THE AIR CHARITIES TRUST REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE AIR CHARITIES TRUST
Registered Charity Number 286915
Trustees and Officials for the year ended 30 September 2024
Trustees :
Captain Robert Charles Owens
Squadron Leader (ret) Christopher John Ford
Captain Peter Bugge
The Master of the Honourable Company of Air Pilots (ex-Officio)
Principal Office: Air Pilots House 52a Borough High Street London SE1 1XN
Bankers: HSBC PLC 60 Queen Victoria Street London EC4N 4TR
Independent Examiner:
JK Ingram BA(Hons) Business Studies
Oaktree Farm Naseby Road, Sulby NN6 6EY
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THE AIR CHARITIES TRUST
Report of the Trustees for the year ended 30 September 2024
CONSTITUTION
The Air Charities Trust was established by a Trust Deed dated 28 March 1983 with the aim of assisting such charitable foundations or for such charitable purposes as are within the objects for which the Guild of Air Pilots and Air Navigators is established. The Trust is entitled to receive all the income arising on a fund known as the Assigned Fund held within the Gladys Cobham Trust, which is an independent (non-charitable) trust.
ORGANISATION
The Trustees who have served during the year and since the year end are set out on page two. The Statutory Power of Appointment of new Trustees shall apply with the exception of the Ex-Officio appointment of the Master for the time being of The Honourable Company of Air Pilots.
REVIEW OF THE YEAR
During the year the Charity has been able to fund appropriate projects in conjunction with the Trustees of the Air Pilots Trust and the Air Safety Trust. The Air Charities Trust has received quarterly payments totalling £36,323 (2023 - £35,145) during the year which will be passed to the Air Safety Trust and the Air Pilots Trust. The Charity distributed in total £37,000 (2023 - £36,000) in furtherance of its charitable aims.
RESERVES POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, to enable the management and administration costs to be covered and to make donations.
RISK MANAGEMENT
The Trustees have examined major strategic, business and operational risks which the Charity may face and confirm that systems have been established to lessen these risks where possible.
FUTURE DEVELOPMENTS
The Charity will continue to distribute funds in accordance with its aims.
Signed on behalf of the Trustees
……………………………. ………………………………… Date …………………
Captain Robert Charles Owens
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THE AIR CHARITIES TRUST
Independent Examiner's Statement
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
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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.
JK Ingram BA(Hons) Business Studies
Oaktree Farm Naseby Road, Sulby NN6 6EY
………………………………………………………….. Date ……………………………
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THE AIR CHARITIES TRUST
Unaudited Balance Sheet
| Unaudited Balance Sheet | Unaudited Balance Sheet | ||
|---|---|---|---|
| As at 30 September 2024 | |||
| 2024 2023 | |||
| Notes £ | £ £ | £ | |
| Current assets: | |||
| Debtors | - | - | |
| Cash at Bank & In Hand 7,775 | 8,661 | ||
| 7,775 | 8,661 | ||
| Current Liabilities: | |||
| Accruals | 3 | - | 150 |
| Net Assets | 7,775 | 8,511 | |
| Represented by | |||
| Fund Balances brought forward | 8,511 | 9,517 | |
| Net Income for the year | (737) | (1,006) | |
| 7,774 |
8,511 |
Approved by the Trustees on ………………………….
In approving the financial statements the Trustees confirm that they comply with the current statutory requirements and the requirements of the Charity's governing document.
…………………………………………….. Captain R C Owens On behalf of the Trustees
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THE AIR CHARITIES TRUST
| Income and Expenditure Account | ||
|---|---|---|
| For the year ended 30 September 2024 | ||
| 2024 | 2023 | |
| Notes £ | £ £ | £ |
| Income | ||
| Donations - | 60 | |
| Gladys Cobham 2 36,323 | 35,145 | |
| Trust | ||
| 36,323 | 35,205 | |
| Expenditure | ||
| Donations 5 37,000 | 36,000 | |
| Bank Charges 60 | 61 | |
| Independent Examiners Fees - | 150 | |
| 37,060 | 36,211 | |
| Net Income/(Outgoings) for the year | (737) |
(1,006) |
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THE AIR CHARITIES TRUST
Notes to the Financial Statements For the year ended 30 September 2024
1 ACCOUNTING POLICIES Basis of Accounting
The Financial Statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 10[th] September 2024), and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention.
Income
Income is accounted for in the period in which the Charity is entitled to receipt.
Resources Expended
Expenditure is included on an accruals basis.
Cashflow Statement
No such statement has been included in these Financial Statements, since the charity qualifies for exemption under Financial Reporting Standard 1, in that it meets the criteria for a small company under the Companies Act 1985. 2
2. INCOME FROM THE GLADYS COBHAM TRUST
Under the Deed dated 28 March 1983 the Air Charities Trust is entitled to all the income from the defined "Assigned Fund" of the Gladys Cobham Trust.
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THE AIR CHARITIES TRUST
Notes to the Financial Statements For the year ended 30 September 20324 3 ACCRUALS
2024 2023 £ £ Independent Examiners Fees - 150 1 DONATIONS 2024 2023 £ £ Air Safety Trust 18,500 18,000 Air Pilots Trust 18,500 18,000
2 TRUSTEES REMUNERATION
No trustee received any remuneration during the year..
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