AVIATION ENVIRONMENT TRUST
Charitable Trust Number: 276987
ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2020 TO 31 MARCH 2021
AET registered office:
40 Bermondsey Street, London SE1 3UD
2
Aviation Environment Trust (AET) Charitable Trust Number: 276987
BOARD OF James W Bailey TRUSTEES Roger Banks MANAGING THE Peter Barclay (Chair) TRUST DURING Richard K Roads THIS PERIOD
SECRETARY OF THE TRUST DURING THIS PERIOD Sarah Clayton
BANKERS
Lloyds Plc The Strand Branch 222 Strand London WC2R 1BB
REGISTERED 40 Bermondsey Street OFFICE & London PRINCIPAL SE1 3UD ADDRESS Tel: 0203 859 9371 Email: info@aet.org.uk Web: www.aet.org.uk
3
Aviation Environment Trust
Annual Report of the Trustees 2020/21
The Aviation Environment Trust (AET) was established on 21st November 1978 by Deed of Trust and is a Charitable Trust registered with the Charity Commission (no. 276987). Until 2011, the Charity was known and operated as the Airfields Environment Trust.
2020 and 17[th] November 2020. Due to the pandemic, both meetings were held virtually. The 17[th] November meeting served as the Trust’s annual general meeting, at which Peter Barclay was elected as Chair of the trustees, taking over the role from outgoing Chair Richard Roads.
Principal objectives and policies
AET’s principal objectives, as indicated in its Deed of Trust, are to advance knowledge and understanding of aviation's adverse environmental impacts through research and education. To achieve these objectives, it is the policy of the Trust to promote or produce informative material, on its own or with others, and to hold events such as seminars, conferences and discussion groups to disseminate such materials, to educate, to raise awareness, and to help identify and address the issues.
The trustees agree the strategy and areas of research activity for the AET, as well as considering any grant making, and risk management policies and performance. The day-to-day administration of the Trust is delegated to the Secretary. All staff have an on-going duty to report to the Trustees at each meeting, and to contact the Trustees if a significant issue arises between meetings.
New trustees are elected by the serving Board of Trustees.
Administration and management
The Trust also undertakes or supports research into subjects of current importance in the field of aviation and the environment: outcomes should assist problem-solving and under-standing.
Achievements and Performance: Review of the Year
Trustees
The trustees who served during the year to 31 March 2021 were:
The Trust’s administration was undertaken on behalf of the Trustees by Sarah Clayton (Secretary to the Trustees) in a voluntary capacity.
Funding and Promotion
The trustees would like to thank the Millennium Oak Trust for its continued financial support during the year, as well as individual donors.
Work Programme:
Mr. James W Bailey Mr. Roger Banks Mr. Peter Barclay Mr. Richard K Roads
The Trustees are responsible for the general control and management of the administration of the charity, and held meetings during the period on 26[th] May
Despite restrictions on international travel because of the pandemic, the UN’s work to assess the feasibility of a long-term climate goal for international aviation continued with virtual meetings. The trustees are pleased to be supporting civil society involvement in this work which is due to report in February 2022. The
4
current focus is on assessing the likely future contribution of more efficient technology and operations, novel propulsion in the form of electric and hydrogen aircraft, and sustainable aviation fuels.
The Network for Social Change has provided the AET with funds to investigate the carbon impacts of airport expansion in the UK, together with work to support communities in understanding and responding to the climate-related aspects of aviation planning applications and public inquiries.
Some projects were temporarily paused during the pandemic, including the Trust’s support for NGO participation in Public Health England’s ANCO and RISTANCO studies and work to raise awareness of aviation’s ‘non-CO2’ climatic effects. These projects are expected to resume later in 2021.
Financial Review: Commentary on the Accounts
The Trust’s expenditure fell from significantly during the period, from £153,425 in 2019/20 to £128,147 in 2020/21, largely as a result of a more cautious approach by funders during the pandemic. However, this was more than offset by the corresponding fall in the Trust’s expenditure. The aviation sector was particularly impacted by the pandemic, with traffic falling globally by 60% during 2020. This meant that ongoing research was paused, resulting in the trust receiving fewer requests for funding. Overall, the Trust had an operating surplus of £82,647 for the year, with a carried forward balance of £263,781. The trustees expect some of these funds to be used in the next financial year as organisations resume research and other studies.
In line with its reserve policy (see below) the trustees have continued to allocate further unrestricted funds to the reserve.
Risk management
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established appropriate systems and procedures to manage those risks. The trustees are not aware of any significant risks.
Reserve Policy
The trustees recognise the need to maintain sufficient reserves to maintain the Trust’s operation in the event of a sudden drop in income or unforeseen expenditure in exceptional circumstances, and to meet any existing and multi-year funding commitments. The level of the reserve will be reviewed each year to ensure that it meets these needs. The current reserve target is £225,000. The accumulation of these reserve funds should be pursued in a balanced manner that also allows the Trust to respond annually to requests for funding.
At the end of the reporting period covered by these accounts, the Trust was holding £185,000 in reserve. The reserve funds are unrestricted and no funds held in the reserve have been designated or otherwise committed as at the end of the reporting period. The trustees are taking steps to set aside unrestricted revenue in the next reporting period to close the gap with the stated target.
