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2025-03-31-accounts

Keats House | Annual Report and Financial Statements 2024/25

Keats House

Annual Report and Financial Statements for the year ended 31 March 2025

Charity registration number 1053381

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Keats House | Annual Report and Financial Statements 2024/25

CONTENTS

ORIGINS OF THE CHARITY ......................................................................................... 3 STRUCTURE AND GOVERNANCE .............................................................................. 4 ACHIEVEMENTS AND PERFORMANCE ...................................................................... 8 FINANCIAL REVIEW .................................................................................................... 12 TRUSTEE’S RESPONSIBILITIES ................................................................................ 15 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF KEATS HOUSE…….…16 STATEMENT OF FINANCIAL ACTIVITIES .................................................................. 17 BALANCE SHEET ........................................................................................................ 18 NOTES TO THE FINANCIAL STATEMENTS .............................................................. 19 REFERENCE AND ADMINISTRATION DETAILS ....................................................... 31

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Keats House | Annual Report and Financial Statements 2024/25

ORIGINS OF THE CHARITY

In 1921, a body called the Keats Memorial House Committee appealed to the public for funds to purchase the property and archive from the then private owners to save it from being destroyed or dissipated, and in order to preserve John Keats’ former home in which most of the poet’s finest work was written. The public appeal was successful, and the property was acquired and vested in the then Corporation of Hampstead “as a permanent trust to be restored and equipped with relics of the poet and to be maintained in perpetuity as a Keats Museum and a live memorial to his genius, a shrine of pilgrimage for his worldwide admirers and a literary meeting place and centre”. Camden Borough Council became the successors of the former Corporation of Hampstead on 1 April 1965, pursuant to the London Government Act 1963.

Keats House was registered as a charity in March 1996. The City of London Corporation acquired ownership of the land and buildings and responsibility for the administration and management of Keats House with effect from 1 January 1997.

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Keats House | Annual Report and Financial Statements 2024/25

TRUSTEE ANNUAL REPORT

STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The governing document is the Scheme of the Charity Commissioners, sealed 6 November 1996. The charity is constituted as a charitable trust.

GOVERNANCE ARRANGEMENTS

The Mayor and Commonalty and Citizens of the City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a body corporate and politic, is the trustee of Keats House. The City Corporation is trustee acting by the Court of Common Council of the City of London in its general corporate capacity and that executive body has delegated responsibility in respect of the administration and management of this charity to various committees and sub-committees of the Common Council, membership of which is drawn from 125 elected Members of the Common Council and external appointees to those committees. In making appointments to committees, the Court of Common Council will take into consideration any particular expertise and knowledge of the elected Aldermen and Members, and where relevant, external appointees. The Court annually appoints the Culture, Heritage and Libraries Committee from among its elected Aldermen and Members to govern the Charity on its behalf, taking into consideration particular expertise and knowledge. External appointments are made after due advertisement and rigorous selection to fill gaps in skills.

Members of the Court of Common Council are unpaid and are elected by the electorate of the City of London. The Key Committees which had responsibility for directly managing matters related to the charity during 2023/24 were as follows:

• Audit and Risk Management Committee: responsible for overseeing systems of internal control and making recommendations to the Finance Committee relating to the approval of the Annual Report and Financial Statements of the charity.

• Culture, Heritage and Libraries Committee: responsible for the activities undertaken at Keats House, approving budget allocations for the forthcoming year and acting as trustee of the charity.

All the above committees are ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held in public, enabling the decision-making process to be clear, transparent, and publicly accountable. Details of the membership of Committees of the City of London Corporation are available at www.cityoflondon.gov.uk

The charity is consolidated within City’s Estate as the City of London Corporation exercises operational control over their activities. City’s Estate is a fund of the City of London Corporation that can be traced back to the 15[th] century and has been built up from a combination of properties, land, bequests, and transfers under statute since that time.

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Keats House | Annual Report and Financial Statements 2024/25

City’s Estate investments in properties, stocks and shares are managed to provide a total return that:

The trustee believes that good governance is fundamental to the success of the charity. A comprehensive review of governance is ongoing to ensure that the charity is effective in fulfilling its objective. Reference is being made to the good practices recommended within the Charity Governance Code throughout this review. Focus is being placed on ensuring regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries.

ORGANISATIONAL STRUCTURE AND DECISION-MAKING PROCESS

The charity is administered in accordance with its governing instruments and the City Corporation’s own corporate governance and administration framework, including Committee Terms of Reference, Standing Orders, Financial Regulations and Officer Scheme of Delegations. These governance documents can be obtained via a request to the email address stated on page 32.

