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2024-12-31-accounts

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

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Registered Company No: 90531 Registered Charity No: 212692

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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
8 – 11 Report of the Auditors
12 Statement of Financial Activities
13 Balance Sheet
14 Statement of Cash Flows and Notes to the Cash Flow Statement
15 - 25 Notes to the Financial Statements

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRUSTEES AND ADVISERS

Patron

King Charles III

Board of Trustees and Directors

Mr Edward Bayntun-Coward Sir Ivor Roberts KCMG, FCIL Ms Sue Bradbury Mr David Leigh-Hunt Mr Charles Cary-Elwes Ms Laura Savio Foster

Lord James Abinger Mr Joe Bates Mrs Margaret Behan Dr Anna Camilleri Ms Reeta Chakrabarti Mr Adrian Earle Lady Caroline Egerton Mr Anthony Gardner Dr James Grande Ms Deborah Hodges Dr Anna Mercer Ms Bathsheba Morabito Dr Joseph Spence Ms Amanda Thursfield The Earl of Woolton

Hon Chairman Appointed 25[th] June 2025 Hon Chairman (to 25[th] June 2025) Hon Co Vice-Chairman Hon Company Secretary (to 4[th] December 2024) Hon Treasurer (to 1[st] January 2025) Appointed 3[rd] December 2024 Hon Treasurer (from 1[st] January 2025)

Appointed 11[th] June 2024

Appointed 11[th] June 2024

Appointed 25[th] September 2024

Appointed 11[th] June 2024 Appointed 24[th] September 2024

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

(resigned January 2024)

(appointed January 2024, resigned June 2024)

(appointed June 2024)

(appointed 3[rd] February 2025) Hon Treasurer (appointed 3[rd] February 2025) (resigned January 2024) Hon Chair (from 24[th] September 2024) Hon Chair (to 24[th] September 2024)

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
Company Secretary
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
Mr Jonathan Leigh-Hunt (appointed 4thDecember 2024)
Evelyn Partners
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
Banca Sella
Piazza Poli, 38 / 41,
00187 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 2024

After the two bicentenaries of the deaths of Keats and Shelley in 2021 and 2022, our attention in 2024 shifted to the bicentenary of the death of their contemporary Lord Byron. Byron is of course celebrated (and very much so even today) in Greece given his role during the Greek War of Independence. Yet as Mary Shelley stated, Byron is the prototype of the Anglo-Italian: it was in the years he spent in Italy that many of his most famous works were written including Beppo , Childe Harold’s Pilgrimage Canto IV and Don Juan .

Our Byron 200 programme was a rich and full one. Some of the highlights included its launch in February this year at the Italian Embassy in London kindly hosted by Ambassador Inigo Lambertini with the participation of the Poet Laureate Simon Armitage and the Keats- Shelley House’s first poet-in-residence, Scarlett Sabet together with the Italian poet Antonella Anudda.

In April we opened a dedicated exhibition at the Keats-Shelley House, ‘Byron’s Italy: An Anglo-Italian Romance’, exploring Byron’s relationship with Italy. In the library of the House there is a significant collection of Byron’ works and critical studies of Byron in Italian translation. This collection acquired by the founders of the Keats-Shelley House tells the fascinating story of Byron’s reception in Italy and the adoption of Byron’s works for political means. Translations by the likes of liberal intellectual, Silvio Pellico, or critical studies by Giuseppe Mazzini, the Italian patriot and politician, attest to Byron’s place within the history of Italian politics and the early stages of the Italian Risorgimento .

The exhibition included treasures from the Keats-Shelley House collection, such as Byron’s Ravenna carnival mask and two portrait busts of Lord Byron, both made in Italy and recently acquired by the House which formed a highlight of the exhibition. The first is a rare surviving terra cruda (unfired clay) bust made from life in 1822 while Byron was staying in Pisa by the Florentine artist, Lorenzo Bartolini, The terra cruda is being joined by a later portrait made in the Bartolini tradition by the Florentine court sculptor, Ottaviano Giovannozzi. These significant acquisitions are now part of the permanent collection of the Keats-Shelley House.

