annual report 2014

Transcription

annual report 2014

ANNUAL
REPORT
2014
ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Index
INDEX
4
14
21
27
Activity Report 2014
Financial Statements
Notes to the Financial Statements
Report and Opinion of the Audit Board
Fundação Millennium bcp
EDUARDO VIANA
Girl at the Window, 1948
Oil on Canvas 100,5 x 81 cm
Cover


ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Activity Report 2014
ACTIVITY REPORT 2014
The mission of the Millennium bcp Foundation, within the scope of the Social Responsibility policy of
Millennium bcp, is to support initiatives of cultural, scientific and social interest, through the development of
patronage activity in Portugal and other countries where Millennium bcp conducts its business.
Its plan of action aims at concentrating activity in priority areas, promoting initiatives with a significant
impact on the enhancement of the value of society, to which the name of the Foundation and of the Bank
can be associated in the long term, namely in the areas of:
• Culture – painting, conservation of heritage, architecture and urbanism, numismatics and museology;
• Education – excellent education programmes, internationalisation of Portuguese universities, support to
scientific research and development of Human Resources;
• Social Solidarity – direct support to national institutions and support to structural initiatives which might
benefit the highest number of people and entities.
CULTURE
CONSERVATION AND DISSEMINATION OF THE BANK’S HERITAGE:
In this area, particular note should be made of the number of initiatives intended to share the Bank’s cultural
and artistic heritage with the community:
• Maintenance of the Archeological Centre of Rua dos Correeiros (NARC) and management of the guided
visits. This year, a total of 11,830 visitors were received, of which close to 23% are groups from educational
establishments: 17.5% of which are students from primary and secondary education and the rest is from
senior universities and higher education.
The following initiatives were also supported under NARC’s operation: International Day of Monuments and Sites
through the exceptional opening of NARC; Museum Day through the exceptional opening of NARC; Museum
Night through the exceptional opening of NARC; Heritage Days with the opening of NARC and the Millennium
Gallery with extended opening hours.
• Millennium Gallery – the following temporary exhibitions were held in this gallery which does not charge
entrance fees:
• The Atmosphere Itinerary exhibition by Boguslaw Kott, showcasing the author’s photographs, on display
from 12 February to 5 March, received 1,105 visitors;
• The Loves exhibition – composed of five Valentine’s Handkerchiefs (generously assigned by the Museum of
Folk Art) and the painting of Paula Rego Love Scarves (which belongs to the Millennium bcp art collection)
– was on display from 14 to 28 February in the main hall of the Millennium bcp building on Rua Augusta,
next to the Gallery;
• The Pre-Classic Lisbon, a Mediterranean port on the Atlantic Coast archaeological exhibition devoted to the
city’s origins. Open to the public from 14 March to 31 May, it received 6,600 visitors;
• Which Sardine Are You? exhibition. This action was conducted in partnership with EGEAC as part of the
Lisbon Festivities. On display from 18 June to 24 September, the exhibition received 20,008 visitors;
• The Júlio Pomar – Works from the Millennium bcp Collection exhibition. On display from 4 October to 21 January
2015, at the Millennium Gallery (Lisbon). By 31 December it had received 6,368 visitors.
• Continuing the Shared Art itinerary exhibitions project, which began in 2009, the following thematic
exhibitions were organised and presented this year:
• The Naturalist Painting in the Millennium bcp Collection exhibition, held in the context of the Millennium bcp
Shared Art itinerant exhibitions project. The exhibition is composed of a collection of works (Bank’s
collection) spanning more than a century of artistic production – 1830 to 1962. It was on display in Caldas
da Rainha – Cultural Congress Centre from 27 March to 31 May, where it received 2,806 visitors and in
Viseu – Grão Vasco Museum, from 24 September to 11 January 2015, which received 10,900 visitors;
• The Abstraction, Millennium bcp Shared Art exhibition in the City Hall of the Municipal Gallery of Torres Vedras,
which showcased 39 works of Portuguese and foreign abstractionism from 7 October to 17 January 2015.
It received 3,336 visitors.
• Within the scope of the sharing of Millennium bcp’s artistic collection with the community, the following
exhibition was also held:
• Poetry is on the Streets, organised in collaboration with the Arpad Szenes-Vieira da Silva Foundation and
Porto City Hall, showcased in the Almeida Garret Gallery, in Porto. It included a significant number of
works by Vieira da Silva that are part of the Millennium bcp collection.
PROMOTION OF MUSEOLOGICAL ACTIVITIES AND OTHER CULTURAL INITIATIVES:
• National Museum of Ancient Art (MNAA):
• Protocol with the Directorate General for Cultural Heritage whereby the Millennium bcp Foundation
became a patron for the renovation of the main hall of the Museum, reaffirming its importance in the
accomplishment of the cultural objectives of the museum;
• Extra protocol for the acquisition of publications for the Museum Library; support to the Blue over Gold
exhibition, showcasing Chinese porcelain of the Embassy of France in Portugal; the Lucas Giordano
exhibition and the Splendour and Glory exhibition.
• National Tile Museum (MNAz):
• Protocol with the Directorate General for Cultural Heritage whereby the Millennium bcp Foundation
became a patron for the renovation of the D. Manuel room, the interior space of the ancient Madre de
Deus church, as a future exhibition area in the National Tile Museum (MNAz);
• Extra protocol: donation of 16 used computers.
• National Museum of Contemporary Art – Chiado Museum (MNAC): support to museum activities, namely
the permanent exhibition and temporary exhibitions: the Sara & André. Exercises in Style exhibition, 6,926
visitors; the Pires Vieira exhibition; the Incorporated Vision – performance for the camera exhibition; the
Symphony of the Unknown video installation by Nuno Cera, with 4,116 visitors; the Tatiana Macedo video –
Staff Only: At Work, which received 14,001 visitors and support to the research work for the documentation
of the works of art of the Museum’s collection, with a view to being included in the 3rd volume of the
Museum’s catalogue;
• National Archaeology Museum (MNA) – within the scope of the Protocol with the Directorate General for
Cultural Heritage whereby the Millennium bcp Foundation became a patron for the restoration of national
treasures in the project for the conservation of the archaic jewellery collection;
• José Malhoa Museum – support to the restoration works of the Passion of Christ by Bordalo Pinheiro;
• Bordalo Pinheiro Museum – support to the display in a museum of the artist’s work Passion of Christ,
composed of 60 human scale figures and the acquisition of 1 LCD;
• Grão Vasco Museum, in Viseu – acquisition of 18 LCD screens to modernise the museum area;
• Faro Municipal Museum – remodelling of the Roman mosaic room of the Ocean God in terms of improvement
of public accesses and museography. The Museum receives about 2,000 visitors per month;
• Geology Museum of the University of Trás-os-Montes e Alto Douro – support to the annual museum
activities;
• Machado de Castro Museum, Coimbra – support to the publication of the catalogue of the They are Roses
exhibition;
• Soares dos Reis Museum (Association Circle Dr. José de Figueiredo Friends of MNSR), Porto – support to the
exhibition of the Crosier of the Abbesses of the St. Benedict of Ave Maria Convent, property of the National
Museum of Ancient Art, showcased from 7 July to 14 September;
• Sacred Art Museum of Funchal – support to the 500 years of the Diocese of Funchal exhibition involving the
restoration of two works selected for the exhibition;
• Directorate General for Cultural Heritage – Study of audiences of National Museums: donation of 39 computers
and respective monitors for the installation of IT kiosks at museums under the tutelage of the Directorate
General with a view to undertaking a study of audiences to characterise the profile of the visitors of each
