ITALIAN MEDICAL CHARrrY Charity No 218259 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2022 WINTER & COMPANY Chartered Accountants Melbury House 34 SouthlJ)rough Road Bickley Bromley BR12EB
ITALIAN MEDICAL CHARITY Charity Number 218259 TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2022 REFERENCE AND ADMINISTRATWE DETAILS OF THE CHARITY Principal Address 114 SGhool Lane, Bushey, Hertfordshire WD23 1 BX Governing Document.. Memorandum and Articles of Association Constitution.. Charity was established by a Charty Commissioners Scheme dated 14th May 1992 in England and Wales Charity registration number. 218259 Truslees". Don. Lorenzo Giovene di Girasole Dr Gino Amato Mr Peter Capella Mr Luigi Lavarini (Chairman} The Hon. Olga Polizzi CBE Dott Mareo Villiani Mr Marco Evans Ms Daniela Manzi {appOInt 21st October 2021) offirS Mrs Calerina Ferro TRUST ADVISORS The Trust's advisors during the year were: Bankers HSBC 149 Rushey Green Cattord London SE6 4BQ Investment Advisors- Inveslec Wealth and Investment Ltd 30 Gresham Street London, EC2V 7QN Chades Stanley Pan Asset 55 Bishopsgate London EC2N 3AS Auditors".- Winter & Co., Melbury House, 34 Soulhborough Road, Bickley, Bromley, Kent, BR12EB Page I
ITALIAN MEDICAL CHARrrf Charlty Number 218259 TRUSTeES ANNUAL REPORT Icontlnued) FOR THE YEAR ENDED 5th APRIL 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT The day lo day administrats'on and management of the charity are carried out by Caterina Ferro. The pertMance oflhelr duttes are dosely rr(ffjrtored by the Trustees. The Trustees confimi that major risks la(#ng the charity have iw) Identsfied and 8yStem8 have been estsblished to mitigate them. These risks org rw8¥th1 on an annual baws. It18 recognised by the Trustee8 that rt is tsr responsits'lity lo ensure that any new Trustees appolnled are made aware of their responsibilth.es lo the chanty. They are also aware that rt is their re$pon$lbilty lo ensure that any new appointees are prwrty educated and trained 80 that they can cary out Ihelr duti•$ to the rewired standard. OBJECTIVES AND ACTIVITIE3 The Charity was eslat41strd ty a Chaty Comml881on8r8 Scheme d8j 14th May 1992. 8ntt18 edminlslered by the body of Truste88. The pfindpal objedve of the Charlty is for the r81iel of 8ickn8ss. disabllity CK bodily or nnt81 Infirmity of person$ of Italian naoonality (x descenl Nthich Is ol public tsenefft. Th8 Truste88 ¢onfirm Ihal they have read the Charity Commission's guida0 on public benefit. However, the Tru8teo8 may apply the income of the Trust for the above wrpo888 to any per80n8 01 any nalionalily or descent, or prowde Surg1, medical or rehakn'litalive treatrnenl to bèneficiariès of the Charity, their Cafe 88s18lanls or other ¢thaiiknes arKI institutions estsbli$hgd lo pmide or promote Bimilar ch8rftsbl6 purp0868. The assets of the Charity are all held In unreslllrknd Incom6 fur•Js. ts Income of vthich can be spent on any of the Charity's purposes. All assets have been acquired in aeeordanco wlh ts powers available to the Tru8te98 a8 Set out in the Charty Commi88ioner8 Scheme