Trustees’ Annual Report for the period From: 1st October 2023 To: 30th September 2024
Charity name: The Air Pilots Benevolent Fund
Charity registration number: 212952
Objectives and Activities
| SORP reference |
||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | a) The relief of poverty of persons who are or have been engaged professionally as Air Pilots or Air Navigators in Commercial Aviation and who are British Subjects by birth or by naturalisation or who are Liverymen, Upper Freemen or Freemen of The Honourable Company of Air Pilots. b) The relief of poverty and/or advancement of education of the dependants, widows, and orphans of all such persons as mentioned in (a). c) Insofar as the income and capital of the charity cannot be applied towards objects (a) and (b) above it may be applied in supporting charities established wholly for purposes in the field of aviation or for such charitable purposes connected with aviation as the trustees shall determine. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
Regular and occasional grants for the relief of poverty. Bursary for Flying Instructor development. Grants for PPL Scholarships via Air Pilots Trust. Provision of gliding scholarships for young people via the Air Pilots gliding scheme. Grants for Air Pilots Schools Gliding Scheme. Donations to the London Air Ambulance. Support via the Pilots Together sub-fund for unemployed UK airline pilots who find themselves in hardship or financialdifficulties. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | In making grants the trustees comply with Chapter 1 Part 1 of the Charities Act 2011 to have due regard for the public benefit guidance issued by the Charity Commissioners. |
Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Policy on grant making |
Para 1.38 | Requests for assistance are made through the Almoner for the Board to consider. Grants are only given after a full assessment of the applicant’s needs, such grants and |
| searches sometimes being made in co-operation with otherorganisationswithsimilarobjects as theFund. |
||
|---|---|---|
| Policy on social investment including program related investment |
Para 1.38 | |
| Contribution made by volunteers |
Para 1.38 | All trustees are volunteers. |
| Other |
Achievements and Performance
| SORP reference |
||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | The fund’s main objective is the relief of poverty. We have continued to fund existing beneficiaries and assisted new cases. As examples, grants to beneficiaries have helped with mortgage payments, contributions to a replacement gas cooker and to fund revalidation of licences in order to re-enter paid employment. The Trust deed also allows us to assist other charities and charitable purposes connected with aviation. Trustees consider that offering assistance which allows young people from deprived areas of Inner London and elsewhere the opportunity to fly in a glider promotes their self-confidence and takes them out of their home environment to good effect. The educational benefits of offering bursaries and PPL scholarships are self-evident but they also provide opportunities to develop self-confidence and social and citizenship skills which is of benefit to the wider community in which they live. The donation to the London Air Ambulance is to assist with equipment upgrades to the benefit ofthewiderpublic. |
Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Achievements against objectives set |
Para 1.41 | |
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | Has been broadly satisfactory. |
| Other | A donation was received constituting a proportion of the residual funds of another aviation charity ‘Pilots Together’ which was being wound up. In accordance with the understanding agreed at the time of the donation these funds aremaintainedina sub-fundwholly administered by |
the Air Pilots Benevolent Fund until January 2029. Trustees make disbursements from these funds mindful of the objectives of the donating charity. .
