AIR SAFETY TRUST Flnanclal Statements For the year ended 30 September 2024 Charity No. 236167
AIR SAFETY TRUST Contents Page Legal and administrative information Trustees, Report Independent Exarninerfs Report Slalemenl of ftnancial a¢llvilles Balancg sheet Notes fomlng part of the flnancial slalemen18 7-10
AIR SAFETY TRUST Legal and administrative 5nformation TRUSTEES Mr D Reeh BSclEngl FRA8S Mr P J Tacon BA FCIS Mr M J Tousey BSBA MBA Capl W Godwln MRA8S Mr R C Piper BSclHonsl FRAeS PRINCIPAL OFFICE Air Pilots Hou8e 52a Borough High Street London SE11XN BANKERS Barclay8 Bank pl¢ 326-328 HlghHolbom London WC1V 7PE INVESTMENT ADVISORS Sarosin & Partner8 LLP Juxon House 100 Sl Paul's Churchyard London EC4M 88U CHARITY REGISTRATION NUMBER 236167 INDEPENDENT EXAMINER Raymond McDonagh Cralle & Partners Leonard House 5-7 Newman Road Bromley BR1 1RJ
AIR SAFETY TRUST TRUSTEES REPORT Forth8 yèar ended 30 September 2024 The Trustees are plea8ed tv present their report and the financlal slalements of Ihe charity for the ye8r ended 30 September 2024. The Iruslees havÉ adopted the prov151ons Df Accounting and Reporting by CharSlles.' Statement ol Recommended Pr8cli¢e applicable lo charllles preparing their ac¢ounls In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffactive 1 January 20151. Constitution and obje¢ts The Air Safely Trust, a reglslered charity Ino. 2361671 is conslllLrted under a trust deed dated 15 July 1964 and amended by a supplement Deed, approved by the Charfty Commission, which came Into effect on 23 January 2003. The prlnclpal object of Ihe charity is the advancement ol public interest by the promotion of safety for all those who are employed In connection with, or tho travel by means of. air¢raft lo Include all means of locomotion In the alr or space. The Trustees arg grateful lo the Honourable Company of Air Pilots for Ihèlr support In provldlng asslstsnce th their charilablg aclivilie8, Organlsatlon The trustees who have s$rved durfng the year and slnce the year end are sel on page 1. Grant maklng poll¢y All grants are made solely in furtherance of the obpcls of the Trust lo organi8allons worklng In rèsearch and development in Gonneclion with aviation safely and lo organi5alions Involved in the promollon of safe worklng practices. In addition, awards ar8 made lo Individu?1$ in the furtherance or 8UPPOrt of safely In gvlallon. R8vlgw of actlvltles A8 usual, grants were made lo support flying schola¥shlps and profe55ional development for flylng Inslruclors as well as other work and aclivllles of the Honourable Company of Air Pilots IAlr Pilots) durlng thé year. Flnanclal revlew and Inv•stm•nt pollGy The funds of thè charlty generate in¢ome which Is used for th& furtherance of the objects of the Trust. There arg no re$lrlclions on the charlty's power lo invest. The investment strategy is Sel by the trustees and is reviewed wllh the Investment advisers annually. The investment in the froehold property a152a Borough High Street, London. provides premise8 lor the Trust and the Honourable Company of Air Pilots as well as being, in the view of Irusl@6s, an appreciating investment a5sel. Rgsgrvos policy It 18 the pollcy of the charlly to maintain all fund5 al a sufficient level lo meet Nucluallng demands. The reserves of the charity were maintained at 8 8uffiBienl level throughout the year lo cover evenlualilias such as additional admln15tralion and suppprt costs.
