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2021-12-31-accounts

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

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Company No: 90531 Registered Charity No: 212692

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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 Board (London Committee)
8 – 10 Report of the Auditors
11 Statement of Financial Activities
12 Balance Sheet
13 - 22 Notes to the Financial Statement

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

Patron King Charles III

Board of Trustees and Directors

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 Ms Reeta Chakrabarti The Hon Mrs Harriet Cullen Mr Richard Dunn Lady Caroline Egerton Ms Margaret Fergusson Mr Anthony Gardner Ms Alessandra Giovenco Mr Angus Graham-Campbell Dr James Grande Ms Deborah Hodges Ms Bathsheba Morabito The Earl of Woolton

Hon Chairman Hon Co-Vice-Chairman (resigned 24[th] June 2021) Hon Co-Vice-Chairman Hon Company Secretary Hon Treasurer

Hon Co Vice-Chairman Resigned 14[th] June 2021 Resigned 21[st] September 2021 Appointed 14[th] June 2021

Sub-Committee (Rome) Professor Jeffrey N Blanchard Ms Abigail Brundin Dott.ssa Rita Cassano Avvocato Antonello Corrado Mr Richard Dunn Architetto Roberto Einaudi Mr Rodney Ford Dott.ssa Alessandra Giovenco Ms Rachel Launay Amb. Jill Morris CMG Ms Elizabeth Rodini Mr David L J Stainer Mr Rakesh Surampudi Professoressa Maria Valentini Dott.ssa Mary Venturini Mr Christopher Wickham

Appointed 11[th] October 2021

Hon Chair (to 14[th] June 2021)

Resigned 14[th] June 2021 Hon Chair (from 14[th] June 2021)

Hon Co-Chair Hon Treasurer Appointed 11[th] October 2021

Hon Vice-Chair (from 14[th] June 2021) Appointed 25[th] January 2021, resigned 14[th] June 2021

Page 1

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

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

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

Resigned 31[st] July 2022

Company Registration Number

90531

Charity Registration Number 212692

Website addresses www.keats-shelley.org www.ksh.roma.it

Registered Office

80 Cheapside London EC2V 6EE

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 2021

While the pandemic refused to disappear, the optimism with which I concluded my last report -that many if not all of the events planned for the bicentenaries of the deaths of Keats and Shelley could be maintainedwas not entirely misplaced.

The Keats Shelley prize, the 24th version of the original award and the 6th year of the Young Romantics Prize again attracted an impressive number of entries. This year’s theme, the phrase ‘writ in water’ to be found on Keats’s gravestone, was not common in the 19th century till Keats’s death gave it a fresh lease of life, but was common enough in earlier centuries and indeed in antiquity where both Sophocles and Catullus used variants of it. Keats in instructing that the phrase should appear on his gravestone may have been prompted by the Jacobean dramatists, Beaumont and Fletcher “all your better deeds shall be in water writ” or Shakespeare’s collaboration with Fletcher in Henry VIII, “Men’s evil manners live in brass; their virtues we write in water”. Whatever Keats meant by the phrase, his legacy is anything but transitory or ephemeral.

Our Guest Judge was again Simon Barnes, who chaired our wonderful Keats-Shelley Panel – Professors Sharon Ruston and Simon Bainbridge for the essays, Professor Deryn Rees-Jones and Will Kemp for the poems. We held a gathering in Albemarle St, courtesy of Ginnie and John Murray, to celebrate the winners and runners-up in the poetry and essay prizes for both 2020 and 2021 at the end of November. Simon Barnes regaled us with birdsong and gave a most enjoyable talk. We were once again indebted to Sue Whitley and her co-workers for their indefatigable work in the most challenging of circumstances.

During the rest of the year, thanks to the sterling work of Debbie Hodges and Joe Bates of the bicentenaries’ subcommittee, we staged an impressive series of events. We have sadly had to put off the proposed gala dinner in the Palazzo Doria Pamphilj in Rome but hope a smaller version may take place in connection with the Byron bicentenary in 2024.

In the UK, however, in July the long-awaited Winchester Water Meadows ‘To Autumn’ walk set off. Winchester College staged a small exhibition of romantic material and there was also a short performance of extracts from Frankenstein by two members of the Blue Apple company This was a clever and innovative interpretation of Mary Shelley’s story with some filmed commentaries by other members of the cast. In the same month we held a collaborative event with the South Downs Poetry/Chichester Festival in the lovely setting of Chichester Cathedral with music and readings of Keats by Dame Penelope Keith.

