```
REGISTERED CHARITY NUMBER: 1193536
```
## **`Report of the Trustees and`**
```
Unaudited Financial Statements
for the Period
15 February 2021 to 31 March 2022
```
```
for
```
## **`Palca Stevenson Giving CIO`**
```
Bennewith 2018 Limited
t/a A J Bennewith & Co
```
```
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
```
```
Palca Stevenson Giving CIO
```
## **`Contents of the Financial Statements`**
## **`for the Period 15 February 2021 to 31 March 2022`**
|||**`Page`**||
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`5`|
|**`Independent Examiner's Report`**|`6`|`to`|`7`|
|**`Statement of Financial Activities`**||`8`||
|**`Balance Sheet`**||`9`||
|**`Cash Flow Statement`**||`10`||
|**`Notes to the Cash Flow Statement`**||`11`||
|**`Notes to the Financial Statements`**|`12`|`to`|`16`|
|**`Detailed Statement of Financial Activities`**||`17`||
```
Palca Stevenson Giving CIO
```
## **`Report of the Trustees`**
## **`for the Period 15 February 2021 to 31 March 2022`**
```
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheperiod15February2021 to
31March2022.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
PalcaStevensonGiving('PSG','theCharity')was officiallyregisteredwiththe CharityCommissionas an English Charitable
Incorporated Organisation (CIO) on 15 February 2021.
```
```
Theofficialobjectsof theCharityare"toadvancesuchcharitablepurposes(accordingto thelawof England& Wales) as
the Trusteessee fit fromtimeto timeby, but not limitedto, the provisionof grantsof moneyin the UnitedKingdom and
worldwide".Inpractice,PSG'saimistoprovidefinancialassistancetoothercharitableandphilanthropic organisations
throughtheprovisionofgrantsinthefollowingbroadfields(moredetailscanbefoundontheCharity Commission
website):
```
- `Supporting access to education both in the UK and overseas.`
- `Enhancing the provision of healthcare and medical research.`
- `Relief of poverty and supporting victims of abuse, natural disasters and war.`
- `Supporting cultural venues, such as theatres, museums and art galleries, and encouraging high standards of performance and artistic creation.`
- `Preservation of historic buildings and sites.`
- `Promotion of human rights, equality and diversity.`
- `Protection of the natural environment.`
## **`Public benefit`**
```
The Trustees recognise the duty imposed upon them by the Charities Act 2011, Section 17 and also the requirement
to have due regard to the general guidance provided by the Charity Commission in connection with Public Benefit.
```
```
Thecharitywillcomplywiththisdutybyprovisionofgrantstoothercharitableorganisationswithinthebroad fields
outlined in the 'Objectives & aims' section of the report.
```
```
Details of the grants made during the period are included in the ''Achievements and Performance' section of the report.
```
## **`Grantmaking`**
```
The Trustees'aim is thatthe Charityshoulddrawon a permanentendowmentproducingsufficientreturnsfor it to make
regulargrants,onasustainablebasis,toothercharitiesandorganisationsactiveinthesefields,whichareclearly of
acknowledgedpublicbenefit.TheCharitywillnotseekdonationsfromthegeneralpublic.Itdoesnotintendtohire any
administrative staff.
```
```
The Trusteesplan to make regulargrantstwice each financialyear, althoughthey have to power to respondto emergency
requests between meetings.
```
```
Whilstthe Charityis able to supportphilanthropicactivitiesworldwide,the Trusteesbelievethat a substantial proportion
of grantsshouldbedirectedtowardlocationswheretheyhaverelevantexperienceof currentconditionsand potentially
theabilitytovisitandassesspotentialbeneficiaryorganisations.PSGispermittedtomakegrantsto non-UK-registered
entities that share its charitable objects, but it is probable that most grants will be given to other UK-registered charities.
```
```
Forbothpurposesof administrativesimplicityandmakinganappreciableimpactontherecipientcharities'finances, the
Trustees are minded not to make grants of less than £1,000 per institution.
```
```
Page 1
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Palca Stevenson Giving CIO
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## **`Report of the Trustees for the Period 15 February 2021 to 31 March 2022`**
## **`ACHIEVEMENT AND PERFORMANCE`**
```
Settingup a new Charityduringthe COVID-19pandemicwas far from easy. Initialplans for PSG dated back to the summer
of2020,butofficialcall-centreswereveryunderstaffedduringthevariouslockdownsandwaitsofanhourtospeak to
advisorswerecommon.Atonepoint,theCharityCommissionclaimedtohavelostthesupportingdocumentation that
PSG had alreadysubmittedelectronically.Happily,they retrievedthe file and registeredthe Charityin mid-February 2021.
