Company numb¢r: 00383775
Registered charity number: 314210
THE HISPANIC AND LUSO BRAZILIAN COUNCIL
(A Company Limited by Gu4rantee)
Al￿NAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
ANNUAL REPORT AND FINANCIAL STATEMKNTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENrs
Page
Administr8tive and statutory details
Rewrt of the Trustees
2-12
Indewdeni Auditors, report
13- 15
A¢eounts comprising:
Ststernent of financial activities
16
Balan¢¢ sheets
17
Statement of cashfiows
18
Notes to the accounts
19-29

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
AIYNUAL REPORT AND FIiYANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
ADMINISTRATIVE AND STATUTORY DETAIiS
Board of Trustee5
Alan Charlton
Marcia] Echenique
Nicholas Mccall (Chair)
Carla M¢Roberts
Irene Mia
Rodolfo Milesi
Vitoria Nabas
Ed Poulton
Marcelo Scenna
Hugo Shorter
ui Silv&
Cbief Executive Officer & Secretary
Jeremy Browne
Company registration number
(K)383775
Charity registration Dumber
314210
R¢gi$t¢r¢d 0￿1¢¢
50 Broadway
London
SWIH OBL
A¢¢ouDtsnts
Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SEI8 6SS
Auditors
Dixon Wilson ALklit Services LLP
22 Chancery Lane
London
WC2A I LS
Solicitors
Collyer Bristow LLP
4 Bedford Row
London
WCIR4TF
lllvegtment Managers
Evelyn Partners
45 Gresham St
London
EC2V 7BG

THE HISPANIC AND LUSO BIL4ZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their report and audited financial statements for the year ended 31 March 2023 which have
been prepared in accordance with accounting policie5 set out in the notes lo ihe accounts and comply with the
charity's governing document, the Charities Act ?01 I, the Companies Act 2006. the Memorandum and Articles
of As$￿18110n and Accounting and Reporting by Charities.. Statement of Recommended Practice applic&ble lo
charities preparing their accounts in accordance with the Financial Rep)rting Standard applicable in the UK and
Republic of Ireland (PRS 102) {effective l January 2019).
RefereDee and admiDi4trative infortnatlon
The Hispanic and Luso Brazilian Council is a ¢haritsble ¢ompany, limi￿d by guarant¢e, and was registered in
May 1973 under company regiStr￿10n number 00383775 and charity registration number 314210. The
organisaiion is an amalgamation of th¢ two original councils regist¢red in November 1943 as The Hispanic
Council and the Luso Brazilian Council.
The Hispanic and Luso Brazilian Council uses the working name Yanning House" and the principal operating
address 15 FIIM)r 9, 50 Broadway, Londo￿ SWIH OBL.
The Trustees. who are a150 directors. who served in the period were..
Alan Chadton
Nicholas Mccall (chair)
Carla McRoberts
Rodolfo Milesi
Ed Poulion
Hugo Shorter
Marcial Echenique
Ezequiel Weppler {resigned 0310512023)
Irene Mia
Vitoria Nab&%
Marcelo Scenna
Gui Silva
The Charity is supported by a number of honordry non-executive appointrnents, as follows..
Honora
President..
Lord Jeffrey Mountevans
Honora
Vice-Presid¢nls-
Lord Bretu]an of Bibury, QC
Jeremy Browne (Appointed CEO in July 2022)
Chris Bryant, MP
Prof Victor Bulmer-Thoma5, CMG OBE
Lord Clarke, CH, QC, PC
Dr Enrique Garcia
Baroness Hooper, CMG
Sir Mark Mo(M]y-Stuart, KCMG
Néstor 0s0ri0 Londofio
The Ri Hon Michael Portillo
HE A Tnbassador Ivan Romero-martinez
Hordcio Ros51
Sally Unwin, OBE FCIB
The Board of Trustees oversee the Charity, which is tnanaged day to day by the Chief Executive Officer, Jer¢my
Browne.

