``` 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 ```