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2020-12-31-accounts

DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

Personal Assurance Charitable Trust Accounts for the year ended 31 December 2020

Registered Charity number: 1023274

DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

INDEX PAGE
Report of the trustees 1 - 2
Report of the independent examiner 3 - 4
Receipts and payments account 5
Statement of assets 6
Notes to the accounts 7 – 8

DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report together with financial statements for the year ended 31 December 2020.

Factual information:

Full name: Personal Assurance Charitable Trust (otherwise known as PACT) Registered Charity number: 1023274 Principal address: c/o Personal Assurance Plc John Ormond House 899 Silbury Boulevard Central Milton Keynes MK9 3XL Status: The trust is unincorporated Banker: The Co-operative Bank Birmingham Corporate Banking Centre PO Box 82 118-120 Colmore Row Birmingham B3 3BA Solicitor: Dentons UK and Middle East LLP The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1FE Independent Examiner: Gareth Norris Chartered Accountant Grant Thornton UK LLP Victoria House 4[th] Floor, 199 Avebury Boulevard Milton Keynes MK9 1AU

Sources of income:

The charity continued to receive an annual donation from Personal Assurance Plc. This donation and bank deposit interest received, remain the charity’s only two sources of income.

Reserves policy:

The trustees have decided that there is no requirement to maintain a minimum level of reserves. Donations are made taking into account the level of reserves available at the time the donation is made. It is anticipated that donations to be made in 2021 will not exceed income received and consequently the trustees consider that the accounts should be drawn up on a going concern basis.

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

Donations made:

A list of all donations of £1,000 or more made during the year is included in the notes.

In view of the limited sources of income available the trustees have restricted donations to other charities and charitable organisations recommended by policyholders or clients of Personal Assurance Plc, together with employees of Personal Group Holdings Plc and its subsidiary undertakings.

Public benefit requirement:

The trustees believe that the “Public Benefit Requirements” of the charity have been met as the object of the charity is to make donations to registered charities and/or non charitable bodies that exist for charitable purposes from funds supplied by Personal Assurance Plc. There are no geographical or other restrictions on the type of donations that can be made.

The governing document of Personal Assurance Charitable Trust is a Trust Deed operative from 25 May 1993.

Trustees:

The trustees in office during the year are listed below.

S A Mace (Chief Financial Officer, Personal Group Holdings Plc)

J L Woolf (Director of Consulting, Innecto People Consulting Ltd) (Appointed 01/10/20)

M I Dugdale (Chief Financial Officer, Personal Group Holdings Plc) (Resigned 01/10/20)

R Tapping (HR Director, Personal Assurance Services Ltd)

Trustees have been appointed with the approval of the Board of Personal Group Holdings Plc.

ON BEHALF OF THE TRUSTEES

S A Mace

Trustee

19 October 2021

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PERSONAL ASSURANCE CHARITABLE TRUST

FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the trustees of Personal Assurance Charitable Trust

I report on the accounts of Personal Assurance Charitable Trust for the year ended 31 December 2020, which are set out on pages 4 to 7.

Your attention is drawn to the fact that the charity's trustees have prepared the charity's accounts in accordance with the Statement of Recommended Practice '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 1 January 2019) issued in October 2019 in preference to the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005)' issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn. I understand that the charity's trustees have done this in order for the charity's accounts to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees, as a body, for my work, for this report, or for the opinions I have formed.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Gareth Norris FCA GRANT THORNTON UK LLP Chartered Accountants Milton Keynes

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Receipts
Gross donations received from
Personal Assurance Plc

Employees of Personal Assurance Plc
Total income
Payments
Charitable expenditure in furtherance
of charity’s objectives
Donations made in year
Bank charges
Unpresented cheques written back
Deficit for the year
Fund balances
Surplus brought forward at 1stJanuary
(Deficit) / Surplus for the year
Surplus carried forward at 31stDecember		 2020
£
75,000
-







 2020
£

75,000
(106,293)
(119)

-
(31,412)
122,898
(31,412)
91,486		 2019
£
75,000
600







 2019
£
75,600
(87,785)
(77)
-
(12,262)
135,160
(12,262)
122,898

The accompanying accounting policies and notes form an integral part of these accounts.

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

STATEMENT OF ASSETS

FOR THE YEAR ENDED 31 DECEMBER 2020

Current assets
Bank and cash balances
Fund balances
Surplus carried forward at 31stDecember		 2020
£
91,486
91,486		 2019
£
122,898
122,898

The accounts were approved by the Trustees on 19 October 2021.

S A Mace

The accompanying accounting policies and notes form an integral part of these accounts.

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

Investment income

Investment income is accounted for on a received basis.

Donations

Donations are accounted for on the date they are paid since every recommendation for a donation is considered individually by the trustees.

2 DESCRIPTION OF FUNDS

All funds are unrestricted income funds.

3 TRUSTEE BENEFITS AND TRANSACTIONS

No trustee or any other person has received or is due to receive any paid remuneration or expenses or any other benefit from the charity.

4 COMMITTED FUNDS

As at 31 December 2020 the Trust had committed to organising a charitable activity on behalf of one of its recipient charities. The amount set aside for this is £5,973 and is expected to be carried through 2021. This amount is held within the surplus carried forward.

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DocuSign Envelope ID: 173C2DEC-619B-4D4A-AC03-C3751E5F42C4

PERSONAL ASSURANCE CHARITABLE TRUST

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

5 DONATIONS MADE TO INSTITUTIONS

Details of donations made to institutions that received £1,000 or more in the year.

----- Start of picture text -----
Name of recipient Amount
£
Bury Fellowship 1,100
Chums Charity 5,600
Memusi 49,298
MK Act Domestic Violence Intervention 6,300
MK Food Bank 9,000
North Shields Juniors AFC 2,200
Sands United Bristol 1,100
The Bus Shelter MK 5,400
Transitions UK 6,900
Winter Night Shelter 6,000
Worktree 6,095
Total donations under £1,000 7,300
Total donations made in the year 106,293
----- End of picture text -----

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