doeument. FINANCIAL REVIEW The Charity's investment 8nd other income during the yèar by 6 31% to £57,731. During the year grants were made in Sup of the obj'ects of the Charity tot811ing £84.185 as compared £105,000 in the year. The 19 PdeMI¢ hiTrJered the Chanty in terms of the number of grants It was ablo to issue in the year. Whilst drwdend in(xx))e dro this was more than offset by the realised gains cm disFrf)sals in the year vthit* meant the chanty Could supp)rt those grarrts issued in the year. The Trustees are conbnually l¢>)king to increase the number of grants in the future by publiry¥ng the thortys existwKe arKI purpose nv)re wdety within the Italian communty. The Trustees anlicipale that the level of investment income receNable in the forthcoming year wll increase and this should still enable Charity to maintain the total am¢)unt of grants lo be made al a level comparable wth the year rer revbew There were also somo not realised gains on aquities 8old in Ihe year. Total funds have therefore increased to £3.711.622 at the balance sheet date. Investment strategy is detemin8d by the TnJ$tees wlh the aim of 9ener8tlng sufficient income to maintain grant payments at oxistrng levels and to Ver ovetheads. The fun¢Js should be invested defensively in a diverse portfolio of stocks in such a vrdy that financial risk is kept lo a minimum. The chanty does not knowingly invest in companies whose scoal, environmentsl or ethical history is in any way disreputatle. During the year the chanty continued to invest in Iwo separate funds so a5 to continue the polry of fwlher ¢JiverJifying the Gharity'a In•tMt•. Pa8t 2
ITAUAN MEDICAL CHARirY Charfty Numb8r 218259 TRusfEES ANNUAL REPORT{conllnued) FOR THE YEAR ENDED 5th APRIL2022 ACHIEVMENTS AND PSiFoRMCE Thè Trustees consider that Ihe p8rf0mwt ofthe charity tn the year met &Xptsr8. Durwu the ye there were 7 (202121 ben&ffc4aries (eXcdry tlssè who reLYNed treabwtatthe Scalabr¢ni ) who re finan¢1 assts13n frcrfn the rthnty. The Tnle8$ arn CDllfmeiS Ihal there were only 7 beneficSarfes Ihe year and Mll look to improve on thls neXtar. At anyone bm8 thèrè can bg bgh¥80n 80 to 100 eklerty r•$ldents slaylng atthè Vima Scalabrfni and the granllhe chwity m8k¢s is 8 coTrtrflyJUon 10 the cost of resld¢ntlal care. The tot81 amount of grants made has de¢r6asod to £74,185 o)mpared tts thè arMuAls pald In prtV¢t years. Incorne recefved In the ye8rthcgped lo £57.731 bec8u5e of Covld 19 Reallsed g81ns h)wever lotsued £14&428 In Ih . Unrnalised nS were £4.619. The chartyend6avourn to maitsin a t1 ofre$8Thw Ihal•rAbl8s ttlo meel Is day to dayfinanual obllg8trons. Thi5 0trfj'8cbvg vms metthi5)W7llh re8ems tspaknJfrom £3.tr23.474 to £3.721,622, tha ygar. PLANS FOR THE FUTURE Th• k•y alm$ and oblfjclfves for ihe remth $8m• as Ilrty are •rnl hav• been In fv pasL TRvFfEE8 STATEIIEKf OF RESPONSIBILrrY IM RELATION TO THE ACCOUt¥Ts Tho Tfusl¢es ara responslble for prgp¥Nw the Tmstee5 Report and thè fu78n¢ial 818t9menls in accordance vlih 8ppll¢8ble18w Unlled Ao)JuntEng ndards IUrblt8d Klngdom Gon8rallyAccepted ACCO Prncfjcg). Thg law