Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Company No.. 3447823 Registered Charity No.. 1069245 PORTICUS UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Contents Page Legal and Administrative Information Trustees and Directors. Report Statement of Directors, Responsibilities Independent Auditorfs Report 10 Statement of Financial Activities 14 Balance Sheet 15 Notes to the Financial Statements 16
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Legal and Administrative Inforniation Director5 (Trustees) M.C.L. Brenninkmeyer D.R. Brenninkmeijer L.W.M Brenninkmeijer J.D. Drury Registered Office Michelin House, Fourth Floor 81 Fulham Road London SW3 6RD Auditor Cooper Parry Group Limited Aissela. 46 High Street Esher, Surrey F([10 9QY Bankers HSBC PIC 16 King Street Covent Garden London WC2E 8JF
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report The Directors present their report together with the financial statements for the year ended 31 December 2023. Reference and Administration Infomiation The present Directors and any Directors who served during the year are given on page 8. The Directors of the charitable company (the Charity) are its trustees for the purposes of charity law and throughout this report are colleclively referred to as the Trustees. Legal and administrative informalion set out on page 1 fomis part of this report. Structure. Governance and Management The full name of the Charity is Porticus UK, which was incorporated on 10 October 1997 and commenced business on 1 January 1999. On 2 October 1997, the company was authorised to exclude the word 'Limited- in its tile. 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 governing document is its Articles of Association dated 10 October 1997, as amended by Special Resolution dated 18 April 2008, 11 December 2012, and 13 March 2014. The Charity is governed by a Board of Trustees, who as charity trustees have control of the Charity and its property and funds. New Trustees shall be appointed by the Members subject to the appropriate notice and particulars given to the Charity, and approved by existing Trustees. The Trustees may at any lime copt any person duly qualified to be appoinled as a Trustee to fill a vacancy in their number or as an additional Trustee. but a c(Fopted Trustee holds office only until the next AGM. All newly appointed Truslees receive a copy of the Charty 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 opportunilies are offered when appropriate. The Trustees meet to discuss policy and operational issues twice per year. In addition there are monthly meetings between staff and the chair.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report (continued) Objectives and Activities The objectives of the company are to advance the education of charity trustees and managers in charity law and administration and to improve the management of charities and lo help charities in the most effective use of Iheir resources for purposes which are exclusively charitable including {but wtthout limiting the foregoing)= making grants and guaranteeing bank or other loans made to charilies: handling and computerisalion of applications for grants to corporate and business donors and grant-making trusts and advising charrties on making a case for fvnds,. undertaking of investigations of appeals on behalf of donors and research and feasibility studies into areas of charitable actiwty and potential charrtable activrty,. 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 charities. The objectives for the year 2023 were to continue providing advice and support to charities, corporate and business donors and grant making trusts. Achievements and Perfonnance The achievements during 2023 are summarised as follows.. Assessment and investigative work for 81 grant applications (89 in 2022}- Collaboration wilh other fijnders to share sector knowledge across Criminal Justice. Education, Democracy and Civic EngagemenUPeacebuilding Ihroughoul the UK, and holding regular convenings wf(h partner charilies. Development and adoption of safeguarding requirements for all granl holders was reviewed and continued. including updating external and intemal guidelines. and playing a key role in the establishment of the Funders Safeguarding Collaborative. Coordinating networking and fundraising rneetings to introduce grantees to other donors. Raising awareness of issues of Child Protection by initiating planning for a feasibility study of a country-by-country measure of the prevalence of abuse and conditions of safety within faith settings Conducted qualitative psychological research relating to survtvors of institutional abuse. This has strengthened and informed our grant making and consultancy.