THE HONOURABLE COMPANY OF AIR PILOTS Financial Statements For the year ended 30 September 2024
THE HONOURABLE COMPANY OF AIR PILOTS Contents Page Company information Responsibilitles of the court in preparation of financial statements Independent auditors, report Income and expenditure account Balan sheet Notes to the accounts 8-10
THE HONOURABLE COMPANY OF AIR PILOTS Com an informatlon The Company was incorporated by Royal Charter on 11 December 2013 Master R C Piper Esq BSc(Hons) FRAeS Captain J P Legat (March 2023 to March 2024) Clerk P J Tacon BA FCIS Court The Court comprises the Master, Wardens, Assistants, and Past Masters. The Learned Clerk and Honorary Treasurer are officers of the Court. The responsibilities of the Court are described on Page 2. Auditors Crane & Partners Leonard House 5 - 7 Newman Road Bromley Kent BR11RJ Registered offlce Air Pilots House 52a Borough High Street London SE11XN Reglstered number RC873
THE HONOURABLE COMPANY OF AIR PILOTS COURT REPORT RESPONSIBILITIES OF THE COURT IN PREPARATION OF FINANCIAL STATEMENTS The by-laws and ordinances of the Company require the Members of the Court lo prepare financial statements for each financial year which give a Irue and fair view of the state of affairs of the Company and of the surplus or deficit of Ihe Company for that perioj. In preparing these financial slatements the Members ofthe Court are required to.. a. select suitable accounting policies and then apply them COnstentIy- make judgements and estimates that are reasonable and prudent- c. prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the company will continue to operate. The Members of the Court are resFh)nsible for keeping propel accounting records which disclose, with reasonable accuracy at any lime the financial posrtion of the Company and to enable them to ensure that the financial statements comply with the requirements of the constitution and by-laws. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. RISK MANAGEMENT The Court has examined the major slralegic, business and operalional risks which the Company faces and confirms that systems have been established lo enable regular reports to be produced so that necessary steps can be taken to lessen these risks. STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS So far as the Members of the Court are aware, there is no relevant audit information of which the company's audilofs are unaware, and each Member has laken steps that he or she ought lo have laken as a member in order to make himself or herself awaie of any relevant audil information and to establish thal the company's auditors are aware of that information. Appr byl rt and signed on their behalf by.. MAST 23 J4iqQ41L 20
THE HONOURABLE COMPANY OF AIR PILOTS Independent auditofs report to the member5 of the Court of THE HONOURABLE COMPANY OF AIR PILOTS GENERAL FUND Opinion We have audited the financial statements of the Horurable Company of Air Pilots General Fund for the year ended 30 September 2024 which comprise the Income and Expenditure AOunt, Balance Sheet and Notes lo Ihe Financial Stalements. induding a surnmary of significant accounting poliGie8. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland. (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the companvs affairs as at 30 September 2023 and of its result for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordan¢e wtth the requirements of the consliitution. Basls of oplnlon We conducted our audtt in accordance with Inl&rn8tional Standards on Auditing (UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further descrlbed in the Auditors. responsibilities for the audit of the financial slalemenls section of our report. We are independent of the compeny in aCrdan with the ethical requirements that are relevant to our audit of the financial slatements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our Other ethical responsibllilies in accordance wilh these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriale to provide a basis for our opinion. Conclusions relatlng to going concern We have nothing to report In respect of the following matters in relation to which the ISA5 (UK) require us lo report lo you where: the Court's Use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the Court have not disclosed in the financial slalemenls any identified material uncertalnlies that may cast significant doubt about the companys ability lo continue to adopt the going concem basis of accounling for a period of al leasl tjvelve months from the date when the financial statements are authori5ed for issue. Other Information The Court are responsible for the othew infonnatlon. The other infomation Comprises the information In the Responsibilities of the Court In preparation of financial statements, but does nol indude the financial statements and our Report of the ALMJitors thereon. Our opinion on the financlal statements does not cover the other infomiab'on and, except to the extent otherwise explicitly slated in our report, we do not express any form of assuran condusion thereon.
THE HONOURABLE COMPANY OF AIR PILOTS Independent auditor's report to the members of the Court of THE HONOURABLE COMPANY OF AIR PILOTS GENERAL FUND In connection with our audit of the financial staternenls. our r&sponsibility 15 to read the other information and, in dolng so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audtt or olherwise appears lo be materially misslated. If we identify such material inconsistencies or apparent material misslatemenls. we are required to determine whether there is a material misstatement in the financial statements or a malerial misslalement of the other Infomialion. If. based on the work we have performed, we conclude that there is a material misstatement of Ihis other information. we are required to report that fact. We have nothing to report in this regard. Opinlon on other matters prescribed by the Constitution In our opinion, based on the work undertaken in the course of the audit.. the information given in the Responsibilities of the Court in preparation of financial statements for the financial year for whrch the financial stalements are prepared is consistent with the financial slalements,. and the Responsibilities of the Court in preparation of financial statements has been prepared in accordance with applicable legal requirernenls. Matters on whlch we are requlred to report by exception In the light of thè knowledge and understanding of Ihe company and its environment obtained in the course of the audit, we have not identified material misslatements in the Responsibilllles of Ihe Court in preparation of finanrAal slatemenls. We have nothing to report in respeci of the following matters where the constitution requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have nol been reiVed from branches not visited by us: or the financial slalemenls are not in agreement with the accounting records and returns. or certain disclosures of remuneration specified by law are not made.. or we have not recelved all the Infonall0 and explanations we require for our audit. Responsibilltles of the Court As explained more fully in the Responsibilities of the Court in preparation of financial st81ements set out on page two, the Court is responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inlemal control as the Court determine necessary to enable the preparation of financial statements that are free from malerial misslalement, whether due to fraud or error. In preparing the financial slatements, the Court are resptmsible for assessing Ihe companvs abllily to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Court etther intend to liquldats the company or to ceaso operations, or have no realistic allemalive but to do 50.
