so the guidance is expected to give greater clarity in what can become a complex area. A Scheme of Delegation has also been drafted in the year and approved at the final Board meeting. This has aimed to ensure that decision making, responsibilities and the governance processes are clear, bringing together guidance which was previously spread over various documents. New Trustees were also invited to individual briefing meetings with the Senior Leadership Team and other key employees within the Charity to learn more about their roles and responsibilities and individual business areas. New Trustees are invited to visit the airbases to meet with aircrew and paramedics to see the operational delivery of the service at first hand. A number of sessions were also held in the year covering an overview of governance and finance for the Trustees by the Director of Corporate Services. The annual Joint Board Away Day took place in the year and focused on the operational strategy and priorities in the context of the current challenges including the financial constraints.
46
Devon Air Ambulance
Trustees
who served during 2025
William Matthewman
Elanor Adams
Anthony Cramp
Victoria Burr
Richard Davidson
Ann Holman
Dr Ross Hemmingway
Vicky Smiley
David Nicholson
Becky Smith
Darrell Mann
Helen Pennack
Ian Fortune
Oliver Dismore
Jillian Nye
Ryan Bebbington
Nicola Steevenson
resigned 06.12.25
resigned 17.09.25
Charity Governance Code
Good governance in any charity is fundamental to its effectiveness and success. Devon Air Ambulance promotes the principles of the Charity Governance Code which represents a standard of good governance practice that all charities should aspire to achieve. The Code is a practical tool which helps charities and their trustees develop high standards, develops an appropriate culture, encourages diversity and ensures Trustees are compliant with relevant legislation and regulations.
Annual Report & Accounts 2025
47
Structure of the Organisation The Board of Trustees administers the Charity, and the committee structure mirrors the framework of the strategic plan and its four key areas of focus. This structure is believed to remain relevant and appropriate to ensure high engagement and collaboration between the Board and the Senior Leadership Team. It is designed to enable them to jointly drive forward and deliver on the strategic priorities of the Charity.
Financial Growth & Sustainability Income generation, efficiency and risk, finance including reserves, budgets, investments and internal audit and control.
People, Talent & Culture Talent management, promotion of high-performing culture, encouraging diversity.
Digital & Environmental Committee This Committee merges the previous Environmental, Sustainability & Stewardship Committee with the Digital & Technological Committee. Commitment to the climate change emergency, sustainable management of resources,
48
Devon Air Ambulance
scrutiny of investment policy, environmental impact, supporting ‘green’ ethos and philosophy. Creating a digital culture, promoting innovation in technology, creating efficiency gains, monitoring emerging technologies, ensuring robust cyber-security.
by a further term of three years. The change in the Articles made during the year also permits an additional three year term. The roles and responsibilities, and particularly the roles of the honorary officers, are clearly defined within the Scheme of Delegation.
Independent to these committees is an additional committee:
The Chief Executive is appointed by the Trustees to manage the day-to-day operations of the Charity. To facilitate efficient management of the organisation, the Chief Executive has delegated authority, with limits set by the Trustees for matters including finance, fundraising, public relations, marketing and employment. The parameters of the Chief Executive’s authority are clearly defined within the Scheme of Delegation.
Audit Committee This operates with an independent Chair, reporting back to the Financial Growth & Sustainability Committee on the annual audit process and the internal control environment. The three key committees and both Boards meet four times a year. Additional meetings can be held as and when required and ad hoc working parties can also be formed to address specific and/or time-critical strategic issues. The Audit Committee met three times in the year, with two meetings focusing on the annual audit and the other having a greater focus on the control’s environment. For shorter term projects working parties can be put in place including both Trustees and members of the executive team – the new operations centre and head office is an example of where a working party has been put in place. Trustees are appointed for an initial term of three years with the option for this to be extended
Following Heléna Holt announcing her retirement during 2024, a new Chief Executive Officer was recruited in the year, with Greg Allen joining early in 2025.
Trading Company Directors
Greg Allen
serving at 31st December 2025
David Hawes
Chief Executive Officer
Corporate Services Director & Accountable Manager
Anthony Cramp
Oliver Dismore
Annual Report & Accounts 2025
49
Principal risks & uncertainties f. New combined airbase and head office facility: as a large scale build project this includes risks of cost and timing overruns, as well as the knock-on impact of the building not fulfilling its requirements.
The Trustees have put in place a formal risk management process to assess any risks to the charity and implement risk management strategies. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating risk. This is supplemented by an evaluation of what internal reviews, external reviews and compliance are in place to mitigate these risks, and a gap analysis applied.
with their respective mitigations following:
b. Revenue risk: collapse of a significant revenue stream or combination of revenue streams could impact the ability for DAA to operate. This remains highly relevant as legacy income continues to make-up a significant proportion of income.
g. Shortage of pilots: aircraft availability could be impacted by a shortage of pilots.
The Trustees review the adequacy of the Charity’s current financial controls on a regular basis and each of the identified risks through the committees in place. The Senior Leadership Team also review individual elements of the risk register as part of their internal weekly meetings. The trustees can report that, in their opinion, the Charity’s internal financial controls conform to Charity Commission guidelines.
c. Cyber fraud: the impact of cyber fraud on the Charity’s ability to operate, its finances and reputation.
i. Uncertainty of what income can be raised from a capital appeal to support the development of the new combined airbase and office.
