THE PACO PROJECT Charitsble Incorporated Organisation (CIO) Registered Charity No. 1201140 UNAUDITED ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 Prepared by.. Charfes Russell Speechlys LLP S Fleet Place London EC4M 7RD
CONTENTS TRUSTEES, ANNUAL REPORT AT 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE ANNUAL TRUST ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
THE PACO PR¢)JECT TRUSTEES. ANNUAL REPORT AT 31 MARCH 202S Adfflinistrative Information Datè of Constitutlon 24 November 2022 Trustees Cassie Helena Senn Alexandre Pansod Henrietta Diana Helen Senn The power to appoint new Trustees is vested in the current Trustees Registered Charlty No 1201140 Registered Address clo Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Sollcltors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Bankers (Switzerlandl UBS Switzerland AG PO Box CH-8098 Zurich Investment Manager l Bank account IUKI Evelyn Partners 103 Colmore Row Bimingham B3 3AG WKS1342339239 1
THE PACO PROJECT TRUSTEES, ANNUAL REPORT AT 31 MARCH 2025 The Trustees present their annual port with the accounts of the Paco Project Ilhe Charltyl for the year ended 31 March 2025. The results for the period are presented in the form of a Statement of Financial Activities. in order lo comply with the Charities Statement of Recommended Practice under the Financial Reporting Standard 102 ISORP FRS 1021 and with the Charities IAccounls and Reports) Regulations issued under the charib.es Act 2011 Constitution and Objects The objects of the Charity are.. to advance such charitable purposes laccofding lo the law of England and Wales) as the charity Iruslees See fit from lime lo time. Organisation The Trustees have all served during the financial period. The Trustees will make available lo each new trustee. on or before his or her first appointment.. a copy Df the current version of the ¢onstilulion.' and a copy of the CIO'S latest Trustees, Annual Report and slalement of accounts. Grant Making Pollcy The Trustees have adopted a comprehensive grant-making policy and will review il annually. The Trustees correspond and meet lomially during the year to Consider grant applications and lo further develop the Charity's focus The Trustees may make grants to any type of organisation. provided the Charity's funds are used for a purpose which is wholly ¢harilable under the law of England and Wales. The TFuslees recognise that there are greater risks in granting funds to organisations which are not themselves charities in England and Wales, as they are not legally reslricled to applying their funds lor charitable purposes. As such, any grants to organisations established outside of England and Wales will be made on a restricted basis lo be used for a specific charitable project. The Trustees will lake also all reasonable steps lo ensure that the funds are applied lo a purpose which is charitable Ljnder the law of England and Wales in accordance wth HMRC'S guidance on overseas expenditure, as Il may be updatod Iiom lime to time. Charltablè A¢tlvlty for the Publlc Benefit In pursuit of the charitable objects as sel out above. the Trustees have considered the Charity Commission's guidance on public benefit 19 ensure that all activities meet this requirement. The Charity has furthered ils charitable purposes lor the public benefit during the year through making grants in furtherance of purposes that arè charitable under the law of England and Wales. During the period under review the Trusl*s agreed and paid out one grant of £13,418 to Fondalion Nicole Niquille The recipient organisation is a Swiss foundation Iregislered with Swiss Federal Supervisory Authority for Foundations) whose objects are to improve the health of people living In the Himalayan valleys ol Nepal by maintaining and contributing to the operation of a hospital in Lukla. Nepal. ¢ollaboraling on medical projects. training young people in healthcare fields. and by promoting the health of mothers and children by encouraging births to occur under medical supervision. Achievements and Performance Donations of £17.906 were received during the year from the trustee Henrietta Diana Helen Senn. Charitable donations of £13,41812024'. £0) were made during the year lo the charitable organisation shown in note 4. Financlal Revlew IM<S1342339239.1
