ANNUAL REPORT 2014 - ind.millenniumbcp.ptind.millenniumbcp.pt/en/Institucional/fundacao/Documents/04062015... · ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Activity Report 2014

ANNUAL REPORT 2014

ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Index

Activity Report 2014Financial StatementsNotes to the Financial StatementsReport and Opinion of the Audit Board

4142127

INDEX

Fundação Millennium bcp

EDUARDO VIANAGirl at the Window, 1948Oil on Canvas 100,5 x 81 cmCover

ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 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, scientifi c 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 signifi cant 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 scientifi c research and development of Human Resources;

• Social Solidarity – direct support to national institutions and support to structural initiatives which might benefi t 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 fi ve 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.

ACTIVITY REPORT 2014


• 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 signifi cant 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, reaffi rming 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 fi gures 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 profi le of the visitors of each museum, their various segments and the overall profi le of the audience of the museums. The results of the study will be vital for the future defi nition of strategies to attract, encourage loyalty and increase the number of visitors;

• 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 affi rmation 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 Offi ce 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 fi ve 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 fi eld 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 refl ection 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 off er in Mozambique, off set the lack of lawyers specialised in the fi nancial 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 fi nancial diffi culties 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;


ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Activity Report

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



Poetry is on the Streets Abstraction, Millennium bcp Shared Art

Júlio Pomar – Works from theMillennium 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 fi eld 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 fi eld of City and Architecture, which intends to encourage young graduates to follow a professional career related to research in the fi eld 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 offi cials 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 benefi ciaries 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 – scientifi c 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 aff ect 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 fi sh (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 benefi ciary entities, increasing the number of users and expansion of its geographic coverage, which currently has 278 partner organisations;



• 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 fi rst 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 fl yers with information validated by a scientifi c 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 benefi t to the patients (164 people with hemoglobinopathies) but also off ers training/information to family members and healthcare providers (325 people);

• Karingana Wa Karingana – Can you say no to them? campaign. This was the fi rst National Campaign for school supplies collection carried out in Portugal. It was designed to support Portuguese children in greatest need identifi ed 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 benefi ciary families are referenced by the various Diocesan Caritas that received the material collected in the respective Districts.


Research scholarship City and Architecture POC Awards

Karingana campaign Food Bank against Hunger

RELATÓRIO E CONTAS FUNDAÇÃO MILLENNIUM BCP 2014 • Activity Report 2014

ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Financial Statements

BALANCE SHEETas at 31 December 2014 Euros

Dates

HEADINGS Notes 31-12-2014 31-12-2013

ASSETS

NON-CURRENT ASSETS

Tangible fi xed assets 4 11,697 13,552

Historical and cultural heritage assets

Investment property

Intangible assets

Financial investments 5 1,127,050 932,100

Founding members/benefactors/sponsors/donors/associates/members

SUBTOTAL 1,138,747 945,652

CURRENT ASSETS

Inventories

Customers

Advances to suppliers

State and other public entities 6 0 0


Other accounts receivable

Deferrals 7 30,619 18,603

Other fi nancial assets

Cash and bank deposits 8 2,486,763 2,531,684

SUBTOTAL 2,517,382 2,550,287

TOTAL ASSETS 3,656,129 3,495,939

ENDOWMENT FUNDS AND LIABILITIES

ENDOWMENT FUNDS

Mutual funds 9 1,496,394 1,496,394

Technical surplus

Reserves

Retained earnings 10 1,431,410 1,669,540

Surplus revaluation

Other changes in endowment funds

Net income for the period 281,843 -238,130

TOTAL EQUITY 3,209,647 2,927,804

(continues)

FINANCIAL STATEMENTS


(continuation) Euros

Dates

HEADINGS Notes 31-12-2014 31-12-2013

LIABILITIES

NON-CURRENT LIABILITIES

Provisions

Specifi c provisions

Financing obtained

Other accounts payable

SUBTOTAL 0 0

CURRENT LIABILITIES

Suppliers 11 13,385 19,144

Advances from customers

State and other public entities 6 616 549


Financing obtained

Deferrals

Other accounts payable 12 432,481 548,442

Other fi nancial liabilities

SUBTOTAL 446,482 568,135

TOTAL LIABILITIES 446,482 568,135

TOTAL ENDOWMENT FUNDS AND LIABILITIES 3,656,129 3,495,939

The Chartered Accountant The Executive Committee

INCOME STATEMENT BY NATUREPeriod 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