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report (continued) In the opinion of the Directors, the aims and objectives of the Chartty have been achieved during the year. Public benefit In furtheran of ils objecls. the Directors. as charity trustees have complied with the duty in s.4 of the Charities Act 2011 to have due regard to the guidance contained in the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under the Act. The public benefit provided by Porticus UK in 2023 is detailed below= ststement of ublic benefit Charitsble objective rovided b Porticus UK in 2023 | Public benefit provided in 2023 To advance the education of charity trustees and managers in Charity Law and Administration. Improving the management of Charities Support and adwce was provided to.. Two family foundations A grant-giving foundation in the Republic of Ireland Advising charty trustees on matters of policy, induding preparation of business plans and financial control systems, organisational development. monitoring and evaluation, impact, publication and marketing. Providing 18 hours coaching support for charities working within the Criminal Justice field, employing people with lived experience. Sharing knowledge and learning with Foundations in the form of: a) Participation in funder knowledge sharing events on other topics - including Criminal Justice," Education Exclusion- Safeguarding, and Church and Farth b) Participating in roundtable on reducing exclusions c) Supporting intetview panel of partner organisation d) Connecting charity network to ftjnding opportunities e) Sharing roles and opportunities between nehvorks fj Sharing Initiatives Mapping report with UK Education nelwork. g) Participation in funder knowledge sharing events on other topics - including Criminal Justice., Education Exclusion; and Church and Faith.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report (continued) Connected people to progress charitable agendas and provide support and advicE. Shared office facilities for charities to hold their meetings. Partnership with analytics and management consultancy firm Gallup to develop a research methodology for measuring abuse prevalence and the extenl of safeguarding measures. Supervised a Doctoral Intem lo research Ihe range and quality of quantitative safeguarding measures. Participated in the Steering Group of the Boundary Breaking Research Project at University of Durham, and used Offi facilities for launch preparation meeting.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report (continued) Public benefit continued Charitable objective Public benefit provided in 2023 To help charities in the most effective use of their resources for purposes which are exclusively charitable including Ibut without limiting the foregoing): Handling and compLrterisation of applicalions for grants to corporate and business donors and grant making Irusls and advising charities on making a case for funds. 122 grant applications were assessed in 2023, which resutted in the award of81 grants. (2022.. 139 grant applications assessed," 89 grants awarded). Undertaking of investigations of appeals on behalf of donors and research and feasibility Studies into areas of charitable activity and potential charitable activity. Running seminars, exhibttions and conferences direcled towards improvement ofthe managerial effectiveness of charrties. Regular partner convenings were hosted as part of the Education InlegratED programme, Criminal Justice Positive Pathways programme, and Church and Farth neork. Making grants and guaranteeing bank or other loans made to charities. No activity
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report (continued) Financial Review During the year income amounting to £1,679,963 {2022.' £1,474,759) was received, all of which represented unrestricted income. The funds 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 yearwas a break even. wilh overall fund balanS remaining al a surplus of £80,211. Risk Management The Directors have examined the major risks which the Charty fa$ and confirm that systems have been eslablished to manage those risks. For example, the risk register was reviewed and updated for changes in risk settings. The directors have assessed the impact ofthe confiicl beeen Russia and Ukraine as well as the impact of the cost of living crisis, and do nol consider these to be a threat. Reserves Policy The Directors have reviewed the reserve stluation for 2023 and are satisfied that, given their own close involvement and continued financial support received from Porticus Amslerdam CV does remove the need of covering for uncertainty in the charty's resilience and capacity to manage unforeseen financial difficulties. Future Plans Porticus UK will continue to carry out its principal activities of consultancy, grant assessment and management and advisory ServIS to charities, including training. Directors, Indemnity The directors who served during the year ended 31 December 2023 and thereafter are listed on page 8. Stiftung Constanter, the ultimate parent, maintains liability insurance that Govers the directors of the charitable company. The uliimate parent has entered into qualifying third-party indemnity arrangements for the benefit of all of the Company's directors in a form and scope which comply with the requirements of the Companies Act 20( and which were in force throughout the year and remain in for. Strategic report The company has taken advanlage of the exemption under s414B of the Companies Act nol lo prepare a Strategic Report.