2021-09-30-accounts - The Air Pilots Benevolent Fund

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Objecti	v	es and	Ac	tivitie	s
					SORP reference
Summary		ofthe purposes of			Para 1.17	a) The relief of poverty of persons who are		or
the charity as set out			in	its		have been engaged professionally as Air	Pilots
governing		document				or Air Navigators in Commercial Aviation	and
						who are British Subjects by birth or by
						naturalisation or who are Liverymen, Upper
						Freemen or Freemen ofThe Honourable
						Company ofAir Pilots.
						b) The relief of poverty and/or advancement		of
						education ofthe dependents widows and
						orphans of all such persons as mentioned		in
						(a).
						c) Insofar as the income and capital ofthe
						charity cannot be applied towards objects	(a)
						and (b) above it may be applied in supporting
						charities established wholly for purposes	in the
						field ofaviation orfor such charitable purposes
						connected with aviation as the trustees shall
						determine.
Summary activities		ofthe main in relation to those			Para 1.17and 1.19	Regular and occasional grants for the relief of poverty.
purposes		for the public				Bursary for Flying Instructor development.
benefit,	in particular,		the			Grants for PPL Scholarships via Air Pilots
activities,		projects or	services			Trust.
identified		in the accounts.				Provision ofgliding scholarships for young
						people via the Air Pilots Gliding Scheme.
						Grant to the London Air Ambulance Service
						and SSAFA.
Statement		confirming			Para 1.18	In making grants the trustees comply with
whether	the trustees		have			Chapter 1 Part 1 ofthe Charities Act 2011		to
had regard to the guidance						have due regard for the public benefit guidance
issued by		the Charity				issued by the Charity Commissioners.
Commission on public
benefit
Additional		information		(optional)
You ma	choose to include further statements					where relevant about:
					SORP reference

					Requests for assistance are	Requests for assistance are	Requests for assistance are	Requests for assistance are	directed	directed
				Para 1.38	through the		Almoner	forthe	Board to
Policy on	grant making				consider. Grants are			only given		after a full
					assessment		ofthe applicant's		needs, such
					grants	and searches		sometimes		being
					made	in co-operation		with other
					organisations with similar objects as the
					Fund.
				Para 1.38
Policy on	social investment
including	program		related
investment
					AII trustees		are volunteers.
				Para 1.38
Contribution		made	by
volunteers
Other

Achieve	men	ts	and Per	formance
				SORP reference
					The fund's main objective is the relief of
					poverty. We have continued to fund
					existing beneficiaries and assisted new
Summary ofthe main achievements ofthe charity,				Para 1.20	cases. As examples, beneficiaries have been helped with ongoing energy bills to
identifying	the	difference the			avoid fuel poverty, support with living costs
charity's	work	has made to			such as rent and funding the revalidation	of
the circumstances			of its		licences in order to re-enter employment.
beneficiaries and			any wider		The Trust deed also allows us to assist
benefits to society as a					other charities and charitable purposes
whole.					connected with aviation. Trustees consider
					that offering assistance which allows young
					people from deprived areas of Inner
					London the opportunity to fly in a glider
					promotes their confidence and takes them
					out oftheir home environment to good
					effect. The educational benefits ofoffering
					bursaries and PPL scholarships are self-
					evident but they also provide opportunities
					to develop self-confidence and social and
					citizenship skills which benefit the wider
					community in which they live. The Fund
					also makes grants to the London Air
					Ambulance, which again is greatly to the
					ublic benefit.

Additional information	(optional)
You ma choose to include	further statements	where relevant about:
Achievements against	Para 1.41
objectives set
Performance offundraising activities against objectives	Para 1.41
set
		Has been broadly satisfactory.
Investment performance	Para 1.41
against objectives
Other

inancial Review	inancial Review
Review ofthe charity's			Para 1.21	The	Fund's investments			remain sound.
financial position at	the end			The	total	value	ofassets	was
of the eriod				a	roximatel		2700,000
Statement explaining	the		Para 1.22	Trustees		consider a prudent			level of
policy for holding reserves				reserves		to be	that which	will	enable
stating why they are	held			planned		expenditure and		a reasonable		call
				for unforeseen			charitable	assistance to		be
				met	in the event ofa downturn in equity
				markets.
Amount ofreserves	held		Para 1.22	f600,000
Reasons for holding	zero		Para 1.22	NIA
reserves
Details offund materially		in	Para 1.24	NIA
deficit
Explanation ofany			Para 1.23	NIA
uncertainties about	the
charity continuing as a going
concern

ou ma ch	o	ose t	o i	nclude fur	ther statement	s where relevant about
						Investment income and donations	from
						members and other benefactors.
The charity*s principal sources offunds (including					Para 1.47
any fundraising)
						To achieve a balance between income and
						capital growth, with a moderate level of
Investment objectives	policy and including any				Para 1.46	risk. The return from the investment porffolio should be at least in line with that
social investment			policy			ofthe MSCI WMA Private Investor
adopted						Balanced (TR) index.
						The current risk analysis does not	indicate
						any serious risks to the Charity. In	the
A description		ofthe		principal	Para1.46	event ofa significant fall in equity markets		it
risks facing		the charity				should be possible to deliver the primary
						objectives ofthe charity.
Other

