DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Company No. 3447823 Registered Charity No. 1069245 PORTICUS UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Contents Page Legal and AdminislratNe InfOallOn Trustees and Directors. Report Statement of Directors, Responsibilities Independent Auditorfs Report 10 Statement of Financial ktivibes 14 Balance Sh*t 15 Notes to the Financial Statements 16
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Legal and Administrative Infomialion Directorn (Truste•s) M.C.L. Brenninkmeyer D.R. Brenninkmeijer L.W.M Brenninkmeijer J.D. Drury Rfjgistsr orric• Michelin House, Fourth Floor 81 Fulham Road London 6RD Audltor Ernst & Young LLP 1 More London Place London SE1 2AF Bankers HSBC PIC 16 King Street Covent Garden London WC2E 8JF
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report The Directors present their report together with the financial 5taternenls for the year ended 31 December 2021. Reference and Administration Inforniation The present Directors and any Director5 who served during the year are given on page 8. The Directors of the charitable company (the Charity) are its trustees for the purp)ses of charity law and throughout this report are collectively referred to as the Trustee5. Legal and administrative information set out on page 1 forms part of this report. Stru¢turo, Govorn•n¢o and Managemont The full name of the Charity is PortU$ UK, which was in¢orporated on 10 October 1997 and commenced business on 1 January 1999. On 2 October 1997, the company was authorised to exclude the word 'Limiled" in its lffje. It is.. A company limited by guarantee and not having a share capital, number 3447823. A charity registered in England and Wales, number 1069245. The Charity's goveming document is its Artides ofAssoeiation dated 10 October 1997, as amended by Special Resolution dated 18 April 2008, 11 December 2012, and 13 March 2014. The Charity 15 governed by o Board of Trustees, who 05 charty trustees have Control of the Charity and its propety and fvnds. New Trustees shall be appointed by the Members subject to the appropriate nob'ce and particulars given lo the Charity, and approved by existing Trustees. The Trustees may at any time ec0P1 any person duly qualthed to be appointed as a Trustee to fill a vacancy in their number or as an additional Trustee, but a COwOPted Trustee holds office only until the nextAGM. I newty appointed Trustees receive a copy of the Charity Commission guidelines outlining the role of a trustee. Regular updates on charity governance and issues relating to the UK charity sector are sent to all Trustees. Training opportunities are offered when appropriate. The Trustees meet lo discuss policy and operational issues lce per year. In addition there are monthly meetings betsveen staff and the chair.
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report (continued) Objectiv•s and Activiti•s The objectNe$ of the company are to advance the education of Charity trustees and rnanagers in charity law and administration and to improve the management of charities and to help charities in the most effective use of their resources for purposes which are exdusivety charitable including (but without limib'ng the foregoing).. making grants and guaranteeing bank or other loans made lo charities- handling and eomputerisation of apF4ieations for grants to Corporate and business donors and grant-making trusts and advising charitie5 on making a se for funds., undertaking of investigations of appeals on behalf of donors and research and feasibility Studies into aa$ of charitable activity and potential charitable a¢tivity', iv. advising charity trustees on matters of policy, including preparation of business plans, and financial control systems, organisational development, monitoring and evaluation, publication and marketing", running seminars. exhibitions and conferences directed towards improvement of the managerial effectiveness of charittes. The objects'ves for the year 2021 were to continue providing advice and support to charities, corporate and business donors and grant making trusts. Achlevements and Perforniance The achievements during 2021 are summarised as follows.. Assessment and investigab've work for 116 grant appli¢ations1395 in 2020)- Involved in partnerships to build the capacity of grant-hdders and other tharilies through tailored consultancy support and practical workshops in Criminal Justi, Education and Chikl Protection. Collaboration with other fvnders to Share sector knwledge. A fvrther focus on Northern Ireland was developed with an evaluation of a community engagement grant scheme and a participative ¢onfli¢t analysis and programme proposal. Key learnings have been shared with the se¢tor. Development of and adoption of safeguarding requirements for all grant holders was continued. Raising awareness of the issues of child protection and educats'on exclusion with funders and policy makers.
