THE PORTA PIA 2012 FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Charity Registsation Number 1152582
THE PORTA PIA 21M2 FOUNDATION TRUSTEES. REPORT AND FIMANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 CONTENTS PAGES Trustees, Report 1104 Independent Examinerfs Report 5t06 Statement of finarK4al athibes Balae sheet Notes to the financial statements 9t012
THE PORTA PIA 2012 FOIJNDAIKIN IRU8TEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Chanty Na P(xla Pia 2012 Fr*Jthb"oTr hatity Registratiw N[thI 1152582 Trustees Mrs H L (YShÈa MrJGIYSI Mt5 J V Senrili Prin0 Offi Guad Hal H(¥u5e EC2V 7NQ IndepeTrJent EKami Saty ApF4etoTh Saffery ChatnprE55 LLP Mitre House Park Ro)1 HG1 5PX 8arters CAF 88r& 25 HI A¥erKJe Hil Wesl MalliThJ ME19 4JQ Sdiators Wey Hotse Fatnhatn Road Gwkif¢N GU1 4YD IrNestrn8nt Managers Gukt Hal Hse 85 Gresham Street EC2V 7N¥)
THE PORTA PIA 2012 FOUNDATION FOR TH£yE ENDED 31 DECEMBER 2021 The TAtslees present tsr report arKI statements of Tr Porta Pia 2012 Fourxlation Ithp Tntstl for the year eTrJed 31 December 2021. Tr finMial 5tatemerrt5 have beetl try)ared in accNdance wilh attountirw ptslioes Set out in note 1 to ttE accounts aTrJ comptyv+ith Trusl Oeed. the CharibÈS Ad 2011. Tequirernents of trE Statemenl of Re¢0mMerKI Practice." Accwnting Reportry ty charl ac(xKHrts in accordartt %%ith FInaA81 Rewrtir¥J Starard atwicable in UK aTr1 Reput¢ of IrdaTrJ IFRS 1021 aThl Reror StsThJaTd awicable in United ngdrn arwj Re1C of ItelarNI (FRS 1021. infomath"or¢ on paJe I forn)s partofthr& Trustees, R Structure. govèmanet and managèment TtU5t is an WITKoaIed tr1 constituted uTrJera tnjst deed dated 17 JarKWy 2013 is registeredwth Ihe haFty The Ttv$t was estsb&slEd by an irubal settlerwt from Ihe Sethr. Tr Tntsl does not fvrre and seeks io continue its philarthrowc grdnt4naknry 1hrohts cweftl stewardslup of its existir#J restyJces. AppthnbnÈnt ofthÈ Tntstees 15 m•Je in acc(xdaKt iJh tenns o(b Tntst DJ. runber of Trustees nwst not exceed S at arytime. The Trustees keep the skd& traThvJ requi&y11erthtr trustee urthr current Trustees are famthar ilh Ihe w)rk of the TruslaTrJ in adthtion ha%t professsonal Cf lay kn olihe ¢)wation of IDJsls aThJ caribes. TrainiTYJ OPPQrtunthe5 ate arwj taken approtxiate. At quartedy meets"ThJs the Tntsiees agree a trfoJ stratew yrrt rnakff. inye5tment re¥iew. reserve& 8TrJ risk The Trust not employ any $1aff. its affa¥s bg¥rwJ mawrtained ar¥J •[ritered bythe TtUSteE5. Covld.19 Substsnti%t irfernatioTr came to Igm in eaty 220 Yjenbfied a5 Co%•>19. Covid.19 has continued lo be a disrupts"%E for inthe runniry ofthe Tojst Ihoughwt ts year a[ Ihks distuptiw remaned untA all rÈstThttiorts introduced by IIE UK G0rrrt we ras&Y in Q121f22. kn9istic is5 SU[ri)ding Trustee meeliTrJs had delayed grant maknNJ ath7be$ in tt yearerxkny 31 t)ecember21f20. %4fvch tre mltigated in the year eThYed 31 December 2021. In¥e$tmenl incorne the vahJat¥M of irNestmenls have been YatIe as a ol Covi&19 and ts Trustee5 meet regatywih Tnjsfs insstmeni rnanager5 (Kderto thal 5ufficEnt fvThJs are avaiaNe to mÈÈt th¥rgrant Thjing Risk Managoment The Trustees have cortsKlered the rtsks lo¥th I Trtst i4 ewOSe aTrJ have feWd Iho$È risks and established syslems and wocedwes to manage thosè tisks. The Ttustees consh1er Valia1 of inve5knent rettjms to constitute rnajor rK and reviewlhe spread of in¥estments regLlaty freqnIty. Th impact of CovKI-19. togelherwth