Charity No
ITALIAN MEDICAL CHARITY
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5th APRIL 2021
WINTER & COMPANY Chartered Accountants
Melbury House 34 Southborough Road Bickley Bromley BR1 2EB
218259
Charity Num
ITALIAN MEDICAL CHARITY
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2021
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY
Principal Address 114 School Lane, Bushey, Hertfordshire WD23 1BX Governing Document: Memorandum and Articles of Association Constitution: Charity was established by a Charity Commissione dated 14th May 1992 in England and Wales Charity registration number: 218259 Trustees: Don. Lorenzo Giovene di Girasole Dr Gino Amato Mr Peter Capella Miss Anna Giacon (deceased 4th October 2020) Mr Luigi Lavarini (Chairman) The Hon. Olga Polizzi CBE Dott Marco Villiani Mr Marco Evans (appointed February 2020) Officers Mrs Caterina Ferro TRUST ADVISORS The Trust's advisors during the year were:Bankers HSBC 149 Rushey Green Catford London SE6 4BQ Investment Advisors:Investec Wealth and Investment Ltd 30 Gresham Street London, EC2V 7QN Charles Stanley Pan Asset 55 Bishopsgate London EC2N 3AS Auditors:Winter & Co., Melbury House, 34 Southborough Road, Bickley, Bromley, Kent, BR1 2EB
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ber 218259 rs Scheme Page I
ITALIAN MEDICAL CHARITY
Charity Number 218259
TRUSTEES ANNUAL REPORT (continued) FOR THE YEAR ENDED 5th APRIL 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT
The day to day administration and management of the charity are carried out by Caterina Ferro. The performance of their duties are closely monitored by the Trustees.
The Trustees confirm that major risks facing the charity have been identified and systems have been established to mitigate them. These risks are reviewed on an annual basis.
It is recognised by the Trustees that it is their responsibility to ensure that any new Trustees appointed are made aware of their responsibilities to the charity. They are also aware that it is their responsibilty to ensure that any new appointees are properly educated and trained so that they can carry out their duties to the required standard.
OBJECTIVES AND ACTIVITIES
The Charity was established by a Charity Commissioners Scheme dated 14th May 1992, and is administered by the body of Trustees.
The principal objective of the Charity is for the relief of sickness, disability or bodily or mental infirmity of persons of Italian nationality or descent which is of public benefit. The Trustees confirm that they have read the Charity Commission's guidance on public benefit.
However, the Trustees may apply the income of the Trust for the above purposes to any persons of any nationality or descent, or provide surgical, medical or rehabilitative treatment to beneficiaries of the Charity, their care assistants or other charities and institutions established to provide or promote similar charitable purposes.
The assets of the Charity are all held in unrestricted income funds, the income of which can be spent on any of the Charity's purposes.
All assets have been acquired in accordance with the powers available to the Trustees as set out in the Charity Commissioners Scheme document.
FINANCIAL REVIEW
The Charity's investment and other income during the year decreased by 25.97% to £61,609. During the year grants were made in support of the objects of the Charity totalling £105,000 as compared with £76,099 in the previous year. The Covid 19 pandemic has hindered the Charity in terms of the number of grants it was able to issue in the year. Whilst dividend income dropped this was more than offset by the realised gains on disposals in the year which enabled the incease the value of total grants issued in the year. The Trustees are continually looking to increase the number of grants in the future by publicising the charity's existence and purpose more widely within the Italian community.
The Trustees anticipate that the level of investment income receivable in the forthcoming year will increase and this should still enable the Charity to maintain the total amount of grants to be made at a level comparable with the year under review. The Trustees are aware that the current year has seen a big increase in equity values and as a consequence there have been some unrealised gains made. There were also some net realised gains on equities sold in the year. Total funds have therefore increased to £3,623,474 at the balance sheet date.
Investment strategy is determined by the Trustees with the aim of generating sufficient income to maintain grant payments at existing levels and to cover overheads. The funds should be invested defensively in a diverse portfolio of stocks in such a way that financial risk is kept to a minimum. The charity does not knowingly invest in companies whose social, environmental or ethical history is in any way disreputable. During the year the charity continued to invest in two separate funds so as to continue the policy of further diversifying the charity's investments.
