**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
**S**mith & 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:
- 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 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31[st] December 2023 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 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:
- 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 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