REGISTERED COklPANY NUP18ER.. 046991SS (England and Wales) REGISTERED CHARrtV NUMBER". 1106429 Report of the Trustees and Financial Statements for the Year Ended 31 Decemtrer 2023 for Portland Trust Page R•port ofth•Tn 1 to 12 Report of th8 Independent Au¢Ytor8 13 to 15 S18t•m8nt of Flnanclal AdlvlU88 16 8alan¢• Sho81 17 Cash Flthv St•t8ment 18 Not•• to ¢•sh Flw St•tem•rt 19 Notes to Ihe Flnancknl Statomerts 20 to 28 PORTLAND The Tru$teÈs who are aL%o directors of dwrty for puryK)ses of the c￿￿N￿5 Act 20D6. p￿sent their report with the finanual slalements of ihe charity foi it* yeareThJed 31 December 2023. The Tiuslee$ have &Jq)led the provis￿n5 of Accounting and Reporting by Charilies. Statement of Reccmmendad P￿Cts¢8 applic8bk lo tharibes prepanng their accounls In accordance with Ihe Fina￿81 Repoiting Stsndard 8wlicabl8 ￿ the UK and Republc of Iroland IFRS 1021 (effective 1 January 20191. Oblectlvqs and actlvlti Objectlvqs and alrns Thé Poffjand T￿51 wès Ir￿)(Poral8d en 17 March 2OJ3 gained charitabl& statu8 on October 2004. Th& Poruand Trust Is a Don-polib"cal org8Disalion which Is commiitsd lo diiving 1nitsal1￿ that prcmoie8conomicdevelopm?Dl. moderation and the resolution ol conflict In the MwJdle East. In partukr. the Lsrael￿a￿trnIan conlict. Slgnlllcant actlvltlèA Th8 Po￿8￿￿ Trusi is In¥oNvJ with a numb8r ol inib"8iNeS to lUrt￿r its chanlablè aims. Th880 ￿dude d6svJning and coordinating pr(¥rammes thai airn ￿ a$51sI In the *Jeveknpmenl of the Pak8sbnian pnvate secl¢Y and lo reduce poverty In Israel through social In¥estrnent and srxial e￿trepreneu￿hiP and collaboratyThJ with key partners at Ioc81 and International Kryvel who can impkiment INIM. A lull dascnplion ol projects curi8nty being supported ￿ gwen klerin thLS report. This Indudes pr0grarnm￿ which recewed dir8Ctlunding Irom The Pord8nd Tru$tdurYoJ 2023. a&￿tal￿d m the note$tO l￿F￿anc￿81 Slal8ments, as w81 a5 Inilialwe$ wher8 The PordBnd Trust F48yS an ad￿￿ory offering gu*Ya￿a gTrJ noTrfinanual SUFVO PU￿1¢ b8n8flt The objects olthe Chanty arefor 8uch exd￿w chalilab￿ pu￿0581 for the tenefit of the p￿1¢ in any part of th8 worhj •$ tho TN$iee$ may in Ih•ir •bsdultr do¢reiion think fil ￿en making *Jety*on$ a￿1 thtr •¢li¥rti05 undortaken in furtherance of tt)ese 04'e¢ts. th¢ Twstses the guKl8nte i$$ued by the Chanty Commission regarding public beneffll, Thi4 1$ d¢mon$ir810d Ihrough In¥¢fv￿)0fit in prrye¢ty b•n•fiting swety •$ • whrJ• as det8iknd in th1$ worL Fyndralslng D•Glorotlon Thé Pordand Trust does not rai$g lund• frtyn fv wt4¢ ar￿ th¢r¢foro has not $th¢rit•d to any fundr•i$ing $iand4rd$ Of scttome forfundraislng regulaoon. So¢lal InvH¢mgnts Working with local and in*rn•iion4 p•rtn•rn. Tr Ptyuond Tw* hdp$ 10 Pabstinian private $e￿or onLI tho l$ra¢li s￿l¢￿n¢*I)K wriph¢ry. mc•Jil$in9 4ddilW rgsouffj•s and Support ne¢o$60ry. In •iJdibon, The Pordtynd Tru¥l m•y •ls¢ make kn¥n¥ or inve$knents where Ihi$ ￿ ¢on$i$tenl with the Tru$f$ ¢h•rilwb pU￿oSe$ and mission. Any programrTrp rdated Investrnenl WOU￿ be mthilored reyularly by ihe Tntstees to ensure that fund5. on¢0 inve$W. ¢Mlinue io L* used in lurthwonte ¢lwrTh%d Grantmaking Grant5 may ￿ m•de to organisaboro whth The Porl*d 1$ wothing With on •ny pr¢je¢t fvrthering Ch#nV$ Charitsb￿ aim$. Such expendrture. rf made. will be l$ted in the notes to Finntlal Statements. VolunteepJ With the ex(*pt'on of the Tfttstees. The PordaThJ Trust had M Y￿nteerS in 2023. PORTLAND Flnanclal r8v16W FlnaThcial posltlon A5 del8ikd In Ihe Rewew of Actyvil*s aTrl the Notes to the Finan081 Statements. The PortL4ThY Trust h85 drven and contributed lo a nufflber of inthalwes. su￿ent income h3s again been secured to ffleet all of our corTWllltrnpnts. At 31 Decémber 2023 PoffjaNJ Trusi had a1￿Uld balance sb8&iwilh a cash posilh)n of £2.781,229 whth hel￿ lo sacur8 the Chanty's plans lo promote econom￿ stability n lh8 Mb*j￿ East Into 2024 and Prlnclpal lundlng 8ourt&8 The Portyand Trust mainty receb¥6s from granl-makir¥J tharib8s b8s6d In th8 Unit8d Kin￿OM and Intarnatsonalty. Investment pollcy and objoctlves Thé TrusbÉs hav& regard 10 thè IwJuhYity requffements of Charity and maw)tain a polKy of keepyng 8ny $urplu8 IiquK1 lunds on short-tem d8posiI which can be accessed readity to enable a res￿Se to project noad5. R•*•rv•s poII¢y The Portland Trust Carl￿ oul 8 t4end ol both and short tem) prqects. Tw$tees have examined the requlr8m8nt for free res8Ne5, which are Ih05e unrestncted fund5 not 08sKJnaled for specific purposes or othe￿158 committed. The Trustees consider ihat genefalty, re5erve5 5houkY be suffiwnt to cover approxvnatety three months of re9ular ¢p•r•ii¢no1 expenditu¢* whi¢h ¢qua*s to ¥N>roxim•iety £420.Q)O. Al 31 Decernber 2023 unre51rKted retained 18seryes total￿ £1.170.148 and reslncl•Y retsin8d reser¥8s were £1,456.947. The free rese￿•$ al the y•ar-end are con5Klor•d adoquato for thy6 pufpDSO arKI ¢0 carry out apprcpriate pro&oGtS goin9 lo￿ard. Structiirei gov8rMnc• and management Govemlng docum•nt The Chanty Is cenirolkd by ilsgo¥eming (hJrJJrnent. a deed of trusl, aTrJ constibjtes 8 lim1￿ company. limited by guarantee. as d￿fir￿d by ihe CompanN88 Acl 2C#)6. The1Sabilty in respect oftho waran*e b limmed lo £1 permember. R9Grultmgn¢ ond Jppolntrngnt of t1￿10¥ Thé Trustees of th& Chanty havé control èllhe Charity and its prcyrty and lund$. The firstTrns*e$were Sir Ron8kl ¢oh¢n and Sir Harry Sdomon. Unless otherwisedetermined byordinary resolubon. th8 numberofTruslee% Is subJ"ectto a maximum of ten ond minimum oflwo. Twstees m8y indiwdua15 or bod￿ cowrate. Every T￿￿te$ sKJns a ded8f81ion of wthwness ￿ 8Ct 8% a Chanty Trus*e befc*e téing elKJibla to Vel? 81 any maetlw of the Trustee5. OM Ihird lor Ihe number ne8rosl to or¢ Lhird) of the Trustees rebre 8te8ch Annu81 Gener81 Meeting, those in office relinng fir514nd the choice be￿e￿n •ny of equal service m$¢Je by drwing bts unle55 Ihey olherw15e 8gre6 among tsm$¥￿e$. The membeTr are enli¢led 10 8ppoinl orrrore Trustees (including themsd¥esl. lo remove any Tru$tee 50 8ppointed and to 8pwintanolher Trustee in pbce olany Tw¥lee soapptynted who forany reasm ce05e5to be a Tr￿slee. Arpliring Trusteè is not eligble for reappointr))eni un￿sS such ￿apPoIn￿ent is apptoved by the Trustees. On 1 January 2023, three new T￿lee$101ned It￿ Tru5fs board.. Jonathan H￿re￿COh￿n. Steven Kaye and Gila Sad[¥. Oryantsational $iructurÈ The Trustees provide their ser¥ices fre8 of charge. PrKtsnd Twsl ha5 brand￿5 in London, Tel Aviv and Ramallah. Baron Frankal. CEO run$ the organisalion frrffi Ihe London officewherp there are fOureM￿oyees. TheTelAMv office, whith opened in 2005. has six membets ofstaff arKJ Is mn by Rami Sthw8rf2. The Ramallah offi¢Èwas opened in Apnl 2￿6, has four membets of staff. and unbi Ocioter2023was run by Yahya Shunnar underthe c**mianship ofsamir Hulikh. Decision making whI￿t the Trustees are ￿spYjnS1bIÈ for overseeiw the athvibes *)d direcbon of the Chanty. the Chief Executsve and Managing Directors. together the Tmsi's ex*Jlwe fvncbon. as wdl as Ramallah Chainran. approve expendi￿re on the projects undertaken by The Poruand Trust. Subject lo the ovetswjht of Ihe Board of Tnjstees and its dutyno￿ 4)KX)rtunitieÉ in Ihe Isrndl social and geographic p8riKI)8ry. addressing IsraeliArab employmenl andb￿1r*ssCha1￿D9eS and slrengtheningArab munic1pal devefopmenl. The PortLgnd Trust's aim Is lo creat8 a systemic cbarye lo In￿rale the Arab sector Into the Isradi economy, generating 8mploymenl Oppo￿nItieS and enhanckig the Ii¥*s and INe1ihoc￿ of15radiArabswhil$lincreasingthwrcontnbution to GDP. The Portland Trust has also de¥eloped Inter¥enbons aimed at IncrEasiro econcffir patt1p•b￿ and Ynproved li￿ng 5tsndards 3mong5t Iho ullraQrthodox (Haredil J&Yish rI￿nUnIty. Th• Sakhnln R•gIon￿ Economlc Cluithr Thisflagship Pfoiecl aim81obuilJ r6gionaleconomKdust8rnto8thYr6s8th8 gapsand mb8lat)c*s betweèn Arab and Jawish communities. Folkning a year4ong slrai8gK process, The Podand Trust chose w I￿u5 first on the Bikal Sakhnin area #nd the health ¥ector. A new heatth and life ￿en￿$ Industrial PHrt 1$ rrt)w creating a re%Y ec05yStem and bringing together public and private he8hhcare 5ennc8 pro¥Kler5. heath NIOu51ry playe￿. xademi8. research and inno¥3lion 85 a means lo crtraie job Opporhjnil￿s and hYdh*uality employmeni In Ihe aw. Thi$ will $?