appllceble lo thaFlil88 In England arKI W810s rnwwes the trusle•sto prnpAre fin8nc st8tem8nts for eath finanrA•I year whlch gNg a true and falr vl8w of th8 5tste d affalrs of thè charity and ofth8 Incomlng restsu and oppThGaUon of re8tsurc88 ofthe chgrftyforthatp•rfod. ProrIng those tlnandal ststemrt th8 100# Ère rewlred to sè1gctsull•ble ¢c(%wnUng pofKa•s and Ihèn apply them c¢M•W. observe the method¥ and PrfleS In tr Ch•kn8s SORP make judaemenls and estiffAtès that rea¥Ma ond pi state wh8lher #ppllcthte UKAtt0untij Stsr#lths have been followed. subJedto any m8tsrlal departures (fhsdo8ed 8nd ejpblned In th• fin#ndg1 Statemen and pr6Por8 th8 ffflandal slatfjments going 1¢¢M basls w4•86 It is InapN18tO to pr48um0 th81 thg kn optratk4). The Trust8es are respDrtsibf&for keep4ng sufficientaolMtr rec(rd8, th81 disclos8 reasonBblo aCJracY at8rylllne Ih•fftianc491 rfthe chaTtyand onablg them lo en6ure Ihatfhe finan¢581 statsments comyw11h the CheS hLi 2011. the CW Regulatlons 21J08 and the provisions of thtr Tnjst Dfj. They are a150 rasponsiblè for safegwdiThJ Ihe assets ofthè charrty and hen¢9 for lakFng reasonable step5 flx the preventsw 8nd deteGlTh of fraud and other Irrngulari¥e& Thls rewtwa$ 8ppro¥od by thè Board ofTn on .... . aThJ ned on Ks behalf. Luigl Lavarfni TruBiee (Chalnn•n) Pa8e3
ITAUAN MEDICAL CHARiri Charity Numbgr 218259 INDEPENDENT AUDffORS' REPORT FOR THE YEAR ENDED Sth APRIL 2022 We have audited th8 finanu4 slatne Oft IWi8n Charityon pgaes 5 to 12 for Ih• year etKled 51h April 2022. These firtanraal slatements have been preparèy in aco)rdance the accounting policies set Outthen. This Jew)rt made solety to thanws tru6tees as a body in aco)rdanc8 with th8 Charitses ALt 2011. Our alkdit Drk ha5 teen undertaken so that mignt State 10 the charws tru$te8s mose mattets * are re4ulreiJ to s¢a to In au¢rtoe$ pOrt and for no other purprffje. To the lullest exlent permthd by Iw, do Th)t C8Pt or assume r8sponsibik.ty to anyon8 Olher than th8 charty aTrJ th8 charitys tru5te85 body. for our audit wolK forthis report. orthe hab fonyknl. Rg•p¢ctlvg Tg•porAlblll¢l•• gf th• tru•tw• •nd •udltorn The tru5188s' responsibilities for preparing th8 Trustee5 ReFQrt and th8financ4al stAtts in cordance wth applicable law and Unrted Ac£c4JnbTrJ Standèth l Unrt•J Kingdts G8n8rally Accepted Arxounbrg Pra¢tic8 I Indwling Finanoal R¢pornThJ Stsndar(1102 are 80t out in Ihg Satem•nt ofTruSt Re¥pon$h1rtW. on p>Jg 3. Wtr hav& been appointad a8 audito 8écbon stdion 145 of lh& Charils Ad 2011 and report In ac¢L¥dance rewlaiion8 madg under se¢Oon 154 of IhatArt Qur responsJilry 1$ tc+ oudrt thg finanrial $tstemgnts in a¢wrdan¢?th reknvant10981 aTrJ •tatthory wuirern¢nts and IntomatK)nal stsnd4rds on Aln9 (UK 0Th1 Imnd) Trts sthnd•rds rwuirn u$ to ¢wply tho Audrting Proclw 808rd Elhbcal Slandardj forAudbty8. We report to you ¢pinion lo whelhor th• finar1 9Th a tru• atsj fair and prepared in accordan wth the Chants88 Act 2011. We to Y¢ rf, m ouropinion. the tiusteos report is not consistsnt with lh& finan¢ial stat•ents, rf Ib• canty h88 r1 kow Kwor •ccounting record8. rf