rrALIAN MEDICAL CHARrrY Charty No 218259 TRUSTEES REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5th APRIL 2023 WINTER & COMPANY Chartered Accixjnlants Melbury House 34 SouthiY)rough Road Bickley Bromley BR12EB
rrALIAN MEDICAL CHARrrY Charfty Nwnber 218259 TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2023 Principal Addre&s 114 scho LarE. Bustrw. Hertrotdshire WD23 18X Goveming tjocument ConstIOn. Charity was established by a Charity Commissioners Scheme dated 14th May 1992 in England and Wales Charity registration number. 218259 Trustees.. Dr GI Amato Mr Peter Capella Mr Luigi Lavartni (Chainnanl The Hon. Oa Pdizzi CBE Dott Marco vill11 (resigned 20th Fthwy 2023) Mr D Bellantone {aFwnted 20th Fetxuary 20231 •Ar Marco Evans IAS DanEla Manzi Offic£rs Mrs Ctsina Ferro TRUST ADVISORS The Trusys aJvisoTS during the year re:. Bankers HSBC 149 Rushey Green caOrd London SE6 4BQ Investmenl Ad¥isors:_ Investec Wealth and Investrnent Ltd 30 Gresham Street London. EC2V 7QN Charles Stsn Pan Asset 55 Bthpsgate Lond( EC2N 3AS Auditors:_ Winter & Co.. Melbury House. 8tck. Brom*. KenL BR12EB Page I
FOR THE YEAR ENDED 5th APRIL 2023 STRUCTU GOVERNANCE AND IWIAGEMEI The day to day admintstr8ti 8nd managerneth ofthe thwity are Caled ¢rt by Cr3 Ferro. The perfomiance Of1h"r dub.es are rnOnrted by ts TTr¢stee& It is rectsJnised ty the Tnjstees that r( is 1r re¥ww"tA"ty to trt any rew Trust appointed are me aware of th1 respc)st#lths to the d)arity. a150 aware that it is their Tesponsibity lo ensure that any new appom15 are ¢OJ3lwJ •)d IFamJ so that they can carry out their duties to the requ standard. adMinisterj by the txxty of Tn The princApal objecbve of the Chwity is fclhe r[Of sickne. dtsth.tsty or (x mefrtal infim)ity ofpersons of Italian nabonalty or descent• is of berEfiL The Trustees However, the Twstees may appty the income oflhe TAtst fcf the above wrrxjw to arry per50n5 of any nationakty or descenl, or Prde SLWg1. medical u realitatIVe treatryth to IEriefiryaries prorTh)te milar charitaL4è spent on any oflhe ch5 PUFposes. All assets have been aulTl in accordan the awlthto Ihe Tr as set (xrt in the Charity Commissiorrs Sthemp d(un FINAlAL REVIEW The Charitys investrnent and othw $r[rE duriTrJ incTrased fry 7.8% to £62.239. During the year grants Ere made in supm of the ot¥ects of the Chity totslbng £92.692 as (xJrBpared with £84,185 in the preViS year. The divthnd IncCffi Increas in Ihe year arKJ ljwe were also realised gains disfmwb in yearwhth meantthe tharity COLthJ S IhcGe grants issued in ts yew. The Trustees rA)nttllualty k"rj to irKwse the number of grants in the fiJtLwe by Ihe exrste aThJ wrF¥)se m(xE widety within the Italran commumty. remain stable and this should sb.ll enable Charty to ints1 the total awNJJnt of grants to trE made at a level C(Anparab the yeac undet review. TFwe Vthpre scne large unwlis&J thses on Invesknent strategy is detemiiw irythe Tn ofgersfrrJ should be invested defense in a dNerse portfrth of St$ in suth a way th3t ffnarnial rtsk is kept to a minimum. The does not knrringly invest in crryanies wh)se scoa, ¢nronMents1 LY ethic hiskny is in anyway dtsrewrtable. Dlg the yEarlhe tharity diversty.ng the chaiiWs investrTEnts. Page 2
