Charlty Numb•r. 261194 Porter Foundation Trustees. Annual Report and Flnancial Statements For the year ended S April 2024 Porter Foundation Contents Pag• Charlty Informatlon Report of the Trustees.............. Independent Examiner's Report .... statement of Flnanclal Actlvltles... Balance Sheet......................... . Notes to the Ftnandal Statements . .8-15 Porter Foundation Charity Inlormation Twrtoe L H 5trelt S N Porter Sir W F Bodmer 8 S Padgett Reglstored Charfty numbor 261194 Prln¢lpal addr•ss 63 Grosvenor Street London WIK 3JG rndop•nd•nt axamln•r Alan SldÈbottom FCA Azets Audit Services Llmlted Trlune Court Monks Cross Drive York Y032 9GZ B•nko Coutts & Co 440 Strand London WC2R OQS Barclays Chemln de Grange-canal 18-20 PO Box 394L 1224 Geneva Swltzerland Sollcltors Jaffe Porter Cigsslck LLP Omni H)use 252 Belslze Road London NW6 48T Farrer & Co LLP 66 Llncoln's Inn Ftelds London WC2A 2LH Porter Foundation Report of the Trustees for the year ended 5 April 2024 The Trustees present thelr annual report together wlth the flnanaal staternents of Porter Foundation {the FoundatSon) for the year ended 5 Aprll 2024. The Trustees confirm that the Annual Report and financlal Statements of the Foundatlon comply with the current statutory requlrements, the requlrements of the Foundation's governSng document and the provlsions of the Staternent of Recommended Practice ISORPI, applicable to charltles preparing their accounts In accordance with the Flnanclal Reportlng Standard appllcable in the LIK and Republlc of Ireland (FRS i n?) (pffprtlvÈ i iArtiJary 20191. Rofar•nca and admlnl$tratlv• Information Porter Foundatlon Is re9lstered as a charity with the Charlty Commission, registratlon number 261L94. Details of the Trjjstees ind professlonal advlsors a￿ shown on page l. The figures presented are as at 31 March 2024, which Is wbthln 7 days of the year end, besng the date the Ilsted Investment valuations are made up to. Strurturei 9ovemanc• and mana9ement The Fount1ation was constituted under a deed of settlement dated l April 1970. The current Trustee5 were appointed elther under the deed of settlement or by later deed of appointment. The settlor, Dame Shidey Porter, has power to appolnt new Trustees. The current Trustees a￿ responslble for the inductlon of any new Trustees which Involves awarene55 of thelr ￿SponS5b1lI￿eS as Trustees, the governln9 document, adminlstratlve procedures and the history of the Foundztion. A new Trustee would receive a welcgme pack which Includes Copies of the prevlous year's annual report and account5. a brief hlstory of the Foundatlon and a copy of the governing document. The pack will also includè a copy of the Charlty Commlsslon guldance The Essertlal Tnjstee.. What you need to know" and "Charities and F￿blIC Benefit. The admlnlstratlon funLtion Is outsourced, and the Charlty has no employees. Conslderation and authortsatlon of charftable donations and other operational matters arè thè responsibility of the Trustees. The Trustees meet regularly to conslder appllcatlons for fvnding. The Trustees have systems Sn place to Identlfy any conflScts of Inte￿$t that may occur. When a conflltt of interest arises. the releyant TN¥t¢e or Trustees agree to wlthdraw from any discu-=lon and d¢¢isign. Rl$k manag•m•nt The Trustees have revlewed the areas of potentlal risk for the Foundation and have concluded that the are sufficient controls in place to mitigate those risks. The Trustees review rigk management on a regular basis and where appropriate take advlce from thelr advlsors. As a grant awardSng charlty wlth no employees, the prlncipal rlsk rÈlatès the portfolio valuat6on and levels of Income der5ved therefore. Should the Valua￿on or Income levels fall, the tharity Is able to vary the awarding of grants to ensure it Is able to meet its commltments. Objectlvos and actlvllles for th• ￿nefit of the publlc The Trustees have unfft5trlcted powers to apply the Foundatlon's funds toward5 the charftable objects set out in the deed of settlement datèd l April 1970. The deed of settlement states that the Foundation's fijnds may be used for any charltable body or for any charitable purpose, with the provlso that no part of the funds may be applied for a purpose that Is not leoally charitable under Engllsh law. The Foundation supports projects in the fields of educatlon, the environment, culture, and health and welfare, whlch encourage excellence and enhancè the quality of people's Ilves. Porter Foundation Report of the Trustees for the year ended 5 April 2024 ObJoctlv•s and actlvltl•s for th¢ b¢n•fit of tho publlc (￿ntInu￿d) The Trustees conflrm that they have referred to the guldance contalned In the Chartty Commlsslon's general guidance on PU￿1( benefit when revlewing the Foundatlon'5 alms and objectlves and in plannlno for the fvtU￿ and in setting the grant making pollcy for the year. The Foundation makes grants only to reglstered charitable organisatlons Inthe United Klngdom and abroad, ¢*r to organisations in the United Kingdom or abrtsad with charltable obJetts and whlch are exempt from the reqU1￿ment for charitable registratlon. No grants are made to individuals. The Foundatlon's rnain areas of attivity are in the United Kingdom. Achiévom•nts and p•rformanc• Sn d•llvering publlc b•nefit In the year the Trustee5 pald over or made commltments to charltable donatlons and grants payable totalling £595,89412023'. £300,432), as detailed in note 3 to the accounts. The Foundatlon funds projects which meet the general objectlves of providing a public benefit by conduttlng research Into environmental Issues, Improvlng community relations witnin israel, providing care for the elderly and granting actsss to the arts. Fundraising Settion 162a of the Charltles Act 2011 requires charities to make a statement ￿gardIng fundraising èrtivities. The legislation defines fundralsing as°soll¢ltlng or othenNise procuring money or other propèrty for charltable purposes.. The Charlty does not artively raise funds from the public either directly or via use of an agent, accordlng no surh amounts are presented in the financial statements for the year under revlew. Glven the nature of the funding of the charity the Trustees conslder that It remains appropriate not to be voluntarlly bound to be regulated by the Fundra15ing Regulator. The charlty has ￿ceiVed no complalnts In relation to fundi"a1sln9 activlty for the year under reviev4. Flnanclal revlew The Foundation recognlsed Income of Interest and dividends receivable in the year of £101,181 {2023: £122,349}. Thc Foundatlon 1nC￿rrcd eX￿ndItuTE gf E729,564 (20?3.. £236,783) on charitablo attiv5ti•s, excludlng fO￿1Qn exchange losses of £51,652 12023: gains of £201,204) on the retranslatlon of dollar denomlnated Investments and cash deposlts. At 5 Aprll 2024 the Foundation held £131,660 12023.. £865,080) In unrestrftted funds and £3,730,769 {2023'. £3,865,148) In the endowment fund. Investment poll¢y 4nd p•rfornian¢¢ Th* Fthiindatlon'* peJw4ar* of Inv@stm@nt ar@ wldo. wlth thÈ Trustees able to Invest In such stocks. shares, funds. securirie5 and other property as the Trustees In thelr absolute dlscretlon deewn flt. The Foundation's fvnds are held In a mlx of cash deposfjts and long-temi Investments. Roserves poll¢y The Trustees. pollcy Is to prudently retain sufflcient resèrves to cover any long-term grant commitments. The Foundation provides for the payment of grants whlch are birtding cornmitments, and whlch a￿ to be funded out of reserves. The level of free reserves at 5 April 2024 amounted to £131,660 (2023.. E865,080}. Free reseNes comprise the assets of the charity which have not been ring-fenced in the endowment fund. The endowment fund is however expendable and has been designated by the Trustees as an endowment funé, it is not a permanent endowment and may be undesignated by the Trustees. Porter Foundation Report of the Trustees for the year ended 5 Aprll 2024 Futur• plans Thè Trustees intend to contlnue maklng grants to charltable Instytutions partlcularly those operating in the rields of educatlon, the envlronment, culture, he1￿h and welfare. ststam•nt of Trustees, responslbllltl•s The Trustees are responsible for p￿parIng the Trustees. Report and the financial statements In accordance wlth applicable law and Unlted Klngdom AccoLntlng Standard5 Iunrfced Kingdom Generally Accepted Accounting Prattice}. The law applicable to charltles In England & Wales requires the Trustees to prepare financlal statements for each financial perlod whlch glve a true and fair view of the state of affairs of the Foundation and of the financial activitles of the Foundation for that period. In preparin9 these fjnanaal statements, the Trustees are requlred to: select suitable accountlng pollcles and then apply them consistently,. Observe the methods and prlnclples in the Charitles SORP; Make judgements and estlmates that are reasonable and