Fewbanks,however,werewillingtoarrangetheface-to-facemeetingsrequiredtoopennewcorporate accounts.
Barclays,however,cutthroughtheredtapeandPSG'sbankaccountwasopenedon30March2021,sixweeks after
registration.ThisenabledtheCharitytoreceivetheinitialdonationsfromitsfoundingTrustees,JuliaPalcaand Nicolas
Stevenson, and settle the outstanding bill from its solicitors, Moore Barlow LLP, before the end of the 2020/21 fiscal year.
```
```
Bymid-June2021,theTrusteeshadidentifiedsuitablelong-terminvestmentvehiclesforPSG'sendowmentand funds
werefinallytransferred(seeFinancialReviewbelow).Theyalsoestablishedcontactwithasuitably-qualifiedfirm of
accountants,A.J.Bennewith&Co.,toactastheCIO'sIndependentExaminers.SecuringregistrationwithHMRCfor tax
(andGiftAid)purposeswas,however,complexandslowgoing,requiringtheelectionoftwoadditionaltrustees, Oliver
Palca and Marcus Stevenson, who were duly registered with the Charity Commission in November 2021.
```
```
By Christmas2021,theCharityhadbegunto receivemanyunsolicitedrequestsforgrants,includinga few that appeared
tohavetakensomenoteofitscharitableobjectsandreflectedtheTrustees'statedpreferenceforhelping organisations
active in London and southeast England.
```
```
InJanuary2022,BenjaminStevensonwaselectedasaTrusteeandaclaimforGiftAidondonationsreceived was
submitted to HMRC.
```
```
Thefirstgrant-makingmeetingoftheTrusteestookplaceon6March2022.AlltheTrusteesfeltthattheweakening in
financialmarketsfollowingthe full-scaleRussianinvasionof Ukrainea few daysearliermeantthattheyshoulderr on the
sideofcautionandnotover-distributefromtheendowment'pot'.In'normal'times,PSGaimstopayoutanaverage of
4% of its assetseveryyear,whichwouldhaveimpliedgrantsamountingto around£20,000(roughly2% of assets)on this
occasion.Aftermuchdiscussion,itwasdecidedtodistributegrantstotalling£16,000,whichrepresentedthe portfolio's
accrued income (c. £6,000) plus 1% of available assets.
```
```
Trusteeshadreceivedan editedselectionof relevantunsolicitedrequestspriorto the meeting,butwerefreeto propose
recipientcharitiesthattheyhadidentifiedindependently.Theyagreedtospreadthegrantsacrossfive beneficiaries:
DisastersEmergencyCommittee(£6,000- humanitarianaid to victimsof war in Ukraine);Life Centre(£4,000- support for
victimsof sexualabuse in Surrey);The Manna(£3,000- supportfor rough-sleepersin Islington);Just For Kids Law (£2,000
-supportforalawcentredefendingthehumanrightsofvulnerablechildrenandyoungpeople,mainlyinLondon); and
YouthontheMove(£1,000- provisionofopportunitiesforoutdooractivitiesforpoorchildren,NorthLondon). Cheques
were sent to the recipients on 7 March.
```
```
At the end of the Charity'sfinancialyear, only two chequeshad been presented;but all had been paid by the beginning of
May.
```
```
Subsequenttotheaccountingyear-end,HMRCpaidPSGover£130,000inGiftAid(whichwillbeinvestedin coming
months) and plans had been made for a further Trustee grant-making meeting in the autumn of 2022.
```
```
Page 2
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Palca Stevenson Giving CIO
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## **`Report of the Trustees for the Period 15 February 2021 to 31 March 2022`**
## **`FINANCIAL REVIEW`**
```
As can be seen from the financialstatementson p. 8, at the end of March2022,PSG was able to call on assets amounting
tojustover£1.2milliontogenerateitsexpectedlong-termreturns.Thisfigurerepresentsa 1.3%declineinthevalue of
cashdonationsreceived(plusGiftAidawardedbyHMRCbutnotcredited)andadropof4.6%inthevalueof assets
transferredtotheCharity'inspecie'sincePSG'sinception.Giventheturmoilinfinancialmarketsfollowingthe outbreak
offull-scalewarinUkraineandthesubsequentriseinglobalinflationandinterestrates,theTrusteesdonotexpect the
Charity's invested asset base to exceed the value of total donations for some time.
