**KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)** _**(A Company Limited by Guarantee)**_
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
**Registered Company No: 90531 Registered Charity No: 212692**
**KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
**FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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 Ms Sue Bradbury Professor Duncan Wu Mr David Leigh-Hunt Mr Charles Cary-Elwes Lord James Abinger Mr Joe Bates Mrs Margaret Behan Ms Reeta Chakrabarti The Hon Mrs Harriet Cullen Lady Caroline Egerton 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 Hon Co-Vice-Chairman Hon Company Secretary Hon Treasurer
Resigned 20[th] September 2022 Resigned 25[th] June 2023
**Sub-Committee (Rome)**
Professor Jeffrey N Blanchard Ms Abigail Brundin Dott.ssa Rita Cassano Avvocato Antonello Corrado Mr Richard Dunn Architetto Roberto Einaudi Dott.ssa Alessandra Giovenco Mr Gabriele Giuliani Ms Rachel Launay Amb. Edward Llewellyn OBE Amb. Jill Morris CMG Ms Elizabeth Rodini Mr David L J Stainer Prof. Marla Stone Mr Rakesh Surampudi Professoressa Maria Valentini Dott.ssa Mary Venturini
Hon Chair (to 25[th] June 2023) Appointed 26th September 2022 Appointed 13[th] June 2022 Hon Co-Chair Hon Treasurer Appointed 26[th] September 2022
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 2022**
The return to normal service with the retreat of the pandemic made our celebration of Shelley’s bicentenary in 2022 a good deal easier.
The 25th iteration of the Keats-Shelley prize and the 7th year of the Young Romantics Prize again impressed with the high quality and quantity of entries. The theme of the poetry prize was ‘Elegy’, inspired by the bicentenary of Shelley’s death. Its wider use takes in any serious, meditative subject. The more restricted use as a lament for the dead or for a tragic event is relatively modern. In the ancient world too, it covered not just death but love and war. While in English literature the most famous elegy is Thomas Gray’s ‘Elegy in a Country Churchyard’, for lovers of Keats and Shelley of course, the paramount elegy is Shelley’s pastoral ‘Adonais: An Elegy on the Death of John Keats’, written in 1821. The poem argues that it is not Keats who is dead – he is ‘made one with Nature’ – but the living.
Fiona Sampson, the prize-winning poet and writer, was our guest judge. The other judges were Deryn ReesJones and Will Kemp for the poetry prizes and Sharon Ruston and Simon Bainbridge for the essays. We are indebted to them all. We again held a gathering in late November in Albemarle Street, courtesy of Ginnie and John Murray, to celebrate the winners and runners-up for the poetry and essay prizes at which Fiona Sampson spoke eloquently about the Shelleys (her In Search of Mary Shelley has won international acclaim) and remarked on the high standard of the Young Romantics entries in particular. Sue Whitley and her team laboured mightily and are to be congratulated on their challenging endeavours. Sue is stepping down after many years as the prime mover of the prizes. Her exceptional talent will be hard to replace.
Debbie Hodges and Joe Bates maintained their sterling performances in directing the Keats celebrations by refocusing on those of Shelley. There were many stand-out events but two deserve a particular mention. In June we gathered at Eton College where Shelley spent a fifth of his life for a splendid Bicentenary Celebration Day of talks, readings and visits to specific Shelley-related locations. Anna Camilleri, Head of English at Eton organised the day and our Trustee Angus Graham-Campbell illuminated it with a talk on Shelley’s time at Eton, which passed from an initial period of his being bullied systematically to emerging as an academic high achiever and leaving as a popular if controversial figure. A Shelley tour round the school was complemented by a specially curated Romantics exhibition in College Library. Highlights included the famous oil painting by Joseph Severn of Shelley composing Prometheus Unbound amid the ruins of the Caracalla Baths, and first editions of that very work, The Cenci, Adonais and his Gothic novel (composed while he was at Eton) Zastrozzi. A memorable and hugely enjoyable day.