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report (continued) In the opinion of the Directors, the aims and objectives of the Charity have been xhieved during the year. Public benefrt In furtherance of its objects, the Directors, as charty Iru5tees have complied with the duty in 5.4 of the Charitie5 Act 2011 to have due regard to the guidance conlained in the Charity Commission's published general and relevant SUISector guidance concerning the operation of the public benefit requirement under the ACL The public benefit provided by Portl¢Us UK in 2021 is detsiled below.. Stat•m•nt of ublic b•n•fit rovid Portieus UK in 2021 Charitable objeclivo I Public benefit provided in 2021 To advanco tho education of charity Irusteos and managors in Charity Law and Administration. Improving the management of Charities. Support and advi were provided to.. Two farnily foundations Kulika Charitable Trust 1981 St Stephen's Green Charitable Trust Advising charty trustees on matters of policy, including preparation of business plans and financial control systems, organisalional developmen( monitoring and evaluation. impact publication and marketing. Transits'oning to a programmati¢ way of working, looking at social challenges and systems change, has meant the grants advised on are signifi¢andy larger and ¢lustered together, with mappings and evaluation built in. An Evidence and Gap Map and Guidebook on instilulional $ponse$ to Child abuse, commissioned by Porticus and carried out by Giving Evidence, was published, and shared in ¢onference$, with impli¢at'ons being expbred with a range of Stakeholders. A Sy$temati¢ Review and Eviden Gap Map on InterlIgiouS Diabgue and Ecumenism studie$ was also commissioned. to understand and synlhesise the effectiveness of these. A conferen¢e for Trustees and various stakeholders on monitoring. evaluabon and impa¢t was hell in partnership with 3 charities. Partnerships were maintained with Social Finance. the Institute for Voluntary Actson Research and Pr Bono Economics lo build the capacity of charities through tailored consuttancy support and practscal workshops.
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report (continued) Public b•n•frt Icontinu•dl Charitable objective Public benefit provided in 2021 To help eharllles In the mosl effectlve use of thelr resources for purpos06 whlch are I excluslvely charltable Includlng (but wlthout Ilmltlng the foregolng): Advising charity trustees on matters Advice was given on charty gOVernar - including I of policy (continued) the provision of support to a group setting up a new Charitab entity,. the key aspects of organisational due diligence., and the funding landscape in general. Team memters acted as a sounding board on these topics for stakeholders of the new initiatives. Safeguarding policy development and raising safeguarding due diligence standards for fvnding entities was undertaken. This included convening I meetings and training sessions lo build the capacity of Designated Safeguarding Officers. Through I partIpatIng in various funder safeguarding groups. I knowledge was developed and shared with the wider I neINrk of those funded. The concept and knovAedge of Contextuall Safeguarding was shared and promoted in new I areas and with European netsvorks, where it can be I applied. Advice wa5 given to a number of international j 5POrting and failh-based organisations seeking to j implement systematic change around the prolects'on of children across complex organisalions mults'<ounty I Active participation in the Steering committees of university research projects in area5 of study such as child protection within institutional settings. Participation in funder knowledge sharing events on other topics- including Criminal Justiee,. Education Exclusion- Community Development and Church I and Faith. Raising awareness amngst voluntary and slatulory I sector organisations, on research report findings and I the production of a free mapping toc4, developed for I use by and for those working in or alongside the I Criminal Justice sector. Consultancy advice, guidance and netsvorking I introductions provided to a therapeutic support I setvice for survivors of domestic abuse regarding I Charitab vehic, structure, and governance.