```
```
PSG'sTrusteesremainconvinced,however,thatfinancialriskispositivelycorrelatedwithlong-termreturns.Given that
thetime-horizonformaximizingthevalueofPSG'sendowmentis,ineffect,perpetuity,andthattheCharitymakes no
promisesof continuingsupportto any of its beneficiaryorganisations,the Trusteesstill feel that it shouldbe managed like
otherultra-long-terminstitutions,suchas sovereignwealthfundsanduniversities,ratherthanin thecautiousmanner of
the'reserves'of mostpublic-fundedcharities.Thisapproachclearlyarguesfora highlevelof equityexposurewithin the
portfolio;butthisinturnimpliesthatyear-to-yearvolatilityofreturnsmaybegreaterthanmany'normal'charities are
preparedto accept.To offsetthis, therefore,the Trusteesintendto maintainsufficientcash reservesto sustainaround 18
monthsofregulargrants(roughly£40,000atcurrentlevels),whichshouldavoidtheirhavingtoselllong-termassets at
times not of their choosing, simply to meet short-term financing needs.
```
```
ThecoreofPSG'sportfolioconsistsoftwoassets:aholdingof846sharesintheEgertonCapitalEquityFund's 'A'
sterling-denominatedsub-fund,worthjustover£588,000attheyear-end(-4.6%);andaholdingof324,676.13'Class A
income'units in SarasinPartners'EndowmentFund, worth just over £395,000(-1.1%)at the same date. The Egerton fund,
whichis invested100%ina diversifiedportfolioof globalequities,hasgrownitsnetassetvaluebyover15%on average
eachyearsince1994,whilsttheSarasinfund(whichincludesholdingsofbonds,propertyand'alternative assets')
generateda total returnof over 6% p.a. between2007 and end-2020.Althoughpast performanceis never a certain guide
tofuturereturns,theTrusteesarewillingtogiveboththeseexperiencedmanagersthebenefitofseveral years'
experience before concluding that either one of them has lost its touch.
```
```
Asa'realitycheck'ontheselargeinstitutionalfundmanagers,PSGalsomaintainsasmallportfolioof specialist
investmenttrustswithKillik&Co.,worthjustover£46,000(-7.3%)atyear-end.Twoofthesefunds,ApaxGlobal Alpha
andEuropeanAssetsTrustfellby7.7%and17.8%respectivelyovertheaccountingperiod;butone-Oakley Capital
Investments- actuallymanagedto riseby 14.7%.TheTrusteescontinueto believethatthelikelylong-term performance
of the asset portfoliowill not only sustainthe Charity'sintendeddistributionrate of 4% of assets but allow for an increase
in grants over time.
```
```
Thecash-generatingassetsintheportfolio(theSarasinandKillikfunds)producedanincomestreamofalmost £6,400
overtheninemonthsthattheywereinvested,whichisequivalenttoanannualizedyieldof2%.TheEgertonfund, by
contrast,doesnotdistributeanydividendsorinterest;andthecurrentreturnontheCharity'sbankdepositsiszero. In
2022/23,theportfolio'srunningreturnshouldriseastheGiftAidcashisallocatedtoincome-producingassets. This
increase,combinedwith the cautiousreservespolicy,shouldenablethe Trusteesto avoidhavingto cut the planned level
ofgrantsintheeventofafurthermarketdownturnin2022/23;butthiscannotbeguaranteedbeyondtheend of
2023/24.
```
```
It shouldbenotedthattheTrusteesspecificallyinformbeneficiariesthatallgrantsare'one-off'andthattheycannot be
relieduponinfutureyears.HencetheCharity'songoingliabilitiesarelikelytobeessentiallytheexternalcosts of
administration(auditfees,bankchargesetc.).Itemssuchaspremises,stationery,postage,internetaccessetc. are
provided pro bono by the Trustees.
