AVIATION ENVIRONMENT TRUST
Charitable Trust Number: 276987
ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2023 TO 31 MARCH 2024
AET registered office: 3 More London Riverside, London SE1 2RE
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Aviation Environment Trust (AET) Charitable Trust Number: 276987
Board of Trustees managing the Trust during this period:
James W Bailey Roger Banks Peter Barclay (Chair) Sarah Clayton (appointed June 2023) Richard Roads (resigned June 2023)
Secretary of the Trust during this period:
Sarah Clayton
Bankers:
Lloyds Plc The Strand Branch 222 Strand London WC2R 1BB
Registered office and principal address:
3 More London Riverside London SE1 2RE Tel: 0203 859 9371 Email: info@aet.org.uk Web: www.aet.org.uk
Annual Report of the Trustees 2023/24
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.
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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 understanding.
Achievements and Performance: Review of the Year
Trustees
The trustees who served during the year to 31 March 2024 were:
Mr James Bailey Mr Roger Banks Mr Peter Barclay Mrs Sarah Clayton (appointed June 2023) Mr Richard Roads (resigned June 2023)
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 20[th] June 2023 and 2[nd] October 2023. A virtual meeting was held on 15[th] March 2024. The October 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 wish to record their heartfelt thanks and appreciation to Richard Roads who stepped down as a trustee after 45 years service. Richard helped to launch the Trust and was its longstanding chair, guiding the charity through its early years before helping to establish the Trust’s reputation and a wider funding base. The trustees were pleased to appoint Sarah Clayton as a trustee.
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-today 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 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:
Aviation decisions often seek a balance between the economic benefits of air travel and its
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environmental impact. But independent information on the claimed economic benefits is hard to find, and some sources have become very dated. The Trustees were pleased to provide a grant to the New Economics Foundation to research the latest data on business travel trends, the tourism deficit and airport job creation to create a new evidence base. The report, Losing Altitude, was covered in The Guardian and AET facilitated a webinar to present the findings to a large audience of policy-makers, regulators, environmental groups, industry and the media.
A grant from the Network for Social Change allowed the Trust to fund a new campaign, NAE. NAE brings together community groups across the UK who are impacted by aircraft noise and emissions, and provides a shared resource for groups to engage in local policy discussions. It also provides access to technical help to better understand environmental data, trends and how impacts can be mitigated. NAE uses the expertise built up by communities involved in the Bristol Airport planning inquiry in 2022, and is focused on supporting others going through a similar process, notably at Luton and Gatwick airports.
The World Economic Forum project in collaboration with the University of Cambridge and McKinsey and Company, concluded with the Trust funding AEF to co-author a report with WEF on the policies needed to accelerate the development and uptake of zero emission aircraft. This was launched by WEF and AEF at a series of regional events for policy-makers held in Europe and South East Asia. The work was also presented to the UK Government’s Jet Zero Council.
The Trust continues to support other specific projects undertaken by the AEF. During the financial period, the trustees granted support to enable the Federation to participate in a collaboration with Google to further develop its Travel Impact Model (TIM). TIM is freelyavailable software that estimates the CO2 emissions of travelling by air, enabling the results to be displayed to consumers on booking sites to promote environmental choices. Leading booking platforms such as Skyscanner and Google Flights use TIM, as well as Travalyst members. AEF is part of the advisory group assisting Google with updates that will provide more accurate information as well as taking non-CO2 impacts into account.
Financial Review: Commentary on the Accounts
Income in the financial reporting period was lower than recorded in the previous twelve months but remained consistent with the Trust’s longer-term average. The fall in 2023/24 was due primarily to funding for the World Economic Forum project coming to an end. Expenditure focused on supporting a number of organisations, both national and local. Overall, with a reserve of £250,000, and further general purpose (unrestricted) funds of £171,496, the Trust’s finances are healthy. The trustees are not aware of any financial issue that will impact on the Trust’s finances going forward.