Later that month, found many of us in Lerici in the Gulf of La Spezia. The inaugural Gulf of Poets Festival in Lerici took place in 1992 on the occasion of the bicentenary of Shelley’s birth, and thirty years later the initiative was resurrected to mark the poet’s death. The event was co-organised by Debbie Hodges and Sheba Morabito, who had been the team behind the original Festival. Our special guests, poets, and speakers from the UK and Italy included the Poet Laureate Simon Armitage, Scarlett Sabet, Annelisa Alleva, Paolo Febbraro, and Shelley scholars Anna Mercer and Carla Sanguinetti. The three-day festival was filled with a rich programme of talks, tours by land and sea, readings and music. Highlights included a boat trip around the Bay of Poets and to Porto Venere to see the Grotta di Byron, while most of the poetry readings took place in the grounds of Casa Magni, Shelley’s final dwelling place at San Terenzo, to which he was sailing back from Livorno when his boat, the Don Juan, capsized during a storm on 8 July 1822. A particularly transporting event was a music recital and aperitivo on the terrace of Lerici Castle, watching the sun go down over the Bay where Shelley met his end.
Page 3
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **REPORT OF THE CHAIRMAN**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
The bicentenaries of Keats and Shelley’s deaths brought to a fitting close Giuseppe Albano’s distinguished decade as Curator of the Rome House. He has been an inspirational leader and organiser of the Rome programme over the years. We wish him an equally eminent time as the Director of the Freud Museum in London.
His successor Dr Ella Kilgallon trained at the Victoria and Albert Museum, where she worked for several years in the Designs Department. She joins Keats-Shelley House from Kedleston Hall, a principal National Trust property in Derbyshire, where she has been the Property Curator.
We the Trustees and the Rome Committee of KSMA wish to record our thanks both to Giuseppe for his outstanding contribution and to Dr Luca Caddia, the Deputy Curator, who has taken the helm brilliantly over the interregnum. We extend a very warm welcome to Ella and look forward to working with her on the next chapter for Keats-Shelley House, which will certainly feature the bicentenary of Lord Byron’s death in 2024.
Sir Ivor Roberts KCMG, FCIL Chairman
> 20[th] September 2023
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 2022, 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 are usually held 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 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.
The House suffered heavy impact (along with other institutions in Italy during the pandemic) but 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. Much of this is due to the hard work of the Curator, Dr Giuseppe Albano and the Deputy Curator, Dr Luca Caddia, and their staff.
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.
## **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. A rich programme of events, exhibitions, scholarships and activities in the UK and Italy to commemorate the bicentenaries of Keats’ and Shelley’s deaths has been in place during the period to which this Report relates.
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.
## **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 in Italy 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 Deputy Curator and the staff employed there. The constitution of the Sub-Committee 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:
- 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 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
David Leigh – Hunt Hon. Company Secretary
> 20[th] September 2023
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 2022 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 2022 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: 27[th] September 2023
Page 10
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME & EXPENDITURE ACCOUNT)**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Notes**
**Unrestricted**
**Funds**
**Restricted**
**funds**
**£**
**£**
**Incoming resources**
2
Income and endowments from:
Donations and legacies
50,929
17,000
Charitable activities
3
181,457
-
Investment income
4
286,112
-
____________
____________
**Total**
518,498
17,000
____________
____________
**Resources Expended**
Expenditure on:
Raising funds
5
127,432
-
Charitable activities
6
384,586
7,000
____________
_____________
**Total resources expended**
512,018
7,000
____________
_____________
**Net outgoing resources before other recognised**
**gains and losses**
6,480
10,000
**Gains/(losses) arising in the year**
Realised (losses)/gains on investments
(20,870)
-
Unrealised (losses)/gains on investments
(62,928)
-
Unrealised gains on heritage assets
-
-
Transfers between funds
10,000
(10,000)
____________
_____________
**Net movement in funds**
(67,318)
-
Total funds brought forward
5,989,788
105,740
_____________
_____________
**Total funds carried forward**
5,922,470
105,740
______________________
____________________|**Year Ended**
**31 December**
**2022**
**£**
67,929
181,457
286,112
____________
535,498
____________
127,432
391,586
____________
519,018
____________
16,480
(20,870)
(62,928)
-
-
____________
(67,318)
6,095,528
______________
6,028,210
________________ _______|
**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
________________ _______|
|---|---|---|
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 deficit of £(67,318) (2021: surplus £27,038)
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 2022**
|**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 2022**
**£**
**£**
5,027,650
190,923
653,668
______________
5,872,241
27,986
42,150
200,959
____________
271,095
r
(79,056)
____________
192,039
______________
6,064,280
(36,070)
______________
6,028,210
______________________
105,740
672,294
637,640
4,612,536
_______________
5,922,470
______________
6,028,210
______________________|**31 December 2021**
**£**
**£**
4,953,150
217,223
880,151
______________
6,050,524
29,653
30,481
172,096
____________
232,230
(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
______________________|
|---|---|---|
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 2023
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 2022**
## **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 2022**
## **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 2022 and comparative figures for 2021 have been calculated as:
Raising funds 16% (2021 – 6%) Charitable activities 84% (2021 – 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% (2021 – 50%) Charitable activities 50% (2021 – 50%)
## **2. INCOME**
Total income of £535,498 (2021 - £431,328) includes £471,602 (2021 - £331,943) derived from operations in Italy and £63,896 (2021 - £99,385) derived from the UK.
