PAT ALLSOP CHARITABLE TRUST
PART A: Legal and Administrative Information
Name of Charity: Pat Allsop Charitable Trust Charity Number: 1030950 Principal Address: ℅ Lee Bolton Monier-Williams LLP, 1 The Sanctuary, Westminster, London SW1P 3JT
Governing Document:
A Trust Deed dated the 23rd day of January 1976 and made between Patrick Thomas Falconer Allsop (1) and the Partners of Allsop & Co and H B Dehn (2)
The persons legally responsible for the control and management of the Charity:
The Trustees who are Mr John Randel, Mr Patrick Kerr, Mr Wayne Taylor, and Mr Scott Tyler
Advisors:
Solicitors
Lee Bolton Monier-Williams LLP of 1 The Sanctuary, Westminster, London SW1P 3JT
Investment Advisors & Portfolio Investec Wealth & Investment of 30 Gresham Managers Street, London EC2V 7QN Independent Examiner Thomas Ward FCA
Restrictions in the Charity's governing document:
The Charity’s objects are for education and the relief of poverty. The Charity has no permanent endowment
Investment Powers:
Investments
The Charity has unrestricted investment powers. The Trustee Act 2000 does not extend the investment powers of the Trustees.
The investments are held in the name of the nominee company of Investec Wealth & Investment or are held by overseas agents to the order of Investec Wealth & Investment
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PART B: Narrative Information
1. Aims and Organisation
The main purposes and objects for which the Charity is established are the furtherance of education, including the payment of school fees, and the relief of poverty. The organisation of the Charity is that it is managed by the Trustees and has no paid staff; under the terms of the Governing Document professional trustees are entitled to be remunerated. The Charity uses professional advisers to carry out administrative tasks in connection with the furtherance of its charitable objects. The Trustees have meetings once or twice each year in which they determine the aims of the Charity during the following period; those aims are then carried out by the authority of two or more of the trustees.
The Charity achieves its objects by making donations to other registered charities and by supporting research.
The original founder of the charity was a partner in Allsop & Co, Chartered Surveyors, Auctioneers and Property Managers. The Trustees bear this in mind when determining the charitable donations to be made, in that they favour donations which have connections with the surveying and property management professions, and support educational projects which are connected with those professions.
The Trustees have maintained the Charity’s aims and organisation without major changes in the year.
2. Review of Progress and Achievements
During the financial year of the Charity, the Trustees continued to make donations as set out in Schedule III, making a number of major donations (over £2,500) and some smaller donations in order to support charities which the Trustees consider to be particularly deserving, or charities which have a connection with the surveying profession or the firm of Allsop LLP. The Trustees made larger charitable donations during the year comprising:
| The Story of Christmas | £11,500 |
|---|---|
| LandAid Charitable Trust | £20,000 |
| Reading Real Estate Foundation | £5,000 |
| Red Tribe Charity | £8,000 |
| The Army Benevolent Fund | £3,000 |
| Bowel Cancer UK | £3,800 |
The total donations were £52,650 .
The value of the trust assets at 31[st] August 2020 was £1,262,169 (31.08.2019 - £1,374,265) including cash balances.
3. Review of Financial activities and affairs
Although the Trust does not have a permanent endowment, the policy of the Trustees is to maintain the capital of the Trust and (subject to the investment policy set out below) to make charitable donations out of the income of the Trust, in order to ensure that the Trust Fund is maintained, and that the charitable intentions of the founder of the Charity can continue in the future.
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The trust has received payments from Allsop LLP and its associated companies which comprised balances held by them from rent deposits, purchase deposits and payments on account of rent/service charges. The persons entitled to these balances were not able to be identified by Allsop LLP, and as a result they were donated to the Pat Allsop Charitable Trust, on the basis that if the persons entitled to the funds or a part of them, made a claim against Allsop LLP, the funds would be returned to them. The Trustees have entered into Deeds of Indemnity with Allsop LLP accordingly. The amounts received by the Trust have been shown in the Annual Accounts, and were £40,788 in October 2012, £65,833 in October 2014 and £81,602 in February 2019.
During the year the gross investment income received was £28,395 before expenses, and the total income for the year 2020/21 is estimated to be c £32,000 , so that (after expenses) the amount of income available for donations would be approximately £25,000 . However, the Trustees have decided that the investment of the trust fund should be on a total return basis, as the Trustees consider too much emphasis on an income return reduces the scope to make capital gains, and that a greater overall return can be achieved by investing in this way. The Trust portfolio is now managed with a primarily ‘Growth’ objective and the holdings of fixed interest stocks, which provide a higher yield, have been substantially reduced.
It is the intention of the Trustees to make donations totalling approximately 4% of the value of the trust fund each year, which will amount to a little under £50,000 based on the current value of the fund, with the excess over the actual income return being funded from the capital of the Trust.