Then in September we held an atmospheric evening of ‘Keats by Candlelight’ at the Soane Museum where, as visitors explored the candlelit recesses of Sir John Soane’s extraordinary collections, they encountered Regency clad actors presenting the words of Keats in appropriately evocative settings. On Sunday 19th September there was a performance of ‘Bright Stars’ at Lauderdale House in London as a fundraising event on behalf of the KSMA and Keats Foundation. ‘Bright Stars’ written by the Rome based- Rory Stuart, explores parallels in the lives of John Keats and Franz Schubert, who were born within fifteen months of each other.

In October ‘The Beautiful and Damned’ event took place at the Cheltenham Literature Festival. Authors Jonathan Bate and Lucasta Miller were in discussion with Professor Sarah Churchwell in an exploration of the influence of Keats’ poetry on the work of Scott Fitzgerald.

Page 3

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE CHAIRMAN

FOR THE YEAR ENDED 31 DECEMBER 2021

Meanwhile in Rome, Giulio Boato has created a second immersive video story for the Keats-Shelley House, this time telling the story ‘Shelley in Rome’ and focusing on places in the city connected with the poet and exploring his three great works inspired by Rome, namely Prometheus Unbound, The Cenci, and Adonais. Fuller details of are in the Curator’s Report. The first showing of ‘Shelley in Rome’ in Piazza di Spagna was in February this year but we have also included it in the programme for the Keats-Shelley200 Gulf of Poets Festival to take place in Lerici in June 2022. Several other Shelley events are planned for the rest of the year though one, Keats related, is a concert in Naples belatedly marking the anniversary of the arrival and stay in Naples of Keats and Joseph Severn in 1820.

As recorded extensively in the Curator’s report, the Keats-Shelley House has held a remarkable series of events and virtual tours despite having had to close its doors again. Giuseppe Albano and his team have worked miracles in in presenting a very full programme in the teeth of adversity.

Sculptor Dan Baldwin has recently completed a magnificent sculptural tribute to the Grecian Urn which was unveiled at Keats House in January this year. Baldwin’s urn will be auctioned in New York. The commission of the work and the auction has been made possible by Roger Michel, Director of the Institute for Digital Archaeology to whom we are greatly indebted. And thanks also once again to Lord Abinger, and to Reeta Chakrabarti and Paul Hamilton for their financial support of our digital activities.

We are also hugely grateful to the Murray Charitable Trust for their ever-generous support and, in particular, for their contribution to the House’s digital outreach programme. We are sad to report Ginnie Murray’s retirement from the Board of Trustees. The debt we owe her for her outstanding input over the years is quite literally immeasurable. Maggie Fergusson has also stood down from the London Board and from Rome Ambassador Jill Morris has departed at the end of her tour. We wish her well in her new posting and thank her for her enthusiastic support for the KSMA as Honorary Co-Chair of the Rome committee and for being a most generous host.

Lastly we welcome Alessandra Giovenco as the new Chair of the Rome committee. She succeeds Richard Dunn who has been an indefatigable source of support and wise advice during his tenure. Alessandra is a very worthy and dynamic successor.

Sir Ivor Roberts KCMG, FCIL Chairman

20[th] September 202

Page 4

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE BOARD

The Board 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 2021, 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 Board 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 Board 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.

From 2019 the Trustees had to meet the challenge of a shortfall in income derived from part of the House in the form of rental following vacancy. The position has now been rectified by a new agreement in partnership with another charity, so income now received will redress the previous shortfall.

During the pandemic, the House suffered a big impact ( along with other institutions in Italy) but due to the hard work of the Curator and his staff a great deal has been achieved in the intervening period using digital and other electronic technology to engage the public and revive the international profile of the House.

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 BOARD (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 Board 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 2021.

The Board 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 Board 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 subcommittee 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 Board recognises that the operating fund exceeds the desired level; funds are being retained in anticipation of planned Bi Centenary celebrations of the Poets from 2021 - 2022, which will be in part funded by the Association.

Structure, Governance and Management0

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 Board 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 Board are Trustees of the Charity. The Board comprises elected members whilst Members of the limited company are co-opted. New trustees are elected and trained by the existing Board. The Board 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 “hands-on” 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 ex-officio a member of the Board of Trustees. The Rome Sub-Committee includes the current British and American Ambassadors in Rome as ex officio members.