[%* 135.wo ￿$￿1￿nts. poieniialty Impa¢iing p¢$ilivety on an addi1￿￿¥1 5CQ.OC(I 01aO¥¢•ni aw•s. MEDX Xolerator. a northern branch of existin9 MEDX In￿ballY. wa518unrhod in May 2022, thro￿fv the ￿aderShip ol th¢ Portland Trn$t. ¥nd with support from th& l$iad Innovabon Authority IllAI. Th¥ faality 1$ ho$tod In Sakhnin and 1$ th8 flrsi med-tech hub in an Arab Uiy in Israel. The offets entrepreneurship training and menionn9 programmas to both Jewish and Arab enirepréneufs Dased in northem Israel. prowding 8 h¢Si$tic and professional supporting environment. It a￿0 promotes the placement ol technobgKal personnel. with an emphasis on Intsgrntsng empkyees and entrepreneurs Irom Ar8b soc*ty In￿ compan￿8 In the r￿J& ofm•JKal (18¥ice8. dyrtal 8TrJ 80th¥¥e. Northm￿ Innova15on Contio In July 2022, The PorU¥nd Trv$i $ubmitted • bKI lo • ¢ompetiiNe IN tender lor • regionol innovation #nd te¢hnologic&l entrepreneurship c8ntr8 In thb soc*ty. part of IIA'S plans ￿ pr￿mote the dev8Wieni of entrepreneurs and quality jobs in l$raél's Arab $¢¢tor. In D¢C•M￿l 2022. Tts Porfiand Trusf$ w0$ annw￿￿ 8$ a $u¢¢4s$ful bidd&r. th the aim of de¥elopin9 80 ecosystem ¢hat p￿018S Innovation in o¥*rlr*)ked areas the Isr3di gowrnmenl, through the IIA and the Authority ror ECen￿l¢ Devdopment of mI￿￿ty Sethers. awarded the group led by The Pordand Trust, a grant to enLX)urage enirepreneutship arnl teth emF*)yrnenl In the Arab sector_ Thts grant has enabl&l the creation of a groundbreakiry tech hub for inrovalion and ￿p10yr￿1 in Ihe north of l$rael, al its heari of the Sakhnin Valby. The Portland Trusi. together with MEDX Xeleralor. Wa 1￿Mega. Galilee Clinul Research and five kading hospitals and tnedical cenlres In northern Israd Ibv Panya. Bnei Zion. Gall￿ Medical Center and Nazareth Hoswtall all came 1098lher lo launch the Noth-med Innovatson Cenler lo prowte enlrepTernurship in the aro8. In domains such as medical devices. life soence and software develoFrnenl. The North4led Innovation Cenler ako indudes an employment centre that focuses on Integ￿ting lechndogical iaknl tfom k)cal t￿mUni￿e8 Into ￿￿J1￿j high4ech med-tech companies, encouraging employer5 to open branche5 In county'5 reg￿. Two major puNicly-tr•Jed Ismli tech ccfflpank88 ha* agreed to Open br8fLtss for IrK81 workers In the Sakhnin Valk8y. The Is to start with 1540 employees ai eath ttrnpany and gr(M to over 1rKJ within thp folk)wing two yeats. as IhÈ success of the venture bec(Hnes evident. To date. Pagaya. a Fin-Tech company. has opened a branch in SakhThin and &M￿oyS around 16 members ofsiaft. VVhtstl￿re hab* been sr*ne delays by othercompanies who had alrea(*y committed lo the venture dut to global market fluctuabons and mts￿ recenty to the of Octtsbèr 7 and IhÈ war th81 has rollowed, the Pordand Ttust rErnains confident this will come to fruition and other company brdnches wdl follow. Broadty. NorthMeil'5 busine55 model LS f(wstto grri¥e al PMe**ven five )tar5fr(xn Incept￿￿. PORTLAND Finally, the goal Is aLs0 to establish aioirew ec05yStem. its own plafforn. Ihal Serves as a heamh Industry business park. The Poruand Trust has an a9reemeni wlh re*vant hxal munKyalilies as to the besl lo￿tiOn for the Park and ha8 secured a re81 esiats parkner IZ*n Urb8nl. though issues are soil t*ing work•J Ihrough with the r8gYJnal pL2nning eommittee by PortlarKI'$ team and patthers. Bèyond Dèv This project, eslablishe¢J In cooperabon wth Eshkol Ha$haron regional economK ctyJ51er, Is run In coniunclion with the Young 8usiwd88 Leadership. an NGO. 11 focuses on r8tfainirvJ ￿lS￿r$￿ 9r&Yuat88, pL?￿r￿j ?rKJineer8, ￿MpUl&r 8Cfdnce grads and non4TEM acadeffji<3 fram Aiab c4Mntnunilies Into aulomaknon testing and manual Quality A&suranr* IQAI P0511ions, on integrating junior5 Into Ihe Industry Iwilh upskilling and O￿th￿l{4) training), and on the i(Jentificabon, training and Inlegralicn ol ern￿oyeeS In IT and h14ech hrm5. The pwramme 15 fvnded by the empbyers tenefitting trom the training, showing substantial '$kin In th¢ gam8'. kn kwiNJ ￿1h PorUand'8 asts￿1$￿ modal. tho prq¥ct neèds io break even wilhin two yeaTS. Tho wuir•d philanthropK funding 14y year5 beon swed, rn¥i¢hod by ytsars or Go¥ernmenl IIIAI fund5. Th¢ proj¢¢i ha$ 3 main $t¢P$." S¢ouling and r6¢ruitJty ￿nd￿a￿$. w•f￿l￿n$1 ONI $¢)ft-skilts ilaining for thro¢ and a ha months, and emp*)yee pla¢ernint. $upported by Ihe B•y¢nd Dov ¢••m In tho first year ofemplgymenl The toarn in¢ludg5 progrpmmedireclor, tath *ad and r8Cmlter. Trwning 18 b88edon a woles8iond s￿L*uS and infom*J by Industry ne8d8. Tha cohort ol 15 comOeied the training pr¢hJramme *) Sept*nber 2022. 8nd Ihe Lgtési ￿hort Started in the summerof 2023. Currenuy 36 9r8duates have been Int•9rated Into hwh qualityiobs wthin th• vanous coryani8s' R&D 18am$. M•1¢•r￿4N lor Ar*￿1$r••I1 Empltyym•n¢ IGov•mm•nt R••¢ththon SSQI Th8 Port18nd Trusl helped develcp a comprehensNe masterpL8n for the integrabon of Arab employees into the 16raeli workforce, Inilialy In pèthership with the Israel Democracy Insbtul8'5 IIDII AraWaw16h rnL•lions sector. Israeli Govammenl ministr*s. NGOS. and prry8￿ secioremrloyers. The￿anWaS presentsd lo all re￿Wan1m￿ls1n￿s In l$rael- Economy. Labour. Welfare, Finance, Agricuhure IreLgling lo Be(Jouin pOp￿￿onI¢(￿Munlty Introlwmenll ¥ThJ Educ¥tion. 8$ well 85 118 MALAG Ilsrpel's C￿￿ty1 for HKJher Edu¢•tsoNI •$ wel •$ bth'Ny erthseil by the Notion4 Crmmii¢ee of He•d$ ¢f Loc*1 Auth¢rib0S. The plan was exterK1*J and amended 10 ￿fleCt ts mpao ol ihe pandemic on ￿ab Otize￿ of Isra81 In areas such 88 educaton, wetfarn. em￿OyMent and don￿1￿ WO￿nCe. Th* was lulty adwtsd by Ihe re￿vant players. The chapters en ￿M￿OYment and em￿oyment cenlres. educabon. wemare and gm*th 8ngine8 In Gobemment Re8elutson 550. the S-year pL4n for the Arab ¥eclor In Israel, wwe l*en directy frcffi Ihe woth car￿￿ oul by the Podand Trust, 8long with our re¢¢mrn$nd¢d prioribes and KPl$. The Tnjst h•5 ￿P￿en*￿V&S wthin the Emr*)yfflÈnl Cornfflitt& ol the N8tion81 Cornffliitee of Arab Head5 of Coun•Ls. which respwsib* lor ove￿Ing fv Resolubon'5 iMp￿mental10￿. dealing with promotion of8m￿tsYMentand integraiionofyouth. As partollhe comrniiiee. Ponjandwoths dosetywith Councils. h8lping unlock areas ef dispLrte. a￿rtIng the Councl and yepanng the data for the required dialogué ￿tWeeTh the relavant Government agerKles. The Trust akn supports the Countsl's Chaimian in prepanrvj for the meelhgs witti Govemment offlu8k. Recenty, In light ol Ihe Cu￿ent GovemenY$ al￿Mpl lo withdraw budgets frcrfn programme$. relaied to the Arab population, addilionalwort 15 bein9 carr￿d oul lopiolect the re$dUt￿n'S Implefflentalic￿ and It's alreaty commilled budgets. LotUS Throughoul 2023, The Porfand Tru$¢ Continu￿1 to suppprt thi5 groundbwking wuiect in ￿thershiP wth Lotu$, an NGO run by Dw2e W￿￿eTh based In Daltyal aWrmel. LobJs fc6ters the firsi geneRtion of orthfM1ox Oruze women lo bre8k the gL8ss ceilirvJ and achieve emF+)ymenl in h￿ch fimis. L% acc(rfnplished by c￿¥11n9 an environment in whictt the women maintain their Iradilions, by worting in a WOmen-￿ty"SaIe space" insth the ¥All48. The Poruand Trustconlinu88 lo facilitats and mentor Ihe NGO'S actmty In all aspects. (Èvdoping the next cthorts of Ihe programme an¢ rnalching graduates with roles in the Israeli tech sector. women la 90% FAacement rdtel have been succe5slulty p￿c￿l as sofrware (Jevebpers and dats anatysts at several leading hi-tech fitms- and these are r¢Aes %Yhth may othepavise have autsourted from Israel. There are continuous hyh ￿ve18 ofempknyer saiisfacbon wilh Iheir perforynance. and each wsitYJn creates Mo 8ddibonal Feripheral posiiions in the vilLqge. The Lotus NGO has now achEved finano81 suslainability and so is no loryer dependent on phiLqnthropic donations fLY ble Dalryat a￿Karn￿l branch cperations. PORTLAND Fursa Fursa Imeaning"opportuniWI provwJ&s a scalabl8 •npk)ym6nt for tsleTrt8d youw Arab citizens of Israel who he￿ academic de9re8s In STEM sthjects bul ha%* n(1 s￿Ceeded in bnding jcos in th8 tech sector, or finding quality ￿M￿Oyment in g8neral. The project ￿VerageS the Loty5 modd0￿1 knowthw. delwering an intervenbon that a(klrtsses the tech sertovs needs whi iakin9 inkn considerat￿￿ the unique Con￿XI of Arab $￿ety in l$rael ThL* ladt of integrÈbon. already acute in oTrlinary bffle$. was exaCert￿le￿ dunng IhÈ pandemic and akn the global 51(ywdown that has atso affected the l$tseli teth industry. Thi$ situation poaes a doub￿ ChaI￿￿e 10 Arab youth. exp8r*nee the tradibonal barrie￿ io iniegr8tson in addit￿n 10 the present lack ol availability ol jun￿r4eve1 posilions and the unwilliNJn8ss of 8mk*)yefs to hire juniors In Israel, ¥vho prater instead lo recmit Iow-C051 slaff In Offsh0￿centr8S. Fu￿8 ￿ent￿$ taknied youth and prowdas the onabliTrJ support no•J8d lor their Inclusion In h￿t8¢h, wrthin an sppe￿Ir￿j emF4oymenl cost mc¢Jel for employers. The programrne placemwl rate 1$ 92%. and Sofar. 