gwdTbtal ssuÈs concÈtned ith Ihp vor in UkrwrE Sir ts ye¥ervJ. ha4E ciHtfrmed this vew. WIEn rnakiry wants TeS cty avArd to tharitses re ilh Charitycommisshin aThJ demonstrate gODd safeguardiThJ m.ce aThY effeth w ofward ftw. Public Bon&fttstatemert The Tnlstees a aware of apprcpriate guHlaKX pAished byttE Charity Corrynission and cortsklerthai they ha¥t mplEd with Secthw 17 of the Charities Act 2011 regard to pulAK tset The f(xxJ5 of the Tru51 rema8 Objectives and activities In accgr(lance %Mth the Ttust A9tt, TLtwas fym&J to pay w apth the Tnjst intfft and Irf arrfj Trustees in their discretion tlynk fftl al w ary patl OT pw15 of wlal to or lors ex d)ari¢able otieGts purposes in any part ofthe rkI as tt TtUStees tnay ttir disc[eti tiMr fjL
THe PORTA PiA 21M2 FOUNDAIION FOR THE YEAR ENOEO 31 DE¢EMBER 2021 Grant making policy The Trustees detemine wthich grants slKxJkl madè its dwrtk5 wisteIlIh Ihe Chanty Commission. Urtsoliotwl apICatiOnS to the Trusl a considered at Ihe Trusiees. quartety meetirKJs. Hovfftrrnost gtwts made are to a variety ofGharitie5 the TOtee$ hasr aTrJ person kr. OrE eflhe Trustees IHL O'sheal is a trustee of tth) alr d)arits". St VIrt de Pad sty {Erylar Wsl aThJ Depa UK (see 91. Trre is no grart application fomi. M applitAtions. Ited or ate ¢Ksere0 regard to need, inpacl and SLk4tainaknlity. Achiwements and Pgrlomwico The Trust made grants in year I(aj £205.(m12020." £112.01. TIE5e grants are ftsted in note 4 tot account5. The Trustees have rertd the perftrmarK of chatiti& lo YAMch grants aTr made and, wttere apppriate. rewested arNJ deialed repcrts cfder to ertsLYe Ihatthe grants ¥e Ihe TIu5fs carilable ains. Flnanclal Revtew Eyn(twe incJJred in IheJEar eTrJÈtt 31 DeMtr2O2l aM0tht to£239.WJ P020.. £145,295). At 31 De(mber 2021 Iht Tntst Fkl W fwmts ofQ993.346 (2W20: £2.951.3211. The Trust is wrrtrolkn by the Trustees tth) are resp)nsiNe tor ts ftwods ofopation5 and pdKy. The TNslees in office drring Ihe rIOd are ted w pa9e 1 ofts rewt aThJ acwjnts. No TnL%(ee recei%td any reTrwern dr¥j the yearaTrJ M T[Stee h1 ary rest in cothct withthe TrSt Res8Thos pollcy In order to meel therotye(# arml aCkrvM1lwj ttE lrestriCted nature oflhe Tnssvs fijrmts. ts Tru$iees aim lo maintain free ieser¥es in unrestrided at a SLrffiaentto gerwale investmentgrrrtAh arK1 relL¥ in ortlèrthat grants aThl awards may be Pa 111) 9ranty ditniTMShiThJ the furMIs setmpd on TrusL The Tru$Vs investment managers enswetlwt £30,(K)O Fer quarter is avalatdeto fLDY 8rdS arwj meelU Trusf$ 51VPOrt and gond£ cosls. Tr¥s 15 rev1Al w an ba515. At 31 Detmber 2021 the Tt l%hJ total of£2.993.346 1202tr. Q.957.3211. Inv05knent cY Tnajonty ofthe Tlusfs lntMert rx)rtrtho is hekl in tr fm of Stffk Market based in¥Estmerts. investrnent pg1i¢y rectyJni5e5 the ne&1 regL¥ar cash1111 sl expc6iNJ thÈfurKls lo b'mited risk. In 2020 the Trustees tasked Tfttsi'$ Inrrrt manager1th rv4isiTrJ b)e Jbp¢b in orderto ger a reYr cashllow. arIng frcm investment irKcme or Ca81 suffi(aert to meet ttE Tru5tees' grnnt makKw otrFcb¥es. maintairyng the capital valLE of ts inllInt put0. TheTruslees meet ilh Ihe Trusfs inknrsbnert markw a q[1 b3Y5 lo m¥estsi1t sxyttolio and ben¢hmatk rfs agai1 Ihe sei arnl s1sfi that perfomiance. Pla forfuture periods Tntslees wiierKJ Itr CLX)tinue 10 make grts lo tharitaNe orgarlsatwts at Trustee5' dwebon to make grants casMtrrtgerrated fri)rn thstrnÈnt ritAKne KI wtal grcvkn frcrn InnentS.
