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2023-09-30-accounts

e}| CHARITY COMMISSION FOR ENGLAND AND WALES

Trustees’ Annual Report for the period From: 1st October 2022 To: 30th September 2023 Charity name: The Air Pilots Benevolent Fund

Charity registration number: 212952

Objectives and Activities

es
ummary ofthe		 a
reference
Para1.17		 la) The relief of poverty of persons who are or have been
purposes ofthe charity engaged professionally as Air Pilots or Air Navigators in
as set out in its ommercial Aviation and who are British Subjects by birth
governing document lor by naturalisation orwho are Liverymen, Upper Freemen
or Freemen ofThe Honourable Company ofAir Pilots.
b) The reliefof poverty and/oradvancement ofeducation of
he dependants, widows, and orphans of all such persons
as mentioned in (a).
ic) Insofaras 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 ini
he
field
of
aviation
or
for such
charitable
purposes
connected with aviation as the trustees shall determine.
Summary ofthe main
activities in relation to
those purposes forthe		 P2117
FP"'"°		 (Regularand occasional grants for the relief of poverty.
Bursaryfor Flying Instructordevelopment.
public benefit, in Provision of gliding scholarships for young people via the
particular, the Air Pilots gliding scheme.
activities, projects or rants forAir Pilots Schools Gliding Scheme.
services identified in Donations to the London Air Ambulance.
the accounts
Statement confirming F22118 [In making grants the trustees comply with Chapter 1 Part 1
whether the trustees of the Charities Act 2011 to have due regard for the publi
have hac regard to the benefit guidance issued by the Charity Commissioners.
Quidance issued Dy
the Charity
‘Commission on public
benefit
Additional information (optional)
i
You may
choose to include further statements where relevant about:
Policy on grant
making		 Para 138 Requests for assistance are made through theAlmoner fo
the Board to consider. Grants are only given aftera
full
assessment of the applicant’s needs, such grants and
searches sometimes being made in co-operation with othe
organisationswithsimilarobjectsastheFund.

1

Policy on social Para 1.38 investment including program related investment olunteers a ee

Achievements and Performance

eference ae eeee ummary of the main Para 1.20 he fund’s main objective is the relief of poverty. We have achievements of the ontinued to fund existing beneficiaries and assisted ne harity, identifying the ases. As examples, grants to beneficiaries have enabled difference the charity’s hem to continue living at home, contributions to energ ork has made to the osts and to fund revalidation of licences in order to re-enter circumstances of its paid employment. The Trust deed also allows us to assist beneficiaries and any other charities and charitable purposes connected with ider benefits to aviation. Trustees consider that offering assistance which Society as a whole. allows young people from deprived areas of Inner London and elsewhere the opportunity to fly in a glider promotes heir self-confidence and takes them out of their home nvironment to good effect. The educational benefits of ffering bursaries and PPL scholarships are self-evident but hey also provide opportunities to develop self-confidence nd social and citizenship skills which is of benefit to th ider community in which they live. The donation to th London Air Ambulance is to assist with equipment | rades to the benefit of the wider public.

Additional information (optional)

Additional information (optional) Additional information (optional) Additional information (optional)
You may choose to include further statements where relevant about:
re
Achievements against		 ee
Par 1.41
objectives set
Performance of Para 1.41
undraising activities
against objectives set
Investment Para 1.41 lHas been broadly satisfactory.
performance against
objectivesMn

2

Financial Review

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |eference| |||ence||| |inancial|position|at the|assets was|approximately|£709,000| |end|of|the|period| |tatement|explaining|Para|1.22|rustees|consider|a|prudent|level|of|reserves|to|be|that| |he|policy|for|holding|hich|will|enable|planned|expenditure|and|a|reasonable| |reserves|stating|why|all|for|unforeseen|charitable|assistance|to|be|met|in|the| |hey|are|held|event|of|a|downturn|in|equity|markets.| |eld| |zero|reserves| |materially|in|deficit| |Explanation|of|any|Para|1.23|N/A| |uncertainties|about|the| |harity|continuing|as|a| |going|concern| |Additional|information|(optional)| |You|may|choose|to|include|further statements|where|relevant|about:| |a|ee| |he|charity’s|principal|[Para|1.47|Investment|income|and|donations|from|members|of|the| |(including|any|utilising|Gift|Aid|where|appropriate.| |undraising| |ources of|funds|ae|~~ Company of Air Pilots and other benefactors| |Investment|policy|and|[Para|1.46|o achieve|a|balance|between|income|and|capital|growth,| |objectives|including|ith|a|moderate|level|of|risk.|The|return|from|the| |any|social|investment|investment|portfolio|should|be|at|least|in|line|with|that|of| |policy|adopted|he|MSCI|WMA|Private|Investor|Balanced|(TR)|index.| |A|description|of the|‘Para|1.46|Despite|market|conditions|over|the|past|year|curren| |principal|risks|facing|analysis|does|not|indicate|any|serious|risks to the|Charity.| |he|charity|In|the|event|of a|significant|fall|in|equity|markets|it|should| |till|be|possible|to|deliver|the|primary|objectives|of|the| |harity.| |Porre@e Fae|

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Structure, Governance and Management

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|||| |---|---|---| |arusts:|reference| |document| |How is the charity|pests|Princorporated|