Description	ofcharity's
trusts:
Type ofgoverning document			Para 1.25	Trust Deed
How is the	charity		Para 1.25	Unincorporated
constituted?
Trustee selection methods			Para 1.25	Appointment	ofnew	trustees		is made by
including details of any				existing trustees with the approval					ofthe
constitutional provisions		e.g.		Court of the	Company.		Appointments			are
election to	post or name	of		made from	applications		received		following
any person	or body entitled			advertising	within the Company.				Trustees
to appoint	one or more			review such	applications		with	regard		to the
trustees				guidance contained		in Charity		Commission
				document CC30. New			trustees are issued
				with the documents		specified		in the
				Scheme.
Additional	information	(optional)
You ma choose to include further statements				where relevant about:

Policies and procedures adopted for the induction	Policies and procedures adopted for the induction	Para 1.51
and training oftrustees
The charity's structure and	organisational any wider	Para 1.51
network with	which the
charity works
Relationship	with any related	Para 1.51
parties
Other

Charit	name			Air Pilots Benevolent
Other name the chari			uses
Re istered chari		number		212952
Charity's	principal	address		The Honourable Company	ofAir Pilots
				Air Pilots House
				52A Borough High Street
				London SE1 1XN

me	s	ofthe charity	trustees who manage the	charity
		Trustee name	Office (ifany)	Dates acted ifnot for whole year	Name ofperson (or body) entitled to appoint trustee (if an
	1	R.B.Keegan	Chairman		Air Pilots Benevolent	Fund
2		I.Melia	Treasurer	From 13~ July 2021	Air Pilots Benevolent	Fund
3		I.Murning	Secretary	From 13~ July 2021	Air Pilots Benevolent	Fund
4		A.J, Keenan			Air Pilots Benevolent	Fund
		C.McGee		Secretary to 13'" July	Air Pilots Benevolent	Fund
				2021
		F.P.Smiddy			Air Pilots Benevolent	Fund
		R. Piper			Air Pilots Benevolent	Fund
		N.Goodwyn	Master Elect		Honourable Company	ofAir
					Pilots
					ExOfficio
9		P.J.Tacon	Clerk to the Company		ExOfficio
10		J.P. Towell	Master	To 26~ January 2021	ExOfficio
11		J.R. Bowden	Treasurer	To 12~ April 2021

Funds held as custodian	Funds held as custodian	trustees on behalf ofothers
Description ofthe assets		None
held in this capacity
Name and objects ofthe		None
charity on whose behalf	the
assets are held and how	this
falls within the custodian
charity's objects
Details ofarrangements	for	None
safe custody and
segregation ofsuch assets
from the charity's own
assets

Names an	d addresses ofadv	isers (Optional information)
Type of	Name	Address
adviser
Name of	chief executive or names ofsenior staff members		(Optional	information)

						BAIJWCE	SHEETS
					30	September 2021	30	September	2020
						6		6
CURRENTASSETS
Quilter Cheviot Porlfolio:
Invshnents						729,802			612,111
Cash hekl for investment									60„973
Total QC Porlfoso						774,257			673,084
Loans						0			0
Cash at bank (CAF Bank)						4,867			9,197
						779,124			682,281
CURRENT LIABILITIES
Accruals - 2020 Audit						250
AccruaLs —ICO Fee						40
PPL Scholarship via Air P8ots Trust						0			0
Flying Instructor Devsaopment		Bursary				0			0
Fleet Air Arm OA Gliding Grant						0			0
Heron Hall School Gliding						0			0
Trustee Expenses						0			0
									682,031
RETAINED FUNDS
Balance Brought Forward						682,031			714,836
Net income before Investment		gains/gosses)				9,484			17,369
QC Portfolo Movement
Reassed gains/gosses)	from trading		—avaHa5e for e-inveshnent			36,215			5,597
Unreassed gainsl (losses) from revaksatkm				for Ihe period		51,104			-55,771
Balance Canied Forward						778,834			682,031
NOTE - SUMMARY OF QUILTER CHEVIOT PORTFOLIO ACTIVITY FOR PERIOD Management fees						-6,795			6,593
Dividends and internet									19,486
Reassed gains/(krsses)	from trading		—avagatae forre4rwestment			36,215			5,597
Total reagsed return									18,490
Unreassed gakts/ posses) from revahabm				forthe period		51,104			-55,771
Overall Movement						101,172			-37,281
Approved by the Board
Captain Robin Keegan.					Chairman
lan Melia					Treasurer