Charity number: 312425
## **The Portal Trust**
## **Annual Report and Financial Statements**
**For the year ending 31 March 2025**
## **The Portal Trust**
## **Reference and administrative details**
## **For the year ended 31 March 2025**
**Charity number** 312425 **Registered office and** 31 Jewry Street **operational address** Aldgate London EC3N 2EY **Principal objective** The Portal Trust is an independent charity whose principal objective is the promotion of education of disadvantaged young people resident within the City of London, the Royal Boroughs of Kensington & Chelsea and Greenwich, and the London Boroughs of Camden, Hackney, Hammersmith & Fulham, Islington, Lambeth, Lewisham, Newham, Southwark, Tower Hamlets, Wandsworth and the City of Westminster.
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## **The Portal Trust**
## **Reference and administrative details**
## **For the year ended 31 March 2025**
## **The Trust’s Board of Governors**
|**Name**|**Office**|**Committee membership**|
|---|---|---|
|Sophie Fernandes CC|Chairman
Chairman of Investments (ex officio)
Chairman of Nominations (ex officio)
Chairman of Staff (ex officio)|Grants, Nominations, Staff,
Investment|
|David Hogben BEM|Chairman of Audit & Risk|Audit & Risk, Nominations,
Investment|
|Denise Jones|Deputy Chair
Chair of Grants|Grants, Nominations, Staff|
|Brian Barker CBE KC|Deputy Chair of Grants (from 12 March 2025)|Audit & Risk, Staff,
Grants (from 23 January 2025)|
|Trevor Critchlow
(ex-officio)||Nominations, Investments, Staff|
|Laura Jørgensen
(ex-officio)||Grants, Audit & Risk, Investments|
|Jenny Moseley||Grants, Nominations, Audit & Risk,
Investments|
|Fancy Sinantha|Resigned 20 August 2024
Deputy Chair of Grants (until 20 August 2024)|Grants (until 20 August 2024)
Investments (until 20 August 2024)|
|Ratidzo Starkey|Resigned 20 August 2024|Grants (until 20 August 2024)
Investments (until 20 August 2024)
Audit & Risk (until 20 August 2024)|
|Sarwar Zaman|Board Diversity Champion|Audit & Risk, Staff,
Nominations,
Grants|
|Anton Chambers|Appointed 24 May 2024|Grants (from 24 May 2024)|
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## **The Portal Trust**
## **Reference and administrative details**
## **For the year ended 31 March 2025**
## **Treasurer Emeritus (not a member of the Board)**
Kevin Everett OSt.J DSc (Hon.) is Treasurer Emeritus.
## **Special Advisers**
The Trust has several Special Advisers (not members of the Board), who are called upon from time to time to give advice relating to the Trust’s business in their specialised areas.
Baroness Sandip Verma
The Rt. Hon. Ruth Kelly Professor David Rhind CBE FRS FBA (until 7 January 2025)
Peter Williams CBE
Professor Lord Hennessy of Nympsfield FBA
Professor Graeme Atherton
_The Board were saddened to learn of the death of Professor David Rhind in January 2025. Professor Rhind was President and Vice Chancellor of City, University of London from 1998 to 2007, and was a Special Adviser to the Trust from 2016. We remain grateful for his friendship and support over many years._
## **Ambassadors**
Helen Meixner CMG
Graham Cole OBE
Anton Chambers (until 24 May 2024)
## **Diversity Consultant**
Colleen Harris, MVO DL
|**Principal Officer (Chief Executive)**|Richard Foley||
|---|---|---|
|**Bankers**|Coutts & Co||
||Commercial Banking||
||440 Strand||
||London||
||WC2R 0QS||
|**Solicitors**|Howard Kennedy FSi|Gunnercooke LLP|
||Cavendish Square|1 Cornhill|
||London|London|
||W1A 2AW|EC3V 3ND|
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## **The Portal Trust**
## **Reference and administrative details**
## **For the year ended 31 March 2025**
|**Property Managers**|Fletcher King|Gryphon Property Partners|
|---|---|---|
||19-20 Great Pulteney|15 St Helen’s Place|
||Street|London|
||London|EC3A 6DQ|
||W1F 9NF||
|**Investment Managers**|Sarasin and Partners||
||Juxon House||
||100 St. Paul’s Churchyard||
||London||
||EC4M 8BU||
|**Pension Actuary**|Capita Hartshead Actuarial and Consultancy Services||
||(Formerly called Gissings Consultancy Services)||
||Ludgate House||
||2nd Floor||
||245 Blackfriars Road||
||London||
||SE1 9UF||
|**Accountants**|Myers Clark||
||Chartered Accountants and Registered Auditors||
||Suite 7a, Building 6||
||Croxley Park, Hatters Lane||
||Watford||
||WD18 8YH||
|**Auditor**|Sayer Vincent LLP||
||Chartered Accountants and Statutory Auditors||
||110 Golden Lane||
||London||
||EC1Y 0TG||
|**Design Agency**|Red Stone||
||90-93 Cowcross Street||
||Farringdon||
||LONDON||
||EC1M 6BF||
|**Secure Web Hosting**|SystemCore Ltd||
||Little Court||
||Broadwater Lane||
||Copsale||
||West Sussex||
||RH13 6QS||
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## **The Portal Trust**
## **Reference and administrative details**
## **For the year ended 31 March 2025**
**Executive Search** Saxton Bampfylde 79-81 Borough Road London SE1 1DN **Grants Database** Buzzacott (Blackbaud) 130 Wood Street London EC2V 6DL
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Chairman’s Report**
The year of 2025 seems to have flown by, with The Portal Trust continuing its grant making that truly makes a difference to young people in London. We’ve also launched several new reports including our final _Portal Trust Impact Report_ . In the coming years this will evolve into a different format to better showcase our work and the benefits it brings. In November we also launched the _Mixed-Heritage Young People’s Experience in London: An Exploratory Study_ which originated from my own experience as a mixed-race child and my frustration at the lack of research available to support grant-makers in decision making. And of course, our core work of grant-making continued strongly, most notably with £0.5m to the Migration Museum being agreed in March.
We look forward as a Board to 2026 with excitement, ambition, and a healthy dose of trepidation as we evolve our work, recruit new Governors, and launch a new Grants Strategy.
## **Sophie Fernandes**
Chairman
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Objectives and Activities**
The Trust is one of London’s largest independent educational charities, with a substantial endowment invested in equities and property. The Trust has interpreted the Scheme of Administration, as approved by the Charity Commission, with all its amendments, and accordingly fulfils its charitable objectives through the vision, mission and values statements as shown below:
The Portal Trust is a progressive, independent grant-maker. We take pride in supporting innovative approaches to providing educational opportunities for young people in London, particularly for those facing disadvantage.
We are apolitical and work across all sectors of education and are not afraid to take a risk in funding new or untried concepts or ideas; indeed, we very much see this as part of the unique role of the Third Sector.
**Our Vision:** For all young people in London to have the opportunities and support they need to meet their full potential.
**Our Mission:** To promote the education of young people in London through:
- our grant programmes for individuals, institutions and organisations; giving priority to those from the most disadvantaged backgrounds.
- influencing and contributing to the development of educational policy, practice and research, to shape and meet the evolving needs of London's young people.
**Our Values:** Our core values serve as the framework for implementing the Trust's mission. They shape the way we pursue our vision and underpin the way we behave with each other as well as the way we interact with the world around us.
- **Efficiency and Professionalism**
- We are approachable and aim to treat people with dignity and respect, always adhering to the highest personal and professional standards.
- **Openness and Transparency**
- Our policies, procedures and processes conform to the highest standards of governance and will stand the test of probity.
- **Friendliness and approachability**
- We treat everyone with empathy, compassion and understanding, as we would wish to be treated, and we always want to hear about new initiatives for young people. We look for partners with great ideas and the exceptional skills to put them into action – not just those with a polished pitch or a glossy brochure. We are pleased to be accredited by the Living Wage Foundation as a Living Wage Employer and Grant Funder.
- **Enabling**
- We aim to create supportive and meaningful relationships and to enable organisations and individuals to succeed.
- **Innovation**
- We know that to have a positive impact on young lives we need to go beyond traditional education. We champion new and exciting approaches to addressing needs and providing support.
## **Public Benefit**
The Governors have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in the planning and operations of all its current and future activities. In particular, the Governors have given due regard to public benefit when awarding grants.
7
**The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Grants Strategy**
The Trust’s current Grants Strategy identifies six priorities as follows:
- 1 Trust Schools
- To enhance the learning experience for every child at the Aldgate School and Stepney All Saints Church of England Secondary School. The Trust is the Sole Trustee of both Schools but does not exercise overall control at either School.
- 2 Widening Participation
- Promote access to further and higher education for disadvantaged young people in Inner London.
- 3 Truancy, Exclusion and Behaviour Management
- Encourage and support children and young people’s attainment through initiatives that help them engage with, and stay in, education.
- 4 Prisoner Education
- Reduce re-offending through education and initiatives that promote employability.
