**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**
- 1 – 2 Reference and administrative details of the Charity, Trustees and Advisers
- 3 – 4 Report of the Chairman
- 5 - 7 Report of the Committee
- 8 – 10 Report of the Auditors
- 11 Statement of Financial Activities
- 12 Balance Sheet
- 13 - 22 Notes to the Financial Statements
## **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:
- a) select suitable accounting policies and apply them consistently;
- b) observe the methods and principles in the Charities SORP;
- c) make judgements and estimates that are reasonable and prudent;
- d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and
- e) prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Association will continue to operate.
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:
- give a true and fair view of the state of the charitable company’s affairs as at 31[st] December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **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:
- the information given in the Trustees’ Annual Report, which includes the Directors’ Report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report.
## **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