THE HONOURABLE COMPANY OF AIR PILOTS Indopendent auditovs report to the members of the Court of THE HONOURABLE COMPANY OF AIR PILOTS GENERAL FUND Auditors, responslbilities for the audit of the flnancial statements Our objectives are lo obtain reasonable assurance about whether the fin8ncial 8tatements as a whole are free from material misstatement, whether due to fraud or error, ar)d to issue a Report of the Auditors that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a malerial misstatement when il exists, Misstatements can arise from fraud or error and are considered malerTal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial stalemenls 15 located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report This report is made solely to the Members of the Court. as a body, in accordance with its conslitulion. Our audit work has been undertaken $0 thal we might state to the companys members Ihose matters we are required lo stale lo them in a Report of Ihe Auditors and for no other purpose. To the fullest extent permilled by law. we do not accept or assume responsibility to anyone other than the cornpany and the Members of the Court as a body. for our audit work. for this report, or for the opinions we have formed. Crane & Partners Chartered Accountants & Statutory Audilors Leonard House 5- 7 Newman Road Bromley Kent BR11RJ Date.. 23 J Arfu h
THE HONOURABLE COMPANY OF AIR PILOTS INCOME AND EXPENDITURE ACCOUNT For the ear ended 30 Se tember 2024 Notes 2024 2023 Operating income Fees and quarterage Livery fines received Investment income Donations received Functions and remonieS Gladys Cobham Trust Miscellaneous iricome 262.655 12,575 65,039 56 83,160 130,000 5,720 258,172 12,075 61,803 5.407 72,519 120,000 5,425 559.205 535,401 Operatlng expendlture Slaff costs Accommodation Administration Air Pilot Functions 8nd ceremonies Audll Professlonal fees Bank and investment chaiges Advertising and promotion Depreciation Sundries Goods for res818 Donatlons paid 217,183 42.279 84,871 48,993 118,036 3,192 3,990 16,840 9,419 7.509 3.255 2,040 4.628 206,812 38,176 78,852 49,642 98,666 3,192 4,133 16.544 8.432 7,892 4.716 2,293 12,899 562.235 532,049 Operatlng {deflclt}Isurplu8 (3,030) 3,352 Other recognised gain8 and losses Deficit on sale of investmenls (1,580) (3.246) Corporation Tax (4.610) 106 Unrealised surpluslldeficlt) on revalualion of investments 184,894 (7,827) Deferred tax Ihereon (50,710) 12.220> General fund surpluslldeficat) 129.574 (9.941) Movement on general reserve General fund surplusl(deficit) Transfer tol(frornl revaluation reserve Transfer tol{froml revaluation reseN& (Deferred lax) {Deficit)15urplus for the financial year 129.574 (184,894> 50,710 (4,610 (9.941) 7.827 2,220 106
THE HONOURA8LE COMPANY OF AIR PILOTS BALANCE SHEET For the ear ended 30 Se tember 2024 Notes 2024 2023 Fixed assets Tangible assets Investments 620.553 2.483,446 3,103.999 624,207 2,311,796 2,936,003 Current assets Stocks Debtors and prepayments Cash al bank and in hand 11,166 86.861 194,470 292.497 10,393 41,132 206,652 258,177 Current liablllties Creditors and accruals 116,530 Net current assets 175.967 163,679 Total assets less Current Ilabilitles 3.279,966 3,099,682 Prov18ion8 for liablllties (69.830) {19,120) 3,210.136 3,080,562 REPRESENTED BY: Reserves General fund Capital reserve Capital growth reserve 10 10 10 794.720 1,871.318 309,440 2,975.478 786,085 1,896.126 312,024 2,994,235 Revaluation reserve 11 232.858 3,208.336 84,527 3,078,762 Debentures 12 1,8(K) 3.210,136 1,800 3,080.562 These fina I statem nl ere approved by the Court on a 3 J n r4 u A 02 MASTER TREASURER
THE HONOURABLE COMPANY OF AIR PILOTS NOTES TO THE ACCOUNTS For the ear ended 30 Se tember 2024 Accounting policies Basis olAccounting These financial statements have been prepared in accordan vrith the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The financial statements have bean prepared under the historical cost conventlon, a8 modified by the r8valualion of investments. Dopreciatlon Depreciation is provided on all tangible fixed assets, at rates caluJlated to write off the cost, less estimated rèsidual value, of each asset evenly over its expected useful life, as follows: 8uildings Olfic& computers and equipment 1 % straight line basis 25% on writt8n down value Furniture and ffttings 15Yo on written down value Stocks Stock is slated at the Iow6r of cost and net realisable value. Stock consists of wines and saleable items. Invegtment Incomo Investment income is accountsd for on a cash r8ceived basis. Fees Fee income is compul8d on the amounts received during the year. Investments Investments are stated at market value. Sutplusfrs arising on rev8lualion are taken directly to the revaluation res8rve. Deficlls arising on revaluation are laken directly to the revaluation SerVe lo the extent Ihal they offset pr8vious surpluses. Otherwise they are taken to the lund account. 