Trustees’ Annual Report for the period
From 1 February 2024 To 31 January 2025
Charity name: The Pell Charitable Trust
Charity registration number: 1135398
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | The objects of the charity are to further such objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
In furtherance of the charity’s objects for the public benefit the trustees shall provide grants. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 |
Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference | |
|---|---|
| Policy on grant making | Para 1.38 |
| Policy on social investment | Para 1.38 |
| including program related | |
| investment | |
| Contribution made by | Para 1.38 |
| volunteers | |
| Other |
1
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | During the year under review the charity made grants to 16 different organisations, totalling £188,010. |
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | |
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | |
| Other |
2
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | At the end of the reporting period the charity had reserves of £25,444 (2024: £42,265). In addition to the free reserves the charity has bank balances of £140,085 (2024: £166,494) and investments valued at £1,114,064 within the endowment fund. The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives as well as covering future needs, opportunities, contingencies and risks. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | |
| Amount of reserves held | Para 1.22 | |
| Reasons for holding zero reserves |
Para 1.22 | |
| Details of fund materially in deficit |
Para 1.24 | |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 |
Additional information (optional) You may choose to include further statements where relevant about:
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | |
| A description of the principal risks facing the charity |
Para 1.46 | |
| Other |
3
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | The trust is governed by trust deed dated 19 March 2010. |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Trust |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustees are appointed by the Settlors jointly, or survivors of them, during their lifetimes and subject to this by trustees. |
Additional information (optional) You may choose to include further statements where relevant about:
| Policies and procedures adopted for the induction and training of trustees |
Para 1.51 | |
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | |
| Relationship with any related parties |
Para 1.51 | |
| Other |
Reference and Administrative details
| Charity name | The Pell Charitable Trust |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1135398 |
| Charity’s principal address | Trustees Department 1stFloor, Tower Wharf Cheese Lane, Bristol BS2 0JJ |
4
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (if any) |
|---|---|---|---|---|
| Gordon Francis Pell | ||||
| Marian Priscilla Pell | ||||
| Oliver David Pell | ||||
| Victoria Lundgren | ||||
| Ludlow Trust CompanyLimited |
From: 04/09/2024 | |||
| Ludlow Trust Company (London) Limited (Formerly: Messrs. Hoare Trustees Limited) |
To: 04/09/2024 | |||
– Corporate trustees names of the directors at the date the report was approved
| Director name | ||
|---|---|---|
| GarySt John Collins | ||
| Walter Duncan Coxon | ||
| Ali Reza Sarikhani | ||
| Ziba Christina Sakine Sarikhani | ||
| Christopher Ian Thurlow | ||
| Matthew John Wickers | ||
| Mr John Stephen Dennis | Resigned 25/10/2024 |
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
5
Funds held as custodian trustees on behalf of others
Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
| Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) |
|---|---|---|
| Type of adviser Name Address |
||
| Investment Managers | Coutts & Co. | 440 Strand, London, WC2R 0QS |
| Bankers | Coutts & Co | 440 Strand, London, WC2R 0QS |
| Independent Examiner | Geoffrey Frost | Blue Spire Limited, Cawley Priory, South Pallant, Chichester, West Sussex, PO19 1SY |
| Administrator | Ludlow Trust Co Ltd |
Ludlow Trust Co Ltd, Tower Wharf, Cheese Lane, Bristol, BS2 0JJ |
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
6
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) ~~re~~ Full name(s) Katherine Forder Position (eg Secretary, On behalf of Ludlow Trust Chair, etc) Company Limited (Trustee)