```
```
Page 3
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Palca Stevenson Giving CIO
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## **`Report of the Trustees for the Period 15 February 2021 to 31 March 2022`**
## **`FUTURE PLANS`**
```
ItisstillearlydaysfortheCharity.Incomingyears,theTrusteesintendtomakefurtherdonationstoPSG.In current
circumstances,however,notleastglobalfinancialandeconomicuncertainty,itmaytakeaperiodof'bedding down'
beforetheyare ableto determinewhatthe 'sustainable'levelof distributionsis likelyto be. Key unknownsare the levels
ofdonationsreceivedandtheperformanceoftheendowmentfunds,bothofwhicharedependent,toa degree,on the
level of UK inflationand the healthof globalfinancialmarkets.Actingin othercapacities,variousTrusteesplan to visit the
MiddleEast,WestAfricaandSoutheastAsiaoverthecomingyear.Opportunitiesforworkingin collaborationwith other
like-minded charities (either UK or locally-based) already operating in these areas may well arise.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document`**
```
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
```
## **`Appointment and training of trustees`**
```
PalcaStevensonGivingisanendowment-funded,family-administeredcharity,withfivecurrentTrustees:Julia Palca
(co-founder,Chair);NicolasStevenson(co-founder,Secretary/Treasurer);OliverPalca;BenjaminStevensonand Marcus
Stevenson.Inadditiontoitsformalobjectives,oneofthemainaimsofPSGistoexposeyoungermembersofthe Palca
Stevensonfamilyto bestpracticein thecharityfieldearlierthanmightotherwisebe thecase.TheChairin particular has
extensiveexperienceofadministeringlargeUKcharitiesandeducationalinstitutions,includingtherisksandpitfalls that
sometimesconfrontboardsof trustees.It is anintegralpartof theCharity'sproceduresthatallTrusteesparticipate fully
indiscussion,payingcloseattentionnotonlytothesuitabilityofproposedrecipientsofgrantsbutalsoto proper
administration,financialcontrol,risk managementand constructivedialoguewith regulators,for example.Over time, this
shouldensurethat thereare sufficientskillswithinthe Trusteepoolto providefor the continuanceof the Charity beyond
thelifetimesofthetwofounders.ItremainsopentotheTrusteestoappointnon-familymemberstotheboardin the
event that they feel that specialist knowledge is needed.
```
## **`Risk identification and management`**
```
In the opinionof the Trustees,the principalrisks confrontingPSG are financialand regulatory:marketscouldcollapse; the
endowment'sasset choicescouldprovedisastrous;exchangecontrolsor sanctionscouldmake it difficultor impossible to
receivedividendsfrom abroad;the bank(s)holdingthe Charity'scash couldbecomeinsolvent;and PSG's external advisers
couldfail to ensurethat it meets its reportingrequirements,leadingto the loss of tax-freecharitablestatus.There is little
inpracticethatPSGcandoto mitigatesuchrisksotherthanmaintaininga diversifiedportfolioandseekingto work with
reputable, diligent professionals.
```
```
Withnoinflowsofpublicdonationstoadminister,PSGisunlikelytosufferfromfraudormalfeasancedirectly. The
absenceofanyemployeesordirect'clients'appearstoeliminatesafeguardingrisks.Itisclearlyconceivable, however,
thattheCharitycouldprovidefinancialsupporttoinstitutionsthatweresubsequentlyfoundtobefraudulent, badly
managedor institutionallycompromisedin some way (e.g. sexual or racial abuse of staff or clients).Relyingon the 'quality
assurance'of the CharityCommissionis no substitutefor undertakingcarefuldue diligenceon potentialrecipients before
committing funds.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number`**
```
1193536
```
## **`Principal address`**
```
8 Grange Grove
LONDON
N1 2NP
```
```
Page 4
```
```
Palca Stevenson Giving CIO
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## **`Report of the Trustees`**
## **`for the Period 15 February 2021 to 31 March 2022`**
## **`Trustees`**
```
Ms J Stevenson Chair (appointed 15.2.21)
Mr N Stevenson Treasurer (appointed 15.2.21)
Mr B Stevenson (appointed 27.12.21)
Mr M Stevenson (appointed 11.10.21)
Mr O Palca (appointed 11.10.21)
```
## **`Independent Examiner`**
```
Bennewith 2018 Limited
t/a A J Bennewith & Co
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
```
```
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
```
```
..........................................................................