75 FURSAgraduate5 ha¥e been empbye(l a5 De¥ops engineer5. Allfirst laur cohort graduates recél¥*d thèlrfirnt s8￿ry Inttsasè after 6 months orw0￿. Some Fursa gradu8ie$ have already beén nominated by their employets lo beeimne deve￿)Me￿I ￿d$. and PNUand provKIBS them with thB rekvaril tralning 10 take on this opportunty. As with Lolu5, It is irnportanl to nole Ihat 10N olthe pC6ithir￿ IntowhKh FuT5a 9￿JUS188 are hir&Y were previously planned le be 5ubconlracled lo Remania, Ukraine and lTrJia. S•m•n• T•king th¢ prov?n Pa￿8nd mo*1. in 2022 th•TNst Ihis prffjrnmnw to int•gf•t& 8¢dwin women in North&m 18fael into hi-bch. Samana Isspecifit4ltydesKJn*J to hew owcon* very real bamètsth8tèxl$i. fofaxampltr B8douln society 18 highly palrlarchal, meanin9 Bedouin wcmen need a Ma￿ relalive's pem)18sion for many reubne actions. which will lake Into consideration laclors like ensunng she Is wl alon8. or In the ab88nc8 of a lamity memter. sha Is accompani•J by several other approved wornn from herlribe. This rnak•s tra¥oloutskle lh• ¥erydifficull and required Ihal great thoughtwenl into ble d8s19n of Saman8, the r￿W NGO w8 es¢8t4i5hed, and whKh meons 'our 5ky' in Arabic. So lar 18 ts￿018￿, educated, young wornen have been ￿ared inlp the h￿erm wthforce by operating a wOmen￿￿ty h￿teGh hub In the Bedouin vlllage ofzanir. Samana h8$ 0 pk8¢•n•nt ra￿ So far. Tho so¢ond ¢ohort 1$ plann*J foi fv so¢￿d h8ifd2024. Tha Zarzir hub operates as a Cenire of EX£ekn￿ fer OA and QA Automat￿tI for ERP and CRM sysiems, skllls In demand even In Ihe global downluin ￿al Wan In 20Z2. so￿1 E¢Jg8agFe8d loemploy Iheentire firstcohort.. the besipossib start, with good pioswcts of expanding 10 mrffe graduate$ In upcomiThJ cohorts. Ensunng contsnuous ￿arnIng and development, ihe kcal Fursa team has been broughl In as an aCce￿Ie10r for the new Sarnana m3nagem8nl le8m wrth Ihelr exper*n¢e #nd be$t pr•c¢t•. Tw• V'd••t Tora VDa81 l-Torah and KnthYledge"I Is creabw an elrte group of h13￿¢eCh professionats wthin the ultra-orthodox Jèwish community. It does $0 by suN)orting a group ol rffiliani and hKJhly4nobvated youty men. and provKlity them with thè necessary tools and resource5 lo attain a pre5b9￿vts C(￿p￿ter Science Bsc degree, fill k8ding iThausty position5 8nd become ro￿ models In their ccrfnmunii*s. This inrthab¥e plogramme recruits ultra￿rth0th)x Jewish men. eft8D Jnable to Inieyraie Into qualrty employment forlack of wuired Credentsa￿. thne thè Schod of Computer Sc*nL* & Engineenng at The Hebrew Unwersity IH8RiII- of Ihe workl's topraled academK Insbiutes- an¢ 51JppcKts them through their stu¢ie$. Tor¥ VDaal creales a soual and acalemK ecosys¢em Ihal doses educalion 9aps. reduces dropout rates from 46%10 36% and bdrys Haredi students to the *¥eloflheircbs8matss. m&yThvzirvJ theirc*ancesofsur£888 and preparing them for leading roles In the hig￿teCh industy. 68 students are currenlty t*rrfJ part In prc¥ramm8 across 4 cohorts.. th8 fir8tcohcrfl. of 16 paiticipants. began In 2020 and In 2022 entered theirthird year. the se(￿nd whDrt. of 18. were In year. and the third cohort. of 15. started in Sept 2022, and 16 students started n DeceThber2023 la ble stsrtdup to thewarwhich d2layed the stsrt ofthe academic yearl. To dale. ihe programme has a retenth)n rate. Owerall. the students. achievements are on a parwith their peers, wrth grade distribuknon smikr to Ihe ger*ral SbJdeni body. In large partlhis is thffjugh close cooperation witt) the University and the a¢adetniBsupport. which Int1￿leS pnvate bjthon and menlor5hipfrorn those ulira-DrthDdDX Studpnts who arefurther advanced in the course and have suciEssfulty passed their exams. The fina￿al suFyort covers tuition fees and li￿ng expenses In the first year, and then L81er prowtsles exposure ￿ the industry to prepare them ts join IL including visits to Microseft and Google's offices In Israel. PORTLAND Soclal Flnanct l$ml rxjring 2023. The Porfand Trust continued 105UPPOrt and partnerwrfh Finan￿ Israel ISFII. h3￿ng play>Y a le8ding rola in ils trstsblishrnéni in 2013 as a publL benefit o)mpany and Lsraefs fifst secial-finantsal intemiediary. SFI Is the ￿ading de¥eloper of Social Impact Bonds ISIBSI In Israd and 15 attracbng rew capital towards norwrofit organisations and SO￿81 enterprises tsckling a range of high*TK>nty SOt*l ChaI￿Nge$. These include redurifig the drop- out ialtr amongSI high&r educ81ion iechnobgy Slud6nts, wé¥énbng Ib8 onsét ol Type 2 dk8beiés among&1 prtrdkabaiv and enhancing educational ailainff￿nI In mathemalKs lor Bedouin hKJh school students In the Negev. Most recenlty SFI inibated its fith S18, which focuses on re¢Jw ￿)￿1￿*5S 15datth)n ￿0￿st the ehyerty. Pal¢stlne Pr ramme C8niral 10 its objectives Tth? Porttand Tnjsl has Work￿ for many yearn to hetp d8vel)p th8 Pa￿stin1an private sactor by investigating and catstysing investment and job creatKin oppothntses. aimiry ￿ prcffiote lory4ern, sUstsinab￿ growlh In Ihe Palestinian eGonorny. The Pordand Trust has partnered wth I¢Kal and InteFnat￿￿aI actors to drive developrwni acros5 various econamic sectors Induding housing and coriGlnJcbon. energy. water. agr￿UltUre #nd tourism. The Potuand Trust onlinu•s to $lrength•n lh• foundalKKffj forsus1ai￿b1D ￿p￿yr￿)nI and $tsbihty. The events ol P Ociobar 2023. aNJ rts aftemiath have deaty *np8cied on Tha PothThJ Trust's actsyity. The Tmsi ram81ns resilvanl8nd conbnu8lly rev￿5 and adjusts rt8 WCrtaFpr¢Jpnatsty toty toconbnue deliwring its obJ"ethves nO￿￿￿$tandIng the very challenging iealitw. Palo8tlnlan IT Soctor The Poruand Trusl m8inl8lned its ccffimilmenl to gerw8￿.n9 erybyment m the Pakntsnwn technokgy sector. and this lernied a strong locus of Its progrnmme In 2023. Currenlty. Ihere are ov•r £00 ￿¢￿ ¢¢Anpan￿$ In pa￿s11n0. employing D￿r a.￿0 workers. Most of fvse Gompanie$ ¥ro micro busine5se5, wilh a small nvmber ol SME$ In R&D 501bYare wtsourryThJ for rnulbnalional corporations or prowding business process outsourcing forseTrKes such as c411 cenire supportand data entry. In addition. there is a slowly emerging digital entrepreneurship scene with gming Invesbmenl and several earty4ts9? Start48. Despite Ils poieniial. Ihe tech sector remains small. Con$b￿ling less Ihan 0.4% of Palèsbnian GDP. Key Impediments indLvle". the lack of exposure to Inkmat￿naI iechnokgKal and 18Sèntdevekpmeni. 8ccO￿l￿j 10 empbyers. missing skills ind￿￿ both technical 8nd business Isoftskilll compeienc*s. Also key is Ihe ￿981 fr8mework and bure8ucf8lic Procedures the Wotld Bank's 2020 Doing Bu5ine5s RepDrt ranke(J Pa￿StIne 117th on the ease of doing business Indpx out of a total of 190 countries. Finally. the education sysiem Iotrnal edutatson offets minimal Interacbon with tethnolagy and the private 5eGlor ¢oes not I￿enti¥l5e pr[*)￿M￿￿1￿g and Innova1￿￿. ￿¢h human capitsl regardeil a5 Ihg most Important Input lor tech sector development, modern￿1￿9 Iheeducaton sy$bn l$vrt￿tts the creatson ofa $uit#bJÈ andsu$tainaNe Ènabling environmenl. In 2023 The PortL9n¢J Trust contin￿d Its efforts to cal8ly8e xcelera¢ed grov4th In Ihe Pal￿tinian tech sector by developing 5calabk Solutio￿ for malchiry intemalional empbyer5 Wlth well-veileil and bcally knined talent. and ¥Yith olher efforts. eL4bor3led in It5 bnef on the Palestsnrdn t¥h ecosy51em. hwJhlwJhbng h¢yw grty*lh can bp encouraged and idenlrfying opportunibes for and obstac￿$ 10 expansDn. The Talont Acceleratlon Pro9w ITAPI The Poruand T￿$1 conducted in4lepth re5eath an(1 anaty5i5 of in¢em8tional tech training progrommes to ¢Jevebp curr￿UluM In line wrth inl8rnaiional besl p￿¢11(*. a￿a￿ed io kxal ciroJmstsnc*s. In parbcuiar, th8 Ini1181iv8 addresses th? skills gap bets¥een Pakslinian university graduates and uffirneroal market rEquiremen15 and rnosl significandy bui*5 the capacity of local serwce prowders to delver the trainiThJ. The Portland Trustwothed wth training padnerKiilC6. 