Trustees’ Annual Report for the period
From: 1st October 2024 To: 30th September 2025
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 or Air Technical Crew 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 three Air Ambulance charities. Funding a research project into the regulation and provision of support for pilot mental health. Support via the Pilots Together sub-fund for unemployed UK airline pilots who find themselves in hardship or financial difficulties. |
| 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. |
Page 1 of 6
APBF Trustees’ Annual Report 24-25
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 other organisationswithsimilarobjects astheFund. |
| 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 |
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 central heating boiler, the purchase of mobility equipment and funding aircraft simulator practice for an applicant to re-enter paid employment. The Trust deed also allows us to assist other charities and charitable purposes connected with aviation. Pilot mental health is a subject of increasing scrutiny and supporting research into this topic benefits the pilot community and the travelling public. 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 three Air Ambulance charities is to assist with equipment upgradestothe benefitof thewiderpublic. |
Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference |
||
|---|---|---|
| Achievements against objectives set |
Para 1.41 | |
| Performance of | Para 1.41 |
Page 2 of 6
APBF Trustees’ Annual Report 24-25
| fundraising activities againstobjectives set |
||
|---|---|---|
| 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 are maintained in a sub-fund wholly 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 eventofa downturn inequitymarkets. |
| Amount of reserves held |
Para 1.22 | £1,100,000 |
| 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 the MSCI WMA Private Investor 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 |
Page 3 of 6
APBF Trustees’ Annual Report 24-25
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 moretrustees |
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 SchemeDocumentand previousminutes. |
| 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, and SSAFA. |
| 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 |
Page 4 of 6
APBF Trustees’ Annual Report 24-25
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) |
|---|---|---|---|
| A.J. Keenan | Chairman | Air Pilots Benevolent Fund | |
| I, Melia | Treasurer | ||
| C. McGee | Secretary | ||
| I.Murning | |||
| K Trasler | |||
| M. Walker | |||
| P.J. Tacon | Clerk to the Company |
Ex Officio | |
| R. Piper | Master of the Company |
to 24thMarch 2025 | Honourable Company of Air Pilots Ex-Officio |
| E. Walkinshaw | Master-elect of the Company |
from 24thMarch 2024 | Honourable Company of Air Pilots Ex Officio |
| J. Denyer | Master-elect of the Company |
to 24thMarch 2024 | Ex Officio |
| J Denyer | Master of the Company |
from 24thMarch 2024 | Ex-Officio |
| Corporate trustees– names ofthe directors at the date thereportwas approved | Corporate trustees– names ofthe directors at the date thereportwas approved | Corporate trustees– names ofthe directors at the date thereportwas 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 in this capacity |
None |
|---|---|
| Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects |
None |
