Company registered number: 00335703 Charity registered number: 208530
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS (A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Independent examiner's report | 2 |
| Trustees' report | 3 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 24 |
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025
| Trustees | Crispin Salimbeni M.A. Chairman and Treasurer |
|---|---|
| Dr. John Knight B.Vet.Med. M.R.C.V.S | |
| Alison Richards | |
| Catherine Pugsley B.A. | |
| Dr. Malcolm Holliday Med. Vet. M.R.C.V.S. | |
| Susan Tenison-Collins | |
| William Richards M.A. | |
| Company registered number 00335703 Charity registered number 208530 Registered office 6th Floor 2 London Wall Place London EC2Y 5AU Company secretary Andy Geddes Accountants MHA Chartered Accountants 6th Floor 2 London Wall Place London EC2Y 5AU Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Solicitors A. Lutley Springfield Rookery Hill Ashtead Park KT21 1HY Investment managers J.M.Finn & Co 60 Abbeygate Street Bury St Edmunds Suffolk IP33 1LB |
Page 1
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Independent examiner's report to the Trustees of The Anglo-Italian Society for the Protection of Animals ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2025.
Responsibilities and basis of report
As the Trustees of the Charity (and 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 Charity 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 the Charity's accounts 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
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the 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
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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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees 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 and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 25 June 2026
Rajeev Shaunak FCA
MHA, London , United Kingdom
Page 2
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2025 to 31 December 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the 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 (FRS102).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted, and the advantage is taken of small company exemptions in the Trustees report. Trustees of the charity are also the directors of the charitable company.
The trustees are detailed on page 1 and were in place throughout the year.
Objectives and activities
a. Policies and objectives
The objective and purpose of the Charity, as per its Memorandum and Articles, and which is unchanged since the last year, relates to the protection, conservation and welfare of animals in Italy.
The Committee confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.
b. Strategies for achieving objectives
The above objective is achieved by making grants to established organisations in Italy at the discretion of the members of the Executive Committee. Regular visits are made to Italy by the Development Manager to inspect the various projects for which funds have been released and a contemporaneous report is prepared for the Executive Committee. Members of the Executive Committee, as and when deemed necessary, occasionally inspect projects.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The charitable purposes of the Charity are set out in its Memorandum and Articles and are achieved by making grants to established organisations in Italy and are supported by regular visits to inspect the various projects under way.
Page 3
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance
a. Main achievements of the Charity
During the last year, we have continued to develop our activities in Italy and have been able to support 25 Projects. Our contributions to these Projects have taken the form of grants to fund animal shelters, sterilisation programmes, campaigns against cruelty and the provision of medicines and surgical equipment.
Some particular highlights of our funding enabled us to support the bear project Salviamo l’orso in Pettorano Sul Gizio install a new style of non-lethal predator deterrent, the Solar-powered FoxLights®. A FoxLight is a lightemitting device that gives the perception of human presence by light flickers once triggered by increased levels of darkness. The irregularity of the flickering light can prevent the habituation and learning behaviours in brown bears. A light typically has a radius of 2km, allowing for large areas to be protected. We were able to help the dog shelter Lega Nazionale per la difesa degli Animali (LNDC) in Palermo to further improve their facility by upgrading the electrical circuits and the floors of the infirmary room.
In April we sent out our Annual Appeal to members which raised sufficient donations to fund all six issues that we had identified in need of particular support. These included support in creating a specific area on her site for rescued cats at Little Friends in Caprese Michelangelo; help in purchasing more surgical tools and an air purifier unit at Liberi Di Volare in Trieste.
As always, AISPA's veterinary representatives in Italy – Dr Dorothea Friz, Dr Lucia Pinaglia and Dr Maira Sgueglia have been able to offer their advice and support to the Projects throughout the year. We are immensely grateful to them and to all the people who run the animal welfare projects.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Financial review
The Charity’s financial activities resulted in a surplus of £212,251 (2024: £108,949).
During the year, grants of £111,334 (2024: £115,949) were paid to organisations to further the objects of the Charity.
The increase in the value of the listed investments, including the profit on disposal of investments was £166,549 (2024: £84,920).
The level of accumulated funds held at the year end was £2,231,542 (2024: £2,019,291).
Page 4
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
c. Reserves policy
It is the aim of the Charity to expend all of its incoming resources each year on its charitable activities while retaining reserves which have been built up over prior years. The purpose of these reserves is to generate income which forms part of the Charity’s incoming resources and to enable it to continue its charitable support if in any year its incoming resources should reduce.
d. Principal funding
The principal funding sources for the Charity are currently by way of legacies, investment income, donations, subscriptions and gift aid.
e. Material investments policy
The investments managed by J.M. Finn & Co. are held to generate income in pursuance of the Charity’s objectives and for the benefit of appreciation in value.
Structure, governance and management
a. Constitution
The Charity is registered as a Charitable Company limited by guarantee and was set up under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Association.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Policies adopted for the induction and training of Trustees
Most Trustees are already familiar with the practical work of the Charity, having been involved with it for many years.
A new Trustee would be invited to attend short meetings to familiarise him/herself with the Charity and the context in which it operates. This would be lead by the Chairman of the Executive Committee and would cover:
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The obligations of Executive Committee members.
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The main documents that set out the operational framework for the Charity.
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Resourcing and the current financial position as set out in the audited accounts.
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Future plans and objectives.
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Ongoing Trustee training is undertaken through Charity Commission Updates.
d. Pay policy for key management personnel
The Trustees consider that the Board, Chairman and Secretary comprise the key management personnel of the charity. All Trustees give up their time freely and no Trustee received any remuneration in the year. The remuneration of senior staff is reviewed annually, with the Trustees referring to the Office for National Statistics average wage index.
Page 5
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Structure, governance and management (continued)
e. Organisational structure and decision making
At present the Executive Committee meet four times a year and are responsible for the strategic direction and policy of the Charity. They have a variety of professional backgrounds relevant to the work of the Charity. All members are actively involved and strive to ensure with a common purpose that the Charity’s objectives are met.
f. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The principal risk continues to be financial sustainability and maintenance of working capital. Attention has been focused on robust investment policies and fundraising policies.
Risk has been considered with regard to the Charity Commission's guidelines set out in their publication CC26.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The Trustee's report has been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Page 6
THE ANGL¢>ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS IA company limited by guarantsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 31 DECEMBER 2025 Crispin Salimbeni AIA (Chair of Trustees) Date.. I iffti 2ts1 Page 7
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5,6 Charitable activities Total expenditure Net income before net gains on investments Net gains on investments 13 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 270,319 55,886 326,205 106,769 173,734 280,503 45,702 166,549 212,251 2,019,291 212,251 2,231,542 |
Total funds 2025 £ 270,319 55,886 326,205 106,769 173,734 280,503 45,702 166,549 212,251 2,019,291 212,251 2,231,542 |
Total funds 2024 £ 260,196 52,729 312,925 |
|---|---|---|---|
| 103,163 185,733 288,896 |
|||
| 24,029 84,920 108,949 |
|||
| 1,910,342 108,949 2,019,291 |
The Statement of financial activities includes all gains and losses recognised in the year.
All activities relate to continuing operations. All income and expenditure was allocated to/ from unrestricted funds in the prior year.
The notes on pages 10 to 24 form part of these financial statements.
Page 8
THE ANGL04TALIAN SOCIETY FOR THE PROTECTION OF ANIMALS IA company limited by guarant•el REGISTERED NUMBER: 00335703 BALANCE SHEET AS AT 31 DECEMBER 2025 2026 2024 No1• Fix•d assets Tangle assets Investments 12 136 13 1.950,134 1.824,477 1,950,270 1,824,681 Curr•nt as1$ Oebtors 14 8.492 283,999 5.880 799.910 Cash at bank ar in hand 292,491 205,790 Curr•nt liabilbti•s Credit$.. amounts fallng due within year 15 (11,2191 (11, 180) N•t curr•nt Ms•t 281,272 194,610 Total n•t 1231,542 2,019,291 Charity funds Unieslricted luThJ8 16 2.231,S42 2,019.291 Total lund$ 2,231,$42 2,019,291 The Charity was entiUe<l to ex•mptpJ) 4Jit der seclion 477 of the CoMpanS Act 2006. The members have I1 requifed Ihe c(¥npany to obtain an aj11 the )ear in in a¢dance wrth section 476 of CoMpanS Act 20(. The TTU$tees 0¢kntyedge their responsbilitres for eompfymg wth the requirements of the Act vAth respect to accounting records arKI prepafal of financial 3talements. The finanoal stslements have been prepared in xcordance with the proViSiL$ apICable to enlilies subj'eol to the small companies regime. rinanclal 8latements weve ap[e aTrJ aUtISe4 fLY issue by thè Trustees and signed on their behaw by.. Crispin Salimbeni MA Ichair of Trustees) Date.. Iiqi4 M A? 2JE The notes on pages 10 to 24 fofft part of these finaal staternents. Page 9
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. General information
The Anglo-Italian Society for the Protection of Animals is a charitable company limited by guarantee, incorporated in England (company registration number 00335703) and a charity (charity registered number 208530) registered with the Charity Commission in England and Wales.
The address of the registered office is given in the Charity information on page 1 of these financial statements.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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) and the Companies Act 2006.
The Anglo-Italian Society for the Protection of Animals meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, the functional currency, rounded to the nearest £1.
2.2 Going concern
The financial statements have been prepared on a going concern basis. The trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
Page 10
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
Donations are included when the Charity has an unconditional entitlement to the income. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure and support cost allocation
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities as the proportion of total direct expenditure per project.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 11
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Accounting policies (continued)
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 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.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £50 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
- Office equipment 33.33% reducing balance
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 12
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Accounting policies (continued)
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.12 Financial instruments
The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 14. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 15. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
2.13 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.
2.14 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 13
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Accounting policies (continued)
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
2.16 Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
No significant judgements have been made by management in preparing these financial statements other than in the consideration of the useful life of tangible fixed assets. The trustees consider that the expected useful lives of the assets are fairly stated.
3. Income from donations and legacies
| Unrestricted funds 2025 £ Donations 45,842 Legacies 224,477 270,319 Total 2024 260,196 |
Total funds 2025 £ 45,842 224,477 270,319 260,196 |
Total funds 2024 £ 74,812 185,384 260,196 |
|---|---|---|
Page 14
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. Investment income
| Unrestricted funds 2025 £ Investment income from listed investments 52,778 Bank interest receivable 3,108 55,886 Total 2024 52,729 |
Total funds 2025 £ 52,778 3,108 55,886 52,729 |
Total funds 2024 £ 51,343 1,386 52,729 |
|---|---|---|
5. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2025 £ Light and heat 50 Telephone and postage 2,504 Printing and stationery 5,948 Publicity 12,031 Staff costs 74,848 95,381 |
Total funds 2025 £ 50 2,504 5,948 12,031 74,848 95,381 |
Total funds 2024 £ 1,284 2,515 5,921 12,420 72,716 94,856 |
|---|---|---|
Page 15
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. Investment management costs
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Investment management fees | 11,388 | 11,388 | 8,307 |
7. Analysis of expenditure by activities
| Refuges for cats and dogs Bird and wildlife conservation Birth control campaign Campaign against cruelty Refuges for cats and dogs Bird and wildlife conservation Birth control campaign Campaign against cruelty |
Grant funding of activities 2025 £ 67,808 18,660 7,072 17,794 111,334 Grant funding of activities 2024 £ 74,745 17,501 6,702 17,001 115,949 |
Support costs 2025 £ 56,232 2,644 1,002 2,522 62,400 Support costs 2024 £ 62,443 3,147 1,047 3,147 69,784 |
Total funds 2025 £ 124,040 21,304 8,074 20,316 173,734 |
|---|---|---|---|
| Total funds 2024 £ 137,188 20,648 7,749 20,148 185,733 |
Page 16
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Office rent Italy inspections Governance costs |
Refuges for cats and dogs 2025 £ 11,947 648 1,265 42,372 56,232 |
Bird and wildlife conser- vation 2025 £ 2,279 124 241 - 2,644 |
Birth control campaign 2025 £ 864 47 91 - 1,002 |
Campaign against cruelty 2025 £ 2,174 118 230 - 2,522 |
Total funds 2025 £ 17,264 937 1,827 42,372 62,400 |
|---|---|---|---|---|---|
Page 17
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Staff costs Office rent Italy inspections Governance costs |
Refuges for cats and dogs 2024 £ 10,907 1,475 1,229 48,832 62,443 |