museum, their various segments and the overall profile of the audience of the museums. The results of
the study will be vital for the future definition of strategies to attract, encourage loyalty and increase the
number of visitors;
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
• Ajuda National Palace – support to the creation of a new graphic and signaletic identity, with a view to
providing the visiting audience with better information on the space and modernising that same space;
• Guimarães Castle – establishment of a protocol with the Regional Directorate of Culture of the North to
restore the Guimarães Castle. The Foundation became an exclusive patron of the renovation;
• Arpad Szenes-Vieira da Silva Foundation – support to the Young People for Art project, an educational programme
of social inclusion directed at young people from community groups and schools, fostering the development of
not only artistic competences but also organisational, communication and entrepreneurial competences;
• VICARTE – Research Unit of Glass and Ceramics for the Arts of the Faculty of Sciences and Technology of
the University of Lisbon – support to the exhibition dedicated to the theme of glass and light, to be held in
2015 at Palazzo Loredan, in Venice;
• D. Maria II National Theatre – support to the publication of the work Seven Perspectives on the Nation’s Theatre;
• National Society of Fine Arts – support to its annual programming;
• Youth Foundation – Martelinhos de S. João Exhibition – holding of a competition of toy hammers celebrating
São João in 2014, by the Youth Foundation, where the selected articles were displayed in an exhibition in
Porto, at the Arts Palace – Talent Factory;
• António Cupertino de Miranda Foundation – support to the Porto, city in transition project, aimed at
contributing to the affirmation of the City and of the Metropolitan Area of Porto;
• Lisbon City Hall – EVERYONE – Long Walk of Cultures – sixth edition of the project, promoted by the
CML Office Lisbon Crossroads of Worlds, this year entitled PEOPLE, a people of peoples. It was held during
September (12, 13 and 14) in São Bento, Poço dos Negros and Santa Catarina. A total of 45 shows
distributed throughout the various locations were organised and attended by 10,000 people;
• Lisbon City Hall (in partnership with the Carmona e Costa Foundation) – Immediate Objects exhibition of the
artist Pedro Croft. Showcased works on paper and sculpture of the last twelve years, many of which had
never been published;
• St. Nicholas Parish Church – support to the rehabilitation works of the dome and baptistry of the Church;
• Santa Casa da Misericórdia de Sesimbra – recovery of the painted ceiling of the main chapel of the Church
of Mercy of Sesimbra;
• St. John Novo Parish – restoration of the canvas of the main chapel of the St. John Novo Church, in Porto;
• Historical Society of the Independence of Portugal – restoration and removal of the panel of tiles from the
17th century, by Gabriel del Barco, from the Palace of Independence to its interior;
• Passos Canavarro Foundation – restoration of the piano on display at the House-Museum, in Santarém;
• Spira – Heritage Revitalisation – Millennium bcp Heritage Fair – 2nd edition, under the theme Communicate
Heritage. Held in Guimarães, at Casa da Memória, from 10 to 12 October. A total of 40 entities took part and
3,160 visitors were received;
• Pro Dignitate – Human Rights Foundation – support to the development and training of staff through the
media (gender, health, children and civic training), namely by training 100 elements from Guinea Bissau,
Cape Verde and the Portuguese-speaking communities of the East Coast of the United States and by
providing academic training to five Guinean journalists (Rádio Sol Mansi) at Rhode Island College;
• IPRIS – Portuguese Institute of International Relations and Security – the institution seeks, through its
publications and the conferences it organises, to contribute to a better public debate and to improved
training of the decision-making processes in its sphere of intervention, contributing to the recasting of
attitudes and the improvement of public and private competences within its scope of intervention. In 2014,
the publications of IPRIS, available on its website, registered more than 101,000 downloads;
• AICA – International Association of Art Critics: AICA/SEC/Millennium bcp 2014 prizes – the Visual Arts and
Architecture prizes are awarded to two personalities – a plastic artist and an architect, whose professional
career is considered relevant by critics and whose work was under the spotlight, in the year with respect to
which the Prize is awarded. At the 32nd Edition of the AICA Prizes, the prizes with reference to 2012 were
awarded to Julião Sarmento in the Visual Arts category and to José Adrião in the Architecture category;
• Architecture Triennial: support to the award of three prizes, namely the Career Award (which distinguishes
remarkable careers), the Universities Award (for emerging talents) and the Début Award (for emerging young
talents in the field of architecture), which will be announced in 2016;
• Culture Access – support to the holding of the Conference Architecture: opening or closing doors?;
• FLAC (Luso-African Foundation for Culture) – support to activities;
• History of Art Institute – faculty of Social and Human Sciences of Universidade Nova de Lisboa – History of
Art Magazine;
• Diocese of Funchal – support to the television documentary on the 500 years of the Diocese of Funchal;
• International Association of Music of Estoril – support to the Estoril Lisbon Festival;
• Magazine 4 – support to the publication of the magazine, which positions itself as a space of reflection and
discussion dedicated to the artistic production of the 20th and 21st centuries;
• Chapitô – support to the participation of the institution in the European circus festival CIRCA, which was
held in Toulouse, France, in October 2014;
• Luso-African Foundation for Culture – patronage support to actions in Angola and Mozambique;
• Secretary of State for Culture – support to the Culture and Development Forum, an event to debate the
challenges of Portuguese culture, in order to better understand its role in the development of societies.
EDUCATION/RESEARCH
• The Millennium bcp Foundation scholarship programme, aimed at students from Portuguese-speaking
African countries and Timor (PALOP), supported 12 grants for Master’s students, of which 8 were new
scholarship students;
• Partnership with Millennium bim to award scholarships to low-income young people of demonstrated
academic merit. A total of 19 scholarships were awarded;
• Protocol with Banco Millennium Angola – scholarship programme to support Angolan university students.
A total of 9 scholarships were awarded;
• Legal Cooperation Institute – Eduardo Mondlane Faculty, Mozambique – Master’s in Legal-Political Science,
which proposes to broaden the education offer in Mozambique, offset the lack of lawyers specialised in the
financial area, and foster knowledge in the areas of regulation and banking supervision;
• Universidade Católica Portuguesa – Law School – Master of Laws aimed at students with a completed
licentiate degree in Law; its purpose is to train new specialists in company law, who will combine their solid
knowledge of the law with their understanding of a company and its management. One scholarship was
awarded to a foreign student;
• Universidade Católica Portuguesa – Faculty of Human Sciences – The Lisbon Consortium scholarship:
scholarships awarded to three Portuguese students, with financial difficulties and of recognised academic
merit, of the Master’s and Doctoral programme in Culture Studies;
• Universidade Nova de Lisboa and Universidade Católica Portuguesa – Lisbon MBA scholarships: support to
the award of four scholarships;
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
Loves
Passion of Christ
Wich Sardine Are You?
Martelinhos de S. João
Millennium bcp Heritage Fair
Naturalist Painting in the Millennium bcp Collection
Remodelling of the Roman mosaic room of the Ocean God
Architecture Triennial – Career Award
ANNUAL
ANNUAL
REPORT
REPORT
FUNDAÇÃO
FUNDAÇÃO
MILLENNIUM
MILLENNIUM
BCP 2014
BCP 2014
• Activity
• Activity
ReportReport
2014
Poetry is on the Streets
Abstraction, Millennium bcp Shared Art
Júlio Pomar – Works from the
Millennium bcp Collection
Study of audiences of National Museums


