PARTNERS GLOBAL FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Re8lster ol Charities for England and Wales: Unlted KlnEdom Charrtable Number 1177721

PARTNERS GLOBAL FOUNDATION
CONTENTS
Reference and Administrative Infomiation
Trustees. Report
Independent Auditor's Report
Balance Sheet
io
Statement of Financial Activities
li
Statement of Cash Flows
12
Notes to the Financial Statements
13
Partner5 Global Foundètion12

PARTNERS GLOBAL FOUNDATION
ANNUAL REPORT
FOR THE YEAR ENDED 310ECEMBER 2021
ADMIN15TrATIVE INFORMATION
Charity Registration Number-
1177721 (Registered irb England and Wales1
Board of Trustees..
L. Eber5- Chair
Flatt
J. Flatt
Principal Address and Registered Office=
15 Wimpole Street
London
WIG 9SU
Bank:
HSBC Private Bank IUKI Limited
London
Solicitors:
Mishcon de Reya LLP
London
Independent Examiners..
james Cowper Kre5ton
Reading Bridge House
George Street
Reading
RGI 8LS
Partners Global Foundatlon13

PARTNERS GL08AL FOUNDATION
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annval report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the governin8 document, the accountin8
policies a5 set out in the notes to the financial 5tatement5 and comply with the Charitie5 Act 2011 and
Accounting and Reporting by ChaTlties-. Statement of Recommended Practice applicable to charitles
preparing their accounts in accordance with the Financial Reporting Standard applicable irb the U.K. and
Republic of Ireland published on October 2019.
Partners Global Foundation was registered as a charity on 27 March 2018.
Achievements and Performance
Mlsslon and Goals
Our mission is to SUPPOrt other charities with financial contributions, and to operate our artists. ￿SIdencV
program to assist art15ts from all disciplines.
The goal of our financial donations program is to support global leading charities focused on the arts,
health and more generally, those in need. The goal of our artists, residency program is to foster artistic
experimentation and dialogue across discipline5. Our goal 15 to support emergin& established, and under-
recognized artists and practitioner5.
Summary of 2021
We achieved numerous objectives in 2021. Apart from having made significant gifts, including completing
a major coniribution to the Museum of Modern Art in New York, and contlnued support to the Tate In
London. We also operated our second year of ourAm3nt artists, residency program in 5iena. Thi5 program
ha5 achieved great 5ucce5s, and is now a core activity of the Foundation.
Given covid travel restrictions and visa requirements, 2021 was an extra challenge, but we managed to
bring 8 artlsts to attend the residency. This included two artists from the United Kingdom, two from Italy,
and one from each of Colombia, Lithuania, United Arab Emirates and Poland. They included visual and
conceptual artists, and writers. Full details of the artists can be found on the Amant website at
SienalResidencies.
Amanr common areas continue to be built out to include garden5, a café, eating area and additional
accommodation5. All of this should be open for the third season of Amant in May of 2022. This is a very
excitin8 next step for the Foundation.
Our website for the residency program launched early in the year. We welcome you to follow us at
www.amant.or
and on our Instagram at #amantfoundation. We now are close to 10,000 followers and
growing almost daily. Our sister foundation in the United States IAmant Foundation, USA) also opened its
doors in 2021 and launched some incredible shows including the opening acclaimed exhibition of Grada
Kilomba, as well as extremely well attended shows by Gala Porras Kim and Manthia Diawara.
PartttÉrs Global FO4Jfidation14