8 PaksDniafvDutch o)mpany with 01￿ in and Amsterd8m. as the lea¢ seNice provider val*aling the programme with polentyal demand-shje dients and other regional 8nd inlem81ional training provKlers. Each cohort of Irairees undwtorA( a Ihrewonth Inten51ve tr8ining course. Cr*npr￿1ry teGhnical track5 I0￿51￿g on the devdoFxnenl of most In deffland intetnatiDnalty bul la(*iry in Pa￿tinian tech PORTLAND sector. In addiiKJn. the curnculum irtorp(ntes caw toathNvJ aNI trairMNJ in re*vant soft deemed essential for employabilily, such as English language. Thè inllovalive financial model. dèveknpÈd by The PotdaTKI Tntst. saw tr* iTratttin of the fiTSt ever Incomè S*aring Ayreemeni IISAI In Palestine. The ISA Contracts the trainees ie repay a pOrt￿N of the cost of training once they ar& employed, with the remainder ￿ be ￿er8d by the IT outsou￿1ThJ companbs trom their 0￿ratiry margin. By the end of 2023 The Po￿3￿1 TnJ5t had made signrficènt proyTess in its obiecbve of ue31iny jobs in Pa￿S11Th18n small and mèdium enterprises ISMES) In IToutsourang IITOI finns. based in undersèrv&d régions of Ihè Wast Bar*. The inits81ive is now part of a wider portfolK¢ of prc¥8cts ￿ catatyse gi(Y*th of th& Pabsbnian tach sector. making a svjnrficanl contribution lo GDP. The 2022 Iwrth cohortof30 tsain*s. wastha L?￿O$tY￿. sho*s tt*suc￿$s0fIhe i*rati%* process tl*Trusldapbyed le learn, mpreve and devdop th8 prc¥ramme with SMal￿r cohorts, unbl Il was robusty ready to sca$8. Pordand has appreciably Impacted the l¢Kal market. with yxteen kncal ¢Cffipan￿ trKnefflting from hinng out of the programme. Oflhe5e, half ol lorm81 partners have skaned partn&rnhip agreements 8rvJ io contdbuté 8 "$UCté$>fee" 10 the pngramme for each resourcé hirnd. This Inckvles ￿adIng outsouroNJ 0)mpan￿S such as As81. Exatt tTG. Foothill. and ProGin88r. In 2023 TAP Greatod 41X job5 in Paknbrwj and a d4ilal mark•bry trath. The UK4al85tlnlan TKh Hub ¢Jn8 Id&niified area where th& Tntsl ￿nSidered il coukl add f8al valua ￿ the Palèsiinon tech ecosystem is through h&lping create slrong and Sustainab￿ links. bu81r￿ and invesimenl lknvs with the gknbal ￿¥81 LotMlonlUK tech strctor. This anables Palestinians lo draw on global expe￿nCe and best pracbce and hdp Incr8as8 the concenlratron of founders and local onlrepreneurial hor005 through •xposure lo an Ini•rnalKinal devdowr and exporwJnc8d c8pil81, as wel 35 closer Ikrys to global re8e8rctt and Innov8b"cn martet tr•nd. To schrd￿ Ihis. iog&therwith the Brilish Consulèie Gen¢rnl in J¢Ns•b*n. th& UK+*kstini•n Te¢h Hub was ere8ted. Its first aelivity was to briw nine carefullY4e￿Ied P8*siinian sthrtwUPS ￿ a wdl curated VL81110 London In October 2022. da$ign8d le laciliiate parfnerships wilh poieniial sectoral partnets. wwesiots atyl offter rthvani connections. The pathupanis MÈI with over 100 technology e¥p8rt5, ccrfnpanies and ln61ltul￿S on lh•r￿aY wsil. wilh several posilwa lechnological and financial cooperation follow4Jp activities ensuing, as well 88 88ta14thing a great fir81 Impre58ion of how the Hub can help tho Palestinian tech ec05ysiem. In 2023 lurther w5its woro rnado. Ind￿'n9 10 L4y*lon T•¢h in Jum. TY￿ 2 Olabètos *nong Palosiinian R•lug*o Womtrn In 2022 The Pordand Trust dosed the firstSoc4al Impact Bond ISIBI In Pa￿9)r￿ and ATabweflY. Ic*address the growlng Type 2 Diabe￿5 epidemic In Pale51ine. The SIB was a 51ruclured interventson for 150 pr￿dIabell¢ w(Mmen In Wesl Bank refugee camp5. de51gned io kad lo sustainpd weshl loss and preven￿n9 the ￿Se1 of diabele5 resulbng In $ignifiGanl silive public health outwnes arnl 5ubstsntsal finanual 5aYin95 for iho natsonal heatthGare b￿19￿¢ The prtyjrammeeonsisied oran Intensive nuiriticffjaleducatr)nalcourne and wularphY$icalexer￿Se. with 14 core &es8lons lone 2 hour session per weekl iaking place over 3 months focused on èjucatmg paiients on sound nutrttbnal hablts and various lopics on nulrilion and physKal exercise thai enabk weight man8gen*nL This was followed by monlhty follow-up seSs￿n5 face4frface for 32 months lo ensure commiimenl. as wel as 150rninJlos olexeru5e ￿r￿eek lo develop exercise habits. The oulcome melnc was the number and percentsge of parbupants achieving a weyhl loss of 5% Of mDre. The intervention was delivered by Juzoor. a l(Kal put1￿ IEath organisatK)n wrfh a strong trdck record of worfting with women in impoverished area5. To SWfK)rt seTh(x delwery. The POrt￿nd Twst secured the (x>mmrtmeDI of the Paltel Group, the largestte￿¢OM provider in Pa￿stIne, for an ouieome paymentforlhefirst whorttotalling $150.0￿4250.oD0. The Portland Trust also succeeded In raLsing $19J,QfKI in invesknent forihe SIB frcffi Bank of Pa*stina, the18rgest natKJnal bank. The project h85 now been brought lo a Conclus￿n. Due to COMt>19. Iheoelivery ofthe inrtiabve w8s affected with women Unab￿ physicaly to exercBe In lire wlh diet inleNenknrffl ptsns. a resuh. many wornen regained weight they had b51. However. the need lor Ihe inlervenbon was mote ewdenl. wth w(xnen ha}￿￿9 Iimrted ajenw during the k)(*down perK)d ID pnoriiise their own health. The situabon prevented regu￿[ fa* to face monrtonng dunng the year. making It very drfficu rer Juzoor lo provide the optimal assistance ar￿ rnObvaih)n for wcmen. Furthermore, a financial crisrJ within the Unrted Nations Rel*f and wo￿8 Agency IUNRWAI impacied the worf( of its ￿nI¢S where much OT Juzoo¢s InieNention lak&s PORTLAND p￿te. Juzoorsowfvttomibgate s¢yne oflheseeon$tr8ints r¥no￿.A￿tr4n9 1ÈsÉon$ ￿med. dosure reportwas produced 88 part of Pordand's pr4eth mana9em*)I cyde. Toch Tralnlng Dev8lopmont Impact Bond IDIBI Following eadier supportiw work on successful WO￿ Bank bono. in 2023 the TfU51 continued wort on structuring and fundraising for a $10 million Devek)pment Impact 8ond IDIBI In Pa￿Stsne tr* Increase the supply and quality of teth lalenl. as well g$ the value proposiknon of the Pa￿$t1n1an tsch Steknr ￿ thè global mathèL This was based on ongoing maTkei analysisoflhe shortage ofappropriatÈty4kilpd.IOfNÈadytÈth ta￿nt. Ènd the ￿a[nÈd eX￿[l￿nts of the pilot.and piDnÈÈring - Takni Acc8lar8bon PL8tt0m. In order lo really Sca￿ LP, and mosi eftectNety Imp8cI m8Fkel, PorU8nd partnered with Anera. a large Amencan suslainabk development NGO wrth srLab* OFeralh)ns In wion In IhefEhY5 of educabon and job C￿¥bon. This Is with view to buikling a broader collabora￿n lo accekrate arbJ drNe tech Iraming al￿ related acbwly further and faster and Ind￿l￿g more'vertraLs' acros5 war￿￿$ lethnicaltracks. cooperatsw 50uyhttobnng togelherthecollec1i￿ expenence. wklè mark61 knOw￿d98 of the msthéi and thè fundrai8iNJ Capa￿11￿&& of btsth ie better ddvé growth of hkjhquallty IT Iraining In Pa￿stine. Social Finance UK prDved S￿￿11$1 support. Unlortunaiety due 10 e¥ents In the re9iOThS this prtleciwa$ nel conclud8d. Economlc Strategy for Palestlne Almost len years ago The Pothnd Trust wknbshed Ihe sernki818eyond M reporf. It became 8 wwJety referred-lo blueprint 19 help dri￿ inveslmenl. ￿p1Dyrr￿nl ond grrywth in key S￿￿or5 in Pa￿tifie agncullure, leshnology, tourism, construction and energy, an unofThcial guid? for pnvate sec￿r tsvelos*))?nl In Pa￿Stine. A decade later, the circum8lat)ces had changed, and all agreed Ihal the r¥ht econcffjic straiegy lor the ￿¥t ien year5 1)ok•J drflerenl. The Portland Tru81 therefore recon￿ne¢ Ihe P8kryslinian pnvate sector and crrnmis5￿ned the onginal con5ultsng firm to review tho ¥ucoJss0# and failures ol the original strategy and devdop a ientr*èJ straiegy for lonwem) economic growth in Pa￿Stine. The outcome was 8 1&15 year roadmap of eConCffj￿ growth lor PaleSts"￿ to maximwn levels of polenlk81 GDP growth, oyrnenl and other key economic Induior5. The F4an kIw￿n as "Fo￿ard. was du8 to be released at an 8ll*ay conference In Beittlehern al the end ol Ocicl)er 2023. Plain. th8 events in th8 region meant that both th8 8vent and much of the data and plans b￿me very quKkty outdaied. However when the new -Pa￿s￿ne Emerglry. wort on economic reconslruclbn and development was draf*d Isee be￿*1, IhvJ work was duty InCO￿orated. N•w Prlv•l•4•ctrtr P•n¥lon Sch•m• ¢)v&r many y¢•rs Tts Porfafid Trusi woth¢d to • *ry•4¢•1•W￿Th￿ty privot• so¢tty pon$ion I¢￿M¢. The Tru$l'$ P881efforts In this arna come iofnJilion Ibe pa8*ryJ and subsequenlwrthdrawal oltho n8Uonal So￿81 Secunly Law by the Pal8$bnian Nation81 ￿t￿inty IPNAI in 2019. A new effort Was re￿nited in 2023. de$KJn&l wilh careful •waMess of the con*xt and pa$1 obstoc￿l to SUCC8ss In this area. Several reunds of dtscussths We￿ hebj with Pa￿s￿nISn pmfateSeCt￿ lèader8 and puNKty listed comp8n*s. In 2023. 