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CAPITAL ACCOUNT
| Balance at 31stAugust 2019 | Balance at 31stAugust 2019 | £1,115,678.73 |
|---|---|---|
| Add | Gain on sale of investments – Schedule I | 128,558.01 |
| Accumulated Income | 69.80 | |
| £1,244,306.54 | ||
| Less | Investment management fees (Investec Wealth) | (9,859.53) |
| Transfers to Income account | (40,000.00) | |
| Balance at 31st August 2020 | £1,194,447.01 |
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INCOME ACCOUNT
| Balance at 31stAugust 2019 | Balance at 31stAugust 2019 | 1,795.18 |
|---|---|---|
| Add | Income received | |
| Income from investments managed by Investec: | ||
| (i) UK dividends |
17,459.54 | |
| (ii) UK interest | 1,213.85 | |
| (iii) UK Unit Trust interest | 1,362.04 | |
| (iv) UK Unit Trust distributions | 3,595.86 | |
| (v) UK REIT dividends | 1,382.07 | |
| (vi) Overseas dividends/distributions | 2,387.60 | |
| (vii) Overseas interest | 994.33 | |
| Deposit interest | - | |
| Advances from Capital | 40,000.00 | |
| £70,190.47 | ||
| Less | Cost and disbursements of Lee Bolton Monier-Williams LLP | 6,780.00 |
| Dividends on Accumulation Units (transferred to Capital) | 69.80 | |
| Fees of Independent Examiner | 750.00 | |
| Trustees' lunch | 597.38 | |
| £61,993.29 | ||
| Less | Charitable donations (see Schedule III) | 52,650.00 |
| Balance at 31st August 2020 | £9,343.29 |
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BALANCE SHEET
| CAPITAL | ||
|---|---|---|
| Balance on Capital Account | £1,194,447.01 | |
| Represented by: | ||
| Investments at book value (Schedule II) | 1,098,334.15 | |
| (Value at 31 August 2020 - £1,156,714) | ||
| Cash Balance at Investec | 59,620.30 | |
| Cash Balance at Lee Bolton Monier-Williams | 36,492.56 | |
| £1,194,447.01 | ||
| INCOME | ||
| Balance on Income Account | £9,343.29 | |
| Represented by: | ||
| Cash balance at Lee Bolton Monier-Williams | £9,343.29 |
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SCHEDULE I – Disposals
| Date | Holding | Proceeds | Cost | Gain/ |
|---|---|---|---|---|
| (Loss) | ||||
| 9.4.2020 | 14,889.34 FIL Moneybuilder Income | 14,659.29 | 15,083.00 | (423.71) |
| Units | ||||
| 9.4.2020 | £11,300 LSE plc 4.75% Loan Notes | 11,395.31 | 11,391.50 | 3.81 |
| 2021 | ||||
| 20.4.2020 | 13,750 Blackrock Frontier Fund | 11,899.00 | 19,021.70 | (7,122.70) |
| Shares USD0.01 | ||||
| 1.7.2020 | 100 Man GLG Japan Equity Fund | 13,865.00 | 15,310.00 | (1,445.00) |
| Units | ||||
| 1.7.2020 | 25,000 Schroder Tokyo Trust Income | 18,930.00 | 22,002.50 | (3,072.50) |
| Units | ||||
| 31.7.2020 | 1,850 Polar Capita North American | 36,595.00 | 33,797.50 | 2,797.50 |
| Fund Units | ||||
| 11.8.2020 | 4,250 Aviva plc 25p Shares | 12,661.04 | 22,358.54 | (9,697.50) |
| 11.8.2020 | 11,192 BMO Commercial Property | 7,211.73 | 13,802.16 | (6,590.43) |
| Trust plc 1p Shares | ||||
| 11.8.2020 | 20,000 BNP Paribas 181% Eurostox | 19,698.00 | 20,035.00 | (337.00) |
| AIBV 2021 | ||||
| 11.8.2020 | 5,750 BP plc USD0.25 Shares | 17,582.70 | 26,829.14 | (9,246.44) |
| 11.8.2020 | 7,150 Barclays plc 25p Shares | 7,882.88 | 24,606.15 | (16,723.27) |
| 11.8.2020 | 1,750 Blackrock World Mining plc 5p | 7,224.80 | 12,833.22 | (5,603.42) |
| Shares | ||||
| 11.8.2020 | 1,000 Bunzl plc 32.143p Shares | 23,479.10 | 20,291.00 | 3,188.10 |
| 11.8.2020 | 610 Capital Gearing Trust plc 25p | 27,330.05 | 26,693.00 | 637.05 |
| Shares | ||||
| 11.8.2020 | 1000 Diageo plc 28 101/108p Shares | 25,649.91 | 11,085.85 | 14,564.06 |
| 11.8.2020 | £21,802 Enquest plc 7% Loan Notes | 12,536.15 | 20,872.13 | (8,335.98) |
| 2022 | ||||
| 11.8.2020 | 2,000 Halma plc 10p Shares | 44,525.46 | 20,766.00 | 23,759.46 |
| 11.8.2020 | 16,727 HICL Infrastructure plc 0.01p | 28,911.62 | 19,778.48 | 9,133.14 |
| Shares | ||||
| 11.8.2020 | 825 Imperial Brands plc 10p Shares | 10,507.13 | 17,240.42 | (6,733.29) |
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| 11.8.2020 | 3,886 Lloyds Banking Group plc | 1,131.29 | 8,940.90 | (7,809.61) |
|---|---|---|---|---|
| 10p shares | ||||
| , | ||||
| 11.8.2020 | 16,250 Mercantile Inv. Trust plc 25p | 32,564.00 | 21,202.63 | 11,361.37 |
| Shares | ||||
| 11.8.2020 | 15,000 Polar Capital Financials Trust | 16,091.20 | 14,919.50 | 1,171.70 |
| plc 5p Shares | ||||
| 11.8.2020 | 3,000 Polar Capital Technology Trust | 62,579.00 | 13,557.67 | 49,021.33 |
| plc 25p Shares | ||||
| 11.8.2020 | 333 Premier Oil plc Warrants | 0.33 | 0.00 | 0.33 |
| 11.8.2020 | 955 Royal Dutch Shell plc "B" Shares | 11,199.72 | 15,941.00 | (4,741.28) |
| of €0.07 | ||||
| 11.8.2020 | 1,425 SSE plc 50p Shares | 18,794.89 | 14,913.55 | 3,881.34 |
| 11.8.2020 | 2,150 Shaftesbury plc 25p Shares | 12,216.38 | 20,172.90 | (7,956.52) |
| 11.8.2020 | 1,300 Temple Bar Investment Trust plc | 9,698.00 | 15,318.80 | (5,620.80) |
| 25p Shares | ||||
| 11.8.2020 | £5,500 Treasury 1.25% Index-Linked | 11,169.58 | 10,298.06 | 871.52 |
| Stock 2027 | ||||
| 11.8.2020 | £45,000 Treasury 0.125% Index- | 60,207.65 | 53,130.00 | 7,077.65 |
| Linked Stock 2024 | ||||
| 11.8.2020 | £3,000 Treasury 2.5% Index-Linked | 10,818.43 | 10,803.73 | 14.70 |
| Stock 2024 | ||||
| 11.8.2020 | 7,500 Urban & Civic plc 20p Shares | 17,061.50 | 20,267.28 | (3,205.78) |
| 11.8.2020 | 800 Unilever plc 31.111p Shares | 35,873.92 | 14,638.37 | 21,235.55 |
| 11.8.2020 | 7,750 Vodafone plc USD0.2095 |
9,174.45 | 11,789.99 | (2,615.54) |
| Shares | ||||
| 11.8.2020 | 950 Worldwide Healthcare Trust plc | 32,736.00 | 6,593.77 | 26,142.23 |
| 25p Shares | ||||
| 12.8.2020 | 15,000 Artemis US Select Fund Units | 37,993.50 | 17,546.47 | 20,447.03 |
| 12.8.2020 | 28,854.436 J P Morgan US Equity | 32,518.95 | 14.320.98 | 18,197.97 |
| Income Fund Units * |
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| 12.8.2020 | 999.83 Jupiter European Fund Units | 27,353.28 | 13,541.07 | 13,812.21 |
|---|---|---|---|---|
| 7.4.2020 | £11,000 HSBC Bank plc 5.862% Loan | 11,000.00 | 10,428.17 | 571.83 |
| Notes | ||||
| 12.8.2020 | 30,065.643 Artemis Income Fund E | 25,501.68 | 17,547.78 | 7,953.90 |
| Units | ||||
| £828,227.92 | £699,624.91 | £128,558.01 |
* Previously 10,000 JP Morgan UK Ltd US Equity Income Fund
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SCHEDULE II – Securities
| Security | Date of | Cost of | Value at | |
|---|---|---|---|---|
| purchase | purchase | 31.08.2020 | ||
| BOND | ||||
| FUNDS | ||||
| 130 | Maitland Twenty-four Dynamic Bond | 28.04.14 | 14,506.44 | |
| Fund Units | ||||
| 90 | Ditto | 17.08.20 | 9,862.32 | |
| LessEqualisation payment | (123.46) | |||
| 220 | 24,245.30 | 24,244 | ||
| 5,642 | *KKV Secured Loan Fund Ordinary | 03.07.14 | 5,737.75 | 1,090 |
| Shares | ||||
| 1,088 | Ditto "C" Shares | 03.07.14 | 1,023.18 | 487 |
| 22,496.48 | Jupiter Strategic Bond Fund Units | 17.11.14 | 14,927.75 | |
| 12,503.92 | Ditto | 17.08.20 | 8,381.11 | |
| 35,000.00 | 23,308.86 | 23,398 | ||
| LOBAL BOND FUNDS | ||||
| 67,500 | Aberdeen Standard Global Inflation- | 17.08.20 | 35,343.00 | 35,465 |
| Linked Bond Fund Units | ||||
| 11,000 | Allianz Global Gilt Yield Bond Fund | 17.08.20 | 23,345.30 | 23,029 |
| Units | ||||
| 15,000 | BNY Mellon Global Bond Fund Units | 17.08.20 | 23,691.00 | 23,339 |
| 310 | Oaktree Global High Yield Bond Fund | 09.08.20 | 25,889.00 | 28,312 |
| Units |
GLOBAL BOND FUNDS
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EQUITIES