THE HISPANIC Af4D LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
Struelur¢y governance and management Governing document
The Hispani¢ and Luso Brdzilian Council is a charitable company limited by guarantee and the governing
document is the Memorandum and Articles of Association dated 9 November 1943. taken from The Hispanic
Council, upon amalgamation.
Prin¢ip#l #ctiviti&
The mission of the Charity is io the UK'S leading forum for informed comment, contacts and debate on Latin
American politics, economics and business. It also celebrates and promotes awareness in the UK of ihe
languages. culture and history of Latin America, Spain and Portugal. This is achieved ihrough a comprehensive
programme of corporate. current affairs and cultural evenls and publications.
Governing body
The governing body of the organisation is the Board of TrLLStees. The Ttwstees are elected at the Annual General
Meeting (AGM) or in the interirn are appoinled to fill a C&SU￿ vacancy and stand for election at the next AGM.
One-third of the Trustees retire from office but are ¢ligibl¢ for re-¢l¢dion at th¢ AGM.
Corporate goveman¢e structures and prwxdures are well established and were further improved through the
addition of a Nominations Committee in November 2016 for consideration of future Trustees, honorary Vice-
President5 and CEO appointtnents, and of a Remunerations Committee in July 2021 (see further below).
Trustee traiDing
Potential Trustees are identified by Membe￿ of The Board and are considered first by the Nominations
Committee against the criteria of eligibility, competence, experience, specialist skills and the obj¢¢live of
achieving diversity and balance on The Board. New Trustees nomially familiar wih Canning House through
their work in business or public service, but full training can be provided io all ix)ard members if requir¢d in
order to &ssist them with their duties as Trus￿¢$.
OrganisatlODal management
The Board of Trustees are legally responsible for the overall strategic direction and control of the organisation.
The Board meeis at leasi fourtiTnes ayearto track the perforniance of the organisation against the annual budget.
which is agreed by the Trustees at the beginning of the financial year. The Board a]$0 regularly reviews
p¢rforn)ance against the strategy, which focuses on the fflediuTn terni (5 years).
The oveTsight of fiTwJcial i5sue5, risk govemance and regulatory compliance is the responsibility of the Finance
and General Purposes (F&GP) CoTnmittee, which also tneets four times a year, prior to each board meetin&
T￿slee5 on the comTnittee include: Nick Mccall, Vitoria Nabas. Marcelo S¢¢nna and Gui SilY& The committee
is chaired by lan Pe￿In. COO and Deputy CEO.
The day-to-day running of the organisation is delegaied lo the Chief Executive Offirer. The CEO attends
meetings of The Board of Truste￿, as well &s the Finance and General PutTJoses Committee and the
Remunerations Comtnittee.
Stsff remuneration
The remuneration of the CEO is set by The Board of Trustees. the appropriateness of the remuneration is set at
the beginning of the individual's contract (including reference to comparisons with other charities) and
perfom)ance is reviewed annually a￿inSt pre-specified objectives and KPIS.
The remuneration of other charity staff is delegated to the CEO with the objective that they are, in a fair and
responsible manner, rewarded for their individual contributions to the Charity's success. Wlthin ihe litnits of the
Charity's annually agreed budget. The Remunerations Committee also offers guidance and advice to the CEO
on r¢munerntion policies such as overall team and pay struclure. the Ex)licies governed by the 5tsff guideb(K)L
including staff benefiis (se&8on licket loans, health plans). and the learn bonus policy.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
Group structure
Canning House Limited (CHL) was fornied in 1997 as a wholly owned trnding subsidiary of the charitable
COTnpany. The activities of CHL are focused primarily on corporate activity, including the organisation of
¢onferences. seminars and evenis on the development of the economic and business environment of Latin
America. These events are generally open to the public (subject to capacity constraints), with corporate memb¢rs
and other notable or important guests typically being given priority access.
The Head of Corporate Affairs and the Corwrate Affairs Assistant are principally dedicated io eorw>rnie
activities, with ihe efforts of other team members divided to various extents between ¢orpornle and strictly
charitable activities. An approximate allocation of nOn4ediC￿ed staff lime is agreed annually with the auditors.
The entire n¢t profit of CHL is donated annually to the parent company under a deed of ¢ovenant ¢￿ated Im I I
December 2018. Conv¢rg¢ly, the event that CHL makes a financial loss, under the terms of an ongoing letter
of supp)rt dated 26 October 2020. the HLBC Trustees undertake lo under-write CHL'S activities for the current
financial year ending 31 March 2023, and for all futur¢ years thereafter necessary.
Stakeholder rel*tioDships and charitable activities
The organisation workg closely with the Latin American and Iberian Embassies and other UK, Latin American
and multilateral organisations that ¢xist to prornote 5takehold¢r relationships and Telated activities between the
UK and specific Latin American countries. The organisation Tegularly runs joint events with these organisations
io showcase particular countries and issues. Representatives of th¢s¢ organisalions regularly attend and speak at
Canning House events. The organisation also coll&borates with UK universities with inter¢sts in Latin American
research and studies. and with other charities and NGOS.
Rilk manggtment
The Board of Trustees and the Finance and General Purposes Committee (F&GP) have, in T￿ent years. been
focused on key financial risks to the organisation, and necessary miligalion measures. in response to the
aftermath ofthe Covid-19 pandemic plus post-Brexit uncertainties on corpordte membership income. The F&GP
has also initiated discussions with the investment portfolio managers regarding ESG-rel&ted issues pertaining to
the portfolio.
STIL4TEGIC REPORT
Objectives of tbe Ch#rity
The general aim of the organisation is the advancement of knowledge in the UK of th¢ ¢uliure. languages.
history, politiC5. economics and business of the countries of Latin AmeTica while furthering the broad
relationship between the UK and these countries. These objective5 are achi¢v¢d in a non-partisan manner.
Mtsslon *Dd strategie aim$
The mission of the organisation is to build understanding and relationships b¢twe¢n the UK and Latin America.
Its goal is to ￿ the UK'S leadingforum forconta¢ts. thoughi leadership and pragmatic debate on Latin Atnerican
political, economic, and social trends, current affairs, and business risks and opportunities. It also celebr*es and
promotes awareness in the UK of the languages, culture and history of Latin America and Iberia. The strategT¢
aim is to do this in a financially sustainable manner.
Public beneflt
The Trustees confirrn that they have referred to the guidance contained in the Charity Commis5ion'5 revised
genernl guidance on public benefit when reviewing ihe Charity's ain￿ and objeciives as well as in planning
future activities.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
Objectives lor the year and the future
The OTgani5ation's objectives for the financia] year were lo:
Support the mission by a full annual programme of events relevant to corpo￿¢ and individual
members. as well as to partners and stakeholders,.
Publish newsletters and in4lepth reports and undertake research on Latin America and Iberia.
Maintain and seek to grow the organisation's membership and revenue from fees. sponsorship and
donations to achieve finan¢ial sustainability, whil* fulfilling its mi55ion.
The first two objectives have been mel in full. with excellent feedback from all stakeholders, as a result of which
the organisaiion's public repuiation has been greatly enhanced. The achievement of the ihird obje￿]ve is more
long-terni, a5 prO￿e&S Dn thss front has been seriously hampered by - inter a]ia - the impact of the CoYid-19
pandemic. However. since the arrival of the new CEO in June 2022, th¢ ¢otpordte progrdmme and offer h&%
b¢en refreshed. in an attempt to halt the decline in cortKirate revenue seen during the previous CEO'S lenure.
Impac¢ of Covid-19 Pandemic
The organisation closed its offices in mid-march 2020 in Tesponse to the critical situation that w&s unfoldin
and the entire team started working full-iime from home. No one was furloughed. The team continued to work
remotely uniil (ktober 2021, when a phased return to the office was implemented. The team was split in two,
with each half coming into the office for two days per week. However, by December 2021. a new variant of
Covid-19 (omicron) emerged, and on the advice of the government. &ll members of staff returned to working
from home full-lime, until February 2022, when the omicron wave had passed.
At th¢ start ofihe pandemic. all the organisation's events were transferr¢d IOOfy/fy online. How¢v¢T. by Seplember
2021. when the infection rates had dropped to significantly low number4 and most people were fully vaccin￿ed.
it w&8 d¢¢id¢d that the organisalion would host a pre-event dinner outside and in-per50n for the speakers of the
2021 UK-Brazil Conversa. This was the first tsme the organisation had arranged an in-person event since March
2020. The dinner was extremely well attended, with all those who accepted attending. Giv¢n that public
confidence in attending in-person events had Teturned, the orgonis&lion siarted making plans for more in-peTson
and hybrid events. tnoving away from hosting events exclusively online.
Whilst hosting events online meant that our audienc¢ numbers increased dramatically and we were able to attract
a significant number of new viewers from overseas, the downside was that the forn]er CEO took the decision to
scrap events fees completely. This ultimat¢ly meant that r¢venue generated by event ii¢ket sales ¢eased.
Activities of the Charity
Coming out of the tail end of the COVID-19 pandemic, the Canning Hollse returned to its nornial programme
of ¢40+¢orporate events (webinars, briefings and trade and investment conferences and round tables) and public
eveTrts (cultural, geopolitical, ele¢lion analyses, so¢i¢>economic), all of which were free to attend.
On the flagship side of things. Canning House welcomed the President of Uruguay, Luis Lacalle Pou, to London
for a Canning Leclure in May 2022. Ihe UK-Brazil Conversa successfully continued apace in Rio de Janeiro in
June 2022: the LatAm Outlook entered its fourth suc¢essful year to a packed audience in centra] London. and
Cannin¥ House reco￿lsed the outstanding coniributions made by its forlner Honorary PresidenL Barone5S
Gloria Hooper CMG, for ¢oniributions made to enhancing UK-Latin American relatiotls, by awarding her with
one of the prestigious Canning Medals.
Achievements •nd Performanee
Forthe financial year 2022-23, income from corporate membership decreayd from £74kio £64L d¢monslrating
the difficult markei ¢onditions that the organization is facing.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR EIYDED 31 MARCH 2023
Income from corporate memberships of £64k accounted for c940/0 of annual gross non-investment income of
£68k, with c£4k also coming from individua] membership subscriptions. No sponsorship was acquired during
this period for any evenis, whilst the organisation did receive significant in-kind contributions from corpoTale
tnetnbers, most notably AngloAmeriean. who hosted the "Evolution of Sustainable Mining in Latin America"
conference in their London headquarters in December 2022. PromPeru, who covered the ¢05t5 of the 'Peru
Economic Outlook and Inyesthient Opportunities" event in January 2023,. and ERG Iniemational who covered
the ¢￿t5 of the'lnfrastructure: Building Latin Arnerican Sustainable Development" conference in March ?023.
However, the change of CEO in June 2022 heralded a new era for Canning House, with the arrival of Jeremy
Browne. former UK governmeni miniS￿r with responsibility for Latin America. Upon arrival, the CEO 8nd
C(K> undertook & review of the activities and finan¢¢s of the organi5ation, and came up with a plan to ¢nsure
that the organisation had a sounder financial fooling going foTward. Th¢ plan consisted of two main fronts. The
fiT5t front was to implement strategic cost cutting rneasures across the board, to make sur¢ that no money w&
spent on athivities that are not deemed a prioriiy or do not support ihe organisations mission. In light of this, the
decision was taken by the CEO and board to end Canning House's funding of the LSE-Canning House Research
Forum after ils third Y￿r. significantly reducing the organisations financial burden going forward. Additional
cost cutting measures have been implemented on the events front, with any expenditure ihat wa5 deerned
unnecessary, such as livestreaming and prowding simultaneous tTanslation as default for every event, b¢ing cut.
The second front was to incre&s¢ r¢venues by revising the cortK)rate programme to attract rnore corpornie
rnembers lo join Canning House, and pay a fairer price. Although not fully reflected in the above figures, owing
to the fact that revenue from CO￿Orate membership is a¢¢rued across the financial year, incorne from annualised
cotporate membership has increased from c£30k when the previous CEO left, to over £1 Ook in the one year
since the a￿1Val of the new CEO.
The new CEO identified two further are15 for I￿prOVe￿ent, relating to a new staff structure and a new office,
that he deems integral to hi5 plan for the organisation. On the staff froffi. th¢ CEO has revis¢d the existing ￿aff
structure by promoling the Head of Finance and Operations to the p051tion of C(X) and Deputy CEO" alh)lishing
the p05ilion of Head of Stak¢holder Relations and replacing it with a Head of Corporate Affairs; abolishing the
K>Sitions of Global Affairs Officer and Poli￿ and Researrh Officer, and replacing them with a Head of Policy
and Public Affairs. This new staff structure nol only resulted in a mor¢ efficient team. with each staff member
in positions that better reflect their skill set, it also resulted in saving a small arnount of money on wages as there
was one legs team member. On the new office front. the CEO, c￿ and lJ)ard were unanimous th￿ when the
lease for the protEty in 126 Wigtnore SÈreet expired, il was nol to be renewed, and that a new more modem
office that is better fit for purpose be found. After an exhaustive search the COO found a property on 50
Broadway, London, opposite St James, Park Underground Station, which the CEO deemed ideal for his vision
of the organisation going forward, in¢orporaiing modern facilities and a boardrix)m, so that Canning House can
go back to hosting in-house events once again. The ¢ontra¢ts were signed for the lease in m￿ch 2023, and th¢
fit-out work will be completed by June 2023. A nine-month rent-free period w&s negotiated in the first year of
the conlract, and a furth¢r fiv¢-Jnonih renl-free period will implem¢nted after the third year of ihe contract
has passed.
Overall operatingexpenses on charitable activities and governance increased to £853k from £761 k last financial
year. This was PriTnarily due to th¢ return of in-person flagship events without s￿)nsOrship ￿ noted aknve. as
well the ongoing ¢osts associated with the Canning House-LSE Research Forum, which costs the organisalion
upwards of £IOOk per annum. However. as already mentioned previoLLsly, since the arrival of the new CEO a
series of measures aimed at Teducing expenditure on events and other initiatives deemed not to be a priority have
been implemented or iniliaied, the iTnpact of which will be seen fully in future finan¢ial periods.
In addition to operating in¢ome, the Charity's investment portfolio yielded gross dividend and interest income
of £316L down from £344k in 2021-22. After deducting fund management fees, the net dividend and interest
yield from the portfolio was £262k this year, COTnpared to £285k the previous year: a f￿1 of £2ik.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
The ioial operating loss before realised gainsllos5es for FY 2022-23 stood at a loss of £515k, as opposed to a
loss of £319k the previous finan¢ial year. The rea]ised gains on investments lolaled £18k this year, compared to
a loss of £l13k the previo￿ financial year, meaning that the totsl operating loss including realised gainsllosses
on inyesttnent st￿d at a loss of £497k this financial year, compared with a loss of £433k for the previous
financial year.
Current Aff*irs, Culture & CornJnunifation$
Canning Hckuse continued to update and inforni its audiences about ihe most relevant current affairs ihrough
seminars, webinars, weekly newsletters, Cannin8 Papers and other publications, including a newly launched
blog.
In M&y 2022, Canning House welcomed the President of Uruguay, Luis Lacalle Pou. to Goldsmiths. Hall in
central London to deliver a Canning Le¢ture. Mr. Lacall¢ Pou's lecture. entitled'uruguay. a Reliable Gateway
to South America- OptM)rtunities in Green Finance." was followed by words from Minister Azucena Arbeleche.
Unjguay's Minister of Finance, and a roundtable with senior investors. Also in the delegation were Mini51¢rs
Frdncisco Bustillo, of Foreign Relations, and Omar Paganini. of Industry, Energy and Mining.
In Canning House's broader programme of Current Affairs events, numerous wide-ranging topics were
addressed either via webinar, or through in-person event% including. in no particulax order, election briefings
on Brdzil and Colombia. Trade Alliances 2023, with a f￿u$ on the trade bloc Mercosur; China and Russia's
relations with Latin America- human rights in Vene7JJel4 cryptocurrency. mining and rights in Peru and sites
of memory for Argeniina's civil-military dict&torship.
Across these events, Canning House partnered with institutions and org8nisations including the Department for
International Trade (now Department for Business and Trade). the Paddy Ashdown Forum. Grupo de Paises
Produciores del Sw (GPS). Cafod. the Peru Supp)rt Group. the All-Party ParliaTnentary Group for Pen4 and the
Emb&ssy of Argentin& A number of these events featwed senior figures from prominent organisations, such &8
Human Rights Watch. the United Nations, th¢ Royal United Services Institute, Ihe European Commis950n.
UniveTsity College London (UCL), the World BanK government representatives from the UK and Latin
AmericA and always with contributions from Canning House's extensive network of experts.
Catming House's role as Secretariat of the All-Parfy Parliamentsry Groups (APPGS) for Latin Ameri￿ Peru
and Venezuela saw further collaboration on event5 and meetings, including Ambassadorial Briefings and
country-specific u]xlates. with supwrt for Canning House events from the APPG in regular parliamentsry
notices.
In historic and cultural matters, Canning Hous¢ h¢ld another edition of its Forgotten Histories serie5, this year
focusing on British ties io slavery in Latin Ameriea posi-British abolition. The event featured a panel of
academic5 frotn UCL, the University of Binninghatn and Durham University.
The board also made the decision to award Bar(>ness Gloria HIM)per CMG, fonner Honorary President of
Canning House, with a prestigious Canning Medal, in recognition of her invaluable Contributions made to
enhancing UK-Latin American relations. A stalwarr of the UK-Latin American community for decades, the
reception well attended by the diplomatic community, and the Baroness was presented with her medal by
Lord Browne of Madingley, with Professor Victor Bulmer-Thomas CMG OBE delivering closing remarkg.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
Thought Leadership? Policy *nd Research
This year'5 UK-Brazil Conversa look place in June 2022 in Rio de Janeiro, and was extremely well attended.
having been forced online for the two previous editions. A premium line-llp of panellists froTn across business,
academi4 government, law, and many other fields. joined the speakers for a variety of bilateral discussions
lookingal foreign policy. climate change. glean growth, natural resource extraction, levelling up. public security,
environmental social and corporale governance, and inequality. Owing to its succesS> plans were afoot 500n after
io host the 2023 edition at the University of Oxford.
De¢ember saw Canning House's flagship publication - the La￿M Outlook - conlinue to go from strength to
strength. This year's edition included two new additional chapter5; the first assessing L￿1n America'5 place in
the world, authored by the Financia] Times Latin American editor Michael Stott. and the se¢ond looking at
Commerci￿ opportunities in Latin Americ4 written by the tkpartment for Busine55 and Trade; alongside the
regularchapters Iwking at the political, economie, social, environmental, and security Outlooks acrossthe region
for the next 5 Yea￿ and beyond. The launch event took place at th¢ Intercontinental Hotel on Park Lane, and
despite rail strikes and a snow storni. over 130 people from government, business, academia and diploma¢y
attended.
The Canning House-KCL Library Visiting Fellowship programme Continued with the arrivals of four scholars.
From Argentin4 Almendra Cremaschi's research examined glob￿ open-source agriculture,. Isabel Madrazo. a
Mexican academic, focused on gender-based violence and poli¢ing' Guilherme Bianchi fTOTll Brazil. who studied
indigenous agency in FM)St-confli¢t Peru" and Roberto Uebel. also from Brazil, whose arrival was delayed by
Covid-19, investigAted tnigralory pattems between Brazil, Portugal and the UK.
The Canning House ReSea￿h Forum at the London Sehool of Economics and Political Science's Latin America
and Carib￿an Centre saw the publicalion of its first Research Fellow, Dr Amir LetKlioui'& second report. which
examined Latin AMerI￿rt trade and climate change. The report w&$ I￿er publicised by Presideni Gustavo Petro
of Colombia on Twitter. and Atnir has since pre5enled itto the Colotnbian govemtnent. The Programme's seeond
Research Fellow, Dr Layla Zag]ul Ruiz. has begun her r¢se8rch project. 'Adding Yalue to coffee and Cacao in
Latin Americ4. with a report due later irL 2023.
Complementing th¢ Current affairs and corporate events prO￿ammes, Canning Papers were published on Latin
America's place in the changing geopolitieal climate, responsible mining in the Lithium triangle, the future of
Mercosur. and th¢ sustainable development of transport infrdstructure.
Canning House launched a new regular Blo& publishing short. ti]nely pieces by guesl contributors, in May 2022.
It has since covered topics in¢luding Chile's constitutional referendum, military-political relalion5hips acros5
Latin Americ4 the attempted assassinaiion of Cristina Fernandez de Kirchner. Peru's political crisi5- Br￿1]ian
politics and the 8 January riots in B￿1118. and Colombian President Gustavo Petro's r￿st 100 days in office.
Contributors included Canning House Associate Fellow Jill Hedges, acadeTnics including Dr Julio C￿lOn and
Dr Vinicius de Carvalho. and Mario Braga and Rodrigo Russo frorn Control Risks, a Cannit)g Hous¢ Corp)rate
M¢mb¢r. Sincetaking over as CEO in June 2022. Jeremy Browne has penned opinion pieces on Brazil's election,
and another on "Global Britsin" published in outlets including the IndependenL Conservative Home and La
Tercera (Chile).
Carming House ¢ontinued its support for the Foreign, Commonwealth. and Development Office {FCt)O)'s
Chevening programme, hosting its Laiin American scholars at a nelworking reception in partnership with FCt)o
in D¢cember 2022, and support for the Group of Latin American Embassie5 in the UK (GRULA) remained
strong, with regular meetings between Canning House representatives and the Latin American Ambassadors
held to dis¢uss key priority areas and w)tential collaboration.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
Corporate Events
Since the arrival of the new CEO. Canning House has strengthened ils ¢orporate prograrnme lo continue
championing trade and investment between the UK and Latin America. During the reporting period, Canning
House organised ten corporate events in total. In April 2022. Canning House partnered with LatAm INVESTOR
to conclude the inve5ting-in series" wilh a conference on Guatemala which yielded country-specific insights
alld showcased current inv￿tment opportunities. This was followed by a seminar in June on "The UK as a
destinaiion for Latin American ¢nlrepreneurs- Opportunities and ¢hallenge5 ' held in partnership with Google
and the Department for Iniernational Trade's (DIT) Global Entrepreneur Programme.
In September. Canning House partnered with corporate member. Baker McKenzie to organise the'susiainable
Agribusiness" conference with support fiotn rorporale ￿eMber, GPS. Two ronferences and two roundtables
were held in October, collaborating firsl with the Dominican Embassy in the UK and the British Chamber of
Comtnerce of the Dotninican Republic to organise a conference on 'Yhe Dominican Republic= B Tinging Ihe
Orange Economy to ihe Caribbean" to mark the ninth Dominican Week in London. The flagship "Energy and
Renewables" conference in partnership with Eversheds Sutherland closely followed suit. The first roundtable in
October welcomed the Chilean Minister of Economy to ihe London Stock Exchange. and later that month. the
Chilean Mining Minister was received ￿ a roundiable meeting organised by Canning Hous¢ and hosted by
Bloomberg. The calendar year concluded by partnering with corporate member. Anglo-American to host a
¢onferen¢e on"The Evolution of Sustainable Mining in Latin Atnerica" underscoring the strategic importance
of Latin America as a provider of critical mineral5.
At the request of new corporate member PromPeru, Canning House organised 2 conference on the "Peru
Economi¢ Outlook and IrLvestrnent Opportunities" in January 2023. The event featured the in-person
partieipation of the Peruvian Finance Minister, Alex Contrerds alOn￿lde panellists from Anglo American, J.P.
Morgan. Mace, and Moody'5 Investors Services. January also saw the launch of Canning House's'sustainable
Trade and Investment" series for ?02). These ¢ross-sectDral conferences will explore the opporhjnities (and
hurdle5) for strengthening trade and investment between the UK and Latin Americi diversifying the
organisation's portfolio of events io encompass not only extractiv¢ industries (such as mining and wiculture)
but a150 value-added industrie5 (such as technology and infrastructure). The series was kickstarted with the
conference "Infrastructure: Building Latin American Sustainable Development" in partnership with new
corporate member, ERG Intemational. Around one hundred and twenty attendees spectated the two panels
featuring influential players such as the Global Head of Infrastructure al KPMG and th¢ CEO of Crossrail
International.
FinaDCiO1 revlew
The sT￿ement of Financial Activities (on page 17) shows an overall fund surplLL8 of £13,615.641 ai the year-
end which included £336,536 of restricted funds. The remaining funds are unrestricted and are &vailable for use
by the Trustees at th¢ir dis¢retion. but in accordance with the Charity's aims and objectives.
ans for future periods
With the new office now secured, Canning House will be able to host in-house events once again. It 15 the CEO'S
goal io host a number of breakfast meetings for high-profile guests throughout FY 2023-24, that will be of
benefit to diplomats, business leaders, civil s(Kiety groups, and the public alike. The boardroom in the new office
will also make it possible to host a plethora of roundtable meelings relating to Canning House's core areas of
interest, such as current affatrs. culture, polili¢s, economics and business.
In addition lo the new office, plans are a150 afoot to upgrade the organisation5 digital infrastructure, including
the iTnpleTnentation of a CRM datsbase, and a refresh of the website. which w&8 last undertaken five years ago.
A brand design refreshmeni is also planned for I￿er in 2023.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
Canning House plans to overhaul its individual membership campaign with a new offer and pri¢ing structure
later in 2023, in a similar way to how the corporate membership has been revised, offering existing individual
members better value for money, whilst attracting more to join.
The organisation's aswiation wiih the APPGs will also b¢ ￿VIewed in the coming year, with the intention of
scaling back commitments to the parliamentary groups, from three groups to just the one. Canning House will
pass its 80th anniversary in November 2023, and plans are currently in developrnent for a c¢lebration to tnark
th¢ occasion with a reception.
There is a strong pipeline of public events planned, including the UK Brazil Conversa 2023. the LatAm Outlook
2024. the Trade Alliance5 event 20?4. which will likely focus on the UK'S accession to the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership. an ¢vent to mark the bi¢entenaries of some Latin
American states- another China-LalAm seminar for 2024, and Canning House's usual election analysis for
forthcoming ele￿lOn5 in Paraguay. Guatemali and Argentina.
Other smaller events. such as w¢binars. roundtsbles. and policy dialogues, that are in the pipeline include: a
closed roundtable with the Governor of Rio de Janeiro Stste- an"Atnericas Policy Dialogue" held aloTgside the
Education World FOn￿n taking place in London in May in partnership with the British Council and the
Department for Business and Trade IDBT). a Toundtable on "Technolo￿.. Reshaping Latin American
Technologies" in partnership with Google and the Department for Business and Trade, during London Tech
Week 2023; a roundtable meeting with Graham Zebedee, Ihe lead negotiator for ihe UK'S accession to the
CPTPP, a meeting with the Inter-American Development Bank (IDB) to present their 2023 Debt Report; and a
webinar organisised in collaboration with Pogust Go(Klhead, assessing the impact of the 2015 Mariana Darn
DisasteT, reflecting on the shared leamings for corporate governan¢e from ihe perspectives of
COTporateslinv¢stOTS, academics, the medi4 and the legal sector.
Corporate events planned include "New Pathways for Latin American Finance" ¢onferen¢e hosted by J.P.
Morgan, which will explore the POTrntial for strengthening UK-Latin American collaboration in financial
services and FinTech; "Pioneering Latin Atn¢rica's Sustainable Finance" in pannership with the London SttKk
Exchange Group {LSEG)' a"Powering Net Zero- conference organised wilh Banco Santander, "Partnerships
for Sustainability in Mining" conference, again with AngloAmeri¢an' and & new ¢onferetLce looking at
"Cultivating the UK and Latin American Fixxl and Drinks Trnde"
RislL8 and uneertAillties
Giyen the organisation'5 dependence upon two principal income streams
investment income - the principal financial risks facing the organi&ition are=
Corporat¢ meTnbership numbers
Stock market fluctuations impaeting the value andlor income stream of the investment portfolio.
corporate membership and
The uncertainties surrounding ihe speed and extenl of economi¢ recovery from the pandemic in Ix)th the UK
and Latin America, added to those surrounding the impa¢l on UK companies of the final implementalion
arrangemeDt5 for Brexit. have undoubtedly impacted corporate memberships. even those companies which have
ren¢wed haye taken longer to decid¢ to do so- leading to several inslances in Ihe past of delayed renewals aT
waived fees. However, upon arrival of the new CEO. after undertaking a review of the existing structure and
pri¢ing, he implemented a on¢-lier membetship package coasling a flat fee of £12.000, Ihus removing the
muddled multi-tiered system that had been implemented by his predecessor.
Furthermore. the unprecedented Russian invasion of Ukraine in March 2022 caused jitters in financial markets,
impacting the value of assets around ihe world. This had a significant impact on the value of the Canning House
endowment portfolio. However, Ihe eurrent value of the portfolio of c£13m Still provides plenty of insLirance for
Canning House to survive this period ev¢n if these un¢ertainties t*rsist into 2024.
10