Ms J Stevenson - Trustee
```
```
Page 5
```
## **`Independent Examiner's Report to the Trustees of Palca Stevenson Giving CIO`**
## **`Independent examiner's report to the trustees of Palca Stevenson Giving CIO`**
```
I reportto the charitytrusteeson my examinationof the accountsof Palca StevensonGivingCIO (the Trust)for the period
15 February 2021 to 31 March 2022.
```
## **`Responsibilities and basis of report`**
```
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
```
```
I reportin respectof my examinationof theTrust'saccountscarriedoutundersection145of theActandin carrying out
my examinationI havefollowedallapplicableDirectionsgivenbytheCharityCommissionundersection145(5)(b)of the
Act.
```
## **`Independent examiner's statement`**
```
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbeamemberofalistedbody.Ican confirm
that I am qualifiedto undertakethe examinationbecauseI am a registeredmemberof Instituteof Chartered Accountants
in England and Wales which is one of the listed bodies.
```
```
I havecompletedmy examination.I confirmthatnomaterialmattershavecometo my attentioninconnectionwith the
examination giving me cause to believe that in any material respect:
```
`1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or`
`2. the accounts do not accord with those records; or`
`3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.`
```
I have no concernsand have come acrossno othermattersin connectionwith the examinationto whichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
```
```
Page 6
```
## **`Independent Examiner's Report to the Trustees of Palca Stevenson Giving CIO`**
```
Theauditthresholdis setinsection144of theCharitiesAct2011,whichstatesthata charitymusthaveanauditif their
"grossincome"forthatyearexceeds£1m.With"grossincome"beingdefinedasthetotalincomeshowninthe SoFA
excludingthereceiptofanyendowmentreceivedorreceivableandincludinganyamounttransferredtoincome funds
during the year from endowment funds.
```
```
Oncetheendowmentsreceivedof£450,000areexcludedfromthetotalincomeshownonSoFA,the"grossincome" for
theperiodis£820,596.Therefore,the"grossincome"isbelowthe£1mthresholdandanIndependentExamination has
been completed.
```
```
A J Bennewith
Institute of Chartered Accountants in England and Wales
Bennewith 2018 Limited
t/a A J Bennewith & Co
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Date: .............................................
```
```
Page 7
```
```
Palca Stevenson Giving CIO
```
## **`Statement of Financial Activities`**
## **`for the Period 15 February 2021 to 31 March 2022`**
|`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
`Investment income`
`3`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
`4`
**`Charitable activities`**
`5`
`Outward grants`
`Support`
**`Total`**
`Net gains/(losses) on investments`
**`NET INCOME`**
**`TOTAL FUNDS CARRIED FORWARD`**|`Unrestricted`
`fund`
`£`
`820,596`
`6,395`
`826,991`
`68`
`16,000`
`5,442`
`21,510`
`(28,299)`
`777,182`
`777,182`|`Endowment`
`fund`
`£`
`450,000`
`-`
`450,000`
`-`
`-`
`-`
`-`
`(8,082)`
`441,918`
`441,918`|`Total`
`funds`
`£`
`1,270,596`
`6,395`|
|---|---|---|---|
||||`1,276,991`
`68`
`16,000`
`5,442`|
||||`21,510`
`(36,381)`|
||||`1,219,100`|
||||`1,219,100`|
```
The notes form part of these financial statements
```
```
Page 8
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Palca Stevenson Giving CIO
```
## **`Balance Sheet`**
## **`31 March 2022`**
|`Notes`
**`FIXED ASSETS`**
`Investments`
`9`
**`CURRENT ASSETS`**
`Debtors`
`10`
`Cash at bank`
**`CREDITORS`**
`Amounts falling due within one year`
`11`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`NET ASSETS`**
**`FUNDS`**
`12`
`Unrestricted funds`
`Endowment funds`
**`TOTAL FUNDS`**|`Unrestricted`
`fund`
`£`
`588,374`
`130,783`
`60,425`
`191,208`
`(2,400)`
`188,808`
`777,182`
`777,182`|`Endowment`
`fund`
`£`
`441,918`
`-`
`-`
`-`
`-`
`-`
`441,918`
`441,918`|`Total`
`funds`
`£`
`1,030,292`
`130,783`
`60,425`|
|---|---|---|---|
||||`191,208`
`(2,400)`|
||||`188,808`|
||||`1,219,100`|
||||`1,219,100`|
||||`777,182`
`441,918`|
||||`1,219,100`|
```
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issueon .............................................
and were signed on its behalf by:
```
```
.............................................
