**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 ## ||F*E*| |---|---| |Legal,andadmi*istrativeinformation,'|"l| |Trustess'Report|&H.H| |lndependent Exarniner'sRep*rt|"d| |Staternent,offinancialactivities|F3| |Balanc,,$heet|.d!s| |Notesformingpartof thefinancialstatements|?'*-L*,| ## |TRUSTEES|JshnD*nyer|| |---|---|---| ||CaptainAdrianJ*sephRaber{ Keeharl|| ||Captain JonathanPhilip Legat|| ||Captain Christine AnnMcGee|| ||lan Charles Melia MAFCA VR|| ||LtCollanHenry Murning|| ||Richard CharlesPiper|| ||Pa*lJospqh TacongnAC'IS,|| ||Kieran Ferrier Trasler|| ||Cdrl\I'arkChristopher Walker|| |PRINCI.PAL OFFICE|H*nour,ableCantpany Of|AirPilots| ||52a BoroughHigh Street|| ||Lond*n|| ||SE11XN|| |:
BANKERS|CAF BankLtd|| ||?5 }{ingsH*llArve*ue|| ||West Mailing,Kent|| ||MElg4JQ|| |IHVESTMENT.ADVIORS|Sarasin & PartnersLLP|| ||JuxonHouse|| ||100 StPaul'sChurchyard|| ||London|| ||EC4MBBU|| |CHARITY REGISTRATIONNUMBER|212952|| |INDEPENDENT EXAMINER|Raymond McDonaghFCA|| ||Crane&Partners|| ||LeonardHouse|| ||5-7 NewrnanRoad|| ||Bromley|| ||Kent|| ||BR11RJ|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||Unrestr*#edDesignaied
Funds
Fu*d|Unrestr*#edDesignaied
Funds
Fu*d|Tstal
?W,4||Total
E0rt| |---|---|---|---|---|---|---| |,Ilo,tes||flfl#|:rl|||ff,| |lneoryeand end$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,$il5||7,fi05||7,35S| |OccasionalDonations||tr,41,f|235,000|236,41&||1-S83| |Lega*y||t,***||t,sss||+st '
.,'.]| |Sthe-rLiv*ryCornpani*s/Per CaelumLcdg*||&*o||B**||s*$.| |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|$,,ll,S||8,131| |TottI||47,169|
2,932|50,101|
@|57,714| |Netsurplus/{deficit}||i11,BB4)|336,785|?24,SS1||(16,202)| |N*tsu,rplus,*rtin,vestments|e
f;,:|97,375|1,5,523|x12,BSB||30,690| |Netrnoveilrentinfunds||#,':@'",ffifflffi?ffi5d-@',@#|||ffirc|| |tsalaneeat1S*t*ber2*23||709,234||7*S.,?34||s94,746| |*alanceat3{}$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',B*signated
Ft*nds
,Fund,
gg|||Total
2.,$.a4
e||Total
3$23
6,,|| |HMRC Gift Aid Claim||1,$12||x,,6,12||4,538|| ||||||:t::|:'4,rS38,|
'| ||||||,ffi||| |9. Cred,itors|Itlnrestrited||Da*fgnat*d|Total||Total|| ||F$||Fund|2024|||| |||f.E.|ffi
:|E|||| |,A*Grlxal*||||4#f,|||| ||||||,n*risj!_r€ii:i:;::#itia:3f|ifi3illai
llalri\ri:,:Pr$.iry|| ||||||+|1,t;43|| |10.Funds|||||||| ## ## ## ## ##