Hello,
I can't bring too much to this to be honest but i can give some educated speculation. I suspect its some kind of scholarship for potential pilots in the RN. I was given a two year sixth form scholarship back in my school days which was targeted at Warfare officers and engineers, this flying award is for pilots as there is a bit of a problem recruiting the right type of people to fly. The scholarship gives you a bit of cash and a reserved place for BRNC, i suspect this award gives the same plus some flying training before you join. All potential aircrew for the RAF, Army and RN go to Cranwell for potential aircrew aptitude tests. They are a series of tests designed to find out if you have the right mental characteristics to be handle to handle aircraft. They are split into different sections and cover pilot, weapons systems officer (observer), fighter control, air traffic, etc. They involve co-ordination tests, mental agility, digital recall, bearings, bit of maths, verbal reasoning etc etc. The point is you either have it or you dont. I failed all of the aptitudes except for pilot which is a bit odd but just goes to show how specific the requirements are, my maths is crap so i cant be a fighter controller, but other areas im good at so i can be a pilot. The process is cut throat, you can't really prepare but you should definitely have a go. If you pass this phase i suspect you will go to the AIB as i did, if you pass well you will be considered for an award. You will need to pass well to be considered, the government doesnt just throw money at any old monkey

You will also have to do a very thorough medical, very thorough..... I'm not trying to put you off, but a very small number of people who apply are actually suitable to be pilots. If you are up for it, go for it.