REGISTERED CHARITY NUMBER: 1193536
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2023
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 Year Ended 31 March 2023
|
Page |
Report of the Trustees |
1 to 5 |
Independent Examiner's Report |
6 |
Statement of Financial Activities |
7 |
Balance Sheet |
8 |
Notes to the Financial Statements |
9 to 14 |
Detailed Statement of Financial Activities |
15 |
Palca Stevenson Giving CIO
Report of the Trustees
for the Year Ended 31 March 2023
Thetrusteespresenttheirreportwiththefinancialstatementsof thecharityfortheyearended31 March2023. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
PalcaStevensonGiving('PSG','theCharity')wasofficiallyregisteredwiththeCharityCommissionasan English
Charitable Incorporated Organisation (CIO) on 15 February 2021.
The officialobjectsof the Charityare "to advancesuch charitablepurposes(accordingto the law of England& Wales)
astheTrusteesseefitfromtimetotimeby,butnotlimitedto,theprovisionofgrantsofmoneyinthe United
Kingdomandworldwide".Inpractice,PSG'saimistoprovidefinancialassistancetoothercharitable and
philanthropicorganisationsthroughthe provisionof grants in the followingbroad fields (more details can be found on
the Charity 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 recognisethe duty imposed upon them by the CharitiesAct 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.
TheCharitywillcomplywiththisdutybyprovisionof grantstoothercharitableorganisationswithinthebroad fields
outlined above.
Details of the grants made during the period are included in the 'Achievements' section of the report.
Strategic approach
TheTrustees'aimisthattheCharityshoulddrawonapermanentendowmentproducingsufficientreturnsforit to
makeregulargrants,onasustainablebasis,toothercharitiesandorganisationsactiveinthesefields,which are
clearlyof acknowledgedpublicbenefit.The Charitywill not seek donationsfrom the generalpublic.It does not intend
to hire any administrative staff.
TheTrusteesaimtomakesuchgrantstwiceeachfinancialyear,althoughtheyhavetopowertorespond to
emergency requests between meetings.
WhilsttheCharityisabletosupportphilanthropicactivitiesworldwide,theTrusteesbelievethata substantial
proportionofgrantsshouldbedirectedtowardlocationswheretheyhaverelevantexperienceofcurrent conditions
andpotentiallytheabilitytovisitandassesspotentialbeneficiaryorganisations.PSGispermittedtomakegrants to
non-UK-registeredentitiesthatshare its charitableobjects,but it is probablethatmost 'overseas'grantswill be made
via other UK-registered charities.
Forbothpurposesofadministrativesimplicityandmakinganappreciableimpactontherecipientcharities' finances,
the Trustees are minded not to make grants of less than £1,000 per institution.
Page 1
Palca Stevenson Giving CIO
Report of the Trustees for the Year Ended 31 March 2023
ACHIEVEMENT AND PERFORMANCE
The Trustees held two grant-makingmeetings duringthe course of the Charity'sfinancialyear, in October2022 (which
also served as the Annual General Meeting) and March 2023.
Grants totalling £27,000 were distributed to 10 recipients as follows:
The Manna (support for rough sleepers and homeless migrants, North London) £5,000
Cavell Nurses' Trust (support for nurses facing hardship, nationwide) £4,250
Life Centre (support for victims of abuse, southern England) £4,250
Finchley Foodbank (nutritional support, North London) £3,000
Just for Kids Law (legal representation for vulnerable young people, nationwide) £2,250
WAC Arts (arts education for under-privileged young people, North London) £2,250
Disasters Emergency Committee (Turkey and Syria earthquake appeal) £2,000
St. Mungo's (support for the homeless, southern England) £2,000
Arc Centre (nutritional support, North London) £1,000
Whitechapel Mission (nutritional and homeless support, East London) £1,000
Inmostcases,therecipientorganizationsnotonlythankedtheCharityforitsgrantsbutprovided additional
information on how they were put to use. Useful dialogues have been established with several institutions.
The Trusteescontinueto receive many unsolicitedrequestsfor assistancefrom worthycauses.All lettersand calls are
carefullyconsideredandashort-listofadmissiblenamesispreparedaheadofeachgrant-makingmeeting. Some
requests, however, fall outside the scope of the Charity's objectives and are immediately rejected.
Withhelpfromitsaccountants,A. J. Bennewith& Co.,theCharitydrewupandfileditsstatutoryaccountswith both
the Charity Commission and HMRC within their respective deadlines.