• University of Évora – two scholarships awarded to two economically deprived students, through the Social
Support for Students Fund;
• University of Lisbon – Centre for Environmental Biology: support to the holding of the 6th International
Council for Archaeozoology Meeting, dedicated to archaeozoology, genetics and morphometry;
• Universidade Autónoma de Lisboa – II International Congress of the research unit OBSERVARE, Observatory
of External Relations;
• University of Coimbra – Medical Teaching Hospital of Coimbra: support to A Nobel Day project, a debate
event between renowned professionals and scientists in the health field and representatives of the Health
and Science ministries, in which four Nobel laureates also participated;
• Institute of Banking Law, the Stock Exchange and Insurance (BBS): support to post-graduation courses in
Banking Law, in collaboration with the Law School of the University of Coimbra;
• Doctoral programme in Climate Change and Sustainable Development Policies (PDACPDS) – the
programme involves three public universities: University of Lisbon; Universidade Técnica de Lisboa and
Universidade Nova de Lisboa. It also involves a university of the United Kingdom: University of East Anglia;
• Youth Foundation – support to the 2nd edition of the national research scholarship programme in the field of
City and Architecture, which intends to encourage young graduates to follow a professional career related
to research in the field of architectural and cultural heritage;
• Casa da América Latina – 2nd year Master’s scholarship in tropical medicine at Universidade Nova de Lisboa
– Institute of Tropical Medicine;
• History of Art Institute – Faculty of Social and Human Sciences of Universidade Nova de Lisboa – a research
scholarship;
• Family Law Centre – Law School of the University of Coimbra: donation to the holding of the 7th biennial of
Jurisprudence;
• Association of Entrepreneurs for Social Inclusion (EPIS): New good students – Mediators for successful schooling
in the 3rd cycle programme;
• AESE – Higher Education Management Studies Association – GOS programme, Management of Social
Organisations: programme developed in partnership with AESE – Business Management School and
ENTREAJUDA. The programme aims to improve the management undertaken by the senior staff of IPSS
through training actions directed at their governing bodies. Two editions of the programme will be held,
one in Lisbon and another in Porto;
• National Confederation of Solidarity Institutions (IPSS): four studies undertaken on the economic and social
impacts on IPSS: the project aims to propose a strategy to maximise the economic and social impacts of
IPSS on the municipalities where they are headquartered, based on the study of four municipalities: two in
the countryside (Idanha-a-Nova and Macedo de Cavaleiros) and two on the coast (Montijo and Peniche);
• Junior Achievement Portugal – StartUp Programme: (7th edition) the initiative aims to develop
entrepreneurial programmes among university students involving the creation of new mini-enterprises,
under supervision of teaching staff of various universities and higher education establishments and with
follow-up by voluntary tutors of Millennium bcp. The international competition took place in Amsterdam
in which 100 students of more than 13 European countries participated. The Portuguese representative in
this competition was composed of students from Universidade Nova – School of Business and Economics,
who developed a new social network, Dreemo, in a Mobile App format, available in iOS and Android, whose
aim is to connect its users through their life histories and experiences;
• IPRI (Portuguese Institute of International Relations) of Universidade Nova de Lisboa – support to activities;
• Universidade Católica Portuguesa – Law School: support to the publication of the Commentary on the Civil
Code;
• University of Lisbon – Association for the Development of the Faculty of Arts – support to the publication of
the doctoral thesis The pre-Roman occupation of the mouth of the Tagus estuary;
• Iberian Society of Ichthyology – support to the V Iberian Ichthyology Meetings;
• Association of Tuberous Sclerosis in Portugal – International Congress of Tuberous Sclerosis;
• University of Lisbon – Centre for Philosophy of Sciences: support to the I Bioethics Meeting;
• Marquês de Valle Flor Institute – support to the Lisbon Conferences initiative: series of international
biennial meetings on Development, with the participation of specialists, academics, government officials
and entrepreneurs;
• Systems of the Future – 1st International Congress of Military Museology. Congress held in partnership with
the Portuguese Army;
• Portuguese Cardiology Foundation – May Month of the Heart activities;
• Platform for the Education of Entrepreneurship in Portugal – eXchange Project: Foment female entrepreneurship.
Aims to identify the obstacles to female entrepreneurship and introduce a capacity-building model
directed at the third sector that supports women’s entrepreneurship and education;
• Christian Association of Entrepreneurs and Managers (ACEGE) – this programme intends to promote a
social movement of business leaders, as a dynamic force at the service of responsible management of
Portuguese companies, and in this foster development and social justice.
IN SCIENTIFIC RESEARCH, WE HIGHLIGHT THE SUPPORT GIVEN TO:
• Molecular Medicine Institute (IMM): cooperation protocol with a view to the development of a series of
research initiatives in the area of brain tumors. The collection of biological samples from brain tumors of
patients operated at the neurosurgery department of Santa Maria Hospital – the samples are kept at the
Biobanco-IMM – and the culture of tumor cells for subsequent testing of new therapies has been initiated;
• League of Friends of Santa Marta Hospital, in collaboration with the Faculty of Medical Sciences of Lisbon
and with the involvement of Harvard University – research project entitled Impact of Treatment Modality on
Vascular Properties in Coarctation of the Aorta. A transatlantic multicentre study in Pediatrics. The project is being
undertaken in seven paediatric hospital centres, spanning three continents: Europe, America and Asia. The
direct beneficiaries are users of Portugal, the USA and India who have the disease under study (coarctation
of the aorta). The study has begun, and recruitment is underway at various centres;
• Portuguese Olympic Committee – award of prizes to the best research projects in various areas of Sport
Sciences;
• National Institute of Health Dr. Ricardo Jorge – scientific research project in lysosomal storage diseases Less
is More: development of a new therapeutic approach for mucopolysaccharidosis – a lysosomal group of hereditary
and rare diseases, which affect mainly children and are extremely serious and debilitating – by using RNA
interference technology.
IN SOCIAL SOLIDARITY, WE HIGHLIGHT, DURING THIS ACTIVITY PERIOD:
• Food Bank against Hunger – support to the production of the bags used in food collection campaigns and
the acquisition of tuna fish (around 20,000 kilos) ;
• BUS Association – Social Utility Assets: the institution collects, free of charge, articles of various utility
(furniture, electric domestic appliances, crockery, etc.) from people who want to get rid of them, and
forwards them to institutions and families in need. The Foundation’s support has contributed to the
expansion of the association’s activity, in particular in increasing the beneficiary entities, increasing the
number of users and expansion of its geographic coverage, which currently has 278 partner organisations;
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
• Dr. João dos Santos Centre:
• support to the 2014 Therapeutic Holiday Camp, an initiative that closes an academic year of therapeutic
work with children at risk, fosters change of behaviour among children with a history of personal failure
and lack of achievement at school, and improves the communication skills and autonomy of children and
their families;
• support to rehabilitate the play areas of the Centre.
• Association of Support for Visually Impaired People of the District of Braga – support to the activities of
assistance provided to 250 users;
• Vida Norte Association – supports activities promoting the social, professional and family integration of
pregnant women at risk;
• Patriarchate of Lisbon – Corpus Christi procession;
• Irmandade da Misericórdia e de São Roque – Christmas Play and Concert of Figo Maduro;
• O Século Foundation: Gala and Charity Dinner; the João Pereira da Rosa Prizes were awarded, for the first
time, to individuals, companies and institutions that distinguished themselves in their intervention in the
social area;
• Portuguese Association of Amyotrophic Lateral Sclerosis (APELA) – holding of a Charity Opera to raise
funds, in partnership with the São Carlos National Theatre and the Orchestra of the North;
• Association of the Friends of Santa Maria Hospital – holding of a Golf Tournament to raise funds;
• Portuguese Large Families Association (APFN) – support to the III Congress, aimed at promoting goods and
services for families with many children;
• Portuguese Large Families Association (APFN) – support to the Observatory of Family Responsible Municipalities
project, a body set up by APFN in 2007 with the goal of raising awareness, rewarding and publicising
municipalities that adopt family responsible measures which facilitate the reconciliation of family/work
and family life;
• Banco do Bebé – Association for New-Born Babies: support to the Health Literacy Project – production of a
child health booklet, containing three flyers with information validated by a scientific commission on how
to deal with the medical conditions listed above;
• Portuguese Association of Parents and Patients with Hemoglobinopathies: supports professional workshops
for patients, development of psycho-social skills and psychological counselling. The action, as a whole, is
not only of direct benefit to the patients (164 people with hemoglobinopathies) but also offers training/
information to family members and healthcare providers (325 people);
• Karingana Wa Karingana – Can you say no to them? campaign. This was the first National Campaign for school
supplies collection carried out in Portugal. It was designed to support Portuguese children in greatest need
identified by Cáritas, thereby promoting equal opportunities. The campaign collected 264,000 school
material items, which allowed more than 15,000 children to attend classes with the minimum necessary
equipment. All the beneficiary families are referenced by the various Diocesan Caritas that received the
material collected in the respective Districts.
RELATÓRIOANNUAL
E CONTAS
REPORT
FUNDAÇÃO
FUNDAÇÃO
MILLENNIUM
MILLENNIUM
BCP 2014
BCP •2014
Activity
• Activity
ReportReport
2014
Research scholarship City and Architecture
POC Awards
Karingana campaign
Food Bank against Hunger


ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Financial Statements
FINANCIAL STATEMENTS
BALANCE SHEET
as at 31 December 2014
Euros
Dates
HEADINGS
Notes
31-12-2014
31-12-2013
4
11,697
13,552
5
1,127,050
932,100
1,138,747
945,652
6
0
0
7
30,619
18,603
8
2,486,763
2,531,684
SUBTOTAL
2,517,382
2,550,287
TOTAL ASSETS
3,656,129
3,495,939
9
1,496,394
1,496,394
10
1,431,410
1,669,540
281,843
-238,130
3,209,647
2,927,804
ASSETS
NON-CURRENT ASSETS
Tangible fixed assets
Historical and cultural heritage assets
Investment property
Intangible assets
Financial investments
Founding members/benefactors/sponsors/donors/associates/
members
SUBTOTAL
CURRENT ASSETS
Inventories
Customers
Advances to suppliers
State and other public entities
members
Other accounts receivable
Deferrals
Other financial assets
Cash and bank deposits
ENDOWMENT FUNDS AND LIABILITIES
ENDOWMENT FUNDS
Mutual funds
Technical surplus
Reserves
Retained earnings
Surplus revaluation
Other changes in endowment funds
Net income for the period
TOTAL EQUITY
(continues)
(continuation)
Euros
Dates
HEADINGS
Notes
31-12-2014
31-12-2013
0
0
11
13,385
19,144
6
616
549
12
432,481
548,442
SUBTOTAL
446,482
568,135
TOTAL LIABILITIES
446,482
568,135
3,656,129
3,495,939
LIABILITIES
NON-CURRENT LIABILITIES
Provisions
Specific provisions
Financing obtained
Other accounts payable
SUBTOTAL
CURRENT LIABILITIES
Suppliers
Advances from customers
State and other public entities
members
Financing obtained
Deferrals
Other accounts payable
Other financial liabilities
TOTAL ENDOWMENT FUNDS AND LIABILITIES
The Chartered Accountant
The Executive Committee