Recent years have seen an increase in the number of significant risks identified in the more volatile environment and the most significant risks defined by the trustees are listed below
50
Devon Air Ambulance
a. Inadequate level of reserves: insufficient cash or reserves in place to support the long-term objectives of DAA.
d. Cost of aircraft maintenance and replacement: impacting the ability to continue to meet its charitable objectives as effectively. e. Macroeconomic events creating financial instability: while inflation has settled in the year the risk remains of sustained high levels of inflation increasing costs above increases in revenue leading to a shortage in cash and reserves.
h. The grounding of one of our aircraft types: would half our operating aircraft and impact our ability to provide our service.
j. Lack of leadership and strategy: following the departures of two members of the Senior Leadership Team in 2024 and following Heléna’s retirement as Chief Executive Officer in early 2025 the likelihood of this risk was increased. Following the appointment of Greg as Chief Executive Officer and Tania Martin as Joint Operations Director in 2025 this risk has reduced in the year. The levels of reserves and cash
is currently a major focus for the Trustees with the Board reporting including detailed analysis featuring scenario planning which incorporates more variables and widens the context for taking decisions. This has helped mitigate the risk of inadequate levels of reserves, while monitoring dependence on different income streams and the impact of the Income Generation Strategy will assist in the management revenue risk. High levels of reserves, investment and cash help mitigate this risk short-term but generating greater income, finding efficiencies or cost reductions will be required into the longer term. The Income Generation Strategy is focused on the first of these elements, while embedding the recommendations of the digital review will be key in managing the other two factors. In 2026 financial reporting to the Board has increased from quarterly to monthly to target decreasing the deficit and maintaining a close eye on the risks which the deficit creates. During the budget process at the end of 2025 regular meetings were held between the Chair,
Financial Sustainability & Growth Chair and the executive team and these meetings have continued into 2026. In July 2026 further action was taken to manage costs, with the decision taken to review the administrative functions and commence a consultation with staff ahead of potential redundancies. This stronger reporting and review process also aids the ability to monitor and react to macroeconomic events which are difficult to influence externally. Staff training is regularly rolled out to combat the risk of cyber fraud while test emails are circulated by the Digital team to monitor responses and provide additional training where required. A task & finish group is in place to consider the best options to maintain or replace the aircraft with expected maintenance costs continually monitored by a fulltime airworthiness manager with financial forecasts and scenarios being factored into all significant capital decisions and commitments.
The airbase and head office build process is similarly being overseen by a working party including representatives from the Board, while the Senior Leadership Team has a weekly meeting arranged to monitor and input into the process. This internal oversight has also been supported by specific external sector expertise such as the appointment of Benison Associates to act as an Employer’s Agent. The progress with the capital appeal is regularly reported into the weekly meetings and working party. Recruitment of pilots remains a competitive area and the Board continue to monitor salary levels and other work benefits to ensure that we remain an appealing employer. Operating two different aircraft types helps to mitigate the risk of having an aircraft grounded, while the clinical cars also offer a more limited cover for the service. The recruitments of Greg Allen as Chief Executive Officer and of a new Joint Operations Director at the end of March has helped return the Senior Leadership Team to full strength and mitigates the finial risk.
Annual Report & Accounts 2025
51
Statement of Trustees’ Responsibilities The Trustees (who are also directors of Devon Air Ambulance Trust for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing these 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 have been followed, subject to any material departures disclosed and explained in the financial statement, and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Insofar as the Trustees are aware: • •
There is no relevant audit information of which the charitable company’s auditors are unaware, and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors Crowe have been reappointed as auditors during the year. The Trustees’ Report incorporating the Strategic Report was approved by the Board and signed on its behalf by:
William Matthewman Chair of Trustees 27.08.26
52
Devon Air Ambulance
Annual Report & Accounts 2025
53
Independent Auditor’s Report to Trustees Opinion We have audited the financial statements of Devon Air Ambulance Trust (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows 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: • Give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2025 and of the group’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 Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern 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 charitable company’s or the group’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 and our auditor’s report thereon. Our opinion on the financial statements
54
Devon Air Ambulance
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 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. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit: • The information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the Financial statements are prepared is consistent with the Financial statements; and • The Strategic Report and the Directors’ Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Trustees’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • Adequate and proper accounting records have not been kept; or • The Financial statements are not in agreement with the accounting records and returns; or • Certain disclosures of trustees’ remuneration specified by law are not made; or • We have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the trustees’ responsibilities statement set out on page 64, the trustees (who are also the directors of the charitable company for the purposes of company law) 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. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements 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 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. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 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 part of our auditor’s report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group 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 Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the operations were CQC Regulations, Civil Aviation Law, Gambling Commission,
General Data Protection Regulation (GDPR), Health and Safety legislation, taxation legislation and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the recognition of legacy income and override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing procedures of the completeness and accuracy of legacy income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, CQC, Gambling Commission and reading minutes of meetings of those charged with governance. 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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the Financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Biggin (Senior Statutory Auditor) For and on behalf of Crowe U.K. LLP Statutory Auditor 4th Floor, St James House, St James Square Cheltenham, GL50 3PR Date: 09.09.26
Annual Report & Accounts 2025
55
Consolidated Statement of Financial Activities
For the year ended 31 December 2025 (incorporating Income & Expenditure account)
Notes
Unrestricted Funds 2025 £’000
Restricted Funds 2025 £’000
Total Funds 2025 £’000
Total Funds 2024 £’000
3
7,453
147
7,600
9,901
4 4
2,936 2,489
-
2,936 2,489
2,748 2,457
163
-
163
91
Income Donations and legacies Trading activities: Retail operations DAAT Lottery DAAT Events Investment income
5
115
-
115
172
Income from charitable activities
6
46
248
294
479
13,202
395
13,597
15,848
7
1,898
0
1,898
1,936
Trading activities: Retail operations DAAT Lottery
7 7
3,143 785
-
3,143 785
2,833 713
DAAT Events
7
21
-
21
21
Investment management costs
7
67
-
67
68
Expenditure on charitable activities
7
8,756
263
9,019
9,211
14,670
263
14,933
14,782
211
-
211
352
(1,257)
132
(1,125)
1,418
Transfer between funds
-
-
-
-
Net movement in funds
(1,257)
132
(1,125)
1,418
Total funds brought forward
21,822
500
22,322
20,904
Total funds carried forward
20,565
632
21,197
22,322
Income Expenditure Donations and legacies
Total expenditure Net gain on investments
14
Net(expenditure)/ income for the year
Reconciliation of funds
19
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 60 - 76 form part of these accounts.