8 pension scheme and sockql secunty once ag8in ￿e¢￿t0 ¢he P8knsbni8n Authority's agenda, with a new initralive under consKleration. Part￿nd wa5 caled iJn to expk)re the poss1￿lIty ol using 51ale assets In a pen510n 5thme wntexl, which has been succéssfulty seen in other ex*nKAps In the de¥ek)pir¥J wotbj. As a resull, wilh careful coordination and worting wilh Colkr Per*Dn Institute. Tr Pordand Trust CO￿U¢led extensi research both on the wcessaryfoun¢alK)ns fora new penS￿n sd%me and a companson beknn defined contributions and defined benefit st￿me$ in thè Palè$linian context ORCAM In 2023, The Pothn¢ Trust desun￿. 5ecureil funding arKI succe55fulty Impkmenleil a project aimeil at Improving the live5 of irysualty irnpaired peop￿ in the Bank arKI Ea51 JeFusa￿￿ and Increasing the1rchan￿5 of ac￿551￿9 ￿lUCatiOn and empbymeDI. Thisw8$ donewrth a wearable assigtive ts¢hnology device cAlled 0￿&M MYE￿ This prOV￿ed increased independence io peopk who are blind, Vbsually wnpa¥ed. or have reading chalknges. The device reads prinied an¢ digital lexl aloud, from any surfa￿. has a faual rewn￿¢)￿ and can Klentrfy pr(xlucts. paper currenw and Golour5. The pr(4ect was Im￿eMented by offenng trainity IDr pTofe5siunab aThl volunieets who ￿lped distribute th? deTrAces, and Ir81ning for benefick8nes lo er*ure Ihey used the deMc*s tif￿nity. and a holline forenqu*i*. LV PORTLAND The project resulw in irnpro¥ement of the daity lrfe of the ¥￿￿oIty iThpaired people. 73% of Ihe partrpants reported they were16ss d&wndent on Others. with 22% repoffjro tsy were more iThJepeNJent than everbefore. In total 1.QW visualty impaired peep￿ In ts ￿$1 Bank and Jeru5a*m rewv•J a w$ual aid device to help them m3n8ge their daity prOfesS￿nal lrfe. Indirect benefioarEs reaclEd more than 2,034 Indi¥Klua15. counting only the househo membets of visually Impair￿ peop￿ who deppnd on a 5inglp SOU￿ of income. 100% of partKipants We￿ trained to effectively us6 the dewce. Around 62% ware wed¢if*age participanis. 48% ofiiYJs& aged owei 20, reported Ihey wer6 more IkkeLv to find a Ic4) because of the device. 35.6% ollhe parbopants were students. wth an Improved Ikkelihood of lini5hing Iheireducation. The programme is inlended lo conbnue In 2024 when urcum5tances al*)w. P•lg¥tlnlan E¢orwlc Bullfjtln The PorJand Trust published the monlNy Palasbnian Econom￿ ￿l￿tin. which reports on key aconc¥nic devebpmtrnls In Palestine, unbl October 2023. The 8ullebn wa5 dkstnbuled lo over 1,2￿ Internabon31 and bc815ubscnbers and Is broadly recognised as the onty EnglI5￿anguagE M￿1hty publc*w focwslry on the Paksbnwn 8?￿ornY. The Pordand Trust a150 publish8d an Arabl￿anguag& V6tsion ol th? Buktsn. 2024 Actfjvltles Whil$1 many a¢iiviti*$ laps¢d in th* ¥v•ke ol lh¥ I￿￿Oing war In Gaza and th¢ oxtrémoty strained ¢ir¢um$ianto$ In th¢ Wesl Bank. The P¢rtl•ntl Tru$1 ￿ntInued Ihose of its a¢iN1￿$ that were possith. in¢ludiry the ¥evebp￿￿I of • pen$ion schem8. This moved In the dI￿￿10Th of a speufic wloi. alm￿ ai a samp￿ of 2-5.OtY) Paleslinians, and initial si8pG were taken in the fir51 quarter of the year lo seek Ihe nghl parIne￿ both on ￿ ground In pa￿Stsr￿ and Internabonally In term5 of an experlenced pl8ttom Prov￿8r. wth sew81 wotss aThJ (knion8irnbon8 Sought. 88 well as maich4uThJir¥J for pBrbcipanls' ronlnbutsons. In D8C8mb8r 2023. th6 Trust conven*J a 8vJnrfK8nt strategic m8ebng in London between P8188tnian k8dership, inl•malional finan¢ial in$lilulion$ and gl¢b•l ￿On￿mI¢ exwrts. Fr¢th Ihi$ ¢•me th• par¥mtrtsrn f¢r a major pl•n, fil lor th• n8w circumsianc4s. lor Pa￿stInian r8conslrUct￿n and ts*lok¥neni. lknr the next mnihs. various woeKing groups and rélaied organisatsons. logelber with an Edrtonal Board. pul togetherthis plan, which becawd known as'P8kn$lire emerging and ¥Yas p￿)lished 81 the end ol￿nI 2024. fee￿nfig on ltte front page of the New Yo Times. the Econcrfnisi, the Independent and Other 9knbal piess. A second dosed4oor wothshop iook p18¢e in Washington In earty March. aitended by 58 peoFle, Induding Irom the US Government and rO￿vant global In51ilubons 85 well as the onginal Pa￿StIn18n PdVa￿ sector and gkbal Èxpert pa￿apan¢s. ￿erthe remainderof 2024, vanou$ for a based on tha key'Gamechanger' interventions oullined In me wrKk have progre55ed wort In each ol these 8rea5. Including on a Gaza Interim Spaual Plan. the Pa￿slInian P*2lihcar6 Partnetship. trade and cuNency reforn?s. the Gaza Technical Univ8r&ty of Reconstruction and tho Palv5bnian bank ol Recon$lru£*on and De¥etr•ment Al stage sever81 key Inlervenlims. Ihe s(￿c8190"G¥n8ch¥nger5"W8re devdoped. The foun¢alion81 work. elab)rallng the overall plan. wa& pU￿1$hed ai the *)d of Apnl 2024. and can bè found at p8lesiin*nÈTglrYJ.c￿ iogeiherwth a broader catalogue ol 85 a resource In the hekl ol Paknlinian econrmic reconstruction and developmwl planning. Tho pkn was wKlety cove￿d in th? Intem8ts0nal pres$. The work $in* then has fecused on c4taty$ing and progressing a forum fer each Gamechanger InteryenlKn. and whi151 the Cfmlinuiry war and consequenl econcnic deva51al￿n for ltte Palestinian economy has hindered Pr￿￿$$. Vari￿$ efforts conbnue wth key milestones and a furiherworkshop In Wpshington in December 2024. stst8mont ol TruBt8e8' re8p)n81￿11tfiSs The Trustees Iwhoare alsothe direclDrsof The Porlland TtusirDTlhepurwJsesof c¢)mpanyl*thl arè reswJnsIb￿ for preparing the Report of the Trv5tees and Ihe finanoal 5ts1eff￿nts in accordance with law and Units¢ King¢Jom Accounting standards lun￿ Kingdem Generalty ACCO￿￿9 Prath￿e1. Company kw require5 Trustees ¢0 rNepare finanual 51atements for each financial yearwhich give a true and f81r VEW of the stale of aftairs of the Chantab￿ company and of th8 irKomiry Trsource$ and applKation of resources. Including th? income 8nd expendilure. oftt* tharitsts￿ thnpany for Ihai WKKI. In preparing these finanrAal ststements, Ihe trusieets are required lo Select Suitab￿ accounting pc4￿& and tr*n appty them cowstenity." obseNe Ihe methods and prinrjpkn in the Charity SORP". make judgements and estimates th81 are wsonab* and prudenL stale whelher applKable a(rounling standar(15 have Iwn folknve(l. subieGt lo any ma¢enal depariures d￿￿OSe(l and PORTLAND explained In financial Statements". and prepare the finanryal ststements on the wr¥J corKem basis unle$5 r(15 inapwopriate to presume that charitable company will conlinue in bUsI￿ss. Th8 Trustees are r8sponsit4e tor keepiry pl0￿r xcwntiry records which disclose with reasonabl? accuracy al any lime the finanGial posit￿￿ of the Gharrtable c(xnpany and to enabk thern to ensure that the fnan¢ial stalernents G(xnply wilh Ihe Companies kl 2CQ6. They are also reSpOn&b￿ foi safeguarding the a88ets of the Chantab￿ company and hence for taking reasonab￿ stéps fortr* pievtrniion and dètecbon oi fraud and other ine9ulaiiliÈs. In so lar a5 Ihe Trustees are aware". there Is no re18V8nt audrt Inforniat￿n olwhich Charitab￿ companys auditors are unaw8re.' and the Trustees have taken all steps that they ought to have kken 10 make themselves ol any r*¥8ni audit Inf0m181￿n and b) esL8bbsh thai the aL¥111￿S ar8 awaft of thai Information. Audltor6 The auditois. GO￿￿1Th$ Limit8d. wll b¢ prcyosod wppointsngni ai thè fofthttynitYJ Annuol G&n8ral Meeting. R•portoflhe Trustees, InCO￿or311nga stralegic report. apprrnd byorderoflh•Bow￿ ofTrLts1••5. as ¢hecomp•ny directors. on 26 September 2024 and s¥n*J on the bjards behaw by.. Slr M L Da¥i8- Trustee 26109124 12 PORTLAND Independent Auditor's Report To the members of Thè Portland Trust Opinion We have aUdI￿a the finanoal slaiem8nts of Portland Trust ror th8 yaar 8nd&J 31 December 2023 which compnse the siabmeni ol Finan&al kiiMtse8, Balènce Sbe&i, siaiemeni of cash Ilows and th& rdated notes. Th8 financial reporting framework trat has been awl*d In Iheir preparation L% *rablB and Unit￿ Kinpjom ACC￿ntsn9 Sland8rd5. Including Fin8ncial Reporting Standard 102 Thé Financial Repo￿Th9 StaNlard Applicab￿ In thè UK and Republic of Irèland (Unitèd Kingdtym Generalty Accep￿ Accounling