## **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**
|1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year **|**Name of person (or body) entitled**
**to appoint trustee (ifany)**|
|---|---|---|---|---|
||Dawn Malone|Settlor|||
||Stephen Malone|Settlor|||
||Coutts & Co||To 05 July2021||
||Ludlow Trust
CompanyLimited||From 05 July 2021||
||||||
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**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**
1
## **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**
2
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**
3
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**
4
## **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**
5
**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)**|**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)
6
## **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)
7
**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)
8
## **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:
1. 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
9