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ITALIAN MEDICAL CHARITY
Charity Number 218259
TRUSTEES ANNUAL REPORT (continued) FOR THE YEAR ENDED 5th APRIL 2021
ACHIEVMENTS AND PERFORMANCE
The Trustees consider that the performance of the charity in the year met expectations. During the year there were 2 (2020 13) beneficiaries (excluding those who received treatment at the Villa Scalabrini ) who received financial assistance from the charity. At any one time there can be between 80 to 100 elderly residents staying at the Villa Scalabrini and the grant the charity makes is a contribution to the cost of residential care. The total amount of grants made has increased to £105,000 compared to the amounts paid in previous years. Income received in the year dropped to £61,609 because of Covid 19 Realised gains however totalled £89,089 in the year. Unrealised gains were £782,742. These increases were due to the recovery in equity values that occurred between April 2020 and April 2021. The charity endeavours to maintain a level of reserves that enables it to meet its day to day financial obligations. This objective was met this year with reserves increasing from £2,822,433 to £3,623,474. the year.
PLANS FOR THE FUTURE
The key aims and objectives for the future remain the same as they are and have been in the past.
TRUSTEES STATEMENT OF RESPONSIBILITY IN RELATION TO THE ACCOUNTS
The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records, that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Trustees on …………………. and signed on its behalf.
Luigi Lavarini Trustee (Chairman)
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ITALIAN MEDICAL CHARITY
Charity Number 218259
INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 5th APRIL 2021
We have audited the financial statements of the Italian Medical Charity on pages 5 to 12 for the year ended 5th April 2021. These financial statements have been prepared in accordance with the accounting policies set out therein. This report is made solely to the charity's trustees as a body in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees 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 trustees as a body, for our audit work for this report, or the opinions we have formed.
Respective responsibilities of the trustees and auditors
The trustees' responsibilities for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards ( United Kingdom Generally Accepted Accounting Practice ) including Financial Reporting Standard 102 are set out in the Statement of Trustees Responsibilities, on page 3.
We have been appointed as auditors under section section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit the financial statements in accordance with relevant legal and statutory requirements and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board Ethical Standards for Auditors.
We report to you our opinion as to whether the financial statements give a true and fair view and are prepared in accordance with the Charities Act 2011. We also report to you if, in our opinion, the trustees report is not consistent with the financial statements, if the charity has not kept proper accounting records, if we have not received all the information and explanations that we require for our audit, or if information specified by law regarding trustees remuneration and transactions with the charity is not disclosed.
We read other information contained in the trustees' report and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements in it or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination on a test basis of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in preparation of the financial statements, and of whether the accounting policies are appropriate to the charity's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations we considered necessary in order to provide us with sufficient evidence to give reasonable assurance the financial reports are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view, in accordance with the United Kingdom Generally Accepted Accounting Practice of the state of the charitable company's affairs as at 5 April 2021 and of its incoming resources and application of resources, including its income and expenditure in the year then ended and have been prepared in accordance with the Charities Act 2011.
Winter & Co Christopher Winter Charetered Accountants date Registered Auditor
............................... Senior Statutory Auditor …………….. Christopher Winter Melbury House 34 Southborough Road Bickley Brom;ley Kent BR1 2EB
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ITALIAN MEDICAL CHARITY
Charity Number 218259
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5th APRIL 2021
| Notes INCOME AND EXPENDITURE Incoming Resources Dividends, bonds and other income Donations Investment Income 3 Total incoming resources 2 Resources expended Charitable expenditure 4 Other 5 & 6 Total resources expended Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments 7 Net income/(expenditure) Net movement in funds Total funds unrestricted brought forward Total funds unrestricted carried forward |
2021 2020 £ £ £ £ 61,399 83,223 210 - - - 61,609 83,223 105,000 76,871 8,990 9,925 113,990 86,796 (52,381) (3,573) 853,422 (496,995) 801,041 (500,568) 801,041 (500,568) 2,822,433 3,323,001 3,623,474 2,822,433 |
2021 2020 £ £ £ £ 61,399 83,223 210 - - - 61,609 83,223 105,000 76,871 8,990 9,925 113,990 86,796 (52,381) (3,573) 853,422 (496,995) 801,041 (500,568) 801,041 (500,568) 2,822,433 3,323,001 3,623,474 2,822,433 |
|---|---|---|
| 105,000 8,990 |
||
| (3,573) (496,995) |
||
| (500,568) (500,568) 3,323,001 |
||
| 2,822,433 |
Total recognised gains and losses
The statement of financial activities incorporates the income and expenditure account.
