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 ConstI￿￿On. 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. O￿a Pdizzi CBE Dott Marco vill1￿1 (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 ca￿Ord 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 Ca￿led ¢￿rt by C*r*3 Ferro. The perfomiance Of1h￿"r dub.es are rnOnrt￿ed by ts TTr¢stee& It is rectsJnised ty the Tnjstees that r( is ￿1r re¥ww"tA"ty to tr*t any rew Trust appointed are m￿e aware of th￿1 respc*)st#lths to the d)arity. a150 aware that it is their Tesponsibity lo ensure that any new appom1￿5 are ¢OJ3lwJ •)d IFamJ so that they can carry out their duties to the requ￿￿￿ standard. adMinister￿j by the txxty of Tn The princApal objecbve of the Chwity is fc*lhe 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 Pr￿de SLWg*￿1. medical u re￿a￿litatIVe treatryth to IEriefiryaries prorTh)te ￿milar charitaL4è spent on any oflhe ch￿5 PUFposes. All assets have been a￿ulT￿l in accordan￿ the awlthto Ihe Tr￿ as set (xrt in the Charity Commissior*rs Sthemp d(un FINA￿lAL REVIEW The Charitys investrnent and othw $r￿[rE duriTrJ incTrased fry 7.8% to £62.239. During the year grants *Ere made in supm of the ot¥ects of the Ch*ity totslbng £92.692 as (xJrBpared with £84,185 in the preVi￿S year. The divthnd IncCffi￿ Increas￿ in Ihe year arKJ ljwe were also realised gains disfmwb in yearwhth meantthe tharity COLthJ S￿ IhcGe grants issued in ts yew. The Trustees rA)nttllualty k￿"r￿j to irKwse the number of grants in the fiJtLwe by Ihe exrste￿ aThJ wrF¥)se m(xE widety within the Italran commumty. remain stable and this should sb.ll enable Charty to ￿￿ints1￿ the total awNJJnt of grants to trE made at a level C(Anparab￿ the yeac undet review. TFwe Vthpre sc*ne large ￿ unwlis&J thses on Invesknent strategy is detemiiw irythe Tn￿ ofger￿sfrr￿J should be invested defens￿e￿ in a dNerse portfrth of St￿*$ in suth a way th3t ffnarnial rtsk is kept to a minimum. The does not knrringly invest in crryanies wh)se scoa, ¢n￿ronMents1 LY ethic* hiskny is in anyway dtsrewrtable. D￿l￿g the yEarlhe tharity diversty.ng the chaiiWs investrTEnts. Page 2 TRUSTEES ANNUAL REPO1￿ Iconlinu•d) FOR TrIE YEAR ENDED 5th APRIL 20rJ The Tn￿lee5 ￿nS*￿er lh* the pErfomiartr Of￿ charity in the yvar rnet eXFerjatK￿$. Duriro the ￿ar there were 912022 71 indimdual [￿eficI￿ lexoknlwu thc6e re(wed treatrw)t at the VNFa S¢*￿in1 who weNed financial wiStsn￿ from the dwrÈty. The T￿￿eeS aso th8 d8ciwn to (kntat8 funds to Depaul Inlemational. wukllvJ 41 Ukrdine" The CrDSS ￿1r￿j in Turkey arwj Wia arHI StAn Hospice a wet rC￿M forts d￿abled pkts V*K)us ilems ofequipMw￿ The ccffnpany aso made a d(Thlion to the SprB&I Your Wirgs Chartty. This was ID fwMI f[¥￿)er reseatth th Angelman s￿KIrc￿e, a rx)ndiLion suffered by A Vainema h&1 appl￿￿￿ assistan￿. tXrriNJ this IEarthere 53 e¥JeTty r8sKJerts Wng at the WINa Scalabrini and ts grant the (tharTty makes is a uwrtriiNJt*)n to th8 w5t of res*J8ntsl The trtsl amount of grants made has irvxeased to £92.691 comp￿1 lo the arnO￿ts paid in previo￿8 yews. Income re￿1Ve￿ in tr* wueased to £62.239. Rea￿￿1 gains totslknj £21.171 in Ihe year. Unrtsal￿ed lossw wwp ￿1.