INCOME STATEMENT BY NATURE
Period ended on 31 December 2014
Euros
Period
INCOME AND COSTS
Notes
2014
2013
Sales and services rendered
Operating grants, donations and legacies
Variation in production inventories
Own work capitalised
Cost of goods sold and materials consumed
External supplies and services
13
-695,109
-855,474
Staff costs
14
-3,365
-7,187
Fair value increases/decreases
15
194,950
133,000
Other income and gains
16
1,990,000
2,200,000
Other costs and losses
17
-1,330,531
-1,827,739
155,945
-357,400
-2,207
-2,195
153,738
-359,595
128,105
121,465
NET INCOME BEFORE TAXES
281,843
-238,130
INCOME TAX FOR THE PERIOD
281,843
-238,130
Impairment of debts receivable (losses/reversals)
Provisions (increases/reductions)
Specific provisions (increases/reductions)
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION
AND AMORTISATION
Expenses/reversals of depreciation and amortisation
4
NET OPERATING INCOME
(EARNINGS BEFORE INTEREST AND TAXES)
Interest and similar income received
18
Interest and similar expenses
INCOME STATEMENT BY FUNCTION
Euros
Period
INCOME AND COSTS
Notes
Activity of
social
interest
2013
2014
Sales and services rendered
0
0
Cost of the sales and services rendered
0
0
GROSS EARNINGS
0
0
2,313,055
2,454,465
0
0
-695,109
-855,474
0
0
-1,336,103
-1,336,103
-1,837,121
281,843
281,843
-238,130
0
0
281,843
-238,130
0
0
281,843
-238,130
Other income
15, 16, 18
2,313,055
Distribution costs
Administrative costs
13
-695,109
Research and development costs
Other costs
NET OPERATING INCOME
(EARNINGS BEFORE INTEREST AND TAXES)
4, 14, 17
Financial costs (net)
NET INCOME BEFORE TAXES
281,843
Income tax for the period
NET INCOME FOR THE PERIOD
281,843


