AIR PILOTS TRUST Financial Ststements For the year ended 30 September 2025 Charity No. 313606
AIR PILOTS TRUST Contents Page Legal and administrative infom)ation Trustees. Report Independent Examinerfs Report Statement of financial aGIltIeS BaLance sheet Notes forming part of the financial statements 7-11
AIR PILOTS TRUST al and admlnl$tAtlve Information TRUSTEES Air Cdre R S Peth£dWa CBE AFC FFN8S FCIM Mr P J Tn BA FCIS Capt R J Hall Mr J A Denyer BSclHonsl FRAeS Mr R C Piper BSc(Horo) FRAeS PRINCIPAL OFFICE Air Pilots House 52a Borough High Street London SE1 IXN BANKERS Bar¢* Bank p 32&328 HlghHdl)om London WC1V 7PE INVESTMENT ADVISORS Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU CHARI REGISTRATION NUMBER 3136C6 INDEPENDENT EXAMINER 8ibek Panta Crane & Partners Limted Leonard House 7 Nean Ro&J Brom Kent BR1 1RJ
AIR PILOTS TRUST TRUSTEES REPORT for the gar ended 30 Se ember 202S The Trustees are pleased to present their report and the financial statements of the charity for the year ended 30 September 2025. The trustees have adopted the prwsions of Accounting and Reporbng by Charities.. Slalement of ReComMered Practice applicable to ChltieS preparing their aoUnts in accordance with the Financial Reporting Standard applvble in the UK and Republic of Ireland IFRS 1021 leffeGINe 1 January 20151. ConstTtution and obsgcts The Air Pibts Trust is constrted urKJer a trust deed dated 16 [jec}ber 1961 and is a registered charity no. 313606. The p1paI Clettt of the charity is to promote educatK)n in all branches of aviat as govemed by the Trust Deed. The Trustees are grateful to the Honourable Company of Air Pik)ts of LorOn for their support in providing assistance with their Charitable activities. Organlsatlon The trustees who have served during the year and since the year end are set on page 1. Grant maklng pollcy All grants are made solety in furtherance of the L'ects d the Trust to OrgantsaIns wothing in aviation associated training. the prOwsn of ledures and dBsemInaln of techn31 infom8tion in connection wth aviabon. and research into improvements in safety or the hearth of Ovors. In add11k. awards are made lo indNiduals in the furtherance or support of. &Jucation or trainng in avkqtion. Revlew of activlti6S As usual, in addrtion to supporting ftying scholarships and the wotk and actwrties of the Honourable Company of r Pilots {Air Pilots} during the year. a grant was m for the Landymore Trophy wnner. Flnancial revlew and investment policy The funds of the ¢harrty generate income which i8 used tr the further8nce of the objects of th& Trust. The Lantymore Fund is held for the purpose of an award for a promising pilot. The Saul Prize Fund 18 held for the purpose of an awdid for a sludent at Southampton Universty. There aro no restrictions on the chantys p(Aver to invesl. The investment strategy is sel by the trustees and is revEwed wtth the investment advisers annualty. The investment in the freehold property at 52a Boroygh High Street, Lcmdon. prowdes premises for the Trust and the Honourable Company of Air Pil as well 88 beiNJ, in the View of trustees. an appreciating investrnent asset. Reserves pollcy 11 is the policy of the Charity to maintsin all funds at a sufficient level to meet flucbjating dand8. The unrestricted fund which comprises the reserves of the charity re maintained al a SuffiCnt level throughout the year to cover eventualf(ies such as addihonal administration and sUprt costs.
AIR PILOTS TRUST TRUSTEES REPORT for the ear ended 30 Se mber 2025 Risk Management The Trustees have examined the maior strateg, business and operational risks lch the charity faces and Gonfim that systems have been established to enable reguLqr reports to be prcduc&J so thal the necessary steps can be tsken to Sen these risks. Trustegs. resportslbilty in relatlon to the financlal ststements Law apPIAble to charities in EngLqnd and Wales requires the Trustees lo prepaffj finanoal statements for each financial year whh give a true and fair wew of the chantys financial activitses during the year and of its finawal po$rtn at the erKI of the year. In preparin9 tlThe fmanaal statements. the Truste66 are quired lo.. - select suitable accounting pol ar then appty them con$i8tentty: - makejudgements and estimates that are reasonable prudent. - stste whether applKabk accounting standards and statements of rKommended practice have been foll¢•j subject to any departures disclosed arKI expLained in the financial statements. and - prepare the financial statements ¢)n the goirvJ concem basis unless it is inappropriate to presume that the chanty will continue its operations. The Trustees are responsible for keeping aOUntIng records Ithich ¢tsclos& with reasonable accuracy at any lime the financial wJsi(K)n of the ch8rtty and enable them lo ensure that the financial statements compty with the Chafities Acl 2011. They are also responsib for s*guarding the assets of the charty and hence for taking reasonable steps for the PreVentn and det&tion of fraud and other irregularities. Approved by the Trustees and swJned on their behaff by. Syned......