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Trustees and Directors, report (continued) Going concern No material uncertainties that cast significant doubt aboutthe abilty ofthe company to continue as a going concern have been identified by the directors. Further. Porticus Amsterdam CV (the 'parent") 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 only to the extent that money is not otherwise available to meet such liabilities. The parent has the ability to provide such support and will provide this suppart to the company, to the extent outlined above, for a period of12 months from the date of approval of the company s balance sheet. Director5 The directors who served the company during the year were as follows: M.C.L. Brenninkmeyer D.R. Brenninkmeijer L.W.M Brenninkmeijer J.D. Drury ststement as to Disclosure of Inforniation to the Auditor So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its 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 exemption in preparing Ihe Directors, report. By Order ofthe Board Do¢uSyMd L fJT- 7E55FSJEAICE425. .C.L. Brenninkmeyer Director 20 June 2024
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Company No: 3447823 Registered Chariiy No.. 1069245 Statement of Trustees and Directors, ResponsRbilities 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 directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordan with United Kingdom Generally Accepted Accounting Practi (United Kingdom Accounting Standards and applicable law) including FRS102. Under company law the directors must not approve the financial slatements unless they are satisfied that they give a true and fair view of the assets. liabilities, financial position and profrt or loss of the company for that period. In preparing these financial statements, the directors are required to= select suitable accounting polioes and then apply them consistently., make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disdosed 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 transactions and disdose with reasonable accuracy at any time the financial position of the company and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Independent auditor's report to the member of Porticus UK Opinion We have audiled the financial slatements of Porticus UK {"chartlable company") for Ihe year ended 31 December 2023 which comprise Statement of Financial Activities {including the Income and Expenditure Account), the Balance Sheet and the relaled notes 1 to 15, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally 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 state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended- have been properly prepared in accordan with Untted Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report below. We are independenl of the charitable company in accordance wilh the ethical requirements that are relevant to our audit of the financial slatements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordan wtth these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees, use ofthe going concern 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 thal, individually or collectively. may cast significant doubt on the charitable company s ability to continue as a going concem for a period of e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. However. because not all future events or conditions can be predicted. this statement is not a guarantee as to the trustee's abilty to continue as a going concern. 10
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Independent auditor's report (continued) to the member of Porticus UK Other inforniation The other information comprises the infomation included in the Report and Financial Statements. other than Ihe financial slatemenls and our auditor's report Ihereon. The truslees are responsible for the other information contained in the trustees and directors. report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciuy stated in this report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the ffinanaI statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course ofthe audit.. the infomiation given in the trustees. report. which includes the directors. report prepared for Ihe purpose of company law, for the financial year for which the financial statemenls are prepared is consistent with the finanal statements". and The trustees and directors, report included wthin the trustees, report have been prepared in accordance with applicable legal requirements Matters on which we are required to report by exception In lightofthe knowledge and understanding ofthe charitable company and its enwronment obtained in the course of the audit, we have identified no material misstatements in the trustees and directors, report included within the trustees. report. We have nolhing io report in respecl of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records 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 returns- or certain disclosures of trustees. remuneration specified by law are not made.. or we have not received all the infom)ation and explanations we require for our audit.. or Ihe trustees were not entrtled lo prepare the financial statements in accordan with Ihe small companies, regime and take advantage of the small companies. exemption in preparing Ihe Strategic Report.
