Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Company No". 3447823 Registered Charity No.. 1069245 PORTICUS UK REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Contents Page Legal and Administrative Information Trustees and Directors, Report Statement of Directors, Responsibilities Independent Auditor's Report Statement of Financial Activities 13 Balan Sheet 14 Notes to the Financial Statements 15
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Legal and Administrative Infomiation Directors (Trustees) M.C.L. Brenninkmeyer D.R. Brenninkmeijer L.W.M Brenninkmeijer J.D. Drury Registered Office 75 Knightsbridge Second Floor London SW1X 7BF Auditor Cooper Parry Group Limited New Derwent House 69-73 Theobalds Road Holborn London WC1X 8TA Bankers HSBC PIC 16 King Street Covent Garden London WC2E 8JF
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Trustees and Directors, report The Directors present their report together with the financial statements for the year ended 31 December 2024. Reference and Administration Infonnation The present Directors and any Directors who seNed 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 collectively referred to as the Trustees. Legal and administrative information set out on page 1 forms 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 titie. 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 Dernber 2012, and 13 March 2014. The Charity is govemed 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 time co-opt any person duly qualified to be appointed as a Trustee to fill a vacancy in their number or as an additional Trustee, but a co-opted Trustee holds office only until the next AGM. All newly appointed Trustees re1ve a copy ofthe Charity Commission guidelines outlining the role of a trustee. Regular updates on charity governan and issues relating to the UK charity sector are sent to all Trustees. Training opportunities are offered when appropriate. The Trustees meet to discuss policy and operational issues twice per year. In addition there are monthly meetings between stsff and the chair.
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity 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 to help charities in the most effective use of their resources for purposes which are exclusively charitable including (but without limiting the foregoing). making grants and guaranteeing bank or other loans made to charities., handling and computerisation of applications for grants to corporate and business donors and grant-making trusts and advising charities on making a case for funds., undertaking of investigations of appeals on behalf of donors and research and feasibility studies into areas of charitable activity and potential charitable activity- advising charity trustees on matters of policy, including preparation of business plans, and financial control systems, organisational development, monitoring and evaluation, publication and marketing., The objectives for the year 2024 were to continue providing advi and support to charities, corporate and business donors and grant making trusts. Achievements and Performance The achievements during 2024 are summarised as follows.. Assessment and investigative work for 51 grant applications (81 in 2023)., Collaboration with other funders to share sector knowledge across Criminal Justice, Education, Democracy and Civic EngagemenUPeacebuilding throughout the UK, and holding regular convenings with partner charities. Development and adoption of safeguarding requirements for all grant holders was reviewed and continued, including updating extemal and internal guidelines, and playing a key role in the establishment of the Funders Safeguarding Collaborative. Coordinating networking and frjndraising meetings to Introdu 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 In the opinion of the Directors, the aims and objectives of the Charity have been achieved during the year. Public benefit In furtherance of its objects, 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 Conrning the operation of the public benefit requirement under the ACL
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Trustees and Directors, report (continued) The public benefit provided by Porticus UK in 2024 is detailed below: Statement of ublic benefit Charitable objective rovided b Porticus UK in 2024 | Public benefit provided in 2024 To advance the education of charity trustees and managers in Charity Law and Administration. Improving the management of Charities Support and advi was provided to: Two family foundations b. A grant-giving foundation in the Republic of Ireland Advising charity trustees on matters of policy. including preparation of business plans and financial control systems, organisational development, monitoring and evaluation, impact, publication and marketing. Providing 10 hours coaching and mentoring support for charities working within the Criminal Justice field, employing people with lived experience. Sharing knowledge and learning with Foundations in the form of" Participation in funder knowledge sharing events on topics including Criminal Justice., Democracy & Civic Engagement., Safeguarding, and Church and Faith d. Connecting charity neOrk to funding opportunities e. Sharing roles and opportunities beeen neorkS Co-development with six other foundations of collaboration focused on mobilising increased fvnding for the prevention of child sexual abuse Connected people to progress charitable agendas and provide support and advice. Shared office facilities for charities to hold their meets"ngs. Partnership with analytics and management consultancy firm Gallup to develop a research methodology for measuring abuse prevalence and the extent of safeguarding measures, including the development of a survey for dissemination to experts working on safeguarding internationally. Supported the launch of the Cross of the Moment Report on clerical abuse, researched and written via