The members of the Board (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 BOARD (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 Board’s Responsibilities

The Board (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 Board to prepare Financial Statements for each financial year. Under that law, the Board must prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Board 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 Board are required to:

The Board is responsible for keeping adequate accounting records that are sufficient to show 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 Board 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 Board 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 Board 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 Board

Mr David Leigh-Hunt Hon Secretary

Date: 20[th] September 2022

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 2021 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:

Page 10

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

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

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Unrestricted
Funds
Restricted
funds
£
£
Incoming resources
2
Income and endowments from:
Donations and legacies
112,119
7,000
Charitable activities
3
45,548
-
Investment income
4
266,661
-
__
_
Total
424,328
7,000
_
__
Resources Expended
Expenditure on:
Raising funds
5
65,955
-
Charitable activities
6
395,524
7,000
_
_
Total resources expended
461,479
7,000
_
___
Net outgoing resources before other recognised
gains and losses
(37,151)
-
Gains/(losses) arising in the year
Realised (losses)/gains on investments
25,670
-
Unrealised gains on investments
38,519
-
Unrealised gains on heritage assets
-
-
_
_
Net movement in funds
27,038
-
Total funds brought forward
5,962,750
105,740
_
_
Total funds carried forward
5,989,788
105,740
___
______		 Year Ended
31 December
2021
£
119,119
45,548
266,661
__
431,328
_
65,955
402,524
___
468,479
__
(37,151)
25,670
38,519
-
_
27,038
6,068,490
_
6,095,528
___ _____		 Year Ended
31 December
2020
£
70,689
30,615
275,614
__
376,918
_
67,475
346,998
_
404,473
___
(41,225)
(2,669)
21,423
112,325
__
89,824
5,978,666
__
6,068,490
___ _____

The result 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 surplus of £27,038 (2020: surplus £89,824)

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 2021

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 2021
£
£
4,953,150
217,223
880,151
__
6,050,524
29,653
30,481
172,096
__
232,230
r
(129,545)
_
102,685
__
6,153,209
(57,681)
__
6,095,528
___
105,740
680,284
637,640
4,671,864
___
5,989,788
__
6,095,528
________		 31 December 2020
£
£
4,953,150
238,902
821,164
__
6,013,216
30,793
72,578
111,869
__
215,240
(107,572)
_
107,668
__
6,120,884
(52,394)
__
6,068,490
___
105,740
667,502
640,040
4,655,208
___
5,962,750
__
6,068,490
________

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 Board on 20[th] September 2022

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 2021

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 Board 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 Board, 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 £2,478,150as at April 2021.

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 Board’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 2021

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 2021 and comparative figures for 2020 have been calculated as:

Raising funds 6% (2020 – 5%) Charitable activities 94% (2020 – 95%)

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% (2020 – 50%) Charitable activities 50% (2020 – 50%)

2. INCOME

Total income of £432,085 (2020 - £376,918) includes £330,879 (2020 - £317,898) derived from operations in Italy and £101,206 (2020 - £59,019) derived from the UK.

Page 14

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

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
2021
£
23,684
15,435
6,429
__
45,548
____		 Year Ended
31 December
2021
£
23,684
15,435
6,429
__
45,548
____
2021
£
254,223
12,438
__
266,661
____
2021
£
8,986
1,225
5,418
10,648
1,282
38,396
_
65,955
_

Page 15

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

6. COSTS OF CHARITABLE ACTIVITIES

Appreciation and preservation of the works of Keats
Acquisition and maintenance costs of
works and exhibits
KS200 Bicentenary
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 Bicentenary
Competition costs		 Year Ended
31 December 2021
£
£
& Shelley and their circle:
-
40,656
9,390
15,309
-
5,749
1,038
__
72,142
s a museum:
102,187
22,825
19,628
9,302
9,416
10,061
946
54,865
_
229,230
553
78,415
20,083
2,101
___
ties
402,524
__
omprises:
£
-
7,000
__		 Year Ended
31 December 2020
£
£
-
29,332
3,395
12,374
1,500
-
766
__
47,367
92,452
30,858
15,350
9,829
9,641
10,090
-
47,260
_
215,480
411
75,707
20,665
1,068
___
384,664
__
£
6,700
7,000
__

Page 16

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021
Raising
Funds
Charitable
Activities
£
£
35,721
35,722
1,842
28,864
445
6,972
220
3,453
-
842
106
1,588
62
974
_
_
38,396
78,415
_
_		 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
_
_

Auditors remuneration, including reimbursement of travel and accommodation costs, included in professional advisers fees amounts to £4,700 (2020 – £4,200).

8. BOARD AND EMPLOYEES

No members of the Board received any remuneration for their services as Trustee.