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Independent auditor's report (continued) to the member of Porticus UK Responsibilities of trustees As explained more fulty in the truslees and directors, responsibilities statement sel out on page 9, the trustees (who are also Ihe directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied thai give a true and fair view, and for such inlemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from malerial misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable, matters related lo going conrn and using the going concern basis of accounting unless management either intends to liquidate the charitable company or to cease operations, or has no realislic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influenoe the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-complian with laws and regulations. We design procedures in line wilh our responsibilities, outlined above. to detect irregularilies, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealmenl by, for example, forgery or inlentional misrepresenlations. or through collusion. The extent to which our procedures are capable of detecting irregulartties. including fraud is detailed below. However. the primary responsibility for the prevention and detection of fraud rests with both those charged with g0Veman of the entity and management. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework (United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). the Statement of Recommended Practice for Charities, the Companies Act 2006, the Charities Act 2011 and relevant health and safety, data and tax laws and regulations. We understood how the charitable company is complying with those frameworks by making enquiries of management and those responsible for legal and Complian procedures. We corroborated our enquiries through our review of board minutes as well as consideration of the results of our audit procedures across the charitable company and we did not identify any contradictory evidence. Our procedures in relalion to fraud included but were not limited to.. inquires of management whether they have any knowledge of any actual. suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting We also addressed the risk of management oveIde of internal controls, including lesting journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 12
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Independent auditor's report (continued) to the member of Porticus UK Auditor's responsibilities for the audit of the financial statements (continued) Because of the inherent limilations of an audit, there is a risk that we will not delect all irregularities. including those leading io a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and Iransactions reflected in the financial slalemenls, as we will be less likely to become aware of instances of non-complian. The risk is also grealer regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https'.Ilwww.frc.org.ukJauditorsresponsibilities. This description fomis part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state 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 to anyone otherlhan the company and the company's members as a body, for our audit work, for Ihis report, or for Ihe opinions we have formed. Paul Hodgett (Senior statutory auditor) for and on behalf of Cooper Parry Group Limtied, Statutory Auditor Aissela, 46 High Street Esher, Surrey KT10 9QY Date.. 21 June 2024 13
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Statement of Financial Activities Ilncluding an Income and Expenditure Account) forthe year ended 31 December 2023 Unrestricted Funds 2023 Total Funds 2023 Total Funds 2022 Note INCOME AND ENDOWMENTS FROM Charitable activities Other Income Disposal of Fixed Assets Unrealized exchange Gain TOTAL INCOME 1,679,963 1,679,963 1,474,759 383 395 1,475,537 1,474 1.681,441 1,474 1.681,441 EXPENDITURE ON: Chantable activities.. Consultancy Other interest payable TOTAL EXPENDITURE 1,681,561 120 1.681,441 1,681,561 120 1,681,441 1,475,642 105 1,475,537 NET MOVEMENT IN FUNDS TOTAL FUNDS AT 1 JANUARY 80,211 80.211 80,211 TOTAL FUNDS AT 31 DECEMBER 80,211 80,211 80,211 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure related to continuing activities. The Charity has neither discontinued any operations nor acquired new operations during the year. The accompanying notes are an integral part of this Statement of Financial Activities. 14
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Balance sheet at 31 December 2023 2023 2022 Notes Fixed Assets Tangible fixed assets 3,120 5,121 Current Assets Debtors Cash al bank and in hand Total Current Assets 195,445 68,339 263,784 28,194 221,998 250,192 Creditors: amounts falling due within one year Other creditors 186.693 175.102 Net Current Assets 77,091 75,090 Net Assets 80,211 80,211 The funds of the charity: Unrestricted funds: General fund 80,211 80,211 Total Charity Funds 11 80,211 80,211 These financial slalemenls have been prepared in accordance with the special provisions applicable to companies subject to the small company regime. The financial statements were approved by the Directors on 20 June 2024 and were signed on their behalf by.. DrKusyrAI M.C.L. Brenninkmeyer Director J.D. Drury Director The accompanying notes fonn an integral part of this balan sheet. 15