Financial Review
| SORP reference |
||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The Fund’s investments remain sound. The total value of main fund assets was approximately £800,000 and of the sub-fund £250,000. |
| Statement explaining the policy for holding reserves stating why they areheld |
Para 1.22 | Trustees consider a prudent level of reserves to be that which will enable planned expenditure and a reasonable call for unforeseen charitable assistance to be met in the event ofa downturn inequitymarkets. |
| Amount of reserves held |
Para 1.22 | £800,000 |
| Reasons for holding zeroreserves |
Para 1.22 | N/A |
| Details of fund materially in deficit |
Para 1.24 | N/A |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | N/A |
Additional information (optional)
You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | Investment income and donations from members of the Honourable Company of Air Pilots and other benefactors utilising Gift Aid where appropriate. |
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | To achieve a balance between income and capital growth, with a moderate level of risk. The return from the investment portfolio should be at least in line with that of theMSCI WMA PrivateInvestor Balanced (TR)index. |
| A description of the principal risks facing the charity |
Para 1.46 | Current analysis does not indicate any serious risks to the Charity. In the event of a significant fall in equity markets it will still be possible to deliver the primary objectives of the charity. |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
SORP reference |
|
|---|---|---|
| Type of governing document |
Para 1.25 | Trust Deed |
| How is the charity constituted? |
Para 1.25 | Unincorporated |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Appointment of new trustees is made by existing trustees with the approval of the Court of the Honourable Company of Air Pilots. Appointments are made from applications received following advertising within the Company. Trustees review such applications with regard to the guidance contained in Charity Commission document CC30. New trustees are issued with the documents specified in the Scheme. |
Additional information (optional)
You may choose to include further statements where relevant about:
SORP reference |
||
|---|---|---|
| Policies and procedures adopted for the induction and training of trustees |
Para 1.51 | Prior to appointment potential trustees are invited to attend Board meetings as observers. Upon appointment new trustees are provided with an Induction Pack containing the Scheme Document and previous minutes. |
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | The charity has good working relationships with a number of other charities with similar objectives e.g The BALPA Benevolent Fund, The RAF Benevolent Fund, SSAFA and the Officers Association. |
| Relationship with any related parties |
Para 1.51 | |
| Other |
Reference and Administrative Details
| Charityname | Air Pilots Benevolent Fund |
|---|---|
| Other name the charityuses | |
| Registered charitynumber | 212952 |
| Charity’s principal address | c/o The Honourable Company of Air Pilots Air Pilots House 52A Borough High Street London SE1 1XN |
Names of the charity trustees who manage the charity
Trustee name |
Office (if any) |
Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (if any) Air Pilots Benevolent Fund |
|---|---|---|---|
| A.J. Keenan | Chairman | ||
| I, Melia | Treasurer |
| C. McGee | Secretary | ||
|---|---|---|---|
| I.Murning | |||
| K Trasler | |||
| M. Walker | |||
| R. Piper | Master-elect of the Company |
To 25thMarch 2024 | Honourable Company of Air Pilots Ex-Officio |
| J. Legat | Master of the Company |
To 25thMarch 2024 | Honourable Company of Air Pilots Ex Officio |
| P.J. Tacon | Clerk to the Company |
Ex Officio | |
| J. Denyer | Master-elect of the Company |
From 25thMarch 2024 | Ex Officio |
| R. Piper | Master of the Company |
From 25thMarch 2024 | Ex-Officio |
Corporate trustees – names of the directors at the date the report was approved
Director name
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets held None in this capacity Name and objects of the None charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for None safe custody and segregation of such assets from the charity’s own assets
Additional information (optional) Names and addresses of advisers
Type of adviser Name Address
Name of chief executive or names of senior staff members
Exemptions from disclosure
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
Signature(s) Full name(s) Adrian J. Keenan Position Chairman (e.g. Secretary, Chair)
Date 24[th] January 2025
| FE | |
|---|---|
| Legal,andadmi*istrativeinformation,' | "l |
| Trustess'Report | &H.H |
| lndependent Exarniner'sRep*rt | "d |
| Staternent,offinancialactivities | F3 |
| Balanc,,$heet | .d!s |
| Notesformingpartof thefinancialstatements | ?'-L, |
| TRUSTEES | JshnD*nyer | |
|---|---|---|
| CaptainAdrianJ*sephRaber{ Keeharl | ||
| Captain JonathanPhilip Legat | ||
| Captain Christine AnnMcGee | ||
| lan Charles Melia MAFCA VR | ||
| LtCollanHenry Murning | ||
| Richard CharlesPiper | ||
| Pa*lJospqh TacongnAC'IS, | ||
| Kieran Ferrier Trasler | ||
| Cdrl\I'arkChristopher Walker | ||
| PRINCI.PAL OFFICE | H*nour,ableCantpany Of | AirPilots |
| 52a BoroughHigh Street | ||
| Lond*n | ||
| SE11XN | ||
| : BANKERS |
CAF BankLtd | |
| ?5 }{ingsHllArveue | ||
| West Mailing,Kent | ||
| MElg4JQ | ||
| IHVESTMENT.ADVIORS | Sarasin & PartnersLLP | |
| JuxonHouse | ||
| 100 StPaul'sChurchyard | ||
| London | ||
| EC4MBBU | ||
| CHARITY REGISTRATIONNUMBER | 212952 | |
| INDEPENDENT EXAMINER | Raymond McDonaghFCA | |
| Crane&Partners | ||
| LeonardHouse | ||
| 5-7 NewrnanRoad | ||
| Bromley | ||
| Kent | ||
| BR11RJ |
| Unrestr#edDesignaied Funds Fud |
Unrestr#edDesignaied Funds Fud |
Tstal ?W,4 |
Total E0rt |
|||
|---|---|---|---|---|---|---|
| ,Ilo,tes | flfl# | :rl | ff, | |||
| lneoryeand end$Hum€ntsfrom lnvestmentin**rne |
13. d |
22,S58 | 4,717 | ir,sr$ | 20,s32 | |
| Air$afety Trust | ,.* | r* | i,rsa | |||
| Air Pilots Trust | :* | t!6. | ji!.. | ?,75& | ||
| snatioils,HCAPMern ber,* | 7,$il5 | 7,fi05 | 7,35S | |||
| OccasionalDonations | tr,41,f | 235,000 | 236,41& | 1-S83 | ||
| Lega*y | t,*** | t,sss | +st ' .,'.] |
|||
| Sthe-rLivryCornpanis/Per CaelumLcdg* | &*o | B** | s*$. | |||
| GiftAidTaxRefund | 1-61f. | I .rrr, n I,Q IZ |
,,S3'1 | |||
| :# | ||||||
| Tatal | 41,512 | |||||
| Expen*,iture,,on | ||||||
| Charitab le expenditure: | ||||||
| Grants | ,# | 37,579 | 1,069 | 38,848 | - | 3s,554 |
| Managernentandadrrrinistration | d, | 1,357 | 180 | 1,53r | 10,*29 | |
| Expenditureon raisingfunds | 5 | 8,233 | 1,693 | $,,ll,S | 8,131 | |