- 5 New Initiatives
- These are defined as either genuinely new, ground-breaking approaches to learning or, projects that are new in context, i.e. activities that have not previously been implemented in a particular school or within a specific geographical area.
- Influence and improve education policy and practice, both within the Trust's area of benefit and more widely.
- 6 Student Bursaries & Maintenance Support via Scholarship programmes and the Trust’s Schools
The Board and staff are currently developing a new Grants Strategy, which will be launched in Autumn 2025. The Trust’s objectives in producing the new Strategy are to better respond to the developing educational needs of London’s young people and to ensure inclusive and equitable access to opportunities.
## **Grant Making**
In fulfilling its objectives, the Trust makes grants to individuals and organisations and provides long-term ongoing support to the following institutions:
- City Child and Family Centre & Aldgate School in the City of London.
- Stepney All Saints Church of England Secondary School in the London Borough of Tower Hamlets.
- City University (Bayes Business School) in the London Borough of Islington.
- London Metropolitan University (School of Art, Architecture and Design) in the London Borough of Tower Hamlets.
- University of East London (School of Education & Communities) in the London Borough of Newham.
- Affordable Accommodation for Students Limited (Well Street Hall) in the London Borough of Hackney.
We provide rent-free buildings to the Aldgate School, Stepney All Saints Secondary School and the Affordable Accommodation for Students Limited; these equate to a substantial direct cash benefit totalling approximately £3.8m. The Trust is currently discussing a new lease for the City & Child Family Centre with the City of London Corporation. This is required because some of the activity at the centre falls outside the remit of the Trust as set out in the Scheme of Administration.
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**The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Organisational Objectives**
To maintain a stable infrastructure from which grant-making may be delivered and sustained the Board has agreed the following objectives:
- Provide annual revenue through investment income of approximately £ 2 million per year.
- Provide Grant revenue of circa £1.5 million per year.
- Implement and keep under review the grants monitoring and grants evaluation strategies.
- Review investment and property strategy.
- Review the efficiency of both governance and management practices.
- Promote the Trust and its activities.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Grant Making**
The Trust’s grantmaking is guided by the principle of ‘additionality’. We will not support projects where a public authority has a statutory duty to provide the services for which funding is being sought.
## **Actual performance**
The Trust committed £2,452,306 (£1,737,401 in 2023/24) in grants during the year as follows:
## **Grants Programmes**
|**rants Programmes**||
|---|---|
|Portal Trust Schools|£154,817|
|Grants to Organisations working with Trust’s Schools|£292,073|
|Organisations|£1,952,433|
|Individuals|£51,000|
|Returned funds|£26|
|**TOTAL**|£2,452,306|
## **Sponsorship and Campaigns**
Since 2023, we have been proud to be a Flagship Partner of the National Literacy Campaign’s Libraries for Primaries Campaign, which works to address the alarming fact that 1 in 7 State primary schools in England do not have their own dedicated library space. In July 2025, we were delighted to be present in 11 Downing St to hear the Chancellor of the Exchequer announce Government funding to ensure this is addressed by the end of this Parliament. We’re proud to have worked with NLT and other partners such as Penguin Random House and Oxford University Press to bring about this milestone announcement.
We were also delighted to sponsor the Frontline Award for Innovation for a second year in a row. This award celebrates new ideas in social work that improve the lives of children and their families. This year’s winner was Niketa Sanderson-Gillard, who founded Why Care to help local authorities recruit and assess foster carers.
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Major achievements and milestones**
## **Migration Museum**
In March 2025, we became the first funder to support the Migration Museum’s permanent new home in the City of London, a short walk from our offices. We’ve been proud to support the Migration Museum in its temporary venue in Lewisham since 2023. With our new grant of £0.5m over three years, we’re helping to create Britain’s first permanent museum dedicated to the study of migration. We’ll also be putting our name to The Portal Trust Education Room. In this dedicated educational space, young people can explore how migration has shaped who we are as individuals, communities, and nations.
## **What Can London Teach the Rest of the World? – the 2024 Portal Trust Lecture**
Colleen Harris MVO, DL delivered the 2024 Portal Trust Education Lecture.
A Communications and Diversity professional with a wealth of experience in the public and non-profit sector, Colleen was the first Black press officer to work in Downing Street and has held a number of high-profile positions in Government, the Royal Household, and international organisations such as the UN. She is currently the Portal Trust’s independent Diversity and Inclusion Adviser.
Colleen’s fascinating lecture drew on personal and family experiences to underline the importance of the education sector in fostering inclusion, integration, and understanding within a diverse city like London. Colleen gave a call to action on the stark inequalities which continue to affect the life chances of many young people, and also underlined how _“it is in education – especially schools and universities – that we meet people who don’t have the same background as we do. That makes what the Portal Trust and other educational institutions do not just a good way to help people pass exams – it makes it part of the glue that holds our society together.”_
We look forward to our 2025 Lecture, which will be given by Dr Tristram Hunt, the historian, author, former Parliamentarian and current director of the V&A family of Museums.
## **Beginning the process of Incorporation**
The Board has resolved to modernise the Trust’s Governance arrangements by beginning the process of Incorporation. This 2-year project will ensure our core operational activities can be managed with greater efficiency.
## **Portal Trust Schools**
We are proud of our longstanding links with Stepney All Saints Church of England Secondary School and the Aldgate School, and of our financial support which provides additional opportunities for their students.
The Trust is Trustee of these two Ofsted Outstanding-rated Voluntary Aided state schools, which serve diverse populations in the East End and the City of London.
While Stepney All Saints continues to recover from the severe disruption caused by the discovery of Reinforced Autoclaved Aerated Concrete (RAAC), we continue to be proud of the resilience, resourcefulness and determination of both students and staff. As Trustee of the school and freehold owner of the site, we engaged proactively along with the Headteacher and School Governors to ensure the safety of students and staff and minimise disruption, including making additional grants to support temporary remote learning. We are now actively engaging in the exciting process of rebuilding and refurbishing the school estate.
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
The Aldgate School is the only state school within the City of London, and plays an essential role in bringing communities together on the boundary of the Square Mile and the East End. We are working closely with the school’s Governors and staff to ensure the school continues to be well-placed to carry out its mission.
## **Research and Publications**
## _**Education, Skills and Inequality in London**_
In October 2024, We launched a major new report by Professor Graeme Atherton, our Special Adviser on Education and Social Inequalities, which offers a detailed analysis of educational inequalities across London.
The findings revealed both encouraging progress and critical areas for improvement. Education plays a central role in London’s social and economic success, and with over two million learners and 3,000 providers, improving educational outcomes is essential to shaping the city’s future workforce.
While many students in London consistently outperform the national average, over 15,000 learners fall short of this standard. A key concern is the ongoing achievement gap between students eligible for free school meals and their less disadvantaged peers. These disparities are most notable in A-Level performance and higher education participation, with some boroughs falling below the national average.
## _**Impact report**_
In July 2025, we launched our new Impact Report, showcasing the enormous breadth of initiatives which have each received a share of £34m of direct and indirect funding over a 6 year period.
This report is a snapshot of our impact over the period, showcasing not only the organisations and individuals we funded, but also our research initiatives, our annual lectures, and our in-kind grants, which provide rent-free educational space in one of the world’s most expensive cities.
We launched the report at the new London College of Fashion campus in the Olympic Park, which hosts the Portal Centre for Social Impact, opened in 2023. Witnessing performances and testimonials from beneficiaries, we were humbled and inspired by the achievements of London’s young people and the obstacles so many have overcome.
## _**Mixed Heritage Young People's Educational Experiences in London**_
This year, we commissioned important new research into the Higher Education experiences of young Londoners of mixed heritage, the capital's fastest-growing demographic. While participation in Higher Education has grown significantly in recent decades, gaps remain in understanding how students of mixed heritage navigate the system and the barriers they may face. To address this, we commissioned King’s College London to lead a study exploring the aspirations, challenges and opportunities experienced by these young people across the capital.
The research will shed light on how mixed heritage students engage with universities, how they are supported, and where improvements can be made to ensure greater inclusion and success. By investing in this work, we aim to bring evidence and lived experience into the debate on access and equity in Higher Education. The findings will help inform not only our own grant-making but also the wider sector’s understanding and practice.
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Living Wage**
We have been accredited by the Living Wage Foundation as a Living Wage Employer since 2017, and as a Living Wage Funder since 2022. We remain acutely aware of the current cost of living crisis, and the fact that one quarter of Third Sector workers earn less than the Living Wage.
Our Living Wage Funder commitment means that we expect all organisations we work with to be Living Wage Employers. Where this is not currently the case, we enter into a dialogue with those organisations to understand what barriers are preventing them from being so.
## **Diversity, Equity and Inclusion**
We have been pleased to continue to retain Colleen Harris MVO DL as our Diversity Consultant, and have continued to make diversity, equity and inclusion a priority in all areas of our work. Our Diversity Consultant has worked over the past year on the Trust’s new Equity, Diversity and Inclusion Strategy, which was approved in July 2023.