Impairment of debts receivable (losses/reversals)

Provisions (increases/reductions)

Specifi c provisions (increases/reductions)

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

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION

155,945 -357,400

Expenses/reversals of depreciation and amortisation 4 -2,207 -2,195

NET OPERATING INCOME (EARNINGS BEFORE INTEREST AND TAXES)

153,738 -359,595

Interest and similar income received 18 128,105 121,465

Interest and similar expenses

NET INCOME BEFORE TAXES 281,843 -238,130

INCOME TAX FOR THE PERIOD 281,843 -238,130



INCOME STATEMENT BY FUNCTIONPeriod ended on 31 December 2014 Euros

Period

INCOME AND COSTSNotes

Activity ofsocial

interest 2014 2013

Sales and services rendered 0 0

Cost of the sales and services rendered 0 0

GROSS EARNINGS 0 0

Other income 15, 16, 18 2,313,055 2,313,055 2,454,465

Distribution costs 0 0

Administrative costs 13 -695,109 -695,109 -855,474

Research and development costs 0 0

Other costs 4, 14, 17 -1,336,103 -1,336,103 -1,837,121

NET OPERATING INCOME (EARNINGS BEFORE INTEREST AND TAXES)

281,843 281,843 -238,130

Financial costs (net) 0 0

NET INCOME BEFORE TAXES 281,843 281,843 -238,130

Income tax for the period 0 0

NET INCOME FOR THE PERIOD 281,843 281,843 -238,130



STATEMENT OF CHANGES IN EQUITY DURING THE PERIOD 2013 Euros

Endowment funds attributed to the institutors of the parent company

DESCRIPTION

Notes Mutual FundsTechnical

surplus ReservesRetained earnings

Legal reserves

Surplus revaluation

Other changes in

endowment funds

Net income for the period Total

Minority interests

Total Endowment

Funds

AT 1 JANUARY 2013

1 1,496,394 616,951 1,052,589 3,165,934 3,165,934

CHANGES IN THE PERIOD

First-time adoption of the new accounting standards

Changes to accounting policies

Diff erences arising from translation of fi nancial statements

Realisation of surplus revaluation of tangible and intangible fi xed assets

Surplus realisation of the surplus revaluation of tangible and intangible fi xed assets

Adjustments for deferred taxes

Other changes recognised under endowment funds

2 0 0 0 0 0 0 0 0 0 0 0

NET INCOME FOR THE PERIOD

3 0 -238,130 -238,130 -238,130

EXTENSIVE NET INCOME

4=2+3 0 -238,130 -238,130 0 -238,130

OPERATIONS WITH INSTITUTORS IN THE PERIOD

Mutual Funds 1,052,589 -1,052,589

Grants, donations and legacies

Other activity

5 0 0 0 1,052,589 0 0 0 -1,052,589 0 0 0

AT 31 DECEMBER 2013

6=1+2+3+4

1,496,394 0 0 1,669,540 0 0 0 -238,130 2,927,804 0 2,927,804



STATEMENT OF CHANGES IN EQUITY DURING THE PERIOD 2014 Euros

Endowment funds attributed to the institutors of the parent company

DESCRIPTION

Notes Mutual FundsTechnical

surplus ReservesRetained earnings

Legal reserves

Surplus revaluation

Other changes in

endowment funds

Net income for the period Total

Minority interests

Total Endowment

Funds

AT 1 JANUARY 2014

6 1,496,394 0 0 1,669,540 0 0 0 -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

Diff erences arising from translation of fi nancial statements

Realisation of surplus revaluation of tangible and intangible fi xed assets

Surplus realisation of the surplus revaluation of tangible and intangible fi xed assets