| 450 Findlay Park American Hedged Fund Units 18.03.11 375 825 - ditto - 12.08.20 1,525 Aberforth Smaller Companies plc 1p Shares 13.06.11 1,000 2,525 Ditto 27.07.16 20,000 Aberdeen Standard Life European Equity Fund Units 07.11.12 19,759.19 Henderson European Selected Opportunity Fund G Units 22.05.17 15,240.81 Ditto 12.08.20 35,000 28,000 Schroder US Smaller Companies Fund Units 05.01.18 9,000 Ditto 12.08.20 37,000 32,000 Schroder European Trust Income Units 05.01.18 2,400 Neuberger Berman Uncorrelated Strategies Fund Units 17.01.18 5,750 JP Morgan Global Emerging Markets plc 1p Shares 25.11.14 3,746 Ditto 27.04.20 6,143 Ditto 28.04.20 3,746 300 Ditto Ditto 29.04.20 30.04.20 5715 Ditto 01.05.20 25,400 75 Schroder Asian Total Return Fund Units 27.07.18 35 Ditto 12.08.20 110 22,500 Twenty-Four Income Fund 0.1p Shares 12.09.19 2,600 Baillie Gifford Japan Trust plc 5p Shares 09.09.20 1,525 Ditto 31.07.20 375 Ditto 12.08.20 4,500 45,000 AXA Framlington UK Mid-cap Fund Units 12.08.20 100,000 Aberdeen Standard UK Ethical Equity Fund Units 12.08.20 4,300 Baillie Gifford American Fund Units 12.08.20 12,500 Fundrock WHEB Sustainability Fund Units 12.08.20 |
12,104.83 27,240.00 39,344.83 61,322 10,957.32 10,076.00 21,033.32 21,841 13,081.75 19,228 19,124.00 16,094.29 35,218.29 36,645 34,055.00 12,069.00 46,124.00 47,545 25,785.40 24,714 24,947.00 25,392 7,219.63 3,885.17 6,443.46 3,978.25 318.00 5,976.06 27,820.57 29,020 27,154.12 13,643.02 40,797.14 43,799 24,620.75 22,669 20,689.36 11,996.31 3,088.35 35,774.02 36,653 , 46,845.00 46,260 57,260.00 57,050 57,534.00 63,081 23,340.00 22,936 |
|---|---|
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| 38,500 | Jupiter UK Special Situations Fund Units | 12.08.20 | 59,582.60 | 57,030 |
|---|---|---|---|---|
| 14,000 | Liontrust Special Situations Fund Units | 12.08.20 | 60,244.80 | 58,384 |
| 55,000 | Man GLG Undervalued Assets Fund Units | 12.08.20 | 60,390.00 | 58,740 |
| 2250 | Pinebridge Asia Ex Japan Small Cap Equity | 12.08.20 | 29,895.75 | 29,655 |
| Fund Units | ||||
| 1225 | Vanguard S & P 500 ETF USD Units | 12.08.20 | 59,931.78 | 60,947 |
| ALTERNATIVE ASSETS | ||||
8,500 |
Greencoat UK Wind plc 1p Shares | 06.01.15 | 9,458.78 | |
| 17,000 | Ditto | 22.03.18 | 20,672.64 | |
| 25,500 | 30,131.42 | 36,542 | ||
| 350 | Source Physical Secured Gold Linked Notes | 20.05.16 | 29,616.93 | 50,172 |
| 5,882 | Secure Income REIT plc 1p Shares | 22.03.16 | 15,034.10 | |
| 3,118 | Ditto | 12.08.20 | 8,538.03 | |
| 9,000 | 23,572.13 | 24,975 | ||
| 32,000 | CIBC 8.63% FTSE 100 Index Bond 2026 | 17.08.20 | 33,180.80 | 33,212 |
| 26,000 | Goldman Sachs 15.71% FTSE 100 Index | 17.08.20 | 29,678.48 | 29,538 |
| Bond 2026 | ||||
| £1,098,334.15 | £1,156,714 |
* Formerly SQN Asset Finance Fund
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SCHEDULE III – CHARITABLE DONATIONS
| 22 November 2019 The Story of Christmas 22 November 2019 Reading Real Estate Foundation (Pathways to Property) 22 November 2019 Barnardo's 22 November 2019 The Army Benevolent Fund 22 November 2019 Tommy's 22 November 2019 The Graham Wylie Foundation 10 March 2020 Red Tribe Charity 10 March 2020 Bowel Cancer UK 14 April 2020 LandAid Charitable Trust 1 June 2020 LandAid Charitable Trust |
£11,500 £5,000 £1,000 £3,000 £250 £100 £8,000 £3,800 £10,000 £10,000 £52,650 |
|---|---|
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PAT ALLSOP CHARITABLE TRUST
PART A: Legal and Administrative Information
Name of Charity: Pat Allsop Charitable Trust Charity Number: 1030950 Principal Address: ℅ Lee Bolton Monier-Williams LLP, 1 The Sanctuary, Westminster, London SW1P 3JT
Governing Document:
A Trust Deed dated the 23rd day of January 1976 and made between Patrick Thomas Falconer Allsop (1) and the Partners of Allsop & Co and H B Dehn (2)
The persons legally responsible for the control and management of the Charity:
The Trustees who are Mr John Randel, Mr Patrick Kerr, Mr Wayne Taylor, and Mr Scott Tyler
Advisors:
Solicitors
Lee Bolton Monier-Williams LLP of 1 The Sanctuary, Westminster, London SW1P 3JT
Investment Advisors & Portfolio Investec Wealth & Investment of 30 Gresham Managers Street, London EC2V 7QN Independent Examiner Thomas Ward FCA
Restrictions in the Charity's governing document:
The Charity’s objects are for education and the relief of poverty. The Charity has no permanent endowment
Investment Powers:
Investments
The Charity has unrestricted investment powers. The Trustee Act 2000 does not extend the investment powers of the Trustees.