AIR SAFETY TRUST TRUSTEES REPORT For thè ar ended 30 September 2024 Rlsk Management The Trustees have examined the major slralegic, business and operational risks which the charity fa¢es and confirm that systems have been established lo enable regular reports to be pioduced so that the necessary steps can be taken to lessen these risks. Tru8teeB' responsibility In r•latlon to the flnanelal $tstements Law applicable lo charities in England and Wales requires the TrLJslees lo prepare financial slalements for each financial year which give a true and fair view of the charity's linallcial activities dLJring the year and of ils financial posilitsn al the end of the y$ar. In preparing those financial slalemenls. the Trustees are required to.. sel&¢l suitable accounting policie8 and then apply them conslslenlly.. make judgements and estimates th81 are reasonable and prudent.. slate whether applicable accounting standards and slalemen15 of recommended practice have been followed subject lo any departures disclosed and explained in the fi'nancial slalemenls. and prepare the financial slalemenls on the going Concern ba515 unless il 18 Inappropriate lo presume that the charity will continue ils operallons. The Trusloes are responsible for keeping accounting records thich di5c105e wth reasonable accuracy al any time the flnancial position of the charity and enable them lo ensure that the financial slalemenls comply the Charitie5 Act 2011. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delecllon ol fraud and other irregularities. Approved by the Trustees and signed on their behalf by.. Signed...,.....
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AIR SAFETY TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2024 Independent examinerfs report to the trustees of Air Safety Trust I report lo the charity Iruslees on my examination of the accounts of the The Alr Safety Trust for the year ended 30 September 2024. Responslbllities and basls of report As the charity trusteès of the Trust you are rèsponsible for the preparation of th@ accounts in accordance th the requlrements of the Charllles Act 20111'th2 AGt'I. l Teport in respect of my examination of the Trusl'B accounts carrled out under section 145 of the Act and in carrying out my examination I have followed all applkable Diraclions given by the Charity Cornmission und@r section 14515llbl of the Act, Indgpendent examlner's statement I have completed my examination. I confirm that no molerial mallers hav& eorn8 lo my attenllon In connectlon wllh th8 examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply wllh thé applicable requirements concerning the form and content of 8ccounl$ sel out in the Charllies (Accounts and Reports) Regulations 2008 other than any iequiremenl that the 2c¢ounls givg a tru& and fair view whlch Is not a maller considered as part of an independent examlnalion. I conflm that ther& are no other mallers lo whl¢h your allenlion should be drawn to enable a pioper underslandlng of th8 accounts to be reached. Raymond MeDonagh Crane & Partners Leonard House 5-7 Newman Road Bromley BR1 1RJ D#18
AIR SAFETY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Income and endowments from Donations from Air Charities Trust Other donations Investment incoma 18,500 945 16,795 18,000 15,521 Total 36,240 34,211 Expendlture on Grants, scholar8hip8 and donations Suppgrt costs Managem8nl and admlnlslralion 23,026 8,299 8,968 24,245 8,303 8,881 Total 40,293 41,229 Net deflclt 14,0531 17,0181 Investment revaluation gain5 66,606 Net movgment In funds Ba18ncè at 1 Oclob8r 2023 Balance at 30 Sèptembèr 2024 62,553 1954 476 2,017,029 12,748 1,941 728 1,964.476 Contlnulng operatlons All income and expendiluiè has arisan from continuing operations
AIR SAFETY TRUST BALANCE SHEET as at 30 September 2024 2024 2023 Note5 Fixed assgts Tangible Assets Investments 1.384,996 588,177 1,973,173 1,392,589 521,572 1 914,161 Curront assets Debtors Bank and cash balances 285 75,123 75,408 225 54,883 55,108 Cr&dilors Not current assets 10 31,552 43,856 14,793 40,315 Total net agsets 2,017,029 1,954,476 Funds 11 2,017.029 1,954,476 Approv&d by the Iru8lees and signed on their behalf by.. Trustees Dale 10..".D¢.L14t.