THE HISPANICAND LUSO BRAZILIAN COUNCIL
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
The continued gr0￿h this year in our reputation for serious and significant research. reports. cornmentary and
events, the in¢reased re&h of those events to larger and more international audiences, and the publication of the
fourth edition of our LatAm OutlooL have all greaily augmented our position not only as the leading UK forurn
on uK-L￿1n American bilateral relations, but also as an internationally r¢cognised thought leader on Latin
American developments in general.
Reserves and investment policy
Following the sale of No. 2 Belgrave Square. in 2013 the Board of Trustees invested the proceeds (c. £12m) in
an investment portfolio managed by Evelyn Partners {fortnerly known ￿ Smith and Williamson Investment
Management LLP}. The Board established a reserves policy which was iniended to m&intain the value of the
Capital realised from the sale. after allowing for inflation (RPI+IYo).
Initially, only income from the portfolio in th¢ fortn of dividends and interest has been drawn froTn the portfolio.
with capital gains &s well as surplus income being reinvested. But as a result of the r¢cent economic turnioil.
and owing to ongoing expenditure already comtnitted by the previous CEO. capital within the portfolio ha5 been
drawn down on. Howev¢r, the new CEO has made it apriority io reverse this trend and cui profligate expenditure
across ail aspects of the organi5ation's operations.
In June 2019. the Board confirnied tha¢ the investsnenl portfolio is a strategi¢ fund to be applied to slrategi¢ and
quality invesimenis in pursuit of the Charity's Mission and Objects and io the financing of appropriate loss-
making charitable activities of Canning Hous¢- su¢h ￿ the LatAm Outlook - that cannol be covered by other
income sources. It is to be deployed wisely and appropriately over time, in such a way as to pre5erYe Canning
House's ability to ¢ontinue to fund such strategic opportunities not only in the short-lerni but also over the
medium- and long-tem.
The Board's Finance & General Purposes Committee {F&GP) has undertaken an in-depth 5trakgic review with
the organisation's investtnenl portfolio advisors, Evelyn Partners and. in July 2021, subrnitted to the Board
proposals lo alter the mandale lo recognise that it was no longer necessary to keep a more liquid £5m reserved
for a potential property purrhase, and to invest ¢on5islenily with the board's ESG principles, whilst increasing
the target return from RPI +IVo to CPl+20/o. Any shortfalls on operating costs will continue to be covered by
income transfer lo the organisation to maintain activities at current levels. Ihis is expected to continue lo be met
priTharily frotn interest and dividends.
The Hispanic & Luso Brazilian Coun¢il investmeni portfolio delivered a ner total return of -2.6Yo for the trailing
twelve months to 3 1st Maxch 2023. Although frustrating to s¢¢ a negative p¢rfomian¢¢ over th¢ period this
should be viewed in ihe contexi of wider financial markets; over the same period global equities fell by -1.4Vo
(MSCI All Country World Index GBP) whilst ¢onveniional UK Govemment Bonds, whi¢h typically exhibit
more defensive characterislics versus equities, depreciated by -17.00/0 (Markit iBoxx GBP Gilts Index)- This
shows the extent of the volatility acros5 both equities and bonds investors priced in the impact of rising interest
rdtes and tighter credil conditions. Central banks have ¢ontinued in their effoffs to control inflation which
remains elevated and significantly ab)v¢ target, putting further pressuTr on households and Corporations during
an already fragile recovery. With this in mind, the Canning House p)rtfolio remains conservatively positioned
with 60.OQ/o attributed ¢0 equities which is marginally overweight versus the long-term strategic benchmark. The
focus continues to be on maintaining an appropriate level of diversification with a suitable balance across asset
cl&8ses. sectors and styles to navigate Ihe challenging market environment. sI￿e inception the portfolio is
showing a cumulative net tota] return of +28.70/0.
The Trustees require the inwestment manager{s) to be sensitive to the underlying purws¢ and principles of the
Charity and its partners. and to try to avoid any investments in contravention of these whilsi also highlighting
areas of potenti0] sensitivity. Particular att¢ntiotl should be paid to Environmental, Social & Governance IESG)
factors when selecting investments. Furthennore. the TrLLStee5 require the investment manager(s) lo apply an
appropriate level of due diligence in terms of ESG analygis within the underlying investment process.

