**REGISTERED COMPANY NUMBER: 03485697 (England and Wales) REGISTERED CHARITY NUMBER: 1108894**
Report of the trustees and
Unaudited fnancial statements
## for the year ended 31 December 2021
## For
IL Circolo - Italian Cultural Association Limited
MICHAEL B BENNETT LIMITED Building 4 North London Business Park Oakleigh Road South New Southgate London N11 1GN
IL Circolo - Italian Cultural Association Limited
## Contents of the fnancial statements for the Year Ended 31 December 2021
||Page||
|---|---|---|
|Report of the Trustees||1 to 2|
|Independent Examiner's Report||3|
|Statement of Financial Activities||4|
|Balance Sheet||5 to 6|
|Notes to the Financial Statements||7 to 12|
|Detailed Statement of Financial Activities||13 to 14|
IL Circolo - Italian Cultural Association Limited
Report of the trustees for the Year Ended 31 December 2021
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 December 2020. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2015).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
Il Circolo Italian Cultural Association is a UK-registered charity based in London. It fulfills an important role by creating a network of members of Italian nationality or with links to Italy, who share similar interests and wish to take part in the society's programme of activities. During the year a number of events are organised with the primary aim of promoting Italian culture and research in this country.
## **ACHIEVEMENT AND PERFORMANCE**
## Details of significant activities:
Due to the pandemic, most of Il Circolo’s activities took place online and the attendance was remarkable. Il Circolo received several positive feedbacks from members expressing how the on-line events during the pandemic helped them to feel part of a group and not alone.
Il Circolo organised a monthly, well-attended Book Club and a French Club for its members on the Zoom platform.
In particular, the Book Club was a great success with at least 20 members attending per session and actively participating to the lively conversation about the book or books of the month. The aim of the Book Club is to stimulate a cultural enrichment through literature. Il Circolo organised many Zoom events which were open to the public. To meet the needs of our diverse audience Il Circolo arranged talks, interviews, and presentations by inviting well-known personalities from different fields such as literature, finance, sustainability, theatre and art.
For example:
Simonetta Agnello Hornby presented her latest book, “Piano Nobile” Davide Serra, economist, shared his views on the economy following the pandemic Andrea Illy Chairman of ‘Illy caffe’ discussed sustainability in agriculture with the journalist Enrico Franceschini
Luigi Maio and Martina Mazzotta gave a presentation of the theatre play, “Fare il Diavolo a quattro”
Federica Spadotto art critic gave a talk on “Io sono Venezia capitale d’Inghilterra” about Joseph Smith and Venice and the Grand Tour Alessandra De Martino and the Teatro Instabile gave us a taste of Edoardo De Filippo’s comedy
Emanuela Galtrucco daughter of the founder of Galtrucco brand shared the story of her family and the fashion Made in Italy
In Autumn, when the Covid-19 situation eased, Il Circolo organised a viewing at the Mazzoleni Gallery an opportunity for the members to meet in person to talk about art. On this occasion, a member who is very knowledgeable on art, proposed running an Art Club in 2022 with sessions of members meet at a museum or Gallery having previously received a briefing about selected art pieces.
The Italian Christmas Bazaar, Il Circolo‘s main fundraising event contributing to its awards, returned successfully in 2021 after the forced stop during the pandemic. Due to Brexit, the Bazaar saw the participation of many sellers based in England, as opposed to previous years, where the sellers were principally based in Italy. Many Italian products were on offer including food, jewellery, clothes and home décor.