| Details of arrangements for safe custody and segregation of such assets from the charity’s ownassets |
None |
Additional information (optional)
Page 5 of 6
APBF Trustees’ Annual Report 24-25
Names and addresses of advisers
| Type of adviser | Name | Address |
|---|---|---|
| Investment Management Services |
Sarasin | 100 St Paul’s Churchyard, London, EC4M 8BU |
| Independent Examiner |
Crane & Partners | 5 Newman Road, Bromley, BR1 1RJ |
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 27[th] January 2026
Page 6 of 6
APBF Trustees’ Annual Report 24-25
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees'Report | 2-3 |
| lndependent Examiner's Report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notesformingpart of the financial statements | 7-9 |
| TRUSTEES | JohnDenyer |
|---|---|
| CaptainAdrian JosephRobert Keenan | |
| Captain ChristineAnnMcGee | |
| lan Charles Melia MA FCA VR | |
| LtCollan Henry Murning Richard CharlesPiper(to 24 March2025) |
|
| Paul JospehTaconBAACIS | |
| Kieran FerrierTrasler | |
| Cdr Mark ChristopherWalker | |
| Elizabeth PalmerWalkinshaw(from24March 2A25) | |
| PRINCIPALOFFIGE | Honourable Company OfAirPilots |
| 52aBorough High Street | |
| London | |
| SE11XN | |
| BANKERS | CAFBankLtd |
| 25Kings Hall Avenue | |
| WestMailing, Kent | |
| ME19 4JQ | |
| INVESTMENT ADVISORS | Sarasin & PartnersLLP |
| JuxonHouse | |
| 100StPaul's Churchyard | |
| London | |
| EC4M 8BU | |
| CHARITY REGISTRATION NUMBER | 212952 |
| INDEPENDENT EXAMINER | Bibek Panta FCCA |
| Crane & Partners Limited | |
| Leonard House | |
| 5-7Newman Road | |
| Bromley | |
| Kent | |
| BR11RJ |
| Unrestricted | Designated | Total | Tota! | |||
|---|---|---|---|---|---|---|
| Funds | Fund | 2A25 | 2024 | |||
| Notes | € | € | € | € | ||
| lncomeandendowments from lnvestmentincome Donations-HCAP Members Occasional Donations Legacy OtherLiveryCompanies/per Caelum Gift AldTaxRefund |
z Lodge |
22,473 9,650 1,000 5,000 1,822 |
6,543 31,695 |
29,016 9,650 32,695 5,000 1,822 |
27,575 7,605 236,410 1,000 800 1,612 |
|
| Total | 39,945 | 38,229 | 78,173 | 275,002 | ||
| Expenditureon | ||||||
| Charitableexpenditure: | ||||||
| Grants and donations Management and administration Expenditureonraising funds |
3 4 5 |
39,090 3,729 8,064 |
3,728 2,332 |
38,090 7,456 10,396 |
- | 38,648 1,537 9,916 |
| Total | --0-161- | |||||
| Netsurplus/(deficit) | (9,937) | 32,169 | 22,231 | 224,901 | ||
| Net surplus on investments | 7 | 34,356 | 8,995 | 43,342 | 112,ggg | |
| Netmovementinfunds | 24,419 | 41,154 | 65,573 | 337,799 | ||
| Balanceat1October 2024 | 794,725 | 2s23A8 | 1,047,033 | 709,234 | ||
| Balance at30September2025 | -T,6AiF5r |
| Unrestricted | Designated | Total | Total | |||
|---|---|---|---|---|---|---|
| Notes | Funds f |
Fund f |
2025 € |
2024 € |
||
| Fixed assets | ||||||
| lnvestments | 7 | 843618 843,619 |
261 626 261,626 |
1 105 244 1 105,244 |
1,033,615 1,033,615 |
|
| Currentassets | ||||||
| Debtors Bank andcashbalances |
I | 1,922 (21,874) |
32,259 | 1,922 't0,394 |
-- | 1,612 12,289 |
| (20,052) | 32,259 | 12,206 | 13,900 | |||
| Creditors Netcurrent assets |
I | 4,422 422 (24,474)31,936 |
4,844 7,362 |
482 13,419 |
||
| Totalnetassets | 819,144293,462 | 1,112,6A6 | 1,047,033 | |||
| Funds | 10 | 819,144293,462 | 1,112,606 | 1,047,033 |
| lnvestment income | ||||
|---|---|---|---|---|
| Unrestricted | Designated | Total | Total | |
| Dividends and interest from Sarasin portfolio lnterestreceivablefrom bank accounts |
Funds t 22,305 168 |
Fund f 6,375 168 |