56
Devon Air Ambulance
Consolidated & Company Balance Sheet
For the year ended 31 December 2025
Notes
Group 2025 £’000
Group 2024 £’000
Company 2025 £’000
Company 2024 £’000
Tangible assets
13
7,803
7,930
1,264
794
Investments
14
4,577
4,461
4,577
4,461
12,380
12,391
5,841
5,255
Fixed Assets
Total Fixed Assets Current Assets Stocks
15
26
13
15
-
Debtors
16
8,128
9,919
13,250
15,691
Investments
14
850
7
850
7
Cash at bank and in hand
17
1,301
1,430
1,300
1,209
10,305
11,369
15,415
16,907
(1,488)
(1,438)
(1,585)
(1,423)
Current assets less current liabilities
8,817
9,931
13,830
15,484
Net Assets
21,197
22,322
19,671
20,739
Total Current Assets Liabilities Creditors falling due within one year
18
The Funds of the Charity Restricted income funds
19
632
500
632
500
Unrestricted income funds: General Designated
19 19
16,093 4,472
17,315 4,507
14,567 4,472
15,732 4,507
Total unrestricted income funds
20,565
21,822
19,039
20,239
Total charity funds
21,197
22,322
19,671
20,739
Approved by the Trustees of Devon Air Ambulance Trust on 27.08.26 and signed on its behalf.
William Matthewman Chair The notes on pages 60 - 76 form part of these financial accounts. Company registered number 3855746
Annual Report & Accounts 2025
57
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
2025 £’000 Net cash inflow/(outflow) from operating activities (note below)
2024 £’000
£’000
1,349
£’000 (6,477)
Cash flows from investing activities: Income from current investments
14
14
Dividends & interest from non-current investments
101
158
Transfers (from)/to non-current investments
-
3,200
Proceeds from sales of investments
934
4,910
Purchase of investments
(839)
(1,845)
Purchase of property, plant & equipment
(845)
(299)
Net cash (used)/generated in investing activities
(635)
6,138
Increase/(Decrease) in cash and cash equivalents in the year
714
(388)
Cash and cash equivalents - 1st Jan
1,437
1,775
Cash and cash equivalents - 31st Dec
2,151
1,437
Note: Reconciliation of net cash inflow from operating activities Net (deficit)/income for the year
(1,125)
1,418
Depreciation charges
972
977
Gains on investments
(211)
(352)
Income from Investments
(115)
(172)
Transfers from non-current investments
-
(3,200)
(Increase)/Decrease in stocks
(13)
8
Increase in creditors
50
216
Decrease/(Increase) in debtors
1,791
(5,371)
Net cash (outflow)/inflow from operating activities
Analysis of Cash and Cash Equivalents Cash in hand and at bank Current investments Total cash and cash equivalents
58
Devon Air Ambulance
1,349
(6,476)
1 Jan 2025 £’000
Cash flows £’000
31 Dec 2025 £’000
1,430
(129)
1,301
7
843
850
1,437
714
2,151
Annual Report & Accounts 2025
59
Notes to the accounts 1. Accounting Policies
Basis of Preparation 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2011. The financial statements have been prepared under the historic cost convention as modified by fair value where appropriate. The Trustees have considered and concluded that it is appropriate to complete the accounts on a going concern basis. The Charity is a public benefit entity and is registered in the United Kingdom. The registered address is included on page 77. The functional currency used in these accounts is Sterling, which is also the transactional currency. The Group financial statements consolidate the results of the charity and its wholly owned trading subsidiary. A separate Statement of Financial Activities and income and expenditure accounts for the charity has not been presented as the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Significant Judgements and Estimates The Trustees have concluded that the only significant management judgement and key areas of estimate or uncertainty is the recognition of legacy income as detailed below and the method of depreciation. The depreciation method used for the aircraft was
60
Devon Air Ambulance
changed in 2020 following the purchase of a new aircraft when one of the older EC 135 aircraft was put up for sale. The comparison of its proposed sales value to its residual value demonstrated that the depreciable amount had been overestimated and a more gradual method of depreciation should be reflected on the remaining and new aircraft. Due to variability of the second-hand aircraft market, the limited number of transactions and the timescales involved with potential sales, it is difficult to accurately estimate the depreciation rates and residual values. The rates applied in these accounts have been observed based on knowledge of the current market established while putting the EC 135 to market and its sale in the year, allowing for current market uncertainty. The depreciation of the aircraft fitout was also adjusted in 2020 to reflect an estimated residual value. The EC 135 was sold in 2024 generating an accounting profit of £876,000. One of the engines in the remaining EC 135 was replaced in 2022 with a part exchange which resulted in a profit on disposal of £40,000. The remaining engine was replaced in 2024 and generated a profit on disposal of £47,000.