Page 2
Palca Stevenson Giving CIO
Report of the Trustees for the Year Ended 31 March 2023
FINANCIAL REVIEW
Ascanbeseenfromthefinancialstatementsonp.7,attheendofMarch2023,PSGwasabletocallon assets
amountingtojustunder£1.37milliontogenerateitsexpectedlong-termreturns,asagainst£1.22millionin March
2022.The increasereflectsthe furtherin speciedonationof just over £190,000made by the two foundingtrustees in
March2023.PSG'sinvestmentportfolioactuallypostedamarginaldecline(£30,000or-2.2%)overthe accounting
period.Giventhe ongoingturmoilin financialmarketsinducedby the rapidrises in globalinterestrates,the Trustees
donotexpecttheCharity'sinvestedassetbasetoexceedthevalueoftotaldonationsplusGiftAidreceived since
incorporation(£1.54million)forsometime.Ona morepositivenote,thecashinflowsfromtheinvestment portfolio
rose substantiallyover the year,in partreflectinghigherinterestrates but also the restorationof corporate dividends
to pre-Covid levels.
PSG'sTrusteesremainconvincedthatfinancialriskispositivelycorrelatedwithlong-termreturns.Giventhat the
time-horizonfor maximizingthe value of PSG's assets is, in effect, perpetuity,and thatthe Charitymakes no promises
of continuingsupportto any of its beneficiaryorganisations,the Trustees still feel that it shouldbe managed like other
ultra-long-terminstitutions,suchas sovereignwealthfundsanduniversityendowments.This approachclearly argues
forahighlevelofequityexposurewithintheportfolio;butthisinturnimpliesthatyear-to-yearvolatilityof returns
maybegreaterthanmany'normal'charitiesarepreparedtoaccept.Tooffsetthis,therefore,theTrusteesintend to
maintainsufficientcashreservestosustainaround18monthsofregulargrants(roughly£40,000atcurrent levels),
whichshouldavoidtheirhavingtoselllong-termassetsattimesnotoftheirchoosing,simplytomeet short-term
financingneeds.Theyintendtoaddtocashholdingsincomingmonths,whilegraduallyincreasing the
income-producing portion of the investment portfolio.
ThecoreofPSG'sportfolioconsistsoftwoassets:aholdingof1,140sharesintheEgertonCapitalEquityFund's 'A'
sterling-denominatedsub-fund,worthjustover£767,000at the year-end(--3.2%);anda holdingof 463,396.64 'Class
A income' units in SarasinPartners'EndowmentFund,worth just over £530,000(-5.6%) at the same date. The Egerton
fund,whichis invested100% in a diversifiedportfolioof globalequities,has grownits net asset valueby over 15% on
averageeachyearsince1994,whilsttheSarasinfund(whichincludesholdingsofbonds,propertyand 'alternative
assets')generateda totalreturnof over6% p.a.between2007andend-2020.Althoughpastperformanceis never a
certain guide to future returns,the Trustees are willingto give both these experiencedmanagers the benefit of several
years'experiencebeforeconcludingthateitheroneofthemhaslostitstouch.Indeed,the'new'holdingsofunits in
these two funds, acquired towards the end of the financial year, both rose relative to their respective book costs.
Asa'realitycheck'ontheselargeinstitutionalfundmanagers,PSGalsomaintainsasmallportfolioof specialist
investmenttrustswithKillik&Co.,worthjustover£39,000(-15.5%)atyear-end.Twoofthesefunds,Apax Global
AlphaandEuropeanAssetsTrustfellby25.3%and20.5%respectivelyovertheaccountingperiod;butone- Oakley
Capital Investments - actually managed to rise by 7.7%.
The Trusteescontinueto believethatthe likelylong-termperformanceof the assetportfoliowillnotonlysustain the
Charity's target distribution rate of 4% of assets but allow for a steady increase in grants over time.
The cash-generatingassets in the portfolio(the Sarasinand Killik funds) producedmore than £14,000 over the year (vs
£6,400in2021/22),whichisequivalenttoayieldofjustunder2.5%ofthe'income'portionoftheportfolio. The
increasewasprimarilyduetothefundshavingbeeninvestedforawholeyear,asagainstninemonths,and an
additionalallocationof cashtotheSarasinfundinOctober2022.TheEgertonfund,bycontrast,doesnot distribute
anydividendsorinterest;andthecurrentreturnontheCharity'sbankdepositsiszero.In2023/24,the portfolio's
runningreturnshouldriseonceagain.Thisincrease,combinedwiththecautiousreservespolicy,shouldenable the
Trusteestoavoidhavingtocuttheplannedlevelof grantsintheeventof furthermarketturmoil;butthiscannot be
guaranteed beyond the end of 2023/24.
It shouldbe notedthatthe Trusteesspecificallyinformbeneficiariesthatallgrantsare 'one-off'andthatthey cannot
berelieduponinfutureyears.HencetheCharity'songoingliabilitiesarelikelytobeessentiallytheexternalcosts of
administration(auditfees,bankchargesetc.).Itemssuchaspremises,stationery,postage,internetaccessetc. are
provided pro bono by the Trustees.
