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 COn￿stentIy-
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 Hor￿urable Company of Air Pilots General Fund for the
year ended 30 September 2024 which comprise the Income and Expenditure A￿Ount, 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 aC￿rdan￿ 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 re￿iVed 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 Info￿nall0￿ 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 be￿een 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 ba￿en 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