The PORTA PLA 2012 FOUNDATION FCfiThE YEAR ENDED 31 DECEIIBER X+21 Statement of Trustees. responsibilities The Trlee$ rpotJsiblp lor prepari IIE y1tee$. ReKJrt IhefirwrKa4 slrnerts in aCcordarteIh athicabk law arKI United Kmgdom AtAxmtirnJ StaThlwls {Unit Kwjcffl GeWIAtr¥ed Accounting Practice). The law aprIab[e to chrt u) EnrNI arKJ Wales require5 fv Tee$ to wepare ffianC4 statemeryts for eac financial yearthKh gNe a true 8Th1 fair¥iew ofthe stale of affai[5 thariiy and of irKoMg resourTr5 arxl ofre5owces forthal pernd. In wep8nrJ brn¢421 staleMe. tt Trtee¥ are required to: . Select surtatle potLaes aTrJ IIEn - Observe the met¥ prinurAes the Charibe5 SORP FRS 102>.. . Make aNI estimates th are reasrxwble pDJYent'. . Stale %4tsther app¢4b UKAcc(xJthrvJ StMlatth have bew follLyvJ. sutylto any materlal Lpartwes doSed and exrlained in the finarKial statemenis.. . Prepare the slatements g(¥ThJ it itwpprowidte Io KlM that tharftab tnk%t coniiNJe in trttsiw. The Tru51ees are re5rffi5ible for kee9 proper aCcOlg rec(ts Ihat d1sdt)seith teasonable acraCY at any tthe the financial p0sOn oftr dwriiy and enabk Ihwn to ensure ttBI financk?I statet$ tompty ¥th CharrtEs Act 2011, applicable ac0)unIF regkn atHI pm1s1( oftrE TnLSt deed. TW are also reSpOrtsit) for 5afeguardu the assets of the tharity hence laknrKJ reasonth steps lorlhe prevwDon arnj (klection of tra1 and irregLAarities. Independent Examlnatlon Glven the soe of ts Trusl an audrt rerw¢J. Trustees h8SE decpjed lo hab* IIthFErxlvrt Examination in Flace of an audiÉ fc¢lhe year ended 31 Decembw 2021. AFwro%ed by Tntstees 411n1_ Semitt TNstee H (Y&Ea Trntee
THE PORTA 2012 FOUNDATION INDEPENDENT EXAIIINeR'S REPORTTOTHE TRUSTEES YEAR ENDED 31 DECEMBER 2021 Indepond•nt •xamin•fs Trport to the Irustees of The Porta Pia 2012 Foundation I report tothé trustea8 on my gxaminatKJn ofthe accounts otThe Fknrta 2012 FoundalkM ItheTwsllforthe yearended 31 Dmber 2021. R•s[1¥e responsibilities of trustees and examiner As the charity tnjstees of the Trust you are T1x)le br the preparation of the XXMJnts in )rdan with the requirements of Challb"8s Ad 2011 Ilhe ACYI. I report in respect of rny examination ofthe Tl'S accounts carried out undersection 145 ofthe 2011 Act and in earyiro out tny exarnination I have folk)%%Ed all the aWICab ch"t)rts gwen by the Charity Commission under section 14515Mb) of the Act. Basis of independent examinerfs rEport My examination Was carried out in accl)rdan wlh