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
REPORT OFTHE TRUSTEES
FOR THE YEAR ENDED31 MARCH 2023
ststement of responsibilities oftbe Trustees
Th¢ Trust¢es {who are also Directors of the charity for the purposes of company law) are responsible for
preparing the Trustees. Annual Report and the financial stalements in accordance with applicable law and United
Kingdom Accounting Stsndardg (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and
fair view of the st￿e of affairs of the charitable company and the group and of the incoming reSoU￿eS and
application of resowces, includingthe income 8nd expenditure, of the charitable company and the group for that
period.
In preparing these financia] statements, the Tnjstees ar¢ required to..
select suitable accounting policie5 and then apply them consistently;
observe the methods and prinriples in the Charities SORP,.
make judgments and estimates thar are reasonable and prudent,.
state wheth¢r applicable UK Accounting Standards have been followed subject to any material
depthures disclosed and explained in the financial statements. and
prepare the financial statements on the going ¢on¢¢rn basis unless it 15 inappropriate to presume
that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable aceuracy al
any time the financial position of ihe charitable ¢ompany and enable them to ensure that the financial statements
cotnply with the Companies Act 2(K)6. They are also responsible for safeguarding the assds of the charitable
company and hence for taking re&sonable st¢ps for the prevention and detection of fraud and other irregularities.
Auditors
Dixon Wi150n Audil Services LLP, Chartered Accountants are auditors to the ¢hariiable ¢ompany for 2022-23.
In aecordan¢e with section 485 of the Companies Ac( a resolution on the appointment of auditors for 2023-24
will be put at a General Meeting.
StstemeDt of disclosure to lluditor
In so far as the Trustees are aware:
there is no relevant audit inforn)ation of which the charitable company's auditor is unaware., and
the Trustees have taken aIl steps that they ought to have taken to make themselves aware of any relevant
audit inforniation and lo establish that the auditor is awar¢ of that inforniation.
The Truslees are responsible for ihe maintenance and integrity of the corporale and financial information
included on the charitable company's website. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
The aEx)ve report has been prepared in accordan¢e with the spe¢ia] provisions of Section 419(2) of the
Companies Act 2006 relating to Stnall coJnpanies.
Approved by the Board of
stees on
and sI￿¢d on their behalf by:
N Mccall
Chair
12