Income Recognition Policy Voluntary income including donations, legacies, and lottery sales that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. For legacy income, entitlement is taken as the earlier of the date: when the charity becomes aware that probate has been granted; when the estate has been finalised and notification made by
the executors that a distribution will be made; or when the distribution is received. Income from commercial trading activities is recognised as earned as the related goods and services are provided. Investment income interest is recognised on a receivable basis. A deficit of £1,068,000 (2024: income £848,000) was attributable to the Charity for the year. The Charity has also taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Statement of Cash Flows and certain disclosures about the Charity’s financial instruments within the consolidated financial statements.
trading activities that raise funds. Charitable activities include expenditure associated with the operation of the two helicopters, airbase facilities and medical equipment. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources e.g. staff costs by time spent and other costs by their usage.
Volunteers and Donated Services The value of services provided by volunteers is not incorporated into these financial statements. Further details can be found in the Trustees’ Annual Report on page 30.
The EC 145 purchased in 2020 has a Serviced By the Hour (‘SBH’) agreement in place for its engines where regular payments are made based on the level of activity of the engines. These payments cover some maintenance and repair costs which arise while also building up a ‘pot’ of funds allocated to the aircraft for future expenditure. A value for this pot has been provided by the supplier with the difference between the expenditure made in the year and the remaining pot being taken to expenditure in this year.
Donated services are recognised as income when control is obtained over the item, the receipt of economic benefit is probable and it can be measured reliably.
Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended on the basis of overall inputs applicable to that category.
Expenditure Expenditure is recognised when there is legal or constructive obligation to make a payment, settlement to a third party is probable and the amount can be measured reliably. Contractual arrangements are recognised as goods or services are supplied.
Operating Leases The Charity classifies the lease of vehicles and office equipment as operating leases; the title to these items remains with the lessor. Rental charges are charged on a straight line basis over the term of the lease.
Costs of raising funds are those costs incurred in attracting voluntary income and those incurred in
Annual Report & Accounts 2025
61
Tangible Fixed Assets Individual fixed assets costing £1,000 or more are capitalised at cost. Tangible fixed assets are depreciated on a straight line basis over their estimated useful lives as follows: Asset Category
Annual Rate
EC135 Helicopters
7.00 -7.25% to residual of 30% cost
H145 Helicopters airframe
7.00-7.25% to residual of 30% cost
H145 Helicopter engine
10% to residual of 30% cost
Helicopter factory fitted role equipment
10%
H145 Helicopter factory fitted role equipment
10% to residual of 30% cost
Helicopter medical equipment
33%
Long leasehold buildings
2% - 6.67%
Short leasehold improvements
20%
Other medical equipment including defibrillators
33%
Clinical cars
20%
Office equipment & furniture
25%
IT equipment
33%
Assets in course of construction
0%
The expected lifetime of the engines was changed in 2022 in the context of the adoption of a Serviced By the Hour agreement entered into at that point. This has increased the annual rate which was between 7% and 7.25% to 10.5%. One of the two engines on the EC 135 was replaced in 2022 as part-exchange for a new engine, generating a gain on disposal of £40,000 with the remaining engine replaced in 2024 with a gain on disposal of £47,000.
Investments Investments are carried at fair value. Where there is a quoted market value they are valued at the bid price ruling at the Balance Sheet date. Other investments are valued at their realisable market value. Short Term Investments Short term investments are included within Current Assets and relate to deposit and notice accounts which can mature or be called on within twelve months. Stock Stock of new merchandise is included at the lower of cost or net realisable value.
62
Devon Air Ambulance
Stocks of second hand donated goods for resale are not valued in these financial statements as the Trustees believe that the cost of valuing second hand goods exceeds the benefits. Funds Structure The Trust has sixteen restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose. All other funds are unrestricted income funds. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the Financial Statements.
Pensions The Charity makes a contribution to a personal pension scheme which is compliant with the auto enrolment regulations which became applicable to the Charity from October 2015. Clinical staff employed by the Trading Company and are part of the NHS pension scheme, into which employer and employee contributions are made as required by the scheme and in compliance with auto enrolment requirements. Financial Instruments Classification The company holds the following financial instruments: Short term other debtors, legacies receivable and amounts due from subsidiary undertakings; Cash and bank balances; and Short term trade creditors and other creditors; All financial instruments are classified as basic. Recognition and Measurement: The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of the liabilities, when the company’s obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Going Concern Going concern has been considered in detail by the Board, particularly in the current environment with unusual economic conditions continuing to increase costs quicker than income. The Board
reviews future looking forecasts quarterly including optimistic and pessimistic scenarios to understand the financial risks more fully, and to understand potential trigger points which may require action. The Board have identified that due to the underlying deficit position and the investment required to keep two aircraft operational as well as to safeguard the use of the Exeter airbase, the cash position is expected to fall. Additional income will need to be generated or costs reduced to prevent this creating a strain on cash in the next two to three years. The Boad are actively monitoring and managing this which has resulted in the decision to review the administrative functions and commence a consultation with staff in July 2026 ahead of potential redundancies. By taking this action and continuing to monitor the cash position the Board believes that there is no material uncertainty in relation to going concern. The significant levels of cash, investments and free reserves at the year-end suggest that there are sufficient resources in place to cover a significant part of the expenditure for the next twelve months. While some of the income streams such as donations and retail revenue are susceptible to the uncertainties of the economic environment, a number are not as significantly impacted. Lottery income is unlikely to drop significantly and quickly while legacy income has consistently exceeded £2 million for the last seven years and is expected to comfortably exceed this in 2025 as any potential negative impact would likely take a number of years to feed through to legacy income. The significant cash and investments combined with this recurring revenue means that going concern is a limited risk for the next twelve months, while the formulation of the income generation strategy is expected to provide opportunity for income generation into the medium and long term. The formulation of the income generation strategy is expected to provide opportunity for income generation into the medium and long term.