general DITOn5 gNen by Ihe Charity C4)tnrnission. An examination indudes a rewewol the a(xx)untrng r&)Yds kept by the charty and a cOrnparin of the aco)unts pented th those rewrds. It also indudes considetstion of any unusu81 item5 or di8d09J in the ac(x)unts. and k1Trg èxplanation5 from you as trustees o)ncemiw any such Tnatte. The prr¢&lures undertaken do not proMde all the evidence that would required in an audit and rx)nS&]u(ty Th) ow"nw)n is giv as to whether the accounts present a rue and fatrvv the rekKJrt is lim to thctse malters set out in the 5tsternent telow. Independentexaminerfs stalement I have completed rny exarnination. l (xjnfimi that ro material matters have wme to my attention Én cx)nnectKJn with the examination giving rne cause to believe that in any Materi reSpL 1. a(tountiw records were n(rt kept in resp8(a ofthg Tnjst as requir&J by sl)n 130 of th8 Arl or 2. th8 8¢xounts do rM)t aco)rd th)se IrdS.. or 3. the acu)unts do not Comp th the appli(able reqUireMts ncern1r0 the fomi and o)ntent of Tts set oul in the Ch8rtb"e5 IAco)unts and ReFOrtsl Re9(abOns 2(X)8 otherthan any requirement that tha ac¢ounts give a 'true and fair ew, whith is not a rnatter considered as part ol an irthperwknt èxarninab"on.
THE PORTA PLA2012 FOUNDAmfx4 INDEPENOEMT EXAMINER'S REPORTTO ThETRLL8TEES YEAR ENDED 31 DECEklBER 2021 I have no concems and have com &ross no other matters in vthh the eaMInatIon io whith attention should be drawn in th report in orderto enable a Per understandiro of the axxunts to be re8thed. 5 4pW Sally Appkton Institute ol Chart Actountsnts EngL4rKI and W$ Saffery Champness LLP Chartered Actountants Mitre HoLJse North Park Road Harrogate HG1 5RX Date.. 13 October 2022
The PORTA PiA 2frf2 FOUNDAIiON FOR IHE YEAR ENDED 31 DECEMBER 2021 2021 2020 Incomè Inve5trTEnt incorrE 27.694 74,805 Total It)c(thè 28.694 74.805 ExpÈndilurÈ Costs ofraisity lthts InNT5trnent Mantyemenl Costs (31.4W4 130,127) 1209,4011 1115.1681 Total xpenditu 1240.8931 1145.295) Net expendituro befwe gairns and 10s8es on 1212.1991 ITO.4901 Net ga¥¢l(105sesl ¢M inlt5tThnl5 248224 156,2511 Not Incom(9Xp0ndttUI8j and net movem In lunds fortheJar 36.025 1126.7411 Reconciliation tslfunds FuThls brougm for%Yard Total funds tarrfed foThwd 2.957?21 2.993.346 8.084.(2 2.957,321 AJ operats.ons e conbNiffj AJ reCr¥sed gn$ and ltssses durirwJ tsye¥ we the S¢atemeM of FinaThial Acbmtses. ThÈ accompanwng wles fcfm an Integr partolthese antial slaien*rrfs.
