``` 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`** |||**`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`|`15`| |**`Detailed Statement of Financial Activities`**||`16`|| ``` 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 ```