PAT ALLSOP CHARITABLE TRUST
TRUSTEES' REPORT AND ACCOUNTS
for the year ended 31 August 2023
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Approved by the Trustees on the day of 2023
(JPG Randel)
(PWE Kerr)
(WJK Taylor)
(S Tyler)
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LEE BOLTON MONIER-WILLIAMS LLP
1 The Sanctuary Westminster London SW1P 3JT
PAT ALLSOP CHARITABLE TRUST
PART A:
Legal and Administrative Information
Name of Charity: Pat Allsop Charitable Trust Charity Number: 1030950 Principal Address: c/o 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 Trustees who are Mr John Randel, Mr Patrick Kerr, Mr the control and management of the Wayne Taylor and Mr Scott Tyler Charity: Advisors: Solicitors Lee Bolton Monier-Williams LLP of 1 The Sanctuary, Westminster, London SW1P 3JT Investment Advisors & Portfolio Investec Wealth & Investment of 30 Gresham Street, Managers 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: The Charity has unrestricted investment powers. The Trustee Act 2000 does not extend the investment powers of the Trustees. Investments The investments are held in the name of the nominee company of Investec Wealth & Investment or are held by overseas agents to order of Investec Wealth & Investment.
1 Aims and Organisation
PART B: Narrative Information
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.
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 | £23,000 |
|---|---|
| Jewish Care | £7,500 |
| Brain Tumour Charity | £5,275 |
| Reading Real Estate Foundation | £5,000 |
| Riding for the Disabled - Horsehills | £5,000 |
| Bowel Cancer UK | £5,000 |
| Capital City College Group | £5,000 |
The total donations were £61,460
* Please note that there were two payments of £11,500 to The Story of Christmas within this financial year. If the second payment had not been made then the total amount of donations made would have been within the anticipated level of c£50,000.**
- The value of the trust assets at 31 August 2023 was £1,253,248 (31.08.2022 £1,294,759) including cash balances.
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.
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 £32,648 before expenses, and the total income for the year 2023/24 is estimated to be c £31,500 , so that (after expenses) the amount of income available for donations would be approximately £26,500 . 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 c £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.
| CAPITAL ACCOUNT Balance at 31 August 2022 Restatement to record investments at Market Value ADD Gain on sale of investments Equalisation payments KKV Secured loans - return of capital LESS Loss on sale of investments Decrease in value of investments as per Investec Report Investment management fees Transfers to Income Account Change in market value Balance at 31 August 2023 |
2023 £ £ 1,294,275.88 0.00 0.00 268.16 0.00 268.16 4,033.81 0.00 12,129.48 20,000.00 (36,163.29) (6,553.74) 1,251,827.01 |
2022 £ £ 1,221,981.71 252,408.44 0.00 641.90 397.74 1,039.64 18,661.18 2,313.56 12,166.87 25,000.00 (58,141.61) (123,012.30) 1,294,275.88 |
2022 £ £ 1,221,981.71 252,408.44 0.00 641.90 397.74 1,039.64 18,661.18 2,313.56 12,166.87 25,000.00 (58,141.61) (123,012.30) 1,294,275.88 |
|---|---|---|---|
| 1,294,275.88 |
INCOME ACCOUNT
2023
2022
| Balance at 31 August 2022 Income from investments managed by Investec: (i) UK Dividends (ii) UK Interest (iii) UK Unit Trust Interest (iv) UK Unit Trust Dividends (v) REIT Income (vi) Overseas Dividends (vii) Overseas Interest (viii) Deposit Interest Greentree - Donation Telereal Trillium - Donation Advances from Capital LESS Costs of Lee Bolton Monier-Williams LLP Fees of Independent Examiner Trustees' lunch Charitable donations (Schedule III) Accumulated income (2022/23) Balance at 31 August 2023 |