Bird and wildlife conservation 2024 £ 2,517 341 289 - 3,147 |
Birth control campaign 2024 £ 839 112 96 - 1,047 |
Campaign against cruelty 2024 £ 2,517 341 289 - 3,147 |
Total funds 2024 £ 16,780 2,269 1,903 48,832 69,784 |
|---|---|---|---|---|---|
8. Governance costs
| Legal and professional fees Independent examiner's fees Representations and travel Accountancy fees Payroll Office equipment maintenance Depreciation Insurance Office rent Exchange (gain)/ loss Bank charges Staff costs |
2025 £ 1,570 7,467 2,470 3,333 504 311 68 501 3,748 (1,162) 544 23,018 42,372 |
2024 £ 1,280 6,914 3,646 3,086 697 553 103 314 9,162 229 374 22,496 48,854 |
|---|---|---|
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THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. Grants paid to institutions
| Follonica - Associazione "Gli aMici di Mariella" Rome - Verano Cemetery -Association Animal Welfare Venice -The Anglo-Venetian Group for the Protection of Stray Animals Trieste - Liberi di Volare Cecina -Associazione Mici Felici Cremona -Associazione Protezione Animali Pisa - Assoc. Gatti Mammoni Montecatini Terme-Cats Onlus Faenza -Ente Nazionale Protezione Animali Palermo, Sicily - EDIGA Taormina -Almagea ODV Castiglione Del Lago - Dr Maira Sgueglia Fano Assoc. Il Graffio Montaione - Italian Horse Protection Association Palermo, Sicily -Lega Nazionale per la Difesa del Cane Olbia, Sardinia - Lega Italiana dei Diritti dell Animale Sassari, Sardinia -Lega Italiana dei Diritti dell' Animale Castel Volturno - Lega Pro Animale & Mondo Animale Onlus LIPU UK Pescara -Salviamo l'Orso Rome - Torre Argentina Sanctuary Trieste- IL Gatille Onlus Venice -Breda Sterle Cosenza -Invisibli ODV Caprese Michelangelo -Little Friends |
2025 £ 6,000 8,000 9,000 7,500 2,000 500 6,000 - 500 8,500 2,500 - 4,500 17,000 7,000 250 5,084 4,000 4,000 7,000 8,000 - 500 2,500 1,000 111,334 |
2024 £ 6,000 8,000 9,000 6,500 2,500 500 6,500 1,200 750 7,500 2,500 - 4,250 17,000 7,000 250 8,000 5,000 4,000 7,000 9,000 - 500 2,500 499 115,949 |
|---|---|---|
Page 19
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. Staff costs
| Wages and salaries Social security costs Pension costs |
2025 £ 112,897 1,309 923 115,129 |
2024 £ 106,981 3,974 914 |
|---|---|---|
| 111,869 |
The average number of persons employed by the Charity during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Administrative staff | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel are considered to be the Trustees and the company secretary. The aggregate of amounts paid to key management personnel in the year ended 31 December 2025, including gross salary, employer’s national insurance and employer’s pension contributions, was £60,264 (2024: £53,521).
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 December 2025, expenses totalling £ NIL were reimbursed to Trustees (2024: £ NIL).
Page 20
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 12. Tangible fixed assets Cost or valuation At 1 January 2025 At 31 December 2025 Depreciation At 1 January 2025 Charge for the year At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 |
Office equipment £ 11,748 |
|---|---|
| 11,748 | |
| 11,544 68 |
|
| 11,612 | |
| 136 | |
| 204 |
Page 21
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 13. Fixed asset investments Cost or valuation At 1 January 2025 Additions Disposals Revaluations At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 14. Debtors Due within one year Other debtors 15. Creditors: Amounts falling due within one year Other creditors Accruals |
2025 £ 8,492 8,492 2025 £ 587 10,632 11,219 |
Listed investments £ 1,824,477 159,775 (200,667) 166,549 1,950,134 1,950,134 1,824,477 2024 £ 5,880 5,880 2024 £ 548 10,632 11,180 |
|---|---|---|
Page 22
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2025 | Income | Expenditure | (Losses) | 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 2,019,291 | 326,205 | (280,503) | 166,549 | 2,231,542 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,910,342 | 312,925 | (288,896) | 84,920 | 2,019,291 |
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Tangible fixed assets 136 Fixed asset investments 1,950,134 Current assets 292,491 Creditors due within one year (11,219) Total 2,231,542 |
Total funds 2025 £ 136 1,950,134 292,491 (11,219) 2,231,542 |
|---|---|
Page 23
THE ANGLO-ITALIAN SOCIETY FOR THE PROTECTION OF ANIMALS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 204 1,824,477 205,790 (11,180) 2,019,291 |
Total funds 2024 £ 204 1,824,477 205,790 (11,180) 2,019,291 |
|---|---|---|
Page 24