Page 3
Palca Stevenson Giving CIO
Report of the Trustees for the Year Ended 31 March 2023
FUTURE PLANS
Itis stillearlydaysfortheCharity.Incomingyears,theTrusteesintendtomakefurtherdonationstoPSG.In current
circumstances,however,notleastglobalfinancialandeconomicuncertainty,itmaytakeaperiodof'bedding down'
beforetheyareabletodeterminewhatthe'sustainable'levelofdistributionsislikelytobe.Keyunknownsare the
value of donationsreceived and the performanceof the endowmentfunds, both of which are dependent,to a degree,
on the level of UK inflation and personal taxes as well as the health of global financial markets.
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;BenjaminStevenson and
MarcusStevenson.In additionto its formalobjectives,one of the mainaims of PSG is to exposeyoungermembers of
thePalcaStevensonfamilytobestpracticeinthecharityfieldearlierthanmightotherwisebethecase.TheChair in
particularhas extensiveexperienceof administeringlarge UK charitiesand educationalinstitutions,includingthe risks
andpitfallsthatsometimesconfrontboardsoftrustees.ItisanintegralpartoftheCharity'sproceduresthat all
Trusteesparticipatefullyindiscussion,payingcloseattentionnotonlytothesuitabilityofproposedrecipients of
grantsbutalsotoproperadministration,financialcontrol,riskmanagementandconstructivedialogue with
regulators,for example. Over time, this shouldensure that there are sufficientskills withinthe Trustee pool to provide
forthecontinuanceoftheCharitybeyondthelifetimesofthetwofounders.ItremainsopentotheTrustees to
appoint non-family members to the board in 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:markets could collapse;
theendowment'sassetchoicescouldprovedisastrous;exchangecontrolsorsanctionscouldmakeitdifficult or
impossibleto receive dividendsfrom abroad;the bank(s)holdingthe Charity'scash could become insolvent;and PSG's
externaladviserscouldfail to ensure that it meets its reportingrequirements,leadingto the loss of tax-free charitable
status.ThereislittleinpracticethatPSGcandotomitigatesuchrisksotherthanmaintainingadiversified portfolio
and seeking to work with reputable, diligent professionals.
Withnoinflowsofpublicdonationstoadminister,PSGisunlikelytosufferfromfraudormalfeasancedirectly. The
absenceof any employeesor direct'clients'appearsto eliminatesafeguardingrisks.It is clearlyconceivable, however,
thattheCharitycouldprovidefinancialsupporttoinstitutionsthatweresubsequentlyfoundtobefraudulent, badly
managedorinstitutionallycompromisedinsomeway(e.g.sexualorracialabuseofstafforclients,connected to
organisedcrime or disreputableregimes). Relyingon the 'qualityassurance'of the CharityCommissionis no substitute
for undertaking careful due diligence on potential recipients before committing funds.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1193536
Principal address
8 Grange Grove
LONDON
N1 2NP
Trustees
Ms J Stevenson Chair
Mr N Stevenson Treasurer
Mr B Stevenson
Mr M Stevenson
Mr O Palca
Page 4
Palca Stevenson Giving CIO
Report of the Trustees
for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS
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
IreporttothecharitytrusteesonmyexaminationoftheaccountsofPalcaStevensonGivingCIO(theTrust)for the
year ended 31 March 2023.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionunderSection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection with
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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A J Bennewith
The 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 6
Palca Stevenson Giving CIO
Statement of Financial Activities
for the Year Ended 31 March 2023
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
Outward grants
Support
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
190,154
14,259
204,413
122
27,000
2,501
29,623
(14,900)
159,890
777,182
937,072 |
Endowment
fund
£
-
-
-
-
-
-
-
(18,028)
(18,028)
441,918
423,890 |
Year Ended
31.3.23
Total
funds
£
190,154
14,259
204,413
122
27,000
2,501
29,623
(32,928)
141,862
1,219,100
1,360,962 |
Period
15.2.21
to
31.3.22
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 7
Palca Stevenson Giving CIO
Balance Sheet
31 March 2023
Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors
8
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Unrestricted
fund
£
913,628
-
25,844
25,844
(2,400)
23,444
937,072
937,072 |
Endowment
fund
£
423,890
-
-
-
-
-
423,890
423,890 |
31.3.23
Total
funds
£
1,337,518
-
25,844
25,844
(2,400)
23,444
1,360,962
1,360,962
937,072
423,890
1,360,962 |
31.3.22
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 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
Ms J Stevenson - Trustee
The notes form part of these financial statements
Page 8
Palca Stevenson Giving CIO
Notes to the Financial Statements
for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a 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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
|
Period |
|
|
15.2.21 |
|
Year Ended |
to |
|
31.3.23 |
31.3.22 |
|
£ |
£ |
Other fixed asset invest - FII |
14,205 |
6,395 |
Deposit account interest |
54 |
- |
|
14,259 |
6,395 |
continued...