Adjustments for deferred taxes

Other changes recognised under endowment funds

7 0 0 0 0 0 0 0 0 0 0 0

NET INCOME FOR THE PERIOD

8 281,843 281,843 281,843

EXTENSIVE NET INCOME

9=7+8 281,843 281,843 0 281,843

OPERATIONS WITH INSTI-TUTORS IN THE PERIOD

Mutual Funds -238,130 238,130

Grants, donations and legacies

Other activity

10 0 0 0 -238,130 0 0 0 238,130 0 0 0

AT 31 DECEMBER 2014

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 STATEMENTPeriod ended on 31 December 2014 Euros

Period

HEADINGS Notes 2014 2013

CASH FLOW FROM OPERATING ACTIVITIES – DIRECT METHOD

Revenue from customers, users and donations 16 1,990,000 2,200,000

Payment of grants

Payment of assistance 17 -1,211,616 -1,706,344

Payment of scholarships 17 -116,081 -118,031

Payments to suppliers 11, 12, 13 -819,643 -367,396

Cash paid to staff -3,250 -7,187

CASH GENERATED BY THE OPERATIONS -160,590 1,043

Payment/receipt of income tax

Other receipts/payments 6 -67 -322

CASH FLOW FROM OPERATING ACTIVITIES (1) -160,657 721

CASH FLOW FROM INVESTMENT ACTIVITIES

Payments related to:

Tangible fi xed assets 4 -352 -173

Intangible assets

Financial investments

Other assets

Receipts related to:

Tangible fi xed assets

Intangible assets

Financial investments

Other assets

Investment subsidies

Interest and similar income 18 51,339 52,594

Dividends 18 64,750 64,750

CASH FLOW FROM INVESTMENT ACTIVITIES (2) 115,736 117,171

CASH FLOW FROM FINANCING ACTIVITIES

Receipts related to:

Financing obtained

Realisation of funds

Coverage of losses

Donations

Other fi nancing operations

Payments related to:

Financing obtained

Interest and similar expenses

Dividends

Fund reductions

Other fi nancing operations

CASH FLOW FROM FINANCING ACTIVITIES (3) 0 0

NET CHANGE IN CASH AND CASH EQUIVALENTS (1+2+3) -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



CASH FLOW STATEMENT

ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP 2014 • Notes to the Financial Statements

NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2014

1. IDENTIFICATION OF THE ENTITY

The Millennium bcp Foundation (hereinafter referred to as Foundation) with head offi ce 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-profi t institution whose objectives are exclusively of social interest, concerning cultural, scientifi c and charitable aspects. The purpose of the Foundation is the development of activities that contribute to increase and disseminate Portuguese language and culture, foster scientifi c research, promote social solidarity action in Portuguese-speaking countries, and the provision of fi nancial support to entities promoting activities that foster cultural development, scientifi c 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 fi nancial 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 defi ned in Decree-Law 36-A/2011, of 9 March, which approved the accounting standardisation system for entities of the non-profi t 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-Profi t Sector (NCRF-ESNL).The fi nancial statements, which include the balance sheet, income statement by nature and function, statement of changes in equity, cash fl ow 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 defi nitions 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 fi nancial statements for the fi nancial year ended 31 December 2014 and in the comparative fi nancial information in these fi nancial statements for the fi nancial 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 fi nancial statements are as follows:

3.1. Bases of measurement used in the preparation of the fi nancial statementsThe fi nancial statements were prepared under the historical cost principle, as modifi ed by the application of fair value for fi nancial assets and liabilities at fair value through profi t or loss.

The preparation of the fi nancial statements pursuant to the NCRF-ESNL requires the Executive Committee to make judgments, estimates and assumptions that aff ect 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 diff er from these estimates. The issues involving a higher degree of judgement or complexity or where assumptions and estimates are considered to be signifi cant are presented in note 3.3. – Accounting estimates in applying accounting policies. 3.2. Other relevant accounting policies

a) Financial investmentsFinancial 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 incomeCosts 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 diff erences 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/incomeFinancial expenses/income include interest paid for loans received, interest received from fi nancial applications made and similar income and expenses received and supported.

