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2020-12-31-accounts

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Registered Company No: 90531 Registered Charity No: 212692

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

I N D E X

Page Number

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRUSTEES AND ADVISERS

Patron

His Royal Highness The Prince of Wales

Committee Sir Ivor Roberts KCMG, FCIL Mrs Virginia Murray Professor Duncan Wu Mr David Leigh-Hunt Mr Charles Cary-Elwes Lord James Abinger Mr Joe Bates Mrs Margaret Behan Ms Sue Bradbury The Hon Mrs Harriet Cullen Lady Caroline Egerton Ms Margaret Fergusson Mr Anthony Gardner Mr Angus Graham-Campbell Dr James Grande Ms Deborah Hodges Mr Richard Dunn The Earl of Woolton

Hon Chairman Hon Co-Vice-Chairman Hon Co-Vice-Chairman Hon Company Secretary Hon Treasurer

Resigned 21[st] September 2021

Resigned 14[th] June 2021

Sub-Committee (Rome)

Mr Richard Dunn Professoressa Maria Valentini Amb. Jill Morris CMG Dott.ssa Alessandra Giovenco Mr David L J Stainer Professor Jeffrey N Blanchard Dott.ssa Rita Cassano Avvocato Antonello Corrado Architetto Roberto Einaudi Mr Rodney Ford Ms Rachel Launay Professor Stephen Milner Ms Elizabeth Rodini Dott.ssa Mary Venturini

Hon Chair (until 14[th] June 2021)

Hon Co-Chair Hon Vice-Chair (until 14[th] June 2021) Hon Treasurer

Resigned 14th June 2021 Appointed 27[th] January 2020 Resigned 22nd October 2020

Curator of the Museum

Dr. Giuseppe Albano Assistant Curator of the Museum Luca Caddia Editor of the Review Dr. James Grande Friends Secretary James Kidd

Page 1

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (continued)

Company Registration Number 90531

Charity Registration Number 212692

Website addresses www.keats-shelley.co.uk www.keats-shelley.com www.keats-shelley-house.org

Registered Office

11 Staple Inn London WC1V 7QH

Investment managers

S mith & Williamson 25 Moorgate London EC2R 6AY

Bankers (UK) Barclays Business Centre 28 Hampstead High Street London NW3 1QB

Bankers (Italy) Banca Intesa Spa Roma- P Spagna, Piazza di Spagna 18 00187 Roma Italia

Registered Auditors Topaz Solutions Limited 5 Giffard Court Millbrook Close Northampton NN5 5JF

Page 2

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE CHAIRMAN

FOR THE YEAR ENDED 31 DECEMBER 2020

While our Keats-Shelley Bicentenary inaugural event at the Italian embassy in February 2020 got us off to a splendid start, our plans for the two bicentenaries programmes have been consistently and frustratingly derailed. It calls to mind Rabbie Burns’ celebrated dictum “the best-laid plans o’ mice an’ men gang aft agley”. (Keats of course visited both Burns’ birthplace and mausoleum (in reverse order) in the course of his Northern walking tour in 1818.)

The first event to be impacted by the pandemic was the Keats- Shelley prize, the 23rd iteration of the original award and the 5th year of the Young Romantics prize. The plan for a live event on 27 April had to be abandoned. Instead, on the appointed day, we were limited to announcing the prize-winners and reading/hearing the judges’ comments. I’d like to express the warmest of thanks to the judges Will Kemp and Deryn Rees-Jones and of course our guest judge, Simon Barnes, for their hard work and commitment. No mean task given the number of entries. We are much indebted to them.

Simon Barnes gave an excellent short talk, complete with birdsong accompaniment, which was made available via the Website - prizes section and the winning poems were beautifully read by Will Kemp and (in Deryn's absence through illness) by Dinah Roe.

The numbers of entries were again really impressive and the overall standard remarkably high. While we don’t share the Dodo’s belief in Alice in Wonderland that all should have prizes, I do hope that all who entered this year will do so next. The huge publicity generated by the Keats’ bicentenary should ensure that the rapid growth in the number of entries is sustained. The prospect of being a Young Romantic has never been more challenging or inspiring.