Flnancial Report
During the year, we earned £38.67912020 - £141,7341 of income on our Endowment Capital and our
Endowment investments recovered substantial value in the markets from last year with a gain of E555,583
12020 - 1055 of £385,805). In addition. our endowment was subject to a tender offer and we received
E6S3,504 of cash and new shère5 tn a 8reat company to continue io grow. We chose to transfer the cash
received to general operations and therefore at year end, the Endowment fund was valued at £1,162,840
12020- £1.260,7611.
In 2020, we committed to acquire our real estate premises at the c05t of construction, in Drder to operate
our art4St residency pro8ram. We deposited £2.3 million against the fin31 amount now expected of £4.8
million to own our artist residency premises. The final amount will be paid upon completion of the full
construrtion and for the time being is treated 35 It was last year, as an offset to our liabilities because we
have the right to repay the loan to U5 Wlth thi5 deposit note. No further amounts have been deposited
this year as we await final construction close-out in 2022.
During the year we utilized our cash resources and borrowed a further £901.141 which will be repaid
when we collect existing pledges from donor5.
In total we are proud to have distributed £4.506,LJJO of donations and charitable expenditure in the United
Kingdom and abroad12020- £4.154.2481. This includeLJ £IOO,CQO12020- £90,0(X)l èxpended on the costs
for our art15t residency program. We managed to keep our non-charitable costs low as the Trustees pav
for most of the administrative expenses. The total costs including financial expenses to run the foundation
were £9.02312020- £6,718).
Our goal is to Brow the endowment and rÈsidertcy property assets. and finance donation5 Wlth income
derlved from our Endowment and other donation5.
We look forward to report to you next year on the progress of 2022.
Strurture, Governance and Management
The Trust is a registered charity No. 1177721 established by a trust deed on 29 January 2018. The Partner5
Global Foundation provides funds to charities and operates a ort residency program in parallel with
Canadian and United State5 foundatlDn5 under the name of Amant Global Foundation and Amant
Foundation. USA.
Trustees who served durin8 the period..
L. Ebers- Chair
J. Flatt
l. Flatt
A new Trustee may be appointed at any time by a resolution of a meetirbg of the Trustees and there can
be up to a maximum of five Trustees. There is no intention to add new trustees and since the Trustees are
sophisticated directors and trustees there is not intention to complete training for Trustees.
Partners Global Foundation15

Our Objectives #nd Actlvltles
The charitable purposes of Partners Global Foundation have been refined over the past year by the
Trustee5 and we have now focused our efforts as follows:
the support of art, culture, heritage,. and
the education of the public and the education of chIld￿n and young adults.
Risk Management
The Trustees manage risk by-
establishing policies, systems, and procedures to mitigate risk5 identified; and
the implementation of procedures designed to minimize or manaBe any potential impact on the
Charity should those risks materialize.
ReseNes Poll¢v
The Trustees hold the capital and income of the trust to apply the income, and 311 or such parts of the
capital, for the benefit of such exclusively charitable objects as they see fit in accordance with its charitable
purposes. In addition, income can be accumulated and applied in a later period.
Statement about Oonallon5 Policv
The Trustees aim to identify a small number of opportvnities for substantial charitable giving to
organizations rather than become involved in a multitude of smaller projects. The Trustees will cor15ider
proposals from United Kingdom, and other charities that are established outside the United Kin8dom
which meet the parameters of our giving.
Public Beneflt
The charity has complled with the duty in section 17 of the Charities Act 2011 to have due regard to the
public berbefit Buidance publbshed by the Charity Commission.
Signed by order of the Board of Trustees..
319/
Lontl Eber5, Chalr
Date:
Partners Glcb31 Foundation16

PARTNERS GLOBAL FOUNDATION
INDEPENDENT AUDITOR'S REPORTTO THETRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Oplnlon
We have audited the financial statements of Partners Global Foundation Ithe'tharity'l for the yearended
31 December 2021 which comprise the Statement of Financial Activities. the Balance Sheet, the Statement
of Cash Flows and the related notes, including a summary of significant accounting policie5. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standard5, including Financial Reporting Standard 102 'The Financial Reportlll8 Standard
appllcable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practlcel.
In our opinion the financial statements-
give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of the
charity's incoming resources and application of resources, including its incorne and expenditure
for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice.. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the United Kingdom, including the Financial Reporting Council'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 relatlng to golng concern
In auditin8 the financial statements, we have concluded that the Trustees, use of the Boing concern basis
of accountln8 In the preparatlon or the flnanclal statements Is approprlate.
Based on the work we have performed, we have not identified any material uncertainties relating to
event5 or conditions that, individually or collectively, may cast significant doubt on the charity's ability to
continue as a going concern for a period of at least twelve months from when the financial statements
are authorlsed for155ue.
Our re5pon5ibilities and the responsibilities of the Trustees with respect to 80ing concern are described
in the relevant sections of this report.
Other Informatlon
The other information comprises the information included in the AnnLbal report other than the financial
statement5 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
Partner5 Global Foundation17