Il Circolo introduced a new element to the usual Bazaar, masterclasses run by Italian brands showing the Italian culture through cooking lessons, Mediterranean diet, healthy lifestyle, sustainability in fashion, mixology. The masterclasses were a great success, especially those related to food and drinks.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Company number** 03485697 (England and Wales)
## **Registered Charity number**
1108894
## **Registered office**
22-24 Ely Place London EC1N 6TE
IL Circolo - Italian Cultural Association Limited
Report of the trustees for the Year Ended 31 December 2021
## **Trustees**
Mrs Belinda Aylmer Ms Maria Caterina Fazzari (resigned 1.2.22) Ms Simona Spreafico Mrs M Pustka Ms E Pettenuzzo Trustee (resigned 31.3.21) Ms M De Benedetti Ms M Vergani Bolgiani V Cappelutto (appointed 26.3.21) (resigned 10.1.22) M A C Bianchi (appointed 26.3.21) Ms P Girardi Director (appointed 2.9.21)
## **Company Secretary**
Mrs Belinda Aylmer
## **Independent Examiner**
MICHAEL B BENNETT LIMITED Building 4 North London Business Park Oakleigh Road South New Southgate London N11 1GN
## **Solicitors**
Pini Franco 22-24 Ely Place London EC1N 6TE
## **Bankers**
HSBC PLC The Peak 333 Vauxhall Bridge Road London SW1V 1EJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... Ms Simona Spreafico - Trustee
Independent examiner's report to the trustees of Il circolo - italian cultural Association limited
## **Independent examiner's report to the trustees of IL Circolo - Italian Cultural Association Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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.
Michael B Bennett FCCA MICHAEL B BENNETT LIMITED Building 4 North London Business Park Oakleigh Road South New Southgate London N11 1GN
Date: .............................................
IL Circolo - Italian Cultural Association Limited
## Statement of fnancial activities for the Year Ended 31 December 2021
||||31.12.21|31.12.21|31.12.20||
|---|---|---|---|---|---|---|
||Unrestricted||||||
|||Restricted|Total||Total||
||fund|funds|funds||funds||
|Notes|£|£|£||£||
|**INCOME AND ENDOWMENTS FROM**|||||||
|Donations and legacies||11,200||-|11,200|7,282|
|Other trading activities|2|24,805|500||25,305|1,548|
|Investment income|3|1||-|1|5|
|**Total**||36,006|500||36,506|8,835|
|**EXPENDITURE ON**|||||||
|**Charitable activities**|||||||
|Scholarships||5,000||-|5,000|3,501|
|Christmas Bazaar||8,732||-|8,732|-|
|Support Costs||4,818||-|4,818|-|
|Governance Costs||-||-|-|5,292|
|Donations||-||-|-|3,000|
|Accountancy||1,236||-|1,236|-|
|**Total**||19,786||-|19,786|11,793|
|**NET INCOME/(EXPENDITURE)**||16,220|500||16,720|(2,958)|
|**RECONCILIATION OF FUNDS**|||||||
|**Total funds brought forward**||47,177||-|47,177|50,135|
||**TOTAL**|**FUNDS CARRIED FORWARD**|||||
The notes form part of these financial statements
IL Circolo - Italian Cultural Association Limited
Balance sheet 31 December 2021
|31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
Notes
£
£
£
£
**CURRENT ASSETS**
Debtors
8
Cash at bank
62,597
500
63,097
47,488
**CREDITORS**
Amounts falling due within one year
9
800
-
800
(311)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
63,397
500
63,897
47,177
**NET ASSETS**
63,397
500
63,897
47,177
**FUNDS**
10
Unrestricted funds:
General fund
63,397
47,177
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
Notes
£
£
£
£
**CURRENT ASSETS**
Debtors
8
Cash at bank
62,597
500
63,097
47,488
**CREDITORS**
Amounts falling due within one year
9
800
-
800
(311)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
63,397
500
63,897
47,177
**NET ASSETS**
63,397
500
63,897
47,177
**FUNDS**
10
Unrestricted funds:
General fund
63,397
47,177
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
Notes
£
£
£
£
**CURRENT ASSETS**
Debtors
8
Cash at bank
62,597
500
63,097
47,488
**CREDITORS**
Amounts falling due within one year
9
800
-
800
(311)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
63,397
500
63,897
47,177
**NET ASSETS**
63,397
500
63,897
47,177
**FUNDS**
10
Unrestricted funds:
General fund
63,397
47,177
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
Notes
£
£
£
£
**CURRENT ASSETS**
Debtors
8
Cash at bank
62,597
500
63,097
47,488
**CREDITORS**
Amounts falling due within one year
9
800
-
800
(311)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
63,397
500
63,897
47,177
**NET ASSETS**
63,397
500
63,897
47,177
**FUNDS**
10
Unrestricted funds:
General fund
63,397
47,177
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
Notes
£
£
£
£
**CURRENT ASSETS**
Debtors
8
Cash at bank
62,597
500
63,097
47,488
**CREDITORS**
Amounts falling due within one year
9
800
-
800
(311)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
63,397
500
63,897
47,177
**NET ASSETS**
63,397
500
63,897
47,177
**FUNDS**
10
Unrestricted funds:
General fund
63,397
47,177
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
fund
funds
funds
funds
Notes
£
£
£
£
**CURRENT ASSETS**
Debtors
8
Cash at bank
62,597
500
63,097
47,488
**CREDITORS**
Amounts falling due within one year
9
800
-
800
(311)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
63,397
500
63,897
47,177
**NET ASSETS**
63,397
500
63,897
47,177
**FUNDS**
10
Unrestricted funds:
General fund
63,397
47,177
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|31.12.20
Total
funds
£||8|
|---|---|---|---|---|---|---|---|---|
||62,597
500
63,097
9
800
-|||||47,488
800||(311)|
||**NET CURRENT ASSETS**||||||||
|||||500
500||63,897
47,177
63,897
47,177
63,397
47,177
Restricted Fund||47,177|
|||||||||47,177|
||||||||||
|||||**TOTAL FUNDS**|||||
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
IL Circolo - Italian Cultural Association Limited
Balance sheet - continued 31 December 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Ms Simona Spreafico - Trustee
The notes form part of these financial statements
IL Circolo - Italian Cultural Association Limited
Notes to the fnancial statements for the Year Ended 31 December 2021
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.The following specific policies are applied to particular categories of income.
Membership fees - in the accounting year to which the fees relate
Donations - in the accounting year in which they are received or in accordance with the donor's wishes where these have been expressed.
Activities - in the accounting year in which the activity took place
Gift Aid - in the accounting year in which the tax recoveries were received
## **Expenditure**
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
continued...
IL Circolo - Italian Cultural Association Limited
## Notes to the fnancial statements - continued for the Year Ended 31 December 2021
## **2. OTHER TRADING ACTIVITIES**
|**ITIES**|||||
|---|---|---|---|---|
|||31.12.21||31.12.20|
|||£||£|
|||||Bazaar|
|||||Sponsorships|
|||||Fundraisingeve|
||||25,305|1,548|
|||31.12.21||31.12.20|
|||£||£|
|||||Deposit accoun|
|Management|||||
|Other|2|Other 3|Totals||
|£|£|£||£|
|||Support Costs|||
|||Accountancy|||
|29||1,253|4,685|5,967|
## **3. INVESTMENT INCOME 4. SUPPORT COSTS**
**5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
Restricted
fund
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
6,282
Other trading activities
(452)
Investment income
5
**Total**
5,835
**EXPENDITURE ON**
**Charitable activities**
Scholarships
1,501|Total
funds
£
1,000
2,000
-
3,000
2,000|7,282
1,548
5|
|---|---|---|
|||8,835
3,501|
continued...
|Governance Costs
5,292
Donations
2,000
**Total**
8,793|-
1,000
3,000|5,292
3,000|
|---|---|---|
|||11,793|
continued...
IL Circolo - Italian Cultural Association Limited
## Notes to the fnancial statements - continued for the Year Ended 31 December 2021
|**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**|**ACTIVITIES -**|**ACTIVITIES -**|**ACTIVITIES -**|
|---|---|---|---|---|---|
||**continued**|||||
||Unrestricted|||||
|||Restricted||Total||
||fund|funds||funds||
||£|£||£||
||**NET INCOME/(EXPENDITURE)**|(2,958)||-|(2,958)|
||**RECONCILIATION OF FUNDS**|||||
||**Total funds brought forward**|50,135||-|50,135|
||||**TOTAL FUNDS CARRIED**|||
|**7.**|**TANGIBLE FIXED ASSETS**|||||
|||||Plant and||
|||||machinery||
|||||£||
||**COST**|||||
||||||A|
||**DEPRECIATION**|||||
||||||A|
||**NET BOOK VALUE**|||||
||||||A|
||||||A|
|**8.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN**|**ONE YEAR**||||
|||31.12.21||31.12.20||
|||£||£||
||Other debtors|150|||-|
||Prepayments|144|||-|
|||294|||-|
continued...