1. Ststutory Infomiatlon The Honourable Company of Air Pilots is a Livery Company. established initially as a Guild in 1929. and granted a Royal Charter in 2013. It is domiciled in England and Wales, with registration number RCOOO873. The re9islered office is Air Pilots House, 52a Borough High SlreeL London, SE1 1XN. 2. Employee5 and directors The average monthly number of employees during the year was 6 (2023.. 61 3. Tangible flxed asset¥ Office computers and oquipmont Land & Buildlngs Furniture and rittings Total Cost Al 1 Octobèr 2023 Additions Disposals At 30 September 2024 625.991 20.886 3,855 1,336 23,405 16,239 663,116 3,855 1,336 665.635 625,991 16,239 Dopreeiatlon At 1 October 2023 Charge for year Eliminated on disposal At 30 Septernber 2024 16.846 3,536 13.398 2.837 1,336 14,899 8,665 1,136 38,909 7,509 1,336 45,082 20.382 9.801 Net Book Valuo At 30 Seplemb•r 2024 At 30 S8Ptember 2023 605,609 609,145 8.5( 7.488 6,438 7,574 620,553 624,207
THE HONOURABLE COMPANY OF AIR PILOTS NOTES TO THE ACCOUNTS For the ear Ènded 30 Se tember 2024 The fre6hold office premises at Air Pilots House. 52a Borough High Street, London, SE1 1XN, is owned jointly beeen the Honourable Company of Air Pilots 125Yo}, the Air Safety Trust and thè Air Pilots Trust 8nd th8 title is held in trust by Air Pilots Property Ltd on behalf of Ihe three joint owners. 4. Investments 2024 2023 Market value at 1 October 2023 Additions Disp05a15 Revaluation surpluslldeficitl Market value at 30 September 2024 2.281,233 275,437 (286,975) 184,894 2.454,589 2,167,895 211.084 (89,919) (7,827 2.281,233 Cash in the course of reinvesbment 28.857 30,563 Total investrnents 2,483,446 2,311,796 Represented by.. Capital reserve Capital growth res6rve 2,115,567 367,879 1,981.172 330,624 2,483,446 2,311,796 Hlstoric cost (excluding cash in the course of reinvestment> 2,151,901 2,177,587 5. Stock8 2024 2023 Good5 for resale and consumables 11,166 10,393 The diff8r8nce baen purchase price and production cost of stocks and their replacem&nt cost is not material. 6. Debtors 2024 2023 Air Pilots Trust Air Safely Trust Other deblors Prepayment5 and accrued income 3.733 11,546 3,701 67,881 86,861 4.430 835 4.og3 31,774 41,132 Balances owing from the Air Pilots Trust and Air Safety Trust which are registered charities arise from cost being settled on b8half of the Trusts. It is the policy of tho Court to request reimbursement from th8 charities only if required to meets ils own obligations. 7. Creditor5 2024 2023 Trade creditors other creditors Corporation tsx Accruals and deferred income 32,473 55,833 29,576 55.219 28,224 116,530 9,703 94,498
THE HONOURABLE COMPANY OF AIR PILOTS NOTES TO THE ACCOUNTS Forthe ear•nded 30 Se tember 2024 8. Proviglons for Ilabilities 2024 2023 Deferred tax 69,830 69.830 19,120 19,120 9. Donatlons recelv8d 2024 2023 Total of minor donations 56 56 5,407 5,407 10. Movement on Resorvès Capltal Growth Reserve General Fund Capltal Reserve Total Balance at 1 October 2023 Realisalion of revaluation gains in previous years Oeficit for the year Transfer to reseNe ftjnds 786,085 1.896.126 312,024 2,994,235 (14.1471 (4.610} 27,392 114,1471 14.6101 {24.808) (2,584) Balance al 30 September 2024 794.720 1,871,318 309,440 2,975,478 11. Rovaluatlon re8erve Rovaluatlon reserve Balance at 1 October 2023 Revaluation surplus Transfer from general fund re.. deferrgd tax Realisation of revaluatlon gains in prevTOUS years Balance al 30 September 2024 84,527 184,894 150,710) 14,147 232,858 12. Debenture6 2024 2023 Bg18nce at 1 October 2023 Redeemed debentures Balance at 30 Septernber 2024 1,800 2.150 350 1,800 1,800 The debentures arè redeemable on 30 September in any year. provided at least 6 months notice has been received. 10