In April besides poetry readings at the Keats-Shelley House, we had a major Byron event at the British Embassy in Rome (courtesy of the ambassador Ed Llewellyn) to complement its homologue in London with the same line-up of poets including a Byron/Rome inspired poem written by Scarlett Sabet while in residence. During the event, Italian actor Dimitri Patrizi read extracts from an Italian translation of Don Juan .

In June, an evening of music inspired by Byron was held in Rome at the Palazzo Doria Pamphilj with a programme created and performed by the internationally celebrated musicians, Julius Drake (pianoforte) and Ian Bostridge (tenor). We were indebted to our host Prince Jonathan Doria Pamphilj and to Jeffrey Blanchard and Mary Wilsey of the Rome committee for all their hard work in planning and executing this major event. By coincidence, on the same day the former House curator Catherine Payling successfully bid at an auction in Philadelphia on our behalf for a 1679 edition of Edmund Spenser’s poetry that had belonged to Keats. That too will join the collection in Rome.

Among the remainder of the year’s events, I would highlight an interactive digital exhibition, then the last of our 2024 exhibitions, Roberto Einaudi’s Lord Byron in Italy , a series of drawings inspired by the major works Byron composed during his Italian sojourn, with extracts from his Ravenna journal and a talk given by Sir Roderick Beaton of King’s College London and Chair of the British School at Athens entitled ‘From Ravenna to Missolonghi: Shelley’s part in Byron’s last journey’.

Page 3

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

REPORT OF THE CHAIRMAN

FOR THE YEAR ENDED 31 DECEMBER 2024

Lastly, I should mention that for over half the year, our curator Ella Kilgallon has been on maternity leave. We are enormously grateful to Luca Caddia, the deputy curator for stepping into her shoes in an acting curator capacity so ably, as indeed he did during the interregnum between curators.

After three bicentenaries in four years, we are expecting the pace to slow a little in the next few years. Our prizes, which had been paused for review will resume in 2025, a year which will see the tercentenary of the opening of the Spanish Steps and consequently a temporary exhibition in the House dedicated to this great architectural feat. The pace may slacken but we are by no means resting on our laurels.

Sir Ivor Roberts KCMG, FCIL Chairman

24[th] September 2025

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 2024, 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 are shown on Page 12 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 Guiseppe Albano.

The Trustees are pleased that his successor, Dr Ella Kilgallon, has now settled in. Her considerable past experience in a comparable field to management of the House is bringing a significant contribution to the promotion of the Association.

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)

The achievements and performance for the year have been summarised in the Report of the Chairman on Pages 3 and 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 required level of reserves.

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. The Board delegates the management of the activities in Rome to a SubCommittee. 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:

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small company’s exemption.

On behalf of the Board

David Leigh-Hunt Trustee

24[th] September 2025

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 2024 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Chairman’s Report and the Trustees Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance or conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) (continued)

Opinion on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to Report by Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 7 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

We have been appointed as auditor under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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)

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In relation to fraud, the objectives of our audit are to identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error and to design and perform audit procedures responsive to those risks. We are required to obtain audit evidence that is sufficient and appropriate in relation to the assessed risks of material misstatement due to fraud. We are required to respond appropriately to fraud or suspected fraud identified during the audit.

We consider the likelihood of detection based on our planned audit approach. This is affected by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are

We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

Page 10

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED) (continued)

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing internal controls in relation to authorisation procedures, evaluating the business rationale in relation to significant, unusual transactions and consideration of transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body for our audit work, for this report or for the opinions we have formed.

Vanessa Graham BSc FCA

Senior Statutory Auditor

For and on behalf of Topaz Solutions Limited

Chartered Accountants and Statutory Auditors

5 Giffard Court Millbrook Close Northampton NN5 5JF

Date:

Page 11

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Unrestricted
Funds
Restricted
Funds
£
£
Incoming resources
Income and endowments from:
Grants, donations, and legacies
36,339
23,500
Charitable activities
2
288,222
-
Investment income
3
298,327
-
__
_
Total
622,888
23,500
_
__
Resources Expended
Expenditure on:
Raising funds
4
95,276
-
Charitable activities
5
446,984
-
_
_
Total resources expended
542,260
-
_
___
Net incoming resources before other recognised
gains and losses
80,628
23,500
Gains/(losses) arising in the year
Realised gains/(losses) on investments
1,966
-
Unrealised gains on investments
28,530
-
Unrealised gains on heritage assets
-
-
_
_
Net movement in funds
111,124
23,500
Total funds brought forward
6,131,778
135,740
Transfer between funds
42,000
(42,000)
_
_
Total funds carried forward
6,284,902
117,240
___
______		 Year Ended
31 December
2024
£
59,839
288,222
298,327
__
646,388
_
95,276
446,984
___
542,260
__
104,128
1,966
28,530
-
_
134,624
6,267,518
-
__
6,402,142
___ _____		 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
___ _____

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 £111,124 (2023: £ 209,308).

The accompanying notes on pages 15 to 25 form part of these Financial Statements.

Page 12

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

BALANCE SHEET

AS AT 31 DECEMBER 2024

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 2024
£
£
5,364,823
63,097
698,696
__
6,126,616
12,036
68,504
356,975
__
437,515
r
(109,241)
_
328,274
__
6,454,890
52,748
__
6,402,142
___
105,740
11,500
__
117,240
770,374
782,540
4,731,988
___
6,284,902
__
6,402,142
________		 31 December 2023
£
£
5,146,050
132,356
683,856
__
5,962,262
21,481
39,604
369,078
__
430,163
(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
________

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 24[th] September 2024

C Cary-Elwes Trustee

L Savio Foster Honorary Treasurer

The accompanying notes on pages 15 to 25 form part of these Financial Statements.

Page 13

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

STATEMENT OF CASH FLOWS

AS AT 31 DECEMBER 2024

Cash Flows from Operating activities
Cash (absorbed by)/generated from operations
(Note 1)
Investing Activities
Purchase of tangible fixed assets
Net (purchase)/sale of investments
Investment income received
Net Cash Generated from Investing Activities
Net Cash Generated from Financing Activities
Net Increase/(Decrease) in Cash and Cash
Equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year		 Unrestricted
Funds
Restricted
Funds
31 December
2024
£
£
£
(114,305)
-
(114,305)
(219,991)
-
(219,991)
23,866
-
23,866
298,327
-
298,327
__
__
_
102,202
-
102,202
_
__
__
-
-
-
_
_
__
(12,103)
-
(12,103)
369,078
-
369,078
_
___
__
356,975
-
356,975
____
____
________		 31 December
2023
£
105,330
(23,002)
(1,318)
297,769
__
273,449
__
-
__
168,119
200,959
_
369,078
_______

NOTES TO THE STATEMENT OF CASH FLOWS

1. CASH GENERATED FROM/ABSORBED BY OPERATIONS

Surplus for the year
Adjustments for:
Investment income recognised in SOFA
Foreign exchange differences
Depreciation of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from/(absorbed by)
operations		 Unrestricted
Funds
Restricted
Funds
31 December
2024
£
£
£
80,628
23,500
104,128
(298,327)
-
(298,327)
(10,256)
-
(10,256)
70,477
-
70,477
9,445
-
9,445
(5,400)
(23,500)
(28,900)
39,128
-
39,128
__
___
__
(114,305)
-
(114,305)
____
____
________		 31 December
2023
£
106,539
(297,769)
(6,659)
59,879
6,505
2,546
10,311
__
105,330
____

Page 14

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Charities “Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102))”, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

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:

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, April 2024. The Museum Collection in the House was insured for a value of £2,696,050 at that date.

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 is 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.

Page 15

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (continued)

d) Stocks of Merchandise

Stocks of merchandise held at the year-end are stated at the lower of cost and net realisable value.

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. The element of VAT in Italy which is not recoverable is shown as a separate expense.