Each Member by virtue of their membership of the Court of Common Council, its relevant committees and sub-committees, has a duty to support the City Corporation in the proper exercise of its functions and in meeting its duties as trustee of the charity by faithfully acting in accordance with charity law, the Terms of Reference of the relevant committee or subcommittee, and the City of London Corporation’s agreed corporate governance framework as noted above, backed up by its standards regime.

Following the completion of the City Corporation’s organisational restructure (TOM2), Keats House remained within the Natural Environment Division of the Environment Department in 2023/24. From May 2023, a new Culture & Projects section was established within Natural Environment, headed by an Assistant Director and with a Head of Heritage & Museums role, to whom the Keats House operational team report.

INDUCTION AND TRAINING OF MEMBERS

The City of London Corporation makes available to its Members, seminars and briefings on various aspects of its activities, including those concerning the charity, to enable Members to carry out their duties efficiently and effectively. Induction meetings are provided on specific aspects of the work of Keats House. If suitable seminars or other training options are identified that are relevant to the charity, Members are advised of these opportunities.

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Keats House | Annual Report and Financial Statements 2024/25

OBJECTIVES AND ACTIVITIES

The objective of the charity is “to preserve and maintain and restore for the education and benefit of the public the land with the buildings known as Keats House as a museum and live memorial to John Keats and as a literary meeting place and centre”.

The charity shall first defray out of the income of the charity the cost of maintaining the property (including the repair and insurance of any buildings thereon) and all other charges and outgoings payable in respect thereof and all the proper costs, charges and expenses of and incidental to the administration and management of the charity.

The trustee has due regard to the Charity Commission’s public benefit guidance when setting objectives and planning activities.

The activities of the Keats House Charity are guided by its Charitable Object as stated above and developed within the framework of the City Corporation’s Corporate Plan 2018/23 and the Open Spaces Business Plan 2022/23. Activities are also aligned with the City Corporation’s Cultural Strategy and the Hampstead Heath Management Strategy 2018-2028, as well as the wider aims of heritage sector organisations such as Arts Council England, the Heritage Lottery Fund and The National Archives.

The specific objectives for the year are detailed below under Plans for Future Periods.

Remuneration Policy

The charity’s senior staff are employees of the City Corporation and, alongside all staff, pay is reviewed annually. The City Corporation is committed to attracting, recruiting and retaining skilled people and rewarding employees fairly for their contribution. As part of this commitment, staff are regularly appraised and, subject to performance, eligible for the payment of bonuses and recognition awards.

The above policy applies to staff within the charity’s key management personnel, as defined within note 9 to the financial statements.

Our Equality Objectives 2024-2029 have recently been published and are positioned as a dynamic crosscutting framework for advancing and integrating the City Corporation’s commitment to equity, equality, diversity and inclusion as a leader, employer, and service provider. They are collectively owned across all departments and institutions.

Senior staff posts of the City Corporation are individually evaluated and assessed independently against the external market allowing each post to be allocated an individual salary range within the relevant grade, which incorporates market factors as well as corporate importance.

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Although Keats House charity does not undertake widespread fundraising from the general public, any such amounts receivable are presented in the financial statements as “voluntary income”, including grants.

In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The

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Keats House | Annual Report and Financial Statements 2024/25

day-to-day management of all income generation is delegated to the executive team, who are accountable to the trustee. The charity is not bound by any regulatory scheme and does not consider it necessary to comply with any voluntary code of practice.

There is a donations page on the Keats House webpage, inviting and enabling the public to make on-line donations to either the Keats200 Legacy Programme and/or the Keats House Garden Enhancement project.

The charity has received no complaints in relation to fundraising activities in the current year 2024/25 (2023/24: nil). Individuals are not approached for funds; hence the charity does not consider it necessary to design specific procedures to monitor such activities.

Public benefit statement

The trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Keats House aims and objectives and in planning future activities. The purpose of the charity is to preserve and maintain and restore for the education and benefit of the public the land with the buildings known as Keats House as a museum and live memorial to John Keats and as a literary meeting place and centre by the City of London Corporation.

Consequently, the trustee considers that Keats House operates to benefit the general public and satisfies the public benefit test.

REFERENCE AND ADMINISTRATIVE DETAILS

The administrative details of the charity are stated on page 32.

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Keats House | Annual Report and Financial Statements 2024/25

ACHIEVEMENTS AND PERFORMANCE

Achievements against the key priorities for 2024/25 were:

Achievement against the key priorities for 2024/25:

1. Implement projects and activities identified in the Keats House Divisional Plan and Activities Plan identified for delivery in 2024/25

Throughout 2024/25, Keats House was open to the public on Wednesdays, Thursdays, Fridays, and Sundays, 11am – 1pm and 2 – 4 (in autumn / winter) or 5pm (in spring / summer).

