The annual air show and funday at London City Airport, due to take place this weekend, has been cancelled.

The event attracts thousands of families from across east London and raises thousands of pounds for Richard House Children’s Hospice.

Last year more than 15,000 visitors attended the show when it was held at the Royals Business Park opposite the airport.

A spokeswoman for the airport said: “London City Airport has taken the decision not to hold its Fun Day event in 2012.

“In addition to the continually increasing event organisation costs and the high level of activity due to take place in the surrounding area during the Olympic period, we feel that after 15 years of the event that it is time to try something new and have diverted our energies elsewhere in our community programme.

“Fundraising for the airport’s chosen charity, Richard House Children’s Hospice, was central to the event and through a calendar of regular fundraising events for the remainder of the year- involving staff and the local community – LCY will be ensuring the company’s financial support for the Hospice continues at similar levels.

“In the wider community, the airport has up scaled its activity programme and additional resource has been put into community engagement, education, employment and sport. “