We have also created a new Board-level role of Diversity Champion. The Trust’s office and meeting space is fully accessible, and we have HR systems in place to ensure all colleagues receive the support they need to carry out their work and develop their careers to their full potential.
## **Monitoring & Evaluation**
A Monitoring and Evaluation policy is in place to ensure our grant-making is cost-effective and impactful.
All organisations must provide information relating to the anticipated outputs and outcomes with their proposal, along with the costs and methodology to be used to collect and analyse the information.
Successful applicants submit evaluation reports throughout the life of the project and future payments of grants are contingent upon receiving satisfactory reports. The Trust reserves the right to withdraw funding where an organisation has not submitted an evaluation report or where the project has not achieved its objectives.
Monitoring and evaluation are expected wherever possible to be organised by the receiver rather than the Trust. It can be undertaken by the organisation itself, by an independent body or by an external consultant appointed by the Trust. The cost of the evaluation is included in the applicant’s budget, and each application is considered on a case-by-case basis, with the Grants Committee deciding how proportionate and appropriate evaluation will be arranged. **Promotion & Communications**
As part of our rebranding exercise in 2021, we committed to overhauling our approach to communications to help us promote our grant programmes to a wider base of potential applicants. A survey of our stakeholders showed a need for a more direct and friendly style and to refocus on celebrating our beneficiaries’ achievements.
The creation of a new full time role of Communications Officer has had a decisive effect in this area, increasing our presence and reach on social media as well as building a body of case studies and news stories, which has dramatically improved our ability to demonstrate the impact of our funding to a wide audience. Our new quarterly e-newsletter has been especially well-received. In the coming year, we’ll be implementing our first ever formal Communications Plan, with a focus on helping us become a more effective and equitable grantmaker, and a more effective advocate for our beneficiaries
12
## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Relationships with other charitable, public and private sector organisations**
We regularly engage with other institutions, particularly the Aldgate School and Stepney All Saints Church of England Secondary School, and appoint Governors to the Governing Bodies of each school as required by their Governing Documents, and reflecting the substantial ongoing financial investments we make in our Schools. The Trust is the sole trustee and voluntary aiding body for both the Aldgate School and Stepney All Saints Church of England Secondary School.
The Board also makes nominations to:
- the Board of the University of East London
- the Council of City University
We keep pace with changes in education policy through contact with local education authorities, the Department for Education and other public sector and charitable organisations.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Nature of our Governing Document and how the charity is constituted**
The Portal Trust is an unincorporated charity regulated by a Scheme made by the Secretary of State for Education and Science on 28 April 1970 under Section 18 of the Charities Act 1960, as amended by the Schemes made by the Charity Commissioners on 22 October 1979, 20 March 1992, 15 June 1993, 17 December 2008, 4 November 2010, 27 July 2011, December 2012, February 2014, September 2014, April 2015, January 2021 and July 2022.
## **Membership and Role of the Board**
There are twelve seats on the Board; two ex-officio and ten co-opted. The co-opted members serve a five-year term but are eligible for re-appointment. The Board is responsible for setting the strategic direction of the Trust, and the day-today management is carried out by the Chief Executive and the staff.
## **Methods of recruiting and appointing new Board Members**
The recruitment of new co-opted Board members is based on the Trust’s Board member role description and person specification and all new Board members complete a skills audit questionnaire upon appointment. The skills audit analysis is updated to determine the specialist skills to be sought when filling Board vacancies.
Co-opted Board members are appointed through a formal competitive process which includes national press advertising, shortlisting and interviewing. The Trust retains monitoring statistics on the age group, gender, ethnic origin and disability of Board members.
Before the appointment, all Board members sign a declaration of eligibility following Section 178 of the Charities Act 2011.
## **Policies**
The Trust maintains a suite of 20 Policies which give clear guidance to staff and Governors on important areas of work, including Safeguarding, Data Protection and Equal Opportunities. All policies are reviewed at least every two years by staff, using best practice advice and charity sector benchmarking, and the updated policies are presented to the Board for approval.
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Board Member Declared Pecuniary Interests**
The register of Board members’ interests is reviewed annually. All agendas contain a standard declaration of interests item and in compliance with the Trust’s Conflicts of Interests Policy, any Board member with a declared interest is excluded from participating and voting on that particular item.
## **Induction and Learning & Development**
There is an induction and learning & development programme in place for both staff and governors.
The Trust’s governance framework determines the appointment of the Chairman and Deputy Chairman, who are elected annually, and the nature, frequency and operation of Board and Committee meetings. The Board met seven times during the financial year 2024/25.
The Trust has a Grants Committee, Audit & Risk Committee, Staff Committee, Nomination Committee and ad hoc Investment Committee which meets when necessary. The Terms of Reference of each committee were all considered and approved by the Board during the year.
## **Remuneration policy**
The key management personnel pay scales are benchmarked against those of the City of London Corporation and are regularly compared with other similar charities and are approved on an annual basis by the Staff Committee.
## **Risk Management**
Under the Trust’s Risk Management Process, the management team present a “Major Risk Summary”, which highlights the risks identified with a "major" risk score, at each meeting of the Trust’s Board of Governors. Examples of the major reported risks were:
- Demographic changes. We continue to monitor the development of educational needs among disadvantaged young people in London, including the increase in child poverty in Outer London (currently outside our beneficial area) and the need for support for many young people aged 25 and over. We also frequently commission research to assess the needs of sometimes overlooked groups, such as Gypsy, Roma and Traveller (GRT) young people or those from mixed ethnicity backgrounds. We will advocate wherever necessary for changes to our area of benefit which enhance our ability to fulfil our core mission.
- Non-Compliance with regulations and Best Practice **.** A new Board Code of Conduct has been implemented, along with comprehensive reviews of Policies and systems. All staff and Governors have received additional training on safeguarding, and further training and information has been provided to colleagues wherever a need has been identified.
- Protection of the endowment. The Governors have a fiduciary duty to take all reasonable steps to preserve the value of the charity’s permanent endowment. For this reason, we have engaged in Judicial Review litigation with regard to specific elements of the Leasehold and Freehold Reform Act 2024. At all stages in this process, the Board has taken and will continue to take expert professional advice, and to weigh all factors in its decisions about the litigation.
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Fundraising policy**
The Trust does not engage in public fundraising and does not use professional fundraisers. The Trust nevertheless observes the relevant fundraising regulations and codes. During the year, there was no non-compliance with any of these regulations and codes, and the Trust received no complaints relating to its fundraising practice.
## **FINANCIAL REVIEW**
## **Investment Strategy**
The Board continued to adhere to the investment strategy to:
- provide a targeted income return of approximately £2 million
- maintain the real value of the endowment
- provide long-term growth in income of 1.5% greater than the retail price index.
## **Ethical Investing**
In 2022, we undertook a review of our Investment Management arrangements, with criteria for selection which included a balanced approach to income generation along with a renewed emphasis on ethical investing. We see our role as an ethical investor as not only excluding investment in certain types of industry, but also in using votes and other levers to influence the policies and priorities of companies. We continue to monitor and develop our investment policies and strategies in consultation with our professional advisers, to ensure we maximise our income while protecting our endowment.
## **Investment Performance**
Income from the Trust’s investments increased during the year from £4,141,779 to 4,223,124 as of 31 March 2025.
The Trust’s listed investments increased in value from £49,623,512 to £50,292,069 as of 31 March 2025. The Trust’s investment properties are reviewed annually and revalued when required.
## **Reserves and Funds Policy**
The Board reviewed the reserves policy and reaffirmed its objectives:
- maintain a prudent level of operating reserves of £600,000, being approximately 12 months’ operating costs, including pension costs and
- create and maintain a minimum grant enabling fund of £3m to accommodate future grant applications for projects that are likely to have a significant impact on the education opportunities for disadvantaged young people.
On 31 March 2025, the Trust’s general unrestricted funds were £6.8m, of which £600,000 is the Trust’s operating reserve as indicated above. This leaves net unrestricted funds of £6.2m, of which £5.2m is held in investments to generate income towards future grant applications, including the grant enabling fund mentioned above and the Trust’s commitments of £1.3m reported in note 19 to the accounts.
There are no material uncertainties about the Trust’s ability to continue as a going concern.