THE PORTA PIA2012 FOUNDAnoN BALfvA¢E SNE AS AT 31 DECEMBER 2021 2021 2020 assèts InvestrY&tt$ 2.994,036 2.876.604 ¢uffentassets Debtors Cash al ba in h 2,823 2.218 4,485 91.937 5.041 96,422 Uabllttl8S 1S.TJ11 115.7051 eurrent OialttiEsyossets 16901 80,717 2.993.346 2,957.321 Represented ty: Unrestricted Fund5 2.993.346 2.957.321 Total Funds 2.993.346 2.951.321 71IDI) aTrJ svJned on tsr Hoshea Ttustee TtU5tee ¢hawlty Rogl8tration Number 1152582
THE PORTA PIA21M2 FOUNOAIION NOIES TO ThE FIIiAJ4ClhL STATEMENTS FOR THE YEOJI ENDED 31 DECEIIBER 2021 Pplnclpal aecountlng poll¢les The principal accounting are 5wnmared tdyw. The acccrt pcth.oes hame been aKWied IlghtsUtthe year. Bas of Accounting The finanual sl8temeThts have prepared ¥Tr1ert histuical cJ)51 con( as mod1 bythe indugon of fixed asset Inve51Jnent5 at tnatket vth. financiJ 5talernenls ha been wepared in acccrflae ¥th the Statement of RecommeNled Pracbo". Actnting arml RepDtkng ty chare5 wepariry trEir accwnts in accordance the FinarK481 ReportirJ Standard icable in the UK aTrJ Rewbk of IlarI (FRS 1021, Its SOFtPI. the Finanual RepDrtsry Standard appficaNe in the UThted aThJ oflreland IFRS 10218rn1 Chartses Act 2011. The TnL8t eort6tstutes a tenefft enbty as defird try FRS 102. The financial $18tements have been Ped to gnts a a[ far viewatxl have depatted from the Charities (Accwnts Reports) Regulatio 2008 to extent reqLDred to prov¥Je a lftÈ aThl farmew. This departure has invc4wed follryhirvJ SORP rattEr than AccOti Chariis.' slateMe OfRetoM Pradte IrÈwsed 20051 which has been IraVL Fund a¢untIng AJI fuThls are c(x)sidered to be unrestritted. UntE5trithl funds arè adiWÈfot at ts thscretion oYlheTDJstees in erance of the gera1 objecthts ofthe Chanty. Incomè tgnItiO l incomiw resour5 are irthjed in Ihe ststemert offfinarKsal aclith w)en the Tnjst is entitled to the incm, it is wobabk that the incomewll be recad aThJ Ihe amurt Can be wantiw reasonab aLJJracy. Donated servKes FattleS and 5ÈMtÉ$ wowded to Ihe Tftjst by arÈ indkn1 in trEStatnt offThnral activItS as donthns on a bw$. a CwEslnY 5urn ied a5 GoTranc£ Costs. These donated seNtces are valwl a$ IhE amOuntth Tr$t have to seTvKe5 in cyen m•keL ExpenJture is reccgnised on bays as socffi astrre is a kgal or cwtstructive obl¥JaliDn C¢)Tnmitling tr harity to that ewKJiture. it is wobable Ihal 5eldementil te required aThY Ihe amoLmt of IhÈ otAw)ation be measured reliably. ExpeThJitwe in(kne$ any VAT. rK)t rEc¢)NWar tythe Trust. 8ThJ is repo as part ofthe e%rte lo rt relates. charitab ewenditure e¢)mtrises grants and rS made ty Ihe TnJsts. Grants PtydNe are rewi%d th an undertaking to pay thÈ gtant has b ente inlo. Go%wnae wsts indLhYes thc6e costs 8ssorated vAth mee¢ry ts ¢xJnsts 8rKI statrtry wremerIts ofb Tntsl aThl iknde ts IndeKwxknt examinatiw fees ofttE TrL. Investrnents I$tnts are djed in Ihe aCcOts at ts bh1 price al Ihe end oftr financial year. Realed and UrliSed gai losses are reco9rMsed in S¢atem OfFinal Aits year in tw arise. Going tru5tee5 cOK1Pral tIEre are M materia erta aboultr TDJsfs aLto (Xjrtir a5 a goiw nce HaviryJ cortsideRd Ihe paCt in¥estr))ent fluctukn *yth kn8 an both from CovO.19 aTrJ getrpolitical iss surrounding IhewEr in UkrairE, Ihe TL8tee8 are satisftd Ihal tt Tfttst has 1llate lutmts de[tO meet its OblationS and continuelo adoptthe gcry b8sis in Ihe preparakn ofthese financi statements. Finan¢iol in5twuments ThÈ Trust only has finantial assets atKI Ttial Df a knrKI that quaffy as basic finan<4al instDJrrMb. Basic finaal inslnjments are inrtkity lenISed at transacti suttsequenty rneasur&l altheir 5elYemenl val.
