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2025-04-05-accounts

Charity Number: 281616

Allied Universal Employees’ Trust (Formerly G4S Employees’ Trust)

Report and financial statements For the year ended 5 April 2025

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ......................................................................................................... 7 Statement of financial activities ..................................................................................................... 11 Balance sheet ............................................................................................................................... 12 Notes to the financial statements ................................................................................................. 13

3 December 1956 and Deeds of Variation dated 3 December 1980 and 25 April 2006

On 12 May 2025 the charity changed its name from G4S Employees’ Trust to Allied Universal Employees’ Trust

281616

Allied Universal Employees’ Trust is an unincorporated charity and is governed by its Trust Deed and Deeds of Variation.

G4S Cash Solutions (UK) Ltd 72 London Road St ALBANS, Hertfordshire AL1 1NS Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Mercer & Hole Trustees Limited Sok Wah Lee Catherine Fiona Hooper

England and Wales

Schroder & Co Limited 1 London Wall Place LONDON, EC2Y 5AU

Schroder Investment Management Limited, 1 London Wall Place LONDON, EC2Y 5AU

Sayer Vincent LLP Chartered Accountants 110 Golden Lane, London, EC1Y 0TG

This summary is not intended to be a comprehensive statement of the terms of the Trust. Reference should be made to the Trust Deed and Deeds of Variation as required.

1

The trustees present their report and the audited financial statements for the year ended 5 April 2025. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice - Accounting and Reporting by Charities, applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The objects of the Trust are to provide benefits for past or present employees of Atlas Ontario LP or any of its subsidiaries, and for dependants of such employees. The trustees consider making grants in circumstances where all of the contractual and statutory entitlements have been claimed and where these are insufficient to alleviate financial hardship.

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. The objectives of the Trust (see above) are clearly of public benefit both directly and indirectly.

Grant making policy

The trustees consider and, whenever appropriate, respond to requests for financial assistance by making cash grants, providing these fall within the terms of the Trust Deed (as varied).

The dispensation of relief by way of such grants can take the form of gifts or loans, in payment for medical treatment, professional services or funeral expenses and discharging of debts. Claims for grant aid are considered by Human Resources Departments throughout the world and referred for final approval to the trustees based on individual circumstances and benefits are measured in months of local salary equivalent.

2

Achievements and performance

The charity's main activities and who it tries to help are described under objectives above. All its charitable activities focus on achieving its objective and are undertaken to further Allied Universal Employees’ Trust’s charitable purposes for the public benefit.

During the year ended 5 April 2025 the trustees met the trust’s objective by making grants totalling £359,028 (2024: £433,135) as shown on pages 18.

The human resource team at Allied Universal is identifying claimants worldwide and communicate to the trustees on a regular basis. There were 74 separate grants made to 366 individuals (including grants to the 47 beneficiaries affected by the floods in Brazil, 69 beneficiaries affected by the floods in Bangladesh and the 168 beneficiaries displaced by the war in Lebanon) during the year ended 5 April 2025 (2024: 110 grants made to 550 individuals).

Financial review

For the purposes of the financial review, the income comparisons are made between the total income funds including unrestricted and restricted funds.

The total income was £300,614 (2024: £147,631) with expenditure amounting to £478,520 (2024: £529,369). Therefore, there was an increase in incoming resources and a decrease in outgoing expenditure. The increase in income was due to a change of investment strategy. The decrease in expenditure was mainly because the donations were unusually high in 2024 due to disaster relief in Guam.

There were 74 grants made to 366 individuals compared with 110 grants made to 550 individuals during the year ended 5 April 2024, while there were fewer donations paid this year, the average grant paid was higher. All grants were made from the unrestricted fund totalling £359,028. There were 0 grants from the Covid-19 Fund. At the year end the net asset value of the charity was £7,017,860 (2024: £7,580,283).

The investments and cash of the charity are held to the order of the trustees by Schroder Investment Management Limited and are managed by Schroder & Co Limited. The charity made a realised gain on sale of investments of £7,946 (2024 gain of £399,847) and an unrealised loss of £392,327 (2024 gain of £189,271) on the revaluation of investments.

The total loss on investments was £384,381, and after deducting the cost of investment management of £13,952, the loss on currency exchange of £136 and the transfer to the unrestricted fund of £163,954 this resulted in a net decrease in funds of £562,423 for the year.

3

Investment policy

The major part of the income of the charity is derived from its investments. The investment manager’s objective is to maximise total return with due regard to risk. The trustees regularly review with the investment manager the income requirement and capital base. The investment portfolio is held across a broad range of asset classes with worldwide exposure to investment markets.

