THE PACO PROJECT Charitable Incorporated Organisatlon (CIO) Registsred Charfty No. 1201140 ACCOUNTS FOR THE PERIOD ENDING 31 MARCH 2024 Prepared by.. Charfes Russell SpeechlysLLP S Fleet Pla London EC4M 7RD THE PACO PROJECT CONTENTS Page Trustees. Annual Rewt Statement of Financial Aclivibes Balan￿ sheet Notes THE PACO PROJECT TRUSTEES, ANNUAL REPORT AT 31 MARCH 2024 Admlni$lratlvè Inforniatlon Date ol Consthullon 24 November 2022 Trustees Cassie Helena Senn Alexandre Parisod Henrietta Diana Hden Se The power lo appoint new Trustee5 is Ve￿ed in the (yJrrenl Trustees R•gist•r•d Charity No 1201140 R•glstrf•d Address clo Chartes Russdl SpeechtrysLLP 5 Fleet Place London EC4M 7RD Soll¢llors Chartes Russell Speechtys LLP 5 Fleel Place London EC4M 7RD Hlstory and ObJ￿ts The objects of the Charity a￿.. lo advance such charitable pwposes (according to the law of EThJland and Walesl as the charity trustees see fit frcth time to time. The Charity was constituted with a view to receMThJ funds from individuals ¢))nnected with the Charity. No asse15 or income were received during the penod covered by this account. as the TTusfres were in the process of considering the strategic priorities for Ihe Charity aThJ continue to make initial administrative arrangements for the Charity including the opening of an appropriate bank account. 11 is anbcipated that when assets and income are received in the future, Ihe ¢￿arity will become a grant making charity. The Acc¢unts The Twslees did not hold any assets at Ihe date of constilution and also did not hold any assets at 31 March 2024. They did not receive any assets OT income during the period under ￿￿eW and this situation is reflected in this account. Rovlew of the Year There were no transactions of any kind in Ihe year LKKler rewew Ino ine4)me or outgoings). Future Developmonts Tho Trustees envisage that when funds are received in the futLKe. grdnts of 8 wholly charitable nature will be made to other charitable organisalions and individuals in turtheran¢e of th￿r staled objectives. The Trustees will be maknng Ihe administrab've arrangements required to enable the Chaiity lo hdd wKome and assets. R•s•rv•s Policy No income has arisen in the period CoV￿d by this account and consequently there a￿ no reswes. Should income arise however, Ihe Truslees will develop a cash reserve out of its vnrestricted frjnds to cover ongoing THE PACO PROJECT minis ve cos an un rus review r reserves po ry anflua Rlsk Asgessment and InvestmentPolicy The Trustees have assessed the majrx risks lo vthich the Charity is exposed aThJ. given their18¢k of funding lo dale, consider that their exposure to risk is minimal. The Trustees will review th￿r Risk Policy, which sets oul the methods for identifyiry, aSSeS￿￿j, and managing risks. annually. The Trustees perceive that the major risk is likety be their antiapated exposure to the effect of slcck market condi110115 and other problem5 assouate(J wilh managing lh￿r investments and other assets Iprincxpally Cashl should thay receive substantial funding. They plan to contain this risk in so far as possible by employir@ an investment manager to invest any suth funding on a discretionary basis. The Trustees. in conjun¢tion with their chosen investment manager. ￿11 Teview their investment Wicy annually. Public Benefft Statomont The Trustees confinn that they have ccmnplied 7Mth their dLIty lo have regard to the guidance on p￿SliC b8nefil published by Ihe Charity Commission in exerrigng their tK**ers and duties in so far as is nKewry and appropriate in the arcUM5tar￿es. Approved by Date THE PACO PROJECT STATEMENT OF FINANCIALACTNMES FOR THE PERIOD ENDED 31 MARCH 2024 Unrestri¢ted Unr¢strlcted Incom• Capital Account Total Funds Inc(¥ning Rosources Resources Used Total resources Not Incomlng R￿QUre•S Gains and Loss¢$ On In¥estmentAs$ots At 24 Nov•mb•r 2022 Idat¢ of ¢onststutlon Balance as at 31 March 2024 THE PACO PROJECT BALANCE SHEET AS AT 31 MARCH 2024 2024 A$5•ts R•pres•nt•d by: UNRESTRICTED CAPITALACCOUNr Balances al 31 March 2024 UNRESTRICTED INCOMEACCOUNT Balances at 31 March 2024 Approved by. n behalf of 811 the Tntstees on .... . . 2024 Signed= THE PACO PROJECT NOTES TO THE ANNUAL TRUST AccouKr FOR THE PERIOD ENDED 31 MARCH 2024 1 Prlnclpal A¢¢ounting Policies (al Basis of A¢countlng The financi81 statements are prepa￿￿ under the hislorical cost convenbon as modffied by the r&valuation ofinvestments and in accordance with the Charilies (Accounts and Reports) Regulations 2008 and the wised Charities Statement of Rec¥)mmended Prdctice 2(KJ5. (b) Investments and Investment Incom• Quoted Current asset inveslments wll be stated at mitharket value at the balar￿ sheet date. Investment income wll be credited to the Income Ae£ount when re¢eivable. Re81i5ed gains and losses on the disposal ofinvesknents and unrealised gains and losses will be Credited ￿ded￿Clad from the Capitsl AccO￿t. Icl Foreryn Curren¢ies Asseis and moneiary liabilities in other currenues al Ihe balance sheet date will be translated into slerfiryJ al the rale ruling on that dale. Transacb'ons durirrfJ the year will be Iran51aled into sterling at the rale ruling on the date of transaction. Ex(*Lange differences arising during the year will be dealt with in the Income or Capital Accourbt Idl Inc¢)ming Fund5 Funds added lo the Tnjsl will be credited to the Capitsl ALxount when received. lel CharltablèDonation8 I donalions will be distribuled from the Income Acr￿unt follcy•ving approval by Ihe Trustees. R¢r•ourcos Expendod Resources expended will be acc￿nIed an acuuals basis inclusive of ifrecoverable VAT (the Charity is not VAT registered). 191 Funds Policy All fijnds will be unrestn.cled and where Ihere is a deficit on Inwme AccounL it will be ¢))vered by a transfer Ircrfn the Capital AC￿Unt where poss%ble. 2 Inforniation rngardlng Trust••s and Employaos The Trust had no employees. no Trustees recerved remuneration arnl no trustee expenses were paid during the year. The Trustees have not purchased inoemity irtsuran￿.