Page 14
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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**
**2022**
**£**
70,209
44,726
66,522
____________
181,457
____________|**Year Ended**
**31 December**
**2022**
**£**
70,209
44,726
66,522
____________
181,457
____________|
|---|---|---|
||||
|||**2022**
**£**
273,274
12,838
____________
286,112
____________|
||||
||_|**2022**
**£**
8,099
669
8,063
50,014
1,346
59,241
___________
127,432
___________|
Page 15
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
|**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
Competition costs|**Year Ended**
**31 December 2022**
**Year Ended**
**31 December 2021**
**£**
**£**
**£**
**£**
_& Shelley and their circle:_
-
-
50,759
40,656
4,499
9,390
8,680
15,309
-
-
4,320
5,749
1,593
1,038
____________
____________
69,851
72,142
_s a museum:_
71,680
102,187
11,613
22,825
17,998
19,628
11,220
9,302
9,653
9,416
6,287
10,061
649
946
48,917
54,865
____________
____________
178,017
229,230
632
553
106,347
78,415
23,829
20,083
12,910
2,101
____________
____________
**ties**
391,586
402,524
____________
____________
omprises:
**£**
**£**
7,000
7,000
__________
__________|
|---|---|
||**Year Ended**
**31 December 2022**
**£**
**£**
_& Shelley and their circle:_
-
50,759
4,499
8,680
-
4,320
1,593
____________
69,851
_s a museum:_
71,680
11,613
17,998
11,220
9,653
6,287
649
48,917
____________
178,017
632
106,347
23,829
12,910
____________
**ties**
391,586
____________
omprises:
**£**
7,000
__________|
Page 16
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **7. SUPPORT COSTS**
|Salaries and wages
Professional advisers
Investment management fees
Recruitment fees and expenses
Travel and subsistence
Donations & gifts
Administration expenses
Bank charges and interest|**Year Ended**
**31 December 2022**
**Raising**
**Funds**
**Charitable**
**Activities**
**£**
**£**
48,285
48,285
4,147
21,774
1,192
6,256
1,616
8,482
2,870
15,070
-
545
841
4,455
290
1,480
__________
__________
59,241
106,347
__________
__________|**Year Ended**
**31 December 2021**
**Raising**
**Funds**
**Charitable**
**Activities**
**£**
**£**
35,721
35,722
21,072
28,864
445
6,972
-
-
220
3,453
-
842
106
1,588
62
974
__________
__________
38,396
78,415
__________
__________|
|---|---|---|
Auditors’ remuneration (including VAT, travel, subsistence and accommodation costs) included in professional advisers’ fees amounts to £5,640 (2021 – £5,460).
## **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 and recruitment of the new Italian curator. These fees were approved by the Board.
|**Fees Received**
Mr Joe Bates
Mr Angus Graham-Campbell
Mr James Grande
Ms Deborah Hodges
Nine members of the Board (2021 – 9) received reimbursement of
expenses for travel, telephone and subsistence.|**Year Ended**
**31 December**
**2022**
**£**
5,500
-
7,000
17,400
8,550
________|
**Year Ended**
**31 December**
**2021**
**£**
4,300
1,000
-
7,200
3,774
________|
|---|---|---|
The average monthly number of persons employed by the Association during the year was 6 (2021 - 6). All these people are employed at the House in Rome. There is one employee earning over £60,000 (2021 - one).