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Notes to the financial statements forthe year ended 31 December 2023 Company Status Porticus UK (the 'company') is a company limited by guarantee (company no.. 3447823) and not having a share capital. Ils registration number as a charity is 1069245. The address of its registered office is 4th Floor Michelin House. 81 Fulham Road, London SVV3 6RD. Accounting Policies The principal accounting poliaes are summarised below. They have all been applied consistently throughout the year. (a) Basis of preparation The financial statemenls of Porticus UK have been prepared on a going concem basis and in accordance wrth Accounting and Reporting by Charities= Slalement of Recommended Practi applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 10211 and Update Bulletin 1, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Porticus UK meets the definition of public benefit entity under FRS 102. The financial statements are prepared in pounds sterling which is the fvnctional currency of the company. (b) Going concern No material uncertainlies that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. Further, Porticus Amsterdam CV (the "parent.) through a letter of financial support has confirmed thal if required they will assist the company in meeling their liabilrties as and when they fall due, but only to the extent that money is not otherwise available to meet SUGh liabilities. The parent has Ihe ability 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 sheet. (c) Cash flow statement The company has taken advantage ofthe exemption in FRS102 from the requirement to produce a cash flow statement on the grounds that it is a small company. {dl Income All income is accounted for on a receivable basis and exclusive of Value Added Tax. (e) Other interest receivable Other interest receivable is accounted for when receivable and the amount can be measured reliably by the company. Expenditure and irrecoverable VAT ReSoUrS expended are induded in the Statement of Financial Activities on an accrual basis inclusive of any VAT which cannot be recovered. They are recognised when there is a legal or constructive obligation to pay for expenditure. 16
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Notes to the financial statements (continued) forthe year ended 31 December 2023 Accounting Policies (Continued) (g) Allocation of expenditure Expenditure is allocated under functional headings on a direct cost basis. Where expenditure is shared between more than one functional heading then costs are allocated according to space occupied per stsff numbers or time spent. (h) Governance costs Governan costs include those costs of governance arrangements which relate to the general running of the trust which allows the trust to operate and to generate the information required for public accountabilty. Restricted funds Restricted funds are used for specific purposes as laid down by the donor. Expenditure which meets Ihese crtteria is identified to the fund. IJ.) Unrestricled funds Unrestricted funds are income received or generated for the objects of the company without specified purposes and are available as unrestricted funds. (k) Fixed assets and depreciation Fixed assels are slated at cost or valuation less accumulated depreciation. Deprecialion is provided at the following rates which aim lo write off the cost of the assets over their expected lives.. offi equipment- 33/JOA straight line Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. (m) Short term debtors and creditors Debtors and credilors with no stated interest rate and re1vable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. (n) Pension costs Contributions to defined contribution schemes are recognised in the Statement of Financial Activities in the period which they become payable. (o) Employee benefrts Short term benefits. induding holiday pay and other similar non-monetsry benefits are recognised as an expense in the period in which the service is received. (p) Foreign currencies Transactions in foreign currencies are initially recorded in the company s functional and presentation currency {pound sterling) at the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslaled at the rate of exchange ruling at the reporting date. All differences are taken to the income slatemenl. 17
