PAT ALLSOP CHARITABLE TRUST TRUSTEES, REPORT AND ACCOUNTS for the year ended 31 August 2024 Approved by the Trustees on the 18th day of February 2025 (WJK Taylor) IS Tyler) {Ai Hoban) (CL Pugsley) LEE BOLTON MONIER-WILLIAMS LLP l The Sanctuarv Westminster London SWIP 3JT
PAT ALLSOP CHARITABLE TRUST PART A: Legal and Administrative Information Name of Charity: Pat Allsop Charitable Trust Charity Number: 1030950 Principal Address: c/0 Lee Bolton Monier-williams LLP, l The Sanctuary, Westminster, London SWIP 3JT Governing Document: A Trust Deed dated the 23rd day of January 1976 and made between Patrick Thomas Falconer Allsop111 and the Partners of Allsop & Co. and H B Dehn {21 The persons legally responsible for the control and management of the Charity: The Trustees who are Mr Wayne Taylor, Mr Scott Tyler, Mr Andrew Hoban and Mrs Catherine Pugsley Advisors: Solicitors Lee Bolton Monier-williams LLP of l The Sanctuary, Westminster, London SWIP 3JT Investment Advisors & Portfolio Managers Rathbones Group plc incorprating Investec Wealth & Investment of 30 Gresham 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: 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.
PART B: Narrative Information 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 connection5 With the surveying and propertv management professions, and support educational projects which are connected with those professions. The Trustees have maintained the Charity's alms 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 111, making a number of major donations lover £2,500) and some Smaller donations in order to support charities which the Trustees consider to be particularly deservingi or charities which have a connection with the surveying profession or the firm of Allsop LLP. The Trustees made larger charitable donations du ring the year comprising: *LandAid Jewish Care St Gemma's Hospice & Macmillan Cancer Support £30,000 £7,500 £4,000 The total donations were £50,500 * Please note that there were three payments of £10,000 to LandAid within this financial year. The value of the trust assets at 31 August 2024 was £1,330,410131.08.2023 - £1,253,248) 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 rentlservice 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 A1150p 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 £32,608 before expenses, and the total income for the year 2024125 is estimated to be c£31,500, so that lafter 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 su bstantially 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£53,000 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 2024 2023 Balance at 31 August 2023 1,251,827.01 1,294,275.88 ADD Gain on sale of investments 7,628.40 0.00 Equalisation payments 87.96 268.16 7,716.36 268.16 LESS Loss on sale of investments 0.00 4,033.81 Investment management fees 12,087.82 12,129.48 Transfer5 to Income Account 25,000.00 20,000.00 137,087.821 136,163.291 Change in market value 107,833.68 16,553.741 Balance at 31 August 2024 1,330,289.23 1.251,827.01
INCOME ACCOUNT 2024 2023 Balance at 31 August 1,421.31 484.11 Income from investments managed by Investec.. UK Dividends UK Interest liiil UK Unit Trust Interest livl UK Unit Trust Dividends Iv) Overseas Dividends Ivil Overseas Interest Iviil Deposit Interest 6,422.41 756.18 0.00 11,784.78 6,013.77 6,342.10 1,010.24 4,597.44 242.99 5,573.57 10,997.33 6,874.25 3.922.32 440.29 Untaxed accrued income on sale of Gilts 112.59 0.00 32.442.07 32,648.19 Interest on LBMW client account 166.41 0.00 Greentree - Donation 0.00 15,000.00 Advances from Capital 25,000.00 20,000.00 LESS Cost5 of Lee Bolton Monier-williams LLP 5,721.60 3,360.00 Fees of Independent Examiner 750.00 750.00 Trustees, lunch 361.84 440.83 16,833.441 14,550.831 Charitable donations ISchedule1111 150,500.001 161,460.001 Accumulated income120231241 11,075.111 1700.161 Miscellaneous Tom Butterwick & James Theakstone 1500.001 0.00 Balance at 31 August 2024 121.24 1.421.31 A payment was made to Tom Butterwick and James Theak5tone on the 15 November 2023 which was subsequently reimbursed to the Trustees on the 19 March 2024. This payment should not have been paid from Trust monies and this did not come to light until November 2024 when the position was corrected.