Date 27 November 2025
7
| 01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
01.02.2024 31.01.2025 1135398 The Pell Charitable Trust Receipts andpayments accounts Period start date Period end date To For the period from ~~ee~~ |
CC16a ~~-~~ |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Section A Receipts and payments | |||||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Last year | |||||||
| to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | |||||||
| A1 Receipts | |||||||||||
| Income from investments | 23,465 | - | - | 23 | 23,465 | 18,815 | |||||
| Interest received | 4,150 | - | - | 4 | 4,150 | 1,707 | |||||
| Donation to trust from Settlor | - | - | 400,004 | 400 | 400,004 | 160,000 | |||||
| Historic investment managers fee compensation | - | - | 12,400 | 12,400 | 12,400 | 4,875 | |||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| Sub total(Gross income for AR) | (Gross income for AR)27,615 | - | 412,404 | 440,019 | 440,019 | 185,397 | |||||
| A2 Asset and investment sales, (see table). Sale of investments - - 915,742 915,742 343,026 - - - - - Sub total - - 915,742 915,742 343,026 Total receipts 27,615 - 1,328,146 1,355,761 528,423 ~~———_—~~ |
|||||||||||
| A3 Payments | |||||||||||
| Grants awarded | 188,010 | - | - | 188 | 188,010 | 101,870 | |||||
| Investment managers fee(VAT inclusive) | - | - | 5,383 | 5 | 5,383 | 3,497 | |||||
| Trust administration fee(VAT inclusive) | 6,958 | - | - | 6 | 6,958 | 9,181 | |||||
| Independent Examiners fee | 780 | - | - | 780 | 780 | 5,586 | |||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| **Sub total ** | 195,748 | - | 5,383 | 201,131 | 201,131 | 120,134 | |||||
| A4 Asset and investment purchases, (see table) Investmentpurchases - - 1,197,860 1,197,860 356,481 - - - - - Sub total - - 1,197,860 1,197,860 356,481 Total payments 195,748 - 1,203,243 1,398,991 476,615 ~~_———==~~ |
|||||||||||
| Net of receipts/(payments) | (168,133) | - | - | 124,903 | 124,903 | - 43,230 | - 43,230 | - 43,230 51,808 |
51,808 | ||
| A5 Transfers between funds | 151,312 | 312 | - | - | (151,312) | - | - | - | - | ||
| A6 Cash funds last year end | 42,265 | 42,265 | - 166,494 | - 166,494 | - 166,494 | 208,759 | 208,759 | 156,951 | 156,951 | ||
| Cash funds this year end | 25,444 | 25,444 | - | - | 140,085 | 140,085 | 165,529 | 165,529 | 208,759 | 208,759 |
CCXX R8 accounts (SS)
24/11/2025
8
Section B Statement of assets and liabilities at the end of the period
| Unrestricted Restricted |
Endowment | ||||
|---|---|---|---|---|---|
| Categories | Details | funds funds |
funds | ||
| to nearest £ to nearest £ |
to nearest £ | ||||
| B1 Cash funds | - - 6,375 23,652 - - - - 133,710 1,792 - - - - - - - - 25,444 - 140,085 Bank Account Capital Current Account Capital Bank Account Income IM Account Capital IM Account Income Total cash funds ~~2s~~ |
||||
| (agree balances with receipts and payments | (agree balances with receipts and payments | ||||
| account(s)) | OK OK |
OK | |||
| Unrestricted Restricted |
Endowment | ||||
| funds funds |
funds | ||||
| Details | to nearest £ to nearest £ |
to nearest £ | |||
| B2 Other monetary assets | - - - - - - - - - - - - - - - - - - ~~—===~~ |
||||
| Details | Fund to which asset belongs Cost (optional) |
Current value (optional) |
|||
| B3 Investment assets | Endowment - 1,114,064 - - - - - - - - Investment portfolio ~~===~~ |
||||
| Details | Fund to which asset belongs Cost (optional) |
Current value (optional) |
|||
| B4 Assets retained for the charity’s own use |
- - - - - - - - - - - - - - ~~===~~ |
||||
| Fund to which Amount due |
When due | ||||
| Details | liability relates (optional) |
(optional) | |||
| Signed by one or two trustees on behalf of all the trustees B5 Liabilities CCXX R9 accounts (SS) |
Endowment 447 Unrestricted 780 Unrestricted 633 - - Date of approval Print Name Katherine Forder on behalf of Ludlow Trust CompanyLimited(Trustee) Signature Investment management fee Independent examination fee Trust administration fee 9 24/11/2025 27 November 2025 ~~=~~ |
Independent Examiner's Report to the Trustees of The Pell Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 January 2025 as set out on pages 8 to 9.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
28 November 2025
Geoffrey Frost BSc(Hons) FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY