The British Airline Pilots Association Benevolent Fund A registered Charity TRUSTEES REPORT AND FINANCIAL STATEMENTS 5 APIUL 2024 Charlty f4umber 229957
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND Trnste¢s and Officers TRUSTEES Fowler C Evans Captain D Hogg Captsin R Ke¢gan Captain T Hill- Tout Captsin M Drak¢ ' (ChaÉrn)an ) CHARITY REGISTRATION NUMBER 229957 PRcIPAL ADDRESS BALPA House l Heathrow Boulevard 1st Floor, East Suite 278 Bath Road West Drayton UB7 ODQ PRINCIPAL BANKERS Unity Trust Bank Nine Brindl¢)place Birniillgham BI 2HB INVESTMENT ADVISORS Berg Davies Associates Limited 3 Highbank Meadow Wesihorpe Road Finningham Suffolk IP14 4TY INDEPENDENT EXAMtNER A M Briggs 28 Wheata5h Road Addlestone Surrey KT15 2ER
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND TRUSTEES REPORT Year ended 5 April 2024 The tTU5tees present their reptsrt along with th¢ financial statements of the ¢hariiv for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies Set out on pages 9 and 10 and comply with the charity's tw51 deed and applicable law. CONSTITUTION AND OBJECTS The charity was established under a Ttvst Deed dattd 15 July 1963 {as amend¢d) io provid¢ assistance to current and fom)er commercial airline pilots and navigators. flight engineers ttrtd British Airline Pilot5 Association employees, and their famili¢s. ORGANISATION Under the tern)s of the Tnjst Deed. tnjstees are apw)inted by the Chairnian of the British Airline Pilots A5S(Kiation and rdiif2ed by existin8 mistees. The trustees meet regularly, usually quarterly, cither in person or on line. to discuss applications for assistance bui are in regular coniaci electronically benveen me¢tings to deal with matters as they arise. REVIEW OF THE YEAR During the year the fund continued to make grants and l¢)an5 to applicants in financial difficulties. The aviation industy has r¢covered from the effects of the Coronavirus pandemic but the number of applications received and the number of wnts and loans advanced has increased. The tTU5tee5 have continued to provide sistance where the application fell wiihin the ¢riteria of the Fund and include wts and loans to those who have been made redundant or fa¢¢ financial pregsure as a result of other circumsiances and to fiEwice career development away from flying. We have continued to fimd flying scholarships through the Honourabl¢ Cornpany of Air .Pilots Scholarship Pronrne. During the year antS of £31,896 and interest free loans of £52.368 were made. The Trnstees are grateful to Pilots Together for th¢ substantial donatson on the winding up of the Charity. In the light of the increased demand for assi5tsn¢e in recent yeaTS,, the Trustees continu¢ to seek donations from m¢mb¢rs and fomier members of the aviation community through ¢ffi¢i¢nt giving such as Gift Aid and Give A5 You Earn and on the Kindlink giving plaiforni. No professional fundraisers have been engaged. The Trustees also continue to operate BBF@Virgin with ihe assistance of pilots wiihin Virgin Atlantic to raise funds io support iheir colleagues. The Trustees would be pleased to consider entering into similar arrangemenis with other companies. The surplus for the year was £194,067 (2023.. deficit of £17,297) There was surplu5 (Trf £155.607 on the revaluation of investments assets which i5 added from the accumulaied funds, giving a balance io be carried fotvard of £2,481.909. whi¢h put5 the Fund in a strong posiiion to meet any future application5 going forward.