information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any
form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing
so, consider whether the other inforrnation is materially incon51Stent 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 misststements, 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 mi55tatement of ihi5 Other infomiation,
we are required to report that fact.
We have nothing to report in thi5 regard.
Matter5 on which we are requlred to report by exceptlon
We have nothing to report in respect of the followinB matters where the Charities (Accounts and
Reports) Regulations 2008 require5 US to report to you if, in our opinion:
the information gwen in the Trustees, report 15 incorb515tent in any material respect with the
finoncial statements; or
sufficient accounting records have noi been kept,. or
the financial statements are not in agreement with the accounting records and return5; or
we have not received all the information and explan3tion5 we require for our audit.
Responslbllltles of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such internal control as
the Trustees determine 15 necessary to enable the preparation of financial statements that are free from
material misstaiement, whether due to fraud or error.
In preparing the financial statements, the Trustee5 are responsible for assessing the charlty's ability to
continue as a 80ing concern, disclosing, as applicable, matter5 related to going concern and uslng the
goinE concern basis of accounting unless the Trustees either intend to liquidate the tharity or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsSbllltles forthe audlt of the financlal statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance
with the Act and relevant regulation5 made or hoving effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are
free from material mi55tatement. whether due to fraud or error, and to 155ue an Auditor's report that
includes our opinion. Rea50nable a55urance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists.
Mi55tatements 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 decision5 of users taken on the
basis of these financial stbtements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
Partners Global Foundation18

of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below..
Enquiry of management and those charged with 8overnance around aclual and potential litigation
and claim5,'
Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charEed with governance:
Reviewing financial statement di5cIosures and testin8 to supporting documentation to assess
compliance with applicable laws and regulations.
Performing audit work over the risk of m8nagement override of controls, including testin8 of
journal entries ond other adjustments for appropriatene55, evaluating the bLSSiness rationale of
significant transactions outside the normal course of bu5ine55 and revieing accounting estimates
for bia5.
A further description of our ￿Sponsibl11t1es for the audit of the financial statements 15 located on the
Financial Reporting Council's website at- www.frc.org.uklauditor5re5pon5ibilitie5. This description forms
part of our Auditor's Report.
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-compliante. The risk is also greater regarding irre8ularities occurring due to fraud rather
than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Other matter5
The comparative period was not subject to audit because the charity took advantage of the small charitv
exemptions in the prevlous accountirbg period.
Use of our report
This report is made 501ely to the charlty's trustees, as a body. in accordance with Part 4 of the Charitie5
(Accounts and Reports) Regulation5 2008. Our audit work has been undertaken so that we might state to
the charity's trustees those matters we are required to state to them in an Auditor'5 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 charity and it5 trustees, as a body, for our audit work, for this report, or for the
opinions we have formed.
James Cowper Kreston
Chartered Accountants and Statutory Auditors
Reading Bridge House
George Street
Reading
Berkshire
RG18LS
Date.. 20.09.2022
Partner5 Global Foundath)n19

PARTNERS GLOBAL FOUNDATION
BALANCE SHEET
ASAT 31 DECEMBER 2021
(ollomountsin£}
Notes
2021
2020
Fixed assets
Investments
1,162,840
1,260,761
Current assets
Recelvables
81,250
34,209
115,459
13,712,0681
12,335,848)
Cash at bank and in hand
6,260
Net current assets
6.260
14,613,209)
(3,444,109)
Liabilltles
li
Total net liabilitSes
Fund5
Unrestricted funds
li
14,606.949)
1.162,840
13.444.109)
13,596,609>
1,260,761
12,335,848)
Endowment funds
li
Totsl Charity Funds
Approved by the Board of Trustees and signed on its behalf by:
Leontine P. Ebers
Date-
3191202Z
Charity Registration no. 1177721
Partner5 Global FoundatK)n I IQ

