REGISTERED CHARITY NUMBER: 1193536
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2024
for
Palca Stevenson Giving CIO
Bennewith 2018 Limited
t/a A J Bennewith & Co
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Palca Stevenson Giving CIO
Contents of the Financial Statements for the Year Ended 31 March 2024
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Page |
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Report of the Trustees |
1 |
to |
5 |
Independent Examiner's Report |
|
6 |
|
Statement of Financial Activities |
|
7 |
|
Balance Sheet |
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8 |
|
Notes to the Financial Statements |
9 |
to |
15 |
Detailed Statement of Financial Activities |
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16 |
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Palca Stevenson Giving CIO
Report of the Trustees for the Year Ended 31 March 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31March2024. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
PalcaStevensonGiving('PSG','theCharity')was officiallyregisteredwiththeCharityCommissionas anEnglish Charitable
Incorporated Organisation (CIO) on 15 February 2021.
Theofficialobjectsof theCharityare"toadvancesuchcharitablepurposes(accordingtothelawof England& Wales) as
the Trusteessee fit fromtime to time by,butnotlimitedto,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
TheTrusteesrecognisethedutyimposeduponthembytheCharitiesAct2011,Section17andalsotherequirement to
have due regard to the general guidance provided by the Charity Commission in connection with Public Benefit.
TheCharitywillcomplywiththisdutybyprovisionofgrantstoothercharitableorganisationswithinthebroad fields
outlined above.
Details of the grants made during the period are included in the 'Achievements' section of the report.
Strategic approach
The Trustees'aim is thatthe Charityshoulddrawon a permanentendowmentproducingsufficientreturnsforit to make
regulargrants,onasustainablebasis,toothercharitiesandorganisationsactiveinthesefields,whichareclearly of
acknowledgedpublicbenefit.TheCharitywillnotseekdonationsfromthegeneralpublic.Itdoesnotintendtohire any
administrative staff.
TheTrusteesaimtomakesuchgrantstwiceeachfinancialyear,althoughtheyhavetopowertorespondto emergency
requests between meetings.
Whilstthe Charityis ableto supportphilanthropicactivitiesworldwide,the Trusteesbelievethata substantial proportion
ofgrantsshouldbedirectedtowardlocationswheretheyhaverelevantexperienceofcurrentconditionsand potentially
theabilitytovisitandassesspotentialbeneficiaryorganisations.PSGispermittedtomakegrantsto non-UK-registered
entitiesthat share its charitableobjects,but it is probablethat most '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 2024
ACHIEVEMENT AND PERFORMANCE
TheTrusteesheldthreegrant-makingmeetingsduringthecourseoftheCharity'sfinancialyear:inOctober2023 (which
also served as the Annual General Meeting); January; and March 2024.
Grants totalling £27,000 were distributed to 10 recipients as follows during the year:
British Red Cross (Israel/Palestinian Territories appeal) £6,000
Mines Advisory Group (mine-clearance, worldwide) £5,000
The Manna (support for rough sleepers and homeless migrants, North London) £4,000
Anne Robson Trust (end-of-life support, nationwide) £2,000
Fare Share Sussex & Surrey (food recycling/nutritional support) £2,000
Finchley Foodbank (nutritional support, North London) £2,000
For Baby's Sake (countering domestic abuse through therapy, southern England) £2,000
Life Centre (support for victims of abuse, southern England) £2,000
Hear Me Out Music (support/education for asylum-seekers, southern England) £1,000
Pain Concern (medical research and support, nationwide) £1,000
AttheMarch2024meeting,threefurtherrecipientswereidentifiedforgrantstotalling£12,000,tobepaidearlyin the
2024/25 financial year. Details will be given in the next annual report.
In all cases, recipientorganizationsnot only thankedthe Charityfor its grantsbut providedadditionalinformationon how
they were put to use. Useful dialogues have been established with several institutions.
TheTrusteescontinuetoreceivemanyunsolicitedrequestsforassistancefromworthycauses.Alllettersandcalls are
carefullyconsideredand a short-listof admissiblenames is preparedahead of each grant-makingmeeting.Some requests,
however, fall outside the scope of the Charity's objectives and are immediately rejected.
