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
Inde￿n￿￿t 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|



1 



ThE PORTA PIA2011 FQUIIDATIQN
FOR THE ENDED 31 DecaiBER 2022
T￿ T￿lee* tror rfport It* f￿a￿￿1 51o*rnwts PA 2012 FrA￿la1th Tftxtl fw the y68r
Mi rx)te 1 fnj cornpty Tn•l D*J. tr* Ch*files Ad 2011, Ihe r4LtremeTrts oflhe StatemeThl
R¢ponJry aF*4blg kn tt* UK ¢1 Ireknj IFRS 1021 ar￿ R8F*NlrvJ
Slandwd apK4*abkn kn the Unrted Ki￿￿Tr Rw14k ol Irthd (FRS 1W21.
TnJ5t is an In￿1 cwoblL*ed • Irwt th•d d•iod 17 J•wy2013 ￿*t¢redvAh th•
Th• Tnot by S•tOor. Th• Tru&1 dott not le*8 to corth
olts Trw*•• l¥ m•0• tst•rm• ¢rftr• Trwi D•ed. Th• rwmb•i olTnMlwb mwtnot
Thw TnMtO85 koep Ihw oTrJ In*lr¥J r•qthmentkn tr*truit•• btyjy re￿. ￿ ¢urt•rt •rnfvnliqr
At qu¥t•rty m•8Ur¥J$ Tryo1••8 •gw • tywl slr*w r•i•rwi #rnj
The TNsi doe• not•mF*>y ￿ •i•ff, b•hw rA9•1￿. mdr4knJ •dm*aBl•r•J ty IM ThAIw.
thk Alarw•n¢
The Tm81￿6 h•w c4r*bJw•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• T￿tèts cc¥Ni¢l8r ¥arwtyoflnW￿ r•turr* 10
The T￿teel ai• avAre ofthe aFvwSale WdarK* ￿knhed ty IM Chwty Commth￿M 4rnJ thJl h•
¢tympltO *llh S¢¢b"m 17 oftM+ Chwth A¢4 2011 b•￿IL Of￿ T￿llemaInI th•
ObJ•ctiw• and aell¥lll••
In 8cC￿dInL￿￿Ith Iht Ttusl Tr￿tY￿ IDrff*l to PAYW 8t*lhi Trt￿l kncome and (rf￿1 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 pol*y
appl¢attorn 10 fv T￿t are lit￿ Tn•tths'oJ•twty r￿edr￿. most made ate to a varl8ty
ofchwril*J Of*￿(* th• T￿￿tee3 ws¢ffjal k1V￿ed9e. Ckne of the TnMtee¥ {HL IY*eal hw5 bEeD a
Iruslee of thrqt Lthèrth•ithè&", the SIVnEent dÈ P*1 Sot*ty IEW¥J afvj W*sl (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 ￿ I￿l•dIn 410 Ih
iccMts. Tl* TrLrttsei r•vi*Aed tho oftt* lo grarts are rnade aTrJ. *here
IPpr￿*￿. r•qw4¢•d ￿ •x¥rdMd tOrnW•lha Il* gr•¥¥ ¥¢ Tru￿* dw*•t40
Fln•ncl*l R•￿•W
kn th• y••r*xl•d 31 lknn*w2022 10£144.919 (2021.. £240.8031.
At 31 t4￿mber2022 thè T￿1 frxth rff2.421,363 (2021.. £2,993.31ei.
T￿1 l¥ ￿r￿4•d tylh Tr￿1￿# am •r*l p*. TP•Tn•t••4 In
off¢• dwlw lsled on pog• 1 Ollts reF4Jrf ond rKcourts.
R•¥•vM pollcy
In order lo •*J lh• rw*J• oftho TnAf• fiJr*J•. fv TnMw• Ikn
to rniirfiin frèt in uNuirtded funds at 8 lèb￿ to 9èner8te intmeni grtr*th aTrJ ￿tUrr￿j In order tha¢
grDnl* •¥wds may be ¥d1h￿rt s￿l￿rIty dirThrMthry MIO¥d On th• Trwt. Trusi'i kw$tment
rnanagers •n8ur• lh& a n*nlnbJm or £30.C•)O pr wwt•r ¢5 •￿￿•t￿l to th¥•nJi melt Tru¥fi ano
31 [kn¢￿t￿2022 th• Trwt t1￿1￿11 01£2.421.38312021.. £2.993.346).
InvMtm•nt poll¢y
T￿ majthity of b)e TnAf8 pThtk*) kn l*kJ kn th• fm 0fSl¢xk bM•J Tl*
need ca8Mtrwl4fihteym￿rw￿ thè fvr*J8 to Wmled rfsk. In W 2020 Iho Trujtees
lTh*stmerrt Irthme or c•pAal LYTh*th. sufflraert to rneet lh8 Trusteo8' grw* moklry mihlahhg tr
¢Jftr¢ inve51mErrt PDrV￿Q.
Trt*t4es 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 Tr￿t￿*. r••poMlblllll•*
The Trustees are responsible for pYep8rThJ tfbe TnAtees' AmJ81 Rewl it8lÈments in accordan￿ **h
andal￿al ￿1 of all*$ ofts thffjf •rnl oflhe *)¢￿)￿d reBtyJ¢8B
. Ckn•r¥e ts mth>Js aThJ th8 Charts sc￿ IFRS 102)..
th• fThndal pO8￿0n 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 I￿nI h
F4Ace Of￿ iL*lk eThJod 31 D￿rnb* 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: 

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. 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. 

5 



## **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 

6 



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•
c￿1$ 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¥•W￿rt
In lund• lorth• y••r
IL471.
.025
•¢on¢lll•iion of I￿rf•
FLmd8 txoughl forvA
TL￿ fwds ¢ortsJ l¢Mfd
2.993,346
2,957,321

B￿lICE 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
i*d th) th*'r bth•Mby
J Serrdti
c￿rfty R•ol￿￿on Ilwnbv 1112112

THE POllTA PIA 2012 F¢XIIIOAIION
FOR IHE YEAR ENDED 31 DECEIIBER 2
Prfnclpal powel
Ihrough¢xrtlhe J*ar.
B••l• alA¢e•unll
Flnan¢i•l Reptsrts￿ st91￿1rd •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.
r￿j 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 off*wid￿ •¢￿￿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 I0*￿th
uThlwtaklrvJ lo tM wart t•en trlo.
Tr￿1 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 FIN*J4CIAL STATEIIEMTS ¢ortlmJ•d
F(￿ THE YEaR ENDED 31 DECEIABER 2022
1 Prtnclpd •c¢ourt* pokS•• leothu•rfJ
E•Ymai•• •nd Judgwn•nl•
unc*rt￿ntyIhll afknl ¢￿￿r￿j ￿88$ets hebj TDUI ￿ the I￿1 Ofwwe¥tn￿rt ￿tLIn Jrbj PBrtrymwKe
25.896
121
25,818
¥ D¢n•ll¢n•
2011
1.CQD
1.000
1.000
TO￿ ¢J￿Iled s¢Thlc••
Exp•ndttuw• oft ehvltlbh •et
2021
¢>•nt fvmded •¢lWty IrKle 51
GO¥eM8￿e costh Inote 61
115,L
205,OC
09,401
J Qrnnt fvnd•d *¢tMty
2021
st Vlnwi D• 8odrty (El¥W￿ ￿ W4￿1
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 I￿￿1￿•d1
FOR Ilf YE*Jt 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 x*12 FOUIKIATKIN
I•OTES TOThE FIIIAIKK•L STATEIIEIITS IcortlNwd>
FOR IHE YE￿ ENDED 31 DECEllaER 2022
O Cr•dknts: AM￿nts f*Nkio du• *4th1n on•
2022
2•21
S.731
Grants payat4o
10 000
Durfrn4 thw Tnjst rJs.DJo r2Wd1." e35.ow tty 8tMr*éfil dè P*Lrt (EryLknJ thr￿ WAlo&1. £10.ODJ
(2021.. £20.iIXII lo OepaLI UK aTrJ £10,tW12021.' £&[￿} lo Irrternalkwl. Th8•8 charf￿6 are ccmsld0￿y to be
•t•J •$ trl L O's￿1 t•• ￿ • Tftrfts• IP• yw. •Fy¢4ni•d •* • Trwt•• of tw kth1r•￿onII In
Jorwary 2022. rettrty Tr￿110 olth• d• Sc• in 2022 l￿d ofDepaul VKin
2021.
12