IL Circolo - Italian Cultural Association Limited
## Notes to the fnancial statements - continued for the Year Ended 31 December 2021
|**9.**|**CREDITORS: AMOUNTS FALLING DUE**|**WITHIN**|**ONE YEAR**|||
|---|---|---|---|---|---|
||||31.12.21|31.12.20||
||||£|£||
||||||Accruals and d|
|**10.**|**MOVEMENT IN FUNDS**|||||
||||Net|||
||||movement|At||
||At 1.1.21||in funds|31.12.21||
|||£|£|£||
||**Unrestricted funds**|||||
||General fund||47,177|16,220|63,397|
||**Restricted funds**|||||
||Restricted Fund||-|500|500|
||||**TOTAL FUNDS**|||
||Net movement in funds, included in the above are as follows:|||||
||Incoming||Resources|Movement||
||resources||expended|in funds||
|||£|£|£||
||**Unrestricted funds**|||||
||General fund||36,006|(19,786)|16,220|
||**Restricted funds**|||||
||Restricted Fund||500|-|500|
||||**TOTAL FUNDS**|||
||**Comparatives for movement in funds**|||||
||||Net|||
||||movement|At||
||At 1.1.20||in funds|31.12.20||
|||£|£|£||
||**Unrestricted funds**|||||
||General fund||50,135|(2,958)|47,177|
||||**TOTAL FUNDS**|||
continued...
IL Circolo - Italian Cultural Association Limited
Notes to the fnancial statements - continued for the Year Ended 31 December 2021
## **10. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement||
|---|---|---|---|---|
||resources|expended|in funds||
||£|£|£||
|**Unrestricted funds**|||||
|General fund||5,835|(8,793)|(2,958)|
|**Restricted funds**|||||
|Restricted Fund||3,000|(3,000)|-|
|||**TOTAL FUNDS**|||
A current year 12 months and prior year 12 months combined position is as follows:
|||Net|||
|---|---|---|---|---|
|||movement|At||
||At 1.1.20|in funds|31.12.21||
||£|£|£||
|**Unrestricted funds**|||||
|General fund||50,135|13,262|63,397|
|**Restricted funds**|||||
|Restricted Fund||-|500|500|
|||**TOTAL FUNDS**|||
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement||
|---|---|---|---|---|
||resources|expended|in funds||
||£|£|£||
|**Unrestricted funds**|||||
|General fund||41,841|(28,579)|13,262|
|**Restricted funds**|||||
|Restricted Fund||3,500|(3,000)|500|
|||**TOTAL FUNDS**|||
Purpose of unrestricted Funds
General
continued...
The Purpose of the fund is to encourage and support Italian cultural activity in this country. It also encourages social relationships within the Italian community in London and provides help and support to its members, particularly those newly arrived in London.
continued...
IL Circolo - Italian Cultural Association Limited
Notes to the fnancial statements - continued for the Year Ended 31 December 2021
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2021.
IL Circolo - Italian Cultural Association Limited
Detailed statement of fnancial activities for the Year Ended 31 December 2021
|Detailed statement of fnancial activities
for the Year Ended 31
December
2021||||
|---|---|---|---|
||31.12.21
31.12.20|||
||£|£||
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
||Donations|||
||Subscriptions|||
||11,200|7,282||
|**Other trading activities**||||
||Bazaar|||
||Sponsorships|||
||Fundraisingevents|||
||25,305|1,548||
|**Investment income**||||
|Deposit account interest||1|5|
|**Total incoming resources**|36,506||8,835|
|**EXPENDITURE**||||
|**Charitable activities**||||
||Advertising|||
||Fundraising -|Christmas Bazaar||
||Fundraising -|advertising||
||Grants to institutions|||
||Grants to individuals|||
||13,819|6,651||
|**Support costs**||||
|**Management**||||
|Sundries||29|24|
|**Other 2**||||
||Accountancy|||
||Subscriptions|||
||Bank charges|||
||1,253|1,298||
|**Other 3**||||
||Insurance|||
||Postage and station|||
||Computer costs|||
This page does not form part of the statutory financial statements
4,685 3,820
This page does not form part of the statutory financial statements
IL Circolo - Italian Cultural Association Limited
Detailed statement of fnancial activities for the Year Ended 31 December 2021
31.12.21 31.12.20 £ £
Total resources expended
## **Net income/(expenditure)**
This page does not form part of the statutory financial statements