THE PACO PROJECT The Trustees are satisfied with the financial position of the Charity and confirm they have adequate assets aVailae lo fulfil their obligations. Investment Policy During the year the Trustees have opened a cash account with UBS Switzerland AG, and following the year end have opened lil a cash account and lill an investment portfolio with Evelyn Partners into which a donation of Shell PIC shares have been made The Trustees intend to make distributions from these fLJnds on a regular basis subject to their reserve policy stated below. Reserves Policy The policy of the Trusteès is lo retain sufficient cash funds to at least meet all ftjlure committed grants, and lo Cover ongoing administrative costs and unforeseen fees. The Trustee5 wll review their resetves policy annually. Rlsk Management The Trustees have assessed the major risks lo which the Charity is exposed and, given their minimal funding to dale, consider that their exposure lo risk Is minim81. The Trustees will review their Risk Policy. which sets out the methods for Identifying, assessing. and managing risks, annually. The Trustee5 perceive that the major risk is likely be their anticipated exposure lo the effect ol stock market conditions and other problems associated with managing their investments and other assets (principally cashl should they receive substantial funding. The Trustees Cognise the Charity received an investment In a single company post balance sheet and this represents a significant risk. They plan to conlain this risk in so far as possible by employing Evelyn Partners to invest any such funding on a discretionary basis. The Trustees, in conjunction with Evelyn Partners, will review their Investment pdicy annually. Plans for Future Perfods The Trustees envisage that when further ftjnds are reiVed in the future, grants of a wholly charitable nature will continue lo be made lo other organisalions and individuals in furtherance of their stsled objectives. Public Benefit ststement The Trustees confi'rm that they have complied with their duly lo have regard to the guidance on public benefit published by the Charity Commis510n In exercising their powers and duties in so far as is neSSary and appropriate in the circumstsnces. Approved by Dale WKS1342339239 1
THE PACO PROJECT STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2025 2025 2025 2025 2024 Unrestricted Unrestrlcted Unrestricted Unreslricted Income Capital Total Total Account Account Funds Funds Income from Donations and legacies Note 3 17,906 17,906 Total Income 17,906 17,906 Expenditure on Grant funding Support costs Note 4 Note S 13,418 13,418 19 19 Total Expenditure 13,418 19 13,437 Net Incominglloutgoingl resources bèfore other recognised gains or losses 13.4181 17,887 4,469 Gains and Losses on Currency Exchange 11091 11091 Transfer between Funds 13,418 113,4181 Net Movement In Fun(Is 4.360 4,360 Balancg at 31 March 2024 Balance as at 31 March 2025 Page 5 4,360 4.3P <S1342339239. 1
THE PACO PROJECT BALANCE SHEET For the year ended 31 March 2025 202S 2024 Total Total Funds Funds Unrestrlcted Unrestrieled Current A$sets Cash al bank 4,360 Net Current Assets 4,360 Represented by.. UNRESTRICTED CAPITAL ACCOUNT Balance at 31 March 2025 4.360 UNRESTRICTED INCOME ACCOUNT Balan al 31 March 2025 Totsl Funds as at 31 March 2025 4,360 Approved by.... . on behalf of all Ihe Trustees on....... Signed.. WKS1342339239.1
THE PACO PROJECT NOTES TO THE ANNUAL TRUST ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Principal A¢¢ountlng Policies lal Basls of Accounting The financial slalement5 are prepa under the historical eosl convention as modified by the revaluation of investmen15 and in accordance with the Chanlies (Accounts and Reports) Regulations 2008 and the revised Charities Statement of Recommended Practice 2005. Ibl Investments and Investment Income Quoted Current asset investments will be sialed al mid-market value al the balance sheet date. Investment income will be credited lo the Income Account when receivable. Realised gains and losses on the disposal of inveslmenls and unrealised gains and losses wll be Credited toldeducted from the Capital Account. Forelgn Currgncles Assets and monetary liabilities in other curreneies al the balance sheet dalewill be translated into sterling at the rale ruling on that dale. Transactions during the year will be translated into steding al the rate ruling on the date of transaction and rounded lo the nearest pound. Exchange differences arising during the year will be dealt with in the Income or Capital Account. Idl Incoming Funds Funds added lo the Trust ¥MII be credited to the Capital Account when received. lel Charitable Donations All donations ¥MII be distributed from the Income Account following approval by the Trustees. Resources Expended Resources expended will be accounle(S for on an accruals basis inclusive of irrecoverable VAT Ithe Chanly is not VAT regisleredl. Igl Funds Policy All funds will be unrestricted and where there is a defieil on Income Account. il will be covered by a Iransfer from the Capital A¢counl where possible. Information regartling Trustggs and Employe9S The Trust had no employees. no Trustees received remuneration and no trustee expenses were paid during the year. The Trustees have not purchased indemnity insurance. WKS1342339239.1
THE PACO PROJECT Incoming donations 2026 2024 Henrietta Diana Helen Senn 17,906 17,906 Charitable donatlons 2025 2024 Fondalion Nicole Niquille 13,418 13,418 Support costs 202S 2024 Bank charges 19 VW(S1342339239.1