Reserves policy and going concern

The trustees keep under review the level of reserves and consider it prudent to retain sufficient funds to enable the charity to respond adequately to applications for grant-assistance received from beneficiaries. In the year ended 5 April 2025 the trustees achieved their objective to distribute fully the annual income from the unrestricted fund. The trustees have power to expend capital as well as income in support of their charitable objectives and a transfer of £163,954 was made from the endowment funds.

Principal risks and uncertainties

The trustees have carried out a review of the major risks facing the charity. The trustees also ensure that there is a monitoring and review process in place to capture new risks as they may arise, and that systems are in place to mitigate these.

Plans for the future

The trustees plan for the future is to continue their grant making policy thus assisting the trust in fulfilling their objectives. The trustees aim to utilise the unrestricted, restricted and endowment funds to achieve this objective.

On 12 May 2025, G4S Employees’ Trust changed its name to Allied Universal Employees’ Trust.

Structure, governance and management

The organisation is an unincorporated charity registered as a charity in England and Wales.

The charity is constituted under a trust deed dated 3 December 1956 and Deeds of Variations dated 3 December 1980 and 25 April 2006, and Resolutions dated 16 November 2009, 14 February 2025 and 12 May 2025.

4

On 6 April 2021, G4S was acquired by Allied Universal, an American provider of security systems and services following which G4S was delisted. The beneficiaries had previously been the past or present employees of G4S Ltd or any of its subsidiaries, and dependants of such employees. On 30 January 2025, the Charity Commission consented under S280A(8)(a) of the Charities Act 2011 (as amended) to the definition of employees being changed to mean any officers and employees and former officers and employees for the time being and from time to time of Atlas Ontario LP and any subsidiary company thereof. The income of the charity may be applied in making any payments which will provide relief from poverty and hardship of deserving and needy past & present employees of Atlas Ontario LP, or any of its subsidiaries, and for dependants of such employees.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

Trustees

Sok Wah Lee, Catherine Fiona Hooper and Mercer & Hole Trustees Limited were trustees during the year ended 5 April 2025.

The present directors of Mercer & Hole Trustees Limited are: Paul Maberly FCA Gill Tallon CTA Lisa Spearman CTA Helen Price CTA TEP Liz Cuthbertson CA CTA Dan Bisby CTA TEP Alison Palmer CTA Henry Lowe CTA Simon Coggins TEP Lynsey Lord CTA Joanne Bateson TEP Alice Pearson CTA

Sok Wah Lee and Catherine Hooper (employed by Allied Universal Ltd) received no remuneration or expenses. No one connected with Mercer & Hole Trustees Limited received any personal benefits or expenses.

Appointment of trustees

The Settlor has the power to appoint new trustees.

5

Trustee induction and training

If a new or additional trustee is appointed they will be encouraged to receive appropriate training depending on their qualifications and experience.

Related parties and relationships with other organisations

There are no related parties and relationships with other organisations other than Mercer & Hole Trustees Limited, details of which can be found in note 6.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Auditor

Sayer Vincent LLP was reappointed as the charity's independent auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 30 January 2026 and signed on their behalf by Mercer & Hole Trustees Limited.

6

Independent auditor's report to the trustees of Allied Universal Employees' Trust For the year ended 5 April 2025

Opinion

We have audited the financial statements of Allied Universal Employees’ Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial

statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Allied Universal Employees’ Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

7

Independent auditor's report to the trustees of Allied Universal Employees' Trust For the year ended 5 April 2025

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

8

Independent auditor's report to the trustees of Allied Universal Employees' Trust For the year ended 5 April 2025

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

9

Independent auditor's report to the trustees of Allied Universal Employees' Trust For the year ended 5 April 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 4 February 2026

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

10

----- Start of picture text -----
2024 Total £ 147,631 147,631 42,174 487,195 - 529,369 (381,738) (8,274) 589,118 199,106 - 199,106 7,381,177 7,580,283
Endowment £ - - 42,174 - - 42,174 (42,174) (8,274) 589,118 538,670 (339,564) 199,106 7,100,550 7,299,656
Restricted £ - - - - - - 280,627 280,627
Unrestricted £ 147,631 147,631 - 487,195 - 487,195 (339,564) (339,564) 339,564 - - -
Note 2 3 4 8
making investments
Grant
- on forward
funds
exchange
gains
activities / brought
between
funds currency
expenditure on funds
(losses)
Investments Raising Charitable Other Loss Net Transfers Total
----- End of picture text -----

----- Start of picture text -----
2024
Note £
Investments 8 7,495,691
7,495,691
Investment managers' bank accounts 95,128
95,128
Creditors: amounts falling due within one year 9 (10,536)
84,592
7,580,283
10
Capital funds:
Expendable endowment 7,299,656
7,299,656
Income funds:
Restricted funds 11 280,627
280,627
7,580,283
----- End of picture text -----

Approved by the trustees on 30 January 2026 and signed on their

behalf by

On behalf of Mercer and Hole Trustees Limited

12

Allied Universal Employees' Trust is an unincorporated charity registered with the Charity Commission in England & Wales. The registered office address is 72 London Road, St Albans, Hertforshire AL1 1NS.