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 2024 and comparative figures for 2023 have been calculated as:

Raising funds 14% (2023 – 7%)
Charitable activities 86% (2023 – 93%)

Salary costs which are not directly attributable to charitable activities, are allocated based on estimated time spent on the activities of the Association as follows:

Raising funds 50% (2024 – 50%) Charitable activities 50% (2023 – 50%)

Page 16

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

2. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Museum admission fees
Sales of books, bulletins, and souvenirs
Other income from charitable activities
3.
INCOMING RESOURCES FROM INVESTMENTS
Rental income
Dividends and interest
4.
COSTS OF RAISING FUNDS
Membership costs
Fundraising, advertising, and PR
Website costs
Exhibitions & events
Property expenses
Support costs (note 7)		 Year Ended
31 December
2024
£
85,168
55,065
147,989
__
282,222
____		 Year Ended
31 December
2024
£
85,168
55,065
147,989
__
282,222
____
2024
£
279,004
19,323
__
298,327
____
_ 2024
£
8,800
1,334
6,825
46,419
6,845
25,053
__
95,276
__

Page 17

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

5. 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 (Italy)
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 2024
£
£
& Shelley and their circle:
-
19,250
6,710
817
1,026
18,744
4,890
__
51,437
s a museum:
165,820
7,068
20,314
11,000
10,503
1,910
-
62,743
_
279,358
703
89,680
24,289
1,517
___
ties
446,984
__
omprises:
£
-
__		 Year Ended
31 December 2023
£
£
-
12,500
3,385
9,805
1,100
8,620
2,738
__
38,148
137,876
7,268
25,370
16,867
11,567
6,674
1,957
59,879
_
267,458
719
100,431
22,106
662
___
429,524
__
£
2,500
__

Page 18

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

6. 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 2024
Raising
Funds
Charitable
Activities
£
£
13,000
13,000
5,141
31,924
1,050
6,526
1,167
7,266
3,635
22,576
-
1,745
743
4,667
317
1,976
_
_
25,053
89,680
_
_		 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
_
_

7. BOARD AND EMPLOYEES

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

Thirteen members of the Board (2023 – 9) received reimbursement of expenses for travel, telephone, and subsistence.

31 December
2024
£
15,813
__
31 December
2023
£
5,342
__

The average monthly number of persons employed by the Association during the year was 7 (2023 - 8). All these people are employed at the House in Rome. There are no employees earning over £60,000 (2023 - none).

8. AUDITORS REMUNERATION

The auditor received the following remuneration:


Audit fees
Accountancy services		 31 December
2024
£
3,500
3,000
__
31 December
2023
£
3,500
3,000
__

Page 19

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

9. HERITAGE ASSETS
Keats-Shelley
House
Valuation
£
Valuation Brought Forward
2,450,000
Additions
-
Revaluation
-
__
Valuation Carried Forward
2,450,000
__		 Museum
Collection
£
2,696,050
218,773
-
__
2,914,823
__		 Total
£
5,146,050
218,773
-
__
5,364,823
_____

10. TANGIBLE FIXED ASSETS

Equipment,
Improvements
Fixtures &
To Freehold
Digital Assets
£
£
Cost or Valuation
Brought Forward
298,914
228,177
Additions
-
1,218
__
_
Carried Forward
298,914
229,395
__
_
Depreciation
Brought Forward
224,674
170,061
Charge for year
34,584
35,893
__
_
Carried Forward
259,258
205,954
__
_
Net Book Value
At 31 December 2024
39,656
23,441
__
__
At 31 December 2023
74,240
58,116
___
____		 Total
£
527,091
1,218
__
528,309
_
394,735
70,477
__
465,212
_
63,097
__
132,356
_

Page 20

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

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
The following investment comprised more than 5%
of the market value of investments at the year-end:
Findlay Park Funds
DEBTORS
Amounts falling due within one year:
Italian VAT
Italian taxation debtors
Other debtors
Prepaid expenses and accrued income		 31 December
2024
£
679,217
95,415
(119,604)
30,496
__
685,524
___
685,524
13,172
__
698,696
__
549,744
____
31 December
2024
£
6,379
6,748
1,625
53,752
_
68,504
___

12. DEBTORS

Page 21

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

13. CREDITORS

Trade creditors
Italian payroll costs
Accrued expenses and prepaid income
Italian corporation tax
Italian withholding tax		 31 December
2024
£
7,637
53,926
39,135
2,913
5,630
_
109,241
___		 31 December
2023
£
2,228
49,555
24,057
-
5,297
_
81,137
___

14. ROME EMPLOYEE LEAVING ENTITLEMENT

This liability represents deferred pay due to employees in Italy at 31 December 2024, 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 gain
Revaluation
Balance at 31 December		 2024
£
43,770
11,192
(168)
(1,710)
(336)
_
52,748
___		 2023
£
36,070
8,230
(470)
(734)
674
_
43,770
___