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND TRUSTEES REPORT continued Year ended 5 April 2024 GRANT MAKING POLICY The trustees make grants to applicants where at their absolute discretion they consider the need adeqUe and th¢ available funds sufficient. LOAN MAKING POLICY l¥There appropriat¢, the trnstees rnay make loans, with or without charging interest and with or with(Trut $urity or specific repttyrnent ternis. In seeking repa)Tneni, the twstees endeavour to take into account the contirtuing financial circumstsnces of the individual. RESERVES POLICY The trustee5 consider it essential to carry forward reserves sutTicient to meet the urgent needs of qualifying individuals and to Cover as best they may, unforeseen circumstances which may cause urgent demands on the fund. RISK MANAGEMENT The bvstees have examined the major strategic, business and opetstional risks which the charity faces and ¢onf]rn) that Sysiems have been established to enable regular reports to be produced so thai the necessary Sp$ can be taken to lessen these risks. During the year the following hav¢ 5¢rv¢d a5 twstees to the Fund: G Fowler C Evans Captain D Hogg Captain R Keegan Captain T Hill- Toui Captain M Drake AUDITORS In &cordanc¢ with th¢ Trust De¢(L the Fund 15 no longer required to appoint auditors unless required by applicable law. Signed on behalf of the TrLLStees T Hill-Tout 20a
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND TRUSTEES. RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS year ended 5 April 2024 Law applicable to Charities in England and Wales requires the Trustees to prepare financial slatements for each financial year which give a iNe and fair view of the chariry's fjnancial activities during the year and of its finan¢ial position ai the end of the year. In preparing those financial stat¢m¢nts, Trustees are required to.. select suitable accounting policies and then apply them ¢on5lSt¢ntly' observe the meth¢xls and principles of the Charities SORP.. make judgements and estimate5 that are reasonable and prudent; state whether applicable accounting standards and statements of recommended prnctice hav¢ been followed subject to any departiires disclosed and explained in the financial ststements,. and prepare the fjnancial SementS on the goin8 concern basis unless it LS inappropriaie to presume that the clwity will continue in business. The Tru5t¢e5 ar¢ responsibl¢ for keeping proper accounting records which disclose with r¢asonable accuracy at any time the fir1¢181 position of the chariry and io enable them to ensure that the financial Sfatements comply with Charitie5 Act 2011, the Chariry (Accounts and Repons) Regulation 2008 aftd applicable law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for th¢ prevention and detection of fraud and other irregularities.
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE BIUTISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND Year ended 5 April 2024 I rewjrt on the accounts of The British Airline Pilots Association Benevolent Fund for the year ended S April 2024 which are set out on pages 7 to I l. Respectlve responslbilltles of trustees and examlner The chariry's trustees are responsible for the preparation of the a¢count5 in accordance with the requirements of the Charities Aci 2011. The charity's iNstees consider that an audit is not required for this year under the charities Act 2011. s. 144(2) {the 2011 Aci) and that an independent exaJnination is nttded. It is my responsibility to: examine the Counts under s.145 of the 2011 Aet; 2. follow the pro¢edures laid down in the general Directions given by the Charity Commission under s.145{5)(b) of the 2011 Aci., and State whether particular Enatters have WTn¢ to my attention. Basts of Independent ex4mineYs report My exatnination was carried out in accordance with the general Directions given by the Charity Commission. Art exatnitydtion includes a review of ihe accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes considerdtion of any unusual items or diselosures in the actounts, and seeking explanations from you as trustees ¢on¢¢rning such matters. Th¢ procedures undertaken do not provide all the evidence that would be r¢quired in an audit and consequently no opinion is given as to wheiher the accounts present a true and fair view, and the report 1$ limited to those matters set out in the 5tatem¢nt below. Independent ex¥4miner's statement In Connection with my ¢xaminalion. no matter has come to my attention.. which gives me re&sonable cause to believe thai in any material respect the requirements.. to keep accouniing records in accordance with s.130 of the 2011 Act,. and to prepare accounts which a¢¢ord with the accounting r¢¢ords and ¢omply with the accounting requirements of the 2011 Act, have noi been met.. or to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accowjts to be reached. Mrs. A. M. Briw FMAAT 28 Wheatash Road Addl¢ston¢ Surrey KT15 2ER
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2024 ?024 23. Notes Incoming resource5 Voluntory income.. Investment income Interest r¢¢¢iv¢d 44.975 40.928 187 Donations BBF@Virgin Pilots Together General 605 235,000 3.559 1,020 5.411 Other income 19 284.158 47,557 Resources exp¢nd¢d Charitable activities- Grants Srholar5hip5 & bursaries Professional fees Aecountancy & administration ICO fees 31,896 41,476 9.856 4,395 35 13,018 42,074 3.871 4,363 35 (87,658) (63,363) Governance (2.433} {1,491) Gainl(Deficit)/on investments 155,607 (92,575) Nei IncominlincOM1DreS0UrCeS for the year 349.674 (109,872) A¢eumulaied funds broughi forward 2,132,235 2,242,107 A¢¢urnulated fimds CaTried fonvard £ 2,481,909 £ 2,132235 Allocated io BBF@Virgin - resth¢ted filnd Pilots Together fimds Unrestricted funds 15,386 235,(X)O 2,231,523 14.781 2.117,454 £ 2,481.909 £ 2.132235 No separnte Ststement of Total Recognised Gains and Losses has been presented as all such gains and losses e been dealt with in the siaternent of financial tiVitIes.
