2021-12-31-accounts

THE PERMIRA FOUNDATION

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

COMPANY REGISTRATION NUMBER: 10877948

CHARITY NUMBER: 1175061

THE PERMIRA FOUNDATION

CONTENTS

	Pages
Reference and Administrative Information	1
Trustees' Annual Report	2 - 8
Independent Auditor's Report	9 - 12
Statement of Financial Activities	13
Statement of Financial Position	14
Statement of Cash Flows	15
Notes to the Financial Statements	16 - 20
Appendix A	21 - 23

THE PERMIRA FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

Company number: 10877948 - incorporated in the United Kingdom

Charity number: 1175061 - registered in England & Wales

Trustees

Trustees, who are also Directors under company law, who served during the year and up to the date of this report were as follows:

Adinah Ruth Shackleton-Ross Bruce Embley Caroline Elizabeth Carr (Resigned 25 April 2022) Olivia Sarah Biggs Paul Richard Armstrong (Chairman) Peter Gerard Flynn (Resigned 9 March 2022) Alistair Boyle (Appointed 9 March 2022) David Alan Kovara

(Resigned 9 March 2022) (Appointed 9 March 2022) (Appointed 15 June 2022)

Secretary

Peter Gerard Flynn (Resigned 9 March 2022)

Registered office and operational address

Permira Advisers LLP 80 Pall Mall London United Kingdom SW1Y 5ES

Bankers

RBS 250 Bishopsgate London EC2M 4AA

RBS International Royal Bank Place 1 Glategny Esplanade St Peter Port Guernsey GY1 4BQ

Solicitor

Russell-Cooke LLP 8 Bedford Row London WC1R 4BX

Auditor

Sayer Vincent LLP Invicta House 108-114 Golden Lane London EC1Y 0TL

1

THE PERMIRA FOUNDATION Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees of The Permira Foundation (the " Charity "), present their Annual Report and Financial Statements (the " Financial Statements ") on the affairs of the Charity for the year ended 31 December 2021. The Trustees confirm that the financial statements of the Charity complies with the current statutory requirements, the requirements of the Charity's governing document and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is a Charitable Company limited by guarantee, incorporated on 21 July 2017 (Company Registration Number: 10877948) and registered as a charity on 10 October 2017 (Registered Number: 1175061). It was established under a Memorandum of Association which established the objects and powers of the Charity and is governed under its Articles of Association.

Trustees

The Directors of the Charity are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees listed on page 1 served throughout the year unless otherwise stated. The Trustees wish to express their gratitude for the significant contributions made to the Foundation by Caroline Carr and Peter Flynn, both of whom resigned from the Board after the year end.

The Trustees meet regularly to approve new grants and donations as well as to ensure that previously granted funds have been spent appropriately.

Appointment of Trustees is governed by the articles of association of the Charity. The Board of Trustees is authorised to appoint new Trustees. All Trustees have equal voting rights, they do not own shares and have no beneficial interest in the underlying income or assets of the Charity.

In 2021, induction and training for Trustees was provided through both one-to-one and group sessions with The Foundation Investment Committee, briefings at board meetings and mentoring, as required. Trustees are invited to attend Investment Committee meetings. This allows Trustees to gain a greater operational perspective while increasing their visibility within the wider Foundation Team.

Related Parties

As at 31 December 2021 Paul Richard Armstrong was listed as a Trustee of the Charity and Social Business Trust, a charity which received a charitable donation of €233,999 during the year (2020: €383,288). Paul Richard Armstrong was also a Trustee of the Dr. Martens Foundation, a charity which received a charitable donation of €46,796 during the year (2020: €0). Caroline Elizabeth Carr was also listed as a Trustee of the Charity and Teach First, a charity which received no charitable donation during the current year (2020: €112,451). Conflicted Trustees take no part in decisions in respect of the selection of relevant charities or the award of grants to such charities.

2

THE PERMIRA FOUNDATION

Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and Activities

The Charity is primarily funded from contributions from Permira Partners¹, employees, alumni and other Permira related parties. The Charity does not currently seek donations from the general public.

The Charity's objectives are:

• Advance education of young people;

• Prevent and relieve poverty;

• Advance and preserve good health, and prevent and relieve sickness;

• ● Promote social inclusion by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society; and

• Relieve those in need by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances.

The Charity achieves its objectives through making grants to charitable organisations and social enterprises which work in the above areas. The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and grant-making policy. Charity Trustees state they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.

