## **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 Indep￿dent 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 r*port 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 appl￿ble LI"1￿1￿5 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 CoM￿Y 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. B1￿k Panta FCCA Crane & Partners Limrted Leonard House &7 Newrnan Rowj Bron*ey Kent BR1 1RJ 27 JanLsary 2026