While the prize event had to be radically reshaped, it was handled with superb skill and dedication by Sue Whitley and her co-workers. The adverse circumstances could not have been handled with greater aplomb. As the year advanced but the pandemic refused to disappear, a succession of events had to be abandoned or postponed. Debbie Hodges and Joe Bates of the Bicentenaries sub-committee have performed heroically in dealing with the many challenges thrown up by the frequent postponements and cancellations.

If, like so many other bodies in the cultural field, we have been unlucky in the impact the pandemic has had on our celebrations, we can at least be grateful for the way we have been able to use digital and virtual technology to bring some of our events to a wide audience despite the physical limitations imposed by the health crisis. The Keats-Shelley House has held a remarkable series of events and virtual tours despite having had to close its doors twice in the period from spring 2020 to spring 2021. It is hard to overstate the energy and inventiveness of Giuseppe Albano and his team in presenting a programme which has gone a long way to compensate for the absence or reduced scale of physical events.

Nowhere was this better illustrated than in the programme of events on the 200th anniversary of Keats’ death, the 23rd February. To pick a few at random, from flowers laid on his tomb and readings of his poems in the morning of the proceedings at the cimitero acattolico to the performance of ‘Writ in Water’ by my fellow Trustee Angus Graham-Campbell to a virtual CGI Keats reading ‘Bright Star’ commissioned from the Institute of Digital Archaeology to a video story on the death of Keats narrated by Bob Geldof, the range of events was stunning. The media reporting and public interest were remarkable and Keats looking down from the poets’ Elysium would surely have had to concede that his name, 200 years on, is anything but ‘writ in water’.

Page 3

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE CHAIRMAN

FOR THE YEAR ENDED 31 DECEMBER 2020

We have been delighted to welcome two new Trustees, Reeta Chakrabarti and Sheba Morabito to our ranks. Both bring a wealth of knowledge and experience of our poets to enrich our deliberations. We also warmly welcome Alessandra Giovenco, the archivist of the British School at Rome, as the new chair of the Rome committee. She succeeds the indefatigable Richard Dunn, who, I am delighted to say, has agreed to continue to serve on the Rome Committee.

We have benefitted not for the first time, from the generosity of the John Murray Charitable Foundation and from Lord Abinger in donations both financial and in kind. The Rome House will be enriched by them both. We can only hope that the remaining weeks of the Keats’ year and the Shelley bicentenary next will allow us to fulfil many if not all of the programmed events which have had to be held over.

Sir Ivor Roberts KCMG, FCIL Chairman

21[st] September 2021

Page 4

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE COMMITTEE

The Committee is pleased to present its report (which is also the Director’s Report under company law) and Financial Statements for the year ended 31 December 2020, comprising the Statement of Financial Activities, the Balance Sheet and the Notes to the Financial Statements.

The Financial Statements have been prepared under the Charities Act 2011, the Companies Act 2006 and the Charities SORP (FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Objectives and Activities of the Association

These are (i) to facilitate appreciation of the works of the two Poets John Keats and Percy Bysshe Shelley and their circle, especially those associated with Italy, (ii) to keep the House at 26 Piazza di Spagna, Rome as a memorial to them by way of a museum and library available to the public, (iii) to preserve books and articles linked to the two Poets, (iv) to care for the graves in Rome of the two Poets and their associates and (v) generally to preserve the memory and works of the two Poets and their circle.

The House is open to the public six days a week, including public holidays except Christmas Day. It performs an educational and cultural role in the life of Rome and those associated with Italy interested in English literature. It receives an increasing number of visitors, particularly school parties. Visitors have the benefit of a detailed description of the life and works of the Poets aided by a trail devised in collaboration with the British Council in Rome, together with two specially commissioned films “Go Thou to Rome” and “A Walk through the Keats-Shelley House” on the history of the House and the Association.

In the U.K., the Committee publishes the Association’s bi-annual journal ‘The Review’ and periodic newsletters. It organises events in the form of lectures, poetry-readings and dramatic presentations. Included in these is an annual poetry and essay writing competition with a presentation of awards at the Keats-Shelley Prize event and the Young Romantics Prize event, both at an annual ceremony in London.

The Committee have had regard to the Charity Commission’s guidance on public benefit and are satisfied that the activities as stated above further the charity’s purposes for the public benefit.