Grant making policy

The Charity's Trustees review grant applications received from all charities which meet these criteria and grants are awarded on the basis of the Trustees' evaluation of: the charity's effectiveness in achieving its aims, the number of beneficiaries reached, the sustainability of the charity's programmes, the strength and stability of its management team and internal processes, and the long-term public benefits that would flow from the deployment of a grant from the Charity.

Grants during the period

Social Business Trust - Total granted €233,999

Social Business Trusts' ( “SBT” ) mission is to support high growth potential social enterprises to scale-up their impact. This is achieved by investing cash grants and professional support from corporate partners in a carefully selected portfolio of social enterprises.

Since 2010 SBT has positively impacted the lives of over 2.4 million people, providing over £20 million worth of cash and in-kind assistance, including 40,000 hours of high-quality business support.

1 "Partner" is a term used to describe an employee or Partner within the Permira Group who has attained a certain level of seniority but does not imply carrying on a business as a partnership.

3

THE PERMIRA FOUNDATION Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Grants during the period (continued)

Permira Relief Fund

As a joint initiative established between Permira Partners and The Permira Foundation in 2020, the Permira Relief Fund (the "Relief Fund") was established to allow for responsive support to organisations providing emergency assistance to many different people in our communities affected by the fallout from the pandemic.

In 2021, the Permira Relief Fund disbursed €3.0 million to 64 charities (see Appendix A) working across diverse challenges – from medical care, education and homelessness; to food poverty, vulnerable children and domestic abuse. Almost all grants have supported Covid-19 response and resilience among charities and social enterprises impacted by the pandemic.

Through the deployment of these grants the Charity and the Permira offices have continued to build strong partnerships with the relevant charities and social enterprises. In many cases, the Charity was able to amplify the impact of the financial grants by providing pro-bono and volunteer hours to further support their work. The Charity has maintained communication with the charities to understand the impact the donations have had and look forward to an on-going relationship and continued partnership with many of them.

FINANCIAL REVIEW

The Charity's principal source of funding during the year was from the Partners of Permira. The Charity does not currently seek donations from the general public.

The Charity made commitments of €3,281,819 during the year (note 3), of which €0 was payable at the year end.

These financial statements reflect the impact of the Permira Relief Fund which was raised to deploy grants to charities which were significantly impacted by Covid-19. Of the total income recognised, €3,325,319 relates to one-off receipts in relation to the Relief Fund. Total grants from the Permira Relief Fund were €3,047,820 during the year. The remaining donations received and paid, were made in the normal course of the Charity’s activities.

Reserves policy and going concern

The Trustees have reviewed the reserves policy and have adopted a risk-based approach to reserves. The Charity's policy is to hold a level of unrestricted free reserves so that it can:

• Manage risk, principally to continuing to support beneficiary charities, should income levels fall;

• Manage working capital;

• Invest in new activities and develop new initiatives; and

• Respond to unplanned events.

The Charity's target for unrestricted free reserves is €100k to €200k the higher end of the range included costs for the unlikely event that the organisation was required to close. The actual level as of 31 December 2021 is €524,961 (31 December 2020: (€67,469)).

The Charity’s accounting policy described within these financial statements notes that partner donations are recognised as income on a cash received basis, and therefore donations called, but not received, cannot be accrued for as there is no legal obligation for the calls to be paid.

4

THE PERMIRA FOUNDATION

Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Reserves policy and going concern (continued)

As of 31 December 2021, after taking into account the above, any identified risks, and the allocated funds available, the Trustees are comfortable that the unrestricted free reserves are in line with expectations. The Permira Group have made a commitment to fund the Charity with a donation of €5m with such amount to be drawn as required by the Charity during 2022. Following the development of the Ukraine conflict and in recognition of the Charity's response, a further €2.5m was committed in April 2022.

For the same reasons, the Trustees are also comfortable that it is appropriate for the financial statements to be prepared on the going concern basis.

As at 31 December 2021, the Charity has no committed grants to be paid in 2022. Charitable commitments are entered into based on expected funding receipts and actual cash awards will only be made when sufficient cash is available.

Risk Management

The Trustees meet on a regular basis to consider risks facing the Charity. The Trustees ensure that for each risk identified:

• Mitigation procedures are developed;

• Responsibilities for implementation and review are assigned; and

• The status is monitored on a regular and timely basis.

The Charity has sufficient expendable funds to meet its foreseeable commitments and the risks associated with governance issues are considered to be low.

The Trustees do not award grants before they have the certainty of cash resources available to them.