The focus of our programming throughout the year supported the ‘Young Romantics in the City’ exhibition, which opened to the public in February 2023. This externally funded partnership project with Cardiff University explored the diversity of writers and writing in the Romantic period through the interconnected themes of politics, class, gender and race. These were further explored through changing displays featuring: items from the Keats House collections, supported by our colleagues at London Metropolitan Archives; the first display in this country of the British Library’s first-edition copy of ‘The Woman of Colour; and a selection of pamphlets featuring popular ballads in Welsh and English from the special collections of Cardiff University. Keats House are extremely grateful for the ongoing support of Dr Anna Mercer, lecturer in English Literature (Romanticism), for her ongoing contribution to Keats House’s public engagement programme, which was substantially supported in 2024/25 by Cardiff University.

As part of the ‘Young Romantics in the City’ and our regular event programmes, Keats House delivered 36 different events, which were attended by 878 people in 2024/25. Highlights of the programme included: an event for Earth Day as part of ‘The Wild Escape’ national initiative, which was delivered in partnership with Hampstead School of Art; live interpretation featuring our new Mary Shelley and Fanny Keats characters, as well as repeat events with our Keats and Coleridge characters; two performances by Saudha Bangla music and arts; three creative writing workshops led by City Lit; eight free, themed poetry readings by the Keats House Poetry Ambassadors; and events targeted at specific audiences, including a special afternoon opening of the house for under 5s and their carers.

As well as our own programme, Keats House officers supported the work of partner and stakeholder organisations, through a number of projects and initiatives, including: four events in Keats House garden for Hampstead Summer Festival 2023; the inclusion of Keats’s facsimile of Shakespeare’s First Folio in the Heritage Gallery display at Guildhall for the Folio400 celebrations; and, again working with colleagues at London Metropolitan Archives, to display their ‘Unforgotten Lives’ outdoor exhibition at Hampstead Heath in August and September.

Our social media following remained relatively constant over the past 12 months, despite reduced capacity to create content and, sometimes negative, changes in the platforms themselves. As at March 2024, Keats House had 6.9k followers on Twitter (0% growth on March 2023), 4.2k on Facebook (2%), and 3.7k on Instagram, which at +9% remains our fastest growing and most engaged virtual audience. Our main campaigns for the year were

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Keats House | Annual Report and Financial Statements 2024/25

YoungRomantics and the ongoing project to publish online the Fanny Brawn to Fanny Keats letters on the 200[th] anniversary of them being written, with three letters, with supporting research, articles and social media posted in the past 12 months. Regular newsletter to our c. 3,500 subscribers helps promote our offer and drive visits to our corporate web pages, which are seen by c. 10,000 active users per quarter.

We have continued to increase engagement with schools, offering poetry, drama and creative writing sessions to teachers and students in formal education and to home-schooled groups. In addition to these subject focussed taught sessions, Keats House was involved in delivering three special learning projects, funded by the City Corporation’s Education Strategy Unit through their Cultural & Creative Learning Grants. Working alongside London Metropolitan Archives we continued our work with ‘Poetry Versus Colonialism’, researching and revealing the colonial histories of our collections. This resulted in the ‘Word on the Street’ festival – a programme of workshops and events for students, trainee teachers, cultural sector workers and established and emerging young poets, who produced a series of short films. We continued to work with Speakers Trust and four other cultural partner venues to deliver ‘Culturally Speaking’, which encourages confidence and oracy skills in students in Year 8 and were one of the key partner venues for the Young City Poets programme, which inspires young people to write and perform poetry through engagement with practising poets.

Through this broader offer, we delivered a total of 48 taught sessions, to 8 primary and 35 secondary groups and 1 HE group, with a total of 949 students and a further 131 accompanying adults being directly engaged with our offer.

In July, the twelfth Keats House Creative Writing summer school took place at the house, with workshops by poet Arji Manuelpillai and novelist Catriona Ward. 30 students from 6 London secondary schools took part, leading to a total of 110 instances of engagement over the four days. The week was very successful, and students’ writing from it was collected in an anthology which was distributed to the participating schools.

Keats House volunteers continued to support our work by providing afternoon tours for visitors and free themed poetry readings on the second Sunday of most months, including a reading of ‘The Eve of St Agnes’ at Guildhall Art Gallery in January. We also benefitted from the time of one post-graduate volunteer who has helped welcome visitors to the house when their studies allowed. As always, we would like to send our grateful thanks to all our volunteers for their continued support for the Charity and its activities.

Unfortunately, our Roehampton University doctoral research student placement has not delivered the expected outputs in 2024/25, but it is hoped that this workstream may resume and conclude by March 2025.

In 2024/25, Keats House opened to the public on 200 days, with a total of 7,338 recorded visits to the house. For comparison, 11,755 people visited Keats House in 2019/20 and 5,149 in 2022/23. The number of people visiting Keats House has therefore increased by 142% on the previous year but remains at only 63% of pre-pandemic levels.

