Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 **Personal Assurance Charitable Trust** Accounts for the year ended 31 December 2024 Registered Charity number: 1023274 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 |**INDEX**|**PAGE**| |---|---| |Report of the trustees|1 - 2| |Report of the independent examiner|3| |Receipts and payments account|4| |Statement of assets|5| |Notes to the accounts|6 – 7| Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report together with financial statements for the year ended 31 December 2024. 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 Independent Examiner: Christopher Bagnall FCA 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. Donations received remain the charity’s main source 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 2024 will not exceed the charity’s surplus and consequently the trustees consider that the accounts should be drawn up on a going concern basis. 1 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## 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. Main achievements: In 2024, the Trust made its final donation to the Memusi Foundation, concluding a partnership that spanned several years. Additionally, significant donations (over or equal to £10,000) were made to Oldbrook School, Helen & Douglas House, and the MK Community Foundation. ## Financial review: In 2024 the Trust continued to hold positive reserves with a surplus of £51,276 (2023: £49,076). 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) H Phillips (Chief Operating Officer, Personal Group Benefits Ltd) – Appointed 01 July 2024 Trustees have been appointed with the approval of the Board of Personal Group Holdings Plc. ON BEHALF OF THE TRUSTEES S A Mace Trustee Date: 9/10/2025 2 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PERSONAL ASSURANCE CHARITABLE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the accounts of Personal Assurance Charitable Trust ‘the Charity) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect: - accounting records were not kept in respect of the charity as required by section 130 of the Act; or - the accounts do not accord with these records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Our report is made solely to the Charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our work or for the independent examiner’s report, or for the opinions we have formed. Christopher Bagnall FCA ICAEW Grant Thornton UK LLP Chartered Accountants Milton Keynes 9/10/2025 Date: 3 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 |Notes
Receipts
Gross donations received from
Personal Assurance Plc

Total income
Payments
Charitable expenditure in furtherance
of charity’s objectives
Donations made in year 6
Bank charges
Cancelled cheques
Surplus/(Deficit) for the year
Fund balances
Surplus brought forward at 1stJanuary
Surplus/(Deficit) for the year
Surplus carried forward at 31stDecember|**2024**
**£**
**100,000**







|
**2024**

**£**

**100,000**
**(102,552)**
**(124)**
**4,875**
**2,200**
**49,076**
**2,200**
**51,276**|2023
2023
£
£
100,676
100,676
(126,531)
(130)
1,900
(24,085)
73,161
(24,085)
49,076| |---|---|---|---| All funds held by the charity are unrestricted funds. The accompanying accounting policies and notes form an integral part of these accounts. 4 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 ||**2024**|2023| |---|---|---| ||**£**|£| |**Current assets**||| |Bank and cash balances|**61,770**|50,177| |**Current liabilities**||| |Amounts to be repaid to donor|**(10,494)**|(1,101)| |**Net current assets**|**51,276**|49,076| |**Fund balances**||| |Surplus carried forward at 31stDecember|**51,276**|49,076| The accounts were approved by the Trustees on . 9/10/2025 S A Mace The accompanying accounting policies and notes form an integral part of these accounts. 5 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ## **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. ## **Amounts to be repaid to donor** Relates to donations paid by Personal Assurance Plc on behalf of the Trust which are to be repaid to the company in the subsequent accounting period. ## **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 EMPLOYEES** The Trust has no employees (2023: nil). There were therefore no employees earning more than £60,000 per annum to be disclosed. ## **5** ## **INDEPENDENT EXAMINER FEES** During the year, the charity incurred costs in relation to independent examination of £1,400 + VAT (2023: £1,350 + VAT) which were settled by Personal Assurance Plc on behalf of the Trust. 6 Docusign Envelope ID: 0AF570A3-B552-43DE-B538-925158A61AA8 ## **PERSONAL ASSURANCE CHARITABLE TRUST** NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **6 DONATIONS MADE TO INSTITUTIONS** Details of donations made to institutions that received £1,000 or more in the year. |**Name of recipient**|**Amount**
**£**| |---|---| |MEMUSI FOUNDATION|51,811| |OLDBROOK SCHOOL|19,553| |HELEN & DOUGLAS HOUSE|10,100| |MK COMMUNITY FOUNDATION|10,000| |CHILDREN IN NEED|4,115| |CANCER RESEARCH|1,500| |TEDDY ROSE FOUNDATION|1,285| |Total donations under £1,000|4,188| |Total donations made in the year|102,552| ## **7 RELATED PARTIES** During the year the Trust received donations of £100,000 (2023: £100,676) from Personal Assurance Plc, which is considered to be the Trust’s controlling party. At the year end there was an amount of £10,494 (2023: £1,101) owing to Personal Assurance Plc in respect of overpaid amounts. Personal Assurance Plc also settled fees on behalf of the Trust in relation to the 2024 independent examination amounting to £1,400 + VAT (2023: £1,350 + VAT). 7