| TottI | 47,169 | 2,932 |
50,101 | @ |
57,714 | |
| Netsurplus/{deficit} | i11,BB4) | 336,785 | ?24,SS1 | (16,202) | ||
| Ntsu,rplus,rtin,vestments | e f;,: |
97,375 | 1,5,523 | x12,BSB | 30,690 | |
| Netrnoveilrentinfunds | #,':@'",ffifflffi?ffi5d-@',@# | ffirc | ||||
| tsalaneeat1Stber2*23 | 709,234 | 7*S.,?34 | s94,746 | |||
| *alanceat3{}$eplemher2024 | 794,735:,252,3S8 | t:,047,03$ :r# | 7{}*oe34,.,, |
| UnrestrictedDesignated Total Funds Fund 2024 |
UnrestrictedDesignated Total Funds Fund 2024 |
Total 2023 |
||
|---|---|---|---|---|
| Notes | flffi[ | |||
| ]sr{ | 815,008 | 218,6071,033,615 r |
703,493 | |
| Currentas*ets Bebtor$ Bankandcashbalances |
ffi | 1,612 * 1,612 i21,5931 33,S81 12,?B_B (19,981)33,881 13,900 |
4,538 2,846 7,384 |
|
| Creditor',s Netcurrent assets |
ffi JJ |
302 -ffi"**ffi |
180 482 1,643 -**5)?l |
|
| Tota,lneta-rssets | 79+,725 | ,+l-!G!i? 252,3081,047,033 |
EiH.: 709,234 |
|
| Funds | t# | 794,725 | 252,3*g 1,047,033 |
7*S,,234 |
| lnvestment incsme | ||||||
|---|---|---|---|---|---|---|
| Unrestristed | Designated | Tstfr* | Tstel | |||
| Funds, | Fund | 2S34 | t$23 | |||
| €" | F | tr {eF |
i*, fli G |
|||
| Dividsndsaninterest from SarasinPfirtfolir lnterest receivable from bank accounts |
2?.,374 484 |
4,7'17 | t:7,s91 4S4 |
2S,S?1 't1 |
||
| 22,858 | 4,717 |
27,575 re.r.....j- |
20s32 |
| THEAIR PILOT$ BEilEVOLENTFUNB | THEAIR PILOT$ BEilEVOLENTFUNB | |||
|---|---|---|---|---|
| f{OTE$TCITt{Ef-IilAllClALSTATEIUIEI{TS.Forths,}P-$rqq!$9{i9,Siflts$,*3{,?$-a4- | .,-,,,,,n,,,, | ,-., | ,,* |
|
| 3.Gr*nts | 2924 | 2023 | ||
| Benevolence Grants Other Grants Charitable Donations |
ffiTffi | f"f10,238 25,41A 3,000 38,648 |
9,255 28,299 2,000 3S,554 |
|
| 4.ttianagement andadministration | 2024 | *rlutr' | ||
| + | L | |||
| tnderndentsxaminatir,fe BoardofManagementExPenses |
360 1,109 |
r50 $,582 |
||
| tsanlr*ha | 6B | 6S | ||
| €r^J.w# | 1,537 | "ry'--7-.* | ',E,f3f;f} | |
| 5.Expenditurecrlra,isingfunds | 2fi24 | 2023 | ||
| t_ | .{' | |||
| Ma*agement Fees ,,ftianagementFees ltdanagement Fees -$arasinPortfsliosettled in EndowmentFund - Sarasin Portfolio settled outofCash Account -ThirdParty Costs within Sarasin Portfolio |
--, | 7,314 127 1,2A2 |
5,693 129 1,208 |
|
| [\rlanagement Fees -Transaction Fees within Sarasin Portfolio |
1,273 | 1,101 | ||
| 9,916 | 8,1 31 |
| Fixed Asget lnvestments", | ||||
|---|---|---|---|---|
| Urrestdcted | Designated | |||
| Listed investments | Funds '$, |
Fund | Total fl |
|
| *frarket Yf,lue | ||||
| At 10ctober2fr23 | 703,493 | 703,4S3 | ||
| Additions | 14,140 | 203,084 | 217,224 | |
| Rev*luatisnsugpfus | 97,375 | 15,523 | 1,12,898 | |
| {$arket value | ||||
| At 30 Septernber 2024 | ||||
| Historical cost At 30 September2024 |
,,,,T9g'q6.e | ,?q{,7q2 | 99?,-qqq | |
| At1october2023 | ,165,.1?3.,,,,,, ,:" | ,,76tr;q22, |
| 8. De,btors | |||||||
|---|---|---|---|---|---|---|---|
| Unresffeted',Bsignated Ftnds ,Fund, gg |
Total 2.,$.a4 e |
Total 3$23 6,, |
|||||
| HMRC Gift Aid Claim | 1,$12 | x,,6,12 | 4,538 | ||||
| :t:: | :'4,rS38, | ' |
|||||
| ,ffi | |||||||
| 9. Cred,itors | Itlnrestrited | Dafgnatd | Total | Total | |||
| F$ | Fund | 2024 | |||||
| f.E. | ffi : |
E | |||||
| ,AGrlxal | 4#f, | ||||||
| ,n*risj!_r€ii:i:;::#itia:3f | ifi3illai llalri\ri:,:Pr$.iry |
||||||
| + | 1,t;43 | ||||||
| 10.Funds |