INDEPEf4DENT AUDITORS. REPORT
TO THE TRUSTEES OF THE HISPANIC AiYD LUSO BRAZILIAN COUNCIL
Opinion
We have audited the financial srai¢ments of The Hispanic and Luso Brazilian Council (the 'charitable parent
company.) and its subsidiary (the 'chariiable wup} for the year ended 31 March 2023 which comprise ihe
consolidated statement of financial activities, consolidated baiance sheeL consolidated statetnent of cashflows
and notes to the financial statements, in¢lllding a Summary of significant accounting policies. The financial
r¢porting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable
tn the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the finan¢ia] statements:
give a true and fair view of the stale of the charitable group's and of the charitable parent company's
affairs at 31 March 2023 and of the charitable group's in¢oming resour¢es and application of
resources, for the year then ended.
have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting
have been prepared in accordance with the requiretnent5 of the Charities Act 2011.
Basis for opinio
We conducted our audit in acCOrda￿e with International Standards on Auditing (UK) (ISA5 (UK)) and
applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities
for the audit of the financial statements section of our report. We are independent of the chariiable company in
accordance with the ethical requirements that are relevanl to our audit of the financial 51atemenls in the UK.
including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with
thes¢ trquirements. Wc believe that the audit evidence we have obtained is suifi¢ien( and appropriate to provid¢
a basis for our opinion.
Collelusions relating to going conee
In auditing th¢ finan¢ial stat¢m¢nts. we hav¢ ¢on¢lud¢d ihat the directoes use of the going concern basis of
accounting in the prepardtion of the financial statements is appropri￿.
Based on Ihe work we have performed, we have not identified any material uncertainties r¢latin£ to events or
conditions thaL individually or collectively, may cast significant doubt on the ¢ornpany's ability to continue &8
a going concern for a peri(xl of at le&8t twelve months from when Ihe financial stateTnents aTe authorised for
issue.
Our responsibilities and the responsibilities of the dir￿tOrS With respect to going c¢)ncern are described in the
relevant sections of this rep)rt.
Other information
The other infomiation comprises the inforn)ation included in the annual retK)rt, other than the financial
ements and our audiior's report iherer)n. The Trustees Are responsible for the other inforniation. Our opinion
on the financial siatements do¢s not cover the oth¢r Inforn￿tion and we do nol express any forni of assurance
onclusion Ih¢r¢on.
Ill connection with OUT audit of the financial ststements. our responsibility is to read the other inforniation an(L
in doing so, consider whether the other inforniaiion is materially inconsistent with the financial statements. or
our knowledge obtained in the audit or othenvise appears to be materially misstated. If we idenlify such material
inconssst¢n¢ies or appareni material Thisstat¢ments, we ar¢ r¢quir¢d to deterniine whether there is a material
misststem¢nt in the finan¢iai stat¢ments or a mat¢riaI misstatement of the other information. If, based on the
work we have perfornied, we ¢on¢lude that there is a material misstatement of this other inforniation. we are
required io report that fact.
We have nothing to report in this regard.
13

INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OF THE HISPANIC AND LUSO BRAZILIAN couf4CIL
M*tter$ ort which Jve are required to report by tseeption
We have nothing to report in res￿et of the following rnatt¢rs in relation to which the Charitie5 (Accounts and
R¢ports) Regulation5 2008 requires us to report to you if, in our opinion:
the inforniation given in the financial statements is inconsistent in any material respect with th¢ Trustees
Report., or
suffi¢ienl a¢¢ounting records have not been kept. or
the charitable parent company's financial statements are not in agreement with the accounting records- or
we have not r¢¢¢ived all the inforniation and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Tnjstees, responsibilities staternent set out on page 8, the Trustees (who are also
direclors of the charitable company for tlie purposes of company law) are responsible for the preparation of the
financial 5tatemenls and for being saiisfied that they give a true and fair view, and for such internal control as
the Trusiees deterniine is necessary to enable the preparation of financial statements that are free from ma￿rIal
missiateTnent. whdher due to fraud or error.
In preparing the financial statements, the Trn$t¢￿ are r￿pOlI51ble for assessing the charitable group's and the
charitable partnt company'5 ability to continue as a going concern. disclosing. as applicable, matters related to
going ¢oncern and using the going con¢¢m basis of accounling unless the Trustees either intend to liquidate the
charitable group or the charitable parent company or to ¢eas¢ operations, or have realistic allemative but to
do so.
Auditor's responsibilitiei for tbe audit of the fin*Dcial statements
We hav¢ b¢¢n appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
th¢ Act and relevant regulation5 made or having effect thereunder.
Our objectives are to obtain reasonable assurance aEout whether the financial ststemenis as a whole a￿ free
from material mi55tatement, whether due to frdud or eTror. amd to issue an auditor's report that includes our
opinion. Reasonable assurance is a high l¢v¢l of assurance but is not a guarantee that an audit conducl¢d in
a¢¢ordance with ISAS (UK) will always dele¢1 a M￿trial misstaternent when it exists. Misstaternents can arise
from fraud or error and are considered material if, individually or in aggregate, they could re&sonably be
expected to influence the economic decisions of users taken on the basis of these financial staternents.
Irregularities, including fraud. are instances of non-complianc¢ with laws and regulations. We dest￿ procedures
in line with our responsibilities. outlined above, to detect material misstAtements in Tespect of irregularities.
including fraud. The extent to which our procedures are capable of detecting irregularities, in¢luding fraud is
detailed below..
We gained an understanding of the legal and regulatory framework applicable to the ¢haritable cotnpany by
considering. amongst other things, the Se￿Or, ar￿ jurisdictions in which it operates, and considered the risk of
acts by the ¢haritable company and the group that were contrary to appli¢able laws and regulations, including
fraud. We d¢signed audit procedures to respond to the assessed level of risk recognised that the risk of not
deleciing a malerial misstatement due to fraud is higher than the risk of not detecting one resulting from error.
as frnud may involve delib¢rate con¢ealm¢nt by. for exaTnple, forgery or inlenlional misrepreseniations. or
through collusion.
We focus¢d on laws and regulati(ms which could giv¢ rise to amaterial misstatement in the financial statemenl
including, but not limited to, UK Company Law. UK tax legislation. UK Charity Law as w¢ll a5 UK financial
reporting standards applicable for UK ¢haritsble companies.
Our tests included agreeing the financial statement disclosures to underlying supporting documenlation,
enquiries wilh management and enquiries of consuliants used for accounting outsourcing.
14

INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OFTHE HISPANIC AND LUSO BRAZILIAN COUNCIL
As in all our audits, we also addressed the risk of management override of interna] controls, including testing
journals and evaluaiing whether there was evidence of bias by managetnent that represented a risk of material
misstatement due to fraud.
There are inhereni limiiations in the audit proceduTes described above and, the fiffther removed non4ompliance
with laws and regulations is from the events and transactions reflected in the financial Statemen￿ the le55 likely
we would become aware of it. We did not identify any key audit matters relating lo iThegularilies. including
fraud.
A further description of our responsibilities for the audit of the financial siatemenis is I{￿ated on the Financial
Reporting Council's webslte at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our
auditor's report.
Use of our report
This report is made solely to the charilable company's Truste¢& as a b(Kly, in accordance with Part 4 of the
Charities IA¢¢ounts and Reports) Regulations 2008. Our audit work has been undenaken so that we mighi state
to the charitable company's Trustees those tnatters we are required to state lo thetn in an auditor's report and for
no other purpose. To the fullest extent pemiitted by law, we do noi accepi or assume responsibility ro anyone
other than the charitable eompany and the eharitable cotnpany's Trustees as a IK>dy, for our audit worl for this
rewrt, or for the opinions w¢ hav¢ formed.
Dixon Wilson Audit Services LLP, Statutory Auditor
22 Chancery Lane
London
WC2A ILS
8 Novombèr 2023
Date..
Dixon Wilson is eligible to act as an auditor in tenns of section 1212 of the Companies Acl 2(K16.
15

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
CONSOLIDATED STATEMENT OF FINAIYCIAL ACTIVITIES
(including statement ofincome and expenditure)
FOR THE VEAR ENDED 31 MARCH 2023
2023
2023
2023
Unres¢rieted Restrieted Totsl
Notes
funds
funds
fuDds
Income And endowments from:
Other trading activities
Investm¢nls
2022
2022
2022
Unrestricted Restrieted Total
fuDd5
runds
rmnds
68,794
318.689
68.794
79.49*
343.885
79.412
34) 885
Total incorne
387,483
5.069
392,552
4?i.307
1.510
424,817
Expenditure oll:
Raising funds
Charitable activities
Governance costs
(53,895)
(53,895)
6 (804,382) (34,820) (839,202}
(58.964}
(58,964)
(744.866) (1.170) (746.036)
Total expelldilure
(875,052) (34,820} (909,872) (818,369) (1,170) (819,539)
N¢t gains on investments
Net movement fund8
627 542
627 542
1069?8
(1,115,111) (29,751) (1.144.862) (288.134)
106978
340 (287,794)
ReeoDeili#¢ion of funds
Balance ￿ l April 2022
14 391 143 366.?87 14.758.430
14.680 ?77 365 947 15 046 ?24
Balance at 31 March 2023 20 ILILQ22
3613 568
14 39? 143 366 ?8
The note5 on pages 19 10 29 forni part of these financial statements.
16

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2023
Group
Ch4rlty
Notes
2023
2022
2023
2022
Fixed assets
Tangible fixed assets
Iniangible assets
Investments
43.361
3,000
13033013
13,079,374
6.781
6,000
14.251.683
14.264.464
43.361
3,000
13033 014
13,079.375
6.781
6.000
14?51.683
14 ry64.464
12
CurTeDt asset5
Stocks
Debtors and prepayments
Cash at bank and in hand
14
15
16
3.498
81.410
648351
3,498
557,694
4.198
416.146
476.121
896.465
113,0?2
533 709
050.9?9
1,103.188
Creditors: amounts failing
due within one year
17
199075
156.963
120 889
137338
Net eurrellt ￿￿ets
534 194
759 127
Tot*1 #￿ets
14
LL74 15 023 592
Futtds represeL¢ed by:
Restricted funds
UnTestri¢ted funds
336,536
13 277032
366,287
14 392 143
336,536
13 725 138
366.287
14657305
Totsl funds
20
The Trustees xknowledge their responsibilities for ensuring that the Charity keeps a¢counling r¢¢ords whi¢h
ctsmply with the Ad and for preparing financial stafrments which give a true and fair view ofihe state of affairs
of the ¢hatity as at lh¢ end of the financia] year and of its Siaiement (>f Financia] AtTaits for the financial year.
The a[￿Ual a¢counts have been produced in accordance with the Statement of RecommerKled Pra¢tire (SORP)..
Accounting and Reporting by Charities. appli¢able to charities preparing their a￿oUnts in accordance with th¢
Financial Reporting Standard 102. and the Charitie5 Act 2011 and applicable regulations.
These finan¢ial stalernents have ￿en prepared in a¢cordan¢e with the special provisions of Part 15 of the
Companies Act 2006.
For the year ended 31 March 2023, the Charity was eniitled tc> exeTnption from audil under Section 477 of ihe
Compani¢s Act 21X)6 relating to small companies. The members have not required the company to obtain an
audit of its accounts for the year in question in accordance with Section 476.
The fitydncial statements have been audiied under the requirements of Section 144 of ihe Charities Act 2011.
The financiat ststements on pages 16 to 29 weTe approved by the Trustees on
behalf by..
li
N Mrcall - Chair
Company registration numb¢r- 00383775
Charity registration number
314210
17

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED31 MARCH 2023
Group
Cbarity
Notes
2023
2022
2023
2022
Casb flows from opernting
#ctivities
22
(29,976)
(1,236,61 S)
(78,743)
(1,164,064)
Cash flows from investing
activities
Dividend income
Interest income
Proceeds fmTn ihe sale of investments
Purchase of investments
PuTchase of tsngible fixed assets
Net cash {used in) provided by
investlllg aettyities
288,701
35,057
3.020,683
(3.160.919)
38.904)
300,417
44.978
4,216.060
{3.434.827)
1.339
288,701
35,057
3,020,683
(3,160,919)
300,417
M,978
4,216,060
(3,434.827)
1.339)
144.618
1125 289
144.618
Change in casb and eAsh equlvaleDts
iti the year
114,642
(111,326)
65075
(3&775)
Cash and cash equivalents at the
beginning of the year
533 709
476 121
514896
Cash and cash equfvAleDts at the
eud of Ihe ye4T
18

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
l. Ae¢ounting policie5
a) Company informatioD
The Hispanic and Lu50 Br¥2ilian Council is a ¢ompany limited by guarantee, in¢orwrated in England and
Wales and registered as a Charity with the Charitie5 Cornmission. The principal address and regisiered
office is 50 Browjway, London SWI H OBL.
b) Basis of prep8r&tlOD of annknal a¢¢ounts
The fitwicial statemenls have been prepared in accordance with accounting policies set out in the notes to
the accounts and comply with the charity's governing document. the Charilies Act 2011 and Accounting
and Rep)rting by Chariiies: 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) (effective l January 2019) (Charities SORP FRS 102), the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2(K)6.
The Hispanic and Luso Brazilian Coun¢il meets the definition of a public benefit entity under FRSIO2.
The financiat statem¢nls are prepared in sierlin& which is the functionat currency of the company.
Monetary amounts in the financial statements are murKied to the nearest £.
The fin8n¢ial statements have been prepared under the historiral cosl Conventio￿ wilh items recognis¢d
at cost or transaction value unless oiherwise stated in the rel¢vant notes lo the accounts. The principal
accounting policies are set out below.
The effects of events relating to the year ended 31 Marrh 2023 which occurred before the date of approval
of the financial stsiemenls by the Truslees have been included in the financial statements to rhe extent
r¢quired io show a true and fair view of the stat¢ of affairs as ￿ 31 March 2023 and the results for the year
ended on that date.
c) Fund accounting
Unrestricted funds are available for us¢ al the dis¢retion of the Trustee5 in furtherance of the general
objectives of the Charity and which have not been desip)ated for other purposes.
Designated funds comprise of unrestricted funds that have been set aside by the Tnjstees for particular
Purposes. The aim and w of each deSI￿ated futld 15 set out in the notes to the financiat ststements.
Restricted funds are funds which are to be used in accordance with spe¢ific restrictions imposed by the
donors or which have been raised by the ¢harity for particular purposes. The aim and w of ¢a¢h restricted
fund is set out in the notes to the financial $￿teMents.
d) IDeoming resources
All incotning resources ar¢ included in the Staiement of Financial Activities when Ihe charity has
entitlement to the fund& receipl is probable, and the amount can be measured with sufficient reliability.
Annual membership subscriptions are recognised in equal monthly instairnents over the period of
mernbership. Donation5 ￿ sponsorship are recognised when the charity has entitlement to the funds.
receipt is probable, and the amount can be measured with sufficient reliability- Ew¢nt fees and room hire
ore recorded when the services are provided. Dividend and interesi income are reco￿]sed when the
Charity has the right to receive payment.
19