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## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
## **Grants Data**
The Trust awarded the following grants during the year:
|**Organisation Name**|**Detail**|**Amount**|
|---|---|---|
|**Grants to the Trust Schools**||**£ 154,817**|
|Stepney All Saints Church of England
SecondarySchool|Annual Benefits|£ 97,204|
|The Aldgate School|Annual Benefits|£ 23,774|
|The Aldgate School|Emotional Literacy& support costs to Argoed|£ 19,644|
|Stepney All Saints Church of England
SecondarySchool|Paris Residential Trip|£ 9,195|
|Stepney All Saints Church of England
SecondarySchool|Support Costs Argoed Lwyd Education Centre|£ 5,000|
|**The Portal Trust awarded £111,399 to Stepney All Saints School (1,040 pupils), equivalent to**
**approximately £107 per pupil, and £43,418 to The Aldgate School (255 pupils), comparable to £170 per**
**pupil.**
**The variation in grant per pupil reflects differences in school size, project scope, and tailored need. In**
**both cases, funding was assessed to ensure a meaningful impact on the students we supported.**|||
||||
|**Grants To Organisations working with**
**Trust Schools**||**£ 292,073**|
|Argoed Lwyd Outdoor Education Centre|Outdoor LearningPartnership|£ 98,240|
|Bayes Business School|School Engagement Programme(SEP)|£ 70,000|
|The Samosa|Diversifying London's curriculum and Youth
MentoringWorkshops|£ 45,000|
|The Social MobilityFoundation|APP|£ 25,000|
|MyBigCareer|Connect. Inspire. Make Change.|£ 20,000|
|Arts Emergency|Arts Emergency: creative mentoring for young
Londoners|£ 25,000|
|HumanettIQ|HumanettIQ|£ 8,833|
|**Grants to Organisations**||**£ 1,952,443**|
|Migration Museum Project|A new Migration Museum for Britain|£ 500,000|
|National LiteracyTrust|The Portal PrimaryLibraryProgramme|£ 101,633|
|The Liliesleaf Trust UK|Anti-Apartheid Legacy: Learning at the Centre
of Memory& Learning|£ 50,000|
|Oxford Gardens Primary School|Enhanced provision for children who identify as
Travelle of Irish Heritage at Oxford Gardens
PrimarySchool|£ 49,000|
|People's Palace Projects|The Verbatim Formula(TVF): Creative Care|£ 45,844|
|KingEdward's School Witley|The Portal Trust ScholarshipScheme|£ 35,714|
|Goldsmiths, University of London|Enhancing education and support for
individuals with Criminal Justice System
experience at Open Book|£ 35,000|
|Single Homeless Project|AchievingPotential for YoungPeople|£ 33,976|
|Young Enterprise|Enterprising Mindsets in Young People Furthest
From OpportunityIn London|£ 32,843|
|Mayor's Fund for London|Numbers@work|£ 32,000|
|Unite Foundation|A Home at University|£ 31,320|
|CityYear UK|Transitions Mentoring (TM)|£ 30,000|
|The Old Vic Theatre Trust|Take the Lead|£ 30,000|
16
**The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
|**For the year ended 31 March 2025**|||
|---|---|---|
|**Organisation Name**|**Detail**|**Amount**|
|Royal Opera House Covent Garden
Foundation|Apprenticeships Scheme|£ 30,000|
|Unicorn Theatre for Children|Schools' PartnershipProgramme|£ 30,000|
|MulberrySchool for Girls|MakingOur Girls’ Voices Heard|£ 29,500|
|London Academy of Music and Dramatic Art|LAMDA Pathways|£ 29,185|
|Mountview Academyof Theatre Arts|Generation N*xt|£ 28,898|
|The Natural History Museum London|The Urban Nature Project Apprenticeship
Programme|£ 27,000|
|BuildingCrafts College|BuildingAspiration for Construction Crafts|£ 26,075|
|King's College London|The Strand Group: MA Government Studies|£ 25,284|
|Oasis Children's Venture|The Right Track Project: empowering
disenfranchised young people to reach their
potential|£ 25,000|
|Refugee Education UK|Access to further education for young asylum
seekers and refugees|£ 25,000|
|Spark Inside|The Hero’s Journey: Transforming the lives of
vulnerable and disadvantaged young people in
HMPYOI Isis|£ 25,000|
|Rich Mix|Flipthe Script: DecolonisingLocal Histories|£ 25,000|
|Saracens Sport Foundation|Get Onside|£ 25,000|
|Beyond Food Foundation|Beyond the Classroom|£ 24,400|
|World Heart Beat Music Academy|First Beats: building bridges to music education|£ 23,000|
|JUSTICE|The Portal Trust InternshipProgramme|£ 22,500|
|Migration Museum Project|Transforming Migration Education in London|£ 22,319|
|Chess in Schools and Communities|Expansion of CSC Schools' Programme in Nine
London Boroughs|£ 20,600|
|Brandon Centre|Reducing persistent absenteeism in Camden
schools|£ 20,376|
|Harris Westminster Sixth Form|Supporting bright, primarily disadvantaged
students' mental health and wellbeing|£ 20,000|
|Leyton Orient Trust|Orient Opportunities Life Skills Coaching|£ 20,000|
|Sunbeams London Ltd|IWAS - ImprovingWellbeingat School|£ 20,000|
|Pembroke College|Pembroke College and Portal Trust Enhanced
Bursaries|£ 20,000|
|Royal National Children's Springboard
Foundation|Royal National Children's Springboard
Foundation bursaries for care-experienced
(Looked After & Vulnerable Children)|£ 20,000|
|Redthread Youth|Youth Violence Intervention Programme at St
George's Hospital|£ 20,000|
|The Place2Be|In-school mental health support|£ 20,000|
|Theatre Peckham|Future Leaders|£ 20,000|
|Lyric Theatre Hammersmith|REWIND|£ 20,000|
|Speech Bubbles CIO|Speech Bubbles: Alternative Settings|£ 18,807|
17
## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
|**For the year ended 31 March 2025**|||
|---|---|---|
|**Organisation Name**|**Detail**|**Amount**|
|Greenwich Music School|Greenwich Music School: widening access and
creating music career pathways for learners in
Greenwich & Lewisham with financial barriers
to music education.|£ 17,826|
|King's College London|K+ Introducing Young people to university with
a focus on care-experienced young people|£ 16,000|
|First Story|Empowering young Londoners excluded from
mainstream education or at risk of exclusion to
find and fulfil their potential through creative
writing.|£ 15,210|
|PrimaryShakespeare Company|PSC Musical Theatre Festival Project|£ 15,000|
|British Exploring Society|British Exploring Society: Overseas Expedition
Programmes 2023 - 2025|£ 15,000|
|Eastside Educational Trust|SPOKEN WORD POWER: Lambeth Pilot|£ 15,000|
|Prisoners' Education Trust|Promoting education opportunities in prison for
young people from Inner London|£ 15,000|
|Springboard|Springboard's Introduction to Hospitality|£ 14,049|
|London Music Fund|London Scholars|£
13,333|
|Roundhouse Trust|Roundhouse Internships: Opening up Cultural
Careers for YoungLondoners|£ 13,000|
|Islington Giving|Youngand FamilyCatalyst Programme|£ 12,500|
|ecoACTIVE|ecoACTIVE Forest School: outdoor learning for
children living in areas of high deprivation|£ 12,360|
|London Youth Choirs|No Barriers - LYC Support Scheme: South
London|£ 11,124|
|SOAS University of London|Scholarships and Junior Researcher programme|£ 10,500|
|The Universityof Oxford,Jesus College|The Oxford BigThinkingProject|£ 10,073|
|Tara Theatre|Young Creatives Programme – Changing
Perspectives Through Creativity|£ 10,000|
|Avonmore PrimarySchool|Year 5 and 6 School Journey|£ 10,000|
|Set POINT|Forest School|£ 7,850|
|William Davis's Educational Foundation|BiodiversityGardeningProject|£ 7,500|
|University of East London|UEL student teacher residential trip to Argoed
Lwyd Outdoor Education Centre|£ 7,303|
|Mossbourne Community Academy|Argoed Lwyd Outdoor Education Centre Trip
Mossbourne CommunityAcademy|£ 7,260|
|Lyric Theatre Hammersmith|Spring- Oxford Gardens Project 2025|£ 6,080|
|BuildingCrafts College|Best Carpentryand JoineryYear One|£ 200|
||||
|Grants to individuals||£ 51,000|
||||
|Total Organisation Grants||£ 2,401,306|
||||
|Total||£ 2,452,306|
18
**The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
Bursaries totalling £51,000 were awarded to 35 young people from London who had applied to the Trust due to disadvantages affecting their ability to study. Seven of these were students who had previously attended either the Trust’s primary or secondary school.
The grants varied in size, depending on study costs, course fees, and the statutory support available to individuals.
Over the financial year, the Trust provided funding to projects which assisted approximately 22,559 young people across the 14 Inner London local authority areas that make up our area of benefit. This figure has been recalculated to reflect only those individuals recorded in our monitoring and evaluation reports.
This year, we received 244 applications and supported 59 of them – a success rate of around 24%. Each grant awarded represents an investment in projects that empower young people to shape their futures.
## **Forward Look**
During the following year, the Board will be considering and approving the following activities:
- Publishing our new Grants Strategy.
- Recruiting new members of the Board.
- • Implementing our Communications Plan.
- Managing the endowment and investment portfolio.
- maintaining and managing the grants programme.
- continuing to implement the governance and Scheme changes needed by beneficiaries in a culturally and religiously diverse community.
- continue to work with partner organisations to implement and add value to the Trust's objectives.