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report (continued) Charitable objective Public benefit provided in 2021 To help charltle8 In the most effectlve u8e of thelr resources for purpo8e8 whlch are exclu8lvely charltable Including (but without limitlng the foregolngl: Advising charity trustees on matters of policy {continued) Advice was given to one charity on the winding up pr55, including due diligence and risk assessments on its final grant payment. Consultancy advice, guidance and neOrkIng introductions were provided to a small charity, to strengthen hom&hosting neOrk for beneficiaries eIng abusive situations. Inlrodvctions were made to larger charities with greater experience in this field. willing lo share their knowledge and expertise. Handling and compulerisation of applications for grants lo corporate and business donors and grant making trusts and advising charities on making a case for funds. 116 grant applications were assessed in 2021 which resulted in the award of 72 grants. (2020.. 395 grant appliGations assgssgd,. IOT grants awardgd). Undertaking of investigations of appeals on behalf of donors and research and feasibility studies into areas of charitable activty and polenb'al chafitable activity. Invesligats'ons of appea15 on behalf of individual 4 donors were undertaken which resulted in 4 donats'ons. (2020.. Appeals w&m investigated on behalf of 8 individual donors which rgsulted in 44 donations) Running seminars, exhibrtions and conferences directed towards improvement of the managerial effectiveness of charities. Partner convenings were hosted as part of the Education IntegralED programme, Criminal Justi¢e programme, Posib've Pathways and Pea¢ebuilding programme. Making grants and guaranteeing bank or other loans made to charits'e5. No activity
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report (continued) Financial R•view During the year income amounting to £1,064,309 12020.. £1,043,457) was received, all of which represented unrestncted income. The fvnds have been applied to the objectives of the Charity. The Directors expect the general level of activity to continue throughout the coming year. The overall result for the year was a break even, with overall fund balanees remaining at a surplu$ of £80,211. Rl8k Management The Director5 hove examined the major risks which the Charity faces and ¢onfim that $y31ems have been established tr) manage those risks. For example, the risk register was reviewed and updated for changes in risk settings. Management has assessed the impact of the COVID-19 pandemic on the operations and do not consider it to be a threaL R•s•rv•s Poli¢y The Directors have considered the reserves of the Charity and are satisfied that, given their own close involvement and continued financial support from Porh"cus Amsterdam C.V., the charity reserves at the end ol the year can be kept at an amount equNalent to one month's unrestn.cled expenditure. Futur• Plans Porbcus UK will continue to carry out its principal activities of consultancy, grant assessment and management and advisory services to chanties, including training. This has not been significanlty impacted by the COVID-19 pandemic. Strateg1¢ rnport The company has taken advantage of the exemption under s414B of the Companies Act not to prepare a Strategic Report. Golng concgm No material uncertainties that cast Signifan1 doubt about the ability of the company to continue as a going concern have en idenlrfied by the directors. The Directors are also of the view that COMth19 does not impact the Charity's ability to continue as a going concern. Further, Porticus Amsterdam CV Ithe'parent I through 8 letter of financial support has confirmed that if required they will assist the company in meeting their liabilities as and when they fall due, but onty lo the extent that money is not otherwise available to meet such liabilities. The parent has the abilty to provide such support and will provide this support to the company, to the extent outlined above, for a period of 12 months from the date of approval of the company's balance sheeL
DotJJSv4n En¥okyo ID." 8C8B7B8E4DF2488&ADE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Trustees and Directors, report (continued) Directord The d1ctorS who served the company during the year We as follows.. M.C.L. Brenninkmeyer D.R. Brenninkmeijer L.W.M Brenninkmeijer C.F.S. Forder Iresigned 23 June 20221 J.D. Drury Statgmgnt •$ to Disdosuro of Inforniation to tho Auditor So far as ea¢h person who was a di¢tOr at the date of approving thi$ POrt is aware, the is no relevant audit infomiation, being information needed by the auditor in connection wf(h preparing ils report, of which the auditor is unaware. Having made enquiries of fellow directors and the company's auditor, each director has taken all the steps that helshe is obliged to take as a director in order to make himselflherself aware of any relevant audit information and to establish that the auditor is aware of that information. The company has taken advantage of the small company exempth'on in preparing the Directors, reporL By Order of the Board FE%F53EA1(E425. .C.L. Brennlnkmeyer Director 5 August 2022