STATEMENT OF CHANGES IN EQUITY DURING THE PERIOD 2013
Euros
Endowment funds attributed to the institutors of the parent company
DESCRIPTION
Technical
Notes Mutual Funds surplus
AT 1 JANUARY
2013
1
1,496,394
2
0
Reserves
Retained
earnings
Legal
reserves
Surplus
revaluation
Other
changes in
endowment Net income
funds
for the period
616,951
Minority
interests
Total
1,052,589 3,165,934
Total
Endowment
Funds
3,165,934
CHANGES
IN THE PERIOD
First-time
adoption of the
new accounting
standards
Changes to
accounting
policies
Differences
arising from
translation
of financial
statements
Realisation
of surplus
revaluation of
tangible and
intangible fixed
assets
Surplus
realisation of
the surplus
revaluation of
tangible and
intangible fixed
assets
Adjustments for
deferred taxes
Other changes
recognised under
endowment
funds
NET INCOME FOR
THE PERIOD
EXTENSIVE NET
INCOME
0
0
0
0
0
0
0
0
0
0
3
0
-238,130
-238,130
-238,130
4=2+3
0
-238,130
-238,130
0
-238,130
1,052,589
-1,052,589
0
0
0
-238,130 2,927,804
0
2,927,804
OPERATIONS WITH
INSTITUTORS IN THE
PERIOD
Mutual Funds
Grants, donations
and legacies
Other activity
5
0
0
0
1,052,589
0
0
0
AT 31 DECEMBER 6=1+2
2013
+3+4
1,496,394
0
0
1,669,540
0
0
0
-1,052,589
STATEMENT OF CHANGES IN EQUITY DURING THE PERIOD 2014
Euros
Endowment funds attributed to the institutors of the parent company
DESCRIPTION
Technical
Notes Mutual Funds surplus
AT 1 JANUARY
2014
Retained
earnings
Reserves
Legal
reserves
Other
changes in
endowment Net income
funds
for the period
Surplus
revaluation
6
1,496,394
0
0
1,669,540
0
0
0
7
0
0
0
0
0
0
0
Total
Endowment
Funds
Minority
interests
Total
-238,130 2,927,804
0 2,927,804
CHANGES IN THE
PERIOD
First-time
adoption of the
new accounting
standards
Changes to
accounting
policies
Differences
arising from
translation
of financial
statements
Realisation
of surplus
revaluation of
tangible and
intangible fixed
assets
Surplus
realisation of
the surplus
revaluation of
tangible and
intangible fixed
assets
Adjustments for
deferred taxes
Other changes
recognised under
endowment
funds
0
0
8
281,843
281,843
9=7+8
281,843
281,843
0
281,843
0
0
0
NET INCOME FOR
THE PERIOD
EXTENSIVE NET
INCOME
0
0
281,843
OPERATIONS WITH INSTITUTORS IN THE PERIOD
Mutual Funds
-238,130
238,130
Grants, donations
and legacies
Other activity
AT 31 DECEMBER
2014
10
0
0
0
-238,130
0
0
0
238,130
6+7
+8+10
1,496,394
0
0
1,431,410
0
0
0
281,843 3,209,647
0 3,209,647


CASH FLOW STATEMENT
Euros
Period
HEADINGS
CASH FLOW STATEMENT
Notes
2013
2014
CASH FLOW FROM OPERATING ACTIVITIES – DIRECT METHOD
Revenue from customers, users and donations
16
1,990,000
2,200,000
17
-1,211,616
-1,706,344
17
-116,081
-118,031
11, 12,
13
-819,643
-367,396
Payment of grants
Payment of assistance
Payment of scholarships
Payments to suppliers
Cash paid to staff
CASH GENERATED BY THE OPERATIONS
-3,250
-7,187
-160,590
1,043
Payment/receipt of income tax
Other receipts/payments
6
-67
-322
-160,657
721
4
-352
-173
Interest and similar income
18
51,339
52,594
Dividends
18
CASH FLOW FROM OPERATING ACTIVITIES (1)
CASH FLOW FROM INVESTMENT ACTIVITIES
Payments related to:
Intangible assets
Other assets
Receipts related to:
Intangible assets
Other assets
Investment subsidies
CASH FLOW FROM INVESTMENT ACTIVITIES (2)
64,750
64,750
115,736
117,171
CASH FLOW FROM FINANCING ACTIVITIES
Receipts related to:
Financing obtained
Realisation of funds
Coverage of losses
Donations
Other financing operations
Payments related to:
Financing obtained
Interest and similar expenses
Dividends
Fund reductions
Other financing operations
CASH FLOW FROM FINANCING ACTIVITIES (3)
NET CHANGE IN CASH AND CASH EQUIVALENTS (1+2+3)
0
0
-44,921
117,891
EFFECT OF EXCHANGE RATE DIFFERENCES
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
2,531,684
2,413,793
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
2,486,763
2,531,684
ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Notes to the Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2014
1. IDENTIFICATION OF THE ENTITY
The Millennium bcp Foundation (hereinafter referred to as Foundation) with head office at Rua Augusta,
no. 62-64 in Lisbon, is a legal person governed by private law, which was incorporated on 27 December 1991,
a non-profit institution whose objectives are exclusively of social interest, concerning cultural, scientific and
charitable aspects. The purpose of the Foundation is the development of activities that contribute to increase
and disseminate Portuguese language and culture, foster scientific research, promote social solidarity action
in Portuguese-speaking countries, and the provision of financial support to entities promoting activities that
foster cultural development, scientific research, provide healthcare services, social welfare services in general
or for humanitarian purposes.
The Foundation was recognised as a legal person by the Ministry of Internal Administration, as published
in Diário da República no. 195, Series II, of 24 August 1994, having its public utility been recognised by a
declaration published in Diário da República no. 15, Series II, of 18 January 1995.
For the purposes of Cultural Patronage, the Ministry of Culture, on 17 August 2012, recognised the cultural
interest of the Foundation’s Plan of Cultural Activities for the three-year period of 2012/2014.
2. ACCOUNTING STANDARDS USED IN THE PREPARATION
OF THE FINANCIAL STATEMENTS
2.1. The Foundation’s financial statements were prepared in accordance with the Accounting
Standardisation System (SNC), as established in Decree-Law 158/2009, of 13 July, and in particular,
as defined in Decree-Law 36-A/2011, of 9 March, which approved the accounting standardisation
system for entities of the non-profit sector (ESNL). The ESNL is composed of the Basis for the
Presentation of Financial Statements (BADF), the Financial Statement Models (MDF), the Plan of
Accounts (CC) and the Accounting and Financial Reporting Standards for Entities of the Non-Profit
Sector (NCRF-ESNL).
The financial statements, which include the balance sheet, income statement by nature and function,
statement of changes in equity, cash flow statement and the notes, were approved by the Foundation’s
Executive Committee, on 10 March 2015, are expressed in euros and were prepared on a going concern
basis following the accrual principle, whereby items are recognised as assets, liabilities, equity, income and
costs when they comply with the definitions and criteria for recognition of these elements contained in the
conceptual structure, in accordance with the qualitative characteristics of understandability, relevance,
materiality, reliability, faithful representation, substance over form, neutrality, prudence, completeness and
comparability.
The accounting policies, presented in note 3, were used in the financial statements for the financial year
ended 31 December 2014 and in the comparative financial information in these financial statements for the
financial year ended 31 December 2013.
2.2. No derogations were made to the provisions of the ESNL.
2.3. There are no balance sheet and income statement accounts whose content is not comparable
with that of the previous year.


