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2023-12-31-accounts

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

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Company No: 90531 Registered Charity No: 212692

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

I N D E X

Page Number

1 – 2 Reference and administrative details of the Charity, Trustees and Advisers
3 Report of the Chairman
4 – 6 Report of the Board (London Committee)
7 – 9 Report of the Auditors
10 Statement of Financial Activities
11 Balance Sheet
12 - 21 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 Mr David Leigh-Hunt Mr Charles Cary-Elwes Lord James Abinger Mr Joe Bates Mrs Margaret Behan Dr Anna Camilleri Ms Reeta Chakrabarti Mr Adrian Earle Lady Caroline Egerton Mr Anthony Gardner Ms Alessandra Giovenco Mr Angus Graham-Campbell Dr James Grande Ms Deborah Hodges Dr Anna Mercer Ms Bathsheba Morabito Dr Joseph Spence Ms Mary Wilsey The Earl of Woolton Professor Duncan Wu

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

Appointed 11[th] June 2024

Appointed 11[th] June 2024

Resigned 25[th] June 2023 Resigned 23[rd] September 2023

Appointed 25[th] September 2024

Appointed 11[th] June 2024 Appointed 25[th] June 2023

Resigned 23[rd] September 2023

Sub-Committee (Rome) Professor Jeffrey N Blanchard Professor Abigail Brundin Dott.ssa Rita Cassano Avvocato Antonello Corrado Mr Richard Dunn Architetto Roberto Einaudi Ms Allison Emmerson Dott.ssa Alessandra Giovenco Mr Gabriele Giuliani Ms Rachel Launay Amb. Edward Llewellyn OBE Ms Karen Schinnerer Mr David L J Stainer Prof. Marla Stone Mr Rakesh Surampudi Ms Amanda Thursfield Professoressa Maria Valentini Ms Mary Wilsey Mr Brian Young

(resigned January 2024)

(resigned January 2023)

(appointed January 2024) Hon Chair (to 26[th] June 2023)

(resigned 27[th] September 2023)

(appointed 27[th] September 2023) Hon Treasurer (resigned January 2024) (resigned 27[th] September 2023) Hon Vice-Chair (from 26[th] June 2023)

Hon Chair (from 26[th] June 2023) (appointed 27[th] September 2023)

Page 1

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

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

Curator of the Museum
Deputy Curator of the Museum
Editor of the Review
Friends Secretary
Company Registration Number
Charity Registration Number
Website addresses
Registered Office
Investment managers
Bankers (UK)
Bankers (Italy)
Registered Auditors		 Dr Ella Kilgallon
Dr Luca Caddia
Dr. James Grande
Mr James Kidd
00090531
212692
www.keats-shelley.org
www.ksh.roma.it
80 Cheapside
London
EC2V 6EE
Smith & Williamson
25 Moorgate
London
EC2R 6AY
Barclays Business Centre
28 Hampstead High Street
London
NW3 1QB
Banca Intesa San Paolo
Via Colonna Antonina, 39
00186 Roma
Italia
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 2023

After the intense activity associated with the bicentenary commemorations of the deaths of Keats in 2021 and Shelley in 2022, 2023 was inevitably a year to draw breath, regroup and prepare for yet another bicentenary, this time of Lord Byron’s death in 2024. The Association and the House in particular have, however, been far from in contemplative mode. Even without a bicentenary there has been a very full cultural programme with events at the House often on a weekly basis. And this against a background of some of the best visitor numbers in 10 years.

The 32nd annual Keats-Shelley prize for schools was launched in January attracting nearly 1,000 entries, the highest number yet. The winners were welcomed to the Keats-Shelley House in June with their families, the first time this was possible as a result of the pandemic.

Meanwhile the main Keats-Shelley and Young Romantics Prizes in the UK were suspended for a year while a comprehensive review took place to evaluate the history of the Prizes, to agree on their future and in particular addressing the questions of themes, essay questions, schedule, and administration. This has now taken place, and a relaunch is in train in 2024. Sue Bradbury is stepping back from the Prize administration after many years of outstanding and unstinting work including the extraordinary difficulties created by the pandemic. We are greatly in her debt.

On the acquisition front, we were able to acquire two portrait busts of Byron, one terracruda made from life in 1822 by Lorenzo Bartolini and the other in marble in 1840 by Ottaviano Giovannozzi which will be among the centrepieces of the Byron celebrations of 2024. We also received as a generous gift from Lord Abinger a set of very rare Shelley and Mary volumes.

Our new Curator, Ella Killgallon, has made a strong, confident start, ably assisted by her Deputy Luca Caddia who will be standing in for Ella as she takes maternity leave in 2024. We were sad to note the retirement of two of our longstanding trustees, Deputy Chair, Professor Duncan Wu, and Angus Graham-Campbell (30+ years in the saddle) who have consistently made heroic and major contributions to the work of the Association. We are hugely indebted to them both and are embarking on the difficult task of identifying possible successors. We are also very pleased to welcome Mary Venturini as Chair of the Rome committee.