Withhelpfromitsaccountants,A. J. Bennewith& Co.,theCharitydrewupandfileditsstatutoryaccountswithboth 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 2024
FINANCIAL REVIEW
As can be seen from the financialstatementson p. 7, at the end of March2024,PSG was able to call on assets amounting
to just under£2.03 millionto generateits expectedlong-termreturns,as against£1.37 millionin March2023. In part, the
increasereflectsfurtherdonationsof justover£376,000madebythetwofoundingTrusteesoverthecourseof the year.
In marked contrastto the two previousyears, however,PSG's investmentportfoliofinallyposteda substantialgain, of just
over £300,000or roughly22% of the March2023 investedasset-base.As a result,the Charity'sassets finallyexceeded the
bookvalueofthedonationsithasreceivedsinceitsfoundation(£1.91million).Thisclearlyunderpinsthe Trustees'
long-termaim of distributingaround4% of assets every year, thoughit shouldbe pointedout that markets can fall as well
as rise.
PSG'sTrusteesremainconvinced,however,thatfinancialriskispositivelycorrelatedwithlong-termreturns.Given that
the time-horizonfor maximizingthe valueof PSG's assets is, in effect,perpetuity,andthatthe Charitymakes no promises
ofcontinuingsupporttoanyofitsbeneficiaryorganisations,theTrusteesstillfeelthatitshouldbemanagedlike other
ultra-long-terminstitutions,such as sovereignwealth funds and universityendowments.This approachclearly argues for a
highlevelofequityexposurewithintheportfolio;butthisinturnimpliesthatyear-to-yearvolatilityofreturnsmay be
greaterthanmany'normal'charitiesarepreparedtoaccept.Tooffsetthis,therefore,theTrusteesintendto maintain
sufficientcashreservestosustain9-12monthsofregulargrants(roughly£50,000atcurrentlevels),whichshould avoid
their havingto sell long-termassets at times not of their choosing,simply to meet short-termfinancingneeds. To this end,
they took advantageof strongequitymarketsin May 2024 to add to theircash holdingsand to increasethe proportion of
income-generating assets within the portfolio.
AttheendofMarch2024,thebulkofPSG'sportfolioconsistedoftwoassets:aholdingof1,567sharesinthe Egerton
CapitalEquityFund's'A'sterling-denominatedsub-fund,worthjustunder£1.37million(+29.7%,excluding additional
investments);andaholdingof463,396.64'ClassAincome'unitsinSarasinPartners'EndowmentFund,worthjust over
£572,000(+7.9%).The Egertonfund,whichis invested100%in a diversifiedportfolioof globalequities,hasgrownits net
assetvaluebyover15%onaverageeachyearsince1994,whilsttheSarasinfund(whichincludesholdingsof bonds,
propertyand'alternativeassets')generatedatotalreturnofover6%p.a.between2007andend-2020.Although past
performanceis never a certainguide to futurereturns,the Trustees see no reason to abandoneither of these experienced
managers.
As a 'realitycheck' on these large institutions,PSG also maintainsa small portfolioof specialistinvestmenttrusts with Killik
& Co.,worthjustover £38,000(-2.6%)at year-end.Two of these funds,ApaxGlobalAlphaandEuropeanAssets Trust fell
by 5.8% and6% respectivelyover the accountingperiod;butone - OakleyCapitalInvestments- againmanagedto rise by
3.6%.
Thecash-generatingassetsintheportfolio(theSarasinandKillikfunds)producedmorethan£17,600overtheyear (vs
£14,200in 2022/23),which is equivalentto a yield of just under2.9% of the 'income'portionof the portfolio.The Egerton
fund,bycontrast,doesnotdistributeanydividendsorinterest;andthecurrentreturnontheCharity'sbankdeposits is
zero.In2024/25,theportfolio'sincomeshouldrisestillfurther,reflectingtheshiftofassetstoSarasin.This increase,
combinedwiththe cautiousreservespolicy,shouldenablethe Trusteesto avoidhavingto cut the plannedlevel of grants
in the event of further market turmoil.