not reci¥eé all the In1¢Mon aThJ exnon$ that Yh• requlre for our audlt, or11 Inlomatv)n 8F4crflwJ by law wardirvj tnAkno8 Tr¥ban aTrJ tran6aGkn$ wrfh the tharity Yd nol diKlo•ed. We read oth•r Infomiatlon ccmt•ined in truth•8' thAd con8iderYhtthtr rt is cM8ithnt with Ihe 8udited financial 8tatem8nt8. W8 COthr the InylitionS for our r8PQrt tw)me •waro of any apparent mo$tstements In rt or mateftal Inconsolenoes lh• finanriol ststsments. Our SpOnsI.11s do not OXtoTrJ lo ony 0r inlorn•bon. Ba•18 of audlt oplnlon We conduet•d our audlt in acairlan wlth Inknational Starthrd• on A.9 (UK Irand} issu$d by thè Auditing Practic•$ Board. An asit Indude5 exarninal)n on a st bws ol •VKl8nc• r•lev8nl to th• amounts and disdosur•s in th• finanual 8tal4m•nts. It indud•s •Tr ass•8smnt of th& significant •$'mat&S and judgemonts by Ihtr Irust80s in pr8parabon of th• finawal 8tstements. and ofwhether the accLJunthn9 pol •r• lwropnato to tr ¢hanty• c4reJJm8t8n(8. consl$lently appli and adequatoly disclos•d. Wè pLAnMd Ar p8rformod tyjr •0 •to obtawi am the in10m •¥1 wlanabons consthred nacessary In order to provide us lh sulfAeftt eWden lo re88onablè 8rar thè finanaal rports art from Matéri misstai•rnènL ¥thèthw caus•d ty frnwj orothèr irrngulanty or error. In forniThJ our opinion also evaILtl th8 obvall th]uary ofthe presentation c infomiation in the finanual 8laterrnts. Oplnlon In our opinM)n the finanri81 staterr¢nts gi ¥ and f•ir vw, in 8¢nC• wth tho Vnrted Kingdom GeneralY A¢(epted A¢xountin9 prac of sl ol Ihe ¢hanlable thirs as at 5 Aprfl 2022 and of its Inccming resourt•$ and apatron of rnsoJrc*s. IndudSNJ rts in(one and èxpenditure in thè Ihen Ord aThl been prepared in aCoYdaa Ihe Chariii88 Act2011. WSntor & Co Chr181ophorWlntsr chated AccDuntsnts R8gi8tsfed Auditor seTr Statuiory Audiior ChristcpherWiTrt8r M81bury House B?Y Brorn,. R4 2GB Page4
ITALIAN MEDICAL CHARITY Charity Number 218259 STATEMENT OF FINANCIAL ACTMfiES FOR THE YEAR ENDED Slh APRIL 2022 2022 2021 Notes INCOME AND EXPENDITURE Incomlng Resources Dividends, bonds and other income 57.731 61.399 Donations 210 Investment Income Total Incomlng r•8our 57,731 61,609 Ro•ourco• •xpond•d Charitable eXndItUre 84,185 105,000 Other Total rn8ourca8 axpended 5&6 9,140 93,325 113.990 Net Incofflelloxpondfture) b•forn Invo•tm•nt galn81{108898} {35,594) 152,381) Net galnslllosses) on inve$trments 123,742 853,422 Not In¢omdlaxp•ndltur• 88,148 801.041 Net movement In funds 88.148 801,041 Total funds unrwtrl¢t¢d brought forword 3,623,474 2,822,433 Total fund8 unre8trlcted carrl•d forward 3711,622 3,623,474 Total recogn18ed galns and10s8os The statement of finan¢kql a¢tNibes incorporates the Inc¥)me and expeThlrture a¢¢ount. The SuIts for the year derive from ¢ontinuing athites and there are no other gains or losses other than those shown ab)ve. Page 5