Financial Review

The income and expenditure for the year is shown on Page 9 of the attached Financial Statements. The principal sources of funds continue to be income from visitors to the House in Rome, rental income, investment income and donations and subscriptions from Friends.

Since 2019 the Trustees have had to meet the challenge of a shortfall in income derived from part of the House in the form of rental following vacancy. Progress has now been made towards an alternative form of income in that respect. It is expected that this will produce an income that will have a significant effect on redressing the shortfall.

In 2020/2021 like other institutions in Italy the House has suffered greatly due to lockdown following the pandemic. This has had a big impact on footfall through the museum but due to the conscientious and innovative hard work of the Curator and his staff a great deal has been achieved by them using digital and other electronic technology to foster the interest of the public and preserve the memory of the Poets.

The principal expenditure during the year under review comprises costs for the staffing, maintenance and running of the House in Rome to enable the Charity to continue to meet its principal stated objectives.

Page 5

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE COMMITTEE (continued)

Achievements and Performance

The achievements and performance for the year have been summarised in the Report of the Chairman on Pages 3 to 4.

Future Activities

The Committee continues to focus on the stated objectives of the Charity and is committed to reviewing and developing existing activities and strategies to meet these objectives. In 2019, work has commenced on KS200 – a rich programme of events, exhibitions, scholarships and activities in the UK and Italy to commemorate the bicentenaries of Keats’ and Shelley’s deaths in 2021 and 2020.

The Committee is currently engaged in exploring future funding opportunities, adding to the Museum Collection and seeking to enhance and grow the membership and Friends of the Association.

Investments

The Committee of Trustees has authority under the Articles of Association to undertake investments. Investment policy and strategy is determined and reviewed on a regular basis by the Investment Committee, a sub-committee of Trustees and co-opted members with appropriate knowledge and experience.

Reserves Policy

Unrestricted funds, which are the free reserves of the Charity, comprise the revaluation reserve, designated funds and operating fund of the Charity. It is the policy of the Charity to maintain the operating fund at a level that equates to approximately 12 months unrestricted expenditure, to provide sufficient funds to cover all relevant costs and to see all existing activities through to a satisfactory conclusion. The Trustees monitor the unrestricted funds on an ongoing basis and, on an annual basis, they review the reserves policy, including the level of reserves held. The Committee recognises that the operating fund exceeds the desired level; funds are being retained in anticipation of planned Bi Centenary celebrations of the Poets from 2020 - 2022, which will be in part funded by the Association.

Structure, Governance and Management

The Association is an English registered not for profit company with a Memorandum and Articles of Association and in Italy enjoys the status of an ‘ente morale’ under of a decree of King Victor Emmanuel II in August 1907. The Association was registered there as a ‘persona giuridica’ in March 1999.

The Committee in England comprises the Directors of the Association, which was founded in 1903 and has been incorporated in England as a Company limited by guarantee since 1906. The Association is a registered Charity in England and members of the Committee are Trustees of the Charity. The Committee comprises elected members whilst Members of the limited company are co-opted. New trustees are elected and trained by the existing Committee. The Committee convenes for a minimum of four meetings per year at which matters requiring formal decision are decided by vote. There is a Sub-Committee in Rome which has “handson” care of the House in Rome and supervises the Curator, the assistant Curator and the staff employed there. The constitution of the Sub-Committee was established in 1903 and reflects the tripartite contribution to the care of the Memorial by British, Americans and Italians. The Chairman of the Rome Sub-Committee is exofficio a member of the Committee of Trustees. The Rome Sub-Committee includes the current British and American Ambassadors in Rome as ex officio members.

The members of the Committee (the Directors of the Association) and the Rome Sub-Committee are set out on page 1.

Page 6

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE COMMITTEE (continued)

AGM and Auditors

The Association’s AGM is held in September each year with the financial year ending on 31st December. The appointment of the Auditors is considered annually at the AGM and at any time as appropriate during the financial year.

Statement of Committee’s Responsibilities

The Committee (which comprises the Trustees of the Association and the Directors of the Charitable Company for the purposes of company law) is responsible for preparing the Annual Report and Financial Statements in accordance with applicable English law and regulations.

Company law requires the Committee to prepare Financial Statements for each financial year. Under that law, the Committee must prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Committee 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 Association and of the incoming resources and application of resources, including the income and expenditure, of the Association for that period.

