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REGISTERED NUMBER: 09518670 (England and Wales)

THE AIR POWER ASSOCIATION LTD

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE AIR POWER ASSOCIATION LTD (REGISTERED NUMBER: 09518670)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company information | 1 |

Report of the directors | 2 |

Chartered accountants' report | 3 |

Income statement | 4 |

Balance sheet | 5 |

Notes to the financial statements | 6 |

THE AIR POWER ASSOCIATION LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| Directors: | Air Cdre Mark Roberts CBE

| AirMarshal Gregory J Bagwell CB CBE

| Registered office: | Gloucester House

| Market Place

| Fairford

| Gloucestershire

| GL7 | 4AB

| Registered number: | 09518670 (England and Wales)

| Accountants: | Chanter, Browne & Curry

| 1 Plato Place

| 72-74 St Dionis Road

| Fulham

| London

| SW6 4TU

THE AIR POWER ASSOCIATION LTD (REGISTERED NUMBER: 09518670)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

Principal activity

The company's principal activity during the year continued to be the fostering of a better understanding of the military exploitation of the air and space environment in order to maximise the efficiency of its use and the application of emerging technologies. Its aim is to grow air power ambassadors and to provide a focal point for interaction between air power practitioners and their industrial partners. The company is financed solely by members' subscriptions and surplus income from functions.

Directors

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Air Cdre Mark Roberts CBE

AirMarshal Gregory J Bagwell CB CBE

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

Air Cdre Mark Roberts CBE - Director

14 October 2025

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

THE AIR POWER ASSOCIATION LTD

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Air Power Association Ltd for the year ended 31 March 2025 which comprise the Income statement, Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Air Power Association Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Air Power Association Ltd and state those matters that we have agreed to state to the Board of Directors of The Air Power Association Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Air Power Association Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Air Power Association Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Air Power Association Ltd. You consider that The Air Power Association Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Air Power Association Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chanter, Browne & Curry

1 Plato Place

72-74 St Dionis Road

Fulham

London

SW6 4TU

14 October 2025

THE AIR POWER ASSOCIATION LTD (REGISTERED NUMBER: 09518670)

INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 | 2024 |

£ | £ | £ | £ |

Income | 95,983 |  | 90,171 |  |

Cost of sales | 55,603 |  | 49,256 |  |

Gross surplus | 40,380 |  | 40,915 |  |

Administrative expenses | 49,447 |  | 32,236 |  |

Operating (deficit)/surplus | (9,067 | ) | 8,679 |  |

Income from shares in group undertakings | 20,000 |  | 25,000 |  |

Interest receivable and similar income | 213 |  | 72 |  |

|  | 20,213 |  |  |  | 25,072 |  |

Surplus before taxation | 11,146 |  | 33,751 |  |

Tax on surplus | - |  | - |  |

Surplus for the financial year | 11,146 |  | 33,751 |  |

THE AIR POWER ASSOCIATION LTD (REGISTERED NUMBER: 09518670)

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Fixed assets

Investments | 5 | 250 |  | 250 |  |

Current assets

Debtors | 6 | 39,734 |  | 43,663 |  |

Cash at bank | 77,900 |  | 41,022 |  |

117,634 |  | 84,685 |  |

Creditors

Amounts falling due within one year | 7 | 45,237 |  | 23,434 |  |

Net current assets | 72,397 |  | 61,251 |  |

Total assets less current liabilities | 72,647 |  | 61,501 |  |

Reserves

Members' reserve | 10,000 |  | 10,000 |  |

Income and expenditure account | 62,647 |  | 51,501 |  |

72,647 |  | 61,501 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

Air Cdre Mark Roberts CBE - Director

THE AIR POWER ASSOCIATION LTD (REGISTERED NUMBER: 09518670)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | Statutory information

| The Air Power Association Ltd is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Income

| Income comprises members' subscriptions and surplus income from functions. Revenue from members' subscriptions is recognised on a straight-line basis over the course of the year which starts on 1 April. Surplus income from dinners and other functions organised by the company is included in income for the financial year in which the function takes place.

| Debtors

| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

| Creditors

| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

| Investments

| Investments in associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumlated impairment losses. Changes in fair value are included in the profit and loss account.

3. | Employees and directors

| The average number of employees during the year was NIL (2024 - NIL).

4. | Taxation

| No corporation tax liability has been provided for on the basis that mutual trading status has been agreed with HM Revenue & Customs and income from investments is immaterial.

5. | Fixed asset investments

| Other

| investments

£ |

| Cost

| At 1 April 2024

| and 31 March 2025 | 250 |  |

| Net book value

| At 31 March 2025 | 250 |  |

| At 31 March 2024 | 250 |  |

THE AIR POWER ASSOCIATION LTD (REGISTERED NUMBER: 09518670)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | Debtors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade debtors | 10,484 |  | 10,502 |  |

| Other debtors | 29,250 |  | 33,161 |  |

39,734 |  | 43,663 |  |

7. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade creditors | 41,392 |  | 11,849 |  |

| Other creditors | 3,845 |  | 11,585 |  |

45,237 |  | 23,434 |  |

8. | Reserves

|  | Income and expenditure account |  | Members' reserve |

|  | £ |  | £ |

| Brought forward |  | 51,501 |  | 10,000 |

| Surplus/(deficit) for the financial year |  | 11,146 |  | - |

| Transfers |  | - |  | - |

| Carried forward |  | 62,647 |  | 10,000 |