BALANCE SHEET 2024 2023 CAPITAL Balance on Capital Account 1,330.289.23 1,251,827.01 Represented by.. Investments at market value ISchedule111 Ibook value at 31 August 2023 - £1,152.428.621 1,280,220.00 1,233,874.00 Capital cash at Inve5tec 38,905.68 6,676.87 Capital monles at Lee Bolton Monler-williams LLP 11,163.55 11,276.14 1.330.289.23 1,251,827.01 INCOME Balance on Income Account 121.24 IA21.31 Represented by.. Income monles at Lee Bolton Monler-williams LLP (including credit of dividends after 31 August) 121.24 1,421.31 121.24 1,421.31
SCHEDULE l- Part11 Purchase of Investments Holding Cost 33,000 UK Govt 0.875% Bonds 31.07.2033 24,080.16 11,750 Mercantile Investments 25,674.75 1,500 Matthews Asia Funds, China I 22,950.00 311 Blackrock SM 4,235.82 1.569 Blackrock SM 22,039.73 4,000 BA Beutel Goodman 57,440.00 6,000 WS Morant Wright 31,095.60 950 ishares Physical M 19,161.26 1,850 Vanguard Funds plc FTSE 100 65,527.00 272,204.32
SCHEDULE11- Investment5 Holding Date of Purchase Cost of Purchase Value at 31.08.2024 12,000 Aberdeen Standard European Logistics 03.03.2022 12,024.04 7,332.00 155 Aspect UCITS Funds 06.07.2022 24,763.34 27,850.00 22,500 18,500 AXA Framlington UK Mld-cap Fund Unit5 ditto- less equalisatlon less equalisation sale 2023-24 12.08.2020 20.09.2021 23,422.50 24,919.50 1118.961 153.041 148,170.001 -41,000 22.02.2024 0.00 0.00 4000 BA Beutel Goodman 26.04.2024 57,440.00 58,760.00 4,300 B3illie Gifford American Fsjnd Unit5 12.08.2020 57,534.00 54,610.00 5,068 6,182 11,250 Blackrock Frontier ditto 20.01.2023 23.01.2023 6,797.72 8,604.73 15,402.45 16,397.00 311 1,569 1,880 Blackrock SM ditto- 19.04.2024 24.04.2024 4,235.82 22,039.73 26,275.55 28,670.00 150 CG Portfolio Fund Real Return A less equalisation CG Portfolio Fund Real Return A less equalisation 21.09.2021 31,516.50 185.791 20,438.00 166.001 loo 03.02.2022 250 51,802.71 47,108.00 450 375 825 Findlay Park American Hedged Fund Units ditto 18.03.2011 12.08.2020 12,104.83 27,240.00 39,344.83 90,214.00 8,500 17,000 14,500 40,000 Greencoat UK Wind PIC Ip shares ditto ditto 06.01.2015 22.03.2018 15.07.2021 9,458.78 20,672.64 19,112.00 49,243.42 56,800.00 19,759.19 15,240.81 Henderson European Selected ditto- less equalisation 22.05.2017 12.08.2020 19,124.00 16,094.29 1124.291 51,310.00 35,000 35,094.00 ii,ioo -ii.ioo Hipgnosis Songs Fund sale 2023-24 28.02.2022 17.10.2023 12,072.25 112,072.251 0.00 0.00 16,000 1,333 17,333 INT Publlc Partner ditto 03.03.2022 27.04.2022 25,601.00 2,126.14 27,727.14 22,134.00 175 Invesco Physical Secured Gold-Linked Notes 20.05.2016 14,808.46 32,153.00
6200 ishares li plc USD Tips Ucits ETF 30.05.2023 30,304.98 30,375.00 950 ishares Physical M 30.04.2024 19,161.26 19,960.00 30,000 -15,000 -10,000 -5,000 JP Morgan GBP Liquldity Distribution Unlts sale 2021-22 sale 2022-23 sale 2023-24 30.06.2021 30,000.00 115,000.001 iio,000.001 15,000.001 02.08.2023 15.01.2024 0.00 0.00 74,254 -34,254 -40,aoo jupiter UK Special Situation5 Fund X Units sale 2022-23 sale 2023-24 12.08.2020 27.10.2022 17.07.2024 59,582.60 127,485.961 132,096.641 0.00 0.00 29,250 Lazard Investment