Income from admissions, shop sales and private hires has risen along with the increase in numbers visiting the house. It has not yet been possible to achieve the levels of income previously derived from admissions, shop sales, events hires or events prior to the pandemic, although it is anticipated that a full recovery will be achieved by 2025/26.

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Keats House | Annual Report and Financial Statements 2024/25

As a condition of the premises licence for 10 Keats Grove, Keats House Consultative Committee receive a twice-yearly report of licensable events held at the House, to ensure that the operating schedule and conditions are being upheld. To report that no activities involving the sale of alcohol took place in 2024/25 under Keats House’s premises licence. As referred to above, events were delivered from the premises for Hampstead Summer Festival which involved the sale of alcohol and other licensable activities under TENs obtained by the organisers. Complimentary drinks were also served at 13, largely partner funded, events and music was performed at two events. Although these did not involve the sale of alcohol they are reported here for completeness. The Premises Licence for 10 Keats Grove was renewed for the period to 11 September 2023 at a cost of £180.00.

2. Deliver maintenance and access improvement projects at Keats House

Keats House officers have continued to work with City Surveyor’s, consultant architects and the London Borough of Camden’s Planning Department to progress projects to conserve and enhance Keats House.

While planning and listed building consent have already been granted for the proposed new visitor entrance, the cost and timescale for this to be completed has yet to be agreed with City Surveyors. A connected project, to replace the aged, wooden boundary fence to the front of the property, has yet to achieve the required planning and listed building consents. Possible sources of funding for these projects are City Corporation facilities maintenance budgets, the Keats House charity’s reserve, and London Borough of Camden’s Neighbourhood Community Infrastructure Levy fund, and they are currently being costed by the City Surveyor’s Department to inform funding applications and project delivery.

London Borough of Camden’s Planning Department have approved the plans for the replacement / new fire and intruder alarm systems for both buildings and an upgraded CCTV system for Keats House, which can now be completed in 2024/25.

In 2024/25, a dedicated team of ‘Heath Hands’ volunteers working with officers from the Golders Hill Park team contributed their time and expertise to the garden. During weekly sessions, they undertook a combination of routine maintenance, seasonal planting and thoughtful enhancements to the beds and borders and we are grateful for their commitment to the garden, which is enjoyed by visitors, site users and local residents alike.

3. Develop a three-year Management Plan for Keats House, to ensure the future sustainability of the Keats House Charity and its operating model

Following the recent launch of the City Corporation’s Corporate Plan 2024-29 and the Natural Environment Division’s new strategic framework, a draft Keats House Activities Plan for 2024/25 will be presented to the City Corporation’s Culture, Heritage & Libraries Committee in summer. The development of a detailed three to five-year forward plan for Keats House, which is required as part of the City Corporation’s documentation framework and for our Museum Accreditation return will be developed in 2024/25, to support the new Corporate Plan and Departmental priorities for 2024-29. This will be submitted to

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Keats House | Annual Report and Financial Statements 2024/25

Members as our Trustees for consultation and approval, before being presented as part of our Museum Accreditation return, now expected in late 2024 or early 2025.

As a result of the above activities, the Trustee has had due regard to the Charity Commission’s public benefit guidance when setting objectives and planning activities.

PLANS FOR FUTURE PERIODS

The overarching priorities which will guide all our objectives and activities from April 2024 are:

The trustees do not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 19.

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Keats House | Annual Report and Financial Statements 2024/25

FINANCIAL REVIEW

Overview of Financial Performance

Income

In 2024/25, the charity’s total income for the year was £709,187, an overall increase of £270,637 against the previous year (£438,550). The principal source of income was from City of London Corporation’s City’s Estate fund (see below).

Income from Charitable Activities comprised £134,613 (2023/24: £111,427), including £33,248 from admission fees (2023/24: £29,244), £39,764 from charges for services (2023/24: £47,175), sales of £12,752 (2023/24: £15,108) and grant income of £48,849 (2023/24: £19,900). The rise in income is due to increased admissions at Keats House and can continue to expect steady increases year on year but is unlikely to reach prepandemic levels until 2025/26.

An amount of £572,404 (2023/24: £324,423) was received from the City of London Corporation’s City’s Estate as a contribution towards the running costs of the charity. The decrease in contribution was mainly due to Keats House reducing their expenditure during the year in order to offset income reductions (see expenditure below).

Expenditure

Total expenditure for the year was £681,713 (2023/24: £463,168), with charitable activities expenditure in the year totalling £674,374 (2023/24: £454,436). The increase in expenditure is largely due to cyclical works expenditure compared with 2023/24. Expenditure on raising funds for the year was £7,339 (2023/24: £8,732).