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3

rustee selection Para 1.25 Appointment ofnew trustees is made by existing trustees
methods including ith the approval ofthe Court ofthe Honourable Company
details ofany of Air Pilots. Appointments are made from applications)
constitutional received
following
advertising
within
the
Company.
provisions e.g. election rustees review such
applications with
regard to the
O post or name ofany guidance contained
in Charity Commission documen
person or body entitled C30.
New trustees are
issued with the document
© appoint one or more specified in the Scheme.
rustees
Additional information (optional)
You may
choose to include further		 statements where relevant about:
a
Policies and		 ORP
eeee
Para 1.51
Prior to appointment potential trustees are invited to
procedures adopted attend Board meetings as observers. Upon appointment
orthe induction and new trustees are provided with an Induction Pack
raining oftrustees ontaining the Scheme Document and previous minutes.
he charity’s Para 1.51 The charity has good working relationships with a
organisational number ofother charities with similar objectives e.g The
structure and any BALPA Benevolent Fund, The RAF Benevolent Fund,
ider network with ISSAFA and the Officers Association.
hich the charity
orks
Relationship with any Para 1.51
related parties
Cher
TCOOCOCOCOCSCSCSCSC‘*

Reference and Administrative Details

|Othernamethechatyuses
Registered charity number|Air Pilots Benevolent Fund
|
SSCSC“‘“~~*
12952| |---|---| |Charity’s principal address|c/o The Honourable Company ofAir Pilots| ||Air Pilots House| ||52A Borough High Street| ||LondonSE11XN|

Names of the charity trustees who manage the chari

;
Name ofperson (or body)
an
(Mela eaurer TS
FromJanuary24" 2028
ToJanuary242028
KTraser [= PromNoveribertein2022)

4

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J.Legat Master of the From 25 March 2023 Honourable Company of Air
ompany Pilots
Ex Officio
ompan
ompan
R. Keegan Master of the To 25% March 2023
ompan
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Corporate trustees — names of the directors at the date the report was approved

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Name of trustees holding title to property belonging to the charit
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Funds held as custodian trustees on behalf of others

Description of the assets held in this capacit Name and objects of the charity on whose behalf the assets are held and how this alls within the custodian harity’s objects Details of arrangements for afe custody and segregation of such assets from the charity's own assets

Additional information (optional)

Names and addresses of advisers

Name of chief executive or names of senior staff members

Exemptions from disclosure

5

Reason for non-disclosure of key personnel details.

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees

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a
Full name(s) | Adrian J. Keenan
Position .
(e.g. Secretary, Chair)
Date | 24" January 2024
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AIR PILOTS BENEVOLENT FUND

Report of the Independent Examiner to the Trustees for the year ended 30 September 2023

| report to the charity trustees on my examination of the accounts of the Air Pilot Benevolent Fund for the year ended 30 September 2023.

Responsibilities and basis of report

As the Charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act")

| report in respect of my examination of the Fund's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving cause to believe that in any material respect:

| confirm that there are no matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

P F Newman

Beren House

East End, Aynho Road Adderbury Oxon

OX17 3NJ

THE AIR PILOTS BENEVOLENT FUND ACCOUNTS FOR 12 MONTHS ENDED 30 SEPTEMBER 2023 VS 2022

INCOME AND EXPENDITURE ACCOUNT

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2022|2023| |Income|£|£| |Investment|Income:| |Dividends and|interest|from|Sarasin|Portfolio|from|11|Oct|21|15,278|20,921| |Dividends|and|interest|from QC|Portfolio to|3 Dec 22|2,044|0| |Interest|on|CAF|Bank|Current|Account|0|11| |Donations:| |HCAP|Members|8,851|7,350| |Occasional|Donations|0|6,599| |Other|Livery|Companies/Per|Caelum|Lodge|1,800|800| |Gift|Aid|Tax Refund|0|5,831| |Total|Income|27,973|41,512| |Expenditure| |Charitable|Activities:| |Benevolence|Grants|5,873|9,255| |Other|Grants|21,350|28,299| |Charitable|Donations|0|2,000| |Bank|Charges|90|66| |Board|of Management|Expenses|1,037|1,582| |Independent|Examiner's|fees|250|250| |Total|Charitable Activities|28,600|41,452| |Expenditure|on|raising|funds:| |Investment|Portfolio|Management|Fees|&|Transaction|Costs|7,279|8,131| |Total|Expenditure|35,879|49,583| |Income Account:|Net surplus/(deficit)|before Investment gains/(losses)|-7,905|-8,071| |BALANCE|SHEETS| |30|September|2022|30|September|2023| |£|£| |CURRENT ASSETS| |Sarasin/Quilter|Cheviot|Portfolio:| |Investments|673,473|696,171| |Cash|held|for investment|16,541|7,322| |Total|Portfolio|690,014|703,493| |Debtors|100|4,538| |Cash|at|bank (CAF|Bank)|1,957|2,846| |692,071|710,877| |CURRENT|LIABILITIES| |Accruals|5,456|1,643| |BELASBETS|_|———| |ee|ee || |RETAINED|FUNDS| |Balance|Brought|Forward|778,834|686,615| |Net|surplus/(deficit)|before|Investment|Gains/(Losses)|-7,905|-8,071| |Portfolio|Gains/(Losses)|-84,314|30,690| |Balance|Carried|Forward|686,615|709,234| |Reconciliation|of|Portfolio|Gains/(Losses)| |Quilter Cheviot|Revaluation|Loss|on transfer to|Sarasin|-4,569|ie)| |Sarasin|Cumulative|Gains/(Losses)|at end|of prior year|ie)|-85,027| |Sarasin|Cumulative|Gains/(Losses)|at end|of year|-85,027|-62,329| |Gain/(Loss)|for year|-89,596|22,698| |Add:|Total|Sarasin|Fees|for year|5,379|8,131| |Less:|Total|Sarasin|Fees|for year|paid|in|Cash|97|139| |Total|Gain/(Loss)|for year pre-fees settled|within|Portfolio|-84,314|30,690|

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Approved by the soar of January 2024
SS
Captain Adrian Keenan.st .... TT it cteeeesescscesessesssnsnesnnensneseaes Chairman
\
lan Melia eh Neo ee. Treasurer
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