Funds Emerging Markets S less equalisation 3,312.4923 Fund switch to Emerging Markets J 32,562.4923 14.12.2022 30.186.00 1202.161 0.00 29,983.84 36,633.00 15,000 5,000 Lindsell Train UK Equity Fund Units ditto- less equalisation sale 2023-24 09.11.2020 10.08.2021 47.264.00 17,885.50 1169.501 164,980.001 -20,000 26.04.2024 0.00 0.00 14,000 Liontrust Special Situations Fund Unlts less equalisation Sale 2023-24 12.08.2020 60,244.80 1240.801 160,004.001 -14,000 17.04.2024 0.00 0.00 55,000 Man GLG Undervalued Assets Fund Units less equalisation 12.08.2020 60,390.00 1285.001 55,000 60,105.00 95,425.00 17500 M&G Investment Fund M&G japan Sterling Accumulated income in 2023-24 Accumulated income in 2023-24 28.06.2023 25,523.75 20.76 174.56 17500 25,719.07 29,255.00 1500 Matthews Asia Funds, China I 26.02.2024 22,950.00 22,335.00 11750 Mercantile Investments 23.02.2024 25,674.75 29,346.00 75 35 -60 209.72 209.72 Schroder Asian Total Return Fund UnSts ditto- sale 2021-22 Fund 5Wltch Schroder Asian Total Return Z 27.07.2018 12.08.2020 04.07.2022 27,154.12 13,643.02 122,252.991 18,544.15 22,074.00 32,000 32,000 Schroder European Trust Units ditto less equalisation less equalisation 124,237.57 Fund swltch Schroder European Q 15.07.2021 05.01.2018 29,036.80 25,785.40 1227.421 1330.781 54,264.00 62,082.00
33,000 Schrodef Global Cities Real Estate Fund Units less equallsation 04.01.2021 27,609.80 1201.501 33,000 27,408.30 29,449.00 io,ooo Schroder Oriental p5c Ip shares 27.01.2021 27,101.00 26,925.00 28,000 9,000 Schroder US Smaller Companles Fund Unit5 ditto less equalisation sale 2022-23 05.01.2018 12.08.2020 34,055.00 12,069.00 Iii.001 121,187.001 -17,000 20,000 26.10.2022 24,926.00 38,200.00 24,750 Sequoia Economic l NPV 25.05.2023 20,296.00 19,837.00 1,250 2,000 TB Amati Inv Funds ditto Accumulated income in 2021-22 Accumulated income in 2022-23 Accumulated income In 2023-24 sale 2023-24 28.05.2021 20.09.2021 20,826.13 34,384.40 216.22 700.16 879.79 157,006.701 -3,250 15.04.2024 0.00 0.00 22,500 20,000 42,500 Twenty-Four Income Fund O.Ip Shares ditto- 12.09.2019 25.05.2023 24,620.75 20.261.00 44,881.75 44,328.00 32,300 UK Govt 0.25% Bonds 31.01.2025 less equalisation 25.10.2022 30031.09 120.191 32,300 30,010.90 31,795.00 27,000 UK Govt 0.375% Bonds 22.10.2026 less equalisation 20.01.2023 24,265.15 126.981 27,000 24,238.17 25,056.00 33,000 UK Govt 0.875CA Bonds 31.07.2033 less gross relief 13.11.2023 24,080.16 185.531 33,000 23,994.63 25,459.00 41,000 UK Govt 1% Gilt 22.04.2024 less gross relief sale 23-24 531e 23-24 sale 23-24 07.06.2023 39,763.06 158.251 15,810.461 14,842.051 129,052.301 -6,000 -5,000 -30,000 11.12.2023 12.01.2024 12.02.2024 0.00 0.00 30,000 Valu-Trac Investments Protean Capital Income Units 15.12.2020 less equalisation sale 2023-24 29,143.34 1133.341 129,010.001 -30,000 14.09.2023 0.00 0.00 6,000 WS Morant Wright less equalisation 26.04.2024 31,095.60 187.961 31,471.00 6,000 31,007.64 99,135.00 1,225 Vangljard S & P 500 ETF USD Units 12.08.2020 59,931.78 67,742.00 1,850 Vanguard Funds plc FTSE 100 19.07.2024 65,527.00 1,077,490.16 1,280.220.00