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Company No.. 3447823 Registered Charity No: 1(9245 Statement of Trustees and Directors, ResponsibilRtRes The directors are responsible for preparing the Trustees and Directors, Report and the financial statements in accordance with applicable law and regulations. Company law requires the director5 to prepare financial stalemenls for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United ngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl including FRS102. Under company law the directors must not approve the financial statements unless they are sab'sfied that they give a true and fair view of the slate of affairs of the company and of the profit or bss of the company for that period. In preparing these finan¢ial statements, the directors are qUId to= $&1oct suitable a¢¢ounling policies and than appty thom Consistent., make judgments and estimate5 that are reasonable and prudent., state whether applicable UKAccounting Standards have been followed, subjectto any material departures disclosed and explained in the financial statements., and The directors are responsible for keeping proper accounting records that are sufficient to show and explain the company's transacb'ons and disclose wrth reasonable accuracy at any lime the financial p(Isilion of the company and enable them to ensure that the financial statement5 compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the rnPany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Independent auditor's report to the member of PortiCU8 UK Opinion We have audited the financial statements of Porticus UK {"charitable company.) for the year ended 31 December 2021 which comprise Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes 1 10 15, including a summary of significant accounting policies. The financial reporbng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice), including FRS 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements.. give a true and fair view of the stste of the charitatle MpanY'S affairs as al 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordan with the requirements of the CoMpanS Act 20C6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS IUKII and appl'cable law. Our responsibiif(ies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report below. We a independent ofthe charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. 8nd we have fulfilled our other ethul responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant secb'ons of this report. However, because not all future events or conditions can te predicted, this statement is not a guarantee as to the trustee's ability to continue as a going concem. 10
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Independent auditor's report (continued) to the member of PortiCU8 UK Other infomiation The other infoThnalion comprises the infomialion included in the Report and Financial Statements. other than the financial statements and our auditor's port thereon. The trustees are responsible for the other information contained in the trustees and directors, reporL Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicilly staled in this report, we do not express any fomi of assurance conclusion thereon. Our responsibility 1$ to ad the other information and, in doing so, consider whether the other inforrnalkJn is materially incon51Stenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of the other informab'on, we are required to report that fael. We have nothing to report in this regard. Opinion on othor mattor prescribed by the Companies A¢t 21)06 In our opinion. based on the work undertaken in the course of the audit.. the information given in the tfUStees' report, which includes the directors, report prepared for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and The trustees and dItorS, report included within the trustees, report have been prepared in accordance with applicable legal requirements Matters on which we arn required to report by exception In light of the knowledge and understanding of the charitable company and its environment obtained in the course ofthe audit. we have identified no material misstatements in the trustees and directors, report induded within the trustees. report. We have nothing to report in respect of the following matters where the Companies Act 20C6 requires us lo report to you if, in our opinKJn.' adequate accounting record5 have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums," or certain disdosures of trustees, remuneration specified by law are not made.. or we have not receNed all the infonnalion and explanations we require for our audit., or the trustees were not entiued to prepare the financral statements in accordance wtih the small companies. regime and take advantage of the small companies. exempb'on in preparing the Strategic ReporL