Page 17
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. HERITAGE ASSETS**
|||||
|---|---|---|---|
|**Keats-Shelley**
**House**
**£**
**Valuation**
Valuation Brought Forward
2,450,000
Additions
-
Revaluation
-
______________
Valuation Carried Forward
2,450,000
______________|**Museum**
**Collection**
**£**
2,503,150
77,163
(2,663)
______________
2,577,650
______________||**Total**
**£**
4,953,150
77,163
(2,663)
___________
5,027,650
______________|
## **10. TANGIBLE FIXED ASSETS**
|**Equipment,**
**Improvements**
**Fixtures &**
**To Freehold**
**Digital Assets**
**£**
**£**
**Cost or Valuation**
Brought Forward
298,914
204,248
Additions
-
22,617
___________
___________
Carried Forward
298,914
226,865
___________
___________
**Depreciation**
Brought Forward
168,469
117,470
Charge for year
24,805
24,112
___________
___________
Carried Forward
193,274
141,582
___________
___________
**Net Book Value**
At 31 December 2022
105,640
85,283
___________
_________
At 31 December 2021
130,445
86,778
___________
__________||**Total**
**£**
503,162
22.617
___________
525,779
____________
285,939
48,917
___________
334,856
____________
190,923
___________
217,223
__________|
|---|---|---|
Page 18
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **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**
**2022**
**£**
848,151
233,065
(371,276)
(68,582)
___________
641,358
__________________
641,358
12,311
____________
653,668
___________________
576,391
___________________|**31 December**
**2021**
**£**
791,046
190,960
(191,606)
57,751
___________
848,151
__________________
848,151
31,200
____________
880,151
__________________
655,976
___________________|
|---|---|---|
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**
**2022**
**£**
17,502
4,356
-
1,100
19,192
__________
42,150
__________________|**31 December**
**2021**
**£**
7,551
8,329
97
1,042
13,462
__________
30,481
___________________|
|---|---|---|
Page 19
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **13. CREDITORS**
|Trade creditors
Italian payroll costs
Accrued expenses and prepaid income
Italian corporation tax
Italian withholding tax|**31 December**
**2022**
**£**
2,648
46,245
22,588
4,072
3,503
__________
79,056
__________________|**31 December**
**2021**
**£**
1,574
68,987
51,864
-
7,120
__________
129,545
__________________|
|---|---|---|
## **14. ROME EMPLOYEE LEAVING ENTITLEMENT**
This liability represents deferred pay due to employees in Italy at 31 December 2022, 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
Payments out
Exchange loss/(gain)
Revaluation
**Balance at 31 December**||**2022**
**£**
57,681
8,304
(31,446)
2,247
(716)
__________
36,070
__________________|**2021**
**£**
52,394
6,939
-
(3,425)
1,773
__________
57,681
__________________|
|---|---|---|---|
## **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 2022**
, **16. UNRESTRICTED FUNDS**
|**Operating**
**Fund**
**Designated**
**Funds**
**Revaluation**
**Reserve**
**£**
**£**
**£**
Balance brought forward
680,284
637,640
4,671,864
Incoming resources for the year
518,498
-
-
Outgoing resources
(512,018)
-
-
Gains on investments
(73,798)
-
-
Transfer between reserves
71,639
-
(71,639)
____________
____________
______________
Balance carried forward
684,605
637,640
4,600,225
____________
____________
______________||**2022**
**Total**
**£**
5,989,788
518,498
(512,018)
(73,798)
-
______________
5,922,470
______________|
|---|---|---|
|**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/(losses) on investments
64,189
-
-
Transfers between funds
(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
______________|
|---|---|
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||**2022**
**£**
350,000
157,896
95,078
34,666
___________
637,640
___________
2,242,941
2,292,317
64,967
______________
4,600,225
______________||**2021**
**£**
350,000
157,896
95,078
34,666
____________
637,640
___________
2,242,941
2,294,980
113,943
______________
4,671,864
______________|**2021**
**£**
350,000
157,896
95,078
34,666
____________
637,640
___________|
|---|---|---|---|---|---|
Page 21
## **KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**17.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|||
|---|---|---|
|**Fund balances at 31 December 2022 are represented by:**
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities
**Fund balances at 31 December 2021 are represented by:**
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**£**
**£**
5,027,650
-
190,923
-
547,928
105,740
271,095
-
(115,126)
-
______________
___________
5,922,470
105,740
______________________
__________________|**Total**
**Funds**
**£**
5,027,650
190,923
653,668
271,095
(115,126)
______________
6,028,210
______________________|
||**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
______________________|
Page 22