2. Legal Status of the Trust The Trust is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
Annual Report & Accounts 2025
63
3. Donations & Legacies Unrestricted Funds £’000
Restricted Funds £’000
Total Funds 2025 £’000
Total Funds 2024 £’000
Legacies
5,815
-
5,815
8,431
Donations including ‘in memory’ and anniversaries
946
147
1,093
770
Regular giving schemes
102
-
102
87
Charitable Trust donations
106
-
106
85
Funds raised by community groups
365
-
365
406
Box and street collections
119
-
119
122
7,453
147
7,600
9,901
Donations including legacies
Total donations and legacies
In 2025 £147,000 (2024: £0) of Funds raised by Donations were restricted. At the end of the year we have been notified of 109 (2024: 112) estates where we have been named as beneficiaries but lack the certainty of receipt and valuation to recognise the income.
4. Trading Activities Unrestricted Funds £’000
Restricted Funds £’000
Total Funds 2025 £’000
Total Funds 2024 £’000
Sales
2,936
-
2,936
2,748
Overheads and expenses
2,754
-
2,754
2,475
Support costs
389
-
389
359
3,143
-
3,143
2,834
(207)
-
(207)
(86)
Sales
2,489
-
2,489
2,457
Prizes
112
-
112
110
Overheads and expenses
423
-
423
390
Support costs
250
-
250
213
785
-
785
713
Contribution to the Charity’s funds
1,704
-
1,704
1,744
Total trading income
5,425
-
5,425
5,205
Total trading expenditure
3,928
-
3,928
3,547
Total trading contribution
1,497
-
1,497
1,658
Shops & Merchandise Trading
Contribution to the Charity’s funds Lottery
In 2025 none of the income or expenditure related to restricted funds. DAAT events are not included within trading activities as the primary purpose of some events is to promote the Charity and its activities rather than to generate income. DAAT events have generated £163,000 (2024: £91,000) at a cost of £21,000 in the year (2024: £21,000 cost).
64
Devon Air Ambulance
5. Investment Income Unrestricted Funds £’000
Restricted Funds £’000
Total Funds 2025 £’000
Total Funds 2024 £’000
Bank deposit accounts
14
-
14
14
Income from investments
101
-
101
158
115
-
115
172
6. Income from Charitable Activities & Other Income Income from charitable activities in 2024 & 2025 related to income from research work and training revenue.
Annual Report & Accounts 2025
65
7. Total Expenditure Donations £’000
Comm F/raising £’000
DAAT Events £’000
Shops £’000
Lottery £’000
Heli Costs £’000
Invest Costs £’000
2025 £’000
2024 £’000
Charitable activities
-
-
-
-
-
8,193
-
8,193
8,767
Retail dept selling & premises
-
-
-
1,017
-
-
-
1,017
990
Retail dept staff related
-
-
-
1,737
-
-
-
1,737
1,484
DAAT lottery prizes
-
-
-
-
112
-
-
112
110
DAAT lottery selling & admin
-
-
-
-
423
-
-
423
390
Volunteer support and expenses
7
60
-
36
-
-
-
103
94
Fundraising dept
144
179
5
4
47
26
-
405
321
Fundraising dept staff related
203
252
8
6
66
37
-
572
566
Grant expenses
244
-
-
-
-
-
-
244
244
Legacy costs
33
1
-
-
-
-
-
34
30
PR & marketing dept
203
95
7
25
2
91
-
423
443
Investment management costs
-
-
-
-
-
-
32
32
37
Staff related
350
191
1
228
43
257
30
1,100
966
HQ premises
21
10
-
20
2
56
3
112
105
IT, communications & equipment
38
16
-
7
7
68
-
136
160
Insurances
27
22
-
40
39
-
-
128
111
Finance
18
13
-
9
4
40
2
86
86
Non-recoverable VAT
1
9
-
-
41
-
-
51
34
Legal & professional fees
3
2
-
14
-
6
-
25
88
Total expenditure
1,292
850
21
3,143
785
8,775
67
14,933
14,782
Costs directly allocated to activities
Support costs allocated to activities
£263,000 of the expenditure on charitable activities in 2025 related to restricted expenditure (2024: £73,000).