The investments are held in the name of the nominee company of Investec Wealth & Investment or are held by overseas agents to the order of Investec Wealth & Investment
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PART B: Narrative Information
1. Aims and Organisation
The main purposes and objects for which the Charity is established are the furtherance of education, including the payment of school fees, and the relief of poverty. The organisation of the Charity is that it is managed by the Trustees and has no paid staff; under the terms of the Governing Document professional trustees are entitled to be remunerated. The Charity uses professional advisers to carry out administrative tasks in connection with the furtherance of its charitable objects. The Trustees have meetings once or twice each year in which they determine the aims of the Charity during the following period; those aims are then carried out by the authority of two or more of the trustees.
The Charity achieves its objects by making donations to other registered charities and by supporting research.
The original founder of the charity was a partner in Allsop & Co, Chartered Surveyors, Auctioneers and Property Managers. The Trustees bear this in mind when determining the charitable donations to be made, in that they favour donations which have connections with the surveying and property management professions, and support educational projects which are connected with those professions.
The Trustees have maintained the Charity’s aims and organisation without major changes in the year.
2. Review of Progress and Achievements
During the financial year of the Charity, the Trustees continued to make donations as set out in Schedule III, making a number of major donations (over £2,500) and some smaller donations in order to support charities which the Trustees consider to be particularly deserving, or charities which have a connection with the surveying profession or the firm of Allsop LLP. The Trustees made larger charitable donations during the year comprising:
| The Story of Christmas | £11,500 |
|---|---|
| LandAid Charitable Trust | £20,000 |
| Reading Real Estate Foundation | £5,000 |
| Red Tribe Charity | £8,000 |
| The Army Benevolent Fund | £3,000 |
| Bowel Cancer UK | £3,800 |
The total donations were £52,650 .
The value of the trust assets at 31[st] August 2020 was £1,262,169 (31.08.2019 - £1,374,265) including cash balances.
3. Review of Financial activities and affairs
Although the Trust does not have a permanent endowment, the policy of the Trustees is to maintain the capital of the Trust and (subject to the investment policy set out below) to make charitable donations out of the income of the Trust, in order to ensure that the Trust Fund is maintained, and that the charitable intentions of the founder of the Charity can continue in the future.
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The trust has received payments from Allsop LLP and its associated companies which comprised balances held by them from rent deposits, purchase deposits and payments on account of rent/service charges. The persons entitled to these balances were not able to be identified by Allsop LLP, and as a result they were donated to the Pat Allsop Charitable Trust, on the basis that if the persons entitled to the funds or a part of them, made a claim against Allsop LLP, the funds would be returned to them. The Trustees have entered into Deeds of Indemnity with Allsop LLP accordingly. The amounts received by the Trust have been shown in the Annual Accounts, and were £40,788 in October 2012, £65,833 in October 2014 and £81,602 in February 2019.
During the year the gross investment income received was £28,395 before expenses, and the total income for the year 2020/21 is estimated to be c £32,000 , so that (after expenses) the amount of income available for donations would be approximately £25,000 . However, the Trustees have decided that the investment of the trust fund should be on a total return basis, as the Trustees consider too much emphasis on an income return reduces the scope to make capital gains, and that a greater overall return can be achieved by investing in this way. The Trust portfolio is now managed with a primarily ‘Growth’ objective and the holdings of fixed interest stocks, which provide a higher yield, have been substantially reduced.
It is the intention of the Trustees to make donations totalling approximately 4% of the value of the trust fund each year, which will amount to a little under £50,000 based on the current value of the fund, with the excess over the actual income return being funded from the capital of the Trust.