THE BRrrisH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND BALAf4CE SHEET 5 April 2024 2024 2023 Not¢s FIXED ASSETS Investments 2.117,934 1.862,327 CURRENT ASSETS Debtors Cash 4¢ bank 121,607 246,965 78.238 198,190 368.572 276.428 CURRENT LIABILITIES Acctuals (4,597) (6.520) NET CURRENT ASSETS 363,973 269,908 NET ASSETS £ 2,481.909 £ 2,132,235 Represented by- Accumulated Funds BBF@Virgin- restricted fund Pilots Together funds Unrestricted ndS 15.386 235,(M)O 2,231.523 14,781 2,117,454 £ 2,481,909 £ 2,132,235 Approved by the Trustees on 12 PGc.&Tr?OGR 2021L and signed on theiT behalf by .T Hill-Tout Trustees ¢egan
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND ACCOUNTING POLICIES Year ended S April 2024 BASIS OF ACCOUNTING The flnancial statements have been prepared in accordance with Ae¢ountin8 and Reporting by Chariiies.. Siatement of Re¢otnmended Practice applicable to ¢hariiies preparing their ac¢ounfs in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republie of Ireland (FRS 102) - (Charities SORP (FRS 1021). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) and with the Charities Act 2011. The Charity meets the definition of a public benefjt ¢Dtity under FRS 102. Assets and liabillties are iniiially recognised at hi5tori¢al cost or transa¢tion value unless otherwise stated in the relevant accounting policy. In preparing the account5, the trustees have eonsidered whether in applying the a¢eounting policies required by FRS 102 and the Charilies SORP FRS 102 the restatement of comparative items was r¢quir¢d. No restatements were required. The accounts have been prepared on a going concem basis. Th¢ charity has sutTici¢nt cash and net assets io continu¢ and the trustees believe there to be no maierial uncertainties aboui th¢ Charity's ability to continue as a going concern. INVESTMENTS Investsnents are in¢luded at fair value whieh is the closing market value at the balance sheet date. Any gain or loss on revaluation is taken to th¢ Statement of Financial Activities. LOANS TO BENEFICIARIES In certain circumsw)¢es, interest free loans are mad¢ to beneficiaries. LA)ans are Provided for in full in the year, that they att made unless the trnstees are certain that the loan will be repaid. ACCUMULATED FUNDS There ar¢ no specific restri¢tions on the charity's funds apart from the fiytherance of the charity's aims, other than that the interest on £ 20,000 per annum be used to fund the cosi of education of children of de¢¢&sed pilots attending fee paying schools, if possible. This request was pan of the Wigley legacy. In the opinion of the trustees. the wording of the requ¢si is such that these funits do not need to be placed into a separate restri¢t¢d fijnd. If an applicant meets Èhe criteria of the request, the fimds will be expended from the unrestricted funds. donations of £15.386 has been received from the BBF@Virgin initiative. These funds are eamiarked to provide assisthnce to employees and fomier ¢mployees of Virgin Atlaniic. No amounts had been expended by 5 April 2024 the donation of £235.000 from Pilot5 Together will fund all applications to BBF that can be assessed against the objects of Pilots Together and where an applicani would. or would likely, have qualified under the Pilots Togeiher &ssessment ¢rhieri4 funding towards that applieation will come from the Pilots Together fund
