REGISTERED CHARITY NUMBER: 1193536
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025
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 2025
| 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 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Palca Stevenson Giving ('PSG', 'the Charity') was officially registered with the Charity Commission as an English Charitable Incorporated Organisation (CIO) on 15 February 2021.
The official objects of the Charity are "to advance such charitable purposes (according to the law of England & Wales) as the Trustees see fit from time to time by, but not limited to, the provision of grants of money in the United Kingdom and worldwide". In practice, PSG's aim is to provide financial assistance to other charitable and philanthropic organisations through the provision of grants in the following broad 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 recognise the duty imposed upon them by the Charities Act 2011, Section 17 and also the requirement to have due regard to the general guidance provided by the Charity Commission in connection with Public Benefit.
The Charity will comply with this duty by provision of grants to other charitable organisations within the broad 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 that the Charity should draw on a permanent endowment producing sufficient returns for it to make regular grants, on a sustainable basis, to other charities and organisations active in these fields, which are clearly of acknowledged public benefit. The Charity will not seek donations from the general public. It does not intend to hire any administrative staff.
The Trustees aim to make such grants twice each financial year, although they have to power to respond to emergency requests between meetings.
Whilst the Charity is able to support philanthropic activities worldwide, the Trustees believe that a substantial proportion of grants should be directed toward locations where they have relevant experience of current conditions and potentially the ability to visit and assess potential beneficiary organisations. PSG is permitted to make grants to non-UK-registered entities that share its charitable objects, but it is probable that most 'overseas' grants will be made via other UK-registered charities.
For both purposes of administrative simplicity and making an appreciable impact on the recipient charities' 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 2025
ACHIEVEMENTS AND PERFORMANCE
The Trustees made two grant distributions during the course of the Charity's financial year: in April 2024 (following a meeting in March) and December 2024 (following the Annual General Meeting).
Grants totalling £75,000 (as against £27,000 in 2023/24) were distributed to 15 recipients (all UK-registered charities) as follows:
British Red Cross (Palestinian Territories appeal) £5,000 [Apr.] and £8,000 [Dec.]
Action Against Hunger (Sudan/DRC appeal) £5,000 [Apr.] and £5,000 [Dec.]
Fare Share Sussex & Surrey (food recycling/nutritional support) £6,000 [Dec.]
FoodCycle (recycling and community meal provision, UK-wide) £6,000 [Dec.]
Islington Centre for Migrants and Refugees (support/advocacy) £5,000 [Dec.]
Jigsaw SE (bereavement counselling for young people, SE England) £5,000 [Dec.]
Mines Advisory Group (mine-clearance, worldwide) £5,000 [Dec.]
Zero Gravity (supporting students from low-income families, UK-wide) £5,000 [Dec.]
For Baby's Sake (countering domestic abuse through therapy, SE England) £4,000 [Dec.]
Life Centre (support for victims of abuse, southern England) £4,000 [Dec.]
Finchley Foodbank (nutritional support, North London) £3,000 [Dec.]
Ruth Hayman Trust (language support for recent migrants, UK-wide) £3,000 [Dec.]
Gambia School Support (assisting 13 early-years schools) £2,000 [Dec.]
The Manna (homeless support/advocacy, North London) £2,000 [Dec.]
Watts Gallery (cultural/educational venue, Guildford) £2,000 [Apr.]
In all cases (bar one), recipient organizations not only thanked the Charity for its grants but provided additional information on how they were put to use. Useful dialogues have been established with several institutions.
The Trustees continue to receive many unsolicited requests for assistance from worthy causes. All letters and emails are carefully considered and a short-list of admissible names is prepared ahead of each grant-making meeting. Some requests, however, fall outside the scope of the Charity's objectives and are immediately rejected without reply.
With help from its accountants, A. J. Bennewith & Co., the Charity drew up and filed its statutory accounts with 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 2025
FINANCIAL REVIEW
As can be seen from the financial statements on p. 7, at the end of March 2025, PSG was able to call on assets amounting to just over £2.2 million to generate its expected long-term returns, as against £2.03 million in March 2024. In part, the increase reflects further donations of just under £117,000 made by the two founding Trustees over the course of the year. In addition, however, PSG's investment portfolio made a useful gain, of just over £113,000, or roughly 5.6% of the March 2024 invested asset-base. The Charity's resources now comfortably exceed the book value of the donations it has received since its foundation (£2.03 million). This clearly underpins the Trustees' long-term aim of distributing around 4% of assets every year, though it should be pointed out that markets can fall as well as rise.