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CAPITAL ACCOUNT
| Balance at 31stAugust 2019 | Balance at 31stAugust 2019 | £1,115,678.73 |
|---|---|---|
| Add | Gain on sale of investments – Schedule I | 128,558.01 |
| Accumulated Income | 69.80 | |
| £1,244,306.54 | ||
| Less | Investment management fees (Investec Wealth) | (9,859.53) |
| Transfers to Income account | (40,000.00) | |
| Balance at 31st August 2020 | £1,194,447.01 |
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INCOME ACCOUNT
| Balance at 31stAugust 2019 | Balance at 31stAugust 2019 | 1,795.18 |
|---|---|---|
| Add | Income received | |
| Income from investments managed by Investec: | ||
| (i) UK dividends |
17,459.54 | |
| (ii) UK interest | 1,213.85 | |
| (iii) UK Unit Trust interest | 1,362.04 | |
| (iv) UK Unit Trust distributions | 3,595.86 | |
| (v) UK REIT dividends | 1,382.07 | |
| (vi) Overseas dividends/distributions | 2,387.60 | |
| (vii) Overseas interest | 994.33 | |
| Deposit interest | - | |
| Advances from Capital | 40,000.00 | |
| £70,190.47 | ||
| Less | Cost and disbursements of Lee Bolton Monier-Williams LLP | 6,780.00 |
| Dividends on Accumulation Units (transferred to Capital) | 69.80 | |
| Fees of Independent Examiner | 750.00 | |
| Trustees' lunch | 597.38 | |
| £61,993.29 | ||
| Less | Charitable donations (see Schedule III) | 52,650.00 |
| Balance at 31st August 2020 | £9,343.29 |
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BALANCE SHEET
| CAPITAL | ||
|---|---|---|
| Balance on Capital Account | £1,194,447.01 | |
| Represented by: | ||
| Investments at book value (Schedule II) | 1,098,334.15 | |
| (Value at 31 August 2020 - £1,156,714) | ||
| Cash Balance at Investec | 59,620.30 | |
| Cash Balance at Lee Bolton Monier-Williams | 36,492.56 | |
| £1,194,447.01 | ||
| INCOME | ||
| Balance on Income Account | £9,343.29 | |
| Represented by: | ||
| Cash balance at Lee Bolton Monier-Williams | £9,343.29 |
785721
SCHEDULE I – Disposals
| Date | Holding | Proceeds | Cost | Gain/ |
|---|---|---|---|---|
| (Loss) | ||||
| 9.4.2020 | 14,889.34 FIL Moneybuilder Income | 14,659.29 | 15,083.00 | (423.71) |
| Units | ||||
| 9.4.2020 | £11,300 LSE plc 4.75% Loan Notes | 11,395.31 | 11,391.50 | 3.81 |
| 2021 | ||||
| 20.4.2020 | 13,750 Blackrock Frontier Fund | 11,899.00 | 19,021.70 | (7,122.70) |
| Shares USD0.01 | ||||
| 1.7.2020 | 100 Man GLG Japan Equity Fund | 13,865.00 | 15,310.00 | (1,445.00) |
| Units | ||||
| 1.7.2020 | 25,000 Schroder Tokyo Trust Income | 18,930.00 | 22,002.50 | (3,072.50) |
| Units | ||||
| 31.7.2020 | 1,850 Polar Capita North American | 36,595.00 | 33,797.50 | 2,797.50 |
| Fund Units | ||||
| 11.8.2020 | 4,250 Aviva plc 25p Shares | 12,661.04 | 22,358.54 | (9,697.50) |
| 11.8.2020 | 11,192 BMO Commercial Property | 7,211.73 | 13,802.16 | (6,590.43) |
| Trust plc 1p Shares | ||||
| 11.8.2020 | 20,000 BNP Paribas 181% Eurostox | 19,698.00 | 20,035.00 | (337.00) |
| AIBV 2021 | ||||
| 11.8.2020 | 5,750 BP plc USD0.25 Shares | 17,582.70 | 26,829.14 | (9,246.44) |
| 11.8.2020 | 7,150 Barclays plc 25p Shares | 7,882.88 | 24,606.15 | (16,723.27) |
| 11.8.2020 | 1,750 Blackrock World Mining plc 5p | 7,224.80 | 12,833.22 | (5,603.42) |
| Shares | ||||
| 11.8.2020 | 1,000 Bunzl plc 32.143p Shares | 23,479.10 | 20,291.00 | 3,188.10 |
| 11.8.2020 | 610 Capital Gearing Trust plc 25p | 27,330.05 | 26,693.00 | 637.05 |
| Shares | ||||
| 11.8.2020 | 1000 Diageo plc 28 101/108p Shares | 25,649.91 | 11,085.85 | 14,564.06 |
| 11.8.2020 | £21,802 Enquest plc 7% Loan Notes | 12,536.15 | 20,872.13 | (8,335.98) |
| 2022 | ||||
| 11.8.2020 | 2,000 Halma plc 10p Shares | 44,525.46 | 20,766.00 | 23,759.46 |
| 11.8.2020 | 16,727 HICL Infrastructure plc 0.01p | 28,911.62 | 19,778.48 | 9,133.14 |
| Shares | ||||
| 11.8.2020 | 825 Imperial Brands plc 10p Shares | 10,507.13 | 17,240.42 | (6,733.29) |
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| 11.8.2020 | 3,886 Lloyds Banking Group plc | 1,131.29 | 8,940.90 | (7,809.61) |
|---|---|---|---|---|