Interest is recognised on an accrual basis.

d) Cash and cash equivalentsCash and cash equivalents include cash in hand and in sight deposits and short-term highly liquid fi nancial investments, which are readily convertible to known amounts of cash and which are subject to an insignifi cant risk of changes in value.

The cash fl ow statement is prepared according to the direct method, through which gross cash receipts and gross cash payments from operating, fi nancing and investing activities are disclosed.

The Foundation classifi ed interest and dividends received as investing activities.

e) Income tax for the yearBy 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 fi xed 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 fi xed assets are determined by the diff erence between the realisation value and the book value on the date of disposal, which are refl ected in the income statement under the headings of “Other operating income” or “Other operating costs”.

g) Subsequent eventsThe presented fi nancial statements refl ect 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 fi nancial statements.

3.3. Accounting estimates in applying accounting policiesNCRF 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 eff ects may diff er from the estimates and judgements made, namely with respect to the eff ect 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 aff ects 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 diff erent if a diff erent treatment had been chosen. The Executive Committee believes that the choices that have been made are appropriate and that the fi nancial statements present the Foundation’s fi nancial 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 fi nancial statements and are not intended to suggest that other alternatives or estimates would be more appropriate.

3.4. ContinuityNo situations have been identifi ed by the Executive Committee that place in question the continuity of the Foundation.

3.5. Key sources of estimation uncertaintyThe key sources of uncertainty are detailed in note 3.3.


4. TANGIBLE FIXED ASSETSEuros

2014 2013

NON-CURRENT ASSETS

Tangible dixed assets 17,910 17,558

Depreciation for the year (2,207) (2,195)

Depreciações de exercícios anteriores (4,006) (1,811)

11,697 13,552

5. FINANCIAL INVESTMENTSEuros

2014 2013

NON-CURRENT ASSETS

Other fi nancial assets 750 750

Securities 910,000 910,000

Change in fair value 216,300 21,350

1,127,050 932,100

The heading of “Other fi nancial 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

ASSETS

Withholding taxes - -

LIABILITIES

Withholding taxes 616 549

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 This balance is analysed as follows:

Euros

2014 2013

Retained earnings 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

2014 2013

Specialised work 646,304 819,698

Other supplies and services 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

2014 2013

Donation of BCP 1,990,000 2,200,000


17 . OTHER EXPENSES AND LOSSES


Euros

2014 2013

Donations granted 1,327,697 1,824,375

Shares 500 500

Miscellaneous 2,334 2,864

1,330,531 1,827,739

18 .INTEREST AND SIMILAR INCOME RECEIVED This balance is analysed as follows:

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 signifi cant 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 fi nancial 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 clarifi cations and other information collected from the competent services.

We have verifi ed the fi nancial information produced throughout the year, conducting the analyses as deemed appropriate. We have confi rmed the adequacy of the adopted accounting policies and measurement criteria. We have verifi ed 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 fl ow statement for the period ended on that date, and the corresponding Notes, that, in addition to complying with the applicable legal provisions, reasonably refl ect the activity developed in this period and its foreseeable evolution.

As a result of our work, we are of the Opinion that the fi nancial 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 VenturaChairman

Carlos Alberto Correia DiogoMember

KPMG & AssociadosSociedade de Revisores Ofi ciais de Contas, S.A. (no. 189)represented byAna Cristina Soares Valente Dourado(ROC no. 1011)

Fundação Millennium bcp

http://ind.millenniumbcp.pt/pt/Institucional/fundacao/Pages/fundacao.aspx

Fundação Millennium bcpHead Offi ce:Rua Augusta, 62/961100-053 Lisbon

Legal Person governed by Private Law, operating on a non-profi t 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 Identifi cation Number: 502689943

Offi ces:Rua do Ouro, 130, 4th

1100-006 LisbonTelephone: (+351) 211 131 [email protected]

Pre-press:Choice – Comunicação Global, Lda.