ItshouldbenotedthattheTrusteesspecificallyinformbeneficiariesthatallgrantsare'one-off'andthattheycannot be
relieduponinfutureyears.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 2024
FUTURE PLANS
Incomingyears,thetwofounderTrusteesintendtomakefurthermodestdonationstoPSG.Increasingly,however, the
level of annualgrant distributionswill come to depend on the performanceof the Charity'sunderlyingassets. This, in turn,
willreflecttheglobaleconomicandpoliticalclimate,whichcanonlybedescribedasvolatile.Henceitmaytake several
more years of 'beddingdown'beforethey are able to determinewhat the 'sustainable'level of grantdistributionsis likely
to be.
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 Stevenson
(née Palca,co-founder,Chair);NicolasStevenson(co-founder,Secretary/Treasurer);Oliver Palca;BenjaminStevenson and
MarcusStevenson.In additionto its formalobjectives,one of the mainaims of PSG is to exposeyoungermembersof the
Palca Stevensonfamily to best practicein the charityfield earlierthan might otherwisebe the case. The Chairin particular
hasextensiveexperienceofadministeringlargeUKcharitiesandeducationalinstitutions,includingtherisksand pitfalls
thatsometimesconfrontboardsoftrustees.ItisanintegralpartoftheCharity'sproceduresthatallTrustees participate
fullyindiscussion,payingcloseattentionnotonlytothesuitabilityofproposedrecipientsofgrantsbutalsoto proper
administration,financialcontrol,risk managementand constructivedialoguewith regulators,for example.Over time, this
shouldensurethatthereare sufficientskillswithinthe Trusteepoolto providefor the continuanceof the Charity beyond
thelifetimesofthetwofounders.ItremainsopentotheTrusteestoappointnon-familymemberstotheboard,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:marketscouldcollapse; the
endowment'sasset choicescouldprovedisastrous;exchangecontrolsor sanctionscouldmake it difficultor impossible to
receive dividendsfrom abroad;the bank(s)holdingthe Charity'scash couldbecome insolvent;and PSG's external advisers
couldfail to ensure that it meets its reportingrequirements,leadingto the loss of tax-freecharitablestatus.There is little
inpracticethatPSGcandotomitigatesuchrisksotherthanmaintaininga diversifiedportfolioandseekingtowork with
reputable, diligent professionals.
Withnoinflowsofpublicdonationstoadminister,PSGisunlikelytosufferfromfraudormalfeasancedirectly. The
absence of any employees or direct 'clients'appearsto eliminatesafeguardingrisks. It is clearlyconceivable,however, that
the Charitycouldprovidefinancialsupportto institutionsthatwere subsequentlyfoundto be fraudulent,badly managed
or institutionallycompromisedin some way (e.g. sexualor racialabuse of staff or clients,connectedto organisedcrime or
disreputableregimes). Relying on the 'qualityassurance'of the CharityCommissionis no substitutefor 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
Page 4
Palca Stevenson Giving CIO
Report of the Trustees for the Year Ended 31 March 2024
Trustees
Ms J Stevenson Chair
Mr N Stevenson Treasurer
Mr B Stevenson
Mr M Stevenson
Mr O Palca
Independent Examiner
Bennewith 2018 Limited
t/a A J Bennewith & Co
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
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 reporttothecharitytrusteesonmyexaminationoftheaccountsofPalcaStevensonGivingCIO(theTrust)forthe year
ended 31 March 2024.
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
myexaminationI havefollowedallapplicableDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
Act.
Independent examiner's statement
Since your charity'sgross income exceeded £250,000your examiner must be a member of a listed body. I can confirm that
I am qualifiedto undertakethe examinationbecauseI am a member of the Instituteof CharteredAccountantsin England
and Wales, which is one of the listed bodies.
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnectionwith 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.
A J Bennewith
The Institute of Chartered Accountants in England and Wales
Bennewith 2018 Limited
t/a A J Bennewith & Co
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Date: .............................................