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND ACCOUNTING POLICIES Contined Yesr end 5 April 2024 INVESTMENT INCOME, DONATIONS, LEGACIES AND SIMILAR INCOME All incoming re50ur¢es are included in the statement of fmancial activilies when the Charity is entitled to the income and the amount can be quantified with reasonable a¢¢uracy. Th¢ following specific policies are applied to particular categories of ineome.. Voluntary resources are included in the statement of fjneneial activtties when th¢ Cknty 15 ¢nttiled io the income and the amount can be quantified with reasonable accuracy. Investment income is included when reeeivable. RESOURCES EXPENDED Expenditur¢ 15 r¢¢0gnised once there 15 a legal or ¢onstru¢tive obligation io make a paymeni to a ihird it is probable that 5¢tt1¢men¢ will be required and the arnount of the obligation can be measured reliably Expenditure on charitsble a¢tivitie5 includes irrecoverable VAT and the costs of the delivery of Èts activities and services for its beneficiaries. All support costs are allocated to the one charitable activity of the ¢harity TAXATION Under the provi5son5 of the IncoTlle at]d Corpordtion Taxes Act 1988, the Fund is not subject to taxation, on the grounds that li is a registered charity. CASH AT BANK AND IN HAND C&8h at bank and cash in hand includes cash and short tem) highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. DEBTORS Debtors are recogTtised at the settlement amount due after provision for bad and doubtfijl debts. io CREDITORS AND PROVISIONS Creditors and provisions are recognised where the charity h&8 a present obligation resulting from a past evenl that will probably result in the transfer of funds to a third party and the atnount due to s¢ttl¢ th¢ obligation can be measured or estimated reliably. Creditors and provisions are nornially r¢¢ognis¢d ai their Settlement arnount after allowng for any trade discounts du¢. FINANCIAL INSTRUMENTS Th¢ Charity only has fjnancial assets and financial liabiliiies of a kind that qualify as basic fmancial instrum¢nt5. Basic fancial instruments are initially recognised at transaction valu¢ and Subsequently measur¢d at their settlement value. io
THE BRITISH AIRLINE PILOTS ASSOCIATION BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS Year ended S Aprll 2024 2024 2023 I]¥VESTMENTS Market value at 6 April 2023 Additions Unrealised market gainl(deficiiy 1,862,327 100,000 155,607 1,954,902 (92,575) Marf(et value * 5 April 2024 £2.117.934 £ 1,862,327 Historical cost as at 5 April 2024 £ 1.228,430 £ 1,128.430 All invesm)ents are listed UK 5¢curities. 2 DEBTORS Loans to beneficiaries Taxation recoverable 115.758 5,849 72,934 5,304 £ 121.007 £ 78238 3. TRUSTEES AND EMPLOYEES REMUNERA TION No remunerdtion was paid to any ttustee during th¢ year. Expenses were paid to th¢ trust¢¢s of £1,030 during the year (2023 .. £891). There were no employ¢¢s during the year. 4. TAXATION No liability arises, as the Fund is exetnpt from laxation under the In¢ome and Corporation Taxes A¢t 1988. on the grounds that it is a registered charity. 5. LEGAL STATUS OF THE CHARITY The ctwity was established in 1963 by trnst deed dated 15 July 1963. Amenthnents to the dttd were made in 1965, 1975. 1993 and 2017. FEES FOR EXAMINATION OF ACCOUNTS Independent exarninerfs fee £650 £600 li