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 De￿rnber 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 re￿1ve 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 Con￿rning 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 ne￿Ork to funding
opportunities
e. Sharing roles and opportunities be￿een
ne￿orkS
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 De￿mber 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 De￿mber 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 Tre￿ssary 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.

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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 De￿mber 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 con￿rn 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, ex￿pt 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 re￿iVed 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 COn￿rn, disclosing, as applicable, matters related to going
concern and using the going con￿rn 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 InStan￿S of non-complian￿. The risk is also greater regarding irregularities
occurring due to fraud rather than error, as fraud involves intenb'onal Con￿alment, 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¢6￿127¢￿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 Un￿rtaIntieS 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 re￿1vable 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 re￿IVed 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 ex￿eded £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 re￿iVed 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 trUSt￿S 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 ServI￿S 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