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 c￿opt 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 ne￿ork.
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 balan￿S 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 be￿een
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 ServI￿S 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 ffinan￿aI 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 finan￿al 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
con￿rn 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 InStan￿S 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 ove￿Ide 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..
DrKusyr￿AI
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
ReSoUr￿S 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 re￿1vable 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 ex￿eded £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 De￿mber 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 invol￿d 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 re￿iVed 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