Sir Ivor Roberts KCMG, FCIL Chairman

25[th] September 2024

Page 3

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 2023, 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 and their associates , (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, income from people staying in overnight accommodation, investment income and donations and subscriptions from Friends.

A great deal has been achieved in recent years using digital and other electronic technology to engage the public and enhance the international profile of the House. Much of this is due to the hard work of the Deputy Curator, Dr Luca Caddia, and the former Curator, Dr Albano.

The Trustees are pleased to welcome his successor, Dr Ella Kilgallon. Her considerable experience in a comparable field to promotion of the House will bring a significant contribution to the promotion of the Memorial.

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 4

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE BOARD (continued)

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

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 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 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 5

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 as 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

C Cary-Elwes Honorary Treasurer

25[th] September 2024

Page 6

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 2023 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 7

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 8

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: 25[th] September 2024

Page 9

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

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

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Unrestricted
Funds
Restricted
funds
£
£
Incoming resources
2
Income and endowments from:
Grants, donations, and legacies
37,319
32,500
Charitable activities
3
229,182
-
Investment income
4
297,769
-
__
_
Total
564,270
32,500
_
__
Resources Expended
Expenditure on:
Raising funds
5
60,707
-
Charitable activities
6
427,024
2,500
_
_
Total resources expended
487,731
2,500
_
___
Net outgoing resources before other recognised
gains and losses
76,539
30,000
Gains/(losses) arising in the year
Realised (losses)/gains on investments
(1,342)
-
Unrealised (losses)/gains on investments
37,401
-
Unrealised gains on heritage assets
96,710
-
_
_
Net movement in funds
209,308
30,000
Total funds brought forward
5,922,470
105,740
_
_
Total funds carried forward
6,131,778
135,740
___
______		 Year Ended
31 December
2023
£
69,819
229,182
297,769
__
596,770
_
60.707
429,524
___
490,231
__
106,539
(1,342)
37,401
96,710
_
239,308
6,028,210
__
6,267,518
___ _____		 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
___ _____

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 and is a surplus of £209,308 (2022: deficit £ (67,318)).

The accompanying notes on pages 12 to 21 form part of these Financial Statements.

Page 10

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

BALANCE SHEET

AS AT 31 DECEMBER 2023

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
Operating fund
Unrestricted funds
16
Operating fund
Designated funds
Revaluation reserve		 31 December 2023
£
£
5,146,050
132,356
683,856
__
5,962,262
21,481
39,604
369,078
__
430,163
r
(81,137)
_
349,026
__
6,311,288
43,770
__
6,,267,518
___
105,740
30,000
__
135,740
616,224
783,566
4,731,988
___
6,131,778
__
6,267,518
________		 31 December 2022
£
£
5,027,650
190,923
653,668
__
5,872,241
27,986
42,150
200,959
__
271,095
(79,056)
_
192,039
__
6,064,280
(36,070)
__
6,028,210
___
105,740
-
__
105,740
672,294
637,640
4,612,536
___
5,922,470
__
6,028,210
________

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 25[th] September 2024

The accompanying notes on pages 12 to 21 form part of these Financial Statements.

C Cary-Elwes Honorary Treasurer

Page 11

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 £2,696,050 at April 2024.

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 12

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 and comparative figures for 2022 have been calculated as:

Raising funds 7% (2022 – 16%) Charitable activities 93% (2022 – 84%)

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% (2022 – 50%) Charitable activities 50% (2022 – 50%)

2. INCOME

Total income of £596,770 (2022 - £535,498) includes £522,681 (2022 - £471,602) derived from operations in Italy and £74,089 (2022 - £63,896) derived from the UK.

Page 13

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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
Property expenses
Support costs (note 7)		 Year Ended
31 December
2023
£
90,774
55,640
82,768
__
229,182
____		 Year Ended
31 December
2023
£
90,774
55,640
82,768
__
229,182
____
2023
£
281,152
16,617
__
297,769
____
_ 2023
£
4,900
1,362
7,058
10,553
5,155
31,679
__
60,707
__

Page 14

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023
£
£
& Shelley and their circle:
-
12,500
3,385
9,805
1,100
8,620
2,738
__
38,148
s a museum:
137,876
7,268
25,370
16,867
11,567
6,674
1,957
59,879
_
267,458
719
100,431
22,106
662
___
ties
429,524
__
omprises:
£
2,500
__		 Year Ended
31 December 2022
£
£
-
50,759
4,499
8,680
-
4,320
1,593
__
69,851
71,680
11,613
17,998
11,220
9,653
6,287
649
48,917
_
178,017
632
106,347
23,829
12,910
___
391,586
__
£
7,000
__

Page 15

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023
Raising
Funds
Charitable
Activities
£
£
26,917
26,917
2,746
41,482
448
6,771
-
-
1,299
19,617
-
1,586
108
1,623
161
2,435
_
_
31,679
100,431
_
_		 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
_
_

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, contracts of services and recruitment of the new Italian curator. These fees were approved by the Board.