TRUSTEES ANNUAL REPO1 Iconlinu•d) FOR TrIE YEAR ENDED 5th APRIL 20rJ The Tnlee5 nSer lh the pErfomiartr Of charity in the yvar rnet eXFerjatK$. Duriro the ar there were 912022 71 indimdual [eficI lexoknlwu thc6e re(wed treatrw)t at the VNFa S¢in1 who weNed financial wiStsn from the dwrÈty. The TeeS aso th8 d8ciwn to (kntat8 funds to Depaul Inlemational. wukllvJ 41 Ukrdine" The CrDSS 1rj in Turkey arwj Wia arHI StAn Hospice a wet rCM forts dabled pkts VK)us ilems ofequipMw The ccffnpany aso made a d(Thlion to the SprB&I Your Wirgs Chartty. This was ID fwMI f[¥)er reseatth th Angelman sKIrce, a rx)ndiLion suffered by A Vainema h&1 appl assistan. tXrriNJ this IEarthere 53 e¥JeTty r8sKJerts Wng at the WINa Scalabrini and ts grant the (tharTty makes is a uwrtriiNJt)n to th8 w5t of resJ8ntsl The trtsl amount of grants made has irvxeased to £92.691 comp1 lo the arnOts paid in previo8 yews. Income re1Ve in tr wueased to £62.239. Rea1 gains totslknj £21.171 in Ihe year. Unrtsaled lossw wwp 1. in Ihe yewthje trj the equty and tK1 Va overts c¥se ofthe year. ob1lgatK. Ths (t48(ve rw this ywr. alhw reserve5 deueased fri¥n £3.711,622 to £3.364.630. PLA14S FOR THE FUTURE The key aim5 arKI Obve$ frx ts futtwe e to taknts Ctrwtykn meet the c1 needs ofth8 Itafon commurllty. TRUSTEES sfATEIIEp¥f OF RESPONSWtY IN RELATION TO THE ACCOUI in ardar9 applKalk law Untted StsrJards (UThknJ lfjngd(Mn The law a&ICable to dwilies rn Enj Ws rwwlres the trustees to prepare ffinatKial statemerrts for ead) ffinancia whK give a true aKI fairview ofthe slate crf atrair5 of Ihe tharity arKI ofthe [rlTj resourcw app1th 0fresc (rfthe TItyf0rIhat teriod. In rnateria deparbjres disd¢JwJ arbj explatrvj in the firwiiial statern. r&8sonable ac(#Jracy at anytime Ihe financial oftt charty aTrJ enle thern to ensure that the ffinanual Stater (Jmityvitth the Chariiies Ad XJ11, the Chartty RegLrfations 2(m and tho 0¥7510$ of the Tnjst Deed. They are a&0 resPst* for safeguardry assets of Ihe Irreglarthes. Thls rewlwas approval bythe Board ofTnth M .. .. ...... Luigi Lavar Tntst88 {ClJaimanl Page 3
ITAUAN MEDICAL CHARirY
Clwlty Nwnber2182S9
INDEPENDENT AUDITORS. REPORT
FOR THE YEAR ENDED 5th APRIL 2023
We h8ve aLK8ited the finanoal stat[)ts oflhe Iln med Charity on pajes 5 to 12
year erKled 5th Aprt 2023. These fmarrial $tatWWts have WEpara in a¢a)Ydan
the acwunts.ng polKi95 5eloul fvrein. This retM)rt i5 m•Ye SOW to ts cws trusw as a
boyy in a¢cordancgwith the Chariles A£1 2011. Ouraydrt¥Ayk has ljeeft u3ken 50 th
vje might State to th¢ d)aritl5 I¢¢S IhLW matters * ar JBqvirBd trj Skte to them in an
alit{S report aThJ ts no othwpurw)5e. To th2thAWextent pem)itttil by IwAf. do
arzÈpt or $8sume te5pongtilty to arryone otherthan Ihe dprity and tke dritY5 trteeS as
a t. ft)r our audrt wtyk for Ihis report. Opj1 we ha¥e f[1.
The trustees. respOnlIrtS for prepat5ng Trusrees ReF¢)rt aTrJ thefirwnc481 statements in
ac£ordan vAlh appIab Jaw 8nd VnilAY Kmgdom P
ITALIAN MEDICAL CHARtrY Charity Number 218259 STATEME OF FINANCIAL ACTivmES FOR THE YEAR ENDED 5th APRIL 20ZJ 2023 2022 INCOME AND EXPENDrruRE In¢oming R8sourc05 DivhJend5, bonds and other income 62,210 57,731 Donations Investrnent Irrne 29 62239 57,731 Resources e¥p¢nded Charitable expenditure 92,692 84,185 Other Total re80urces expended 5&6 11,1)40 9,140 103,732 93,325 Net incomel{expendilur•) beforn inveslnxnt gainslllosses) (41,493) (35,594) Net gainsl(losses) on investsnents {305,499) 123.742 Net incomel(expenditure) 1346,992) 88,148 Net movement in funds {346.992) 88,148 Total funds unrestrkted brought ft>rward 3.711.622 3,623.474 3,364,630 3,711,622 Totsl r¢cognised and losses The statement of financial xti¥ll incorporates the iKYJme and exwdiiure accounL The results for the year derive from continuw thites ttwe &e other 9S or h)sses other than those Sho1 atM)ve. Page 5
Clwlty Number 218259 STATEMEKf OF FINANCIAL POSttlON AS AT 5th APRIL 2023 2023 2022 Fixed Assots Tangible assets Inveslments 3.286.610 3.295,110 3.548.358 3.556.858 Current Assets Debtors Cash at Bank and In Hand 10 73,192 73.192 168.480 168.480 Creditors: aThKxmts fabng due ithin one >par 11 3.672 13,716 Net ¢urr4nt assetsl(ItabIties) 154,764 3.364.630 3.711.622 Fvnds unStr1 furKIs Totsl Chwlty Funds 2&15 3,364.630 3.364.630 3.711,622 3,711,622 TIe accounts have been prepared in accordan( vath Ihe prthryS applicable kn small u)mpanies Apwoved by the Board of Tnjstees on . . Page 6