In preparing these Financial Statements, the Committee are required to:

The Committee is responsible for keeping adequate accounting records that are sufficient to shoe and explain the Association’s transactions and disclose with reasonable accuracy the financial position of the Association and which enable them to ensure that the Financial Statements comply with the Companies Act 2006. The Committee is also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Committee confirms that so far as it is aware, there is no relevant audit information (as defined by Section 418(3) of the Companies Act 2006) of which the Association’s Auditors are unaware. The Committee Members have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Association’s Auditors are aware of that information.

On behalf of the Committee

Mr David Leigh-Hunt Hon Secretary

Date: 21[st] September 2021

Page 7

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

Opinion on Financial Statements

We have audited the Financial Statements of Keats-Shelley Memorial Association (Incorporated) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet and Notes to the Financial Statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”(United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Chairman’s Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance or conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) (continued)

Opinion on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to Report by Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 6, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body for our audit work, for this report or for the opinions we have formed.

Vanessa Graham BSc FCA

Senior Statutory Auditor

For and on behalf of Topaz Solutions Limited

Chartered Accountants and Statutory Auditors

5 Giffard Court Millbrook Close Northampton NN5 5JF

Date: 30[th] September 2021

Page 10

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Unrestricted
Funds
Restricted
funds
£
£
Incoming resources
2
Income and endowments from:
Donations and legacies
56,989
13,700
Charitable activities
3
30,615
-
Investment income
4
275,614
-
__
_
Total
363,218
13,700
_
__
Resources Expended
Expenditure on:
Raising funds
5
57,475
-
Charitable activities
6
346,998
13,700
_
_
Total resources expended
404,473
13,700
_
___
Net outgoing resources before other recognised
gains and losses
(41,255)
-
Gains/(losses) arising in the year
Realised (losses)/gains on investments
(2,669)
-
Unrealised (losses)/gains on investments
21,423
-
Unrealised gains on heritage assets
112,325
-
_
_
Net movement in funds
89,824
-
Total funds brought forward
5,872,926
105,740
_
_
Total funds carried forward
5,962,750
105,740
___
______		 Year Ended
31 December
2020
£
70,689
30,615
275,614
__
376,918
_
57,475
360,698
___
418,173
__
(41,255)
(2,669)
21,423
112,325
_
89,824
5,978,666
_
6,068,490
___ _____		 Year Ended
31 December
2019
£
11,656
139,340
248,270
__
399,266
_
60,823
384,664
___
445,487
__
(46,221)
9,534
85,524
-
_
48,837
5,929,829
_
5,978,666
___ _____

The surplus for the year for Companies Act purposes comprises the net incoming resources of unrestricted funds for the year plus realised and unrealised gains and losses on investments and is a deficit of £(41,255) (2019: £(46,221)

The accompanying notes on pages 13 to 22 form part of these Financial Statements.

Page 11

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed Assets
Heritage assets
9
Tangible fixed assets
10
Investments
11
Current Assets
Stock of merchandise
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one yea
Creditors and accruals
13
Net Current Assets
Provision for Liabilities
Rome employee leaving entitlement
14
Net Assets
Restricted funds
15
Endowment fund
Unrestricted funds
16
Operating fund
Designated funds
Revaluation reserve		 31 December 2020
£
£
4,953,150
238,902
821,164
__
6,013,216
30,793
72,578
111,869
__
215,240
r
(107,572)
_
107,668
__
6,120,884
(52,394)
__
6,068,490
___
105,740
664,902
642,640
4,655,208
___
5,962,750
__
6,068,490
________		 31 December 2019
£
£
4,815,825
198,112
841,340
__
5,855,277
30,383
50,974
172,742
__
254,099
(87,855)
_
166,244
__
6,021,521
(42,855)
__
5,978,666
___
105,740
653,855
642,640
4,576,431
___
5,872,926
__
5,978,666
________

The Financial Statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Committee on 21[st] September 2021

C Cary-Elwes Honorary Treasurer

The accompanying notes on pages 13 to 22 form part of these Financial Statements.