Fees Received
Mr Joe Bates
Mr Charles Cary-Elwes
Mr James Grande
Ms Deborah Hodges		 Year Ended
31 December
2023
£
9,500
7,300
-
-
__
Year Ended
31 December
2022
£
5,500
-
7,000
17,400
__

Nine members of the Board (2022 – 9) received reimbursement of expenses for travel, telephone, and subsistence.

5,342
__		 8,550
__

The average monthly number of persons employed by the Association during the year was 8 (2022 - 6). All these people are employed at the House in Rome. There are no employees earning over £60,000 (2022 - one).

Page 16

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

9. HERITAGE ASSETS
Keats-Shelley
House
Valuation
£
Valuation Brought Forward
2,450,000
Additions
-
Revaluation
-
__
Valuation Carried Forward
2,450,000
__		 Museum
Collection
£
2,577,650
21,690
96,710
__
2,696,050
__		 Total
£
5,027,650
21,690
96.710
__
5,146,050
_____

10. TANGIBLE FIXED ASSETS

Equipment,
Improvements
Fixtures &
To Freehold
Digital Assets
£
£
Cost or Valuation
Brought Forward
298,914
226,865
Additions
-
1,312
__
_
Carried Forward
298,914
228,177
__
_
Depreciation
Brought Forward
193,274
141,582
Charge for year
31,400
28,479
__
_
Carried Forward
224,674
170,061
__
_
Net Book Value
At 31 December 2023
74,240
58,116
__
__
At 31 December 2022
105,640
85,283
___
____		 Total
£
525,779
1,312
__
527,091
_
334,856
59,879
__
394,735
_
132,356
__
190,923
_

Page 17

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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
2023
£
641,358
147,526
(146,208)
36,541
__
679,217
___
679,217
4,639
__
683,856
__
579,197
____		 31 December
2022
£
848,151
233,065
(371,276)
(68,582)
__
641,358
___
641,358
12,311
__
653,668
____
576,391
_______

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
2023
£
4,470
-
942
1,262
32,930
_
39,604
___		 31 December
2022
£
17,502
4,356
-
1,100
19,192
_
42,150
____

Page 18

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

13. CREDITORS

Trade creditors
Italian payroll costs
Accrued expenses and prepaid income
Italian corporation tax
Italian withholding tax		 31 December
2023
£
2,228
49,555
24,057
-
5,297
_
81,137
___		 31 December
2022
£
2,648
46,245
22,588
4,072
3,503
_
79,056
___

14. ROME EMPLOYEE LEAVING ENTITLEMENT

This liability represents deferred pay due to employees in Italy at 31 December 2023, 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		 2023
£
36,070
8,230
(470)
(734)
674
_
43,770
___		 2022
£
57,681
8,304
(31,446)
2,247
(716)
_
36,070
___

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.

The restricted operating fund represents donations received during the year to fund the acquisition of a bust in the next financial year.

Page 19

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

, 16. UNRESTRICTED FUNDS

UNRESTRICTED FUNDS
Operating
Fund
Designated
Funds
Revaluation
Reserve
£
£
£
Balance brought forward
684,605
637,640
4,600,225
Incoming resources for the year
564,270
-
-
Outgoing resources
(487,731)
-
-
Gains/(losses) on investments
36,059
Gains on heritage assets
-
96,710
Transfer between reserves
(180,979)
145,926
35,053
__
_
__
Balance carried forward
616,224
783,566
4,731,988
___
__
______		 2023
Total
£
5,922,470
564,270
(487,731)
36,059
96,710
-
__
6,131,778
__
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/(losses) on investments
(73,798)
-
-
Transfers between funds
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
__

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		 2023
£
350,000
250,000
150,000
33,566
__
783,566
__
2,242,941
2,389,027
100,020
__
4,731,988
__		 2022
£
350,000
157,896
95,078
34,666
__
637,640
___
2,242,941
2,292,317
64,967
__
4,600,225
__

Page 20

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 December 2023 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities
Fund balances at 31 December 2022 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities		 Unrestricted
Restricted
Funds
Funds
£
£
5,146,050
-
132,356
-
578,116
105,740
400,163
30,000
(124,907)
-
__
__
6,131,778
135,740
___
____		 Total
Funds
£
5,146,050
132,356
683,856
430,163
(124,907)
__
6,267,518
____
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
____

Page 21