AVIATION ENVIRONMENT TRUST
Charitable Trust Number: 276987
ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2022 TO 31 MARCH 2023
AET registered office: 3 More London Riverside, London SE1 2RE
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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 3 More London Riverside OFFICE & London PRINCIPAL SE1 3RE ADDRESS Tel: 0203 859 9371 Email: info@aet.org.uk Web: www.aet.org.uk
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Aviation Environment Trust
Annual Report of the Trustees 2022/23
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.
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 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 2023 were:
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 two meetings during the period on the 11[th]
May 2022 and 15[th] March 2023. The March meeting served as the Trust’s annual general meeting. Peter Barclay was re-elected as Chair of the trustees for the forthcoming year.
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’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 following organisations for their financial support of the Trust’s work during the year: Millennium Oak Trust, the Network for Social Change, the World Economic Forum and individual donors.
The Trust did not engage fundraisers during the period covered by these accounts.
Work Programme:
We were pleased to start two new projects in 2022/23. We commissioned the environmental consultancy Element Energy to research decarbonisation pathways for the UK aviation sector,
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focusing in particular on the mitigation potential during the 2030s. The report, prepared as a contribution to the Government’s development of a ‘Jet Zero’ strategy, was published in May 2022. The report, and the associated launch webinar, attracted wide publicity, including a feature in The Guardian.
The second project is a collaboration with the World Economic Forum, the University of Cambridge and McKinsey and Company, funded by the Quadrature Climate Foundation exploring the technology, infrastructure and policy challenges associated with the development of zero CO2 emission aircraft using electric or hydrogen propulsion. Phases one and two of the project resulted in WEF publications on the blockages to new technology and the costs and challenges of infrastructure. The third phase will look at developing a toolkit for governments on how to support novel propulsion through policy and R&D. This phase is due to be completed later in 2023.
Funding from the Network for Social Change enabled us to continue supporting local groups to better understand the environmental implications of new airport infrastructure and airspace changes, and to support advice on how to get involved in the decision-making planning process. While we have previously supported work on the role of communities at public inquiries, plans by several airports qualify as major infrastructure proposals requiring a Development Consent Order. To date only one airport has been through the DCO process, and knowledge and understanding of the process is very limited. Part of this work was undertaken with the involvement of the LeedsBradford community group, GALBA.
The Trust continues to support specific projects undertaken by the AEF, including enabling civil society participation in the environmental work programme of the UN’s International Civil Aviation
Organisation (ICAO). During 2022, civil society groups contributed to collaborative work with states and industry, defining a series of scenarios showing how the international aviation sector could reduce its emissions out to 2050. This was instrumental in giving states the confidence at the ICAO Assembly in October 2022 to agree a longterm aspirational goal of next zero emissions by 2050. Work starts now on how the goal can be delivered.
Financial Review: Commentary on the Accounts
Compared with 2021/22, the Trust’s turnover increased by 10.4%, largely due to the funding received from the World Economic Forum. Expenditure increased by 44.9% when compared with the previous twelve months. This increase reflects the commissioning of project work from Element Energy and Galba, as well as an increase in grant finding to the AEF. The overall surplus for the year was £72,608. The Trust is in a financially healthy position with a retained surplus of £437,070 total balance. This comprises £38,011 of restricted funding to complete ongoing projects, the reserve fund of £250,000, and £149,059 in general purpose (unrestricted) funds.
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
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funding commitments. The level of the reserve will be reviewed each year to ensure that it meets these needs. The current reserve target is £250,000. 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 had reached its target and was holding £250,000 in reserve. The reserve funds are unrestricted and no funds held in the
reserve have been designated or otherwise committed when the reporting period ended.
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 2022. Signed on behalf of the Trustees by Peter Barclay, Chair of Trustees, on 2[nd] October 2023.