£ £ 484.11 4,597.44 242.99 5,573.57 10,997.33 0.00 6,874.25 3,922.32 440.29 32,648.19 15,000.00 0.00 20,000.00 3,360.00 750.00 440.83 (4,550.83) (61,460.00) (700.16) 1,421.31 |
£ £ 5,145.01 4,513.60 306.87 5,362.55 8,650.17 0.00 4,078.15 1,960.12 14.07 24,885.53 0.00 400.00 25,000.00 6,126.00 750.00 480.43 (7,356.43) (47,590.00) 0.00 484.11 |
£ £ 5,145.01 4,513.60 306.87 5,362.55 8,650.17 0.00 4,078.15 1,960.12 14.07 24,885.53 0.00 400.00 25,000.00 6,126.00 750.00 480.43 (7,356.43) (47,590.00) 0.00 484.11 |
|---|---|---|---|
| 484.11 |
| BALANCE SHEET CAPITAL Balance on Capital Account Represented by: Investments at market value (Schedule II) (book value at 31 August 2023 - £1,152,428.62) Capital cash at Investec Capital monies at Lee Bolton Monier-Williams LLP INCOME Balance on Income Account Represented by: Income monies at Lee Bolton Monier-Williams LLP (including credit of dividends after 31 August) |
2023 £ £ 1,251,827.01 1,233,874.00 6,676.87 11,276.14 1,251,827.01 1,421.31 1,421.31 1,421.31 |
2022 £ £ 1,294,275.88 1,263,531.00 19,468.74 11,276.14 1,294,275.88 484.11 484.11 484.11 |
2022 £ £ 1,294,275.88 1,263,531.00 19,468.74 11,276.14 1,294,275.88 484.11 484.11 484.11 |
|---|---|---|---|
| 484.11 |
SCHEDULE I – Part I Sales of Investments
| Date Holding Proceeds Cost 26.10.2022 17,000 Schroder US Smaller Companies Fund Units 30,566.00 21,187.00 27.10.2022 34,254.19 Jupiter UK Special Situations Fund X Units 34,031.54 27,485.96 14.12.2022 25,400 JP Morgan Global Emerging Markets plc 31,251.41 27,820.57 17.01.2023 2,250 Pinebridge Asia Ex Japan Small Cap Equity Fund Unit 31,695.53 29,895.75 20.01.2023 1,250 Vanguard Funds plc FTSE 250 37,817.25 35,264.75 24.05.2023 90,000 Jupiter Strategic Bond Fund Units 48,015.00 60,120.00 25.05.2023 370 Maitland Twenty-four Dynamic Bond Fund Units 33,675.95 40,955.00 12.06.2023 750 Blackrock (Lux) SA. BGF World Mining 33,315.00 30,727.50 02.08.2023 10,000 JP Morgan GBP Liquidity Distribution Units 10,000.00 10,000.00 £290,367.68 £283,456.53 |
Gain or Loss 9,379.00 6,545.58 3,430.84 1,799.78 2,552.50 (12,105.00) (7,279.05) 2,587.50 0.00 6,911.15 |
Market Value at 31.08.22 31,178.00 35,538.74 32,004.00 32,824.00 35,264.75 50,544.00 35,833.00 31,215.00 10,000.00 £294,401.49 |
Gain or Loss (612.00) (1,507.20) (752.59) (1,128.47) 2,552.50 (2,529.00) (2,157.05) 2,100.00 0.00 |
|---|---|---|---|
| (4,033.81) |
Purchase of Investments
SCHEDULE I – Part II
| Holding 32,300 UK Govt 0.25% Bonds 31.01.2025 1250 Vanguard Funds plc FTSE 250 29,250 Lazard Investment Funds Emerging Markets S 5,068 Blackrock Frontier 27,000 UK Govt 0.375% Bonds 22.10.2026 6,182 Blackrock Frontier 24,750 Sequoia Economic I NPV 20,000 Twenty-Four Income Fund 0.1p Shares 6200 iShares Ii plc USD Tips Ucits ETF 41,000 UK Govt 1% Gilt 22.04.2024 17500 M&G Investment Fund M&G Japan Sterling |
Cost 30,031.09 35,264.75 30,186.00 6,797.72 24,265.15 8,604.73 20,296.00 20,261.00 30,304.98 39,763.06 25,523.75 |
|---|---|
| 271,298.23 |
SCHEDULE II – Investments