prudent; Prèpare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation wlll contlnue In operatlon. Thè Trustees are responslble for keeping proper accountlng ￿CordS that are 5ufflclent to show and explaln the Foundation'5 tran5artlon5 and disclose wlth reasonable accuracy at any time the financial positlon of the Foundation and enable thern to ensure that the financlal statements comply wlth the Charltles Att 2011, rne cnaniies (Accounts and Report5) Regulations 2008 and the prov151on5 of the Foundatlon's overning document. They a￿ also responslble for safeguardlng the assets of the FoundatK)n and hen for taklng reasonable steps for the prevention and detection of fraud and other Irregularities. The Trustees, Report was approved by the board of Trustees on .. by.. nd slgned on their behalf MrB ad9ett- Trusts• Porter Foundation Independent Examiner's Report to the Trustees of Porter Foundation I report to the Trustees on the flnancial statements of the Charity for the year ended 5 Aprll 2024 which are set out on pages 6 to L5. Thls report Is made SO￿lY to the Charity's Trustees, as a body, in accordance wlth Sectlon 145 of the Charltles Att 2011. My Sndependent examination work has been undertaken so that L mlght state to the Charity's Trustees those matters l am required to state to thèm in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume respongibility to anyone other than the Charity and the Charity's Trustees as a body, for my Independent examlnatlon work. for thls report, or for the opinions I have formed. Resp•ctlve Rosponslbllities of th¢ Truste¢$ and Examinér The Charity's Trustee5 are responsible for the preparatlon of the financlal statements. The Charity's Trustees considèr tr)at an audit is not requlred for the year under sectlon 14412) of the Charlties Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself =hat the financial statements of the Charity are not requiffd to be audlted and are Èligible for indepèndent examlnatlon. I report In respect of my examlnatlon of the Charitv's accounts carried out under section 145 of the 2011 Art. In carrying out my examination I have followed all the appllcable Dlrettions glven by the Charlty Commission under section 145(51(b) of the 2011 Act. Independent Examiner'$ Statement In connettion wlth my examlnation, no matter has come to my attention.. (11 which gives me reasonable rau5e to believe that, in any matèrial rèspect, the requSrements to keep accounting records in accordance wlth settlon 130 of the 2011 A(t- and to prepare flnancSal statements whlch accord with the accountin9 ￿cOrdS and comply with the accounting requirements of the 2011 Act have not been met. or (21 to whlch, In my opinion, attentlon should be drawn In order to enable a proper understandin9 of the rinancial statements to be reached. Alan Sldetxittom FCA Az¢t$ Audit S¢rvi¢¢s Limit 3010112025 Tiiune Court Monks Cross Drive York Y032 9GZ Porter Foundation Statement of Financial Activities (including Income and Expenditure Account) for the year ended 5 April 2024 2024 2023 Not• Zneome from.. Investment income ioi t81 122 Total in¢om¢ 101,181 122,349 Expenéitur• on.. Investment management fees Charitable activities FO￿ign currency exchange ains losses Total •xpendlture Net (expenditurè) ￿torn othèr racognlsod galns Not ain$ 106,037 728,564 51,652 109,917 336,783 (201,2041 886,253 245,496 1785,072) (123,147} on Investments 551 250 N¢t movement in funds Fund balances brou ht forward (867,799) 4 730 228 (674,403) 5 404 631 Fund balances carrled forward 9,10 3,862,429 4,730,228 The notes on pages 8 tD 15 form part of these financial statements. All actlvltle5 for the current and prevlous flnanclal year relate to continulng operations. The statement of flnancial attivltles Includes all galns and losses recognlsed In the year. All Income and expendfcure In thls and the P￿VIouS flnandal year relates to unrestritted funds. Porter Foundation Balance Sheet as at 5 April 2024 Not• 2024 2023 Fixed assets Investments 2,891,328 3,868,798 Curront assets Debtors Cash at bank and In hand 309,097 670 573 979,670 309,097 561 884 870,981 Credltors Arnounts fallln due %vithin one ear N¢t ¢urr0nt a$$ot$ 971 101 861 430 N•t asséts 3,862,429 4,730,228 Unrestrlcted funds: Capital funds Endowment funds Income funds General unrestritted lunds 9,10 3,730,769 3,86S,148 131 660 865 080 Total fund$ 9,10 3,862,429 4,730,228 The financial statements were approved by the Trustees on bv: and slgned on thelr behalf Mr B