66
Devon Air Ambulance
8. Net Income for the Year
2025 £’000
2024 £’000
Operating leases – vehicles
54
10
Operating leases – property
384
488
Depreciation
972
977
Auditor’s remuneration – audit services
15
15
Auditor’s remuneration – Non-audit services
7
7
Net income for the year is stated after charging:
Annual Report & Accounts 2025
67
9. Analysis of Staff Costs, Trustee Remuneration and Expenses, & The Cost of Key Management Personnel
2025 £’000
2024 £’000
Wages and salaries
7,526
7,222
Social security costs
924
753
Pension costs
573
560
Total staff costs
9,023
8,535
Staff costs
Total Staff Costs Termination costs are included in the above, amounting to £17,532 (2024: £Nil) relating to 1 employee (2024: 0 employees). All termination costs were incurred during the year, with no provision at the year end. Additionally, redundancy costs are included in the above, amounting to £129,968 (2024:£Nil) relating to 3 employees (2024: 0 employees). All redundancy costs were incurred during the year, with no provision at the year end. During the year 40 employees were paid £60,000 or more (2024: 42, 5 in the Trust and 37 in the Trading Company), 8 in the Trust and 32 in the Trading Company. The numbers of staff receiving emoluments, which include pension contributions, in the following bands are as follows:
2025
2024
£60,001 - £70,000
8
21
£70,001 - £80,000
16
10
£80,001 - £90,000
5
4
£90,001 - £100,000
4
4
£100,000 +
7
3
A pension scheme compliant with the auto-enrolment legislation was set up when it became applicable to the Trust in October 2015. The Trust pays a 6% contribution and the employee a minimum 1% contribution which increased to 2% in October 2016, unless the individual has opted out of the scheme. The Group Personal Pension provider is Royal London, and during the year a total of £333,364 (2024 - £286,901) was paid into the Scheme by the Trust and £151,973 (2024 - £131,424) by the employees. A balance of £1,320 (2024 - £35,474) was due to the Scheme at the end of the year. The Trust made employers contributions into one SIPP totalling £2,078 (2024 - £6,866) Clinical staff employed by the Trading Company are part of the NHS scheme, and a total of £353,051 (2024: £266,901) was paid into the Scheme by the Trust and £200,270 (2024: £225,520) by the employees during the year. The year-end balance payable to the NHS scheme was £0.00 (2024: £40,237). b) TRUSTEE REMUNERATION AND EXPENSES During the year the Charity Trustees received no (2024: none) remuneration or expenses from the Trust or its subsidiary. During the year the charity paid indemnity insurance totalling £6,303 (2024 - £6,303). c) COST OF KEY MANAGEMENT PERSONNEL The key management personnel of the parent Trust comprise the trustees and the Senior Leadership Team. The total employee benefits of the key management personnel of the Trust were £485,181 (2024: £415,803). The key management personnel of the Group comprise the key management personnel of the Trust, the Safety Manager, the Licensed Engineer, the Lead Consultant, the Airworthiness Manager and Clinical Lead. The total employee benefits of the key management personnel of the Group were £1,216,241 (2024: £1,149,990).
68
Devon Air Ambulance
10. Staff Numbers The average monthly head count was 183 staff (2024: 177 staff) and the average monthly number of full-time equivalent employees during the year were as follows:
As of 31 December 2025
2025 2024 Number FTE Number FTE
2025 2024 Number Number Head Count Head Count
Administration
29
25
31
26
Charity Shops
50
49
61
59
Fundraising and other charitable work
24
23
26
25
Operational staff employed in Trading Company
54
54
65
67
157
151
183
177
11. Related Party Transactions Trustee Julie Hawker came to the end of her second term as Trustee in March 2025 and is the joint CEO and a Director of Project Cosmic. In 2024 Cosmic provided work through a government funded scheme to provide training to the DAA employees and also carried out work in relation to assisting with interviews and job descriptions for digital roles which totalled £2,810. No work has been carried out with Cosmic in 2025 or 2026.
12. Taxation The company is a registered Charity and is not subject to corporation tax.
Annual Report & Accounts 2025
69
13. (a) Tangible Fixed Assets - Group Helicopter & Operating Equipment £’000
Equipment £’000
Fixtures & Fittings £’000
Leasehold property £’000
Total £’000
At 1 January 2025
13,302
500
384
1,436
15,622
Additions
176
4
32
633
845
Disposals
-
-
-
-
-
13,478
504
416
2,069
16,467
At 1 January 2025
6,161
414
288
829
7,692
Charge for the year
773
34
48
117
972
On disposals
-
-
-
-
-
6,934
448
336
946
8,664
At 31 December 2025
6,544
56
80
1,123
7,803
At 31 December 2024
7,141
86
96
607
7,930
Cost
At 31 December 2025 Depreciation
At 31 December 2025 Net Book Value
13. (b) Tangible Fixed Assets - Company Equipment £’000
Fixtures & Fittings £’000
Leasehold property £’000
Total £’000
At 1 January 2025
500
382
1,430
2,312
Additions
4
32
633
669
504
414
2,063
2,981
At 1 January 2025
414
286
818
1,518
Charge for the year
34
48
117
199
At 31 December 2025
448
334
935
1,717
At 31 December 2025
56
80
1,128
1,264
At 31 December 2024
86
96
612
794
Cost
At 31 December 2025 Depreciation
Net Book Value
70
Devon Air Ambulance
14. Investments - Group & Company 2025 £’000
2024 £’000
At 1st January
4,461
7,174
Additions
839
1,845
Disposals
(934)
(4,910)
Unrealised gain
262
235
Realised (loss)/gain
(51)
117
At 31 December
4,577
4,461
HSBC Deposit Account
847
4
Santander 95 day notice account
3
3
Barclays 32 day notice account
-
-
Natwest 6 month deposit
-
-
850
7
2025 £’000
2024 £’000
Fixed assets
6,539
7,137
Current assets
1,697
1,842
Current liabilities
(4,593)
(4,094)
Long term loan
(2,117)
(3,302)
Aggregate share capital and reserves
1,526
1,583
Turnover
9,696
10,146
Expenditure
(8,774)
(9,098)
Profit for the year
922
1,048
Amount Gift Aided to Charity
980
480
Fixed asset investments Investments at market value
Current asset investments
The charity owns the entire issued share capital of 2 ordinary shares of £1 each of Devon Air Ambulance Trading Company Limited, incorporated in England & Wales (Company number 3876276). Devon Air Ambulance Trading Company Limited provides helicopter services to the charity. The assets and liabilities of the subsidiary were:
A summary of its results is as follows:
Annual Report & Accounts 2025
71
15. Stock
Group 2025 £’000
Group 2024 £’000
Company 2025 £’000
Company 2024 £’000
26
13
15
-
Group 2025 £’000
Group 2024 £’000
Company 2025 £’000
Company 2024 £’000
Legacies receivable
6,513
8,298
6,513
8,298
Other debtors
669
688
87
157
Prepayments
807
795
480
403
Grants
139
138
139
138
DAA Trading Co Ltd (due within one year)
-
-
3,914
3,394
DAA Trading Co Ltd (due after more than one year)
-
-
2,117
3,301
8,128
9,919
13,250
15,691
Group 2025 £’000
Group 2024 £’000
Company 2025 £’000
Company 2024 £’000
HSBC bank accounts
782
1,219
781
998
Payment Platforms
54
-
54
-
National Westminster
79
11
79
11
Santander
163
129
163
129
Barclays
-
6
-
6
Investment Manager account
223
65
223
65
1,301
1,430
1,300
1,209
Group 2025 £’000
Group 2024 £’000
Company 2025 £’000
Company 2024 £’000
Trade Creditors
497
601
135
185
Lottery entry monies received in advance
253
239
253
239
Taxation and Social Security
215
275
86
72
Other Creditors
294
176
274
176
Accruals
229
147
61
66
DAA Trading Company Ltd
-
-
776
685
1,488
1,438
1,585
1,423
Stock
16. Debtors - Current
17. Cash at Bank in Hand
18. Creditors:
Amounts Falling Due Within One Year
72
Devon Air Ambulance
Annual Report & Accounts 2025
73
19. Analysis of Funds: Group
Balance at 1 January 2025 £’000
Incoming resources £’000
Resources expended & losses £’000
Transfers £’000
Balance at 31 December 2025 £’000
Helicopter Maintenance
507
-
-
(35)
472
New Airbase
4,000
-
-
-
4,000
4,507
-
-
(35)
4,472
General funds
17,315
13,413
(14,670)
35
16,093
Total unrestricted funds
21,822
13,413
(14,670)
-
20,565
County Air Ambulance
69
-
(19)
-
50
Health Education England
6
-
-
-
6
Christmas Campaign for ventilators
27
-
-
-
27
Norman Trust - Syringe
1
-
-
-
1
Vision Zero South West
137
-
(23)
-
114
Vision Zero South West
246
-
(32)
-
214
Vision Zero South West
-
13
(13)
-
-
EXIT
-
160
(160)
-
-
EXIT
5
-
(4)
-
1
Transport for Scotland
-
3
(3)
-
-
THET Tropical Health Education Trust
9
-
(9)
-
-
GEM Charity Grant
-
5
-
-
5
AAUK Grant
-
10
-
-
10
Capital Appeal
-
147
-
-
147
Laerdal Foundation
-
35
-
-
35
IMPACT training course
-
22
-
-
22
500
395
(263)
-
632
22,322
13,808
(14,933)
-
21,197
2025
Unrestricted income funds Designated funds†:
Restricted income funds‡:
†Description, nature and purpose of designated funds Helicopter Maintenance - This balance is calculated as the estimated costs of a severe but realistic repair scenario. New Airbase - The expected cost of building a new operations centre, less the expected funds that can be raised in relation to it. General - The available reserves after allowing for all designations.
74
Devon Air Ambulance
‡Description, nature and purpose of restricted funds County Air Ambulance - County Air Ambulance provided funding of £95,000 in the 2024 towards two critical care cars which were purchased and fitted out by the Charity. This fund is being decreased by the associated depreciation charge. Health Education England - Health Education England have provided a grant to participate in simulation training with hospital staff. DHSC – Clinical Cars - The Department of Health
19. Analysis of Funds: Group
Balance at 1 January 2024 £’000
Income £’000
Expenditure & Losses £’000
Transfers £’000
Balance at 31 December 2024 £’000
Helicopter Maintenance
499
-
-
8
507
New Airbase
6,000
-
-
(2,000)
4,000
6,499
-
-
(1,992)
4,507
General funds
14,264
15,768
(14,709)
1,992
17,315
Total unrestricted funds
20,763
15,768
(14,709)
-
21,822
County Air Ambulance
85
-
(16)
-
69
Health Education England
6
-
-
-
6
DHSC – Clinical Cars
22
-
(22)
-
-
Christmas Campaign for ventilators
27
-
-
-
27
Norman Trust - Syringe
1
-
-
-
1
Vision Zero South West
-
150
(13)
-
137
Vision Zero South West
-
250
(4)
-
246
EXIT
-
22
(17)
-
5
THET Tropical Health Education Trust
-
10
(1)
-
9
141
432
(73)
-
500
20,904
16,200
(14,782)
-
22,322
2024
Unrestricted income funds Designated funds†:
Restricted income funds‡:
and Social Careprovided a grant of £226,000 towards the purchase and fitout of two clinical cars. These have been purchased and the reserve has been reduced to zero as the assets are depreciated.