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
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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 £250,000. The trustees policy is to aim to pursue and maintain the target level of reserve funds 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 continues to maintain its target level and is 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 2024. Signed on behalf of the Trustees by Peter Barclay, Chair of Trustees, on 2[nd] October 2024.
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Aviation Environment Trust
STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| TURNOVER | 153,237 | 234,180 |
| Cost of Sales | 0 | 0 |
| _____ | _____ | |
| TOTAL INCOME | 153,237 | 234,180 |
| Charitable and Other Expenditure | 88,800 | 161,572 |
| _____ | _____ | |
| NET FUND SURPLUS/(DEFICIT) | 64,437 | 72,608 |
| _____ | _____ | |
| SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES | 64,437 | 72,608 |
| RETAINED SURPLUS BROUGHT FORWARD | 437,070 | 364,462 |
| _____ | _____ | |
| RETAINED SURPLUS CARRIED FORWARD | 501,507 |
437,070 |
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 2024 | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible Assets | 0 | 0 | ||
| CURRENT ASSETS | ||||
| Debtors and prepayments | 0 | 0 | ||
| Cash at bank and in hand | 117,453 | 136,330 | ||
| Bank deposit accounts | 384,054 | 300,740 | ||
| _____ | _____ | |||
| 501,507 | 437,070 | |||
| 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) | 501,507 | 437,070 | ||
| _____ | _____ | |||
| Net Assets/(liabilities) | 501,507 |
437,070 |
||
| Funds | ||||
| Income Funds | ||||
| General purposes funds | 171,496 | 149,059 | ||
| Restricted funds | 80,011 | 38,011 | ||
| Reserve fund (Unrestricted) | 250,000 | 250,000 | ||
| _____ | _____ | |||
| 501,507 |
437,070 |
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Aviation Environment Trust
Incoming Resources and Expended Resources for the Year Ending 31 March 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| GENERAL FUND:- | £ | £ | £ | £ |
| Incoming Resources | ||||
| From voluntary sources: | ||||
| Project grants (Unrestricted): | ||||
| Millennium Oak Trust |
0 | 24,000 | ||
| Project grants (Restricted) | ||||
| Millennium Oak Trust |
100,000 | 100,000 | ||
| Network for Social Change 7,824 | 7,323 | |||
| World Economic Forum | 0 | 52,688 | ||
| 107,824 | 184,011 | |||
| Donations (unrestricted funds): | ||||
| Donations via CAF |
0 | 2,500 | ||
| Other donations |
42,100 | 47,100 | ||
| 42,100 | 49,600 | |||
| From assets | ||||
| Deposit interest | 3,313 | 569 | ||
| _____ | _____ | |||
| Total Incoming Resources | 153,237 | 234,180 | ||
| Expended Resources | ||||
| Charitable activity direct expenditure: | ||||
| Grant to AEF |
58,000 | 126,700 | ||
| Research fees WEF project |
7,000 | 15,000 | ||
| Research fees to Element Energy | 0 | 10,872 | ||
| Research grant New Economics F | 10,800 | 0 | ||
| Grant to No Airport Expansion | 8,000 | 0 | ||
| Research grant GALBA |
3,000 | 7,000 | ||
| _____ | _____ | |||
| 86,800 | 159,572 | |||
| Other expenditure: | ||||
| Secretarial & administration |
2,000 | 2,000 | ||
| Rent, water, heating & lighting | 0 | 0 | ||
| Auditors remuneration | 0 |
0 | ||
| Advertising |
0 | 0 | ||
| Depreciation |
0 | 0 | ||
| _____ | _____ | |||
| 2,000 | 2,000 | |||
| ______ | ______ | |||
| Total Expended Resources | 88,800 | 161,572 | ||
| Net surplus/(deficiency) for the year | 64,437 | 72,608 |
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Aviation Environment Trust
Notes to the Accounts for the Year Ending 31 March 2024
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 2024 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 2024 .
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: 3 July 2024 Name: Timothy C Thomas Relevant professional qualification(s) or body (if any): Address: 23 Brooklands Headcorn
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Kent TN27 9QS
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 .
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