rrALIAN AIEDICAL CHARrrY Charlty Number 218259 NOTES TO THE FINANCIAL STATEmEs FOR THE YEAR ENDED 5th APRIL 2023 2023 2022 4 COSTS OF ACTIVMES IN FURTHERANCE OF THE CHARrrrs OBJECTS Grants 92.692 92,692 84.185 84,185 The sums granted to indNDaua15 arvj (*aritable insbtulicms a as fotlow5.' Recipient 2023 2022 Bavetta Ciricao Diaris Piem)arini Villa Seaiabrini S Finaldi AC Fincjky FC Liset Squillarp) Wttek Casali Depaul Intemattonal Ukraine Spread Your Wings L Vanel The Red Cross Turkey Syria Casper Jancz St Annes Hospice disabled toilet Women @ the Well 2.000 1,500 585 60.oc 2.0(K) 2,100 50,000 1,379 1.750 1.223 10.rxM) 4,700 10.1)XI 10.000 84,185 92.692 5 OTHER COSTS Goveman Administration fees Audit Inote 13) Computer costs 2022 7,200 1,800 7.200 1,740 433 61 Bank charges 15 11.040 9,140 Page 8
rrALIAN MEDICAL CHARrrY Charlty Nwnber 21K59 NOTES TO THE FINAN sTATEPAEls FOR THE YEAR ENDED 5th APRIL 2023 6 TRUSTEES EXPENSES The Trustees recepHI £nil (2022 £nif) by Wdy of expenses during the year. The Tmsiees not recerve Y remunetatk)n or receNed any benefft in the year. Nor did they m the prev6 year. 7 NEf GAINS LOSSES ON INVESTMENTS 2022 Gainsl(k6ses) on invesbnents diswwl in the Gainsllloswl on revaluath)n of investrnents Investment management (costs) 21.171 (301.904) (24.766) 145,428 4,619 (26,3051 1305,499) 123,742 8 TANGIBLE FIXED ASSETS Plctures Equlpment Totsl Cost or valuation As at 6th April 2021 1.674 10,174 As at 5th Aw"12022 1.674 10.174 Ac£umulated depreuation arKI impamHts At 6th April 2021 Depreciation At 5b) "12022 1.674 1,674 1,674 1,674 Net LM)ok value5 At 5th Awil 2022 Net l*x)k values At 5th Apn'l 2021 8.500 8,500 Page 9
ITALIAN MEDICAL CHARtTY Ch•rlty Number 218259 NOTES TO THE FINANCIAL STATEIAIENTS FOR THE YEAR ENDED 5th APRIL 2023 9 INVESTPAEKt ASSEts Fund Tolal Qth)ted investments CafryiThJ vabJ8 at 6th 2022 816.745 2.n1.613 3,548.358 (235.918) 1692.706) {928,6241 Add: 617,252 871.(0 Net Ilossesllgains on revaluthon at 5th 2tr22 (34.) (169.218) (204.1841 CaThn9 value at 5th April 2023 799,669 2,486.941 3,286.610 Histori¢xl cost of VNestments at 5th Awil 2023 724.621 2,274,149 2.998.770 Hff6torical cost of inveslrn al 5th April 2022 692,744 2.265,869 2.958,613 5th April 2023 betw fur¥ls UK Equilies & Funds Overseas Equrties & FU19 UK Fixed arKI variable interest Overseas Fixed interest Property Altemative assets Total 41,408 484.668 76,709 131.563 32,779 32,542 799.669 $64,018 1.315.601 43,052 19),113 57,535 316,622 2,486,941 605,426 1,800,269 119,761 321.678 90.314 349.164 3.286,610 All divtderKls, loan stock aThJ other inveslmefit income recivable reles to investments the (thanty. 10 CASH AT BANK AND IN HAND 2023 2022 Invest Cash Det#)sits Chartes Stanley Cash t*po&ts HSBC Bank ACcnIS 32.273 35.037 5,882 73,192 84,292 66,605 17,583 168.480 Page 10
ITAUAN MEDICAL CHARrrY Charlty Number 218259 NOTES TO THE FINANCIAL STATEIIJEpirs FOR THE YEAR ENDED 5th APRIL 2023 11 CREDITORS AND ACCRUALS 2023 2022 Accruals Grants payable 3,672 3,716 10.000 3,716 3.672 12 CONTINGEtrif UABILITIES The Tfustees c%)nsid8r the Charity not to haNp (n1Vjent liabiltbes. 13 AUDITORS. REIAUNERATION The charged for audtt services amwnted to £1,8(X) (2022 - £1.7401 Amounts charged in the year were paid in the folk)wirvJ year. 14 RELATED PARTY TRANSACTIONS There have been no related paty tranSlI0nS in the rewrting that require disclosure. 15 STATEME1 OF MOVEMEPU ON STATEMEiif OF FINANCIAL ACTivmES Statement Of Financial A¢tivitigS Balance al 6 April 2022 Retained Ideficrtysuwus for the year 3,711,622 {346.9921 Balance at 5 A11 2023 3,364,630 Page 11