The results for the year derive from continuing activites and there are no other gains or losses other than those shown above.
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ITALIAN MEDICAL CHARITY
Charity Number 218259
STATEMENT OF FINANCIAL POSITION
AS AT 5th APRIL 2021
| Notes Fixed Assets Tangible assets 8 Investments 9 Current Assets Debtors Cash at Bank and In Hand 10 Creditors: amounts falling due within one year 11 Net current assets/(liabilities) Total net assets or liabilities Funds Unrestricted funds 2 & 15 Total Charity Funds |
2021 2020 £ £ £ £ 8,501 8,509 3,624,532 2,681,741 3,633,033 2,690,250 - - 64,233 134,780 64,233 134,780 73,792 2,597 (9,559) 132,183 3,623,474 2,822,433 3,623,474 2,822,433 3,623,474 2,822,433 |
2021 2020 £ £ £ £ 8,501 8,509 3,624,532 2,681,741 3,633,033 2,690,250 - - 64,233 134,780 64,233 134,780 73,792 2,597 (9,559) 132,183 3,623,474 2,822,433 3,623,474 2,822,433 3,623,474 2,822,433 |
|---|---|---|
| 2,690,250 132,183 |
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| 64,233 73,792 |
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| 2,822,433 | ||
| 2,822,433 | ||
| 2,822,433 |
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime FRS 102 SORP.
Approved by the Board of Trustees on ………………..... and signed on its behalf by
............................... Trustee
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ITALIAN MEDICAL CHARITY
Charity Number 218259
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5th APRIL 2021
1 ACCOUNTING POLICIES
1.1 Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a Public Benefit Entity as defined by FRS102.
Due to the level of Reserves the Trustees are of the opinion that the charity will continue to be a going concern. There are no material uncertainties about the charity's ability to continue.
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1.2 Fixed assets are recorded at cost, or in cases where assets have been donated to the Charity, at valuation at the time of acquisition. All fixed assets are either used or available for use for charitable purposes.
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1.3 Depreciation is provided at rates calculated to write off assets over their estimated useful lives on the following basis:
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Equipment - 25% per annum on the written down value Pictures - Depreciation has not been provided on the pictures and antique furniture as the Trustees believe that the market value of these assets exceeds the cost contained in these accounts. The trustees do not consider it worthwhile obtaining a valuation on the grounds of cost and materiality.
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1.4 Income is accounted for as follows:
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a) Dividends, loan stock and other investment income: amounts receivable for the year.
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b) Bank deposit Interest: amounts receivable for the year.
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c) Miscellaneous receipts and donations: amounts received during the year.
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d) Legacies are included in the SOFA when receipt is probable. That is when probate has been granted, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
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1.5 Investments are shown at market value, being the closing mid price as indicated in the Financial Times or as advised by the Investment Advisors.
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1.6 Profits or losses on sales of investments are included in the Statement of Financial Activities as realised gains or losses. Any change in the market value of investments held at the Balance Sheet date are included in the Statement of Financial Activities gains or losses.
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1.7 All expenses are accounted for on an accruals basis.
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1.8 Where the charity gives a grant with conditions for its payment being a specific level of medical evidence, such grants are only recognised in the SOFA once the recipient of that grant has provided that evidence.