As part of our approach to governance, the Trustees ensure that a monitoring and regular reporting structure is put in place for all major grants awarded.

The Trustees consider risks to the business regularly and the board reviews the risk register at least annually. Consistent with our scale and obligations, our aim is to mitigate risk whilst remaining an agile, entrepreneurial, mission and values based organisation. Since inception to 31 December 2021 there were three main areas of work carried out to manage risks to the organisation:

Embedding the mission, vision and behaviour sets

A communications programme was launched across Permira as our principal funder and provider of employee engagement as well as the broader Permira Foundation working group to embed our mission, vision and behaviour sets to help drive mission alignment and high performance. The programme was successful and there has been a marked increase in both the engagement with the Charity and the charities it supports and the level of understanding of the Charity's mission – reflected in the number of charities supported and the time spent by Permira employees on Charity related matters.

5

THE PERMIRA FOUNDATION Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Reserve policy and going concern (continued)

Building a robust governance structure

Following incorporation, the Charity has sought to improve its existing governance structures to reflect the increasingly global reach of its operations. Each grant is now supported by a clear agreement with the beneficiary charity as to the purpose of the funding and in some cases performance criteria that need to be met for ongoing funding. The Charity from time to time provides Permira employees engaged on Permira Foundation matters with one to one training to ensure that good governance and risk procedures are embedded.

Protecting the organisation's reputation

Given that the Charity receives principally all of its funding from Permira partners, employees, alumni or other Permira related parties, it is key that the Charity does not do anything to adversely impact the reputation of Permira or its portfolio companies. The Trustees remain focused to ensure that the Charity's operations by a combination of strong diligence, high levels of engagement, good governance policies and Trustee vigilance mitigate this risk. Equally the Charity is independent from Permira and is careful not to have any of its activities associated with supporting Permira or its portfolio companies’ commercial activities – which could adversely impact the charitable status of the Charity.

FUNDRAISING

The Charity relies almost entirely on the support of Permira Partners, employees and alumni for its funding. No external funding is actively sought nor are any professional fundraisers used. There is a high level of visibility on funding in any given year.

FUTURE DEVELOPMENTS

In January 2022 the Charity welcomed Olivia Reeves as its first dedicated part-time resource, with further parttime support joining later in 2022. During the year ahead, Olivia will be focused on the next phase of the Charity’s development whilst also continuing to guide the Charity in its support of charities and social enterprises in line with the Charity’s objectives. Building on our successes to date the Charity will also continue to provide non-cash professional support to the portfolio of charities, reflecting the profound engagement with Permira’s partners and employees in the work of the Charity and the underlying portfolio. Given the significant and positive impact that this support is having, and the underlying enthusiasm of Permira partners and employees to continuing this support, the Charity is focused on increasing this form of giving. Accordingly the Charity looks forward in 2022 to developing our impact measurement, and to developing the Foundation Strategy for 2023-2027. The Charity anticipates the fallout from the Covid-19 pandemic will continue to affect the operating models and growth trajectory of the charities in 2022, but that this will slowly reduce over time. The focus of the Foundation grants in 2022 will be to fund partnerships with charities strategically aligned with the Charity's thematic priorities, with flexibility as needed for responding to new crises which directly affect the Charity's communities (such as the Ukraine conflict).

6

THE PERMIRA FOUNDATION Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees, (who are also Directors of The Permira Foundation for the purposes of Company law) are responsible for preparing the Trustees' Annual Report and the Financial Statements (the '' financial statements '') in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• There is no relevant audit information of which the charitable company's auditor is unaware;

• The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

7

THE PERMIRA FOUNDATION Company Registration Number: 10877948

TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

AUDITOR

The auditor, Sayer Vincent LLP, has indicated its willingness to continue in office. The Trustees will propose a motion to re-appoint the auditor at a meeting of the Trustees.

This report was approved by the Trustees on 20th September 2022 and signed on their behalf by:

Paul Armstrong Trustee

8

THE PERMIRA FOUNDATION Company Registration Number: 10877948

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION

Opinion

We have audited the Financial Statements of The Permira Foundation (the ‘charitable company’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 2021 and

• of its incoming resources and application of resources, including its income and expenditure for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

• ● Practice

• Have been prepared in accordance with the requirements of the Companies Act 2006

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the Financial Statements section of our report. 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.