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AIR PILOTS TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025 Independent gxaminèrfs report to Ihe tnBto9s of Air Pilots Tnmt I report lo the charty trustees on my examinatKJn of the accounts of the The Ar Pith Trust for the year ended 30 September 2025. Responylbllltles and basls of report As the charty trustees of the Trust you are responsible for the preparntK)n of accounts in accordance wf(h the requirements of the Charrties Aet 20111'the Act'l. I report in respect of my examinatvjn of the Trusys xcounts carried Jt under section 145 of the Act and in Carrn9 out my examination I have follVed all applible Directpjns gNen by the Chanty Commission under SectTr 14515)Ibl of the Act. lfidèpendent examinerfs statement I have completed my examinat)n. I Confi that no material matters have come to my attention in onnection with the examinat)n giving me cause to lOve that in any material respect.. accounting rewrd5 were not kept in respect of the Trust as Nuired by seCtn 130 of Ihe Act., or the accoun1$ do not accord with those records". ¢y the accounts do not compty wrth the appIable rg4uirements conceming the fomi and content of accounts sel out in the Charities {AUnts aThJ Repts> Regulatigns 2008 other than any wuiremenl that the accoun1$ gNe a true atvj fair vivw which is not a matter consKlered as part of an indeperKlent eXination. I confirn that there are no other matters to vthKh your attenl#)n sl¥)uld be drawn to enable a proper understanding of the accounts lo be rea&d. Bibek Panta Crane & Partners Limrted Leonard House &7 Ne*wman Road Bromley Kent BR1 1RJ
AIR PILOTS TRUST STATEMENT OF FINANCIAL ACTIVITIES for the gar gnded 30 Se gmber 2025 Total 2025 Total 2024 Fund• Fund8 Income and endowrnents from Investment income Scholarship income Donation from Air Charrties Trust Donation from Michael Cobham Foundat Bursaries receNed Other donations 22,C67 233,952 18.(K)O 2,621 24,718 233,952 18,000 23,626 174,949 18.5C(I 313,925 8,OC 1,271 5,500 1,477 1,477 Total 281.026 2,621 283.647 540,271 Exponditurè on Charitable expendf(ure'. Grants, scholarships and donations Support Costs Man&yement and Administrat 312,627 315,627 202.259 1.932 9,117 9.337 9,337 Totsl 323.967 3,000 326,967 213,308 Net surpluslldeflclt) (42.941) {379) 143,320} 326, Net surplus on investments 30,915 3,708 34,23 101.015 Net movement in funds 112,026) 3,329 {8,697} 427.978 Balance at 1 October 2024 1,137,687 1C6.539 1.244,226 816.248 Balance at 30 Septgmb8r 2025 1.125,661 109.868 1.235,529 1.244,226 Contlnulng operatlons All income and expenditure has arisen from continuiThJ operatNMs
AIR PILOTS TRUST BALANCE SHEET as at 30 Se ber 2025 Unrestricted Restrirted Fund5 Funds Total 2025 Total 2024 Notes Flxed assets Tangible Assets Investments 216,537 837,809 1,054,346 216,537 938,299 1,154,836 215,976 903,676 1,119,652 100,490 100,490 Current assfrts Stock Debtors Bank arKI cash balances 636 8,660 199,253 208,549 836 23,421 148,576 172,633 10 189,875 199,171 9,378 9,378 Credrtors Nel current assets 11 127,856 71,315 127,858 80,693 48,059 124,574 9,378 Total net assets 1.125.661 109,868 1,235,529 1,244,226 Funds 12 1,125.661 109, 1,235,529 1,244,226 Approved by the trustees and signed on their behaW ty. Trustees Dale.......
AIR PILOTS TRUST NOTES TO THE FINANCIAL STATEMENTS For tho ear ended 30 Sè ber 2025 Prlnclpal a¢counllng policies Accounting convention The financial statements of the charrty, whh is a public benefft entity under FRS 102, have been prepared in aOrdanCe with the Charities SORP IFRS 1021 'Accounting and Reporting ty Charities.. Statement of Recommended Practi appluble to charties preparing their accounts in accordance wrth the Financial Reporting Standard appluble in the UK and Republic of Ireland {FRS 1021 leffectNe 1 January 20151,. Financial Reporting Standard 102 'The Financial Reporting Standard appluble in the UK and Republic of IreL3nd' and the Charities Act 2011. The financ1 statements have been prepared under the hislorKal cost conventi(¥). Invgstrnent Income Investment income 1$ a¢nted for in the pericKI in whth the chaiy is entrtled lo elPt. Resources expended Expenditure is included on an attruals basis. Costs of genefaling funds comprise those costs directy attrtutable lo managing the investment portfolio and raising investment income. Grants payable are charged in the year when the offer is conveyed to the recipient except ir¢ those cases where the offer iy condf(ional. such gfants being reccxjnised as expendi(ure when the condÉtions attaching are futfilkd. Grants offered subject to condtions whKh have not met at the year end are noted as a cc¥nmitment. bul not accwed as exFendrture. Support costs comprise costs for processing grants and appIn$. including support to actual and potential applicants. Management and administration comprises costs for the running of the charity ftse as an Organisatfi. Where costs cannot be directty attributed lo either of these tsvo legories, estimates are made based on tty levds. Tanglblo ftxod assets and depreciatlon Depreciation is provid at the folknying annual rates in der to wAiie off exh asset over ts estimated useful lrfe. Buildings 1% on a straight line basi¥ Fixed asset Investments Investments are included at cbsing mid-math81 value at the balance sheet dale. Any gain or ksss on revaluation is taken lo the Statement of Financh81 Activitw. Fund accounllng Details of the nature and Pufpose of fund are set out beIr in note 12. 1. Statutory infomiation AIT Pilots Trust is a Registered Charty, dcffliciled in England and wa$, chanty number 3136C6. The regi8lered office is Air Pibts House, 52a Borough Hh Str&( London, SE1 1XN.