- promoting the Trust through its activities to influence education policy and direction to the advantage of the Trust’s beneficiaries.
- continuing to improve the Trust’s efficiency.
## **Statement of Responsibilities of the Governors**
The Governors are responsible for preparing the Governors’ reports and financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
19
## **The Portal Trust**
## **Governors’ annual report**
## **For the year ended 31 March 2025**
The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the maintenance and integrity of the charity and the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Auditor**
Sayer Vincent LLP was re-appointed as the charity’s auditor during the year and has expressed its willingness to continue in that capacity.
## **Approved by the Board on 23 October 2025 and signed on their behalf by:**
## **Sophie Fernandes Chairman of the Board**
20
**Independent auditor’s report**
## **To the Governors of**
## **The Portal Trust**
## **Opinion**
We have audited the financial statements of The Portal Trust (the ‘charity’) for the year ended 31 March 2025 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 FRS 102 _The Financial Reporting Standard applicable in the UK and the Republic of Ireland_ (the United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as of 31 March 2025 and its incoming resources and application of resources, for the year then ended
- Have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice
- 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 (UK) (ISAs (UK)) 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 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 Governors' 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 Portal Trust'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 Governors with respect to going concern are described in the relevant sections of this report.
## **Other Information**
The other information comprises the information included in the Governors’ annual report, other than the financial statements and our auditor’s report thereon. The Governors 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.
21
**Independent auditor’s report**
## **To the Governors of**
## **The Portal Trust**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- The information given in the Governors’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not received all the information and explanations we require for our audit
## **Responsibilities of Governors**
As explained more fully in the statement of Governors’ responsibilities set out in the Governors’ annual report, the Governors 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 Governors 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 Governors are responsible for assessing the Trust’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 Governors either intend to liquidate the charity or to cease operations or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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.
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 of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is set out below.
## The 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 audit and risk committee, which included obtaining and reviewing supporting documentation, concerning the Trust’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;
22
**Independent auditor’s report**
## **To the Governors of**
**The Portal Trust**
- The Internal controls are 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 Trust 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 Trust 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.
- We reviewed the financial statement disclosures and tested these with 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 judgments made in making accounting estimates are indicative of a potential bias and tested significant unusual transactions 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 regulations. This risk increases more than 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 Financial Reporting Council’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 charity's Governors as a body, under section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Governors 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 charity and the charity's Governors as a body, for our audit work, for this report, or for the opinions we have formed.
## 22 January 2026
Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG
Sayer Vincent LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
23
## The Portal Trust
## Statement of financial activities
For the year ended 31 March 2025
|For theyear ended 31 March 2025|For theyear ended 31 March 2025|For theyear ended 31 March 2025|||||
|---|---|---|---|---|---|---|
|General
Designated
Note
£
£
Income from:
3
8,078,744
-
4
143,216
-
8,221,960
-
777,063
-
7,110,500
-
8,000
-
5a
7,895,563
-
12,13
50,112
-
376,509
-
18
217,672
(217,672)
594,181
(217,672)
11
-
-
16
14,483
-
608,664
(217,672)
Reconciliation of funds:
6,153,092
10,203,857
6,761,756
9,986,185
Net income/(expenditure) before
transfers
Gains on revaluation of fixed assets
Actuarial gains / (losses) on defined
benefit pension schemes
Net movement in funds
Net income/(expenditure) before
other recognised gains and losses
Transfers
Total funds brought forward
Total funds carried forward
Net gains/(losses) on investments
Investments
Other
Total income
Expenditure on:
Generating funds
Other
Total expenditure
Net income before net gains on
investments
Charitable activities
Promotion of education
Unrestricted
-
326,397|||Restricted
£
-
-|Permanent
Endowment
£
-
-|2025
Total
£
8,078,744
143,216|2024
Total
£
7,997,399
37,500|
||8,221,960|-|-|-|8,221,960|8,034,899|
||777,063
7,110,500
8,000|-
-
-|-
-
-|-
-
-|777,063
7,110,500
8,000|290,867
6,276,380
8,000|
||7,895,563|-|-|-|7,895,563|6,575,247|
|||-
-|-
-|(8,510,546)
-|(8,460,434)
326,397|3,014,746
1,459,652|
||376,509
217,672|-
(217,672)|-
-|(8,510,546)
-|(8,134,037)
-|4,474,398
-|
||594,181
-
14,483|(217,672)
-
-|-
-
-|(8,510,546)
2,950,000
-|(8,134,037)
2,950,000
14,483|4,474,398
17,600,000
(2,723)|
||608,664
6,153,092|(217,672)
10,203,857|-
250|(5,560,546)
274,756,980|(5,169,554)
291,114,179|22,071,675
269,042,504|
||6,761,756|9,986,185|250|269,196,434|285,944,625|291,114,179|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18.
24
The Portal Trust
## Balance sheet
## As at 31 March 2025
|As at 31 March 2025|||||
|---|---|---|---|---|
|Note
Fixed assets:
11
12
13
Debtors receivable in more than one year:
14
Current assets:
14
Liabilities:
15
15
16
18a
Total unrestricted funds
Investment properties
Net assets excluding pension liability
Debtors
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Permanent endowment funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Defined benefit pension scheme liability
Creditors: amounts falling due after one year
Grants payable
Investments
Cash at bank and in hand
Tangible assets
Rental income receivable
General funds
Total charity funds|£
881,348
4,045,659|2025
£
79,376,395
149,835,000
50,292,069|430,123
3,708,130|2024
£
76,430,173
158,805,000
49,623,512|
|||279,503,464
4,079,790
3,507,371
(1,000,000)||284,858,685
4,297,462
3,129,032
(1,000,000)|
||4,927,007
(1,419,636)||4,138,253
(1,009,221)||
||9,986,185
6,761,756||10,203,857
6,153,092||
|||286,090,625
(146,000)||291,285,179
(171,000)|
|||285,944,625||291,114,179|
|||269,196,434
250
16,747,941||274,756,980
250
16,356,949|
||||||
|||285,944,625||291,114,179|
Approved by the trustees on 23 October 2025 and signed on their behalf by
Sophie Fernandes Chairman
David Hogben Chairman of Audit and Risk
25
The Portal Trust
## Statement of cash flows
## For the year ended 31 March 2025
|For the year ended 31 March 2025|||||
|---|---|---|---|---|
|Net (expenditure)/income for the reporting period
(as per the statement of financial activities)
Losses/(gains) on investments
Gains / (losses) on pension valuation
Dividends, interest and rent from investments
Depreciation
(Decrease)/increase in debtors
Increase/(decrease) in creditors
(Decrease) in pension liability
Net cash (used in) operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held as part of investments
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Net cash used provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Purchase of tangible fixed assets|£
£
(8,134,037)
8,460,434
14,483
(4,223,124)
3,778
(233,553)
410,415
(25,000)
(3,726,604)
4,223,124
-
-
(187,381)
4,035,743
309,139
3,778,538
4,087,677
At 1 April 2024
Cash flows
£
£
3,708,130
337,529
70,408
(28,390)
3,778,538
309,139
2025||£
£
4,474,398
(3,014,746)
(2,723)
(4,141,779)
4,441
286,993
(402,659)
(7,000)
(2,803,075)
4,141,779
-
-
(159,610)
3,982,169
1,179,094
2,599,444
3,778,538
Other
changes
At 1 April
2025
£
£
-
4,045,659
-
42,018
-
4,087,677
2024||
||4,223,124
-
-
(187,381)||4,141,779
-
-
(159,610)||
|||4,035,743||3,982,169|
||At 1 April 2024
£
3,708,130
70,408||Other
changes
£
-
-||
|||309,139
3,778,538||1,179,094
2,599,444|
|||4,087,677||3,778,538|
|||Cash flows
£
337,529
(28,390)||At 1 April
2025
£
4,045,659
42,018|
||3,778,538|309,139|-|4,087,677|
26
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
## 1 Accounting policies
## a) Statutory information
The Portal Trust is an unincorporated charity registered with the Charity Commission in England & Wales.
The registered office address is 31 Jewry Street, Aldgate, London, EC3N 2EY.
## b) Basis of preparation
The financial statements have been prepared 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 Charities Act 2011.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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.
## c) Public benefit entity
The Trust meets the definition of a public benefit entity under FRS 102.
## d) Going concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
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.
Further information can be found in the Reserves and Funds Policy section of the Trustees' annual report.
## e) Income
Income is recognised when the Trust 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.
For rental income, the total amount receivable over the term of the lease is calculated and then recognised as income evenly each year.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
## f) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the Trust has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the Trust of the item is probable and that economic benefit can be measured reliably. In accordance with the Charity SORP (FRS 102), volunteer time is not recognised.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## g) Dividends and interest receivable
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment manager of the receipt of the dividend. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank.
27
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
- 1 Accounting policies (continued)
## h) Fund accounting
The Trust has a single permanent endowment. The bequest from Sir John Cass provides for the trustees to invest the capital in perpetuity but the income may be allocated at the trustees' discretion to the general purposes of the Trust, namely to promote the education of young people in London.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
## i) 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:
- Costs of generating funds relate to the costs incurred by the Trust in managing and maintaining its investments.