| Holding Date of Purchase 12,000 Aberdeen Standard European Logistics 03.03.2022 155 Aspect UCITS Funds 06.07.2022 22,500 AXA Framlington UK Mid-cap Fund Units 12.08.2020 18,500 - ditto - 20.09.2021 less equalisation less equalisation 41,000 4,300 Baillie Gifford American Fund Units 12.08.2020 5,068 Blackrock Frontier 20.01.2023 6,182 - ditto - 23.01.2023 11,250 750 Blackrock (Lux) SA. BGF World Mining 14.10.2021 -750 sale 2022-23 12.06.2023 0 150 CG Portfolio Fund Real Return A 21.09.2021 less equalisation 100 CG Portfolio Fund Real Return A 03.02.2022 less equalisation 250 450 Findlay Park American Hedged Fund Units 18.03.2011 375 - ditto - 12.08.2020 825 8,500 Greencoat UK Wind Plc 1p shares 06.01.2015 17,000 - ditto - 22.03.2018 14,500 - ditto - 15.07.2021 40,000 19,759.19 Henderson European Selected 22.05.2017 15,240.81 - ditto - 12.08.2020 less equalisation 35,000 11,100 Hipgnosis Songs Fund 28.02.2022 16,000 INT Public Partner 03.03.2022 1,333 - ditto - 27.04.2022 17,333 175 Invesco Physical Secured Gold-Linked Notes 20.05.2016 6200 iShares Ii plc USD Tips Ucits ETF 30.05.2023 |
Cost of Purchase Value at 31.08.2023 £ £ £ 12,024.04 7,986.00 24,763.34 27,023.00 23,422.50 24,919.50 (118.96) (53.04) 48,170.00 40,004.00 57,534.00 46,397.00 6,797.72 8,604.73 15,402.45 16,116.00 30,727.50 (30,727.50) 0.00 0.00 31,516.50 (85.79) 20,438.00 (66.00) 51,802.71 47,275.00 12,104.83 27,240.00 39,344.83 74,910.00 9,458.78 20,672.64 19,112.00 49,243.42 56,660.00 19,124.00 16,094.29 (124.29) 35,094.00 45,920.00 12,072.25 8,641.00 25,601.00 2,126.14 27,727.14 22,845.00 14,808.46 25,873.00 30,304.98 29,830.00 |
|---|---|
| 30,000 JP Morgan GBP Liquidity Distribution Units 30.06.2021 -15,000 sale 2021-22 -10,000 sale 2022-23 02.08.2023 5,000 5,750 JP Morgan Global Emerging Markets plc 1p Shares 25.11.2014 3,746 - ditto - 27.04.2020 6,143 - ditto - 28.04.2020 3,746 - ditto - 29.04.2020 300 - ditto - 30.04.2020 5,715 - ditto - 01.05.2020 -25,400 sale 2022-23 14.12.2022 0 74,254 Jupiter UK Special Situations Fund X Units 12.08.2020 -34,254 sale 2022-23 27.10.2022 40,000 22,496.48 Jupiter Strategic Bond Fund Units 17.11.2014 12,503.92 - ditto - 17.08.2020 25,000 - ditto - 19.11.2020 30,000 - ditto - 10.08.2021 less equalisation -90,000 sale 2022-23 24.05.2023 0 29,250 Lazard Investment Funds Emerging Markets S 14.12.2022 less equalisation 3,312.4923 Fund switch to Emerging Markets J 32,562.4923 15,000 Lindsell Train UK Equity Fund Units 09.11.2020 5,000 - ditto - 10.08.2021 less equalisation 20,000 14,000 Liontrust Special Situations Fund Units 12.08.2020 less equalisation 14,000 2,250 Pinebridge Asia Ex Japan Small Cap Equity Fund 12.08.2020 -2,250 sale 2022-23 17.01.2023 0 130 Maitland Twenty-four Dynamic Bond Fund Units 28.04.2014 90 - ditto - 17.08.2020 150 - ditto - 18.11.2020 less equalisation -370 sale 2022-23 25.05.2023 0 55,000 Man GLG Undervalued Assets Fund Units 12.08.2020 less equalisation 55,000 17500 M&G Investment Fund M&G Japan Sterling 28.06.2023 |
30,000.00 (15,000.00) (10,000.00) 5,000.00 5,000.00 7,219.63 3,885.17 6,443.46 3,978.25 318.00 5,976.06 (27,820.57) 0.00 0.00 59,582.60 (27,485.96) 32,096.64 43,540.00 14,927.75 8,381.11 16,765.00 20,121.00 (74.86) (60,120.00) 0.00 0.00 30,186.00 (202.16) 0.00 29,983.84 32,725.00 47,264.00 17,885.50 (169.50) 64,980.00 68,870.00 60,244.80 (240.80) 60,004.00 63,552.00 29,895.75 (29,895.75) 0.00 0.00 14,506.44 9,862.32 16,843.52 (257.28) (40,955.00) 0.00 0.00 60,390.00 (285.00) 60,105.00 81,400.00 25,523.75 25,400.00 |
|---|---|
| 75 Schroder Asian Total Return Fund Units 27.07.2018 35 - ditto - 12.08.2020 -60 sale 2021-22 04.07.2022 50 32,000 Schroder European Trust Units 15.07.2021 32,000 - ditto - 05.01.2018 less equalisation less equalisation 64,000 33,000 Schroder Global Cities Real Estate Fund Units 04.01.2021 less equalisation 33,000 10,000 Schroder Oriental Plc 1p shares 27.01.2021 28,000 Schroder US Smaller Companies Fund Units 05.01.2018 9,000 - ditto - 12.08.2020 less equalisation 37,000 -17,000 sale 2022-23 26.10.2022 20,000 24,750 Sequoia Economic I NPV 25.05.2023 1,250 TB Amati