Funds held

The charity’s total funds held increased by £27,474 to £336,911 as at 31 March 2025 (2023/24: £309,437) largely as a result of an increase in restricted funds for ‘Green Changemakers’ and ‘Change the Record’ schemes being added to the charity reserves.

The charity’s designated funds consist of unrestricted income funds which the Trustee has chosen to set aside for specific purposes. Such designations are not legally binding, and the Trustee can decide to “undesignate” these funds at any time. Designations as at 31 March 2025 totalled £43,754 (2023/24: £48,616). These represent designated funds within the unrestricted income fund which represents the net book value of fixed assets held.

Restricted funds of £136,964, (2023/24: £116,897) were held at year-end. This relates to the Keats Love Letter (£100,000), a Watercolour painting (£1,423), unspent grant monies from Cardiff University in relation to the Young Romantics in the City project (£1,299), a balance of £9,430 remaining on a grant from the City of London’s Education Strategy Unit, £2,845 relating to Garden Enhancements, £11,267 for Green Changemakers and £10,600 for Change the Record.

The charity’s free reserves total £156,193 (2023/24: £143,924), which are held both to meet the deficit on running expenses on a year by year basis and to fund any major activities the charity is undertaking. During 2024/25 the Charity reserves increased by £12,126 as a result of an underspend of the charity’s general costs.

Details of all funds held, including their purposes, is set out within note 15 to the financial statements.

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Keats House | Annual Report and Financial Statements 2024/25

Reserves

The charity is wholly supported by the City of London Corporation which is committed to maintain and preserve Keats House out of its City’s Estate Funds. These Funds are used to meet the deficit on running expenses on a year by year basis. The charity therefore does not need to maintain free reserves at a stated level, being either a fixed amount or a stated number of months, to ensure continued delivery of its objectives. For good governance purposes, the trustee considers holding a minimum of £20,000 as free reserves to be suitable in light of the operating model in place but the trustee will continue to keep the target under review in light of current reserve levels to ascertain whether the current minimum level of reserves required will be appropriate for the charity in future.

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Keats House | Annual Report and Financial Statements 2024/25

Principal Risks and Uncertainties

The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an ongoing review of activity and that appropriate advice and support is provided. A key risk register has been prepared for the charity, which has been reviewed by the Trustee. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks.

The principal risks faced by the charity, and actions taken to manage them are as follows:

Risk Actions to manage risks
Insufficient
Maintenance		 Keats House to continue developing relationship with City
Surveyor's Department (CSD) and attend, when necessary,
client liaison meetings.
Delivery of Major
Projects		 Maintain ongoing liaison with the City Surveyor's
Department.
Health & Safety of staff,
volunteers, visitors and
contractors		 Keats House staff attend Health and Safety meetings as
appropriate.
A representative of Keats House attends North London
Open Spaces Management Team meetings, where H&S is
a standing agenda item, and divisional/departmental
meetings as required.
The Principal Curator is liaising with the City Surveyor's
Project Team to progress fire alarm replacement works at
both buildings.
Financial
Sustainability		 Develop a three-to-five-year Management Plan for Keats
House, supported by a realistic fundraising strategy to be
implemented by all staff.
Theft or Damage Keats House to ensure City Surveyor's Department (CSD)
addresses the regular maintenance and upkeep of effective
security system in the Cyclical Works Programme (CWP).
Loss of staff expertise All staff to be familiarised with the collection and database
to ensure retention of collections-related knowledge.
Improved Collections Management System to be purchased
and commissioned.

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Keats House | Annual Report and Financial Statements 2024/25

TRUSTEE’S RESPONSIBILITIES

The trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustee must not approve the financial statements unless the trustee is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustee is required to:

The trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the trustee to ensure that the financial statements comply with the Charities Act 2011. The trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustee is aware:

Financial statements are published on the trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the trustee’s website is the responsibility of the trustee. The trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein.

Adopted and signed for on behalf of the trustee.

Deputy Henry Nicholas Almroth Colthurst Deputy Andrien Gereith Dominic Meyers Chairman, Finance Committee Deputy Chairman, Finance Committee City of London Corporation City of London Corporation

7[th] January 2026

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Keats House | Annual Report and Financial Statements 2024/25

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF KEATS HOUSE

I report to the Trustee on my examination of the accounts of Keats House for the year ended 31 March 2025 which are set out on pages 17 to 30.

This report is made solely to the charity’s Trustee, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s Trustee those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s Trustee as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity Trustee 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.

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.

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Vincent Marke, FCA

Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW

15 January 2026

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Keats House | Annual Report and Financial Statements 2024/25

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

All of the above results are derived from continuing activities.

There were no other recognised gains and losses other than those shown above.