Page 9
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
3. RAISING FUNDS
Investment management costs
Portfolio management
4.
GRANTS PAYABLE
Outward grants
Total grants paid to institutions during the period was as follows:
Disasters Emergency Committee
Life Centre
The Manna
Just for Kids Law
Arc Centre
Cavell Nurses' Trust
Finchley Foodbank
WAC Arts
Whitechapel Mission
St. Mungo's
Youth on the Move |
Year Ended
31.3.23
£
122
Year Ended
31.3.23
£
27,000 |
Year Ended
31.3.23
£
122
Year Ended
31.3.23
£
27,000 |
Period
15.2.21
to
31.3.22
£
68
Period
15.2.21
to
31.3.22
£
16,000 |
Period
15.2.21
to
31.3.22
£
68
Period
15.2.21
to
31.3.22
£
16,000 |
|
|
31.3.23 |
|
31.3.22 |
|
|
£ |
|
£ |
|
|
|
|
|
|
|
2,000 |
|
6,000 |
|
|
4,250 |
|
4,000 |
|
|
5,000 |
|
3,000 |
|
|
2,250 |
|
2,000 |
|
|
1,000 |
|
- |
|
|
4,250 |
|
- |
|
|
3,000 |
|
- |
|
|
2,250 |
|
- |
|
|
1,000 |
|
- |
|
|
2,000 |
|
- |
|
|
- |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
£27,000 |
|
|
£16,000 |
|
|
|
|
|
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31 March2023norforthe period
ended 31 March 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2023norfortheperiod ended
31 March 2022.
continued...
Page 10
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Outward grants
Support
Total
Net gains/(losses) on investments
NET INCOME
TOTAL FUNDS CARRIED FORWARD
7.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2022
Additions
Revaluations
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
Investment assets in the UK
Investment assets outside the UK |
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
Listed
investments
£
1,030,292
340,154
(32,928)
1,337,518
1,337,518
1,030,292 |
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
Listed
investments
£
1,030,292
340,154
(32,928)
1,337,518
1,337,518
1,030,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.3.23 |
|
|
31.3.22 |
|
|
£ |
|
|
£ |
|
|
|
|
|
|
|
|
215,974 |
|
|
155,449 |
|
|
1,121,543 |
|
|
874,843 |
|
|
|
|
|
|
|
|
1,337,517 |
|
|
1,030,292 |
|
|
|
|
|
|
continued...
Page 11
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
7. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 March 2023 is represented by:
|
|
Listed |
|
|
investments |
|
|
£ |
Valuation in |
2023 |
1,337,518 |
If the fixed asset investmentshad not been revaluedthey wouldhave been includedat the following historical
cost:
|
31.3.23 |
31.3.22 |
|
£ |
£ |
Cost |
1,406,826 |
1,066,672 |
Thefixedassetinvestmentswerevaluedonanopenmarketbasison31March2023byinstitution managing
the funds.
Thecharity'sinvestmentsweremanagedduringtheyearbyEgertonCapital,Sarasin&Partners,andKillik &
Co.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS |
At 1.4.22
£
777,182
441,918
1,219,100 |
|
31.3.23
£
-
31.3.23
£
2,400
Net
movement
in funds
£
159,890
(18,028)
141,862 |
|
31.3.22
£
130,783 |
|
|
|
|
|
31.3.22
£
2,400
At
31.3.23
£
937,072
423,890 |
|
|
|
|
1,360,962 |
|
continued...
Page 12
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
204,413
Endowment funds
General Endowment Funds
-
TOTAL FUNDS
204,413
Comparatives for movement in funds
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS
Comparative net movement in funds, included in the above are as
Incoming
resources
£
Unrestricted funds
General fund
826,991
Endowment funds
General Endowment Funds
450,000
TOTAL FUNDS
1,276,991
General Endowment Fund |
Resources
expended
£
(29,623)
-
(29,623)
follows:
Resources
expended
£
(21,510)
-
(21,510) |
|
|
|
|
ThereisnorestrictionontheuseoftheinvestmentincomegeneratedbytheEndowmentFund.During the
year, the Endowment Fund generated £14,205 of income and this was all allocated to Unrestricted Funds.
continued...
Page 13
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 14
Palca Stevenson Giving CIO
Detailed Statement of Financial Activities
for the Year Ended 31 March 2023
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Investment income
Other fixed asset invest - FII
Deposit account interest
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Grants to institutions
Support costs
Finance
Bank charges
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 |
Year Ended
31.3.23
£
190,154
-
190,154
14,205
54
14,259
204,413
122
27,000
101
-
2,400
2,400
29,623
174,790
(32,928)
141,862 |
Period
15.2.21
to
31.3.22
£
1,139,813
130,783
1,270,596
6,395
-
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 15