Conclusions relating to going concern

In auditing the Financial Statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation's ability to continue as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

9

THE PERMIRA FOUNDATION

Company Registration Number: 10877948

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Trustees’ annual report other than the Financial Statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our 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 course of 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 this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters 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’ annual report for the financial year for which the Financial

• ● Statements are prepared is consistent with the Financial Statements; and

• The Trustees’ annual report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• Adequate accounting records have not been kept, or returns adequate for our audit have not been

• ● received from branches not visited by us; or

• The Financial Statements are not in agreement with the accounting records and returns; or

• Certain disclosures of Trustees’ remuneration specified by law are not made; or

• We have not received all the information and explanations we require for our audit; or The directors were not entitled to prepare the Financial Statements in accordance with the small

• ● companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ annual report and from the requirement to prepare a strategic report.

10

THE PERMIRA FOUNDATION

Company Registration Number: 10877948

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION (CONTINUED)

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ annual report, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the Financial Statements and for being satisfied that they 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We enquired of management and the board of Trustees, which included obtaining and reviewing

• ● supporting documentation, concerning the Foundation’s policies and procedures relating to:

  • Identifying, evaluating, and complying with laws and regulations and whether they were

  • ● aware of any instances of non-compliance;

  • Detecting and responding to the risks of fraud and whether they have knowledge of any

  • ● actual, suspected, or alleged fraud;

  • The internal controls established to mitigate risks related to fraud or non-compliance with

  • ● laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the Foundation operates in, focusing on those laws and regulations that had a material effect on the Financial Statements or that

• had a fundamental effect on the operations of the Foundation from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to

• ● any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

11

THE PERMIRA FOUNDATION Company Registration Number: 10877948

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION (CONTINUED) Capability of the audit in detecting irregularities (continued)

• We reviewed the financial statement disclosures and tested these to supporting documentation to

• ● assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may

• ● indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in

• ● making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

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 instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 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 other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior Statutory Auditor) 26 September 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

12

THE PERMIRA FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note Income from: Donations - General Donations - Permira Relief Fund Total Expenditure on: Charitable activities - General 3 Charitable activities - Permira Relief Fund 3 Total Foreign exchange gains / (losses) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward Net income / (expenditure) before other recognised gains and losses	Year to 31 December 2021 Total funds € 652,967 3,325,319 3,978,286 (344,251) (3,047,820) (3,392,071) 586,215 6,215 592,430 (67,469) 524,961	Year to 31 December 2020 Total funds € 249,086 6,695,264 6,944,350 (710,963) (6,725,006) (7,435,969) (491,619) (41,109) (532,728) 465,259 (67,469)

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure has arisen from continuing activities.

All income and expenditure is unrestricted.

The notes on pages 16 to 20 form an integral part of these audited financial statements.

13

THE PERMIRA FOUNDATION

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

Notes Current Assets Debtors 7 Cash and cash equivalents Creditors Amounts falling due within one year 8 Net assets / (liabilities) Funds Unrestricted funds Total Funds	2021 Total funds € 450,149 131,102 (56,290) 524,961 524,961 524,961	2020 Total funds € 74,253 386,416 (528,138) (67,469) (67,469) (67,469)

The Trustees have prepared these financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the financial statements required by the Companies Act 2006 which are for circulation to the Trustees of the Charity.

The audited financial statements were authorised for issue by the Trustees on 20th September 2022 and were signed on their behalf by:

Alistair Boyle Trustee Company registered number: 10877948

The notes on pages 16 to 20 form an integral part of these audited financial statements.

14

THE PERMIRA FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Net cash provided by / (used in) operating activities Result for the year Working capital adjustments (Decrease) / increase in debtors (Decrease) / increase in creditors Net cash used in operating activities Movement in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	Year to 31 December 2021 € 592,430 (375,896) (471,848) (255,314) (255,314) 386,416 131,102	Year to 31 December 2020 € (532,728) 7,733 509,772 (15,223) (15,223) 401,639 386,416

The notes on pages 16 to 20 form an integral part of these audited financial statements.

15

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

The Permira Foundation ('' the Charity '') is a charitable company limited by guarantee and is incorporated in England and Wales. The address of its registered office is Permira Advisers LLP, 80 Pall Mall, London, United Kingdom, SW1Y 5ES.

The principal activity of the Charity is to act as a charitable foundation focused on the advancement of support and funding to other charities and charitable purposes.

2. Basis of preparation

The audited Annual Report and Financial Statements of the Charity (the '' financial statements '') have been prepared on a going concern basis and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland ('' FRS 102 '') and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

(a) Public benefit entity

The Charity meets the definition of a public benefit entity under FRS 102.