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMEIYTS
FOR THE YEAR ENDED31 MARCH 2023
l. Acco￿￿11ng polieies (continued)
e) Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense ¢ategories thai
a￿eg￿e all costs for alli)cation to activities. Where Costs cannot be directly attributed w particular
Ctivities. they have been all(Kated on a basis consistent wilh ihe use of ihe resources.
Costs of generdling funds comprise the costs associaled with attracting voluntary income and costs for
trading for fundraising purtx)5es.
Charitabl¢ expenditure comprises of those costs incurred by th¢ Charity in th¢ delivery of ils a¢tivities aThJ
s¢rvi¢es for benefici￿les. It includes both costs that can be allo¢aled ditE¢tly lo such activities and those
costs of an indirect nature necessary to supwrt them.
Governance costs are those incurred in connection with administration of the Charity and compliance with
onstitutional and statutory r¢quir¢m¢nts.
All costs are allocated between th¢ eX￿nditUre categories of the SOFA on a basis designed to reflect th¢
use of the Tesource. Costs relating to a particular activity are allo¢at¢d directly. others are apportioned.
D Tangible fixed a58ets and depreciatlon
All tangible fixed ass¢ts ar¢ initially recorded at Cost. Depreciation is calculated so as to write off the cost
of an asset, less its estimated residual value, over the useful economic life of thal assel as follows-
Compuier equiprnent
20D/o Straight line
Fixtures and fitting5
20% strdighi lin¢
Plant and ma¢hinery
200/0 Straight line
Offi¢¢ fil out
not currently depreciated as not in use
g) IDtangible assets and amortisotio
Intangible ￿ets acquir¢d are initially recorded at cost and 5ub5equendy measured at cost less
accumulated amortisation and impairnient losses over the useful economic life of that asset as follows..
Websiie developrnent
20Yo Straight line
b) B*$it financial iDStruments
Trade 2nd otber debtor51creditors
Trad¢ and other debtors are recognised initially al transaction ¢ost. Trade and other creditors are
recognised initially at transaction price plus attributsble Irdnsaction costs. Subsequent to initial re¢ognilion
they are measured at amortised cost using the effective interesl method, less any imp&irnient losses in the
case of irade debiors. If ihe arrangement constitutes a financing transaction, for example if payment is
deferred beyond nonnal business terms, then il is measured at the present value of future payrnents
discount¢d at a tnarket rale of interest for a Similar debt instrum¢nl.
Invutmettts In equity iDStruments
Investments in equily instruments are measured initially at fair value, which 15 normally Éhe transaction
price. Transa¢lion costs are excluded if the investments are subs¢quenily ffteasured at fair value through
the SOFA. Subsequent to initial re¢ognition. inveslmenrs that Can be measured reliably are measured at
fair value with changes recognised in the SOFA. Thher investments are measured at cosi less impairnient
in the SOFA.
i) Stocks
Stocks are valued at the loweT of cost and net realisable value.
j) Cash And cash eqvivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable
on demand and form an integral part of the Charity's cash management are included as a cotnponent of
cash and cash equivalents for the purposes only of ihe c￿h flow statement. C&qh balances held &$ part of
a fixed asset investment portfolio ar¢ presenfrd as part of fixed asset investments.
20

THE HISPANIC AND LUSO BtL4ZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 21123
l. Ae¢ouo¢lng poll¢les (eolltinued)
k) Opergtlng l¢as¢ agreements
Rentals in respe¢t of operating leases where substantially all the benefits and risks of ownership remain
with th¢ lessors are Charged to the Statement of Financial A¢tiviti¢s SOFA on a strnight-line basis over
the period of the lease.
l) Pension costs
The charity operdtes a defined ¢ontribution scheme for employees. The assets of the schemes are held
separately from those of the charity. The annual contributions are charged to ihe SOFA as they fall due.
m) Ta￿tIOn
The Hispani¢ and Luso Brazilian Council 15 considered to pass l¢sts set out in Paragraph I Schedule 6 of
th¢ Finance Act 2010 and therefore it meets the definition of A chariiabl¢ company for UK corporation tax
purposes. Accordingly. the charity 15 POtentia]ly exempt from iaxation in respect of income and Capital
gain5 received wiihin categories covered by Chapter 3 Part I l of the CorpDfdtion Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income and gains ar¢ applied
exclustvely to charitable purposes.
n) Grallts
Grants are a¢¢ounred for under the accruals model of accounting &s pern)itted by FRS102. Grants of a
revenue nature are r¢¢ognised in the SOFA in the same period &s the relat￿ ¢xp¢nditure.
o) Going concern
There are no material uncertainlies about the Charity's ability to continue in operhiional exisienee for the
foreseeable future. The Charity holds sufficient liquid reserves to meet its financial obligations as they
currently fall due. and for the foreseeable future.
2. FI￿anCIal perforrnance of the Charlty
The ¢onsolidated statement of financial activity in¢ludes the results of the Charity's wholly owned
subsidiary. The summary financia] perforniance of the Charity alone is:
2023
2022
Income
3?7 846
327.846
350 699
350,699
Expenditure on charitable activities
{608,327)
(613,769)
Net gains on investments
681437
1069?8
Net (expenditureyincotThe
{961,918)
(156,142)
Funds brought fonvard
150?3 59?
15 179.7)4
Totals funds carried forward
R¢pr¢seDted by:
Restricted funds
Unrestricted funds
336.i36
13.715.138
14.061.674
366.287
14 657.305
21

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMEIYTS
FOR THE YEAR ENDED 31 MARCH 2023
3. Other trading aetivities
Unrestricted Restrieted
funds
funds
2023
Total
2022
Totsl
meMbe￿hIp and events
Corpordte sponsorships
68,794
68.794
79.422
4. Investments
Ullrestrieted
funds
Restricted
fuDds
2023
Total
2022
Total
Dividends & interest from investments 288,701
Bond interest accrued
27.667
Bank inter¢st received
288,701
27,667
300.417
43.360
323 758
59.77
5. Expenditure on r•isillg funds
Unrestri¢ted
funds
Restricted
runds
21)23
Total
2022
Total
Investmeni Manager's fee
6. Costs of ¢h4ritsble aetiyities
Uore5tri¢ted Restricted
funds
funds
2023
Total
2022
Tot21
Direct costs
Support costs
*15.109
589.*73
804 38•
34.820
249.9?9
589 ?73
8 j9 ?Q?
•39.378
5116.658
Included within direct costs are donations made to the following institutions..
UDrestricted Restricted
funds
fu￿d$
2023
Total
2022
Total
UK ConSul￿e Rio de Janeiro
LA TA Foundation
The Anglo-Argentine Society
1,500
1,500
6,000
30.674
22

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
7. Support eost$
Unrestricted
fuuds
Restricted
ds
2023
Total
2022
Total
Staff ¢osts
Building costs
Other costs
439.585
60.￿7
439.58)
60.641
39i.05?
59.534
8. Governance costs
Unrestrieted
rullds
Restrirted
funds
2023
Totsl
2022
Total
Audit and accountancy fees
14
9. Net incomillg(outgoimg) raources for the year
This is stated after charging..
2023
2022
Depreciation
Amortisation
Auditors remuneration..
Audit of the financial ststements
2J24
3.000
2.417
3.(K)O
10. Staff eosts and remunergtiOD
Total staff cosls were &8 follows..
21)23
21122
Wages and salaries
Social security cost
Other pension costs
Other costs
354,123
35J44
23,164
332,991
30,650
18,891
The average nutnber of staff eTnployed during the year. based on a full time equivalent. was 8 (2022- 9)-
All staff were employed by the Charity and Staff were recharged to Canning House Limited bas¢d on lime
spent. The total recharge for the year amounted to £220.628 (2022 - £193,423).
There was l ernployee whose total emoluments for the year fell between £90,000 and £IOO,O(K) (21)22
bdween £90,000 and £lOO,000- I ).
The total amount of employee benefits received by the charity'5 key management personnel was £90,654
{2022 - £91,463).
The members of ihe Board of Trustees did not receive any remunerations, nor any reimbursed expenses
during the year (2022 £Nil).
23

