2022-03-16-accounts - The Porto Charitable Trust

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Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year From 17 March 2021 To 16 March 2022

Section A Reference and administration details

Charity name The Porto Charitable Trust

Other names charity is known by The Triumph Trust (previous name)

Registered charity number (if any) 1189244

Charity's principal address Trustee Department 1[st] Floor, Tower Wharf Cheese Lane, Bristol Postcode BS2 0JJ

Names of the charity trustees who manage the charity

Trustee name	Office (if any)	Dates acted if not for whole year
Dawn Malone	Settlor
Stephen Malone	Settlor
Coutts & Co		To 05 July2021
Ludlow Trust CompanyLimited		From 05 July 2021

Names of the trustees for the charity, if any, (for example, any custodian trustees)

Name Dates acted if not for whole year

TAR

March 2012

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)
Type of adviser Name Address
Investment Managers	Coutts & Co	440 The Strand, London, WC2R 0QS
Bankers	Coutts & Co	440 The Strand, London, WC2R 0QS
Solicitors	TLT LLP	One Redcliffe Street, Bristol, BS1 6TP
Independent Examiner	Geoffrey Frost	Blue Spire Limited, Cawley Priory, South Pallant, Chichester, West Sussex, PO19 1SY

Name of chief executive or names of senior staff members (Optional information)

Section B Structure, governance and management

Description of the charity’s trusts

Type of governing document

Trust deed dated 16 March 2020.

(eg. trust deed, constitution)

How the charity is constituted

Trust

(eg. trust, association, company)

Trustees are appointed by the settlors or survivors of them during their Trustee selection methods lifetimes and subject to this the trustees from time to time. (eg. appointed by, elected by)

Additional governance issues (Optional information)

You may choose to include additional information, where relevant, about:

policies and procedures adopted for the induction and training of trustees;
the charity’s organisational structure and any wider network with which the charity works;
relationship with any related parties;
trustees’ consideration of major risks and the system and procedures to manage them.

Section C Objectives and activities

Summary of the objects of the charity set out in its governing document

The trustees shall apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such charities or such exclusively charitable purposes according to the law of England and Wales in any part of the world as the trustees may in their discretion think fit.

TAR

March 2012

In furtherance of the charity’s objects for the public benefit the trustees provides grants. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit.

Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)

Additional details of objectives and activities (Optional information)

You may choose to include further statements, where relevant, about:

policy on grantmaking;
policy programme related investment;
contribution made by volunteers.

TAR

March 2012

Section D Achievements and performance

Summary of the main During the year under review the charity made 2 grants to 2 institutions achievements of the charity totalling £51,500 as set out in the notes. during the year

TAR

March 2012

Section E Financial review

Brief statement of the

charity’s policy on reserves

At the end of the reporting period the charity had free reserves amounting to £nil (2021: £nil).

In addition to the free reserves the charity has bank balances of £514,913 (2021: £571,632) within the expendable endowment fund. The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives, as well as covering future needs, opportunities, contingencies and risks.

Details of any funds materially

in deficit

Further financial review details (Optional information)

You may choose to include additional information, where relevant about:

the charity’s principal sources of funds (including any fundraising);
how expenditure has supported the key objectives of the charity;
investment policy and objectives including any ethical investment policy adopted.

Section F Other optional information

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)

Full name(s)[Stuart Robinson ] On behalf of Ludlow Trust Company Limited Position (eg Secretary, Chair, etc)

Date 06 January 2023

TAR

March 2012

Charity Name No (if any) The Porto Charitable Trust 1139585 Receipts and payments accounts

CC16a

For the period Period start date Period end date To from 17 March 2021 16 March 2022

Section A Receipts and payments

A1 Receipts	Unrestricted funds to the nearest £ - - - - - - - - - - - - - 51,500 - 2,530 - - - - - - 54,030 - - - 54,030 (54,030) 54,030 - -	Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Endowment funds to the nearest £ - - - - - - - - - - - - - - 2,689 - - - - - - - 2,689 - - - 2,689 (2,689) (54,030) 571,632 514,913	Total funds to the nearest £ - - - - - - - - - - - - - 51,500 2,689 2,530 - - - - - - 56,719 - - - 56,719 (56,719)	Last year to the nearest £
Donations to trust	-				780,705
Gift aid	-				194,124
Income from bank interest	-				-
	-				-
	-				-
	-				-
	-				-
	-				-
*Sub total*(Gross income for AR)	-				974,829

A2 Asset and investment sales, (see table).
	-				-
	-				-
*Sub total*	-				-
*Total receipts* A3 Payments
					974,829

Grants awarded	51,500				394,696
Inv mgmt and admin	-				8,501
Administrative servicces	2,530				-
	-				-
	-				-
	-				-
	-				-
	-				-
	-				-
**Sub total **	54,030				403,197

A4 Asset and investment purchases, (see table)
	-				-
	-
**Sub total **	-				-
*Total payments* *Net of receipts/(payments)* A5 Transfers between funds A6 Cash funds last year end **Cash funds this year end **
					403,197

	(54,030)	-	(2,689)	(56,719)	571,632
	54,030	-	(54,030)	-	-
	-	-	571,632	571,632	-
	-	-	514,913	514,913	571,632

CCXX R6 accounts (SS)

Section B Statement of assets and liabilities at the end of the period

Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B3 Investment assets B4 Assets retained for the charity’s own use B5 Liabilities	(agree balances with receipts and payments account(s)) Capital account Income account 2 Reserve account 2 *Total cash funds* Income account Reserve account Capital account 2 Details Details Details Details Administrative services Independent examination Signature	Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - - - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) - - - - - Fund to which asset belongs Cost (optional) - - - - - - - Fund to which liability relates Amount due (optional) Unrestricted 1,094 Unrestricted 780 - - - Print Name Stuart Robinson On behalf of Ludlow Trust Company Limited	Endowment funds to nearest £ 514,913 - - - - - 514,913 OK Endowment funds to nearest £ - - - - - - Current value (optional) - - - - - Current value (optional) - - - - - - - When due (optional) Date of approval 06 January 2023
		Stuart Robinson On behalf of Ludlow Trust Company Limited	06 January 2

CCXX R7 accounts (SS)

Section C Notes to the Accounts

C1 Nature and purpose of funds (may be Expendable endowment funds are those which are required to be invested to produce income but which may be stated on analysis of funds worksheets) transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. C2 Grants to institutions Recipient - 1 payment unless annotated £ Cheshire Connect Limited 25,000 East Cheshire Hospice 26,500 51,500 C3 Related party transactions No trustee received any remuneration nor reimbiursed any expenses in the year under review. During the year under review Coutts & Co, a trustee of the charity to 5 July 2021, were paid fees for the provision of administration management services amounting to £2,689. Ludlow Trust Company Limited was appointed trustee 05 July 2021 and was paid £2,530 for administrative services between appointment an the reporting date. Thee fees are authorised under clause 6 of the trust deed.

CCXX R8 accounts (SS)

Independent Examiner's Report to the Trustees of The Porto Charitable Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 16 March 2022 as set out on pages 6 to 8.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

09 January 2023

Geoffrey Frost BSc(Hons) FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY