THE PORTA PIA 2012 FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Charlty R¢gl8tr•tion Numb•r 1152682
THE PORTA PIA 2012 FOUNDATION TRU8TEES' REPORT AMD FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 coiirENTS PAGES TNIle, Report 1to4 Indent Examin•rfs R•pr*t 5t06 Statsment of adivib•8 Balar ghget Note8 to the flnandal statsments 9t012
THE PORTA PIA 2012 FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Charity Name | The Porta Pia 2012 Foundation |
|---|---|
| Charity Registration Number | 1152582 |
| Trustees | Mrs H L O'Shea |
| Mr J G O'Shea | |
| Mrs J V Sennitt | |
| Principal Office | c/o Investment Quorum |
| Guild Hall House | |
| 85 Gresham Street | |
| London | |
| EC2V 7NQ | |
| Independent Examiner | Sally Appleton |
| Saffery LLP | |
| Mitre House | |
| North Park Road | |
| Harrogate | |
| HG1 5RX | |
| Bankers | CAF Bank Limited |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| ME19 4JQ | |
| Solicitors | Stevens and Bolton LLP |
| Wey House | |
| Farnham Road | |
| Guildford | |
| GU1 4YD | |
| Investment Managers | Investment Quorum |
| Guild Hall House | |
| 85 Gresham Street | |
| London | |
| EC2V 7NQ |
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ThE PORTA PIA2011 FQUIIDATIQN FOR THE ENDED 31 DecaiBER 2022 T Tlee tror rfport It fa1 51ornwts PA 2012 FrAla1th Tftxtl fw the y68r Mi rx)te 1 fnj cornpty Tn•l DJ. tr Chfiles Ad 2011, Ihe r4LtremeTrts oflhe StatemeThl R¢ponJry aF4blg kn tt UK ¢1 Ireknj IFRS 1021 ar R8FNlrvJ Slandwd apK4abkn kn the Unrted KiTr Rw14k ol Irthd (FRS 1W21. TnJ5t is an In1 cwoblLed • Irwt th•d d•iod 17 J•wy2013 t¢redvAh th• Th• Tnot by S•tOor. Th• Tru&1 dott not le8 to corth olts Trw•• l¥ m•0• tst•rm• ¢rftr• Trwi D•ed. Th• rwmb•i olTnMlwb mwtnot Thw TnMtO85 koep Ihw oTrJ Inlr¥J r•qthmentkn trtruit•• btyjy re. ¢urt•rt •rnfvnliqr At qu¥t•rty m•8Ur¥J$ Tryo1••8 •gw • tywl slrw r•i•rwi #rnj The TNsi doe• not•mF>y •i•ff, b•hw rA9•1. mdr4knJ •dmaBl•r•J ty IM ThAIw. thk Alarw•n¢ The Tm816 h•w c4rbJw•J IM maiw rflki lo Ihe Tnmt IB hkn) r•v•d t1 rf•kn 8Tha ••t•Dl•W 4r m•rb•lle rtths. Tt• Ttèts cc¥Ni¢l8r ¥arwtyoflnW r•turr 10 The Tteel ai• avAre ofthe aFvwSale WdarK knhed ty IM Chwty CommthM 4rnJ thJl h• ¢tympltO llh S¢¢b"m 17 oftM+ Chwth A¢4 2011 b•IL Of TllemaInI th• ObJ•ctiw• and aell¥lll•• In 8cCdInLIth Iht Ttusl TrtY IDrffl to PAYW 8tlhi Trtl kncome and (rf1 i Tru8t•M in 1wdsrJelkn fftl ary pwrf oftr • to ortrwth ¢xekni¥ thwiiailÈ oWa• or rFQatt kn arry wl oflh•7AthI a8 IM TAAt•tt rmy dlJc¥elkn INr* JL
TrE PORTA Pi4 2012 FOUNDAlh)M FOR ThE YEAR ENDED 31 IIECEMBER 2022 Or•rtfflakSnq poly appl¢attorn 10 fv Tt are lit Tn•tths'oJ•twty redr. most made ate to a varl8ty ofchwrilJ Of( th• Ttee3 ws¢ffjal k1Ved9e. Ckne of the TnMtee¥ {HL IYeal hw5 bEeD a Iruslee of thrqt Lthèrth•ithè&", the SIVnEent dÈ P1 Sotty IEW¥J afvj Wsl (ret November 202• and Oepwl Iretlred D•cwnber 20211 Irtem lappotrt•Y JwLWry 20221 Iw rbJe 701. Trre & no gr4rt Iwt•lnabMty. TftAt made grnnts In Iwtot•knJ £115,(th (è)21'. £205.C#. TPe•ekY•nts Il•dIn 410 Ih iccMts. Tl TrLrttsei r•viAed tho oftt lo grarts are rnade aTrJ. here IPpr. r•qw4¢•d •x¥rdMd tOrnW•lha Il gr•¥¥ ¥¢ Tru dw•t40 Fln•ncll R••W kn th• y••rxl•d 31 lknnw2022 10£144.919 (2021.. £240.8031. At 31 t4mber2022 thè T1 frxth rff2.421,363 (2021.. £2,993.31ei. T1 l¥ r4•d tylh Tr1# am •rl p. TP•Tn•t••4 In off¢• dwlw lsled on pog• 1 Ollts reF4Jrf ond rKcourts. R•¥•vM pollcy In order lo •J lh• rwJ• oftho TnAf• fiJrJ•. fv TnMw• Ikn to rniirfiin frèt in uNuirtded funds at 8 lèb to 9èner8te intmeni grtrth aTrJ tUrrj In order tha¢ grDnl •¥wds may be ¥d1hrt slrIty dirThrMthry MIO¥d On th• Trwt. Trusi'i kw$tment rnanagers •n8ur• lh& a nnlnbJm or £30.C•)O pr wwt•r ¢5 ••tl to th¥•nJi melt Tru¥fi ano 31 [kn¢t2022 th• Trwt t1111 01£2.421.38312021.. £2.993.346). InvMtm•nt poll¢y T majthity of b)e TnAf8 pThtk) kn lkJ kn th• fm 0fSl¢xk bM•J Tl need ca8Mtrwl4fihteymrw thè fvrJ8 to Wmled rfsk. In W 2020 Iho Trujtees lThstmerrt Irthme or c•pAal LYThth. sufflraert to rneet lh8 Trusteo8' grw moklry mihlahhg tr ¢Jftr¢ inve51mErrt PDrVQ. Trtt4es meeiTAth th• Tfttsfs tho%tsnonl ba% to *Nwtmenl porlfcAlo arKI Pkn• lopfuiurn p•vlod• The frthtee8 NeTrJ lo contirwlo make gr•ts to rW8tev•J •tth• ToJsl•n'dxrntbn orKI to
THE PMA PIA2012 FOUIIDAIKXI FOR THE YEAR EIIDED 31 DECEIIBER X122 Stat•rn•nt of Trt. r••poMlblllll• The Trustees are responsible for pYep8rThJ tfbe TnAtees' AmJ81 Rewl it8lÈments in accordan h andalal 1 of all$ ofts thffjf •rnl oflhe )¢)d reBtyJ¢8B . Ckn•r¥e ts mth>Js aThJ th8 Charts sc IFRS 102).. th• fThndal pO80n clthé chwty tThJ flnancthl Étatème com#rfwtih th8 Ch•rfllos Acl 2011, •F¢41¢th KtKAmOrvJ •fvJ Ihfr ol the TDAI deod. Try we re•poMlbl& Iw$•tspu¥dlNJ the a88el8 01 Ihe • •vJ lakry Sle kn lh8 and oftraud other Ind•p•nd•nt Ex•nlT Gfven the 01 Tnthi •fi Ml rqry•d. Th• hm d•&l8d to InI h F4Ace Of iLlk eThJod 31 Drnb 2022. J Semlt Trultee (YSh• T[t•
THE PORTA PIA 2012 FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 31 DECEMBER 2022
Independent examiner’s report to the trustees of The Porta Pia 2012 Foundation
I report to the trustees on my examination of the accounts of The Porta Pia 2012 Foundation (the Trust) for the year ended 31 December 2022.
Respective responsibilities of trustees and examiner
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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THE PORTA PIA 2012 FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 31 DECEMBER 2022
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Sally Appleton Institute of Chartered Accountants England and Wales Saffery LLP Chartered Accountants Mitre House North Park Road Harrogate HG1 5RX
Date: 20 September 2023
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PORTAPL4 2012 FOUMDAIKIM FOR 7HE YE•A ENOED 31 DECEMBER 2tr22 20 lthcorn• 25.818 2Y.894 1.IX)O DonaVor4 Total In¢vn• 26.816 28.694 Exp•rKlltur• c1$ ol rai$iry finji 5.26T) 1,4W2) 1119,Q82) 1209,4011 Totsl •xp•ndllurn 1144. 1240.8931 {118.1331 1212.l#P) {463.830) 248.224 lkn¢ l•Xp•ndttur•yln¢ •Dd M¢ Mo¥•Wrt In lund• lorth• y••r IL471. .025 •¢on¢lll•iion of Irf• FLmd8 txoughl forvA TL fwds ¢ortsJ l¢Mfd 2.993,346 2,957,321