Page 6
Palca Stevenson Giving CIO
Statement of Financial Activities
for the Year Ended 31 March 2024
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
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
376,434
17,697
394,131
117
27,000
2,516
29,633
273,174
637,672
937,072
1,574,744 |
Endowment
fund
£
-
-
-
-
-
-
-
29,510
29,510
423,890
453,400 |
31.3.24
Total
funds
£
376,434
17,697
394,131
117
27,000
2,516
29,633
302,684
667,182
1,360,962
2,028,144 |
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 |
The notes form part of these financial statements
Page 7
Palca Stevenson Giving CIO
Balance Sheet
31 March 2024
Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
9
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Unrestricted
fund
£
1,526,283
50,861
(2,400)
48,461
1,574,744
1,574,744 |
Endowment
fund
£
453,400
-
-
-
453,400
453,400 |
31.3.24
Total
funds
£
1,979,683
50,861
(2,400)
48,461
2,028,144
2,028,144
1,574,744
453,400
2,028,144 |
31.3.23
Total
funds
£
1,337,518
25,844
(2,400) |
|
|
|
|
23,444 |
|
|
|
|
1,360,962 |
|
|
|
|
1,360,962 |
|
|
|
|
937,072
423,890 |
|
|
|
|
1,360,962 |
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issueon .............................................
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 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicablein the UK and Republicof Ireland(FRS 102) (effective 1 January2019)', FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexceptionof investments
which are included at market value, as modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcanbe measuredreliably.Expenditureis accountedforon 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.
Restrictedfundscanonlybe usedforparticularrestrictedpurposeswithinthe 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. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Other fixed asset invest - FII |
17,678 |
14,205 |
Deposit account interest |
19 |
54 |
|
17,697 |
14,259 |
continued...
Page 9
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
3. RAISING FUNDS
Investment management costs
Portfolio management
4.
GRANTS PAYABLE
Outward grants
Total grants paid to institutions during the period was as follows:
The Manna
Life Centre
Hear Me Out Music
Anne Robson Trust
British Red Cross
Mines Advisory Group
FareShare Surrey & Sussex
Finchley Foodbank
For Baby's Sake
Pain Concern
Disasters Emergency Committee
Just for Kids Law
Arc Centre
Cavell Nurses' Trust
WAC Arts
Whitechapel Mission
St. Mungo's |
31.3.24
£
117
31.3.24
£
27,000 |
31.3.24
£
117
31.3.24
£
27,000 |
31.3.23
£
122
31.3.23
£
27,000 |
31.3.23
£
122
31.3.23
£
27,000 |
|
|
31.3.24 |
|
31.3.23 |
|
|
£ |
|
£ |
|
|
4,000 |
|
5,000 |
|
|
2,000 |
|
4,250 |
|
|
1,000 |
|
- |
|
|
2,000 |
|
- |
|
|
6,000 |
|
- |
|
|
5,000 |
|
- |
|
|
2,000 |
|
- |
|
|
2,000 |
|
3,000 |
|
|
2,000 |
|
- |
|
|
1,000 |
|
- |
|
|
- |
|
2,000 |
|
|
- |
|
2,250 |
|
|
- |
|
1,000 |
|
|
- |
|
4,250 |
|
|
- |
|
2,250 |
|
|
- |
|
1,000 |
|
|
- |
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
£27,000 |
|
|
£27,000 |
|
|
|
|
|
continued...
Page 10
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor otherbenefitsfor the year ended31 March2024 nor for the year ended
31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor 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/(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 |
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 |
continued...