The notes on pages 19 to 31 form part of these financial statements.

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Keats House | Annual Report and Financial Statements 2024/25

BALANCE SHEET (Charity Number 1053381)

AS AT 31 MARCH 2025

Charity Number 1053381

The notes on pages 19 to 31 form part of these financial

statements

Approved and signed on behalf of the Trustee.

Caroline Al-Beyerty

Chamberlain and Chief Financial Officer

7[th] January 2026

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Keats House | Annual Report and Financial Statements 2024/25

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.

(a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on a going concern basis as the trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity’s governing documents place an obligation on the City of London Corporation to preserve Keats House for the benefit of the public. Funding is provided from the City of London Corporation’s City’s Estate. On an annual basis, a medium-term financial forecast is prepared for City’s Estate, covering the next five years from the period covered by these financial statements. The latest forecast anticipates that adequate funds will be available in the next five years to enable the charity to continue to fulfil its obligations.

In making this assessment, the trustee has considered the ongoing financial position, including future income levels and the liquidity of the charity over the next 12-month period from the date of signing these financial statements. The charity is still not opening the museum 5 days/30 hours per week, which has resulted in some cost savings. The charity’s reserves may need to be used to cover any shortfall, whilst still adhering to the Reserves Policy. For these reasons, the trustee continues to adopt a going concern basis for the preparation of the financial statements.

(c) Key management judgements and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.

(d) Statement of Cash Flows

The charity has taken advantage of the exemption in FRS102 (paragraph 1.12b) from the requirement to produce a statement of cash flows on the grounds that it is a qualifying entity.

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A Statement of Cash Flows is included within the City’s Estate Annual Report and Financial Statements 2023 which is publicly available at www.cityoflondon.gov.uk.

(e) Income

All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of donations, charges for use of facilities, admissions fees, membership fees, grants, (including government grants), interest, sales, filming fees and rental income.

The City of London Corporation’s City’s Estate meets the deficit on running expenses of the charity and also provides funding for certain capital works. This income is considered due each year end once the deficit on running expenses and capital works funding has been confirmed and is recognised in the SOFA at this point.

(f) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under the principal categories of ‘expenditure on raising funds’ and ‘expenditure on charitable activities’. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Governance costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management of functions inherent in the activities undertaken. These include the costs associated with constitutional and statutory requirements such as the cost of trustee meetings.

Support costs (including governance costs) include activities undertaken by the City Corporation on behalf of the charity, such as human resources, digital services, legal support, accounting services, committee administration, public relations and premises costs. The basis of the cost allocation is set out in note 8.

The trustee, the City Corporation, accounts centrally for all payroll related deductions. As a result, the charity accounts for all such sums due as having been paid. From 2021/22, the City Corporation, as trustee, has taken a decision to seek reimbursement for the administration fees incurred from each of its charities, and these costs are included within support costs.

(g) Pensions

Staff are employed by the City of London Corporation and are eligible to contribute to the City of London Local Government Pension Fund, which is a funded defined benefit scheme. The estimated net deficit on the Fund is the responsibility of the City of London Corporation as a whole, as one employer, rather than the specific responsibility of any of its three main funds (City Fund, City’s Estate and Bridge House Estates) or the trusts it supports.

The Fund’s estimated net liability has been determined by independent actuaries in accordance with FRS102 as £2.7m as at 31 March 2025 (£49.9m as at 31 March 2024). Since any net deficit is apportioned between the financial statements of the City of London’s three main funds, the charity’s Trustee does not anticipate that any of the liability will fall on the charity. The charity is unable to identify its share of the pension

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scheme assets and liabilities and therefore the Pension Fund is accounted for as a defined contribution scheme in these financial statements.

Barnett Waddingham, an independent actuary, carried out the latest triennial actuarial assessment of the scheme as at 31 March 2022, using the projected unit method. The 31 March 2022 valuation was carried out in 2022/23 and has set the contribution rates for the period 01 April 2023 to 31 March 2026 at 21%. Contribution rates adopted for the financial years 2020/21, 2021/22 and 2022/23 had been set at 21%.

(h) Taxation

The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(i) Fixed Assets

Heritage Land and Associated Buildings

Land and the original associated buildings are considered to be heritage assets. In respect of the original land and buildings, cost or valuation amounts are not included in these financial statements as reliable cost information is not available and a significant cost would be involved in the reconstruction of past accounting records, or in the valuation, which would be onerous compared to the benefit to the users of these accounts.

In accordance with the charity’s scheme, two buildings and the land were transferred at no cost to the ownership of the Trust on 1 January 1997. The buildings comprise the Grade 1 listed Keats House itself valued on an insurance basis at £2,659,605 (2022/23: £2,484,173) and a 1930s building called the Heath Library valued, for insurance purposes, at £1,662,812 (2022/23: £1,553,130). This latter building is now used by cultural and community groups, primarily the Keats Community Library Phoenix Group, with one room set aside to be used in compliance with the objective of the Keats House Charity.