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Trustees and Directors, report (continued) the Boundary Breaking Research Project at University of Durham and hosted a convening of key stakeholders to assess the implication of the report for the Catholic Church. Extemal advi and support for the Conversations, Culture, and Communion project, at the University of Durham. Staff member contributed to an expert panel, funded by Lambeth Council, focused on violence against women and girls in faith contexts Public benefit continued Charitable objective Public benefit provided in 2024 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 computerisation of applications for grants to corporate and business donors and grant making trusts and advising charities on making a case for funds. 62 grant applications were assessed in 2024, which resulted in the award of 51 grants. Undertaking of investigations of appeals on behalf of donors and research and feasibility studies into areas of charitable activity and potential charitable activity. (2023." 122 grant applications assessed," 81 grants awarded). Making grants and guaranteeing bank or other loans made to charities. No activity
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Trustees and Directors, report (continued) Financial Review During the year income amounting to £1,501,228 (2023.. £1,679,963} 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 year was a break even. with overall fund balances remaining at a surplus of£80,211. Risk Management The Directors have examined the major risks which the Charity faces and confirm that systems have been established to manage those risks. For example, the risk register was reviewed and updated for changes in risk settings. The directors have assessed the impact of the conflict between Russia and Ukraine as well as the impact of the cost of living crisis, and do not consider these to be a threat. Reserves Policy The Directors have reviewed the reserve situation for 2024 and are satisfied that, given their own close involvement and continued financial support received from Porticus Amsterdam CV does remove the need of covering for uncertainty in the charity's resilien and capacity to manage unforeseen financial difficulties. Future Plans Porticus UK Board of Directors have approved plans to fomially dissolve the company in 2025, with the dissolution expected to be completed by end 2025. Directors, Indemnity The directors who served during the year ended 31 Dember 2024 and thereafter are listed on page 8. Stiftung Constanter, the ultimate parent, maintains liability Insuran that covers the directors of the charitable company. The ultimate parent has entered into qualifying third-paty 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 2006 and which were in force throughout the year and remain in force. Strategic report The company has taken advantage of the exemption under s414B of the Companies Act not to prepare a Strategic Report.
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Trustees and Directors, report (continued) Going concern The financial statements for the year ended 31 Dember 2024 have been prepared on a non-going concern basis. This is due to plans by the Board of Directors to formally dissolve the company in 2025, with the dissolution expected to be completed by end 2025. As a result, the directors do not consider it appropriate to prepare the financial statements on a going concern basis. Instead, the financial statements have been prepared on a break-up basis, which reflects the intention to realise assets and settle liabilities in the normal course of winding up the company's affairs. The carying values of assets have been reviewed and adjusted where Tressary to reflect their expected realisable values. Provisions have been made for any known or expected liabilities arising from the planned dissolution. The directors confirm that all obligations of the company are expected to be met in full prior to dissolution, and no material uncertainties exist regarding the company's ability to do so. They have also sought confirmation from their parent entity as this is the sole customer and have concluded that the parent will be able to provide such support as required until dissolution. Directors The directors who seNed the company during the year were as follows.. M.C.L. Brenninkmeyer D.R. Brenninkmeijer L.W.M Brenninkmeijer J.D. Drury Statement as to Disclosure of Infomiation 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. By Order of the Board DoeuSyn¢d by". CE425 .&.t'.Vrenninkmeyer Director 19 September 2025
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Company No: 3447823 Registered Charity No.. 1069245 Statement of Trustees and Directors, Responsibilities 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 accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss of the company for that period. In preparing these financial statements, the directors are required to.. select suitable accounting policies 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that 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.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Independent auditor's report to the member of Porticus UK Opinion We have audited the financial statements of Porticus UK ("charitable company.) for the year ended 31 Dember 2024 which comprise Statement of Financial Activities (including the Income and Expenditure Account), the Balan Sheet and the related 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.. Except for the omission of a cashflow. 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 2024 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 United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordan 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 underthose standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report below. We are independent of the 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, and we have fulfilled our other ethical 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. Emphasis of Matter - financial statements prepared on a basis other than going concern We draw attention to Note 2b to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going conrn as described in Note 2b. Our opinion is not modified in respect of this matter.