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Independent auditor's report (continued) to the member of PortiCU8 UK Responsibilities of trustoes As explained more fully in the trustees and directors. responsibilities statement sel out on page 9. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that give true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsiL4e for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concem basis of accounting unless management erther intends to liquidate the charitable company or lo cease operations, or has no realistic alteTnats've but to do so. Auditor'5 responsibilities for the audit of the financial statements Our objectNes are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonabb assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individualty or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Explanation as to what extent the audit was considered capable of detecting irregularities. Including fraud IrTegularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate conalMent by, for example. forgery or intentional misrepresenlation5, or through collusion. The extent to which our PrcedureS are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. È obtained an understanding of the legal and regulatory frameworks that a applicable to the charitable company and determined that the most significant are those that relate lo the reporting framework (United lfjngdom Accounting Standards induding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Prath"ce for Charities, the Companies Aet 2006, the Charities Act 2011 and relevant health and safety, data and tax laws and regulations. We understood how the ¢harftable ¢ompany 1$ complylng with those frameworks by making enquiries of management and those responsible for legal and ¢omplian¢e Procedu$. ¢orroboraled our enquiries through our VIeW of board minutes as well a$ considerab'on of the results of our audit Pro¢edu across the ¢haritable MpanY and we did not idenlfy any contradictory evidence. assessed the susceptibilty of the charitable CA)mpany's financial statements to material misstatement, including how fraud might occur by meeting with management to understand their risk assessment process and how these risks a being mitigated. We also ¢on$idered perfoman¢e targets and their influence on efforts made by management to manage expenditure. We also vieWed ¢orresponden¢e with relevant authoritses. 12
DocuSHJn Envelope ID". sC8B7B8E4DF2488DE1o2C2c9F22O Independent auditor's report (continued) to the member of PortiCU8 UK Auditorfs responsibilities for the audit of the financial statoments (continued) Explanatlon as to what extent the audft was considered capable of dotecting Inwularities. Including fraud (continued) Based on this understanding we designed our audit procedures lo identify noncompliance with such laws and regulations. Our prOdureS involved taloring our audit procedures around expenditure leskn'ng lo address the nsk of management manipulation of expenditure. We tested specific transactions backing lo source documentation or independent confirmation. ensuring appropriate authorisation of the transactDns. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https'.Ilww.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charrtable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other ny and the company's members as a body. for our audit work. for this report, or for ave formed. eop iods we Ea •i(y-wA LLF Loulse Pennell Isenlor stslutory auditor) for and on behalf of Ernst & Youn9 LLP, Slatulory Auditor London Date.. 10 August, 2022 13
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Statement of Financial Activities (Includlng an Income and Expendlture Account) for the year ended 31 December 2021 Unrestricted Funds 2021 Total Funds 2021 Total Funds 2020 INCOME AND ENDOWMENTS FROM Charitable acts'vities Other interest receivable TOTAL INCOME 1,064.235 74 1,064.309 1,064,235 74 1.064,309 1,043,451 1,043,457 EXPENDITURE ON: Charitable aCtivits.. Consultancy other interest payable TOTAL EXPENDrruRE 1,064.244 65 1064 309 1,064,244 65 1,064,309 1,043,401 56 1043 457 NET MOVEMENT IN FUNDS TOTAL FUNDS AT 1 JANUARY 80.211 80,211 80,211 TOTAL FUNDS AT 310ECEMBER 80.211 80,211 80,211 The statement of financial activities indudes all gains and losses recognised in the year. l in¢ome and expenditure related to continuing aelivities. The Charity has neither dis¢ontinued any operations nor acquired new operations during the year. The accompanying notes are an integral part of this Statement of Financial Activities. 14