PARTNERS GLOBAL FOUNDATION
STATEMENT OF FINANaAI ACTIVITIES INCLUDING AN INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDEO 31 DECEMBER 2021
Unre5trfcted Endowment
Funds
Funds
2021
2021
Totsl
Funds
2021
Total
Fund5
2020
lollornounts In £1
Note5
Income and endowments
from:
DonationslGIft aid received
Investment income
2.812.500
38,679
2,812,5th)
38,679
2,851,179
406,250
141,734
547,984
Total
2,851.179
Expendlture on:
Operations
Charitable activities giving
Total
19,0231
14,506,000)
14,515,023)
653,504
19,0231
16,7181
14,506,000) 14,154,248)
14,515,023) 14,160,966)
Realization on Tender offer
GainlL0551 on mark to market
Net {expendlturelllncome
Total funds brought forward
Total funds carried *orward
1653,5041
555,583
555,583
1385.8051
197,9211 11,108,261) 13.998.787)
1,260,761
12,335,8481
1,662.939
13,444,1091 12,335,848)
11,010,340)
13,596,609)
14,606,949)
io
1,162,840
partners Global FDundation l Ll

PARTNERS GLOBAL FOUNDATION
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2021
lollomounts In £1
2021
2020
Cash flows from lused in) operating activities:
Net deficit for the period
Adjustment5 for..
Receivables collected (to be collected)
Investment income
(1.108.261)
13.998.787)
81,250
{38,6791
1555.583)
11.621,273)
181,2501
1141,7341
385.805
Losses Igainsl on investments
Net cash provlded frorn (used In) operatlng artlvltles
13,835,966)
Cash from (used inl investment actlvities:
Dividends received
38,679
653,504
692.183
141,734
Cash received on tender offer of securities
Net cash used In Investing activities
141,734
C¥shfiows fr•)m financin8 artlvltl•s:
Fund5 borrowed, net
Net increase Idecreasel in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equbvalent5 at the end of the period
Cash and cash equivalents are made up of the following:
Cash at bank and In hand
901,141
(27,9491
34,209
6,Z60
3,712,068
17,836
16,373
34,209
6,260
34,209
Partners Global Foundation112

PARTNERS GLOBAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
i)
ACCOUNTING POLICIES
Ba555 of accountlng
The trust meets the definition of a public benefit entity vnder FRS 102. The financial statements
have been prepared underthe historical cost convention as modified by the revaluation of certain
rtxed asset5, in accordance with the Statement of Recommended Practice-. Accounting and
Reporting by Charities preparing their accounts in accordance with the Financial Reportlng
Standard applicable in the United Kingdom and the Republic of Ireland IFRS 1021 issued in October
2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of
Ireland IFRS 1021 and the Charities Act 2011 and U.K. Generally Accepted Proctice as it applies
from l January 2019.
The Charity was registered on 27 March 2018. The trustees of the Foundation have committed to
5UPPOrt the Foundation as a going concern for the future in order that it can complete its program
of external donation5 to charities and operate its artist residency program. To ensure this, one of
the Trustees has made available a loan facility of £15 million to the Foundation. The loan has a nil
interest rate. and the Foundation has the option to repay it with cash or securities from donations
received, or with property dep051t5 at any time. The loan has no oiher maturity date and therefore
until further donation5 are received the Foundation has the resources to complete it5 mission and
operate as a goin8 concern.
The preparation of financial statements in compliance with SORP requires the use of certain
critical accountin8 estimate5. It also requires management to exercise jud8ment in applyin8 the
accounting policies15ee note 21.
The following principal accounting policies have been applied:
b) Incoming resources
All Incomlng resources are Included In the statement of financlal activities when the charity is
entitled to the income, it is probable that it wlll be received, and the amount can be quantified
with reasonable accuracy. All income is gross without deduction for related expeniliture. The
following specific policies are applied to particular cate8ories of incorne-.
Voluntary income is received by way of donatioris and gifts and is recognised in full in the
Statement of Fbnancial Activilies when receivable.
Investment income is recognised when receivable as notified from the investment manager5.
Resources expended
Expenditure is recogni5ed on on accruals basis as liabilities are incurred. Expenditure includes any
VAT whTrch cannot be fully recovered, and is reported as p8rt of the expenditure to which it
related=
Cost of raising funds consists of the costs associated with the investment portfolio.
partner5 Global Foundat￿nI13