Ms J Stevenson - Trustee
```
```
The notes form part of these financial statements
```
```
Page 9
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Palca Stevenson Giving CIO
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## **`Cash Flow Statement for the Period 15 February 2021 to 31 March 2022`**
|`Notes`
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Net cash provided by operating activities`
**`Cash flows from investing activities`**
`Purchase of fixed asset investments`
`Dividends received`
`Net cash (used in)/provided by investing activities`
**`Cash flows from financing activities`**
`Income attributable to endowment`
`Net cash provided by financing activities`
**`Change in cash and cash equivalents in the`**
**`reporting period`**
**`Cash and cash equivalents at the beginning`**
**`of the reporting period`**
**`Cash and cash equivalents at the end of the`**
**`reporting period`**|`£`
`670,703`
`670,703`
`(1,066,673)`
`6,395`
`(1,060,278)`
`450,000`
`450,000`
`60,425`
`-`
`60,425`|
|---|---|
```
The notes form part of these financial statements
```
```
Page 10
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## **`Notes to the Cash Flow Statement`**
## **`for the Period 15 February 2021 to 31 March 2022`**
## **`1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`**
|**`RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`**||
|---|---|
|**`Net income for the reporting period (as per the Statement of Financial`**
**`Activities)`**
**`Adjustments for:`**
`Losses on investments`
`Dividends received`
`Income attributable to endowment`
`Increase in debtors`
`Increase in creditors`
**`Net cash provided by operations`**|`£`
`1,219,100`
`36,381`
`(6,395)`
`(450,000)`
`(130,783)`
`2,400`|
||`670,703`|
## `2.` **`ANALYSIS OF CHANGES IN NET FUNDS`**
|`At`
**`Net cash`**
`Cash at bank`
**`Total`**|`15.2.21`
`Cash flow`
`At`
`£`
`£`
`-`
`60,425`
`-`
`60,425`
`-`
`60,425`|`31.3.22`
`£`
`60,425`|
|---|---|---|
|||`60,425`|
|||`60,425`|
```
The notes form part of these financial statements
```
```
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```
## **`Notes to the Financial Statements for the Period 15 February 2021 to 31 March 2022`**
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicableto charitiespreparingtheir accountsin accordancewith the Financial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the Charities Act
2011.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of
investments which are included at market value, as modified by the revaluation of certain assets.
```
## **`Income`**
```
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhas entitlementto the funds,it is
probable that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethata transferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
```
```
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.
```
## **`Taxation`**
```
The charity is exempt from tax on its charitable activities.
```
## **`Fund accounting`**
```
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
```
```
Restrictedfundscan onlybe usedfor particularrestrictedpurposeswithinthe objectsof the charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
```
```
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
```
## **`2. DONATIONS AND LEGACIES`**
|**`DONATIONS AND LEGACIES`**||
|---|---|
|`Donations`
`Gift aid`|`£`
`1,139,813`
`130,783`|
||`1,270,596`|
```
The income from donations and legacies includes £450,000 of endowment funds.
```
```
continued...
```
```
Page 12
```
```
Palca Stevenson Giving CIO
```
## **`Notes to the Financial Statements - continued for the Period 15 February 2021 to 31 March 2022`**
## **`3. INVESTMENT INCOME`**
```
Other fixed asset invest - FII
```
```
£
6,395
```
## **`4. RAISING FUNDS`**
## **`Investment management costs`**
```
Portfolio management
```
```
£
68
```
## **`5. CHARITABLE ACTIVITIES COSTS`**
|`Grant`
`funding of`
`activities`
`Support`
`(see note`
`costs (see`
`6)`
`note 7)`
`£`
`£`
`Outward grants`
`16,000`
`-`
`Support`
`-`
`5,442`
`16,000`
`5,442`
**`GRANTS PAYABLE`**
`Outward grants`|`Totals`
`£`
`16,000`
`5,442`|
|---|---|
||`21,442`|
||`£`
`16,000`|
## **`6. GRANTS PAYABLE`**
```
Total grants paid to institutions during the period was as follows:
```
||`31.3.22`|
|---|---|
||`£`|
|||
|`Disasters Emergency Committee - Ukraine Appeal`|`6,000`|
|`Life Centre`|`4,000`|
|`The Manna`|`3,000`|
|`Just for Kids Law`|`2,000`|
|`Youth on the Move`|`1,000`|
|||
||`£16,000`|
|||
```
continued...