(b) Going concern

The Trustees believe that preparing the financial statements on a going concern basis is appropriate due to the current financial position of the Charity at the period end, as discussed in the Trustees' Annual Report.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

(c) Foreign currency

The Charity's functional currency is considered to be Euros ('' EUR ''). EUR is considered to be the currency that most accurately reflects the primary economic environment in which the Charity operates.

Monetary assets and liabilities denominated in currencies other than EUR are translated at the rates prevailing at the date of the transaction and then converted to the prevailing rate at the Statement of Financial Position date.

16

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

2. Basis of preparation (continued)

(d) Income recognition policies

• Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition is met.

(e) Fund accounting

• Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are restricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity's work.

(f) Expenditure and irrecoverable VAT

• Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• Expenditure on charitable activities includes the costs of charitable grants made, in addition to any support and governance costs incurred to further the purposes of the Charity.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(g) Grants payable

Grants payable are made to third parties in furtherance of the Charity's objects. Single or multiyear grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

(h) Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(i) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

17

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

2. Basis of preparation (continued)

(j) Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. Total expenditure

Charitable grants Social Business Trust Minds Matter Run Hong Kong Support and governance Administrative fees Audit fees Legal fees Bank charges Interest expense New York Opportunity Network Permira Relief Fund (See Appendix A)	Charitable grant expenditure € 233,999 - - - 3,047,820 - - - - - 3,281,819	Support and governance expenditure € - - - - - 93,155 12,940 - 2,989 1,168 110,252	Year to 31 December 2021 € 233,999 - - - 3,047,820 93,155 12,940 - 2,989 1,168 3,392,071	Year to 31 December 2020 € 383,288 55,063 22,476 55,323 6,725,006 159,867 13,681 15,953 5,312 - 7,435,969

18

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

4. Net expenditure for the year

Auditor's remuneration (excluding VAT) Foreign exchange (gains)/losses	Year to 31 December 2021 € 10,784 (6,215) 4,569	Year to 31 December 2020 € 11,401 41,109 52,510

Total audit fees payable to Sayer Vincent LLP for the year ended 31 December 2021 amounted to €10,784 excluding VAT (31 December 2020: €11,401).

5. Related party transactions

As at 31 December 2021 Paul Richard Armstrong was listed as a Trustee of the Charity and Social Business Trust, a charity which received a charitable donation of €233,999 during the year (2020: €383,288). Paul Richard Armstrong was also a Trustee of the Dr. Martens Foundation, a charity which received a charitable donation of €46,796 during the year (2020: €0). Caroline Elizabeth Carr was also listed as a Trustee of the Charity and Teach First, a charity which received no charitable donation during the current year (2020: €112,451). Conflicted Trustees take no part in decisions to award grants.

6. Taxation

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

7. Debtors

Amounts owed - Gift Aid Other debtors	31 December 2021 € 425,149 25,000 450,149	31 December 2020 € 74,253 - 74,253

The Gift Aid amount was settled on 8 July 2022.

8. Creditors

Trade creditors Accruals Accrued donations	31 December 2021 € 44,290 12,000 - 56,290	31 December 2020 € 30,675 36,597 460,866 528,138

19

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

9. Analysis of staff costs, trustee remuneration and expenses.

The Trustees of the Charity were neither paid nor received any other benefits from the Charity during the year. No Charity trustee received payment for professional or other services supplied to the Charity.

The Trustees did not charge the Charity any expenses in relation to the attendance at meetings of the Trustees during the period.

Throughout the period the Charity had no employees.

10. Subsequent events

Since year end, the Charity has donated a total of €2,539,617 to charities. The Permira Group made a commitment of €5m to the Foundation for drawdown during 2022, together with a further €2.5m in response to the developing crisis in Ukraine. In January 2022, Olivia Reeves joined the Permira Foundation as its first, dedicated, part time resource.

The ongoing military operation in Ukraine and the related sanctions targeted against the Russian Federation may have an impact on the European economies and globally. The Charity does not have any significant direct exposure to Ukraine, Russia or Belarus, with the only indirect exposure through the provision of grants to charitable organisations working to support relief efforts in the region.

11. Legal status of the charity

The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

20

THE PERMIRA FOUNDATION

APPENDIX A FOR THE YEAR ENDED 31 DECEMBER 2021

Permira Relief Fund

During the year the Permira Relief Fund disbursed €3.0 million to 64 charities as listed below. In the prior year a total of €6.7m was disbursed. This Appendix notes all individual charities where a donation of €25,000 of more has been awarded. Within ‘other’, there are 24 charities (2020: 52) who received on average, €9,008 per grant (2020: $9,220).