PwlK•l. Opinion on financial statements In our epinion the Iinancial slalements.. gwe 8 Irw and lair v￿W of the stale ol Ihe charitatk cc#np8ny'8 8ffwr8 88 8131 Dacamb8r 2023 and of ts Income and expenditure for the year ended". ha¥& beèn propefty pwpared In a¢￿danc*with Untted Kingdom Genarafly Aee•pi8d A¢¢wnlng Pwti¢¥', and hav8 been piep8f8d In aC￿rd￿te ¥￿th ihe requirements of th6 Ctsnp8ni6s Ac12C¥J6. Ba818 lor oplnlon We cor*Jucied our audit in accO￿ance witti Iniemaithal sknd*d8 on Audibng IUKI IISAS IUKII and ap￿1¢ab￿ law. Our responsibilities under those siathjords Are futher destnbed In th¢ Audrtorfs rÈ$wn$ibilrtiÈ$ lor the audit of thè finÈnti•l 51alernenis section olourreport. We are Independenl of thechanty in accordan(*￿lhIhe elhul requiwenis Ihalare rebvanl to our autlil of Ino linan¢ial $i¥tem¢ni$ In VK. indudin9 the FRC'S Elhi¢•l orKY wo have fu￿11￿4 our Other 01hi¢ responslbiliiies In accordance wilh these requirements. We bdieve thai the audrt evwaence we have obtained Is SLrfflcieni and appropriate 10 prowdÈ a basi¥ forour ¢pinion. Concluslom rolatlng io golng concem In audit109 the financial s18terMnls, we have corKlud•d thwl th• tnJs*•¥' of th• going conc•m of accounting in th• preparation ollhe financial 51atements Is appTopriale. B8s8d on the work we have perfomed, we haw not Idenbfied any matenal uncertainbes relating to event% or condition5 that irtdividually or wlle¢trvely. moy u$1 $1gnrf*8ni doubt tyi the ¢￿￿ty.$ ¥blty to ¢¢ni*iue •¥ • going ¢on¢*rn for o ptrritxl of at least ￿e￿we months from when the financial 8lalemeThts are authori￿ for is8￿. Our responsityliti•S #nd Ihe rnsponsib41*S ollho dir*thrs wilh rnspedto goiry ¢•)nwN •r6 in the rtk*v•ni S?¢1￿￿5 ol this reporL Ot￿r Infomiatlon The trustees are re5ponsiWe for the ¢)ther inlorni•tyJn. The other infonnatrjn tomprtses the infèmation included in the annuol report other than the financK81 statements and our audilor's report thereon. Our opnion on the financbal stalem8n15 does not cover the olher Infarmabon and. except lo fv exlent ofvrwise expkity stated in our rep￿t. we do not express any form of a$8uranc? corKlu$ion Iher80n. In connection with our audit of the finaroal st*ements. our respon5bi lity is to read the other inforrnation and. in doing 50, cons￿e[whether the ather Inf￿￿atron L% malenaly Inconslstenlwilh Ihe fina￿al stalernents or ourkni)wledge obtained In the audit or otherwise appears to be maierkqlty misstaleLI. 11 we klenlfy such m8leri81 inconsistencie5 or 8ppar8nl m8terial misslalement6, we are re4uirÉd lo delem)ine wheiher there ts a materi81 misstatemeni In the financial slal8ments or a material m15slateiTient of the other Informabon. W. b05ed on Ihe work we have ￿rfor￿￿. we conclu(k that there 15 0 material mlsslaterr*nt of Ihis Other infomiabon. we a￿ wul￿d to ieport th81 fact ha￿ rtlhiffj lo report In this r8gard. 13 PORTLAND Independent Auditor's Report To the members of Thè Portland Trust Oplnlon on tst￿r matt•r prttcrlbbd by th C<)mpanlés Act 2006 In our epinion, based on lh8 WO￿ ￿dertaken in th8 LYJUrn& (rf the aud￿. th8 Informabon gN6n In the trust8e8' Wort IincorporaiiNJ th8 direciois. raport} for tha finanual year for wh￿h the finanual $iaiements pwared i% con*$*ni wrth the fthart4al ststJnenL*. and the Iruslees. report linco￿o￿try direclor5' report) have beeTh prepared ￿ accordance applicable leg81 rèquirements. Mattor8 on whleh ￿ ar• rwlrnd 10 r•port by •xe•ptlon In Iho light of Ihe knowledge and undtrrntanding of the Ch•ty and its *N￿meThi ¢4)i•in•d In the ¢¢urse ofthe audit. we h• not K1enlrfied malef4ql misstatements In Ih? T(ustees' Annual Report. We havo nothiry to report In respect of the IdknwrrtJ matters where the Cww8niesAct 2Cth requires US to report to you rf. In our opinion. aaèquaie accounting reco￿1 have not t•gn kopl ¢Y 8d•qu4to our oudrt havo not beon r￿1VOd from branche5 not wièiled by u$-. or the finanGial 5t*ements are nol in •3r8e￿OnI wilh the •r(ounbr9 and relurn$. or ¢4rt•in di$¢losur¢$ of IN$t¢*s' r¢munwobon spe¢th¢d by Iw •ro not m•do. or w? h8ve noi all the Inlormotion ond eXI￿ana￿(sn$ w& rgquir¢ f¢y our •ud R￿pOnsIbIlItIal of tho trwto8• As explained more lully In the Tmstses, Responsitshtss Statement. th? trusw (who a￿ also tt)è dirèctors of the charitsb companylorlhe purposes of companylawl are reswnsible lorlhe preparation olts financialstalem8Dts and for belng sall8fvad that they give a Iwe and lair y￿W and lor such Inlem31 contrd as they delerTnine Is necessary to enablè lfvè PfBparaiion of finanaal 51atemn15 thai are free from matenal mwlaleffAJnl. whetherdue lo Iraud or•rror. In prep8ring the financkql 51atemenls. the trustee5 are responsibk loi 8sses51ry the Charty's abilty to continue 85 8 going concern, disc1061ng. as applicabk. matters gcyng cortem and using the ctsncem basis of accounting unkss ihe Irvslee¥ either Intend lo Iiqui¢ate the Chanty or to cease operab"ons. or have no realksbc attemalive bul to do so. Our rgsponsltyllltl•s lor th• oudrt of t￿ flnan¢lal slatwng Our cé)iecliv8s are lo obtain r8a50nablg assuiance about whether the fiTranaal $tstements as a whok are free from matsnal missiaiement. whetherdue to fraud or Èffor. and to ssue an auditor's report th81 Inc*Jde$ our opinion. Reasonable assurance 15 a hvjh kvel ol 8ssur3nce, bui ￿ not a guarantee Ihal an audit conducted In accordance with ISA5 IUKI Will al¥vays deiecl maitrrial missiaiemeni when It exists. m1sstst￿nts can anse lrt¥r flaud or error aTrJ are contswjered matenal If, IndwvJually or in tre aggregate, they cwkl re8sonabty be expeded to nfluence Ihe ecwmK ￿e￿510n$ of user5 tsken on the basi5 of Ihese financial statements. IrreguLgribes. Including fraud. are instances ol non-compfr8nce With laws and regvl8Dons. ￿ deslgn procedure8 In with Dur re5PQn5ibililEs. DU￿1￿ed above. ID detect material mis51atetnen15 In rest￿￿ of i(r￿Ula￿t￿s. indudin9 fraud. The exlenl lo which our proceduFes are capabla e¥delecbrvJ irregulanties. Induding fraud are Setout tel￿. In Idenlfying and assessing risks ol malerial missiaiemeni in respect of irregul8riDes. indthjing fravd and non-compliance with laws and regulation5. our Pr￿edureS Induded the folowing We enquired of management, which Indu¢ed obtaining and revwirvJ 5upporbng docur6ntsl￿n, concerning the charity's polic*s and procedures r*ting to". Delectsng. evaluating. and camplyir¥J wtkn laws and regubtions and whether thpy were aware of any instan￿$ of norrtom￿l3n¢e, Detecting of Ihp risks of fraud and re5Fmx￿ITyj whether Ihpy have knoWI￿ge of any acknal or suspected rraud. intemal tr)ntroLs In to M￿gate rsks to fvaud or n¢Trcompliance with L*vs and regU￿tiOnS. 14 PORTLAND Independent Auditor's Report To the members of Thè Portland Trust We obtair￿¥ an under51andiry ol the kgal and rvgulatory framtryork that the charity wera*s in. focu5kig on those 18ws and regulations Ihai had a mateiial eftect on Ibe finanoal statemanls ￿ that had a fundam8nlal eflecl on tho operations of the charity f￿M our PrOfe￿Onal and sector eX￿￿ence. We perfomed anatylical pro￿du￿5 lo ¢Jetect any uwsual or uneX￿¢t8￿ reLqtsonships that rnay Indicate nsks of mkierial mis$tatsmtrntduè to fraud. Because o1th8 Inharent ￿mi￿￿On$ 018n 8￿jrt. Ihere 18 8 ri8* thai wewill notd6w all Irragulari&è$. Indudlng those ￿adIng to a material rnisslalwnent in fv financial 51alen*nts or n￿￿¢0M￿lanCe with regvlation. The risk is also greater regarding Irr8gul8fili88 occurnng due iofraud raiherthan er￿. 88 fwd Invo￿8$ Intantional Conc0￿ment, forgary, collusion, cmission or misrepre58ntalion. A further dgscriptson ¢f ¢ur rtspM$ibilthe$ lor Ihe •udrt of Ih• fin•rKo1 $t¥t0monts 1$ k%•iod on the Fin•n¢ial Rwortin9 Council's website at.. IwM¥.Irc.org.uklaudrtorsresponsitslilN8sI. This descnpbon lorm8 part of our auditor's r8POrt. U88 ol our report Th18 report Is made sO￿ty 10 the charrtable ccmpany's M￿t￿r$. 8S 8 bc*Jy. In accordanca Chapter 3 of Part 18 of the Companie5 Aei 2(￿8. I￿r oudil work has been urKlort¥ken so Ih•i ￿ mvJhtst•te 1¢ the th•nty'$ rn￿berS ihose rn•ller5 we ère requlred lo stai8 to them in an aLYJil0rfs report and l(x no Other purp￿. Tts Ihe ful￿st &xt&ni wmillted bylaw, we do not ccepl or assume re5pon51bility lo anyone oih81 than ￿ chanty and th8 chanty's members as a body. for our audii work. for Ihls raport, or lor the O￿n￿n& wa ha¥* formed. Anthony Epton Isanlor Statutory Audhorl for and on behalf of Goldwlns Llmlt•d Statutory Audltor Chartered Accouniants 75 Maygrove Road Wost Hampstead London NWI6 2EG Date". 