￿ in Ihe yewthje trj the equty and t￿K1 Va￿ overts c￿¥se ofthe year. ob1lgatK￿. Ths (t48(*ve rw this ywr. alhw reserve5 deueased fri¥n £3.711,622 to £3.364.630. PLA14S FOR THE FUTURE The key aim5 arKI Ob￿ve$ frx ts futtwe *e to taknts Ctrwtykn meet the c*￿￿1￿ needs ofth8 Itafon commurllty. TRUSTEES sfATEIIEp¥f OF RESPONSWtY IN RELATION TO THE ACCOUI in a￿rdar￿9 applKalk law Untted Stsr*Jards (UThknJ lfjngd(Mn The law a&￿ICable to dwilies rn En￿￿j W*s 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 [r￿lT￿j resourcw app￿￿1th 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 en*le 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 resP￿st* 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 Il*n 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 u￿￿3ken 50 th* vje might State to th¢ d)aritl5 I￿￿¢¢S IhLW matters * ar* JBqvirBd trj Skte to them in an a￿lit{￿S report aThJ ts no othwpurw)5e. To th2thAWextent pem)itttil by IwAf. do arzÈpt or $8sume te5pongtilty to arryone otherthan Ihe dprity and tke d*ritY5 tr￿￿teeS as a t￿￿. ft)r our audrt wtyk for Ihis report. Op￿￿j1￿ we ha¥e f￿[￿1. The trustees. respOn￿lIrt￿S for prepat5ng Trusrees ReF¢)rt aTrJ thefirwnc481 statements in ac£ordan￿ vAlh appI￿ab* Jaw 8nd VnilAY Kmgdom P consistent th the a￿rted finanoal statemenls. WÈ t¢n8K￿r Ihe for ow rf*p t*c¢me Our responsbthiES do not exfeTrl to any L*)8r ¥fftxrnth. Basis of audlt opinion We conduc￿j our audit in atrordarKe Intsmaiwl StaNlw15 IiJK Irethll i8sued by Ihe Audrtkng Prxlpx Boartt. An audit i￿*￿]e$ex￿M￿￿ on a *si bw d 8vM*Nx r&kvant to amounts aTrJ dwJE)sures in the Sta￿7￿. n atso indudes an asses5ThBnt ofthe 5￿J￿￿￿nt$9tInat8S and jwjgewits rn* try the trLthe5 n Frywat"on ofthe finanoal nsistenty a￿￿￿ armj adequaw diYa%ed. We planned aTrd perfwmÈd wr atMIrt so as to thrn aKlhe infomiakn 8Th1 ejp19nab.ons Ih? finawal reports are frEe frem tTraterial m455tstsTr*nL (AhEf iryulaFty or error In foFming ouropin*)n we atso the overal *J4uaLyof Ihe presentatsjn or Opinlo In our opinion Ihe ffflanrial 5ta*mentsgN8a arKll*vvw. in ac£tsdmT*ilh ts Unthl as at 5 April 2023 ond of ts ￿COMir#j resourw and appkatKx ol resourc8s. in(*Jdi¥J fts ino)me Act2011. Winter& Co Charetered Actounlar*ts Registered Audrtor 1911212023 %le*AJry H¢x BR1 ?EB 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 Ir￿rne 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 9￿S 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(ItabI￿ties) 154,764 3.364.630 3.711.622 Fvnds un￿Str￿￿1 furKIs Totsl Chwlty Funds 2&15 3,364.630 3.364.630 3.711,622 3,711,622 TI￿e 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 STATEmE￿s 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￿ sTATEPAEl￿s 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 prev￿6 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 CaTh￿n9 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 & FU￿19 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 rec*ivable rel*es 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 ACc￿nIS 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 ￿ (￿n￿1Vjent 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 tranS￿lI0nS 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 A￿11 2023 3,364,630 Page 11