	Year to	Year to
	31 December	31 December
	2021	2020
	€	€
Hestia Housing	174,975	-
London Early Years Foundation	140,916	55,246
Challenge Partners	140,028	55,734
Re-Engage	128,326	86,736
Die Arche Frankfurt	120,018	150,017
ICAN	117,413	89,783
HILS	117,275	90,288
Career Ready	117,026	57,455
Give India	100,018	-
Riksforeningen	100,018	-
Minds Matter SF	98,197	46,892
The Arc Tamp Bay Foundation	85,215	-
Telemaque	85,000	-
FIEF e.V.	75,018	-
Magic Breakfast	67,343	144,654
Children's Wishing Well	66,601	-
Migrant Workers	66,601	-
Burgerinstitute	65,018	-
SEO NY	64,352	-
Beam	59,778	-
Off Road Kids	55,018	50,017
CORA	51,140	-
Food for Soul, Inc	51,140	-
The Opportunity Network	51,140	46,892
Fondazione Progretto	50,018	-
Fondazione Banco	50,018	-
Medecins Sans Frontieres	50,018	50,017
Korea for Hungry	48,000	37,657
The Passage	47,259	56,594
Dr Martens Foundation	46,796	-
Bob Woodruff	42,621	90,777
CASA NYC	42,621	44,926
Neighbourhood Trust	42,621	-
Pathways to Employment Corporation	42,621	-
Stop AAP	42,621	-
Kinder Palliativ	28,018	80,017
Minds Matter NY	25,793	117,203
Tafel Offenbach	25,018	-

21

THE PERMIRA FOUNDATION

APPENDIX A

FOR THE YEAR ENDED 31 DECEMBER 2021

Permira Relief Fund (continued)

Permira Relief Fund (continued)
	Year to	Year to
	31 December	31 December
	2021	2020
	€	€
Casa Della Carita	25,018	40,017
Save The Children	25,000	100,017
Give Directly	-	229,274
Tipping Point Community	-	226,943
City Harvest	-	196,733
American National Red Cross	-	160,492
Saigon Children	-	150,017
Institut Telemaque	-	150,017
Teach First	-	112,451
Big Issue	-	111,794
Refuge	-	110,933
Stadsmissionen	-	110,000
Adream Foundation	-	104,927
Boys and Girls Club	-	91,736
Lifemoves	-	91,709
Raphael House	-	91,709
Trenton Area Soup Kitchen	-	91,709
Ali Forney Center	-	90,777
HSS	-	90,777
World Central Kitchen	-	90,777
Coallition for the Homeless	-	89,286
Crisis Text Line	-	89,206
Project Open Hand	-	89,206
Fareshare	-	86,183
Place2be	-	84,764
NPO Florence	-	83,327
Guernsey Social Investment Fund	-	83,182
Vacances En Famille	-	81,844
Caritas	-	78,220
Feeding Hong Kong	-	71,853
Foodlink	-	71,831
Stiftelsen	-	70,000
Mothers Choice	-	69,068
Fundacion Balia	-	65,000
Kinship	-	63,974
Samaritans	-	63,687
Lotus Fund	-	60,017
Just for Kids Law	-	59,223
Run Hong Kong	-	58,708
Age UK	-	57,102
Cruse	-	55,820
St. Georges Hospital	-	54,175
Fondo di Mutuo Soccorso	-	50,017
SOCO	-	47,844

22

THE PERMIRA FOUNDATION

APPENDIX A

FOR THE YEAR ENDED 31 DECEMBER 2021

Permira Relief Fund (continued)

Reffetorio Felix La Casa de Las Madres CCDOSP Hillsborough Hope Delancey Street Foundation Futures Without Violence Oasis SF Chinatown CDC The Arc Tampa Bay Silicon Valley Education Foundation Second Harvest Silicon Valley Share Our Strength Nobel Chance for Children L'abilita Glassdoor Pelastakaa Lapset Cash for Kids The Winch Stifung der Evang Other	Year to 31 December 2021 € - - - - - - - - - - - - - - - - - - - 216,184 3,047,820	Year to 31 December 2020 € 46,848 45,855 45,389 45,389 45,389 45,389 45,389 45,389 44,785 44,603 44,148 41,741 41,585 40,017 36,124 30,017 29,612 25,634 25,017 479,435 6,725,006

23