Keats House holds a collection of Keats related materials the majority of which are not recognised in the Balance Sheet as cost information is not readily available and the trustee believes the benefits of obtaining valuations for these items would not justify the costs. The exceptions to this are the Keats Love letter which is valued at its cost of £100,000 and the watercolour painting which is valued at its cost of £1,423, within the balance sheet.

These heritage assets are considered to have indefinite useful lives and are therefore not depreciated. Heritage assets are reviewed annually for indicators of impairment in accordance with FRS 102 and the Charities SORP. No impairment has been recognised as market conditions remain stable and no changes have been identified that would indicate a reduction in value. The charity does not revalue heritage assets after initial recognition at cost, as the trustee considers that the benefits of revaluation would not justify the costs. Insurance valuations are disclosed for information purposes only.

A schedule of individual items is not kept, but both the letter and the watercolour painting are stored at London Metropolitan Archives as part of the overall Keats Collection. The total insurance value for the whole Collection is £1,400,000.

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Additions to the original land and capital expenditure on buildings and other assets are included as fixed assets at historic cost, less provision for depreciation and any impairment, where this cost can be reliably measured.

Tangible fixed assets

Assets that are capable of being used for more than one year and have a cost greater than £50,000 are capitalised. Such assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged from the year following that of acquisition, on a straight-line basis, in order to write off each asset over its estimated useful life as follows:

Years

Improvements and refurbishments to buildings

up to 30

(j) Stocks

Stocks are valued at the lower of cost or net realisable value. All stocks are finished goods and are held for resale as part of the charity’s operations.

(k) Cash

Cash and cash equivalents include cash in hand, overdrafts (if any) and short-term deposits and other instruments held as part of the Corporation’s treasury management activities with original maturities of three months or less.

(l) Funds structure Income, expenditure and gains/losses are allocated to particular funds according to their purpose:

Restricted funds – These include income that is subject to specific restrictions imposed by donors, with related expenditure deducted when incurred and a Heritage Asset.

Unrestricted income funds – these funds can be used in accordance with the charitable object at the discretion of the trustee and include income generated by assets representing unrestricted funds. Specifically, this represents the surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.

Designated Funds – these are funds set aside by the trustee out of unrestricted funds for a specific purpose.

(m) Insurance

The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporation’s insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Estate.

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Keats House | Annual Report and Financial Statements 2024/25

2. INCOME FROM VOLUNTARY ACTIVITIES

3. INCOME FROM CHARITABLE ACTIVITIES

Charges for services are split as follows:

4. INCOME FROM THE CITY OF LONDON CORPORATION

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Keats House | Annual Report and Financial Statements 2024/25

5. INCOME FROM INVESTMENTS

Income for the year included:

Donations – being amounts received from the public at the two collection boxes in Keats House and other unsolicited sums received.

Grants from the City of London Corporation – being the amount received from the City of London Corporation’s City’s Estate to meet the deficit on running expenses of the charity, alongside funding for capital purchases.

Charitable activities – being amounts generated from the sales of leaflets, books, maps cards and other publications relating to Keats House; charges made to the public for the use of facilities, admissions and services and from the rental of the Keats Community Library.

6. EXPENDITURE

Expenditure on raising funds

Expenditure on charitable activities

Charitable activity

Expenditure on charitable activities includes labour, premises costs, equipment, materials and other supplies and services incurred in the running of Keats House.

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Keats House | Annual Report and Financial Statements 2024/25

7. SUPPORT COSTS

Support costs include activities undertaken by the City of London Corporation on behalf of the Charity, such as human resources, digital services, legal support, accounting services, committee administration and premises costs. Such costs are determined on a departmental basis, and are allocated on a cost recovery basis to the charity based on time spent, with associated office accommodation charged proportionately to the space occupied by the respective activities, with the split of costs as follows:

All support costs are undertaken from unrestricted funds. Governance costs are allocated based on a proportion of officer time spent on the administration of Trustee and Committee related meetings.

Independent examiner’s remuneration and fees for other services

Crowe U.K. LLP are the auditors of the City of London’s City’s Estate Fund and all of the different charities of which it is Trustee. The costs of independent examination are recharged to the charity. In 2024/25, a £4,198 fee for the independent examination of this charity’s financial statements was recharged (2023/24: £1,943). No other services were provided to the charity by its examiners during the year (2023/24: £nil).

8. DETAILS OF STAFF COSTS

All staff that work on behalf of the charity are employed by the City Corporation. The average number of people directly undertaking activities on behalf of the charity during the year was 3.5 (2023/24: 3.5).