SCHEDULE111- CHARITABLE DONATIONS 25.10.2023 Oxford Hospitals Charity £1,000.00 25.10.2023 Kef Kids £250.00 25.10.2023 Youth Aliyah Child Rescue £250.00 25.10.2023 Kef Kids £250.00 25.10.2023 Allsop Leeds (St Gemma's Hospice & Macmillan Cancer Support) £4,000.00 25.10.2023 The Wickers Charity £1,500.00 01.11.2023 50% refund of Jewish Care £7,500.00 07.11.2023 LandAid Ilok Event Sponsorshipl £10,000.00 17.01.2024 LandAid (annual donation 2023-241 £10,000.00 19.03.2024 Joshua Tree £750.00 19.03.2024 M icro Rainbow International Foundation £1,000.00 21.03.2024 Friends of Moon Hall School Reigate £500.00 28.03.2024 Epilepsy Society £500.00 17.04.2024 Cancer Research UK12 x £2501 £500.00 03.05.2024 Beat £500.00 03.05.2024 Marie Curie £500.00 03.06.2024 Macmillan Cancer Support £500.00 11.06.2024 The Talent Tap £1,000.00 12.06.2024 LandAid {annual donation 2024-251 £10,000.00 £50,500.00
Investment Reconciliation Cost Market Value As at 31 August 2023 1,152,428.62 1,233,874.00 Sales Proceeds Profit/loss 341,320.40 16,724.001 341,320.40 7,628.40 (348,044.401 1333,692.001 Purchases Icostl 272,204.32 272,204.32 less gross relief Accumulated income on holdings Equalisation payments Change in market value 185.531 1,075.11 {87.961 107,833.68 1,077,490.16 1,280,220.00
Report of the Independent Examiner to the Trustees of Pat Allsop CharitableTrust (Charity number 10309501 I report on the accounts of Pat Allsop Charitable Trust for the year ended 31st August 2024, which comprise the Capital Account, the Income Account, the Balance Sheet, and schedules of Investment Disposals, Securities and Donations. This report is made solely lo 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 lo the Charity's Trustees those malters l am required to slate to them in an independent examiner's report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility to anyone other than Ihe Charity and the Charity's Trustees as a body, for my examination, for this report, or for the opinions I have formed. Respe¢tive responsibilities of Trustees and Examiner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustee5 consider an audit is not required for this year under section 144(21 of Ihe Charities Act 2011 {the 2011 Acll 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(51(bl 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 wilh the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by Ihe 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 suoh matters. The procedures undertaken do not provide all the evidenGe that would be required in an audit and consequently I do not expiess 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= which gives me reasonable Gause to believe thal, in any material respect, the requirements.. to keep accounting records in accordance with section 145 of the 2011 Act; and lo prepare accounts which aGcord with the accoLJnting records and comply with the accounting requirements of the 2011 Act have not been met; or b) lo 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 194-204 Bermondsey Street London SE1 3TQ Thomas Ward FCA Lonsdale Ward Limited 24lh February 2025