3. MAIN ACCOUNTING POLICIES
The main accounting policies applied in the preparation of the financial statements are as follows:
3.1. Bases of measurement used in the preparation of the financial statements
The financial statements were prepared under the historical cost principle, as modified by the application of
fair value for financial assets and liabilities at fair value through profit or loss.
The preparation of the financial statements pursuant to the NCRF-ESNL requires the Executive Committee
to make judgments, estimates and assumptions that affect the application of the accounting policies
and reported amounts of assets, liabilities, income and costs. The estimates and associated assumptions
are based on historical experience and other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgments about the carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates. The issues involving a higher degree of judgement or complexity or where assumptions and
estimates are considered to be significant are presented in note 3.3. – Accounting estimates in applying
accounting policies.
3.2. Other relevant accounting policies
a) Financial investments
Financial investments are initially measured in the balance sheet at their fair value and any subsequent
changes to their fair values are recognised directly in the income statement.
b) Recognition of expenses and income
Costs and income are recorded in the period to which they refer, regardless of their date of payment or
receipt, in accordance with the accrual principle. The differences between the amounts received and paid
and the corresponding revenue and expenses are recorded under the headings of other accounts receivable
or payable, according to whether they are receivable or payable.
c) Financial expenses/income
Financial expenses/income include interest paid for loans received, interest received from financial
applications made and similar income and expenses received and supported.
Interest is recognised on an accrual basis.
d) Cash and cash equivalents
Cash and cash equivalents include cash in hand and in sight deposits and short-term highly liquid financial
investments, which are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value.
The cash flow statement is prepared according to the direct method, through which gross cash receipts and
gross cash payments from operating, financing and investing activities are disclosed.
The Foundation classified interest and dividends received as investing activities.
e) Income tax for the year
By joint order of the Ministries of Finance and Culture of 30 December 1997, published in Series II of Diário
da República of 27 January 1998, the Foundation is exempt from corporate tax under the terms of article 10
of the Corporate Income Tax Code.
f) Tangible fixed assets
“Tangible Fixed Assets” are stated at acquisition or production cost minus accumulated depreciation and
impairment losses. The initially recorded acquisition or production cost includes the purchase cost, any costs
directly attributable to the activities required to place the assets in the location and condition to operate as
intended, and, when applicable, the initial estimate of costs related to the dismantling and removal of the
assets and restoration of their respective locations of installation or operation that the entity is expected to
incur in the future.
Assets which were attributed to the entity free of charge are measured at their fair value, the value for which
they are insured or the value at which they were stated in the accounts.
Subsequent costs incurred by the entity relative to maintenance and repair of the assets are recorded as costs
for the period when they are incurred, provided that they are not capable of enabling additional present and
future activities.
Depreciation is calculated, as soon as the assets are in condition to be used, through the straight-line
method/declining balance method of the production units according to the estimated period of useful life
for each group of assets.
The depreciation rate used for the administrative equipment considers the estimated period of useful life
of eight years.
The entity reviews the useful life of each asset on an annual basis, as well as its respective residual value,
when existent.
Capital gains or losses derived from the sale of tangible fixed assets are determined by the difference
between the realisation value and the book value on the date of disposal, which are reflected in the income
statement under the headings of “Other operating income” or “Other operating costs”.
g) Subsequent events
The presented financial statements reflect the subsequent events that occurred up to 10 March 2015, the
date on which they were approved by the Executive Committee, as mentioned in note 2.1. The events that
occurred after the reporting date regarding conditions that existed as at the reporting date are considered in
the preparation of the financial statements.
3.3. Accounting estimates in applying accounting policies
NCRF require estimates and judgements to be made within the scope of decision-making relative to some
accounting treatments with an impact on amounts reported in total assets, liabilities, equity, expenses and
income. The actual effects may differ from the estimates and judgements made, namely with respect to the
effect of actual expenses and income.
The main accounting estimates and judgements used in the application of the accounting principles are
discussed in this note with the objective of improving understanding of how their application affects the
Foundation’s reported results and related disclosure. A detailed description of the accounting principles used
by the Foundation is presented in note 3.2.
Considering that in many situations there are alternatives to the accounting treatment adopted by the
Foundation, the reported results could be different if a different treatment had been chosen. The Executive
Committee believes that the choices that have been made are appropriate and that the financial statements
present the Foundation’s financial position and the results of its operations fairly in all materially relevant
aspects. The alternative outcomes discussed below are presented solely to assist the reader in understanding
the financial statements and are not intended to suggest that other alternatives or estimates would be more
appropriate.
3.4. Continuity
No situations have been identified by the Executive Committee that place in question the continuity of the
Foundation.
3.5. Key sources of estimation uncertainty
The key sources of uncertainty are detailed in note 3.3.