Amounts paid in respect of employees directly undertaking activities on behalf of the charity were as follows:

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Keats House | Annual Report and Financial Statements 2024/25

The number of directly charged employees whose emoluments (excluding employer’s pension contribution) for the year were over £60,000 was nil (2023/24: nil).

Remuneration of Key Management Personnel

The charity considers its key management personnel to comprise the Members of the City of London Corporation, acting collectively for the City Corporation in its capacity as the Trustee, and the Natural Environment Director who manages the seven open spaces funded by the City of London Corporation. A proportion of the Directors’ employment benefits are allocated to this charity.

Support is also provided by other chief officers and their departments from across the City of London Corporation, including the Town Clerk and Chief Executive, Chamberlain, Comptroller and City Solicitor and City Surveyor.

The amount of employee benefits received by key management personnel totalled £nil (2023/24: £nil). No members received any remuneration, with directly incurred expenses reimbursed, if claimed.

9. HERITAGE ASSETS

Since 1996 the primary purpose of the charity has been ‘to preserve and maintain and restore for the education and benefit of the public the land with the buildings known as Keats House as a museum and live memorial to John Keats and as a literary meeting place and centre’. As set out in Note 1(i), the original heritage land and buildings are not recognised in the Financial Statements, with the exception to this being the Keats Love letter which is valued at £100,000. In 2023/24, plans and procedures for the preservation and management of Keats House were outlined in the Keats House Activities Plan 2022/23. Longer term plans for most services were deferred pending the finalisation of the Corporate restructure and development of a new Corporate Plan 2024-29. With these completed, a suite of Divisional strategies, including for Culture, Heritage & Learning, has been developed and these will shape the five-year management plan for Keats House, which will be developed in 2024/25, before presenting to Members of the City Corporation’s Culture, Heritage & Libraries Committee, in their role as Trustee of the Keats House charity. Records of heritage assets owned and maintained by Keats House can be obtained from the Executive Director of Environment at the principal address as stated on page 32.

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Keats House | Annual Report and Financial Statements 2024/25

10. TANGIBLE FIXED ASSETS

11. DEBTORS – AMOUNTS DUE WITHIN ONE YEAR

12. CREDITORS – AMOUNTS DUE WITHIN ONE YEAR

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Keats House | Annual Report and Financial Statements 2024/25

13. ANALYSIS OF NET ASSETS BY FUND

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Keats House | Annual Report and Financial Statements 2024/25

14. MOVEMENT IN FUNDS

Purposes of restricted funds

Purposes of designated funds

Designated funds have been set aside by the Trustee for the following purposes:

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vision for depreciation and any impairment. The net book value of fixed assets at 31 March 2025 was £43,754 and is represented by a designated fund (2023/24: £48,616).

15. RELATED PARTY TRANSACTIONS

The City Corporation is the sole trustee of the charity, as described on page 2. The City Corporation provides various services to the charity, the costs of which are recharged to the charity. This includes the provision of banking services, charging all transactions to the charity at cost and crediting or charging interest at a commercial rate. The cost of these services is included within expenditure, as set out in Note 7.

The charity is consolidated within the accounts of City’s Estate, a fund of the City of London Corporation (the City Corporation, the Corporate Trustee of the charity), by virtue of the deemed control arising from the provision of the shortfall between the charity’s income and expenditure by City’s Estate, whose place of business is Guildhall, London EC2P 2EJ. The principal purpose of City’s Estate is to manage its investments in properties, stocks and shares to provide returns which allows the City Corporation to use the income for the provision of services that are of importance to the City and Greater London as well as nationally and internationally, and to maintain the asset base so that income will be available to fund services for the benefit of future generations. The financial statements of City’s Estate can be obtained from the address provided above.

The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.

Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.

Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.

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Keats House | Annual Report and Financial Statements 2024/25

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME: Keats House

Registered charity number: 1053381

PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:

Guildhall, London, EC2P 2EJ

TRUSTEE:

The Mayor and Commonalty & Citizens of the City of London

SENIOR MANAGEMENT:

Chief Executive

Ian Thomas CBE - The Town Clerk and Chief Executive of the City of London Corporation

Treasurer

Caroline Al-Beyerty - The Chamberlain and Chief Financial Officer of the City of London Corporation

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

Environment Department

Katie Stewart – Executive Director of Environment Emily Brennan – Director of Natural Environment

INDEPENDENT EXAMINER:

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

BANKERS:

Lloyds Bank Plc., P.O.Box 72, Bailey Drive, Gillingham Business Park, Kent ME8 0LS

Contact for The Chamberlain, to request copies of governance documents & of the Annual Report of

City’s Estate:

PA-DeputyChamberlain@cityoflondon.gov.uk

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