- Expenditure on charitable activities includes the grants awarded in furtherance of the Trust's objects together with their associated support costs. Some grants are made over a term of years of a project or course, and later payments are dependent on the recipient fulfilling certain conditions to determine whether such funding is provided, with the Trust retaining discretion to terminate these grants. For this reason an immediate liability arises and is recognised only when the associated conditions have been met and the payments have been approved by the Trust. Future commitments are recognised when these conditions have been successfully fulfilled and the payment approved. The amounts committed but with conditions still to be fulfilled are disclosed as future commitments in the notes to the accounts.
- Other expenditure represents the interest cost of the Trust's pension liability, as calculated by the scheme actuary.
Included in the Trust's expenditure on charitable activities is non-monetary support provided in the form of rent free accommodation to The Aldgate School, Stepney All Saints Church of England Secondary School and Well Street Halls of Residence. An estimate of the rent free accommodation provided is included in the accounts based on the space occupied by the tenants multiplied by an estimated rental value per square foot as provided by the Trust's property advisors.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## j) Allocation of support costs
- Resources expended are allocated to the particular activity where the cost relates directly to that activity. Staff costs are allocated to activities on a staff time basis:
||Generating funds|16.66%|
|---|---|---|
||Promotion of education|29.17%|
||Support costs|25.00%|
||Governance costs|29.17%|
Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity
||Generating funds|16.67%|
|---|---|---|
||Promotion of education|83.33%|
Governance costs are the costs associated with the governance arrangements of the Trust. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the Trust’s activities.
## k) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
28
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
- 1 Accounting policies (continued)
- l) Tangible fixed assets
The freehold properties which are used for the purposes of the beneficiaries of the Trust are stated in the balance sheet at the most recent valuation less any subsequent impairment adjustment. These properties are valued at depreciated replacement cost, on the basis that they are specialised properties. The Trust occupies a small part of its freehold property at 31 Jewry Street and this is included in the balance sheet at a valuation carried out as at 31 March 2023. More details are provided in note 11.
The works of art capitalised in the balance sheet are valued every five years by professional advisors and are stated in the balance sheet at the most recent valuation less any subsequent impairment adjustment.
Neither these properties nor works of art have been depreciated. The Board Members are of the opinion that any potential depreciation charge would be immaterial to the accounts. The Board Members believe the estimated life of these assets to be very long and the estimated residual value of the assets are close to the carrying amounts.
Items of equipment are capitalised where the purchase price exceeds £5,000. Individual items of furniture and computer hardware costing in excess of £5,000 are depreciated on a straight line basis over three years. Items costing less than £5,000 are written off in the year of purchase. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.
- m) Investment properties
Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities. The valuation method used to determine fair value will be stated in the notes to the accounts.
- n) Listed investments
- Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Trust does not acquire put options, derivatives or other complex financial instruments.
- o) Debtors
- Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- p) Cash at bank and in hand
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.
- q) Creditors and provisions
Creditors and provisions are recognised where the Trust 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.
- r) Financial instruments
The Trust 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.
## s) Pensions
The costs of contributions to personal pension plans of employees are charged in the statement of financial activities in the year in which the contributions are payable. These relate to employees who joined the Trust after 1990. Prior to this the Trust operated an unfunded defined benefit retirement pension scheme. Full provision has been made for the liabilities of this scheme on the basis of actuarial advice by a recognised firm of actuaries. The adequacy of the provision is reviewed annually.
29
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
- 2 Detailed comparatives for the statements of financial activities
|Losses on revaluation of fixed assets
Total income
Income from:
Investments
Other
Expenditure on:
Generating funds
Charitable activities
Other
Total expenditure
Net expenditure before losses on investments
Net losses on investments
Net (expenditure)/income before other recognised
gains and losses
Transfers
Net income before transfers
Actuarial gain on defined benefit pension scheme
Net movement in funds
Total funds brought forward
Total funds carried forward|Designated
£
£
7,997,399
-
37,500
-
8,034,899
-
290,867
-
6,276,380
-
8,000
-
6,575,247
-
1,459,652
-
310,006
-
1,769,658
-
(1,782,115)
1,782,115
(12,457)
1,782,115
-
-
(2,723)
-
(15,180)
1,782,115
6,168,272
8,421,742
6,153,092
10,203,857
General
Unrestricted|Designated
£
£
7,997,399
-
37,500
-
8,034,899
-
290,867
-
6,276,380
-
8,000
-
6,575,247
-
1,459,652
-
310,006
-
1,769,658
-
(1,782,115)
1,782,115
(12,457)
1,782,115
-
-
(2,723)
-
(15,180)
1,782,115
6,168,272
8,421,742
6,153,092
10,203,857
General
Unrestricted|Restricted
£
-
-|Endowment
£
-
-|2024
Total
£
7,997,399
37,500|
|---|---|---|---|---|---|
||8,034,899|-|-|-|8,034,899|
||290,867
6,276,380
8,000|-
-
-|-
-|-
-
-|290,867
6,276,380
8,000|
||6,575,247|-|-|-|6,575,247|
||1,459,652
310,006|-
-|-
-|-
2,704,740|1,459,652
3,014,746|
||1,769,658
(1,782,115)|-
1,782,115|-
-|2,704,740
-|4,474,398
-|
||(12,457)
-
(2,723)|1,782,115
-
-|-
-
-|2,704,740
17,600,000
-|4,474,398
17,600,000
(2,723)|
||(15,180)
6,168,272|1,782,115
8,421,742|-
250|20,304,740
254,452,240|22,071,675
269,042,504|
||6,153,092|10,203,857|250|274,756,980|291,114,179|
## 3 Income from investments
|Income from investments|||
|---|---|---|
|Interest received
Dividends
Rental income
Rent free accommodation|2025
Total
£
126,493
1,633,045
2,463,586
3,855,620|2024
Total
£
75,085
1,651,855
2,414,839
3,855,620|
||8,078,744|7,997,399|
All income from investments is unrestricted.
As indicated at note 11 the Trust does not charge the occupiers rental for the use of certain properties. The valuation of the rent free accommodation was updated in 2021 with reference to RPI over the previous 10 years.
## 4 Other income
|Other income|||
|---|---|---|
|Other income
Administration for other grant giving charities|2025
Total
£
38,415
104,801|2024
Total
£
37,500
-|
||143,216|37,500|
All other income is unrestricted.
30
The Portal Trust
## Notes to the financial statements
## For the year ended 31 March 2025
## 5a Analysis of expenditure (current year)
|Analysis of expenditure (current year)|||||||
|---|---|---|---|---|---|---|
|Staff costs (Note 8)
Grants payable (Note 6)
Rent free accommodation (Note 6)
Maintenance of investments
Office costs
Professional fees
Auditors' remuneration
Board members' travel
Pension scheme - interest cost
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024|Cost of
generating
funds
£
90,719
-
-
4,478
95,383
488,564
-
-
-|Promotion of
education
£
158,840
2,452,306
3,855,620
-
-
-
-
-
-|Governance
costs
£
136,133
-
-
-
-
-
13,400
4,722
-|Support
costs
£
158,840
-
-
-
426,558
2,000
-
-
-|Other
£
-
-
-
-
-
-
-
-
8,000|2025
Total
2024
Total
£
£
544,532
475,383
2,452,306
1,737,401
3,855,620
3,855,620
4,478
50,019
521,941
351,349
490,564
81,018
13,400
14,500
4,722
1,957
8,000
8,000
7,895,563
6,575,247
-
-
-
-
7,895,563
6,575,247|
||679,144
97,919
-|6,466,766
489,479
154,255|154,255
-
(154,255)|587,398
(587,398)
-|8,000
-
-||
||777,063|7,110,500|-|-|8,000||
||290,867|6,276,380|-|-|8,000||
31
The Portal Trust
## Notes to the financial statements
## For the year ended 31 March 2025
## 5b Analysis of expenditure (prior year)
|Analysis of expenditure (prior year)|||||||
|---|---|---|---|---|---|---|
|Staff costs (Note 8)
Grants payable (Note 6)
Rent free accommodation (Note 6)
Maintenance of investments
Office costs
Professional fees
Auditors' remuneration
Board members' travel
Pension scheme - interest cost
Support costs
Governance costs
Total expenditure 2024|Cost of
generating
funds
£
79,199
-
-
50,019
834
78,918
-
-
-|Promotion of
education
£
138,669
1,737,401
3,855,620
-
-
-
-
-
-|Governance
costs
£
118,846
-
-
-
-
-
14,500
1,957
-|Support
costs
£
138,669
-
-
-
350,515
2,100
-
-
-|Other
£
-
-
-
-
-
-
-
-
8,000|2024
Total
£
475,383
1,737,401
3,855,620
50,019
351,349
81,018
14,500
1,957
8,000|
||208,970
81,897
-|5,731,690
409,387
135,303|135,303
-
(135,303)|491,284
(491,284)
-|8,000
-
-|6,575,247
-
-|
||290,867|6,276,380|-|-|8,000|6,575,247|
32
The Portal Trust
## Notes to the financial statements
## For the year ended 31 March 2025
|For the year ended 31 March 2025|||
|---|---|---|
|6
Promotion of education
Grants to institutions
Grants to individuals
Rent free accommodation
Grants to institutions
Grant making|2025
£
2,401,306
51,000|2024
£
1,697,401
40,000|
||2,452,306
3,855,620|1,737,401
3,855,620|
||6,307,926|5,593,021|
Details of grants awarded are set out in the Report of the Governors.