26 September 2024 15 PORTLAND Statament of Flnanclal Actlvltlos lkncorpor*iTrJ an Incorne and Expenditure Accounti lor the year ended 31 December 2023 Restricted fund5 2023 Totsl funds 2022 Total lund8 Ineomè and •ndowm8nts from Donaiions and ￿98C 2.454.031 2.￿3.787 5.357,818 2,624.812 Inve$trnont income 32.1 32,1f 5.389,924 Totsl 2.4e6.137 2.9)3.787 2,624.817 Expondfjture on Charftablo actl¥ltle• Pr¢i¥ci ¢xp8ndiluré Support CO81 1.178.554 731.450 1.591. 2.770,120 731,450 3.181.660 519.1S1 Total 1.910.004 1.591.se8 3,501,570 3,7ts).821 NET INCOMEIIEXPENDrrLIREI 994.253 849.101 1.888,354 11.078,0041 ReconclllatloTh ol fun Total funds brought forward 594.015 144.726 738,741 1.814.745 Total fundi £arrl•d lonvard 1.170.148 1456.947 2 627 095 73B,741 The notesfomi partof IhÈsefinantial sktements 16 PORTLAND Balantt Shèet 31 Do¢omb•r 2023 2023 2022 Nots8 FIx8d a880ts Tangib￿ assets I￿￿5trnents 10 4.273 8,295 4,278 8,300 CUrvtntas￿t• Deblor5 Cash al bank 12 124,389 2.781.229 119,372 974.613 2.885.618 1,093,985 Cr•dltor¥ knoun15 falling due within orn year 13 1262.8011 1363,5441 2,622.817 730,441 Totsl 4•8•ts hs• Ilabillti•• 2.627.095 738.741 NET ASSET8 2.627.095 738,741 Fund• Unre$irthd fund$ ReStr￿ed funds 15 1.170,148 594.015 144 726 Total fund• 2.627.095 738.741 The financi81 stslemenls ￿re approved by fv Board olTru51ees 8uthw5ed for on 26 September 2024 and were sYJn8d on rt8 behamby". 26109124 M$ N J Cobbold- Twstee Slr M L Dams- Trustee 26109124 The note5 form partof these fnanual statements 17 PORTLAND Cash Flow Statement lortho yoai or#l•d 31 D•¢•mbor 2023 2023 2022 CaBh Ilows from O￿TalIng aclvlll•* Cash generated from operdlions 1.755 651 1911.6141 Nel cash provkjed byllused inl cperairy activrt cash flow8 from In￿8￿￿9 •¢tivitl•8 Purtttase of tangib￿ fixed assè Intsr8s1 received 32 106 Net cash provi¢Jed byllu8ed inl invests'ry acbvrt*s 30.￿5 15,5161 change In ￿•h and ¢o•h •4ulv•hnts I the reporting p•riod CaBh and c86h equ1ya￿nts atthe b•glnnlng ol th• reportong porlod 1.786.618 1917.1301 974.613 1,891.743 Catsh and ca•h equlyalonts at th• •Thd ol th• r•portlllg ptrriod 2.781.229 974,613 The notes fcm partof these ffi8roal statements 18 PORTLAND Notes to the Cash Flow StaiÈment lor tho yvar•t)d8d 31 08cvmb8r 2023 Re¢on¢iliation of netlexpvndityr•￿rt¢oTr￿ to not cash kn from oper•ting activrties 2023 2022 Net Incomèlloxpondthrvl forthv reporfyr4J p•rfod la8 p•r the ststeffl¢nt of FI￿ncilI A¢tivitws1 Adjusbn•nt¥ for: Deprecialion charyes 1.888.354 11.078,W41 5.165 11,352 Interest received 132.1C61 15.0171 Ilncrea$&Yd0trrna￿ in dlbtors IDecr8ase)Ilncre888 In credrtors Not cash Iu80d Invprovlded by op•ralloM 22.123 100745 130920 1.755,$51 Anaty•l8 of chang08 In not lund• At 1M123 C••h flow Al J111212J Not ca•h Cash al bank 974,613 1.786.61 2.761,229 Totsl 974,613 l.IlJb.bl11 2.1ti1.229 The notes fum partof these finantsal statements 19 PORTLAND Notss to the FI￿￿1¥1 Statemtiiis for t￿ yearW￿d 31 Dxemb•r 2023 AcGounting Basis ol propafing tho fiTrarKlal statemonts The financial 5taknents of the chantsbk company. whK* is 8 put1￿ ber*fil ents.ty under FRS 102. h3ve been prepared in accordarte with the Chantes SORP {FRS 102}'Attounting and Reporting by Charllie8 Statement of Recommended practi￿ 8pplicabk to chanbe5 preparing Iheir acrounts In accordan* with the Financwl Reporting Standard applicabl8 In Ihe UK and Republ￿ ofirdaTrJ IFRS 1Q21 lelfecbwe 1 January 20191., Financial Raporting Stsndard 102'The Financial ReFxirbng Standard appl￿41* in the UK and Republic of Ireland. and ts Companies Act 2W6. The finanual statements have been prepared underthe histonc81 cost wnvenbon. with the exception ef Investments which ar& Included at vah*. Tht Financ￿1 Slatsn*nLS at• ￿8p￿t*d ¥1 Sttsrh'ng. wh*h * th• fvrttional ￿j￿0￿¢Y Qft￿ tharity. Monetsry amounts In these financwl 51atemeDts are rnunded to th8 Dearest £1. Golng conc•m The accounts are pr8par8d on lh8 b881% thai ts Chwty has adequate resour￿ lo contmua to ￿rat8. The Trus￿$ have reviewèd and tfjn&d&fed the relevant infomiabon. induding ihe budg&i and futur& cash flows in making Iheir a$se$Thni. Based ¢n IhF50 ¥$$05smen¢s tho Tru$w ha￿ cort¢￿￿¢￿ thai they Can tt)ntin￿ 1¢ •dopi Ihtr g¢ing ¢4nMrn b•tyi in pr¢p•iing th• •nrw•l r¢port •nd •¢¢ounts. crftlcal accountIn91￿198ffl?lts and sources of ostlmatlon uncertolnty E$iimaie$ ond judgements #re ¢¢ntinualty evalua￿¢ ¥rKY ère based on hi$ion¢4 experknn¢¢$ •nd r••son•bl¢ expectations of lulure events. Revisth)$ 10 aC￿n11n9 estimates wnisad In the at£ouniin9 Pariod in which e rev*ion Is mad8. The Poruand Trusl has a pol8ntsaloblgab.on lo rel1￿￿tr ts London olfices to th• orlginal layout. Th Truste88 do not believe th•1 $ *gnffi¢•nl li4)ilty for thi$ •x*ts al the y••rènd. Income All income is r•¢09fiis•d in th• St•i•m•nt of Fin•n¢i•l *11￿￿$ 0n¢• th• ¢h•rity tt•s •nfrY•m•nt t¢ ITh• fvn¢$, it li prebable that the Income will be rncwved and the amount c4n be measur•J reliabty. Don81ions and le9aoes.' Vdunlary Incor￿ receNEd by way olgrants. ¢Jonations and gifts is included in the Stslem•nl ol Financial AGbMty when i•c•wabl• and when the Charty hu unconditswal onlilknmonl to th• Incom8. Invgstrnent Incomg Inve51menl In￿e is ¥crounled for in Ihe peri(xl tho1 the Ch•rity i5enblkd lo rEceipt. Expendlturo Rècognition ol expenditure Expenditu￿ Is tecognisÈd an atuuals basis. EXpendrtU￿ IndudÈ$ any VATwhich cannot be fulty reo)vered, and is reported a$ part ofthe ex￿ndIture to it relates. ExpÈndlturè ¢)n charitablÈ acttvlliès These CDmpn8e the c(tsts Incurred by the Chaity in the deth¥ery of chantabk acti￿￿e$ service& in furtheranc8 of its objects. irtkn11ry the making ofgrants and governance cosi8. Otherexpendrture Trse are support cosis not alk£8tsd lo 8 p8rtrul8r acti*ity. T8nglble fixed assets Depracialion Is provided al the folhxing annual rates in order ¢owrit8 off each asset 0￿r rts eslimatsd usefvl life. Impro¥em8nts to proFerty Fixture5 8nd fittings Computer equipment - 20% stralqhl cost - 20% on reduung baL4n - 20% on reduon9 baL8n Taxatlon The charty exempt fr(xn corporabon tyx on ts thartsble acthes. 20 PORTLAND AcEountlng wAlcle5. conllnupd Fund aGGounting Unrestrthd funds. These are av81abl8lor use atthe d￿et￿n oflh8 trustees in fvrth8rsr￿ ofthegeneral cbiects ofthe chanty. Restrrtted lunds. Th6s8 ar8 a¥aiL8bk for usa sw to restrid*)ns iftwed by the dotK*r or through tarms of an appeal. For•lgn cuft•ncl Monatary assets and h'atslib&S denominated in currènc*s ether than the functlot)81 Currency of Ihe charfty ara translated 81 tha rates ol exchange prev8iling 81 b)8end of the reporting ￿n0d. Transac¢ionB in GurrenrJ06 othjr than the fvnGfyDnal ujrrory ofth& tharity arv reconlod at the rato of oxGhango on th¢ dat¢ Ihot lh¢ tr•nsa¢bon All exchange drfferences a￿ t8k8n mlo xcwnl in amwng al net ¥￿elexpen(ltsJre. Hlro purcha•8 atyj leaslng ¢ommiimoni8 Rtrnta￿ paid undtr operating leases are th•rwJ ￿ th¢ swgmoni of Fin4￿1 A¢tivrt*$ on 4 $traighl lin* ba$1$ over ihe ￿n0d ol the lease. Oper81ing k85e payments are reccgnised as an e¥pen58 m a Stra¥ht41￿ bask8 over the k85e tarrn. In tha event that loas• Incenbws are recewl lo enlw Into cporalin9 kn5es. Euch inc•nliv•s aro rowqnisod as a IrJbility. Ttt 099raga￿ bonofft of in¢¢ntyvo$ is wni$4d a$ 4 r¢dy¢bon rf rgntsi 0X￿n$? on • $traigh14itw b•$b. Penslon costs and othw po•t4etlrnment benefit• The charit￿￿ ttjmpany operates a defined tontriExJtitin Pe￿￿)n s¢hom*. ¢￿trI￿￿￿)n$ p8yAbl& 19 charitob ¢ompany'$ wntyon $¢hem• •rt ¢h¥ryd s￿1*￿￿nI ￿ Finar￿* A¢ti¥rf*S in tho period 19 whi¢h they rekgto. The charity contnbute$ to 8 defined contnbubon penitiin scheme undor the automatk enrcknent règlmè. Conlribulions 8re ch8rged to the Sl8temenl olFin8nu81 Athil*s In ihe penod in which they relate. Flnanclal Instrum8nt8 The chanl8ts￿ company has finawal 8588is and lab"11ts8s off a knnd thalqualfy as basic financial iTrslrum8nts. which are Inrtialty recognised at tyansactson and subsequanty maasured ai their s?Wern8nl Value. These in¢lude d•btors. bonk •nd ush b•l•rb¢ts •nd u*thiors. Trade and other dobtorl Trade and olherdeblLK53rp rwnisod81 th•s•ttknn8nlamountdw afterany Iradediso)unl offernd. Propaym•nls re valued at Ihe amwnl prepa*J not of tr•J•discoun15 ¢Jue. Cash and cash equS¥alents Cash and cash equivalents crmptse al bank and on hand. demaThY deposits bank$ and other short-te highly INuid In¥estrnent5 wilh oryji￿l MatUr￿8S of thre8 rnOn￿ orless and bwk o¥erdrafts. Trade and other uedltors Short lenm creditors arn ma¥ur8d 81 Ihe transactim price. Oth8rcreditor8 andp￿s￿n5 are r8cogni8ed where the clarity has a present oblyaD"on re5uknng Ircfft a pa51eveni Ihal will probabty re5uII in Ihe tr8n5ferof funds lo a third paty and the arnount due to selde Ihp oblualion can be measuTed or e5tirnated reliab￿. Creditors and prov15ions are notrnalty recrynis&l at thwselUetneniarrK)Unt aftef alkMrvJ fDTally tr*le dts￿)Unts duE. There are no key judgments. 