Charitable expenditure comprise5 those cost5 incurred by the charity in the delivery of its
activities. It includes both tosts that can be allocated directly to such actwities and those costs
of an indbrect nature necessary to SUPPOrt them.
dl Flxed asset Investments
Listed investments a￿ a form of basic financial instrument and are initially recognised at thelr
transaction value and subsequently measured at theirfair value as at the balance sheet date using
the closing quoted market price.
The statement of financial activities includes the net gains and losses arisin8 on revalvation and
disposals throughout the year, allocated to the appropriate fund.
e) Cash and cash equlvalents
Cash and cash equivalents compromise cash at bank and in hand and demand deposits with banks.
Funds
The Foundation follows ihe restrlcied fund method of accountlng for Income. The Foundation
ensures, as part of its fiduciary responsibilities, that all funds and donations received with a
restricted purpose are expended for the purpose for which they were provided.
Genen71 Fund
This fund is used to mana8e, and report amounts includin8 earned income* 8rants. dorsations and
investment income, to be used to support the FoLTrndation's grant making activities and operation.
The donors have placed no restrictions on the use of these funds,. the Board of Trustees
determines the distribution of grants.
Endowment Fund
These amounts represent donation5 that have been made as endowments. Investment income
earned on resources of the endowments is reported in the Endowment Fund or in the General
Fund dependent on restrictions imposed by the contributors of fund5 for endowment.
Flnanclal Instruments
The Charity only enters into basic financial instruments transaction that result in the recognition
of financial assets and liabilities.
Financial instruments are initially measured at transaction value. They a￿ assessed at the end of
each reporting period for objective evidence of impairment. If objective evidence of impairment
is found, an impairment loss is recognised in the statement of financial activities.
h)
Foreign currency translatlon
The financial statements are presented in Sterling, which is also the functional currency of the
Charitv.
Direct currency conversions are translated into the functional C￿r￿nCY Lbsing the exchange rate
at the ddte of the transaction. At each period end foreign currency monet3ry Item5 are translated
usiri8 the closing rate. Foreign exchan8e 8ains and 1055es re5ultin8 from the settlement of
transactions and from the translation at period-end exchange rates of monetary a55ets and
liabilities denominated in foreign currencies are recognised in the statement of financial activitie5.
Partners GIDbal Foufidation114

Goin8 concern
The Trustees are not aware of material uncertainties re8arding 80ing concern. And. while the
Foundation currently has a deficit, the Foun(lation has borrowed funds against forward
commitments and the Trustees ore certain of the commitments15ee Notes 14 and ISI.
JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION
The preparation of financial statements in conformity with generally accepted accounting
principles requires managemeni to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent asset5 antl liabilities at the date of
the financial 5totements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates. These estimates are reviewed
annually and as adjustments become necessary. they are recognized in the financial statements
in the period they become known. The key source of estimation uncertainty that could have an
impact on the financial statements relates to the values of investments held.
INVESTMENTINCOME
Unrestricted Endowment
Funds
Funds
2021
2021
Total
Funds
2021
Total
Funds
2020
lollomouJ7ts in £1
Dividends from fixed asset investments
38.679
38,679 141,734
4)
RESOURCES EXPENDED
Operations expenses
Unrestricted
Funds
2021
En(lowment
Funds
2021
Total
Funds
2021
Total
Funds
2020
loll Gmotsnts in El
Audit and IE fee5
7.￿)0
2,100
Investment portfolio fees
nd other expenses
6,023
6,023
13,023
4,618
13,023
6,718
bl
Charitable activilies 8iving
Unrestricted Endowment
Funds
Funds
2021
2021
Total
Fund5
2021
Total
Funds
2020
{oll omoLtnts in £1
Partners fjlobal Foundation I IS