## 7 Net incoming resources for the year
This is stated after charging / crediting:
|This is stated after charging / crediting:|||
|---|---|---|
||2025|2024|
||£|£|
|Depreciation|3,778|4,441|
|Auditor's remuneration (excluding VAT):|||
|Current year|14,900|14,500|
- 8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
|Staff costs were as follows:|||
|---|---|---|
|Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes|2025
£
447,403
44,381
52,748|2024
£
392,488
38,406
44,488|
||544,532|475,382|
The following number of employees received employee benefits in excess of £60,000 (excluding employer pension costs and employer national insurance) during the year between:
|
employer national insurance) during the year between:|||
|---|---|---|
||2025|2024|
||No.|No.|
|£60,000 - £69,999|1|1|
|£100,000 - £109,999|1|1|
The total employee benefits, including employer pension contributions and employer national insurance, of the key management personnel were £214,302 (2024: £202,540).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £13,827 (2024: £4,654) incurred by 9 (2024: 10) trustees.
33
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
## 9 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
|Support
Generating funds
Administration for other grant giving charities
Promotion of education
Governance|2025
No.
1.67
2.25
0.66
2.92
2.50|2024
No.
1.44
1.95
0.58
2.53
2.17|
|---|---|---|
||10.00|8.67|
## 10 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 11 Tangible fixed assets
|Tangible fixed assets||||||
|---|---|---|---|---|---|
|||Freehold|Property|Fixtures, Fittings||
||Art|Charitable Use|Own Use|and Equipment|Total|
||£|£|£|£|£|
|At valuation/cost||||||
|At the start of the year|2,906,395|71,270,000|2,250,000|97,314|76,523,709|
|Revalued in year|-|2,950,000|-|-|2,950,000|
|At the end of the year|2,906,395|74,220,000|2,250,000|97,314|79,473,709|
|Depreciation||||||
|At the start and end of the year|-|-|-|93,536|93,536|
|Charged in year|-|-|-|3,778|3,778|
|At the end of the year|-|-|-|97,314|97,314|
|Net book value||||||
|At the end of the year|2,906,395|74,220,000|2,250,000|-|79,376,395|
|At the start of the year|2,906,395|71,270,000|2,250,000|3,778|76,430,173|
|Historic cost - additions|-|-|801,621|97,314|898,935|
The Portal Trust owns four properties: The Aldgate School, Stepney All saints Church of England Secondary School, Well Street Halls of Residence and 31 Jewry Street. The Trust is unable to calculate the attributable historical cost of these assets as they have been owned for many years and no information is available.
The two Schools and the Halls of Residence are used for direct charitable purposes. The Trust does not charge the occupiers rental for the use of these properties, however, a valuation of the rent free accommodation is provided in note 4. The two schools were revalued on 31 March 2024 and the other property was revalued on 31 March 2023 on a depreciated replacement cost basis by Fletcher King, Chartered Surveyors. The revaluation of £2,950,000 in the year has been made to bring one of the properties into line with its 2023 valuation as it had previously been understated.
The property at 31 Jewry Street is partly occupied by the Trust and partly commercially let. The commercially let floors are included in investment properties (note 13). The space that is still occupied by the Trust has been retained in tangible fixed assets. The property was revalued by Fletcher King, Chartered Surveyors on 31 March 2023. The Trust is unable to calculate the attributable historical cost of this asset as it has been owned for many years and no information is available.
34
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
## 11 Tangible fixed assets (continued)
The Trust also has a collection of works of art and silver including a statue of Sir John Cass by the sculptor Louis Francois Roubilliac, a collection of painted panels by the artist Robert Robinson (dating from 1696) and an historic document archive. The Roubiliac statue is on permanent loan to the City of London Corporation and is on display in the Guildhall. The archive has also been moved to the City of London Corporation's Library at the Guildhall. The works of art were valued in 2016 and reappraised in 2020 by Sotheby's at £2,906,395 for insurance purposes, at the probable cost of replacing the items. The Trust is unable to calculate the attributable historical cost of these assets as they have been owned for many years and no information is available.
These assets have not been depreciated. This is in accordance with the Trust's accounting policy.
## 12 Investment properties
|Investment properties|||
|---|---|---|
|31 Jewry Street
Fair value at the end of the year
Retail/residential properties
Fair value at the start of the year
Net gain on change in fair value|2025
£
158,805,000
(8,970,000)|2024
£
158,805,000
-|
||149,835,000|158,805,000|
||123,285,000
26,550,000|132,255,000
26,550,000|
||149,835,000|158,805,000|
The Trust has seven investment properties. Two of the properties were revalued in 2025, two in 2023 and three in 2021. All valuations were prepared by Fletcher King, Chartered Surveyors. The revaluation in the year also reflects a correction to one property which was revalued in 2025 and had previously been overstated.
## 13 Listed investments
|Listed investments|||
|---|---|---|
|Cash
Corporate Bonds
Investments comprise:
Fair value at the start of the year
Additions at cost
Alternative Investments
Net gain/(loss) on change in fair value
Fair value at the end of the year
UK Equities
Global Equities
Liquid Assets
Property
Cash held by investment broker pending reinvestment|2025
£
49,553,104
187,381
509,566|2024
£
46,378,748
159,610
3,014,746|
||50,250,051
42,018|49,553,104
70,408|
||50,292,069|49,623,512|
||2025
£
5,850,280
2,730,479
28,068,476
4,665,166
5,113,325
3,822,325
42,018|2024
£
7,351,360
3,656,943
28,790,122
3,335,568
4,964,720
1,454,391
70,408|
||50,292,069|49,623,512|
35
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
- 14 Debtors: amounts receivable within one year
|he year ended 31 March 2025
Debtors: amounts receivable within one year|||
|---|---|---|
|Trade debtors
Other debtors
Prepayments|2025
£
495,445
375,063
10,840|2024
£
4,026
366,523
59,574|
||881,348|430,123|
Included in long term debtors on the balance sheet is rental income due of £4,079,790 (2024: £4,297,462 ). Rental income is recognised evenly over the term of the lease even though there may be periods where no rent or a lower amount of rent is paid. The amount included in long term debtors will therefore be recovered over the lease term which will be more than 12 months after the balance sheet date.
- 15 Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
|Trade creditors
Taxation and social security
Grants payable
Accruals
Deferred income|2025
£
37,223
51,303
576,236
100,370
654,504|2024
£
58,831
41,763
200,027
70,491
638,109|
||1,419,636|1,009,221|
Deferred income at 31 March 2024 was all recognised as income in 2025 and deferred income carried forward at 31 March 2025 will all be recognised as income in 2026.
Included in long term creditors on the balance sheet are grants totalling £1,000,000 (2024: £1,000,000) which are payable in instalments. A total of £400,000 is payable in 2026 with the balance payable at £200,000pa.