DotJJSv4n En¥okyo ID." 8C8B7B8E4DF2488&ADE¥102C2C9F220 Porticus UK Balance sheet at 31 December 2021 2021 2020 Fixed Assets Tangible fixed assets 5,539 15,633 Currnnt Ass•ts Debtors Cash at bank and in hand Total Current Assets 179,541 103,570 197,474 134,158 CredFtors: amounts falllng due within one year Other creditors 122,802 69,580 Net Current Assets 74,672 64,578 Not Ass•ts 80,211 80,211 The funds of the ch•rlty: Unr•strlcted funds: Genera fund 80,211 80,211 Total Charlty Funds 11 80.211 80,211 These financial statements have been prepared in accordance wth the special provisions appliGable to ¢ompanies subject to the small company regime. The financial statements We approved by the DI¢torS on 5 August 2022 and were signed on their behalf by.. DoOuSbJnty'. JWA¢P¢12TCI M.C.L. Brennlnkmeyer D1Clor Director The accompanying notes form an integral part of this balance sheet. 15
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Notes to the financial statements for the yoar ended 31 Decombor 2021 Company Status Po.cuS UK (the 'company') is a company limited by guarantee (company no.. 34478231 and not having a share capital. Its registration numÈer as a charity is 1069245. The address of its registered office is 4th Floor Michelin House, 81 Fulham Road, London SW3 6RD. Accounting Polici88 The prinapal accounting policies are summarised bebw. They have all been applied consistently throughout the year. la) Basis of preparation The financial Statements of Porticus UK have been prepared on a going concem ba51S and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP IFRS 10211 and Update Bulletin 1, the Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS 102) and the Companies Ael 2006. Porticu5 UK mee15 the definOn of publc benefft entity under FRS 102. Ib) Going concern No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have en identified by the directors. The Directors are also of the view that cov1[19 does not impact the Charity's ability to continue as a going concem. Further, Porticus Amsterdam CV (the "parenfl through a letter of financial support has confirmed that if required they will assist the company in meeting their liabilities as and when they fall due, but onty lo the extent that money is not otherwise available to meet such liabiif(ies. The parent has the abilty to provide such support and will provide this support to the company. to the extent oudined above, for a peri¢)a of 12 months trom the dale of approval of the company's balance sheet. Icl Cash fknv statement The company has taken advantage of the exemption in FRS102 from the requirement to produce a cash flow statement on the grounds that it Is a small company. Id) Income All income 1$ accounted for on a receivable basis and exdusrve of Value Added Tax. le) Other interest receivab Other interest recewable is accounted for when receivable and the amount can be measured reliably by the company. lfj Expenditure and irrecoveratle VAT Resources expended are included in the Statement of Financial Activities on an accrual basis inclusive of any VAT which cannot be recovered. They are recognised vthen there is a gaI or constructNe obligation to pay for expenditure. 16
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Notes to the financial statements (continued) for the yoar ended 31 Decombor 2021 Accountlng Pollcle8 (Contlnuod) Ig) Allocation of expenditure Expenditure is allocated under functional headings on a direct cost basis. ere expendibjre is shared behveen moTe than one fvnctional heading then costs are allocated according lo space occupied per staff numbers or lime spent. (h) Govemance costs Govemance costs indude those costs of governance arrangements whith relate to the general running of the trust which allows the trust to OFerate and to generate the information required for public accountability. Restricted fund$ Restricted fvnds are used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identffied to the fund. (J'l Unrestricted funds Unrestricted funds are income received or generated for the objects of the company without specffied purposes and are available as unrestricted funds. Ik} Fixed assets and depreciation Fixed assets are staled at COSt or valuation less accumulated depreciation. Depreciation is provided at the following rates which aim to write off the cost of the assets over their expected lives.. Office equipment- 33'AYts Straight line Cash and cash equNalents Cash and cash equwalents in the balance sheet comprise eash at banks and in hand and short temi deposits with an Orlal maturity date of three months or less. Im) Short temi debtors and creditors Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded at Iransactson price. Any losses arising from impairment are recognised in the income statement in other operating expenses. Inl Pension costs Contributions to defined contribution schemes are recognised in the Statement of Financial Activitie5 in the period which they become payable. lol Employee benefits Short term benefrt5, induding holiday pay and other similar norM0netary teneffits a cognised as an expense in the period in which the Serv 15 received. (pl Foreign cUrrenCS Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All drfferences are taken to the profit and loss account. 17