Financial Statement
These financial statements have been prepared to satisfy the AET’s deed and in accordance with the Charities Act for the year ended 31st March 2021. Signed on behalf of the Trustees by Peter Barclay, Chair of Trustees, on 19[th] May 2021.
Aviation Environment Trust
STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| TURNOVER | 128,147 | 153,426 |
| Cost of Sales | 0 | 0 |
| _____ | _____ | |
| TOTAL INCOME | 128,147 | 153,426 |
| Charitable and Other Expenditure | 45,500 | 153,250 |
| _____ | _____ | |
| NET FUND SURPLUS/(DEFICIT) | 82,647 | 176 |
| _____ | _____ | |
| SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES | 82,647 | 176 |
| RETAINED SURPLUS BROUGHT FORWARD | 181,134 | 180,958 |
| _____ | _____ | |
| RETAINED SURPLUS CARRIED FORWARD | 263,781 |
181,134 |
TOTAL RECOGNISED GAINS AND LOSSES
The Charity has no recognised gains or losses other than those shown above.
CONTINUING OPERATIONS
None of the Charity’s activities were acquired or discontinued during the accounting periods shown above.
6
Aviation Environment Trust
BALANCE SHEET
| 31 March 2021 | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible Assets | 0 | 0 | ||
| CURRENT ASSETS | ||||
| Debtors and prepayments | 0 | 0 | ||
| Cash at bank and in hand | 63,634 | 11,034 | ||
| Bank deposit accounts | 200,147 | 170,100 | ||
| _____ | _____ | |||
| 263,781 | 181,134 | |||
| CREDITORS | ||||
| Amounts falling due within one year | ||||
| Creditors and accruals | 0 | 0 | ||
| Other accruals | 0 | 0 | ||
| Auditors remuneration | 0 | 0 | ||
| _____ | _____ | |||
| 0 | 0 | |||
| _____ | _____ | |||
| NET CURRENT ASSETS/ | ||||
| (LIABILITIES) | 263,781 | 181,134 | ||
| _____ | _____ | |||
| Net Assets/(liabilities) | 263,781 |
181,134 |
||
| Funds | ||||
| Income Funds | ||||
| General purposes funds | 60,781 | 31,134 | ||
| Restricted funds | 18,000 | 0 | ||
| Reserve fund (Unrestricted) | 185,000 | 150,000 | ||
| _____ | _____ | |||
| 263,781 |
181,134 |
7
Aviation Environment Trust
Incoming Resources and Expended Resources for the Year Ending 31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| GENERAL FUND:- | £ | £ | £ | £ |
| Incoming Resources | ||||
| From voluntary sources: | ||||
| Project grants (Unrestricted): | ||||
| Millennium Oak Trust |
100,000 | 140,000 | ||
| Project grants (Restricted) | ||||
| Network for Social Change 18,000 | 0 | |||
| 118,000 | 140,000 | |||
| Donations (unrestricted funds): | ||||
| Donations via CAF |
10,000 | 10,000 | ||
| Other donations |
100 | 3,350 | ||
| 10,100 | 13,350 | |||
| From assets | ||||
| Deposit interest | 47 | 76 | ||
| _____ | _____ | |||
| Total Incoming Resources | 128,147 | 153,426 | ||
| Expended Resources | ||||
| Charitable activity direct expenditure: | ||||
| Grants to AEF |
44,500 | 149,250 | ||
| Grants to others organisations | 0 | 3,000 | ||
| _____ | _____ | |||
| 44,500 | 152,250 | |||
| Other expenditure: | ||||
| Secretarial & administration |
1,000 | 1,000 | ||
| Rent, water, heating & lighting | 0 | 0 | ||
| Auditors remuneration | 0 |
0 | ||
| Advertising |
0 | 0 | ||
| Depreciation |
0 | 0 | ||
| _____ | _____ | |||
| 45,500 | 153,250 | |||
| ______ | ______ | |||
| Total Expended Resources | 45,500 | 153,250 | ||
| Net surplus/(deficiency) for the year | 82,647 | 176 |
8
Aviation Environment Trust
Notes to the Accounts for the Year Ending 31 March 2021
Related party transactions and trustees’ remuneration
No payments or remunerations were made to any trustee during the period.
There are no related party transactions during the period.
Accounting Policies
Depreciation is calculated so as to write off the cost of tangible fixed assets by equal annual instalments over their estimated useful lives as follows:-
Equipment – 25% on reducing balance.
9
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ Charity Name Aviation Environment Trust members of On accounts for the year 31 March 2021 Charity 276987 ended no (if any) Set out on pages 5-8 (remember to include the page numbers of additional sheets)
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2021 .
Responsibilities and basis As the charity trustees of the Trust, you are responsible for the preparation of of report the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
accounting records were not kept in accordance with section 130 of the Act or
-
the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: Timothy C Thomas Date: 14[th] May 2021 Name: Timothy C Thomas Relevant professional qualification(s) or body (if any): Address: 23 Brooklands Headcorn Kent TN27 9QS
10
Section B Disclosure
Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of There are no items to disclose. any items that the examiner wishes to disclose .