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Aviation Environment Trust
STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| TURNOVER | 234,180 | 212,181 |
| Cost of Sales | 0 | 0 |
| _____ | _____ | |
| TOTAL INCOME | 234,180 | 212,181 |
| Charitable and Other Expenditure | 161,572 | 111,500 |
| _____ | _____ | |
| NET FUND SURPLUS/(DEFICIT) | 72,608 | 100,681 |
| _____ | _____ | |
| SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES | 72,608 | 100,681 |
| RETAINED SURPLUS BROUGHT FORWARD | 364,462 | 263,781 |
| _____ | _____ | |
| RETAINED SURPLUS CARRIED FORWARD | 437,070 |
364,462 |
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.
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Aviation Environment Trust
BALANCE SHEET
| 31 March 2023 | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible Assets | 0 | 0 | ||
| CURRENT ASSETS | ||||
| Debtors and prepayments | 0 | 0 | ||
| Cash at bank and in hand | 136,330 | 64,291 | ||
| Bank deposit accounts | 300,740 | 300,171 | ||
| _____ | _____ | |||
| 437,070 | 364,462 | |||
| 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) | 437,070 | 364,462 | ||
| _____ | _____ | |||
| Net Assets/(liabilities) | 437,070 |
364,462 |
||
| Funds | ||||
| Income Funds | ||||
| General purposes funds | 149,059 | 132,405 | ||
| Restricted funds | 38,011 | 7,057 | ||
| Reserve fund (Unrestricted) | 250,000 | 225,000 | ||
| _____ | _____ | |||
| 437,070 |
364,462 |
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Aviation Environment Trust
Incoming Resources and Expended Resources for the Year Ending 31 March 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| GENERAL FUND:- | £ | £ | £ | £ | |
| Incoming Resources | |||||
| From voluntary sources: | |||||
| Project grants (Unrestricted): | |||||
| Millennium Oak Trust |
24,000 | 160,000 | |||
| Project grants (Restricted) | |||||
| Millennium Oak Trust |
100,000 | ||||
| Network for Social Change | 7,323 | 7,057 | |||
| World Economic Forum | 52,688 | 0 | |||
| 184,011 | 167,057 | ||||
| Donations (unrestricted funds): | |||||
| Donations via CAF |
2,500 | 5,000 | |||
| Other donations |
47,100 | 40,100 | |||
| 49,600 | 45,100 | ||||
| From assets | |||||
| Deposit interest | 569 | 24 | |||
| _____ | _____ | ||||
| Total Incoming Resources | 234,180 | 212,181 | |||
| Expended Resources | |||||
| Charitable activity direct expenditure: | |||||
| Grants to AEF |
126,700 | 109,000 | |||
| Research fees |
0 | 1,000 | |||
| Research fees WEF project |
15,000 | 0 | |||
| Research fees Element Energy | 10,872 | 0 | |||
| Research grant GALBA |
7,000 | 0 | |||
| _____ | _____ | ||||
| 159,572 | 110,000 | ||||
| Other expenditure: | |||||
| Secretarial & administration |
2,000 | 1,500 | |||
| Rent, water, heating & lighting | 0 | 0 | |||
| Auditors remuneration | 0 | 0 | |||
| Advertising |
0 | 0 | |||
| Depreciation |
0 | 0 | |||
| _____ | _____ | ||||
| 2,000 | 1,500 | ||||
| ______ | ______ | ||||
| Total Expended Resources | 161,572 | 111,500 | |||
| Net surplus/(deficiency) for the year | 72,608 | 100,681 |
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Aviation Environment Trust
Notes to the Accounts for the Year Ending 31 March 2023
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.
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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 2023 Charity 276987 ended no (if any) Set out on pages 6-9 (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 2023 .
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:
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accounting records were not kept in accordance with section 130 of the Act or
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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 September 2023 Name: Timothy C Thomas Relevant professional qualification(s) or body (if any): Address: 23 Brooklands Headcorn Kent TN27 9QS
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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 .