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charity meets the definition of a public benefit entity under FRS 102.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted fund for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from endowment to the unrestricted funds as required.

13

Unrestricted funds are incoming resources generated from the endowment for the charitable purposes. The restricted fund is a fund dedicated to beneficiaries who have suffered poverty or hardship as a result of COVID-19. The funds totalling £370,000 were donated by senior employees of Allied Universal.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure consists of:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at the investment manager's bank is held to meet the day to day running costs of the charity as they fall due.

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

14

2024
Unrestricted
Restricted
Endowment
Total
Investment income
Deposit interest
£
£
£
297,584
-
-
3,030
-
-
£
127,109
20,522
300,614
-
-
147,631
2024
Unrestricted
Restricted
Endowment
Total
Investment
management fees
£
£
£
-
-
13,952
£
42,174
-
-
13,952
42,174

The investment management costs are all attributed to endowment funds.

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2024
Unrestricted Restricted Total
£ £ £
-
Grants made to individuals 359,028 433,135
LEI fee - - 60
Mercer & Hole Trustees Limited 36,540 - 46,800
-
Audit fees 9,000 7,200
-
404,568 487,195
----- End of picture text -----

No staff are employed by the charity.

Entitlement to trustees' remuneration was granted under the the terms of the Trust Deed. A total of £36,540 (inclusive of VAT) was billed by Mercer & Hole Trustees Limited during the period under review (2024: £46,800).

No expenses have been incurred by the trustees during the period (2024: £nil).

During the year the trust incurred fees of £36,540 (2024:£46,800) for accountancy and administration services payable to Mercer & Hole Trustees Limited.

15

The charity is exempt from UK corporation tax and income tax as all its income is charitable and is applied for charitable purposes.

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2024
£
Fair value at the start of the year 6,766,395
Additions at cost 10,139,241
Disposal proceeds (10,000,377)
Reinvested income 1,314
Net (loss) / gain on change in fair value 589,118
Fair value at the end of the year 7,495,691
Investments representing over 5% by value of the 2024
portfolio comprise: £
12,927,910 Schroder Unit Trusts 7,487,175
2024
£
Investment manager's charges 3,336
Auditor's remuneration 7,200
Other creditors -
10,536
£ £ £
Investments
Net current assets
Restricted Endowment Total
£ £ £
Investments - 7,495,692 7,495,691
Net current assets 280,627 (196,036) 84,592
280,627 7,299,656 7,580,283
----- End of picture text -----

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|||||||| |---|---|---|---|---|---|---| |£|£|£|£|£| |Covid-19|Restricted|Fund| |£|£|£|£|£| |Covid-19|Restricted|Fund|280,627|-|-|280,627| |Total|280,627|-|-|280,627|

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The Covid-19 Restricted Fund was established during the year ended 5 April 2021 by an initial gift of £370,000 by senior employees of Allied Universal Ltd. The fund is dedicated to beneficiaries who have suffered poverty or hardship as a result of the coronavirus pandemic. The trustees consider that there will not be any further requirement for this fund and intend to apply to the Charity Commission to apply the fund for the general purposes of the trust.

In 2025 there were 74 grants made to 366 individuals from the unrestricted fund, totalling £359,028. There were no grants paid from the Covid-19.

In 2024 there were 110 grants made to 550 individuals from the unrestricted fund, totalling £433,135. There were no grants paid from the Covid-19.

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||||||||| |---|---|---|---|---|---|---|---| |£| |Bangladesh|Asia|Pacific|&|India|Risk|Management|Group| |Brazil|Americas, LATAM|Secure Solutions| |Cameroon|Africa|Secure Solutions| |Chile|Americas, LATAM|Secure Solutions| |Egypt|Africa|Secure Solutions| |Greece|Europe|&|Middle East|Secure Solutions| |Guam|Asia|Pacific|&|India|Secure Solutions| |Lebanon|Europe|&|Middle East|Secure Solutions| |Madagascar|Africa|Secure|Solutions| |UK|Europe|&|Middle East|Secure|Solutions| |Ireland|Europe|&|Middle East|Secure|Solutions| |Guatemala|Americas, LATAM|Technology|Solutions| |Botswana|Africa|Secure Solutions| |Colombia|Americas, LATAM|Secure Solutions| |Thailand|Asia|Pacific|&|India|Ordnance|Management| |UAE|Not|found|Secure Solutions| |Czech|Republic|Europe|&|Middle|East|Secure Solutions| |St|Lucia|Americas, LATAM|Secure Solutions| |Argentina|Americas,|LATAM|Secure|Solutions|

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