Page 12

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

The Financial Statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom and with the Charities SORP (FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, including the early adoption of the Amendments to FRS 102 issued February 2016. The Association has taken advantage of the exemption contained in the Amendments to FRS 102 and has not prepared a Cashflow statement.

In common with many other Charities of our size and nature, the Committee uses the Auditor to assist with the preparation of the Financial Statements.

The Financial Statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain fixed assets using the following policies:

a ) Income and Expenditure

The Financial Statements have been prepared on the accruals basis, except that donations and legacies are accounted for when their receipt can be ascertained with certainty.

b ) Fixed Assets

Keats-Shelley Memorial House and the Museum contents are considered heritage assets and are stated in the balance sheet at an attributed value based on the insured value of the assets which, in the opinion of the Committee, is the most appropriate representation of fair value. At the last valuation, the House was insured for €3.34m, an equivalent of £2.45m as at the valuation date. The Museum Collection in the House was insured for a value of £2,365,825 as at April 2019.

The House is an 18th Century Palazzo in the centre of Rome and must be maintained in conformity with planning regulations and architectural requirements for listed buildings specified by the appropriate public authorities in Italy. The building is maintained, the cost of maintenance charged to the statement of financial activities such that, in the Committee’s opinion, the residual value of the property based on prices prevailing at the time of valuation is at least equal to the carrying value in the balance sheet. Accordingly, any depreciation charge would not be material.

Other fixed assets are capitalised and stated at cost less an annual depreciation charge to write off the cost less the estimated residual value of the asset over their useful economic lives as follows: -

Improvements to freehold property – 5% on cost Fixtures, fittings and computers – 20 % on cost

c) Investments

Investments comprise quoted investments stated at their mid-market price at the balance sheet date. Gains and losses on revaluation are reported in the statement of financial activities.

d) Stocks of Merchandise

Stocks of merchandise held at the year-end are stated at the lower of cost and net realisable value.

Page 13

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (continued)

e) Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the year-end rate of exchange. Tangible fixed assets are translated at their historical cost.

Transactions in foreign currencies are translated at the average rate of exchange for the year under review. Exchange differences are taken to the Statement of Financial Activities.

f) Pension Costs

The Association contributes to an Italian pension scheme on behalf of its employees. The pension scheme is a defined contribution scheme and the charge recognised within the Statement of Financial Activities is equal to the contributions payable to the scheme for the year.

g) Taxation

As a registered Charity, the Association is exempt from certain elements of UK Corporation Taxation. It is not registered in the UK for Valued Added Tax and accordingly the cost of this tax is written off as part of the expenditure to which it relates. The Association is registered for all necessary taxes in Italy.

h) Support Costs

Support costs (note 7), excluding salary costs, are allocated annually as a proportionate cost of the total cost of raising funds and charitable expenditure. The allocations for 2020 and comparative figures for 2019 have been calculated as:

Raising funds 5% (2019 – 6%) Charitable activities 95% (2019 – 94%)

Salary costs which are not directly attributable to an activity, are allocated based on estimated time spent on the activities of the Association as follows:

Raising funds 50% (2019 – 50%) Charitable activities 50% (2019 – 50%)

2. INCOME

Total income of £376,918 (2019 - £399,266) includes £317.898 (2019 - £363,574) derived from operations in Italy and £59,019 (2019 - £35,692) derived from the UK.

Page 14

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Museum admission fees
Sales of books, bulletins and souvenirs
Other income from charitable activities
4.
INCOMING RESOURCES FROM INVESTMENTS
Rental income
Dividends and interest
5.
COSTS OF RAISING FUNDS
Membership costs
Fundraising, advertising and PR
Website costs
Exhibitions & events
Rental property expenses
Support costs (note 7)		 Year Ended
31 December
2020
£
9,566
17,866
3,183
__
30,615
____		 Year Ended
31 December
2020
£
9,566
17,866
3,183
__
30,615
____
2020
£
261,572
14,041
__
275,613
____
2020
£
5,152
889
3,639
9,212
1,308
37,275
_
57,475
_