```
```
Page 13
```
```
Palca Stevenson Giving CIO
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## **`Notes to the Financial Statements - continued`**
## **`for the Period 15 February 2021 to 31 March 2022`**
## **`7. SUPPORT COSTS`**
|**`SUPPORT COSTS`**||
|---|---|
||`Governance`|
||`costs`|
||`£`|
|`Support`|`5,442`|
## **`8. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees' remuneration or other benefits for the period ended 31 March 2022.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the period ended 31 March 2022.
```
## **`9. FIXED ASSET INVESTMENTS`**
|**`FIXED ASSET INVESTMENTS`**|||
|---|---|---|
|**`MARKET VALUE`**
`Additions`
`Revaluations`
`At 31 March 2022`
**`NET BOOK VALUE`**
`At 31 March 2022`||`Listed`
`investments`
`£`
`1,066,673`
`(36,381)`
`1,030,292`
`1,030,292`|
||`31.3.22`||
||`£`||
||||
|`Investment assets in the UK`|`155,449`||
|`Investment assets outside the UK`|`874,843`||
||||
||`1,030,292`||
||||
```
Cost or valuation at 31 March 2022 is represented by:
```
|||`Listed`|
|---|---|---|
|||`investments`|
|||`£`|
|`Valuation in`|`2022`|`1,030,292`|
```
continued...
```
```
Page 14
```
```
Palca Stevenson Giving CIO
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## **`Notes to the Financial Statements - continued for the Period 15 February 2021 to 31 March 2022`**
## **`9. FIXED ASSET INVESTMENTS - continued`**
```
Ifthefixedassetinvestmentshadnotbeenrevaluedtheywouldhavebeenincludedatthefollowing historical
cost:
```
```
£
Cost1,066,672
```
```
Thefixedassetinvestmentswerevaluedonanopenmarketbasison31March2022byinstitutionmanaging the
funds.
```
```
The charity's investments were managed during the year by Egerton Capital, Sarasin & Partners, and Killik & Co.
```
## **`10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
|`Other debtors`
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Other creditors`|`£`
`130,783`|
|---|---|
||`£`
`2,400`|
## **`11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
## **`12. MOVEMENT IN FUNDS`**
|**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`General Endowment Funds`
**`TOTAL FUNDS`**|`Net`
`movement`
`in funds`
`£`
`777,182`
`441,918`
`1,219,100`|`At`
`31.3.22`
`£`
`777,182`
`441,918`|
|---|---|---|
|||`1,219,100`|
```
continued...
```
```
Page 15
```
```
Palca Stevenson Giving CIO
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## **`Notes to the Financial Statements - continued for the Period 15 February 2021 to 31 March 2022`**
## **`12. MOVEMENT IN FUNDS - continued`**
```
Net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`General Endowment Funds`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`826,991`
`450,000`
`1,276,991`|`Resources`
`expended`
`£`
`(21,510)`
`-`
`(21,510)`|`Gains and`
`losses`
`£`
`(28,299)`
`(8,082)`
`(36,381)`|`Movement`
`in funds`
`£`
`777,182`
`441,918`
`1,219,100`|
|---|---|---|---|---|
## **`General Endowment Fund`**
```
Thereis no restrictionon theuseof theinvestmentincomegeneratedby theEndowmentFund.Duringthe year,
the Endowment Fund generated £6,387 of income and this was all allocated to Unrestricted Funds.
```
## **`13. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the period ended 31 March 2022.
```
```
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```
Palca Stevenson Giving CIO
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```
Detailed Statement of Financial Activities
for the Period 15 February 2021 to 31 March 2022
```
|**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Donations`
`Gift aid`
**`Investment income`**
`Other fixed asset invest - FII`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Investment management costs`**
`Portfolio management`
**`Charitable activities`**
`Grants to institutions`
**`Support costs`**
**`Governance costs`**
`Legal fees`
`Accountancy fees`
`Total resources expended`
**`Net income before gains and losses`**
**`Realised recognised gains and losses`**
`Realised gains/(losses) on fixed asset investments`
**`Net income`**|`£`
`1,139,813`
`130,783`|
|---|---|
||`1,270,596`
`6,395`|
||`1,276,991`
`68`
`16,000`
`3,042`
`2,400`|
||`5,442`|
||`21,510`|
||`1,255,481`
`(36,381)`|
||`1,219,100`|
```
This page does not form part of the statutory financial statements
```
```
Page 17
```