2025 g 28,690 336 |
2024 f 27,091 484 |
| 22,4 | 6 | 29,0 6 |
27,575 |
| OTESTO THE FINANCIAL STATEMENTS Forthe year ended30Septemb 3. Grants and donations |
er2025 | ||
|---|---|---|---|
| 2025 | 2024 | ||
| t | f | ||
| Benevolencegrants Other grants Charitable donations |
6,090 26,000 6,000 |
10,238 25,410 3,000 |
|
| 39,090 | 39,649 | ||
| 4.Management andadministration | |||
| 2025 | 2024 | ||
| lndependent examinationfees Boardof ManagementExpenses APBF Pilot Research Project Bankcharges |
€ 1,260 2,092 4,050 64 |
- | € 360 1,109 68 |
| 7,456 | 1,537 | ||
| 5.Expenditure on raising funds | |||
| 2025 | 2024 | ||
| ManagementFees-sarasinportfolio setfled in EndowmentFund ManagementFees-sarasinportfolio setfled out ofcashAccount ManagementFees- Thirdpartycostswithinsarasinportfolio ManagementFees -TransactionFeeswithinsarasinportfolio |
f 7,961 126 1,175 1,134 |
- | f 7,314 127 1,202 1,273 |
| 10,396 | 9,916 |
| FixedAsset lnvestments | ||||
|---|---|---|---|---|
| Listed investments Marketvalue |
Unrestricted Funds f |
Designated Fund I |
Total f |
|
| At1October2A24 | 815,009 | 218,607 | 1,033,615 | |
| Additions | 4,254 | 34,434 | 38,287 | |
| Disposal | (10,000) | (10,000) | ||
| Revaluation surplus | 34,356 | 8,985 | 43,342 | |
| Marketvalue | ||||
| At30September2O2S | 843,619261,626 | 1,105,244 | ||
| Historicalcost | ||||
| At30September 2025 | 790,643241J3A | 1,031,773 | ||
| At 1October2024 | 788,069204,767 | - | 992,936 |
| 8. Debtors | |||||
|---|---|---|---|---|---|
| HMRC GiftAidClaim | Unrestricted Funds f 1,922 |
Designated Fund € |
Total 2025 f 1,922 |
Total 2024 f 1,612 |
|
| 1,922 | 822 | 1,612 | |||
| 9. Creditors | |||||
| Accruals | Unrestricted Funds t 4,422 |
Designated Fund € 422 |
Total 2025 € 4,944 |
- | 482 Total 2024 € |
| 4,422 | 422 | 4,944 | 482 |
INDEPEMDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AIR PILOTS BENEVOLENT FUND FOR THE YEAR ENDED 30 SEPTEMBER 2025 Indepdent examinerfs rpportto the trustees of Air Pilots Benevolent Futhd I report to the charity trustees on my examination of the accounts of the Tl "r Pilots Benecolent Fund for the year ended 30 September 2025. Responsibilities and basis of rport As the charity Irustees of the Ttust you are fesponsible f the pwaratitin of the aco)unts in acoxdance with the requirwmits of the CharitEs Ala 2011 Cthe A(0. I report in iespect ol my examination of the Trusfs ac(xMJnts carried OLrt under wtion 145 of the Act and in carrying oul my examinab.on I have followed all applble LI"115 gNen by the Charity Cornmission under seth.on 145(5)Ibl of the Act. Independent examinerfs ¥tst¢mnt I have compleled my examination. I confimi that no material matters have (x)me to my attenbon in ojnnection with the examtnation giwng me Cal lo IEIEve Ihat in any material respect.. accounting rewrds were Th)t kept respect of the Trust as by seclion 130 of the Act., or the accounts do rK)t ac(xJrd with those records.. or the accounts do nol CoMY vriih the applKable iequiremenls conceming Ihe form and (xjnlenl of accounts set out in the chanb.es IAcLounis and Rems) Regulations 2008 other than any requirement th the a(UnIS give a true and fair whith is not a maiteT considered as part of an independent eXaminal_ I cwlirrn Ihal there are no (rther matters lo whKth your attentNJn shoutd be drawn lo enable a proper understanding of the accoun15 to be mched. B1k Panta FCCA Crane & Partners Limrted Leonard House &7 Newrnan Rowj Broney Kent BR1 1RJ 27 JanLsary 2026