21 PORTLAND Donatlons and leyacles 2023 2022 Donations 5.357.818 2,624.812 Inv88tm•nt Inc(th 2023 2022 Inve5knents Dop05rt account inteTrst 32.11 32,1C Charltat48 8ctl¥ttlo• co•ts Support 05ts 1¥09 not8 51 DirKt Costs Total8 Project eX￿nditure Support cosl 2.770.120 2,770.120 731.450 731,450 2.770.120 731,450 3,501.570 Support Admlnl•tratlv• costs Govornpnc• co•ts Total8 Support cost 712.049 19,401 731.4SO 712.049 19,401 731.450 N•1 Incom￿1&XPendIitsMI Net inccm8116xpendthrel 18 s¢aled after charyJintylcr*Jth"rvJl'. 2023 2022 Audilots remuneration- Cur￿lt year Depreciat￿rn- owned assets Other operaiing leases 8.DOD 5.165 234,250 8,￿0 11.352 254,801 PORTLAND Tru*ts•*' r•mun•ration and b•n•fft* There were no Tmsteas. reM￿r￿ratyJn or Olher benth for1￿ ￿ar ￿ded 31 Decembar 2023 norfor Iha year ended 31 Decemter2022. Tru8t8•ib' •xpoMè The PorU8nd Trtk8t P8ys forTn￿ts8 iThJemnity InwrnrKe. Travel 8NpeThJibJr8 tot81irrfJ £8.35712022.. £3.4821 was pa￿ on behaw of Trustee5' dunng the Itar. Stsff co¥ts 2023 2022 Wages and salar￿5 SoGial seGurty Gos16 0th8r pansKsn costs 774.673 129.531 4.6BO 661,824 193.057 4,566 908,884 859.247 The tot•1 •mploye• b•n•frfS indudiffj pensi￿ ¢4ntrbub)ns •nd •npby•r•' n•iiM•l insur¥￿ ofth¢ koy managernent P8rsonr*l £445.19J12022.. £167.2S61. The averwe monthty number of empknyees thJring ye8rwaB a5 fc•JwB' 2023 2022 VK l8r8 P8knslin• The number of8mploye88 whose emF40>*e benefits lexduding empbyer F4n8ion co8t81 exceeded £60,000 was.. 2023 2022 tg0.001-É1W.OWI t100.0014110.0C £110.001-£120,OC (knr £120,( Comparafl¥08 for the 8tstomont offfin•ncknl •¢￿¥0￿8 UnrnBlrict•d funds R•stricted luTrd8 Tolal fun Income and •ndo¥ATr•nts Irom Donations and kgaoes 964.1 1.660.622 2.624,812 Inve5trnent incow Totsl 195 1,660,822 2.624,817 Exp8ndfjture on charftsble a¢fjvltOe8 Project Èxpendilu Support cost 1.410.914 519.161 1,770.746 3,181,660 519.161 23 PORTLAND Comparatives for ststerngntof financi41 &*ivilies- tonlinuEd Restricted Funds Restrlcted lunds Ti)tsl fvnits TOTAL 1.930.075 1.770.746 3,700,821 NET INCOMEIIEXPENDITUREI 1965.8801 11.076.004) Reconcllfjatlon of Toial lunds bmughtf¢rward 1.559.895 254,850 1.814.745 Total lund8 eath8d loMard $94.015 144,726 738.741 10. Tanglblo Ilx•d aMot* Improvernents to proyrty Flxtures and IlttlngA Cornputor •4ulpmèNt Totals Al 1 J8nuary X)23 Addili¢n$ 35.409 4S.1¥2 51.718 132.319 873 470 1.143 DIspos8Ly 12,8071 12,8071 Al 31 D•c•mbor 2023 45.865 49.581 130855 Dopreclatlon Al 1 January 2023 Charp foryear Di$p¢sa 35.￿￿￿ 41.218 47.399 124.024 2.374 2.791 5.165 12.6071 12,6071 At 31 December 2023 126582 N8t book value As al 31 Oecw)ber 2023 2.275 1,998 4.273 As 8131 December 2022 3.978 4.319 8.295 24 PORTLAND 11. Fixed gsaetinvulmorrt¥ Un118tsd investrnents C08t Al 1 January 2023 and 31 DeC￿ter 2023 Nèt book valuo Al 31 Decembèr 2023 At 31 Decethb¢r 2022 There wort no in¥estrr*nl tho UK During 2007 The Poffjan¢J Trust was offered tho wportunrty to acquire 8 PriV8te equty p8thership In Apay Europe Vll founder LP at8 C05t of6 Eur05. Any dislribution5 from Ihis inve51ment are depen(lent on the perforni8ntr oflhe Apax Europe Vll Fund over lime. Tr Iwning and quantificat￿n of any futu￿ d￿tribUt￿n5 cannot reliably be deiemined by tho Trustses fftvestrmni Is Ihwtfortr ha￿ ot t4Sl In tha balancè sh881 at 31 Dècèmb8r 2023 •nd 31 Dec0mb0r 2022. The Trust dxl not wive a in tho ¢uffoni or provioy$ year from Apax Europ8 Vll Foundei LP. Addbknon￿ distsi￿t￿S may rec8ib*d ￿ the lutsme. There a￿ no eommrtmants or Iiabilibe8 8580Ckgled wilh thi5 invesfvnL During 2013 The Poruand Tmsl Inve518d NISI In purthasiry 11.10 of lh8 strares ol Sooal Finance Israd, a public benefit ￿MportY. TIKI v¥K* tyfthis in%*sknefii * £fiil as no fufvr• m¢rt•¢•ry b¢n¢fil wiu bo re¢*iv¢d. 12. Dgbtor¥ 2023 2022 ArnounlB falh'ng du• wlhn ye¥. ¢Jherdeblors Pr8payment8 and ac£nxd IrKomo 66.924 32.465 10.802 36.424 knounts tslling due after more Ihan on year." Oth•r ¢Jebto 25.OQ) 72,146 Aggregate ￿0￿nIS 124.389 119,372 13. Cr•ditor¥'. arnoynts tslling wilhin ong ygar 2023 2022 Social secunty and otheriaxes Other creditors Awuals aThl deferred inc(xr 34.238 60.325 168.238 37,012 49,696 276,836 262.801 383,544 25 PORTLAND 14. Analy$i$ of assèts bÈt*n funds 2023 T¢)tal funds 2022 Total funds Rtstwfjcted fund5 lunds Fixed assets Investrnents Current assets Currant liab￿11￿¥$ 4.273 4,2n 8,295 1.428.671 1262 ￿1) 1,456.947 2,885.618 1262,8011 1,093,985 1383,$441 1 170 148 2 627 095 738 741 PORTLAND 15. Movefflent in fvnds Net movement in fvnd• At 31112123 At 111123 Ut)rostrictsd fiJnd8 Un￿S1￿cle￿ fund5 594.015 576,133 1.170.148 Re8tvlct•d fund8 Restrthd funds 144.7 1.312,221 1.456.947 TOTAL FUNDS 738.741 1.886,354 2.627.095 Net movemnl in fvnds. inchJd8d in fv abw8 are a5 fr1￿5." Incoming resourGO Resourc88 •xpBnthd Movomont In fund* Unro¥trlct•d fvnd¥ Unréslncied fund$ 2.408.137 11.910.C#)41 57e,133 R88trtctsd fund8 Restricted fund5 2.903.787 11.591,5661 1.312,221 TOTAL FUNDS S.￿.924 13.501.5701 1.888,354 Comp•ratl¥o8 lormovoment In furb N•t At 31n2122 At 111122 In fund Unro¥trfct•d fvnds UnrÈsinctÈd funds 1.559.895 1985,8801 594.015 Re8trtct•d funds R•$trKtsd fund$ 2Y.850 1110.124 144.726 TOTAL FUNDS 1.814.745 11.076.004) 738.741 C￿pera1￿e nel nwment in fvnds. inthded in Ihe above ¥rB 85 foll￿. Incoming ources ROSOU￿8$ expended Movement In funds UnrnstriclBd fund¥ Unr8strKted lund8 .195 11,930.0751 1965,8801 Restritted lund$ R88lri¢led lunds 1.660.622 11,770.7461 1110,1241 TOTAL FUNDS 2.624.817 13,700.8211 11.076,0041 27 PORTLAND 18. Related party dlsclosure5 Dunng the y6ar. Th8 PO￿and Trntsi f8c*w*J a donation of Enil 12022." E250.OCQI from The R and S Cohen Foundation. a charity of whKh Sir R Cthen ￿ a150 a Tr￿tee. Sir R Cohen rnade futher doThation5 totaling £1.3S4.05012022" $275,￿01- Dunng y&ar, The PO￿and Tmsi receNed a k)an 01£35Q OCKI12022. £nil) Ircm ￿ R Cohèn. who 18 a Truslae of the chanty. The ban was interesl free arKI wa5 repaid In ftjll during the year. The HeathS￿e CharitaNe Trus( ofwhith SirH Sohynon a Trustee donated £62.50012022". £50.(KIOI to The Porband T￿l The Davi$ Foundation, olwhic* Sir M D8vYa tho 8 TnJsl8e donat•J E120,CO)12022'. £Nill. Sir M Davy8 mad8 a rther donation of £SO.01￿￿2022 £nll. The Portlan¢J Trust recei%*d dona￿n5 of £397.272 INIS 1.835.COJI frorn Yad Har￿di¥ 12022.. £367,285 INIS 1.344,CM)011 ofwhich Slr R co￿￿ w&¥ a Trus1•• In the pernd. The Po￿ar￿1 Trust racei¥ed donat￿￿$ 01 £161.827 Th8 Ainw611 Chantat4è Tfu8112022.. É164.0511 of whKh Stewn Kaye a TDJst8e. In 2023. lh& Charity paid £7.88012022 £7.8601 to Porfand Placé Capital forbookkeÈping and IT $upport. In 2023, 8xpendilure of t13,24412022.. £12,868) was pati1 wa ￿chary￿ 10 PorU8nd PL8C8 Capital. Includ8d ID this amount was £5.384 12022. £5.0081 relati￿ te pn¥a￿ h8allhc4r6. Thts 8xpendilur8 was charged al cost and off8red an opportunw to achievè costsavin95 Othe￿￿￿e ava18ts￿. &rR Cohen * a ahareholJer ot Pordand Plac8 Capital Lld. Slr R Coh¢n 1$ Chair of So¢K81 Finon¢¢ l$rn¢l 01 whKh Th¢ Porfantj T1￿1 and Mrs N Gotybo￿ are founding &har8hold8rs. In 2023 The Pothnd Trnii made a donabon ot Snil12022 $500.oryJ) lo SFI. The Porfiand Trust has a 30% interesi in an Isradi cclnpany Cal￿ Norfhmed Innoval￿n Centsr Limiied, There are o dIreC￿ts of tné Company who iepresent lh6 Inierests of the Poriland TrusL Thè company commencad trading during th? year bui dK1 rnl rnake a profit In Ihe pen¢>J endir¥J 31 DeCem￿r2D23. 17. uitlmato Controlllng paty The rximp8ny 15 Iimrted by guarante8 and ha8 N) share capital. thuB K*fin* paty Contro￿ the company. 28