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Independent auditor's report (continued) to the member of Porticus UK Other information The other information comprises the information included in the Report and Financial Statements, other than the financial statements and our auditorfs report thereon. The trustees 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, expt to the extent otherwise explicitly 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 to 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 financial 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 of the audit.. the information given in the trustees, report, which includes the directors, report prepared for the purpose of company law, for the financial year ft)r which the financial statements are prepared is consistent with the financial statements., and The trustees and directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements Matters on which we are required to report by exception In light ofthe knowledge and understanding ofthe charitable company and its environment obtained in the course ofthe audit, we have identified no material misstatements in the trustees and directors, report included within the trustees, report. We have nothing to report in respect 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 reiVed 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 infomiation and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption in preparing the Strategic Report. 10
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Independent auditor's report (continued) to the member of Porticus UK Responsibilities of trustees As explained more fully in the trustees and directors, responsibilities statement set out on page 8, the trustees (who are also the directors ofthe charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that give a true and fair view, and for such internal control as the trustees determine 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 responsible for assessing the charitable company's ability to continue as a going COnrn, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless management either intends to liquidate the charitable company or to cease operations, or has no realistic 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 influence the economic decisions of users taken on the basis of these financial statements. Irregularities. 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 to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. The extent to which our procedures 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. 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 compliance 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 relation 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 thatthe principal risks related to posting manualjournal entries to manipulate financial performance and management bias through judgements in accounting We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 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 limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to 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 transactions reflected in the financial statements, as we will be less likely to become aware of InStanS of non-complian. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intenb'onal Conalment, 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.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitsble 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 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 otherthan the company and the company's members as a body, ft)r our audit work, for this report, or for the opinions we have formed. Paul Hodgett {Senior statutory auditor) for and on behalf of Cooper Parry Group Limited, Statutory Auditor New Dement House 69-73 Theobalds Road Holborn London WC1X 8TA Date.. 19 September 2025 12
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Statement of Financial Activities Ilncluding an Income and Expenditure Account) for the year ended 31 December 2024 Unrestricted Funds 2024 Total Funds 2024 Total Funds 2023 Note INCOME AND ENDOWMENTS FROM Charitable activities Other Income Unrealized exchange Gain TOTAL INCOME 1,501,228 1,501,228 1,679,963 91 1,501,319 91 1,501,319 1,474 1,681,441 EXPENDITURE ON: Chan-table activities.- Consultancy Other interest payable TOTAL EXPENDITURE 1,501,319 1,501,319 1,681,561 120 1,681,411 1.501,319 1.501,319 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 statement 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. 13
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Balance sheet at 31 December 2024 2024 2023 Notes Fixed Assets Tangible fixed assets 564 3,120 Current Assets Debtors Cash at bank and in hand Total Current Assets 77,771 156,882 234,653 195,445 68,339 263,784 Creditors: amounts falling due within one year Other creditors 155,007 186,693 Net Current Assets 79,647 77,091 Net Assets 80,211 80,211 The funds of the charity: Unrestricted funds: General fund 80,211 80,211 Total Charity Funds 80,211 80,211 These financial statements have been prepared in accordan with the special provisions applicable to companies subject to the small company regime. The financial statements were approved by the Directors on 19th Sept 2025and were signed on their behalf by= Do¢u*ned by.. 7EWWI1¢E425.... J¢s¢6127¢j0..... .... M.C.L. Brenninkmeyer Director J.D. Drury Director The accompanying notes form an integral part of this balan sheet. 14
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Notes to the financial statements for the year ended 31 December 2024 Company Status Porticus UK (the 'company') is a company limited by guarantee (company no.. 3447823) and not having a share capital. Its registration number as a charity is 1069245. The address of its registered office is 2nd Floor. 75 Knightsbridge, London SW1X 7BF. Accounting Policies The principal accounting policies are summarised below. They have all been applied consistently throughout the year. (a) Basis of preparation The financial statements of Porticus UK have been prepared on a non-going concem basis and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland {Charities SORP (FRS 102)) 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 functional currency of the company. (b) Non-going concern The financial statements for the year ended 31 December 2024 have been prepared on a non-going concern basis. This is due to plans by the Board of Directors to formally dissolve the company in 2025, with the dissolution expected to be completed by end 2025. As a result, the directors do not consider it appropriate to prepare the financial statements on a going concern basis. Instead, the financial statements have been prepared on a break-up basis. which reflects the intention to realise assets and settle liabilities in the normal course of winding up the company's affairs. The carrying values of assets have been reviewed and no adjusts were necessary to reflect their expected realisable values. Provisions have been made for any known or expected liabilities arising from the planned dissolution. The directors confirm that all obligations of the company are expected to be met in full prior to dissolution, and no material UnrtaIntieS exist regarding the company's ability to do so. (c) Statement of Cash Flows Non-compliance with the Charities SORP The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Charities Statement of Recommended Practice (SORP) (FRS 102), as applicable to large charities. Under the Charities SORP (FRS 102), large charities are required to prepare a statement of cash flows. The trustees have elected not to include a statement of cash flows in these financial statements. This represents a departure from the requirements of the Charities SORP. 15