Charlty Numbèr218259 STATEMENT OF FINANCIAL POSITIOP4 AS AT Slh APRIL 2022 2022 2021 Flxed Assets Tangiblè assets Investments 8.501 3 624.532 3.633,033 3.556.858 Current Ass•ts Debtors Cash at Bank and In Hand 10 168.480 168,480 64,233 64.233 Creditors: amounts f811wKJ due ¥lthkn one year 11 3,716 73,792 Ngt curr•nt oMgtsIINabllltlos) 164.T64 (9.559) Total nat assots or IlabHItI05 3.623,474 Funds Unrestricted funds Total CTrority Fund8 2&15 3 623.474 3.623.474 3.721.622 These a¢UnIS havo b•on prepared In acldenCe Iha prDvlthns appllcablg to srnall comp8nles subje¢l to the small companies r8gwne FRS 102 SORP. Approved bythe Board ofTru8te85 on . and 8wJn8d on Its Ialf by Arl
ITAUAN ME¢AL CHAPJTY Chofity NuErtr21 TES TO The FINANUAL STATEMEIITS FOR THE YEAR ENDED 6th APPJL 2022 1 ACCOUPlnNG POUUÉ$ 1 1 Ba1 of x¢oun¥ng The fnanaal statemerts hov• been wepared urYerth• Iw51ork41 ccrft C¢D¥er Iiemts reeogn188d at Cost ortran6aLXv)n valu8 uni888 0th8Th8e 8taknY in rdevant ntsiÉ$ The finantial Statets have I> k¥8par&Y in aco)rdance Aith tr• $tement of Recofflmended Prath. ArLwnling and Rewb'rvJ by Charl8 8P8rSno Ihdi acctyJnl$ in a¢arts FiftaA Reportry StarKl¥d 8pplitAb UK aThl RepU(Mire1lTh1 IFRS 102) aTrJ ts Chwiw 2011. The Chanty cwffjtilthi J Entity asdefirKd ty FRS1(Q. Due to Ihe of R98•r¥ws the Tntw$ arn ofthe OP Ihat tho •brArt the zb#ty to contirwi. 1.2 FLY•d al Ixmt. ot kn ¢••M bbe don•ted lo h Ch•r¢ty. •lvalu#kn at fv Iwng ofwiMtsih)n. fovj u•it 8re ellher or ava44b lor fix Ghw11ab pwpo. 1.3 D¢pr¢rJatiw provKltd bt ratea tAtrAlI to oll 888•ts 0rtr •slkn•ted useful lfv•s on lo1a ba5. Equlpm8ni. 25% rr 8Mum on lh8 ¥wliten v4i Pictur&s. D•pr•d•i¢n fioi provkl8d th• furniture as Try105 Ihal th• rna81 oflhw xswts •xc••ds th• cost crml•knod In Ih•w •cwts Th• do nol 11 worllMthb• obtsirlr•a A ¥•Iln ort olc••t rI11•ty. 1.4 lrtcne Is accounled for85 frAIvAry.' 81 tlivKlerJs. loan 81oc& 8TrJ olhor amoL¥)tÈ lor Iho )w. bl 8Bnk ¢•posil Inlernsl. r•c•N•b knr INI the •r dl Lep8cles •re Ijed In Ihe SOFA re¢•pl wthblo Thai pmb•i6 has granted. its 8x8vALM7 have wlabl Ih•t Ilw• •r¥ fojflldèni kn th• ¢•M attattsd lo Ih leg8Gy •r• •itkn th•rty havè bban ffl•¢. 1.5 Inv•8tm8rt8 are 8t mwrkfjl ¥¥. rd 1.8 Profits or108888 S•$ ovinvestr7$ 8rn in¢Wd Statrnrl ol Fkn•rKi81 AclNthes as rnlised or lossts. kny thngtr in the Maet olirwestrn held al tho Balar $It da¢• knchAod kn Ih• Sian•rtol oairffj or I¢M•••. 1.7 Al exwBtt •r• ac£tyJTrl8d fr¢on bmk. 1.8 Wh•Tr th• th0rlty rAxbJ1knlVT Pw>iwrtbj a s¥dk of medlcal evkyence, su¢h qrnnts ore rprngrld SOFAryv of th81 orant hAs provided Ihat evklen. 2 ACCWULATED FUND 3 INVESTMENT INCOME 2022 20 B•nk Irrtwesl R•tyi%*d
rrALIAN MEDICAL CHARITY Charity Number 218259 NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5th APRIL 2022 2022 2021 4 COSTS OF ACTivrriES IN FURTHERANCE OF THE CHARrrrs OBJECTS Grants 84,185 84,185 105,CK)o 105,000 The sums granted to both indN*Yuals and charitable insthb.ons are as fOlls.. Recipient 2022 2021 Bavetta Ciricao Diaris Piermarini Villa Scalabrini S Finaldi AC Finchw FC Lisel Protkn. St Peters Church disabled ttylet Women @ the Well 2.000 1,500 5,000 585 60.000 2.000 2.100 1.000 70,000 5,000 30,000 10.000 84,185 105000 S OTHER COSTS Governan¢e Adminislrabon fees Audit (note 131 Computer costs Bank charges Depre(aation 2022 2021 7.200 1.740 7,200 1.740 15 42 9.140 8.990 Page 8