2 ACCUMULATED FUND
Total funds are unrestricted.
| 3 INVESTMENT INCOME Bank Interest Received |
2020 £ - - |
2019 £ - |
|---|---|---|
| - |
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ITALIAN MEDICAL CHARITY
Charity Number 218259
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5th APRIL 2021
| 2021 £ 4 COSTS OF ACTIVITIES IN FURTHERANCE OF THE CHARITY'S OBJECTS Grants 105,000 105,000 The sums granted to both individuals and charitable institutions are as follows: Recipient 2021 £ D Bastiani Bavetta Casalli Villa Scalabrini 70,000 S Finaldi Harley Liset Lopinto Mazza Proietti 5,000 St Peters Church disabled toilet 30,000 105,000 5 OTHER COSTS 2021 Governance Administration fees 7,200 Audit (note 13) 1,740 Trustees expenses - Bank charges 42 Depreciation 8 8,990 |
2020 £ 76,871 |
|---|---|
| 76,871 | |
| 2020 £ 434 2,000 5,000 60,000 389 430 300 6,318 2,000 |
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| 76,871 | |
| 2020 6,500 1,740 360 62 8 |
|
| 8,670 |
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ITALIAN MEDICAL CHARITY
Charity Number 218259
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5th APRIL 2021
6 TRUSTEES EXPENSES
The Trustees received £nil (2020 £360) by way of expenses during the year. The Trustees did not receive any remuneration or received any benefit in the year. Nor did they in the previous year.
| 7 NET GAINS LOSSES ON INVESTMENTS Gains/(losses) on investments disposed in the year Gains/(losses) on revaluation of investments Investment management (costs) |
2021 89,089 782,742 (18,409) 853,422 |
2020 126,464 63,309 (14,296) |
|---|---|---|
| 175,477 |
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ITALIAN MEDICAL CHARITY
Charity Number 218259
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5th APRIL 2021
| 9 INVESTMENT ASSETS £ £ Quoted investments Carrying value at 6th April 2020 539,753 2,141,988 Less: Disposals at carrying value (229,809) (822,225) Add: Additions to Investments 346,411 969,642 Less: Net (losses)/gains on revaluation at 5th April 2021 191,116 487,656 Carrying value at 5th April 2021 847,471 2,777,061 Historical cost of investments at 5th April 2021 693,891 2,345,515 Historical cost of investments at 5th April 2020 591,859 2,287,529 Analysis of investments at 5th April 2019 between funds UK Equities & Funds 41,691 809,332 Overseas Equities & Funds 591,114 1,391,526 UK Fixed and variable interest 192,256 128,694 Overseas Fixed interest 102,627 Property 22,410 75,774 Alternative assets 269,108 Total 847,471 2,777,061 All dividends, loan stock and other investment income receivable relates to investments listed on a recognised stock exchange. The investments are all held to make a return for the charity. 10 CASH AT BANK AND IN HAND 2021 Investec Cash Deposits 48,507 Charles Stanley Cash Deposits 9,818 HSBC Bank Accounts 5,908 64,233 Charles Stanley Fund Investec Combined Fund |
Total £ 2,681,741 (1,052,034) 1,316,053 678,772 |
|---|---|
| 3,624,532 | |
| 3,039,406 | |
| 2,879,388 | |
| 851,023 1,982,640 320,950 102,627 98,184 269,108 |
|
| 3,624,532 | |
| 2020 64,034 54,540 6,310 |
|
| 124,884 |
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ITALIAN MEDICAL CHARITY
Charity Number 218259
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5th APRIL 2021
| 11 CREDITORS AND ACCRUALS Accruals Grants payable |
2021 £ 3,792 70,000 3,792 |
2020 £ 2,710 - |
|---|---|---|
| 2,710 |
12 CONTINGENT LIABILITIES
The Trustees consider the Charity not to have any contingent liabilities.
13 AUDITORS' REMUNERATION
The fees charged for audit services amounted to £1,740 (2020 - £1,740). Amounts charged in the year were paid in the following year.
14 RELATED PARTY TRANSACTIONS
There have been no related party transactions in the reporting period that require disclosure.
15 STATEMENT OF MOVEMENT ON STATEMENT OF FINANCIAL ACTIVITIES
| Balance at 6 April 2020 Retained (defcit)/surplus for the year Balance at 5 April 2021 |
£ 2,822,433 801,041 Statement Of Financial Activities |
|---|---|
| 3,623,474 |
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