Board Fees & expenses

During the year members of the Board received fees for services provided to the Association in the normal course of business in relation to the KS200 Bicentenary activities. These fees were approved by the Board.

Five member of the Board (020 – 4) received reimbursed expenses during the year under review.

Fees Received
Mr Joe Bates
Ms Deborah Hodges
Mr Angus Graham-Campbell
Reimbursement of expenses for printing, stationery, travel, event
catering, telephone and subsistence.		 Year Ended
31 December
2021
£
4,300
7,200
1,000
3,774
__		 Year Ended
31 December
2020
£
-
-
-
1,043
__

The average monthly number of persons employed by the Association during the year was 6 (2020 - 6). All these people are employed at the House in Rome.

There is one employee earning over £60,000 (2020 - one).

Page 17

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

9. HERITAGE ASSETS
Keats-Shelley
House
£
Valuation
Valuation Brought Forward
2,450,000
Revaluation
-
__
Valuation Carried Forward
2,450,000
__		 Museum
Collection
£
2,503,150
-
__
2,503,150
__		 Total
£
4,953,150
-
__
4,953,150
_____

10. TANGIBLE FIXED ASSETS

Equipment,
Improvements
Fixtures &
To Freehold
Digital Assets
£
£
Cost or Valuation
Brought Forward
293,264
176.712
Additions
5,650
27,536
__
_
Carried Forward
298,914
204,248
__
_
Depreciation
Brought Forward
137,410
93,664
Charge for year
31,059
23,806
__
_
Carried Forward
168,469
117,470
__
_
Net Book Value
At 31 December 2021
130,445
86,778
__
__
At 31 December 2020
155,854
83,048
___
____		 Total
£
469,976
33,186
__
503,162
_
231,074
54,865
__
285,939
_
217,223
__
238,902
_

Page 18

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

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
2021
£
791,046
190,960
(191,606)
57,751
__
848,151
___
848,151
31,200
__
880,151
__
655,976
____		 31 December
2020
£
818,092
253,495
(329,611)
49,070
__
791,046
___
791,046
30,118
__
821,164
____
705,741
_______

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
2021
£
7,551
8,329
97
1,042
13,462
_
30,481
___		 31 December
2020
£
53,710
6,374
232
1,708
10,554
_
72,578
____

Page 19

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

13. CREDITORS

Trade creditors
Italian payroll costs
Accrued expenses and prepaid income
Italian withholding tax		 31 December
2021
£
1,574
68,987
51,864
7,120
_
129,545
___		 31 December
2020
£
2,156
65,027
32,096
8,293
_
107,572
___

14. ROME EMPLOYEE LEAVING ENTITLEMENT

This liability represents deferred pay due to employees in Italy at 31 December 2021, 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		 2021
£
52,394
6,939
(3,425)
1,773
_
57,681
___		 2020
£
42,855
6,879
2,103
557
_
52,394
___

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 2021

, 16. UNRESTRICTED FUNDS

UNRESTRICTED FUNDS
Operating
Fund
Designated
Funds
Revaluation
Reserve
£
£
£
Balance brought forward
667,502
640,040
4,655,208
Incoming resources for the year
431,328
-
-
Outgoing resources
(466,079)
(2,400)
-
Gains on investments
64,189
-
-
Transfer between reserves
(16,656)
-
16,656
__
_
__
Balance carried forward
680,284
637,640
4,671,864
___
__
______		 2021
Total
£
5,962,750
431,328
(468,479)
64,189
-
__
5,989,788
__
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
(415,573)
(2,600)
-
Gains/(losses) on investments
52,302
-
(33,548)
Transfers between funds
-
-
112,325
__
_
__
Balance carried forward
667,502
640,040
4,655,208
___
__
______		 2020
Total
£
5,872,926
376,918
(418,173)
18,754
112,325
__
5,962,750
__

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		 2021
£
350,000
157,896
95,078
34,666
__
637,640
__
2,242,941
2,294,980
133,943
__
4,671,864
__		 2020
£
350,000
157,896
95,078
37,066
__
640,040
___
2,242,941
2,294,980
117,287
__
4,655,208
__

Page 21

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 December 2021 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities
Fund balances at 31 December 2020 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities		 Unrestricted
Restricted
Funds
Funds
£
£
4,953,150
-
217,223
-
774,411
105,740
232,230
-
(187,226)
-
__
__
5,989,788
105,740
___
____		 Total
Funds
£
4,953,150
217,223
880,151
232,230
(187,226)
__
6,095,528
____
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
____

Page 22