4. TANGIBLE FIXED ASSETS
Euros
2014
2013
Tangible dixed assets
17,910
17,558
Depreciation for the year
(2,207)
(2,195)
Depreciações de exercícios anteriores
(4,006)
(1,811)
NON-CURRENT ASSETS
11,697
13,552
5. FINANCIAL INVESTMENTS
Euros
2014
2013
750
750
Securities
910,000
910,000
Change in fair value
216,300
21,350
1,127,050
932,100
NON-CURRENT ASSETS
Other financial assets
The heading of “Other financial assets” records the value of 750 euros (2013: 750 euros) representing 0.2%
of the capital of Millennium bcp – Prestação de Serviços, A.C.E.
As at 31 December 2014, the securities portfolio of the Foundation consisted of 350,000 EDP – Energias de
Portugal, S.A. shares.
6. STATE AND OTHER PUBLIC ENTITIES
This balance is analysed as follows:
Euros
2014
2013
-
-
616
549
ASSETS
Withholding taxes
LIABILITIES
Withholding taxes
7. DEFERRALS
The heading of “Deferrals” records the value of 30,619 euros (2013: 18,603 euros), corresponding to the
accrual of interest from term deposits and insurance costs.
8. CASH AND BANK DEPOSITS
This heading, of the value of 2,486,763 euros (2013: 2,531,684 euros) corresponds to the balances of the
sight and term deposits held at Banco Comercial Português, S.A. (BCP).
9. MUTUAL FUNDS
This heading records the Foundation’s Social Fund, which corresponds to the initial endowment of BCP for
the incorporation of the Foundation, of the value of 1,496,394 euros (300,000,000.00 PTE).
10. RETAINED EARNINGS
Euros
Retained earnings
2014
2013
1,431,410
1,669,540
11. SUPPLIERS
As at 31 December 2014, the value of 13,385 euros (2013: 19,144 euros) corresponds to invoices payable,
arising from the Foundation’s activity.
12. OTHER ACCOUNTS PAYABLE
As at 31 December 2014, this heading includes the value of 410,166 euros (2013: 541,000 euros),
corresponds to accrued expenses to be settled in future periods.
13. EXTERNAL SUPPLIES AND SERVICES
Euros
Specialised work
Other supplies and services
2014
2013
646,304
819,698
48,805
35,776
695,109
855,474
The heading of “Specialised work” includes the value of 231,350 euros (2013: 258,104 euros) relative to the
assignment of personnel by BCP.
14. STAFF COSTS
This heading, of the value of 3,365 euros (2013: 7,187 euros), corresponds to other remunerations of the
governing bodies and social security charges.
15. FAIR VALUE INCREASES/DECREASES
As described in Note 5, the positive value of 194,950 euros (2013: positive 133,000 euros) corresponds to
the fair value variation of the Securities portfolio.
16 . OTHER INCOME AND GAINS
Euros
Donation of BCP
2014
2013
1,990,000
2,200,000


17 . OTHER EXPENSES AND LOSSES
Euros
Donations granted
Shares
Miscellaneous
2014
2013
1,327,697
1,824,375
500
500
2,334
2,864
1,330,531
1,827,739
18 .INTEREST AND SIMILAR INCOME RECEIVED
Euros
2014
2013
Interest
63,355
56,715
Dividends
64,750
64,750
128,105
121,465
19. TRANSACTIONS AND BALANCES WITH GROUP COMPANIES
The significant transactions and balances with Group companies are broken down in the corresponding
notes.
20. CONTINGENT LIABILITIES
On this date, there are no contingent liabilities and contractual commitments that have not been recognised.
21. RELEVANT EVENTS OCCURRED DURING 2014
During 2014, there were no relevant facts to be recorded.
22. EVENTS AFTER THE BALANCE SHEET DATE
After the reporting date and before the financial statements had been authorised for issue, there were no
material transactions and/or events worthy of disclosure.
ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Report and Opinion of the Audit Board
REPORT AND OPINION
OF THE AUDIT BOARD
To the Board of Directors of the Millennium bcp Foundation,
In conformity with the articles of association of the Millennium bcp Foundation, we hereby, in the capacity
of Audit Board of the Millennium bcp Foundation, present the report of our supervisory action, as well as the
Opinion on the Management Report and accounts submitted by the Executive Committee of the Foundation,
relative to the period ended on 31 December 2014.
We have been informed on the Foundation’s activity through contacts established between this Audit Board
and the Executive Committee of the Foundation or its representatives, as well as clarifications and other
information collected from the competent services.
We have verified the financial information produced throughout the year, conducting the analyses as deemed
appropriate. We have confirmed the adequacy of the adopted accounting policies and measurement criteria.
We have verified the observance of the Law and articles of association of the Foundation.
After the closing of the accounts we appraised the Management report, the Balance sheet, the Income
statement by nature, the Statement of changes in equity and the Cash flow statement for the period ended
on that date, and the corresponding Notes, that, in addition to complying with the applicable legal provisions,
reasonably reflect the activity developed in this period and its foreseeable evolution.
As a result of our work, we are of the Opinion that the financial statements referred to above, submitted by
the Executive Committee, should be approved.
We would also like to express our gratitude to the Executive Committee and services of the Foundation for
their collaboration.
Lisbon, 20 March 2015
José Mário Fernandes Ventura
Chairman
Carlos Alberto Correia Diogo
Member
KPMG & Associados
Sociedade de Revisores Oficiais de Contas, S.A. (no. 189)
represented by
Ana Cristina Soares Valente Dourado
(ROC no. 1011)

http://ind.millenniumbcp.pt/pt/Institucional/fundacao/Pages/fundacao.aspx
Head Office:
Rua Augusta, 62/96
1100-053 Lisbon
Legal Person governed by Private Law, operating on a non-profit making
basis, set up on 27-12-1991, recognized on 01-08-1994 by Order nr. 115/94,
published in the Diário da República, Series II, on 24-08-1994, with a public
charity statute granted by order of the prime minister on 29-12-1994, published
in the Diário da República, Series II, on 18-01-1995.
Economic Activity Code (NACE): 91333
Tax Identification Number: 502689943
Offices:
Rua do Ouro, 130, 4th
1100-006 Lisbon
Telephone: (+351) 211 131 682
[email protected]
Pre-press:
Choice – Comunicação Global, Lda.

annual report 2014

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