BlICE SHEET AS AT 31 DECEIIBER 2022 2022 20 In%%slmenls 2,420.150 19H.038 Cuwr•rtu••ts 2.959 13,883 2.823 2.218 C•th •¢ •rYl kn h 16.842 $.041 Lknblllll•• Cr•Jllorn'. Arnlwrts due y 115.fJ)9) 15,7311 LINèxbkted Furxl 2.421.383 2.WJ.348 T•iil 2.421.385 2.993.340 id th) th*'r bth•Mby J Serrdti crfty R•olon Ilwnbv 1112112
THE POllTA PIA 2012 F¢XIIIOAIION FOR IHE YEAR ENDED 31 DECEIIBER 2 Prfnclpal powel Ihrough¢xrtlhe Jar. B••l• alA¢e•unll Flnan¢i•l Reptsrts st911rd •PF4 kn Ihè UK of (FRS 1021.1ty SCIIPI. Ih? Fkn•nu R•portir4 SIAThJgrd In th8 Uthd ar•J oflrBknJ (FRS 1021 the ChaitseuAcl 2011. rj Repthtsi 2Cth lo ts &tr reqmd lo dBWrn ho8 lollTh4ty thv SORP r¥llvth•n ReptyttNJ ty cMrll•". Sl•tMw)t ofR•¢rngrthd Prad¢e Itth•J Fund •¢¢owrtlng JI fundi are coMthr•J lo b• 1kne •rn •d•lrt4• f¢1 •1 fv th•¢re¥M TNNt¢e• InMm• rnGognlllon FaclNkn and lo the Tnjst ty w• Bt•t•m•nl offwid •¢1 • Exp•ndrtUrn rneognltlon pendttLwe IL¥ r•ccgrl8ed eo¢m •• th• li •l•g•l t•lgthn eommlllrwJ IP• lo that •ypJThJttur•. I prcknatlè that a•11 r]1 aTrJ the amwnt 011 oblbaUM can be kndwjvs VAT. not by Iho TnoL xll• rnr%ltr# •• endmure I0th uThlwtaklrvJ lo tM wart t•en trlo. Tr1 aTrJ the I]•nt tyamkn•lm lots oltho Truit ATrJ108¥ei •re reccfvj In th St4temurf of ITht ywkn •rtye. Oolng ¢oD¢•m Th¥ ToAlaes are 88lsffj8d IW ts Tnot h*& 8d•]uol8 r¥der lo meet ¢Mtirwietoatr•l the Fkn•n¢lal Inslnwmnts
PORTAPL4 2012 FOUNDATFOM MOTES TO THE FINJ4CIAL STATEIIEMTS ¢ortlmJ•d F( THE YEaR ENDED 31 DECEIABER 2022 1 Prtnclpd •c¢ourt pokS•• leothu•rfJ E•Ymai•• •nd Judgwn•nl• uncrtntyIhll afknl ¢rj 88$ets hebj TDUI the I1 Ofwwe¥tnrt tLIn Jrbj PBrtrymwKe 25.896 121 25,818 ¥ D¢n•ll¢n• 2011 1.CQD 1.000 1.000 TO ¢JIled s¢Thlc•• Exp•ndttuw• oft ehvltlbh •et 2021 ¢>•nt fvmded •¢lWty IrKle 51 GO¥eM8e costh Inote 61 115,L 205,OC 09,401 J Qrnnt fvnd•d ¢tMty 2021 st Vlnwi D• 8odrty (El¥W W41 D8paul UK Cthls js.oc 10.0th) 10.C 10,CQ) Tho Hop• FothJ•d•n io,oco 10,orK) 10.0 10,000 5,0 20,OCO 10.000 10.0 10.0 10,0 6.000 10,CUI 10,L 10.CKI) 10,L lsllwn C•rth R•lww Cwul Intemthtion Thè Samathwu Wty rr• UK H* for 205.OW) 10
IHE PORTA PIA 2012 FQUNDATh)11 IIOIES TO THE HIIANCIAL 8TATEIIEln I1•d1 FOR Ilf YEJt Elm 31 DECEII8Eft 2022 2022 20 perh1•# exwnbth VAD Bar charge5 101 1,000 7 Flx•d I•11¥••kn 21 IAfrtot vafuo at l JaTrJary AddthrA to lnbw1rn8 at Cut •t r•ryir¥ vab overnort ¢•h Uymlw ft•¢yg•bThon 2.994.038 360.826 IS81.377) PO.6241 1332,$10) 2.878,804 529,394 1457,5701 1180,8381 228h48 Mwk•t •• •t 31 O•¢•Y 2.42O.1 2.994,038 Not cath Idea fri¥n £120,(W12021.. £128,46n. 2121 UK Nst•d Inw•trM• US Illied InwstrMrn• Ca Td•l 2,08S.981 283.805 2.srd.097 3SO.951 70,988 2.994.038 2.420.150 N¢t rflh• ptylbwj w• 48 fth*.' 21 1121,320) .51 453.8 21,778 226.448 Net {¢•1 ¢y) IrwiDwi • Dqbtor¥ 21
PORTAPIA x12 FOUIKIATKIN I•OTES TOThE FIIIAIKK•L STATEIIEIITS IcortlNwd> FOR IHE YE ENDED 31 DECEllaER 2022 O Cr•dknts: AMnts fNkio du• 4th1n on• 2022 2•21 S.731 Grants payat4o 10 000 Durfrn4 thw Tnjst rJs.DJo r2Wd1." e35.ow tty 8tMréfil dè PLrt (EryLknJ thr WAlo&1. £10.ODJ (2021.. £20.iIXII lo OepaLI UK aTrJ £10,tW12021.' £&[} lo Irrternalkwl. Th8•8 charf6 are ccmsld0y to be •t•J •$ trl L O's1 t•• • Tftrfts• IP• yw. •Fy¢4ni•d • • Trwt•• of tw kth1r•onII In Jorwary 2022. rettrty Tr110 olth• d• Sc• in 2022 ld ofDepaul VKin 2021. 12