**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:
- 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.
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:
- give a true and fair view of the state of the charitable company’s affairs as at 31[st] December 2024 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**
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:
- 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 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:
- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected, or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are
- FRS 102,
- Charities SORP (FRS 102),
- Companies Act 2006,
- Charities Act 2011,
- the charitable company’s governing document, and
- relevant tax legislation
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:
- **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, 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