ITALIAN MEDICAL CHARrrY Charity Numbgr 218259 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2022 6 TRUSTEES EXPENSES The Trustees received £nil12021 £nill by way of expenses during the year. The Trustees did not receive any remuneratK)n or receNed any benefit in the year. Nor did they in the previous year. 7 NET GAINS LOSSES ON INvESTMErs 2022 2021 Gainslllossesl on investments disFosed in the year Gainslllossesl on revaluation of investments Investment management (costs) 145.428 4.619 {26,305) 89,089 782,742 118,4091 123,742 853,422 8 TANGIBLE FIXED ASSErs Plcture• Equlpmont Tot•1 Cost or valuation As al 6th April 2021 8.500 1,674 10,174 As at 5th April 2022 8,51)0 1,674 10,174 Accumulated depreuation and 1mpainrnts At 6th April 2021 Depreciation Al 5th April 2022 1.673 1,673 1,674 1,674 Net book values Al 5th April 2022 Nel book values At 5th April 2021 8,500 8,500 8,500 8.501 Page 9
ITAUAN MEDICAL CHARITY Charity Numbér 218259 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED Sth APRIL 2022 Invosts¢ Combin Fund Charfo8 Stanl•y Fund 9 INVESTMENT ASSETS Total Quoted investments Carying value al 6th April 2021 847,471 2,777.C61 3,624,532 Less.. Disposals at CaIng value 1273.707) 1767,3131 11.041,0201 Addrttons lo Investmw 215,182 638,973 854,155 Net Ilosses)Igains on revaluation al 5th Apdl 2022 27,799 82.892 110.891 Carrying value at 5th April 2022 816,745 2731.613 3 548.358 H¢gtorical cost of Investrnents at 5th Wil 2022 692.744 2 265,869 2 958.613 Historical cost of irwestments at 5th Apn'l 2021 693,891 2 345,515 3 039 406 Analy8rJ of investments at 5th April 2022 betr•een funds UK Equitie¥ & Funds Overseas EquitK•$ & Funds UK Fixed and variable intefe8t Overseas Fixed interest Property Allematsv• 858ets Total 43,989 544,639 101,$84 52.$94 22.639 51.31)0 816,745 725,437 1,374,616 89,397 100,189 101,675 340.319 2731,613 789,426 1,919,255 190,981 152,763 124,314 391.619 3 548,358 All dlvidfjnds, loan stock and other Invos¢rrwrt Incorrv4 rVable relates to investments listed on a re¢ogni$ed stock ex¢harwJe. The investments art all held to make a retum for the charity 10 CASH AT BANKAND IN HAND 2022 2021 Investec Cash Deposts Chartes Stanley Cash Deposits HS8C 8ank Accounts 84,292 86,605 17,583 168,480 48,507 9,818 5,908 64,233 Pa6e 10
ITALIAN MEDICAL CHARITY Charity Number 218259 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2022 11 CREDITORS AND ACCRUALS 2022 2021 Accruals Grants payablo 3,716 10,000 3,716 3.792 70.000 73,792 12 CONTINGENT LIABILITIES The Trustees con&der the Charity not to have any conbng8nt liabilibes. 13 AUDITORS. REIAUNERATION The fees charged for audil services amounted to £1.740 (2021 - £1,740). Amounts charged in the year were paid in the foliwng year. 14 RELATED PAR TRANSACTIONS There have been no reL3ted paty transxtions in the rep)itng period that require dlsclosure. 15 STATEMENT OF MOVEMENT ON STATEMENT OF FINANCIAL ACTIVITIES Statement 01 Financlal Adlvltle* Balance at 6 April 2021 Rètained {deficitysurplus for the year 3,623,474 88,148 Balance at 5 April 2022 3.711,622 Page 11