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Notes to the financial statements for the yoar ended 31 Decombor 2021 Accountlng Pollcle8 (Contlnuod) Iql Financial instruments Financial assets and liabilities hekl by the company are qualrfied as basic financial instruments. Basic Financial instruments are initially recognised al transaction values and subsequenlty measured al settlement values. Analysis of Expenditure on Charitable Activities 2021 2020 Activities undertaken directly Support costs (Note 41 965,216 99,028 1.C64.244 953,179 90,222 1,043.401 Anaty818 of Support Costs 2021 2020 Governan¢e 99,028 99,028 90,222 90.222 Anatysis of Staff Costs 2021 2020 Salaries and wages Social security costs Pension costs 429,941 44,955 38,897 513,793 410,111 43,235 58,191 511,537 As indicated above, the pension cost charges for the yearwere £38,897 {2020.' £58,191). No pension cos15 We accruing or prepaid at 31 December 2021 (2020.. £Nil). Pension costs paid for empbyees eaming akove £60,000 totalled £12.64012020'. £37,745). 18
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Notes to the financial statements for the yoar ended 31 Decombor 2021 Anaty818 of Staff Costs (coThllnued) The number of employees whose emoluments exceeded £60,000 was: 2021 2020 £ 60,001 - £ 70,000 £ 80,001- £ 90,000 Their retirement benefrts are accruing under Money Purchase Schemes. The average number of staff employed during the year was nine12020-. nine). The full-time equivalent number for the year was eight12020'. eighti. Tanglble Flxed Assats Offic8 Equipment Cost" At 1 January 2021 Additions At 31 December 2021 36,920 38,619 Depreciation At 1 January 2021 Charge for the year Al 31 December 2021 21,287 33,080 Net book value.. At 31 De*mber 2021 At 1 January 2021 15,633 Debtors 2021 2020 Amounts owed by group undertakings Prepayments and other debtors VAT receivable 139,235 6,058 34,248 179 541 54.433 13,206 35,931 103 570 19
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Notes to the financial statements for the yoar ended 31 Decombor 2021 Crodltorn 2021 2020 Amounts owed to group undertakings Trade creditors Acctuals and other creditors 932 32,678 89,192 122,802 15,497 19.947 34.136 69,580 Anatysls of Net Assets betweon Funds Unrestrict8d 2021 2020 Tangible fixed assets 5,539 5,539 15,633 Current Assets Debtors Cash at bank and in hand 179,541 17,933 179,541 17,933 103,570 30,588 Credltors Amounts falling due wthin one year Net current assets Total Assets less Current Liabilities 122,802 74.672 80.211 122,802 74,672 80,211 69,580 64.578 80,211 10. Net movement in funds 18 Stated after charying 2021 2020 Depreciation of owned fixed assets Audit fee 11,793 10,500 12,361 7,200 11. Ststgmont of Funds 2020 Income Expenditure 2021 UnStrICted 80,211 1,064,309 1,064,309 80,211 11 Dlroctorn The quIrnent to di$dose d1ctOrS. remuneration in the finan¢ial statements of a small ¢ompany was repealed by Statutory Instrument 2015 No. 980. The directors do not Consider there have been any transactions which have 'not been ¢on¢luded under nomial market ¢ondltions' In a¢¢ordan¢e with FRS 102 Iparagraph 1AC3.351.
DocuSKJn Envelcye ID". 8C8B7B8E4DF2488WE¥102C2C9F220 Porticus UK Notes to the financial statements (continued) for the yoar ended 31 Decombor 2021 13. Capital Commitments There were no caprtal commitments at 31 December 2021 (2020.. £Nill. 1& Related Party Transactions COFR4 G.B. Limited, a related party by virtue of one or more cornr directors, invoiced the company £224,575 {2020.' £169,961) for rental, faclities and other expenses of the office. The amount owed by the company at the Balance Sheet date was £932 (2020.. £Nill. Fees of £4,700 were invoiced by COFFiA G.B. Limited for payroll and related services during the year (2020.. £5,050}. Accounting services are provided by COFRA G.B. Limited at no cost. The company recewed income of £1,064,235 (2020.. £1,043,451) from Porticus Amsterdam C.V., its sole member, including deferred income of £Nil 12020= £15,497). There was an amount of £139,235 12020.. £35,534) owed to the company at the Balance Sheet date in relation lo an invoice issued al the year end. Due to the restructu of the ulb'mate pa1 undertaking on 15 February 2021, there are no related party transactions for Fairrnark Sarl in the current year. Interest of £6 wa5 received from, and interest of £56 was paid to Faimiark Sarl during the prior year and there was a balance of£18,899 owed to the company at 31 Dember 2020 from Faimiark Sad. 1& Ultimate parent undertaking The Company's ultimate parent undertaking is Stiftung Constanter, a Swiss based foundation. The wmpany's immediate parent undertaking is Porticus Amsterdam C.V., a limited partnership registered in the Netherlands. 21