THET - this grant was also granted to support the work of the Post Collision Centre. GEM Charity Grant – funds received from an application to complete work for the GEM Road Safety Charity.
Christmas campaign for ventilators - A campaign was launched to raise £25,000 to fund a ventilator. This target was exceeded and the additional funds will go towards an additional ventilator.
AAUK Grant – funds provided by Air Ambulance UK towards research at how public and professional bystanders can better report injuries associated with road traffic injuries.
The Norman Trust - The Norman Trust donated £1,200 to fund the purchase of a new syringe driver.
Capital Appeal – these funds have been raised as part of the capital appeal for a new airbase.
Vision Zero South West – this grant was provided by Vision Zero South West to support the work being completed by the Post Collision Centre.
Laerdal Foundation – the Foundation have provided funds towards Utstein Road Injury Project
EXIT - this grant was also granted to support the work of the Post Collision Centre.
IMPACT training course – funds provided for a training course through IMPACT.
Annual Report & Accounts 2025
75
20. Analysis of Net Assets Between Funds - Group
General Income Fund £’000
Designated Funds £’000
Restricted Funds £’000
Total at 31 December 2025 £’000
Fixed Assets
7,753
-
50
7,803
Investments
373
4,204
-
4,577
Bank Fixed Term Deposit Accounts
-
268
582
850
Current Assets
9,455
-
-
9,455
Current Liabilities
(1,488)
-
-
(1,488)
-
-
-
-
16,093
4,472
632
21,197
General Income Fund £’000
Designated Funds £’000
Restricted Funds £’000
Total at 31 December 2024 £’000
Fixed Assets
7,861
-
69
7,930
Investments
-
4,461
-
4,461
Bank Fixed Term Deposit Accounts
-
-
7
7
Current Assets
10,893
46
423
11,362
Current Liabilities
(1,438)
-
-
(1,438)
-
-
-
-
17,316
4,507
499
22,322
Liabilities due after more than 1 year
20. Analysis of Net Assets Between Funds - Group 2024
Liabilities due after more than 1 year
21. Operating Lease Commitments
2025
2024
Land and Buildings £’000
Other Items £’000
Land and Buildings £’000
Other Items £’000
Within one year
373
42
392
35
Within two to five years
1,130
19
876
42
After more than five years
665
-
269
-
2,168
61
1,565
77
Group 2025 £’000
Group 2024 £’000
Company 2025 £’000
Company 2024 £’000
4,577
4,461
9,832
10,471
Operating leases which expire:
22. Financial Instruments Financial assets measured at fair values through profit and loss
76
Devon Air Ambulance
Legal and Administrative Information for the year ended 31 December 2025 Life President Ann Ralli Patrons Mary King MBE Lady Penny Mountbatten Jennie Bond David FitzGerald Adam Isaac Sam Hill
Principal Address and Registered Office Devon Air Ambulance Trust Unit 5 Sandpiper Court Harrington Lane Exeter EX4 8NS Bankers HSBC Bank plc 250 High Street Exeter EX4 3PZ
Trustees who served during the year William Matthewman (Chair) Eleanor Adams (Treasurer) (Chair ) Victoria Burr Anthony Cramp Richard Davidson Dr Ross Hemingway Ann Holman (Chair ) Darrell Mann David Nicolson Vicky Smiley (Chair ) Helen Pennack Oliver Dismore (Chair ) Ian Fortune Jillian Nye Ryan Bebbington Nicola Steevenson Becky Smith
Solicitors Foot Anstey LLP Senate Court Southernhay Gardens Exeter EX1 1NT
Committees served Financial Growth & Sustainability RemCo People, Talent & Culture Digital & Environment Audit Operations Governance Review T&F Group Design & Development Site T&F Group Operations Governance
Statutory Notice The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice application 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).
Senior Leadership Team Greg Allen, Chief Executive Martin Bell, Transformation Director Matthew Bell, Public Engagement Director David Hawes, Corporate Services Director & Accountable Manager Tania Martin, Joint Operations Director Dr Lauren Weekes, Medical Director Darren Goodwin, Clinical Director
Images DAAT expresses its gratitude to all supporters and photographers that have supplied free to use mages to the charity and acknowledges copyright in their use.
Chartered Accountants & Statutory Auditors Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham GL50 3PR Investment Manager Investec Wealth & Investment Management 30 Gresham Street London EC2V 7QN
© All rights reserved. No part of this report may be reproduced or used in any form without prior permission of the publisher.
Glossary of Acronyms DAA
Devon Air Ambulance
DAAT
Devon Air Ambulance Trust
CLS
Community Landing Sites
CQC
Care Quality Commission
PAD
Public Access Defibrillator
DAATCL Devon Air Ambulance Trading Company Limited ERP
Emergency Response Plan
SWASFT South Western Ambulance Service NHS Foundation Trust
CAA
LIBOR SORP SLT
Civil Aviation Authority London Interbank Offered Rate Statement of Recommended Practice Senior Leadership Team
Annual Report & Accounts 2025
77
Annual Report and Accounts 1st January 2025 to 31st December 2025
Devon Air Ambulance Trust Registered company no: 03855746 Registered charity no: 1077998