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Notes to the financial statements (continued) for the year ended 31 December 2024 As in prior years the trustees consider that the omission does not materially affect the understanding of the charity's financial position or performance. All other applicable requirements of FRS 102 and the Charities SORP have been complied with. This decision was made on the basis that the charity's cash movements are straightforward and adequately explained through other disclosure within the financial statements. (d) 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 re1vable and the amount can be measured reliably by the company. (fj Expenditure and irrecoverable 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 when there is a legal or constructive obligation to pay for expenditure. (g) Allocation of expenditure Expenditure is allocated under functional headings on a direct cost basis. Where expenditure is shared between more than one fvnctional heading then costs are allocated according to space occupied per staff numbers or time spent. (h) Governance costs Governan costs include those costs of governan arrangements which relate to the general running of the trust which allows the trust to operate and to generate the information required for public accountability- Restricted funds Restricted funds are used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund. o.) Unrestricted fvnds Unrestricted funds are income reIVed or generated for the objects of the company without specified purposes and are available as unrestricted funds. {k) Fixed assets and depreciation Fixed assets are stated 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- 33/3°k 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. 16
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Notes to the financial statements (continued) for the year ended 31 December 2024 Accounting Policies (Continued) (m) Short temi debtors and creditors Debtors and creditors with no stated interest rate and receivable 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 benefits Short term benefits. including holiday pay and other similar non-monetary 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 retranslated at the rate of exchange ruling at the reporting date. All differences are taken to the income statement. (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 initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial 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 Balance Sheet, when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Analysis of Expenditure on Charitable Activities 2024 2023 Activities undertaken directly Support costs (Note 4) 1,365,205 136,114 1,501,319 1,549,647 131,794 1,681,441 Anatysis of Support Costs 2024 2023 Governance 136,114 136,114 131,794 131,794 17
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Notes to the financial statements (continued) for the year ended 31 December 2024 Anatysis of Staff Costs 2024 2023 Salaries and wages Social security costs Pension costs 759,579 96,171 73,160 928,910 814,746 97,963 84,943 997,652 As indicated above. the pension cost charges for the year were £73,16012023" £84,943). No pension costs were accruing or prepaid at 31 December 2024 (2023.. £Nil). Pension costs paid for employees eaming above £60,000 totalled £57,220 {2023.' £58,936). The number of employees whose emoluments exeded £60,000 was.. 2024 2023 £ 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 eleven (2023.. e1ve}. The full- time equivalent number for the year was eleven (2023. twelve). Tangible Fixed Assets Office Equipment Cost.. At 1 January 2024 Additions At 31 December 2024 46,264 46,264 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 43,144 45,699 Net book value: At 31 December 2024 564 At 1 January 2023 3,120 18
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Notes to the financial statements (continued) for the year ended 31 December 2024 Debtors 2024 2023 Amounts owed by group undertakings Prepayments and other debtors VAT receivable 57,395 161,434 4,525 29,486 195,445 20,376 77,771 Creditors 2024 2023 Amounts owed to group undertakings Trade creditors Accruals and other creditors 57,596 1,938 127,159 186,693 80,971 74,035 155,007 Analysis of Net Assets between Funds Unrestricted 2024 2023 Tangible fixed assets 3,120 Current Assets Debtors Cash at bank and in hand 77,771 156,882 77,771 156,882 28,194 221,998 Creditors Amounts falling due within one year Net current assets Total Assets less Current Liabilities 155.077 79,647 80,211 155.077 79,647 80,211 175,102 75,090 80,211 10. Net movement in funds is stated after charging 2024 2023 Depreciation of owned fixed assets Audit fee 2,555 12,400 2,861 12,000 19
Docusign Envelope ID.. 2CF4061 E-1 E2C48B&A744-E1 F7E6DEAD21 Porticus UK Notes to the financial statements (continued) for the year ended 31 December 2024 11. Statement of Funds 2023 Income Expenditure 2024 Unrestricted 80,211 1.501,344 1,501,344 80,211 12. Directors and Trustees renumeration The requirement to disclose 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 accordan with FRS 102 (paragraph 1AC3.35). Trustees renumeration and expenses The trustees reiVed no renumeration or benefits for the year ended 31 December 2024, nor for the year ended 31 December 2023. There were no expenses paid to trUStS in the year ended 31 December 2024, nor for the year ended 31 December 2023. 13. Capital Commitments There were no capital commitments at 31 December 2024 (2023: £Nil). 14. Related Party Transactions COFRA G.B. Limited, a related party by virtue of one or more common directors, invoiced the company £283,200 (2023.. £255,149) for rental, facilities and other expenses ofthe office. The amount owed by the company at the Balan Sheet date was £Nil12023: £Nil). Fees of £Nil were invoiced by COFFIA G.B. Limited for payroll and related ServIS during the year {2023.. £Nil). Accounting services are provided by COFRA G.B. Limited at no cost. The company received income of £1.501.344 (2023.. £1.679,963) from Porticus Amsterdam C.V., its sole member, including deferred income of £Nil (2023.. £Nill. There was an amount of £Nil (2023.. £57.596) owed to the company 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 cultural values and, in general, charity, both in Switzedand 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. 20