Pado¢tt - Trust00 The notes on pages 8 to 15 fom) part of these financial statements. Porter Foundation Notes to the Financial Statements for the year ended 5 April 2024 Accountlng pollcles The prSnclpal accountlng polioes adopted, Judgements and key sources of estSmatlon uncertalnty In the preparation of the financial statements a￿ as follows: Basls If prèparatlon The financial statements have been prepared on a going concern basls In accordance wlth Accounting and Reporting by Charities.. Statement of Recommended Prattice applScable to charltles preparlng theSr account5 In accordance with the Financial Repgrting Standard applicable in the UK and Republlc of I￿land IFRS1021 (Charities SORP {FR5102)l and the Charities Act 2011. The Porter Foundation is an unincorporated trust. its princlpal place of bu51ness Is 63 Grosvenor Street, London, WIK 3JG. The flnanclal statements have been prepared to give a 'true and falr, view and have departed from the Charities {A¢counts and Reports) Regulations 2008 only to the extent requlred to provlde a 'tnJe and fair view,. Thls departure has Involved followlng Charitles SORP {FRS 1021 rather than Accountin9 and Reporting Dy Charities.. statement of Recommenaed Prattice effective from i April 2005 which has since bèen withdrawn. The financlal statements are prepared In sterllng whlch Is the funaional currency of the Charlty. Monètary amounts In these financlal statements are rounded to the nearest £1. The Porter Foundatlon meets the definitlon of a public benefit entity under FRS 102. Assets and Iiablllties are Inltially recognised at cost or transaction value unless otherwlse stated in the relevant accounting policy notes. Golng conc•rn The Trustees have prepared flnanclal projectlons, taking into consideration thè currènt economic climate and its Potential Impatt on the sources of Income and planned expendI￿re. They have a Trasonable expettation that adequate financial resources a￿ avallable to enable the Charity to tontinue in operational existence for the foreseeable future and have adequate contingency plans in the event that income streams are reduced. Thus, the trustees continuè to adopt the golng concern basls of accountlng in preparing the rbnancial statements. Zne•m* Income is recognSsed In fvll In the Statement of Hnanclal Artivitiés I"SoFA") in the year in whlch It Is re￿1Vable. Incom• from investments Dlvidend and intere# income from investment funds is included when re￿[Vable and the amount can be mèasured reliably by the Charity,. thls Ss normally upon notlflcatlon of dlvldends and interest paid or payable by the Fund Manager. Lnt•r•st incom4 from cash deposits and Ilsted invéstménts is re￿anISed in the 3ceountg grogg. v4h@n receivable. Exp•ndltur• Expendlture {excludlng grants) Is Induded In the SOFA on an accruals bas15. Charltable actlvlties Include support expendlture assoclated wlth the admlnlstratlon and Issulng of grants. Porter Foundation Notes to the financial statements for the year ended 5 April 2024 Grants Grants payable a￿ cornmltments lincludlng paymènts) made to thlrd parties in the fvrtherance of the cha￿table obJectlves of :he Charfty. Single or multi-year grants are accounted for as grants payable when either the reclplent has a reasonable expectation that thèy wlll recelve a grant and the Trustees have agreed to pay the grant wSthout condltlon, or the recipient has a reasc*nable expettation that they wlll receive a grant and any condition attachlng to the grant is outside the control of the Charity. Fix•d ass•t Invwtments Investments are a form of basic flnanclal instrument. Llsted Investments are stated at market value at the balance Sheet date. The listed Investment portfollo Is held to generate returns and gaSns for the Charlty and accordingly is designated as falr value through proflt and loss I'F￿PL.}. Under thi5 designatlon the portfolio 5$ revalued at each period end to Sts falr walue, as dètermined by rèfèrence to quoted market prices and values detemined by independent fvnd managers, v4lth any galns or losses goSng through the SOFA. Plnanclal Instruments The Charity has eletted to apply the provlsions of Sectlon 11 'Baslc Financlal Jnstruments. and Settion 12 'Other Flnanclal Instruments Issues, of FRS 102 to all of Sts flnan¢lal Instruments. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquld Investments with a short maturity held for worklng capital. i.io Credltors, loans and provlsions Creditors, loans and pr