Expenditure on artist residency
program
i(M),000
4,406,000
4,506,000
I￿,000
4,406,000 4,064,248
90,000
Donations paid
4,506.000 4,154,248
Included within donations are amounts paid to institutions as follow5..
Total
2021
Total
2020
foll omounts in £1
Museum of Modern Art
Memorial-sloan Kettering Cancer Center
Tate Modern Art Gallery
HRH Prince Charles Royal Drawing School
Delfina Foundation for Art
New York Consolidated
New York
4,188,000
123.01)0
50,000
15,000
3,846,154
New York
London
I￿,000
15,000
London
London
New York
New York
New York
7,000
Drawing Center
Artists Space
King Baudouin Foundation
Bard College of Curatorial 5tudie5
Barbican Centre
24,955
27,947
3,500
3.5
Berlin
New York
30,769
10,000
2,500
London
Camden Art Centre
London
Serpentine Museum
8RIC
London
5,CQO
1.923
New York
4,406,IKIO
4,064,248
5)
TRUSTEES EMOLUMENTS AND REiATED PARTY TRANsA￿loNs
During the year no Trustees received ariy renLbmeration, other benefits or expenses.
One of the trustees IJ. Flattl made cash donations to Partners Global Foundation totaling of
£2,250,00012020 - E325.0001 during the year. The donation5 in both years were designated 35
8Trft aTrd and therefore the Foundation clatmed gift aid reventle of £562,500 as a result of the
donation. All amounts were received from HMRC Iluring the year.
6)
STAFF COSTS
The Charity has no employees12020- no employees) but pays on a consulting basi5 the indNiduals
that work part-time on its artist residency program.
Partner5 Global Found3tk)n116

7)
FIXED ASSET INVESTMENTS
follomounts lftEJ
2021
2020
Llsted Investments:
Opening balance
Acquisition of securities
Disposal of securities
Unrealised gain Ilossl durinB year
At 31 December
1,260,761
1,071,831
11,260,761}
91.009
1,646,566
1385.8051
1,260,761
1,162,840
lollomounts In £}
Materlal Investments:
Orl8lnal Cost
Opening.'119,0￿ Brookfield Property common units
Tender offer proceeds reducing cost base
1,713,510
1653,5041
1,060,006
At year end 2021=
2,731 Brookfield Property Partners preferred units
25,995 Brookfield Asset Management Inc. Class A Sha￿5
48.768
1,011.238
1,060,006
The Foundation is subject to market risk on its portfollo of publicly listed securities and
fluctuations in the market tradirb8 prices of the securities exposes the Foundation to a risk of105S.
The portfolio may a150 be exposed to fluctuations in foreign currency exchange rates as the
securities portfolio do have foreign exposure.
During the year, the 5ecuritie5 holdings were subject to a tender offer on I19,0￿ common units
of 8rookfield Property Partners IBPYI. The Foundation tendered it's 119,000 common units of BPY
and received a5 compensation cash of £653,504. The Foundation also received 2,731 preferred
units of BPY and 25,995 shares of Brookfield Asset Management Inc. Donations of Investment5
are designated as Endowment as5et5 although income generated on the Endowment is utilized
by the Foundation for general purposes. The cash proceed5 on tender were taken as income and
utilized for 8efteral purposes.
8)
CASH ATBANK AND IN HAND
l(Jll ￿￿￿￿ntS in EJ
Current accounts
2021
2020
6.260
34,209
34,209
At 31 December
6,260
Partners Global Foundation117

RECEIVABLES
fullomounts ift£)
2021
2020
HMRC Gift Aid Receivable
81,250
At 31 December
81,250
DuTing 2020, the Foundation received donations whlch were designated as gift aid. Gift aid had
been claimed from HMRC and was Outstanding at year end but was subsequently received post
year end.
io)
SUMMARY OF FUNDS
Brought
Forward
Incoming Resources
Resources
Expended
2,851,179 14,515,023)
Gains/
(Losses)
653,504 14,606,949)
Carried
Forward
2021 lollomounrs In £1
Unrestricted funds-
general fund
Endowment funds
13,596,609)
1.260,761
12,335,848)
197,9211
1,162,840
555,583 13,444,1091
2,851,179 14,515,023)
Brought
Forward
IncominB Resources
Resources
Expended
Gainsl
(Lossesl
Carried
Forward
2020-1oll omounts El
Unrestricted funds-
general fund
Endowment funds
16,373
1,646,566
547,984 14,160,9661
13,596,609)
1385,8051 1,260,761
547,984 14,160,966> 1385,8051 12,335,848)
1,662,939
The endowment fursd represents donations that have been made as endowments. The
investment income earned on resources of the endowments is reported in the General Fund and
is applied to fund the activities of the charity. The Foundation ha5 a loan facility from one Trustee
which is only repayable from donations in the future which enables the Foundation to be a going
oncern until those donations, which have been pledged to the Foundation, are received.
Partners Global Foundat￿￿118

ii)
ANALYSIS OF NET ASSET5 BETWEEN FUNDS
Unrestricted
Funds
Endowment
Funds
Total
Fund5
2021- lollomounts in £J
Investments
1.162,840
1,162,840
Cash
6,260
6,260
Receivables
6,260
6,260
Oeposit with offset right
Loans Payable
2,307.692
16,920,901)
14,613,209)
14,606,949)
2,307,692
16,920,901)
14,613,209)
13,444,109)
1,162,840
Unrestricted
Funds
Endowment
Funds
Total
Funds
2020-1tsllttmounts lrt £1
Investments
1,260,761
1,260,761
Cash
34,209
81,250
34.209
81,250
115,459
Recelvables
115,459
Dep051t- with right to offset loans
payable
Loans Payable
2,307,692
{6,019,7601
13,712,068)
13,596,609)
2,307.692
16.019,7601
13,712,068)
12,335,8481
1,260,761
lollomounts in EJ
2021
2020
Deposlt on property:
Opening balance
Purchases
2.307,692
2,307,692
2,307,692
At 31 December
2,307,692
Cost
2,307,692
2,307,692
Partners Global Foundaiion119

During 2020, the Foundètion committed to acquire numerous properties for its art15t residencv
program at fair market value upon completion. The Foundation funded a deposit of £2,307,692
in 2020 for the properties which is expected to be approximately 50% of the total c05t on
completion. The Premises are now entirely occupied for the Foundation residency pro8ram and
the costs of the program in have been expensed in the accounts. Upon completion of renovation
of the properties. the balance of the costs of construction will be pald ¢n full. It 15 expected that
approximately a further £2.5 million will be payable. Until completion of the residency, the
deposit can be Put at Face Value to extinguish a portion of the loan and the finarbcial Statements
have been recorded as if that has taken place.
12)
CONTROLLING PARTY
There is no controllin8 party.
13)
STATEMENT OF FINANCIAL AcfiviTIES- COMPARATIVE
Unrestricted
Furbds
2020
Endowment
Funds
2020
Total
Funds
2020
loll omotsnts in EJ
Income and endowments from:
Donation5 received
406,250
141,734
547,984
406,250
141,734
Investment income
Total
547.984
Expendlture on:
Operations
Charitable activities giving
Total
16,7181
14.154,2481
14,160,966)
16,7181
14,154,248)
14,160,9661
Net gain51 Ilossl on investment5
Net income I (expenditures)
Total funds brought forward
Total funds carrSed forward
1385,8051
1385,805
1,646.566
1385,8051
13,998,787)
1,662,939
12.335,8481
12,612,982)
16,373
13.596.609)
1,260,761
14)
LOAN FROM TRUSTEE
One of the Trustees (J. Flatll has made available a loan facility of £15 million to the Foundation.
The loan has a nil interest rate, and the Foundation has the option to repay it with cash or
securities from donation5 received, or with property deposits at any time. The loan has no other
matvrity date. The total amount of the loan outstanding is £6.920,90112020 - £6,019,760). The
property dep051t was £2,307,692 at the end of both years and as the Foundation has the absolute
right to repay it with this deposit, it has been treated as such and the loan ovtstandiTig in the
accounts is recor(led at the net of £4,613,20912020- £3,712.0681.
Partner5 Global Foundatlon120

The Trustees have considered whether the loan falls under the definition of a financing
transaction under FRS 102. Under FRS 102. such a transaction should be stated at its present
value, measured by any futu￿ payment distounted at a market rate of interest. There are no clear
repayment terms or timescale for the loan,. the trigger for repayment Is regarded a5 remote.
Accordingly, the Trustees are of the opinion that the fair value of the loan amount to be included
in the financial statements IS its original monetary value.
There are no other related party transactions needing disclosure in the period.
15)
CONTINGENCIES
The Foundation has a commitment to fund a further approxlmately £2.5 million to complete its
art15t residency prugram. This amount will be paid in the future when resources are available from
donations.. expected to be in 2023 or 2024. To fund this tornmitment, repayment of its loans, and
its expenditures going forward, the Foundation has recelved a minimum pledge of £15 million to
be paid overthe next five years from one of its Trustees, and also has a credit facility of £15 million
tD bridge those receipt5. Currently £4.613,2091s drawn on the loan facility.
Partner5 Global FoundatK)n121