Page 11
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
7. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
|
MARKET VALUE
At 1 April 2023
Additions
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023 |
|
Listed
investments
£
1,337,518
339,481
302,684
1,979,683
1,979,683
1,337,518 |
|
|
|
|
|
|
31.3.24 |
|
31.3.23 |
|
£ |
|
£ |
|
|
|
|
Investment assets in the UK |
1,406,689 |
|
983,696 |
Investment assets outside the UK |
572,994 |
|
353,821 |
|
|
|
|
|
1,979,683 |
|
1,337,517 |
|
|
|
|
Cost or valuation at 31 March 2024 is represented by:
Valuation in 2024 |
|
Listed
investments
£
1,979,683 |
|
Ifthefixedassetinvestmentshadnotbeenrevaluedtheywouldhavebeenincludedatthefollowing historical
cost:
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Cost |
1,746,307 |
1,406,826 |
Thefixedassetinvestmentswerevaluedonanopenmarketbasison31March2024byinstitutionmanaging the
funds.
The charity's investments were managed during the year by Egerton Capital, Sarasin & Partners, and Killik & Co.
continued...
Page 12
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
9.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
394,131
Endowment funds
General Endowment Funds
-
TOTAL FUNDS
394,131
Comparatives for movement in funds
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS |
At 1.4.23
£
937,072
423,890
1,360,962
Resources
expended
£
(29,633)
-
(29,633)
At 1.4.22
£
777,182
441,918
1,219,100 |
|
31.3.24
£
2,400
Net
movement
in funds
£
637,672
29,510
667,182
Gains and
losses
£
273,174
29,510
302,684
Net
movement
in funds
£
159,890
(18,028)
141,862 |
31.3.23
£
2,400
At
31.3.24
£
1,574,744
453,400
2,028,144
Movement
in funds
£
637,672
29,510
667,182
At
31.3.23
£
937,072
423,890
1,360,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 13
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS |
Incoming
resources
£
204,413
-
204,413 |
Resources
expended
£
(29,623)
-
(29,623) |
Gains and
Movement
losses
in funds
£
£
(14,900)
159,890
(18,028)
(18,028)
(32,928)
141,862 |
Gains and
Movement
losses
in funds
£
£
(14,900)
159,890
(18,028)
(18,028)
(32,928)
141,862 |
|
|
|
|
141,862 |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS |
At 1.4.22
£
777,182
441,918
1,219,100 |
Net
movement
in funds
£
797,562
11,482
809,044 |
At
31.3.24
£
1,574,744
453,400 |
|
|
|
2,028,144 |
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedintheabove are
as follows:
Unrestricted funds
General fund
Endowment funds
General Endowment Funds
TOTAL FUNDS |
Incoming
resources
£
598,544
-
598,544 |
Resources
expended
£
(59,256)
-
(59,256) |
Gains and
Movement
losses
in funds
£
£
258,274
797,562
11,482
11,482
269,756
809,044 |
Gains and
Movement
losses
in funds
£
£
258,274
797,562
11,482
11,482
269,756
809,044 |
|
|
|
|
809,044 |
continued...
Page 14
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
General Endowment Fund
Thereis norestrictionontheuseoftheinvestmentincomegeneratedbytheEndowmentFund.Duringthe year,
the Endowment Fund generated £13,335 of income and this was all allocated to Unrestricted Funds.
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 15
Palca Stevenson Giving CIO
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31 March 2024 |
|
|
|
31.3.24 |
31.3.23 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
369,044 |
190,154 |
Gift aid |
7,390 |
- |
|
376,434 |
190,154 |
Investment income |
|
|
Other fixed asset invest - FII |
17,678 |
14,205 |
Deposit account interest |
19 |
54 |
|
17,697 |
14,259 |
Total incoming resources |
394,131 |
204,413 |
EXPENDITURE |
|
|
Investment management costs |
|
|
Portfolio management |
117 |
122 |
Charitable activities |
|
|
Grants to institutions |
27,000 |
27,000 |
Support costs |
|
|
Finance |
|
|
Bank charges |
116 |
101 |
Governance costs |
|
|
Accountancy fees |
2,400 |
2,400 |
Total resources expended |
29,633 |
29,623 |
Net income before gains and losses |
364,498 |
174,790 |
Realised recognised gains and losses |
|
|
Realised gains/(losses) on fixed asset investments |
302,684 |
(32,928) |
Net income |
667,182 |
141,862 |
This page does not form part of the statutory financial statements
Page 16