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 aGIl￿tIeS
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 T￿n 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 Ne￿an 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 ReComMer￿ed Practice applicable to Ch￿ltieS preparing their a￿oUnts 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 constr￿ted urKJer a trust deed dated 16 [jec￿}ber 1961 and is a registered charity
no. 313606.
The p￿￿1paI C￿lettt 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 Lor￿On 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 OrgantsaI￿ns wothing in aviation
associated training. the prOws￿n of ledures and dBsemInal￿n of techn￿31 infom8tion in connection
wth aviabon. and research into improvements in safety or the hearth of Ov￿ors. 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 d￿and8. The
unrestricted fund which comprises the reserves of the charity ￿re maintained al a SuffiC￿nt level
throughout the year to cover eventualf(ies such as addihonal administration and sUp￿rt 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 apPI￿Able to charities in EngLqnd and Wales requires the Trustees lo prepaffj finanoal statements
for each financial year wh￿h give a true and fair wew of the chantys financial activitses during the year
and of its finawal po$rt￿n at the erKI of the year. In preparin9 tlThe fmanaal statements. the Truste66
are ￿quired lo..
- select suitable accounting pol￿￿ ar￿ then appty them con$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 a￿OUntIng 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 PreVent￿n 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 Carr￿n9 out my examination I have foll￿Ved all appli￿ble Directpjns gNen by the Chanty Commission
under Sect￿Tr 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 seCt￿n 130 of Ihe
Act., or
the accoun1$ do not accord with those records". ¢y
the accounts do not compty wrth the appI￿able rg4uirements conceming the fomi and
content of accounts sel out in the Charities {A￿Unts aThJ Rep￿ts> 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 eX￿ination.
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, wh￿h is a public benefft entity under FRS 102, have been
prepared in a￿OrdanCe 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 financ￿1
statements have been prepared under the hislorKal cost conventi(¥).
Invgstrnent Income
Investment income 1$ a¢￿￿nted for in the pericKI in whth the chai*y is entrtled lo ￿elPt.
Resources expended
Expenditure is included on an attruals basis.
Costs of genefaling funds comprise those costs directy attrt*utable 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 appI￿￿n$. including support to actual
and potential applicants. Management and administration comprises costs for the running of the
charity ftse￿ as an Organisat￿fi. Where costs cannot be directty attributed lo either of these tsvo
legories, estimates are made based on ￿t￿ty levds.
Tanglblo ftxod assets and depreciatlon
Depreciation is provid￿ at the folknying annual rates in ￿der to wAiie off exh asset over ts
estimated useful lrfe.
Buildings
1% on a straight line basi¥
Fixed asset Investments
Investments are included at cbsing mid-math81 value at the balance sheet dale. Any gain or ksss
on revaluation is taken lo the Statement of Financh81 Activitw.
Fund accounllng
Details of the nature and Pufpose of fund are set out beI￿r in note 12.
1. Statutory infomiation
AIT Pilots Trust is a Registered Charty, dcffliciled in England and wa￿$, chanty number 3136C6.
The regi8lered office is Air Pibts House, 52a Borough H￿h Str&( London, SE1 1XN.

AIR PILOTS TRUST
NOTES TO THE FINANCIAL STATEMENTS For the
gar ended 30 $0
m￿r 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
Depr￿latIOn
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 professK*nal 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$l does not employ any staff directty but ￿ntribut&S via an alb)c*h)n of costs
towards the use of staff empbyed by the Honourable Company of Pilots.
Trustees received no remuneratKJn and V•pre not reimbutsed for any of their expenses.
8. Tangible Fixed Assets
Land &
Buildings
Cost
Al 1 Octci*r 2024
Additions
AI 30 September 2025
222.646
1.8CE
224.452
DepreciatSon
At 1 October 2024
Charge lor the year
At 30 September 2025
6,670
1,245
7.915
Net Book Value
AI 30 September 2025
At 1 Odober 2024
216.537
215.976
The freehold office premBe$ at Air Pibts House, 52a B￿gh High Street, London. 18 thvned
jointly belween the Pitots Trusl {10%), the HOnI￿rable 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 ne￿d 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