| 10p shares | ||||
| , | ||||
| 11.8.2020 | 16,250 Mercantile Inv. Trust plc 25p | 32,564.00 | 21,202.63 | 11,361.37 |
| Shares | ||||
| 11.8.2020 | 15,000 Polar Capital Financials Trust | 16,091.20 | 14,919.50 | 1,171.70 |
| plc 5p Shares | ||||
| 11.8.2020 | 3,000 Polar Capital Technology Trust | 62,579.00 | 13,557.67 | 49,021.33 |
| plc 25p Shares | ||||
| 11.8.2020 | 333 Premier Oil plc Warrants | 0.33 | 0.00 | 0.33 |
| 11.8.2020 | 955 Royal Dutch Shell plc "B" Shares | 11,199.72 | 15,941.00 | (4,741.28) |
| of €0.07 | ||||
| 11.8.2020 | 1,425 SSE plc 50p Shares | 18,794.89 | 14,913.55 | 3,881.34 |
| 11.8.2020 | 2,150 Shaftesbury plc 25p Shares | 12,216.38 | 20,172.90 | (7,956.52) |
| 11.8.2020 | 1,300 Temple Bar Investment Trust plc | 9,698.00 | 15,318.80 | (5,620.80) |
| 25p Shares | ||||
| 11.8.2020 | £5,500 Treasury 1.25% Index-Linked | 11,169.58 | 10,298.06 | 871.52 |
| Stock 2027 | ||||
| 11.8.2020 | £45,000 Treasury 0.125% Index- | 60,207.65 | 53,130.00 | 7,077.65 |
| Linked Stock 2024 | ||||
| 11.8.2020 | £3,000 Treasury 2.5% Index-Linked | 10,818.43 | 10,803.73 | 14.70 |
| Stock 2024 | ||||
| 11.8.2020 | 7,500 Urban & Civic plc 20p Shares | 17,061.50 | 20,267.28 | (3,205.78) |
| 11.8.2020 | 800 Unilever plc 31.111p Shares | 35,873.92 | 14,638.37 | 21,235.55 |
| 11.8.2020 | 7,750 Vodafone plc USD0.2095 |
9,174.45 | 11,789.99 | (2,615.54) |
| Shares | ||||
| 11.8.2020 | 950 Worldwide Healthcare Trust plc | 32,736.00 | 6,593.77 | 26,142.23 |
| 25p Shares | ||||
| 12.8.2020 | 15,000 Artemis US Select Fund Units | 37,993.50 | 17,546.47 | 20,447.03 |
| 12.8.2020 | 28,854.436 J P Morgan US Equity | 32,518.95 | 14.320.98 | 18,197.97 |
| Income Fund Units * |
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| 12.8.2020 | 999.83 Jupiter European Fund Units | 27,353.28 | 13,541.07 | 13,812.21 |
|---|---|---|---|---|
| 7.4.2020 | £11,000 HSBC Bank plc 5.862% Loan | 11,000.00 | 10,428.17 | 571.83 |
| Notes | ||||
| 12.8.2020 | 30,065.643 Artemis Income Fund E | 25,501.68 | 17,547.78 | 7,953.90 |
| Units | ||||
| £828,227.92 | £699,624.91 | £128,558.01 |
* Previously 10,000 JP Morgan UK Ltd US Equity Income Fund
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SCHEDULE II – Securities
| Security | Date of | Cost of | Value at | |
|---|---|---|---|---|
| purchase | purchase | 31.08.2020 | ||
| BOND | ||||
| FUNDS | ||||
| 130 | Maitland Twenty-four Dynamic Bond | 28.04.14 | 14,506.44 | |
| Fund Units | ||||
| 90 | Ditto | 17.08.20 | 9,862.32 | |
| LessEqualisation payment | (123.46) | |||
| 220 | 24,245.30 | 24,244 | ||
| 5,642 | *KKV Secured Loan Fund Ordinary | 03.07.14 | 5,737.75 | 1,090 |
| Shares | ||||
| 1,088 | Ditto "C" Shares | 03.07.14 | 1,023.18 | 487 |
| 22,496.48 | Jupiter Strategic Bond Fund Units | 17.11.14 | 14,927.75 | |
| 12,503.92 | Ditto | 17.08.20 | 8,381.11 | |
| 35,000.00 | 23,308.86 | 23,398 | ||
| LOBAL BOND FUNDS | ||||
| 67,500 | Aberdeen Standard Global Inflation- | 17.08.20 | 35,343.00 | 35,465 |
| Linked Bond Fund Units | ||||
| 11,000 | Allianz Global Gilt Yield Bond Fund | 17.08.20 | 23,345.30 | 23,029 |
| Units | ||||
| 15,000 | BNY Mellon Global Bond Fund Units | 17.08.20 | 23,691.00 | 23,339 |
| 310 | Oaktree Global High Yield Bond Fund | 09.08.20 | 25,889.00 | 28,312 |
| Units |
GLOBAL BOND FUNDS
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EQUITIES
| 450 Findlay Park American Hedged Fund Units 18.03.11 375 825 - ditto - 12.08.20 1,525 Aberforth Smaller Companies plc 1p Shares 13.06.11 1,000 2,525 Ditto 27.07.16 20,000 Aberdeen Standard Life European Equity Fund Units 07.11.12 19,759.19 Henderson European Selected Opportunity Fund G Units 22.05.17 15,240.81 Ditto 12.08.20 35,000 28,000 Schroder US Smaller Companies Fund Units 05.01.18 9,000 Ditto 12.08.20 37,000 32,000 Schroder European Trust Income Units 05.01.18 2,400 Neuberger Berman Uncorrelated Strategies Fund Units 17.01.18 5,750 JP Morgan Global Emerging Markets plc 1p Shares 25.11.14 3,746 Ditto 27.04.20 6,143 Ditto 28.04.20 3,746 300 Ditto Ditto 29.04.20 30.04.20 5715 Ditto 01.05.20 25,400 75 Schroder Asian Total Return Fund Units 27.07.18 35 Ditto 12.08.20 110 22,500 Twenty-Four Income Fund 0.1p Shares 12.09.19 2,600 Baillie Gifford Japan Trust plc 5p Shares 09.09.20 1,525 Ditto 31.07.20 375 Ditto 12.08.20 4,500 45,000 AXA Framlington UK Mid-cap Fund Units 12.08.20 100,000 Aberdeen Standard UK Ethical Equity Fund Units 12.08.20 4,300 Baillie Gifford American Fund Units 12.08.20 12,500 Fundrock WHEB Sustainability Fund Units 12.08.20 |
