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 offe￿d 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