THE HISPANIC AND LUSO BRAZILIAIY COUNCIL
NOTES TOTHE FINANCIAL STATEMEi¥rs
FOR THE YEAR ENDED 31 MARCH 2023
11. Tangible assets- Charlty (also eomprising that of the group)
Fixtur
Computer
Plant
& rittings equipmeTrt & machinery
Office
ritout
Total
Cost
At l April 2022
Additions
34,661
13.024
251
1,339
49.0?4
31 March 2023
339
Depreciation
At l April 2022
Charge for the year
33,408
456
268
268
At 31 March 2023
536
Net iM)ok value
At 31 March 2023
At 31 March 2022
12. Intartgible assets- Charity (also WmPTi5ing tbat of the group}
WebsiÉe
development
Total
Cost
At l April 2022 & 31 March 2023
Depreeixtiott
At l April 2022
Charg¢ for the year
9,000
9.000
Ai 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
24

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
NOTES TO THE FIIYANCIAL STATEMENTS
FOR THE YEAR ENDED31 MARCH 2023
13. Investments
Croup
Charity
2023
2022
2023
2022
Subsidiary undertaking
UK and overseas equities:
Market value at l April 2022
Acquistions at cost
Disposals ￿ market value
Unrealised {Ios5esygains
on revaluation
645615
Market value at 31 Mareh 2023 1 ?.998,384
Cash balance (held by brokers)
Investments under manAgement
13,503,763
3.160,919
{3,020,683)
14,064,829
3.434.827
(4,216,060)
13,503,763
3,160,919
(3,020,683)
14,064,829
3,434.827
(4.216.060)
??(1.167
13,5D3,763
747.9?0
220.167
13,503,763
747 9?0
1 ?,998.384
The market value of £12,998.384 (2022 - £13.503.763) aErf)ve represents investments quoted on a
recognised securities exchange.
2023
2022
UK equity
Overse&s equity
UK bonds
Alt¢rnative inv¢stmenls
2.873,396
5,034,265
3.185.417
1.905.J06
3,032.764
5.175,400
3,356.739
1938 860
Subsidiary undertaking
The charity has a wholly owned trading subsidiary. Canning House Limited {company registration nUTnber
O)J17927}, whi¢h is incorporated in England and Wales. The subsidiary's prin¢ipal activity is to run
services for corporate members and relevant COFnmercial activities including the running of conference5.
All profits are donaied to the Charity under gift aid.
Summiry of profrt and loss for Canning House L4mited
21123
2022
Turnover
Cost of sales and expenses
Net loss
64.706
247 650
74,118
205 770
131652
The asseis and liabilities of the subsidiary were-
Current assets
Current liabilities
Total net liabilities
143.155
571 ti60
333.3991
Awegate Share ¢apital and reserves
25

THE HISPANIC AND LUSO BK4ZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 MARCH 2023
l& Stocks- Cbarity (also comprising that ofthe group)
2023
2022
Stwk of medals
15. Debtors
Group
Charity
2023
2022
2023
2022
Trade debtors
Prepayments and accrll¢d income
Other debtor5
Amount5 owed by group undertakings
16,800
35,795
28.825
77.268
35.754
35.795
71,818
493 074
557 694
313.774
16. ADatysts of eash and cash equivalents
Group
Charity
2023
2022
2023
2022
Cash at bank
i41.99
17. CreditOTS
Group
Charity
21123
2022
2023
2022
Trdde cr¢ditors
Taxation and s(Kial security
Accruals and deferred income
14,997
338
11.637
2.109
196.6•8
19
11844?
125 701
156963
26

THE HISPANIC AIYD LUSO BRAZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
18. Fln#n¢ial ins¢rumentS
Group
Charity
2023
2022
2023
2022
FinAneial asset5
Financial assets measured ￿ fair
value through the SOFA
Financial &ssets me&sured a1
amortised cost
13.681,364
14.785.392
13,575,009
14.727,804
45.625
61.586
521.900
Finanei41 liabilities
Finan¢ia] liabilities measured at
amortised cost
137.1701
Financial &ssets measured at fair value through the SOFA compTise of bank and balances a5 well as
investments carried at market value. Accounting policies adopted are included within note I to these
financial statements.
Financial assets measured at amortised cost comprise of investments held at cost, trade debtors. other
debtors and amounts owed by group undertakings. Further details in respect of these ba]ances can be found
in note 17 to these financial statements and the accounting policies adopted are included within riote I to
these financial statements.
Financia] liabilitie5 me&sured at amortised cost ¢omprise of trade crediior5, Other creditors and a¢cruais.
Further details in respect of these balances can be found in note 19 10 these financial statements and the
accounting policies adopted are included within note I to these financial slaiements.
19. Penslolls
The charitable ¢ompany operates a defiwl contribution pension scheme for the benefit of its ernployees.
The assets of the s¢hem¢ ar¢ held separately from those of the Charity in an independently administered
fund. The pensions cost represents contributions payable by the Chariry during the year and amounts to
£11.162 (2022 - £8,956) and by the Group £23,164 {2022 - £18,891). At the year-end there was £2,109
payable by the Charity included in other crediiors (2022- £168 receivable included within other debtors).
27

THE HISPANIC AND LUSO BRAZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDJI MARCH 2023
20. Statement of fuDds
A¢ l Aprll
2022
Incoming
resources
Resources
pended
At 31 March
2023
Restricted funds:
Canning House Library Appeal
Anglo Portugese Society Fund
UK-Brazil Conversa Fund
British and Colornbian Chamber
of ComTnerce Fund
287,709
32,977
24.858
4,245
506
{12,555)
279,399
33,483
2,593
(22,265)
20.743
366.?87
318
5.069
134.8?01
336,536
Unrestricted funds:
General funds
14.39? 143
387 483
150? 594
13279 105
Totsl fun
17fi 3..56
Details of the funds ar¢ listed below..
Canning House Library Appeal- sd up in 2004 for new library facilities.
Anglo accounts- deposits made for future charitable artivities in fftulual agreement with the Anglo
Portuguese Society, and the British and Colombian Chamber of Commerce for ¢harit&ble, cullura]
and educations purposes. The atrf)ve funds were set &side in conjunction with the sale of 2 Belgrave
Square.
The UK-Brazil Conversa - an annual forum for dialogue between policymakers and influ¢n¢¢rs.
busin￿5 leader5. acad¢mi¢s, diplomats and governments. to help build closer relations and COTrtacls
between Brazil and the UK. It wa8 founded in 2014 by fortner UK Ambassador to BraziS. Alan
Charlton. now a Trustee of Canning House, and Canning House became the Secretariat in 2018.
21. ADatysis of Det assets betwetD funds
Unrestricted
nds
Restrlct¢d
funds
2023
Total
2022
Total
Fixed ￿ets
Current &ss¢ts
13,079.374
197658
13,079.374
5)4 194
14.264.464
493 966
28

THE HISPANIC AIND LUSO BRAZILIAN COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 MARCH 2023
22. Reconciliation of net movement in funds to net cash flows from operotlng a¢tivl¢A
Croup
Chgrlty
2023
2022
2023
2022
Net movetnenl in funds
Adjustments for..
Depreciation
AmortiS&lion
Unrealised10sgesl{gains)
on revaluation
DecTea5e/{increa5e) in ¢ash balances
held in investments
Decrease in St￿kS
Decreasel{increase) in debtors
1ncreasel(decr￿e) in creditors
Dividend income
Interest income
CAsh flow5 from operating ge¢lvi¢es
(1.144,862)
(287,794)
(961,918)
(156.142)
2,324
3,000
2,417
3,￿0
2.324
3.000
2.417
3,000
645,615
(220,167)
645.615
1220,167)
713.291
700
31,602
42,112
(288,701)
(430,561)
713,291
700
(141,548)
(16,449)
(288,701)
{430,561)
49.988
18,IlJ31
liOO.417}
119,66•1
?.446
I3￿.4]7)
64
23. FinaDcial comml¢meDts
Ai 31 March 2023. the Charity had the following commitmenls under nonwcancellable operating leases..
2023
2022
14Dd aDd buildings
Falling due within one year
Falling due between two and five years
96.600
386 400
49.167
Other
Falling due within one year
Falling due between two and five years
1,233
1.183
Totsl fiDlln¢lal commitments
24. Relatsd p*rty transactions
Wheneverappropriat¢, the entire net profit of the subsidiary company, Canning House Limited, is donated
annually by deed io the parent charitable company under gift aid and amounted to £Nil {2022 - £Nil)
inclusive of the t&x credit.
25. Ultimate controlling party
In the opinion of the Truslees. there 15 no ultimate controlling party other than the Board of Trustees
thetnselves.
29