Inv Funds 28.05.2021 2,000 - ditto - 20.09.2021 Accumulated income in 2021-22 Accumulated income in 2022-23 3,250 22,500 Twenty-Four Income Fund 0.1p Shares 12.09.2019 20,000 - ditto - 25.05.2023 42,500 32,300 UK Govt 0.25% Bonds 31.01.2025 25.10.2022 less equalisation 32,300 27,000 UK Govt 0.375% Bonds 22.10.2026 20.01.2023 less equalisation 27,000 41,000 UK Govt 1% Gilt 22.04.2024 07.06.2023 less equalisation 41,000 30,000 Valu-Trac Investments Protean Capital Income Units 15.12.2020 less equalisation 30,000 1250 Vanguard Funds plc FTSE 250 27.10.2022 -1,250 sale 2022-23 20.01.2023 0 1,225 Vanguard S & P 500 ETF USD Units 12.08.2020 |
27,154.12 13,643.02 (22,252.99) 18,544.15 19,538.00 29,036.80 25,785.40 (227.42) (330.78) 54,264.00 54,835.00 27,609.80 (201.50) 27,408.30 26,707.00 27,101.00 24,475.00 34,055.00 12,069.00 (11.00) 46,113.00 (21,187.00) 24,926.00 35,100.00 20,296.00 20,629.00 20,826.13 34,384.40 216.22 700.16 56,126.91 35,691.00 24,620.75 20,261.00 44,881.75 41,608.00 30031.09 (20.19) 30,010.90 30,255.00 24,265.15 (26.98) 24,238.17 23,660.00 39,763.06 (58.25) 39,704.81 39,963.00 29,143.34 (133.34) 29,010.00 28,431.00 35,264.75 (35,264.75) 0.00 0.00 59,931.78 83,015.00 1,152,428.62 1,233,874.00 |
27,154.12 13,643.02 (22,252.99) 18,544.15 19,538.00 29,036.80 25,785.40 (227.42) (330.78) 54,264.00 54,835.00 27,609.80 (201.50) 27,408.30 26,707.00 27,101.00 24,475.00 34,055.00 12,069.00 (11.00) 46,113.00 (21,187.00) 24,926.00 35,100.00 20,296.00 20,629.00 20,826.13 34,384.40 216.22 700.16 56,126.91 35,691.00 24,620.75 20,261.00 44,881.75 41,608.00 30031.09 (20.19) 30,010.90 30,255.00 24,265.15 (26.98) 24,238.17 23,660.00 39,763.06 (58.25) 39,704.81 39,963.00 29,143.34 (133.34) 29,010.00 28,431.00 35,264.75 (35,264.75) 0.00 0.00 59,931.78 83,015.00 1,152,428.62 1,233,874.00 |
|---|---|---|
| 1,152,428.62 1,233,874.00 |
SCHEDULE III - CHARITABLE DONATIONS
| 07.09.2022 | The Story of Christmas | £11,500.00 |
|---|---|---|
| 19.10.2022 | Young Lives vs Cancer | £1,000.00 |
| 20.10.2022 | Capital City College Group | £5,000.00 |
| 28.10.2022 | Jewish Care | £7,500.00 |
| 17.11.2022 | Action Kidney Cancer | £525.00 |
| 17.11.2022 | Bowel Cancer UK | £1,050.00 |
| 07.02.2023 | Reading Real Estate Foundation | £5,000.00 |
| 14.03.2023 | Riding for the Disabled - Horsehills | £5,000.00 |
| 24.03.2023 | Bowel Cancer UK | £5,000.00 |
| 24.03.2023 | London Schools Cricket Association | £270.00 |
| 24.03.2023 | Youth Challenge Oxfordshire | £550.00 |
| 24.03.2023 | Brain Tumour Charity | £5,275.00 |
| 15.05.2023 | The Fed | £500.00 |
| 20.06.2023 | Phyllis Tuckwell Hospice | £510.00 |
| 20.06.2023 | Tommy's | £510.00 |
| 20.06.2023 | Rainbow Trust Children's Charity | £510.00 |
| 20.06.2023 | Restless Development | £260.00 |
| 07.08.2023 | The Story of Christmas | £11,500.00 |
£61,460.00
| Investment Reconciliation | Cost | Market Value | ||
|---|---|---|---|---|
| £ | £ | |||
| As at 31 August 2022 | 1,164,260.34 | 1,263,531.00 | ||
| Sales Proceeds |
290,367.68 | 290,367.68 | ||
| Profit/loss | 6,911.15 | (4,033.81) | ||
| (283,456.53) | (294,401.49) | |||
| Purchases (cost) | 271,298.23 | 271,298.23 | ||
| Accrued interest on Gov Stock | purchase | (105.42) | ||
| Accumulated income | 700.16 | |||
| Equalisation payments | (268.16) | |||
| Change in market value | (6,553.74) | |||
| 1,152,428.62 | 1,233,874.00 |
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 2023, 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.
5, Market Yard Mews Thomas Ward FCA 194-204 Bermondsey Street Lonsdale Ward Limited London SE1 3TQ 12[[th]] January 2024
Lonsdale Ward Limited 12[[th]] January 2024