Page 22

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

15. RESTRICTED FUNDS

Endowment
Fund
Operating
Fund
£
£
Balance brought forward
105,740
30,000
Incoming resources for the year
-
23,500
Outgoing resources
-
-
Transfer between reserves
-
(42,000)
__
__
Balance carried forward
105,740
11,500
_
_____		 2024
Total
£
135,740
23,500
-
(42,000)
__
117,240
__
Endowment
Fund
Operating
Fund
£
£
Balance brought forward
105,740
-
Incoming resources for the year
-
30,000
Outgoing resources
-
-
__
__
Balance carried forward
105,740
30,000
_
_____		 2023
Total
£
105,740
30,000
-
__
135,740
__

The Endowment Fund was established in 1995 after the receipt of £105,740 as a legacy. This legacy is intended for the upkeep of the Keats-Shelley House in Rome.

The restricted operating fund represents donations received in 2024 to fund the 2024 Prizes, which were awarded in 2025.

The restricted operating fund in 2023 represented a donation of £30,000 towards the purchase of the Keats bust, which was made in 2024.

Page 23

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

16. UNRESTRICTED FUNDS

Operating
Fund
Designated
Funds
£
£
Balance brought forward
616,224
783,566
Incoming resources for the year
622,888
-
Outgoing resources
(542.260)
-
Gains/(losses) on investments
30,496
-
Transfer between reserves
43,026
(1,026)
__
_
Balance carried forward
770,374
782,540
___
______		 Revaluation
Reserve
£
4,731,988
-
-
-
-
__
4,731,988
__		 Revaluation
Reserve
£
4,731,988
-
-
-
-
__
4,731,988
__		 2024
Total
£
6,131,778
622,888
(542,260)
30,496
42,000
__
6,284,902
__
Operating
Fund
Designated
Funds
£
£
Balance brought forward
684,605
637,640
Incoming resources for the year
564,270
-
Outgoing resources
(487,731)
-
Gains/(losses) on investments
36,059
Gains on heritage assets
-
Transfer between reserves
(180,979)
145,926
__
_
Balance carried forward
616,224
783,566
___
______
The fixed asset revaluation reserve comprises: -
Revaluation of freehold property
Revaluation of Museum collection
Revaluation of investments		 Revaluation
Reserve
£
4,600,225
-
-
96,710
35,053
__
4,731,988
__
2,242,941
2,389,027
100,020
__
4,731,988
__		 2023
Total
£
5,922,470
564,270
(487,731)
36,059
96,710
-
__
6,131,778
__
2,242,941
2,389,027
100,020
__
4,731,988
__
2,242,941
2,389,027
100,020
__
4,731,988
__

Page 24

KEATS-SHELLEY MEMORIAL ASSOCIATION (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

16. UNRESTRICTED FUNDS (continued)

Designated funds comprise amounts set aside by the trustees for specific purposes as follows:

Acquisitions Reserve
Improvements and refurbishment of the Museum
Rent contract expiry Reserve
The Sheila Birkenhead Bursary Fund		 2024
£
350,000
250,000
150,000
32,540
__
782,540
__		 2023
£
350,000
250,000
150,000
33,566
__
637,640
___

The Acquisitions Reserve represents amounts set aside to fund future acquisitions of significant historical and cultural importance for the Museum Collection.

The Rent contract Expiry Reserve represents amounts set aside to replace lost revenue in the event that a tenant may vacate the property prior to the expected termination date of the lease.

The Sheila Birkenhead Bursary Fund represents funds designated to provide support of PostGraduate students in the Romantics by means of awarding bursaries.

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 December 2024 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities
Fund balances at 31 December 2023 are represented by:
Heritage assets
Tangible fixed assets
Fixed asset investments
Current assets
Liabilities		 Unrestricted
Restricted
Funds
Funds
£
£
5,364,823
-
63,097
-
592,956
105,740
426,015
11,500
(161,989)
-
__
__
6,284,902
117,240
___
____		 Total
Funds
£
5,364,823
63,097
698,696
437,515
(161,989)
__
6,402,142
____
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
____

Page 25