AIR SAFETY TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 Prlnclpal accountlng policies Accounting conventlon The financial slalemenls of the charity, which 15 a public benefit entity under FRS 102, have been propared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecliv& 1 January 20151,, Financial Reporting Standard 102 'The Financial R8POrting Standard appli¢able in the UK and Republic of lielsnd, and the Charitie3 Act 2011. Tha linancial slalemenls have been prepaied und&r the historical cost convenllon, Investment Income Inve51menl income is accounted for in the period In whlch the ¢harily18 enlllled lo recelpt. Resources expended Expendilule is included on an accrual$ basis. Costs of oeneraling fund8 Gornprise those costs directly attribulabie lo managing the Inveslm8nl portfollo and raising inv8slmenl income. Grants payable arg Gharged in the year whèn the offer 18 conveyed lo the recipient except in those as?s where the offer is condllional, such grants beSng recognised as expendllure when the conditions allaching are fulfilled, Grants offed subject lo condillons which have not been met al the year end are noted as a commitment, bul not accrued as expondilure. Support costs comprise costs for processlng grants and appllcalions, including support lo actual and polenllal applicants. Management and adminislralSon comprises ¢os18 for the running of th8 charity self as an organisallon. Wher8 costs cannot be dir8clly allribuled to 8lthèr of thesg two catagorie3, èstimates arg made based on a¢livily16vg1$. Tanglble flxed a88ets and depreclatlon Depreciation is provided al th& following annual rates in order lo wrlle off each asset over 518 eslimaled useful life. Buildings 1% on a straight lin8 ba$ls Flx8d assets Investments Investments are included al clo8ing mid-markel value al the balance sheet dale, Any gain or loss on revalulion is taken lo the Slalemenl of Flnanclal Aclivilies. Fund accountlng Delai18 of the nature and purpose of each fund are 8el out below in note 11. 1. Statutory informatlon Air Safely Trust is a Registered Charity, domiciled in England and Wales, chaiily number 236167. The registered office is Air Pilots Houso, 52a Borough High Street. London, SE1 1XN.
AIR SAFETY TRUST NOTES TO THE FINANCIAL STATEMENTS For th8 year anded 30 September 2024 2. Investmént incom8 2024 2023 Dividends 16,795 16,795 15.521 16,521 3. Grants, Scholarshlps and Donation$ 2024 2023 The amount payable in the year coMpri5es'. Bursaries Donallons Scholarships Affiliated society sub8Griplions Cobham Lecture èxpenses 2,500 1.288 15.035 2,319 1,884 23,026 3.500 3.792 13,099 1,923 24,245 4. support costs 2024 2023 Accommodation co51s Equipment and computer costs Travel expen¥es Trophleg and awards TTusla• maèling$ Depreciation 206 397 14 200 381 25 14 89 7.593 8,303 8,299 S. Management and admlnlstratlon 2024 2023 Adminislralion 3ervice$ Independent examlnallon fe8S Accountancy Postage, prinllng and slalionery Professionol committees Bank charges Sundry expenses 5,715 300 2,400 71 473 5.443 300 2,400 60 450 1S 13 8,681 8,968 6. Staff costs and trustees remuneration The Alr Safely Trust does not employ any staff diieclly bul conlribules via an allocalk)n of costs towards the use of staff employed by the Honourable Company of Air Pilots. Trustees rece(ved no rernungralion and were not reimbursed for any of their expenses.
AIR SAFETY TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2024 7. Tanglble Fixed Assets Land & Bulldlng$ Cost Al 1 October 2023 Additions 1,429.493 1,429,493 Depreciation Al 1 October 2023 Charge fof the year At 30 September 2024 36.904 7,593 44,497 Net Book Valug AI 30 September 2024 Al 1 Oclob&r 2023 1,384,998 1,392,589 The freehold offlce premi589 al Air Pilots House, 52a eorough High Street, London. is owned jointly belwe&n the Air Safgly Trusl1650/0l, the Honourable Company of Air Pilots and the Air Pllols Trust. The title is held in trust by Ali Pil015 Property Ltd on bghalf of the three jolnl owners, 8, Flxed A9Sèt Inve$tments Llsted Investments Llsted Investments Market value Al 1 October 2023 Addlllons 521,571 521,571 R•v*luatlon Surp1ts8 for the year e6,606 Market value AI 30 September 2024 At 1 October 2023 588,177 521,571 Historical cost AI 30 September 2024 Al 1 Oelober 2023 387,589 387,589 9. Debto 2024 2023 Debtors Prepayments 19 266 285 19 206 225
AIR SAFETY TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 Septèmber 2024 10. Credltors 2024 2023 Due to The Honourabl8 Company ol Air Pilots Due lo Air Pilots Ttu$l Accounts payable Accruals 11,546 16,038 1,268 2,700 835 8,500 5,458 31,552 14,793 11. Funds These comprise Ih08e funds which the Iruslèes are free lo use In accordance with the charitabl8 objects ol the Irusl. There were no reslricled funds In th8 current year. 12. Commltments All grants 8ulhori3ed by the Iruslees prfor lo the end of the year hav8 been Included in th8 accounts. 10