## **PAT ALLSOP CHARITABLE TRUST**
## **TRUSTEES' REPORT AND ACCOUNTS**
for the year ended 31 August 2023
**----- Start of picture text -----**
Approved by the Trustees on the day of 2023
(JPG Randel)
(PWE Kerr)
(WJK Taylor)
(S Tyler)
**----- End of picture text -----**
**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