AIR PILOTS TRUST NOTES TO THE FINANCIAL STATEMENTS For the gar ended 30 $0 mr 2025 2. Invoslmgnt Income Total 2025 Totsl 2024 Funds Funds UK Unit Trusts Distribution 22.097 2.621 24.718 23.626 22,097 2.621 24,718 23,626 3. Grants payable Totsl 2025 Total 2024 Funds Funds The amount payable in the year comprises.. Trophies and awards Scholarships Flying Bursarie5 P B Saul Pr¢ze Irestrictedl J Landymore Prvze Irestrictedl Tymms Lecture Other scholarship expenses t>onab'ons paid 1.094 290,985 791 186,555 10,500 2.985 2.500 5(M) 2,500 soo 2,130 1,745 38 202,259 1,989 9,995 312,627 1.989 9,995 315.627 4. Commitments All grants authorised by the trustees prior to the end of the r have been in¢lud&d in the accounts. 5. Support costs Tolal 2025 Totsl 2024 Accommodation costs Equipment and compuler costy Travel expenses Trustee meetings DeprlatIOn 225 425 15 93 1,245 2.1)03 2C6 397 14 1,226 1,932
AIR PILOTS TRUST NOTES TO THE FINANCIAL STATEMEpifs Fortho ar ended 30 S• ber 2026 6. Management and adrninistration 2025 2024 Administralton services Independent examination fee5 Accountancy Postage, printing and 51atK>nery Legal and professKnal fees Professional committees Sundry expenses Bank charges 5.¥25 300 2,400 76 27 5.715 2,400 71 33 473 25 104 117 9.337 9,117 7. Staff costs and trustees romuneration The Air Pilots TnJ$l does not employ any staff directty but ntribut&S via an alb)ch)n of costs towards the use of staff empbyed by the Honourable Company of Pilots. Trustees received no remuneratKJn and V•pre not reimbutsed for any of their expenses. 8. Tangible Fixed Assets Land & Buildings Cost Al 1 Octci*r 2024 Additions AI 30 September 2025 222.646 1.8CE 224.452 DepreciatSon At 1 October 2024 Charge lor the year At 30 September 2025 6,670 1,245 7.915 Net Book Value AI 30 September 2025 At 1 Odober 2024 216.537 215.976 The freehold office premBe$ at Air Pibts House, 52a Bgh High Street, London. 18 thvned jointly belween the Pitots Trusl {10%), the HOnIrable Company of Air Pibts arKI the Atr Safety Trust. The titte is held in trust by Air Pik)ts Prokw Ltd ¢)n behalf d the three joint owners.
AIR PILOTS TRUST NOTES TO THE FINANCIAL STATEMENTS For the ear ended 30 September 2025 9. Flx•d Asset Investments Listed Investments Funds Funds Totsl Market value Al 1 Odcber 2024 8C6.894 96,782 903.676 Revaluatlon surplus 30,915 3,708 34,623 Additions Market value At 30 September 2025 837,809 100.490 938,299 Historical cost At 30 September 2025 627,050 49.517 676.567 At 1 Oetober 2024 627,050 49,517 676,567 10. Debtors Unrestricted Restricted Fund5 Funds Total 2025 Total 2024 Prepayments Due from Air Safety Trust 122 8,538 8,660 122 8.538 8.660 113 23,308 23,421 11. Credito Total 2025 Totsl 2024 Funds Funds Other creditors Accruals Due to The Honourable Company ofAir Pik)ts 86,076 39,257 86,076 39,257 12,606 31,720 2,523 127,856 2,523 127.856 3,733 48,059 Balances owing to the HOnOurab Company of Air Pilots arise ftom cosls being settled on beha of the Trust. It is the policy of the Honourable Company of "r Pik•ts Court lo request a Irdnsfer of funds out of the charty On when ned to meet its cym) obligatKms. 10
AIR PILOTS TRUST NOTES TO THE FINANCIAL STATEMENTS 12. Fund8 Unrestricted funds These comprise those funds which the tnjstees are free to use in *dance with the charitable object¥ of the trust. Restricted funds These funds which have been given for particular purposes and projects are described in the Trustees, report on page 2. 11