Page 15

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

6. COSTS OF CHARITABLE ACTIVITIES

Appreciation and preservation of the works of Keats
Acquisition and maintenance costs of
works and exhibits
KS200 Bi centenary
Newsletter & Review
Competition costs
Sponsorship & bursaries
Costs of merchandise
Irrecoverable VAT
Maintenance and running of Keats-Shelley House a
Wages & salaries
Museum Guides
Utilities
Maintenance, cleaning & security
Insurance costs
Other Museum running expenses
Professional fees
Depreciation on improvements, fixtures &
fittings
To care for the graves in Rome:
Cemetery costs
Support costs (note 7)
Italian corporation tax
Exchange loss
Total resources expended on charitable activi
Restricted expenditure included in the above c
KS200 Bi Centenary
Competition costs		 Year Ended
31 December 2020
£
£
& Shelley and their circle:
-
29,332
3,395
12,374
1,500
-
766
__
47,367
s a museum:
92,452
30,858
15,350
9,829
9,641
10,090
-
47,260
_
215,480
411
75,707
20,665
1,068
___
ties
360,698
__
omprises:
£
6,700
7,000
__		 Year Ended
31 December 2019
£
£
-
26,196
198
19,134
600
14,720
3,229
__
64,077
102,354
26,865
15,760
8,747
9,436
9,429
2,214
40,046
_
214,851
458
86,337
18,258
683
___
384,664
__
£
-
4,000
__

Page 16

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

7. SUPPORT COSTS

Salaries and wages
Professional advisers
Investment management fees
Travel and subsistence
Donations & gifts
Administration expenses
Bank charges and interest		 Year Ended
31 December 2020
Raising
Funds
Charitable
Activities
£
£
34,716
34,717
1,791
28,066
402
6,304
110
1,718
-
886
197
3,091
59
925
_
_
37,275
75,707
_
_		 Year Ended
31 December 2019
Raising
Funds
Charitable
Activities
£
£
34,834
34,834
1,538
24,092
440
6,887
936
14,667
-
807
207
3,246
115
1,804
_
_
38,070
86,337
_
_

Auditors remuneration included in professional advisers fees amounts to £4,200 (2019 – £4,200).

8. COMMITTEE AND EMPLOYEES

No members of the Committee received or were entitled to receive any remuneration.

Committee expenses

During the year 4 (2019 – 10) members of the Committee had expenses
reimbursed for printing, stationery, telephone, postage, travel &
subsistence of:		 Year Ended
31 December
2020
£
1,043
__		 Year Ended
31 December
2019
£
8,079
__

The average monthly number of persons employed by the Association during the year was 6 (2019 - 6). All these people are employed at the House in Rome.

There is one employee earning over £60,000 (2019 - one).

Page 17

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

9. HERITAGE ASSETS
Keats-Shelley
House
£
Valuation
Valuation Brought Forward
2,450,000
Addition
-
Revaluation
-
__
Valuation Carried Forward
2,450,000
__		 Museum
Collection
£
2,365,825
25,000
112,325
__
2,503,150
__		 Total
£
4,815,825
25,000
112,325
__
4,953,150
_____

Additions comprise a gift of manuscripts to the Museum Collection. The gift forms part of a larger gift previously loaned to the House, comprising books and a slope of Mary Shelley, which are already contained in the valuations of the Museum Collection brought forward.

10. TANGIBLE FIXED ASSETS

Furniture,
Improvements
Fixtures &
To Freehold
Computers
£
£
Cost or Valuation
Brought Forward
513,840
115,189
Additions
25,552
62,498
Elimination of fully depreciated assets
(246,128)
(975)
__
_
Carried Forward
293,264
176.712
__
_
Depreciation
Brought Forward
351,672
79,245
Charge for year
31,866
15,394
Elimination of fully depreciated assets
(246,128)
(975)
__
_
Carried Forward
137,410
93,664
__
_
Net Book Value
At 31 December 2020
155,854
83,048
__
__
At 31 December 2019
162,168
35,944
__
____		 Total
£
629,029
88,050
(247,103)
__
469,976
_
430,917
47,260
(247,103)
__
231,074
_
238,902
__
198,112
_

Page 18

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

11. FIXED ASSET INVESTMENTS

Quoted investments
Market value at 1 January
Additions
Disposals
Net movement in realised and unrealised gains and exchange
variances
Market value of quoted investments at 31 December
Investments are represented by:
Quoted securities
Cash held by investment managers
Historical cost of quoted investments as at 31 December		 31 December
2020
£
818,092
253,495
(329,611)
49,070
__
791,046
___
791,046
30,118
__
821,164
__
705,741
____		 31 December
2019
£
774,639
170,946
(206,363)
78,870
__
818,092
___
818,092
23,248
__
841,340
____
699,239
_______

No single investment comprised more than 5% of the market value of investments at the year-end.