Given that the time-horizon for maximizing the value of PSG's assets is, in effect, perpetuity, and that the Charity makes no promises of continuing support to any of its grant beneficiary organisations, the Trustees still feel that it should be managed like other risk-tolerant, ultra-long-term institutions, such as sovereign wealth funds and university endowments. This approach clearly argues for a high level of equity exposure within the portfolio; but this in turn implies that year-to-year volatility of returns may be greater than many 'normal' charities are prepared to accept. To offset this, therefore, the Trustees intend to maintain sufficient cash reserves to sustain c. 6 months of regular grants (roughly £40,000 at current levels), which should avoid their having to sell long-term assets at times not of their choosing, simply to meet short-term financing needs.
At the end of March 2025, the bulk of PSG's portfolio consisted of two assets: a holding of 1,455.14 shares in the Egerton Capital Equity Fund's 'A' sterling-denominated sub-fund, worth just under £1.4 million (+9.7% y-o-y, excluding additional investments/disposals); and a holding of 585,084.06 'Class A income' units in Sarasin Partners' Endowment Fund, worth just over £730,000 (+1.1%). The Egerton fund, which is invested 100% in a diversified portfolio of global equities, has grown its net asset value by over 15% on average each year since 1994, whilst the Sarasin fund (which includes holdings of bonds, property and 'alternative assets') generated a total return of over 6% p.a. between 2007 and end-2020. Although past performance is never a certain guide to future returns, the Trustees see no reason to abandon either of these experienced managers.
As a 'reality check' on these large institutions, PSG also maintains a small portfolio of specialist investment trusts with Killik & Co., worth just under £35,000 (-9%) at year-end. Two of these funds, Apax Global Alpha and European Assets Trust fell by 19.7% and 7.1% respectively over the accounting period; but one - Oakley Capital Investments - again managed to rise by 0.2%. All three funds have recovered strongly since the end of the reporting period, it should be said.
The cash-generating assets in the portfolio (the Sarasin and Killik funds, plus a small bank deposit account) produced more than £21,000 over the year (vs £17,600 in 2023/24), which is equivalent to a yield of just over 3.3% of the 'income' portion of the portfolio. The Egerton fund, by contrast, does not distribute any dividends or interest. In 2025/26, the portfolio's recurring income should rise a little further, reflecting the earlier shift of assets to Sarasin and ongoing dividend growtth. This increase, combined with the cautious reserves policy, should enable the Trustees to avoid having to cut the planned level of grants in the event of further market turmoil.
It should be noted that the Trustees specifically inform beneficiaries that all grants are 'one-off' and that they cannot be relied upon in future years. Hence the Charity's ongoing liabilities are likely to be essentially the external costs of administration (audit fees, bank charges etc.). Items such as premises, stationery, postage, internet access etc. are provided pro bono by the Trustees.
FUTURE PLANS
In coming years, the two founder Trustees are unlikely to make further substantial donations to PSG. The ongoing level of annual grant distributions will thus come to depend on the performance of the Charity's investments. This, in turn, will reflect the global economic and political climate, which can only be described as volatile. Hence it may take several more years of 'bedding down' before the Trustees are able to determine what the 'sustainable' level of grant distributions is likely to be. This said, maintaining the 4% annual distribution target seems reasonable.
Page 3
Palca Stevenson Giving CIO
Report of the Trustees for the Year Ended 31 March 2025
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
.Palca Stevenson Giving is an endowment-funded, family-administered charity, with five current Trustees: Julia Stevenson (née Palca, co-founder, Chair); Nicolas Stevenson (co-founder, Secretary/Treasurer); Oliver Palca; Benjamin Stevenson and Marcus Stevenson. In addition to its formal objectives, one of the main aims of PSG is to expose younger members of the Palca Stevenson family to best practice in the charity field earlier than might otherwise be the case. The Chair in particular has extensive experience of administering large UK charities and educational institutions, including the risks and pitfalls that sometimes confront boards of trustees. It is an integral part of the Charity's procedures that all Trustees participate fully in discussion, paying close attention not only to the suitability of proposed recipients of grants but also to proper administration, financial control, risk management and constructive dialogue with regulators, for example. Over time, this should ensure that there are sufficient skills within the Trustee pool to provide for the continuance of the Charity beyond the lifetimes of the two founders. It remains open to the Trustees 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 opinion of the Trustees, the principal risks confronting PSG are financial and regulatory: markets could collapse; the endowment's asset choices could prove disastrous; exchange controls or sanctions could make it difficult or impossible to receive dividends from abroad; the bank(s) holding the Charity's cash could become insolvent; and PSG's external advisers could fail to ensure that it meets its reporting requirements, leading to the loss of tax-free charitable status. There is little in practice that PSG can do to mitigate such risks other than maintaining a diversified portfolio and seeking to work with reputable, diligent professionals.
With no inflows of public donations to administer, PSG is unlikely to suffer from fraud or malfeasance directly. The absence of any employees or direct 'clients' appears to eliminate safeguarding risks. It is clearly conceivable, however, that the Charity could provide financial support to institutions that were subsequently found to be fraudulent, badly managed or institutionally compromised in some way (e.g. sexual or racial abuse of staff or clients, connected to organised crime or disreputable regimes). Relying on the 'quality assurance' of the Charity Commission is 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 2025
REFERENCE AND ADMINISTRATIVE DETAILS
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 18 October 2025 and signed on its behalf by:
J Stevenson
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 report to the charity trustees on my examination of the accounts of Palca Stevenson Giving CIO (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A J Bennewith
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
3 November 2025
Page 6
Palca Stevenson Giving CIO
Statement of Financial Activities for the Year Ended 31 March 2025
| 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 on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 116,842 21,171 138,013 116 75,000 2,514 77,630 112,413 172,796 1,574,744 1,747,540 |
Endowment fund £ - - - - - - - 1,211 1,211 453,400 454,611 |
31.3.25 Total funds £ 116,842 21,171 138,013 116 75,000 2,514 77,630 113,624 174,007 2,028,144 2,202,151 |
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 |
The notes form part of these financial statements
Page 7
Palca Stevenson Giving CIO
Balance Sheet 31 March 2025
| 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 £ 1,705,746 44,194 (2,400) 41,794 1,747,540 1,747,540 |
Endowment fund £ 454,611 - - - 454,611 454,611 |
31.3.25 Total funds £ 2,160,357 44,194 (2,400) 41,794 2,202,151 2,202,151 1,747,540 454,611 2,202,151 |
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 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 October 2025 and were signed on its behalf by:
J Stevenson
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 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which 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.
Restricted funds can only be used for particular restricted purposes within the objects of 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 | ||
|---|---|---|
| 31.3.25 | 31.3.24 | |
| £ | £ | |
| Other fixed asset invest - FII | 20,791 | 17,678 |
| Deposit account interest | 380 | 19 |
| 21,171 | 17,697 |
continued...
Page 9
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
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 Watts Gallery Action Against Hunger British Red Cross Mines Advisory Group FareShare Surrey & Sussex Finchley Foodbank For Baby's Sake Food Cycle Zero Gravity Islington Centre for Refugees Ruth Hayman Trust Jigsaw (South East) Gambia School Support Pain Concern Hear Me Out Music Anne Robson Trust |
31.3.25 £ 116 31.3.25 £ 75,000 31.3.25 £ 2,000 4,000 2,000 10,000 13,000 5,000 6,000 3,000 4,000 6,000 5,000 5,000 3,000 5,000 2,000 - - - £75,000 |
31.3.24 £ 117 31.3.24 £ 27,000 31.3.24 £ 4,000 2,000 - - 6,000 5,000 2,000 2,000 2,000 - - - - - - 1,000 1,000 2,000 |
31.3.24 £ 117 31.3.24 £ 27,000 31.3.24 £ 4,000 2,000 - - 6,000 5,000 2,000 2,000 2,000 - - - - - - 1,000 1,000 2,000 |
|---|---|---|---|
| £27,000 |
continued...