ThE PORTA PIA 2012 FOUNDAMON NOTES TO THE FINANCINL STATEIIENTS CDnOnyed FOR THE YEAR ENDED 31 DECEIIBER 21121 1 Prln¢lW accountlng policies I9) Estlmates and Judgements With respect to the rxt reportin9 wod. Jar erNliNJ on 31 Dewnber 2Ot2. Ihe rnosl snfftant areas of uncertainty that affect IrE canwng Val of 8ssets Trust ate the ofinyestmwl retum and perfom8nce of investrn•t marke15 (see irwestment pow aTrJ erfOnar£ iisk secti(xts ofts trustees. anr1 Tewt ror mLYe Infom)21ionl. trtee5 tpMewthi5 on an baw5. 2 Inve5tmoDt incomg 2021 2020 Income from IL%ted irAstrYnts Total inlMent income 27.694 27.694 74.805 74.805 D¢n•tion% 2021 2020 Donated acConry seNc TO donated setices 2021 2020 Grant ILmd acti I[4) Govemarte costs Inote 51 Total expendtiure on charitaNe act 205.000 3,401 208.401 112,000 3.168 115,168 Grafft funded acthi Duriry yeaTttE fo4oKfflg grwts ar¥J (k)natiEre payat4e: 2021 2020 Stvmcent De Pa So• ak)J Wales) Depaul UK The Samaritans Crisis The Pas$age streetd The Hope Foundation PapyTUS CALM Play Acbon Intemational IFormerty Ea5tAlrKan Play) Why tne UK Maytree Isliryton Centrefor Reft Depaul Inlernational H* for Musiuar Acti lor Chlk1ren 35.L¥)D 20.wo 20.0)0 20.0 20.IX)O 10.WD 10.IY)D 10,WO 10,QOO lO.D 10.Ix)D lo.0 10.WO s.0 35,000 15.000 15.000 10,OOD 5.1)00 5.000 Zerv 9rwts of £3.(M)O or k5s121r20'. 11 2.000 112.QOO 205,0 10
The PORTA PIA 2012 FOUNDATION IIOTES TO ThE FINWICIAL STATEMENTS Icontlnwd) FOR THE YEAR ENDED 31 DECEIIBER 2021 6 Governanco costs 2021 2020 Irlependent exwninatiM fees VAT) Bank charges 78 1.000 4.401 3.188 in fixed assel ifftstrnents 2021 2020 Market value at 1 JawJy Addition5 to investrnents at cost Disposals at carying Ve Movemerrt on cash Unrealised Gan on 2,876.604 529.394 1457.5701 1180.8381 226.446 3.080.744 1,167.659 11.743,6241 96,853 274,972 Markel Val as at 31 DMLer 2.g94.036 2.87e,604 Nel Cash rthased frC in¥eslments ye¥wd5 £128.46712020.. £1W2.460I. IrNeslments at market co 2021 2020 UK listed investmwtS US lisled investments Cash 2,572.097 350.951 70.988 2.994.036 2.314.590 310.188 251.826 2.876.804 Net gair&lOossesl oftt* txjtlfolo arE a5 fcknA'. 20 2020 Realised gair{lO¥se8> Unrealised gairn5 Net gainslllosses) 21.778 1331,2331 274.972 158.2611 8 Debtohs 2021 2020 2.823 4.485
THE PORTA PIA2012 FOUNDATION NOTES TO THE FINANCIAL STATEWE14TS lcontlhuedl FOR ThE YEAR ENDED 31 DECEMBER 2021 9 ¢redltors: thounts falling duèlthin year 2021 2020 tuals Grant5 payable 5.731 5.705 10.000 15.705 5,731 10 Rolatsd partytransa¢tlo During the yeartlE TrLEt paKI £35.IKK>12020.' £35.OW ts stvlncem de PA SWY (EnThY aThJ Waksl aTrJ £20,C¢IO 12020". £20.0(>t Dep3d UK Tlwe dwi1 arv Con5bJea to t¢ rdaled a6 H L os a T4UStee of tr)th and Tntslee of the TftJsL At Yearer £rylvrds to Stvmcent de Sc• IEWAI W*sl P020: £1). H L (Yshea i8 rb)t inyoNtd in de{aSw makry regardwvJ grartslollw rygarx5atior 11 Trustees and employees Trustees wt rece rernron Ihey Krfwere exwbe5 teimiu5ed12020.. £niD. 12