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Notes to the financial statements forthe year ended 31 December 2023 Accounting Policies (Continued) (q) Financial instruments Financial assets and liabilities held by the company are qualified as basic financial instruments. Basic Financial instruments are initially recognised at transaction values and subsequently measured at settlement values. Basic financial assets, including trade and other receivables, cash and bank balances are initialty recognised at transaction price. unless the arrangement constitutes a finanang iransaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Basic ffinancial liabilities, including trade and other payables, loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Financial assets and liabilities are offset, and the net amount reported in the Balan Sheet, when there is an enforceable right to sel off Ihe recognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liabilty simultaneously. Analysis of Expenditure on Charitable Activities 2023 2022 Activities undertaken directly Support costs (Note 4) 1,549,647 131,794 1,681,441 1,348,990 126,547 1,475,537 Analysis of Support Costs 2023 2022 Govemance 131,794 131,794 126,547 126,547 Analysis of Staff Costs 2023 2022 Salaries and wages Social securty costs Pension costs 814,746 97,963 84,943 997,652 689,929 88,319 62,021 840,269 As indicated above, the pension cost charges forthe yearwere £84,94312022'. £62,021). No pension costs were accruing or prepaid at 31 December 2023 (2022= £Nil}. Pension costs paid for employees eaming above £60,000 totalled £58.936 (2022.. £38,272). 18
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Notes to the financial statements forthe year ended 31 December 2023 Analysis of Staff Costs (continued) The number of employees whose emoluments exeded £60.000 was: 2023 2022 £ 60,001- £ 70,000 £ 70,001- £ 80,001 £ 80,001- £ 90,000 £ 90,001- £ 125,000 Their retirement benefits are accruing under Money Purchase Schemes. The average number of staff employed during the year was twelve {2022.' eleven). The full- time equivalent nurnber for the year was twelve (2022= eleven). Tangible Fixed Assets Offi Equipment Cost.. At 1 January 2023 Additions At 31 December 2023 45,405 859 46,264 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 40,283 2,861 43,144 Net book value.. At 31 December 2023 3,120 At 1 January 2022 5,121 Debtors 2023 2022 Amounts owed by group undertakings Prepayments and other debtors VAT receivable 161.434 4,525 29,486 195,445 3.847 24,347 28,194 19
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Notes to the financial statements forthe year ended 31 December 2023 Creditors 2023 2022 Amounts owed to group undertakings Trade creditors Accruals and other creditors 57,596 1.938 127,159 186,693 27,265 60,184 87,653 175.102 Analysis of Net Assets between Funds Unrestiicted 2023 2022 Tangible fixed assets 3,120 3,120 5,121 Current Assets Debtors Cash at bank and in hand 195,445 68,339 195,445 68,339 28,194 221,998 Creditors Amounts falling due within one year Net current assels Total Assets less Current Liabilrties 186.693 77,091 80,211 186.693 77,091 80,211 175,102 75,090 80,211 10. Net movement in funds is ststed after ¢harying 2023 2022 Depreciation of owned fixed assets Audit fee 2,861 12,000 7,203 14,500 11. Ststement of Funds 2022 Income Expenditure 2023 Unrestricted 80,211 1,681,441 1,681,441 80,211 12. Directors The requirement to disdose directors, remuneration in the financial statements of a small company was repealed by Statutory Instrument 2015 No. 980. The directors do not consider there have been any transactions which have 'not been concluded under normal market conditions. in accordance with FRS 102 (paragraph 1AC3.35). 20
Docusign Envelope ID.. 3E4FAB31-20BF4891-B928-F75B36538E7E Porticus UK Notes to the financial statements (continued) forthe year ended 31 December 2023 13. Capital Commitments There were no capital commitments at 31 Dember 2023 (2022: £Nil). 14. Related Party Transactions COFRA G.B. Limited, a related party by virtue of one or more common directors, invoiced the company £255,149 (2022.. £240,763} for rental, facilities and other expenses of the office. The amount owed by the company at the Balance Sheet date was £Nil (2022.. £Nil). Fees of £Nil were invold by COFRA G.B. Limited for payroll and related services during the year (2022.. £2,200}. Accounting services are provided by COFRA G.B. Limited at no cost. The company reiVed income of £1.679.963 (2022.. £1.474,759) from Porticus Amsterdam C.V.. its sole member. including deferred income of £Nil {2022.' £Nit). There was an amount of £57,596 (2022.. £27.265) owed to the cornpany at the Balance Sheet date in relation to an invoice issued at the year end. 15. Ultimate parent undertaking The company's ultimate parent undertaking is Stiftung Constanter, a Swiss based charitable foundation (CHE-177.334.956). The purpose of the foundation is to protect and promote idealistic and cuttural values and, in general, chartty. both in Switzerland and abroad. The foundation has a non-profit character, does not pursue a profit-making purpose and does not aim for profit. The company's immediate parent undertaking is Porticus Amsterdam C.V., a limited partnership registered in the Netherlands, and this exercises control through the power to appoint and remove trustees. 21