Page 10
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
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 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 |
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 |
continued...
Page 11
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 Investment assets in the UK Investment assets outside the UK |
31.3.25 £ 1,446,081 714,276 2,160,357 |
Listed investments £ 1,979,683 266,842 (199,793) 113,625 2,160,357 2,160,357 1,979,683 31.3.24 £ 1,406,689 572,994 1,979,683 |
Cost or valuation at 31 March 2025 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2025 | 2,160,357 |
If the fixed asset investments had not been revalued they would have been included at the following historical cost:
| 31.3.25 | 31.3.24 | |
|---|---|---|
| £ | £ | |
| Cost | 1,813,149 | 1,746,307 |
The fixed asset investments were valued on an open market basis on 31 March 2025 by institution managing 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 2025
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 a Unrestricted funds General fund Endowment funds General Endowment Funds TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Endowment funds General Endowment Funds TOTAL FUNDS |
s follows: Incoming resources £ 138,013 - 138,013 |
At 1.4.24 £ 1,574,744 453,400 2,028,144 Resources expended £ (77,630) - (77,630) At 1.4.23 £ 937,072 423,890 1,360,962 |
31.3.25 £ 2,400 Net movement in funds £ 172,796 1,211 174,007 Gains and losses £ 112,413 1,211 113,624 Net movement in funds £ 637,672 29,510 667,182 |
31.3.24 £ 2,400 At 31.3.25 £ 1,747,540 454,611 2,202,151 Movement in funds £ 172,796 1,211 174,007 At 31.3.24 £ 1,574,744 453,400 2,028,144 |
|---|---|---|---|---|
continued...
Page 13
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
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 £ 394,131 - 394,131 |
Resources expended £ (29,633) - (29,633) |
Gains and Movement losses in funds £ £ 273,174 637,672 29,510 29,510 302,684 667,182 |
|---|---|---|---|
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 1.4.23 £ 937,072 423,890 1,360,962 |
Net movement in funds £ 810,468 30,721 841,189 |
At 31.3.25 £ 1,747,540 454,611 2,202,151 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds General Endowment Funds TOTAL FUNDS |
Incoming resources £ 532,144 - 532,144 |
Resources expended £ (107,263) - (107,263) |
Gains and Movement losses in funds £ £ 385,587 810,468 30,721 30,721 416,308 841,189 |
|---|---|---|---|
continued...
Page 14
Palca Stevenson Giving CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. MOVEMENT IN FUNDS - continued
General Endowment Fund
There is no restriction on the use of the investment income generated by the Endowment Fund. During the year, the Endowment Fund generated £10,851 of income and this was all allocated to Unrestricted Funds.
10. RELATED PARTY DISCLOSURES
Trustee J Stevenson is also a Trustee of another UK charity, The Mines Advisory Group. During the period the charity provided a grant of £5,000 (2024: £5,000) to The Mines Advisory Group.
Trustee N Stevenson is also a Trustee of another UK charity, Gambia School Support. During the period the charity provided a grant of £2,000 (2024: NIL) to Gambia School Support.
Page 15
Palca Stevenson Giving CIO
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2025 | ||
| 31.3.25 | 31.3.24 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 116,842 | 369,044 |
| Gift aid | - | 7,390 |
| 116,842 | 376,434 | |
| Investment income | ||
| Other fixed asset invest - FII | 20,791 | 17,678 |
| Deposit account interest | 380 | 19 |
| 21,171 | 17,697 | |
| Total incoming resources | 138,013 | 394,131 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 116 | 117 |
| Charitable activities | ||
| Grants to institutions | 75,000 | 27,000 |
| Support costs | ||
| Finance | ||
| Bank charges | 114 | 116 |
| Governance costs | ||
| Accountancy fees | 2,400 | 2,400 |
| Total resources expended | 77,630 | 29,633 |
| Net income before gains and losses | 60,383 | 364,498 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 113,624 | 302,684 |
| Net income | 174,007 | 667,182 |
This page does not form part of the statutory financial statements
Page 16