12,104.83 27,240.00 39,344.83 61,322 10,957.32 10,076.00 21,033.32 21,841 13,081.75 19,228 19,124.00 16,094.29 35,218.29 36,645 34,055.00 12,069.00 46,124.00 47,545 25,785.40 24,714 24,947.00 25,392 7,219.63 3,885.17 6,443.46 3,978.25 318.00 5,976.06 27,820.57 29,020 27,154.12 13,643.02 40,797.14 43,799 24,620.75 22,669 20,689.36 11,996.31 3,088.35 35,774.02 36,653 , 46,845.00 46,260 57,260.00 57,050 57,534.00 63,081 23,340.00 22,936 |
|---|---|
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| 38,500 | Jupiter UK Special Situations Fund Units | 12.08.20 | 59,582.60 | 57,030 |
|---|---|---|---|---|
| 14,000 | Liontrust Special Situations Fund Units | 12.08.20 | 60,244.80 | 58,384 |
| 55,000 | Man GLG Undervalued Assets Fund Units | 12.08.20 | 60,390.00 | 58,740 |
| 2250 | Pinebridge Asia Ex Japan Small Cap Equity | 12.08.20 | 29,895.75 | 29,655 |
| Fund Units | ||||
| 1225 | Vanguard S & P 500 ETF USD Units | 12.08.20 | 59,931.78 | 60,947 |
| ALTERNATIVE ASSETS | ||||
8,500 |
Greencoat UK Wind plc 1p Shares | 06.01.15 | 9,458.78 | |
| 17,000 | Ditto | 22.03.18 | 20,672.64 | |
| 25,500 | 30,131.42 | 36,542 | ||
| 350 | Source Physical Secured Gold Linked Notes | 20.05.16 | 29,616.93 | 50,172 |
| 5,882 | Secure Income REIT plc 1p Shares | 22.03.16 | 15,034.10 | |
| 3,118 | Ditto | 12.08.20 | 8,538.03 | |
| 9,000 | 23,572.13 | 24,975 | ||
| 32,000 | CIBC 8.63% FTSE 100 Index Bond 2026 | 17.08.20 | 33,180.80 | 33,212 |
| 26,000 | Goldman Sachs 15.71% FTSE 100 Index | 17.08.20 | 29,678.48 | 29,538 |
| Bond 2026 | ||||
| £1,098,334.15 | £1,156,714 |
* Formerly SQN Asset Finance Fund
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SCHEDULE III – CHARITABLE DONATIONS
| 22 November 2019 The Story of Christmas 22 November 2019 Reading Real Estate Foundation (Pathways to Property) 22 November 2019 Barnardo's 22 November 2019 The Army Benevolent Fund 22 November 2019 Tommy's 22 November 2019 The Graham Wylie Foundation 10 March 2020 Red Tribe Charity 10 March 2020 Bowel Cancer UK 14 April 2020 LandAid Charitable Trust 1 June 2020 LandAid Charitable Trust |
£11,500 £5,000 £1,000 £3,000 £250 £100 £8,000 £3,800 £10,000 £10,000 £52,650 |
|---|---|
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Report of the Independent Examiner to the Trustees of Pat Allsop CharitableTrust (Charity number 1030950)
I report on the accounts of Pat Allsop CharitableTrust for the year ended 31st August 2019, which comprise the Capital Account, the Income Account, the Balance Sheet, and schedules of Investment Disposals, Securities and Donations.
This report is made solely to the Charity’s Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination 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 examination, 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 an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
Examine the accounts under section 145 of the 2011 Act;
-
To follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and
-
To state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes a 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 I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
-
a) which gives me reasonable cause to believe that, in any material respect, the requirements:
-
to keep accounting records in accordance with section 145 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
-
have not been met; or
-
b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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