## 16 Pension scheme
|Pension scheme|||
|---|---|---|
|Balance at the end of the year
Benefits payable within one year
Benefits payable after one year
Balance at the start of the year
Benefits paid
Interest cost
Actuarial (gain) to future pension obligations
Pension liability|2025
£
171,000
(18,517)
8,000
(14,483)|2024
£
178,000
(17,723)
8,000
2,723|
||146,000|171,000|
||18,944
127,056|18,304
152,696|
||146,000|171,000|
The Trust used to operate an unfunded defined benefit pension scheme for employees of the Trust. This scheme was closed to new members in 1990. There are currently two members, all retired, and all obligations which exceed the accounted for liability are met out of unrestricted reserves. The pension provision is reviewed for its adequacy annually at the balance sheet date by a recognised firm of actuaries. The outstanding liability was estimated using FRS 102 methodology with the following assumptions:
36
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
## 16 Pension scheme (continued)
|he year ended 31 March 2025
Pension scheme (continued)|||
|---|---|---|
|Principal actuarial assumptions at the balance sheet date
Discount rate applied
Future pension increases
Mortality tables
History of experience gains and losses
Experience gain/(loss) arising on scheme liabilities
Percentage of present value of scheme liabilities
Change in assumptions underlying the present value of scheme liabilities gain/(loss)
Percentage of present value of scheme liabilities|2025
% per annum
5.7
3.5
S3PxA
CMI_2023
1.25%pa|2024
% per annum
4.8
5.0
S3PxA
CMI_2022
1.25%pa|
||(5,000)
-3.4%
19,000
13.0%|(7,000)
-4.1%
(4,000)
-2.3%|
The actuarial valuation of the liability over the preceding five years has been as follows:
|2021|2022|2023|2024|2025|
|---|---|---|---|---|
|£'000|£'000|£'000|£'000|£'000|
|193|177|178|171|146|
17a Analysis of net assets between funds (current year)
|Tangible fixed assets
Investment properties
Investments
Debtors receivable > 12 months
Net current assets
Creditors > 12 months
Defined benefit pension liability
Net assets at the end of the year|General
£
-
-
5,150,635
-
2,757,121
(1,000,000)
(146,000)|Designated
£
2,906,395
-
2,250,000
4,079,790
750,000
-
-|Restricted
£
-
-
-
-
250
-
-|Permanent
endowment
£
76,470,000
149,835,000
42,891,434
-
-
-
-|Total funds
£
79,376,395
149,835,000
50,292,069
4,079,790
3,507,371
(1,000,000)
(146,000)|
|---|---|---|---|---|---|
||6,761,756|9,986,185|250|269,196,434|285,944,625|
## 17b Analysis of net assets between funds (prior year)
|Tangible fixed assets
Investment properties
Investments
Debtors receivable > 12 months
Net current assets
Creditors > 12 months
Defined benefit pension liability
Net assets at the end of the year|General
£
3,778
-
4,941,532
-
2,378,782
(1,000,000)
(171,000)|Designated
£
2,906,395
-
2,250,000
4,297,462
750,000
-
-|£
-
-
-
-
250
-
-
Restricted|Permanent
endowment
£
73,520,000
158,805,000
42,431,980
-
-
-
-|Total funds
£
76,430,173
158,805,000
49,623,512
4,297,462
3,129,032
(1,000,000)
(171,000)|
|---|---|---|---|---|---|
||6,153,092|10,203,857|250|274,756,980|291,114,179|
37
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
18a Movements in funds (current year)
|For the year ended 31 March 2025
18a
Movements in funds (current year)||||||
|---|---|---|---|---|---|
|Restricted funds:
Total restricted funds
General funds
18b
Restricted funds:
Total restricted funds
General funds
Total unrestricted funds
Endowment funds
Total funds
Total unrestricted funds
Total funds
Total designated funds
Grant enabling fund
Dept of Art, Architecture & Design at
London Metropolitan University
Unrestricted funds:
Designated funds:
Art reserve
Rental income reserve
Movements in funds (prior year)
Dept of Art, Architecture & Design at
London Metropolitan University
Grant enabling fund
Rental income reserve
Designated funds:
Total designated funds
Endowment funds
Art reserve
Unrestricted funds:|At 1 April
2024
£
250|Income &
gains
£
-|Expenditure
& losses
£
-|Transfers
£
-|At 31 March
2025
£
250|
||250|-|-|-|250|
||2,906,395
4,297,462
3,000,000|-
-
-|-
-
-|-
(217,672)
-|2,906,395
4,079,790
3,000,000|
||10,203,857
6,153,092|-
8,221,960|-
(7,830,968)|(217,672)
217,672|9,986,185
6,761,756|
||16,356,949|8,221,960|(7,830,968)|-|16,747,941|
||274,756,980|(5,560,546)|-|-|269,196,434|
||291,114,179|2,661,414|(7,830,968)|-|285,944,625|
||At 1 April 2023
£
250|Income &
gains
£
-|Expenditure
& losses
£
-|Transfers
£
-|At 31 March
2024
£
250|
||250|-|-|-|250|
||2,906,395
4,765,347
750,000|-
-
-|-
-
-|-
(467,885)
2,250,000|2,906,395
4,297,462
3,000,000|
||8,421,742
6,168,272|-
8,034,899|-
(6,267,964)|1,782,115
(1,782,115)|10,203,857
6,153,092|
||14,590,014|8,034,899|(6,267,964)|-|16,356,949|
||254,452,240|20,304,740|-|-|274,756,980|
||269,042,504|28,339,639|(6,267,964)|-|291,114,179|
38
The Portal Trust
Notes to the financial statements
## For the year ended 31 March 2025
## 18 Movements in funds (continued)
## Purposes of restricted funds
Dept of Art, Architecture & Design at London Metropolitan University - a donation was received to create a scholarship at the department. The scholarship award is intended for talented students who are in financial difficulty.
## Purposes of designated funds
The Art Reserve represents the valuation of the artefacts including the Roubiliac statue of Sir John Cass.
The Rental Income Reserve represents rental income accrued under FRS 102 which will be received in future years.
The Grant Enabling Fund is to accommodate future grant applications for projects that are likely to have a significant impact on the education opportunities for disadvantaged young people.
## 19 Future commitments
At the balance sheet date the Trust had made future commitments in respect of grants made over a term of years, subject to conditions and subsequent Trust approval:
|
conditions and subsequent Trust approval:|||
|---|---|---|
|Within one year
Between one and five years|2025
£
1,189,631
115,840|2024
£
1,499,006
307,224|
||1,305,471|1,806,230|
## 20 Operating lease commitments receivable
The Trust's total future minimum lease payments receivable under non-cancellable operating leases in respect of properties let out are as follows for each of the following periods:
|
let out are as follows for each of the following periods:|||
|---|---|---|
|Due in more than five years
Between one and five years
Within one year|2025
£
2,408,302
9,633,209
38,494,883|2024
£
2,376,511
9,506,044
40,567,530|
||50,536,394|52,450,085|
## 21. Post balance sheet events
On 24 May 2024, the Leasehold and Freehold Reform Act was passed into law. The legislation contains provisions which are not yet in force but which will on coming into force result in an impairment being required to the valuation of one of the Trust's investment properties, though it is not currently possible to estimate the financial impact of any such impairment. The investment properties form part of the charity's permanent endowment and as such, any impairment would have no impact on the charity's general funds.
39
The Portal Trust
## Notes to the financial statements
## For the year ended 31 March 2025
- 22(a) Related parties - Current Year
|e year ended 31 March 2025
Related parties - Current Year|||||||
|---|---|---|---|---|---|---|
|Relatedparty|Propertyarrangements|Nominations by The Portal
Trust to Board of relatedparty|Fees
received|
Grants agreed
and/or paid in the
year|
Benefits received in
theyear|
Total grants and benefits
received in theyear|
|The Aldgate School|Freehold of the School owned by
the Trust|Four members of the
Governing Body|£0|£40,894|£507,278|£548,172|
|Stepney All Saints Church of England
Secondary School|Freehold of the School owned by
the Trust|Five members of the Governing
Body|
£0|£111,399|£2,494,925|£2,606,324|
|Aldgate and Allhallows Foundation|Shares offices and administered by
staff of the Trust||£38,415|£0|£0|£38,415|
|City University||Three Court Members|£0|£70,000|£0|£70,000|
|Well Street Halls of Residence|Freehold owned by the Trust||£0|£0|£853,417|£853,417|
|The Wellington Trust|||£0|£0|£0|£0|
|Rich Mix|||£0|£25,000|£0|£25,000|
|University of East London (UEL)|||£0|£7,303|£0|£7,303|
Richard Foley is the Chief Executive and Denise Jones and Laura Jørgensen are Trustees of Aldgate and Allhallows Foundation.
David Hogben and Jenny Moseley are Trustees of The Wellington Trust, Denise Jones is a Trustee of Rich Mix and Trevor Critchlow is a Governor of UEL. All of the above grants were made in accordance with theTrust's normal grants policy.
## 22(b) Related Parties - Prior Year
|Related Parties - Prior Year|||||||
|---|---|---|---|---|---|---|
|Relatedparty|Propertyarrangements|Nominations by The Portal
Trust to Board of relatedparty|Fees
received|
Grants agreed
and/or paid in the
year|
Benefits received in
theyear|
Total grants and benefits
received in theyear|
|The Aldgate School|Freehold of the School owned by
the Trust|Four members of the
Governing Body|£0|£41,652|£507,278|£548,930|
|Stepney All Saints Church of England
Secondary School|Freehold of the School owned by
the Trust|Four members of the
Governing Body|£0|£192,090|£2,494,925|£2,687,015|
|Aldgate and Allhallows Foundation|Shared offices and administered by
staff of the Trust||£37,500|£0|£0|£37,500|
|City Universtiy||Three Court Members|£0|£0|£0|£0|
|Well Street Halls of Residence|Freehold owned by the Trust||£0|£0|£853,417|£853,417|
|The Wellington Trust|||£0|£1,000|£0|£1,000|
|
Rich Mix|||£0|£25,000|£0|£25,000|
|University of East London (UEL)|||£0|£6,648|£0|£6,648|
Richard Foley is the Chief Executive and Denise Jones, John Hall and Laura Jørgensen are Trustees of Aldgate and Allhallows Foundation. Dr Denise Jones is a trustee of the Rich Mix Cultural Foundation.
All of the above grants were made in accordance with theTrust's normal grants policy.
40