12. DEBTORS

Amounts falling due within one year:
Italian VAT
Italian Corporation Tax
Italian taxation debtors
Other debtors
Prepaid expenses and accrued income		 31 December
2020
£
53,710
6,374
232
1,708
10,554
_
72,578
___		 31 December
2019
£
29,973
7,762
238
2,147
10,854
_
50,974
____

Page 19

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

13. CREDITORS

Trade creditors
Italian payroll costs
Accrued expenses and prepaid income
Italian withholding tax		 31 December
2020
£
2,156
65,027
32,096
8,293
_
107,572
___		 31 December
2019
£
375
53,397
26,549
7,534
_
87,855
___

14. ROME EMPLOYEE LEAVING ENTITLEMENT

This liability represents deferred pay due to employees in Italy at 31 December 2020, payable when they leave the Association. The amount payable is calculated in accordance with existing Italian legal requirements and the Italian national labour contract.

The movements on the provision in the year are as follows:
Balance at 1 January
Increase in provision for the year
Exchange loss/(gain)
Revaluation
Balance at 31 December		 2020
£
42,855
6,879
2,103
557
_
52,394
___		 2019
£
42,225
2,373
(2,289)
546
_
42,855
___

15. RESTRICTED FUNDS

Restricted funds include an Endowment Fund, which was established in 1995 after the receipt of £105,740 as a legacy. This legacy is intended to meet exceptional demands for the upkeep of the KeatsShelley House in Rome.

Page 20

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

16. UNRESTRICTED FUNDS

UNRESTRICTED FUNDS
Operating
Fund
Designated
Funds
Revaluation
Reserve
£
£
£
Balance brought forward
653,855
642,640
4,576,431
Incoming resources for the year
376,918
-
-
Outgoing resources
(418,173)
-
-
Gains/(losses) on investments
52,302
-
(33,548)
Gain on heritage assets
-
-
112,325
__
_
__
Balance carried forward
664,902
642,640
4,655,208
___
__
______		 2020
Total
£
5,872,926
376,918
(418,173)
18,754
112,325
__
5,962,750
__
Operating
Fund
Designated
Funds
Revaluation
Reserve
£
£
£
Balance brought forward
687,826
644,740
4,491,523
Incoming resources for the year
399,266
-
-
Outgoing resources
(445,487)
-
-
Gains/(losses) on investments
9,534
-
84,908
Transfers between funds
2,100
(2,100)
-
__
_
__
Balance carried forward
654,139
642,640
4,576,431
___
__
______		 2019
Total
£
5,824,089
399,266
(445,487)
95,058
-
__
5,872,926
__

Designated funds comprise amounts set aside by the trustees for specific purposes as follows:

Acquisitions
Improvements and refurbishment
Rent contract expiry
Sheila Birkenhead Bursary Fund
The fixed asset revaluation reserve comprises: -
Revaluation of freehold property
Revaluation of Museum collection
Revaluation of investments		 2020
£
350,000
157,896
95,078
38,766
__
641,740
__
2,242,941
2,294,980
117,903
__
4,655,824
__		 2019
£
350,000
157,896
95,078
38,766
__
641,740
___
2,242,941
2,182,655
151,451
__
4,577,047
__

Page 21

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2019

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 December 2020 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities
Fund balances at 31 December 2019 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities		 Unrestricted
Restricted
Funds
Funds
£
£
4,953,150
-
238,902
-
715,424
105,740
215,240
-
(159,966)
-
__
__
5,962,750
105,740
___
____		 Total
Funds
£
4,953,150
238,902
821,164
215,240
(159,966)
__
6,068,490
____
Unrestricted
Restricted
Funds
Funds
£
£
4,815,825
-
198,112
-
735,600
105,740
254,099
-
(130,710)
-
__
__
5,872,926
105,740
___
____		 Total
Funds
£
4,815,825
198,112
841,340
254,099
(130,710)
__
5,978,666
____

Page 22