Charity reglstratlon number 242436 (England and Walès) Company registralion number 000757.13 THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND LEGALAND ADMINISTRATIVE INFORMATION Trustees Rev. M Berrlos Mr D CaTroll Rev. Canon J W.Kilgore Mr J McGhie Ms D Pereira Rev. R waen (Appointed 20 June 2024) (Appolnted 20 June 2024} (Appointed 20 June 2024) Secretary Ms A Manchée Treasurer Ms. S Ciccolini Charfty number 242436 Company number 00075713 Principal address cjo Manchee Via Marforio 9. Pal 7 SCA 00169 Rome ltsly R8gi5tered office cjo Penningtons Manches LLP 125 Wood Stree( London EnglarKI EC2V 7AN Independent examlner Moore (South) LLP 9 St Johns Place Newport Isle of Wight P030 1LH Bankers Coutts & Co 440 Strand London WC2R OQS
THE INCORPORATEDANGLO-AMERICAN MEDICALASSISTANCE FUND CONTENTS Pago Trustees report Independent examinerfs report statement of financial activibes Balance sheet Notes to the finanaal statements 7-12
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 Dècember 2024. Thls Trustees Report also meets the requirements of a Directors, Report for Company Law. The financial statements have been prepared in accordance wtth the accounting polieS set out in note 1 to the financial statements and comply with the thartws Articles of Assoctatton, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Reu)mmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in thB UK and Republic of Ireland {FRS 102). (effective 1 January 2019). ObJe¢tlves and a¢tlvlties 1. The Fund was incorporated in England in 1902 as The Incorporated AnglothAmeric2n Nursing Home (the word 'limited" being omitted by licence of the Board of Trade). Briefly. the main original objects were: (a) To take over the Anglo-Americxn Nursing Home in Rome, Italy and to cary on the same on an absolutely unsectarian basis to provide free hospital accommodation for the poor of Brttlsh and Amertcan nationalty. (b) To render assistance to persons of BTilish and American nationalty in Itaty who are in ill health and who in th8 opinion of the Fund's management are deserving of assistance. 2. By a Royal Decree issued by the ngdoM of ttaly on 17 July 1903 the Fund was regnised as an "Ente Mordle" (non-profit organisation). 3. Followtng the sale of the nursing home, the name of the Fund was changed on 15 May 1974 to The Incorporated Anglo-Amertcan Medical Assistance Fund. and the available funds were invested in first class securities. Object (a) described above was therefore no longer applicable. 4. The Fund's goveming documen( updated in December 2019. is the Articles of Association. These provide that administration of the Fund shall be rrIed out by a General Council which shall eled a Board of Trustees and shall appoint a treasurer. 5. The Articles of Assoaation state. inter alia. that (a) the income and propety of Ihe Fund can only be used for the prorrbotion of the objects of the Fund and; (b) member5 of the Fund cannot obtain any profit (dividends. bonuses. eto) but can b8 remunerated for seCeS rendered. 6. A list of Tkustees who served throughout the accounting year. and up to the date of this report is provided below. 7. The Fund's banker and inve5trnent manager is Coutts & Co. 440 Strand. London. Payments to beneficiaries in Italy are mad8 directly from the Fund's OlIne bank aG¢ount with Coutts in London. The main purpose and activlty of the Fund is to render assistan to Ameri¢an and British citizens in Italy in connection with hardship arising from ill heatth. During the years ended 31 December 2024 and 2023. tharitable grants were awarded as follows: 024 ,300 023 7,500 otal rants (811 Ita Public benefft The trustées have pa5d due regard to guidan issued by the Charity Commission in deciding what activitt8s the charity should undèrtake.
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND TRUSTEES REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevernents and performance Significant actiwtses and achievements agalnst objeclives The Fund is invested with Coutts in a diversified investment plan called Wealth Enhancement Medium Tem., The Investments generated investment income comprising E12,278 from dividends and listed Investrnents (2023 - 19.426). and £30.072 from interest (2023 - E25.259). That irwestment income allowed the Trust to make grants to Individuals totalling É40.300 in the period (2023 - É57,500). Flnanclal revlew Investment income perrnÈtted the payments of grants to indNiduals in the year as mentioned above. The market value of our investments also grew by É195.151 during the year (2023 - E146.927). Therefore the Charity reported an overall surplus of É180.280 in the year {2023 - É118.178). The closing value of investments were £1.886,795 {2023 - E1.700.405), and total unrestricted funds of the charity including current assets including bank and cash were £1.923.500 (2023 - É1.743.220). The Charrty has no restrtcted or endowment funds. Reseryes policy The Trustees constder the amount of the unrestricted rese less any committed expendÈiure to be the free reserves of the Chartty. Major 17sks The Board of Trustee5 constantly rewews Ihe major risks to whith the Fund is exposed. Where appropriate. systems or prOdureS have been established to mitigate these risks. These relate to our investments which are managed by Coutts & Co in London. The Board of Trustees r1VeS quarterly reports from the investrnent manager and meets once a year with Coutts to review investment policy. Plans for future pertods The Fund plans to continue the activities ouuined aiKive in the forthcomirvJ years subject to satisfactory results from its managed investments (income and capital gains).
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure• governance and management The Fund is aperated in collaboration with the British and American consulates in Rome with the assistance of their regional offices. They deal directly with cases throughout the whole of Italy. Periodic vistts to beneficiaries are made by consular officers or their staff to ascertain that they are still in need of finanoal assistance. New cases ara submitted for'approval either by electronic communication or at the semi-annual meetings of the Board of Trustees and at the general meeting of Ihe Council. One half of the Fund's Trustees must be of British nationality and the other half of American nationality. All the Trustees act on a voluntary basis. The Fund's Secretary. Ms. Andrea Manchée, and the Treasurer, Ms. Simonetta Ciccolini, receive a nominal fee for their servi. The Treasurer keeps the accounting records, prepares the financial statements. drafts the Trustees, annual report and liaises wth the independent examiners. The Chair and Secretary liaise with the Fund's banker and porttolio manager in London. The Fund's banker5 in London manage the portfdio of invesbments and hold the securities in safe custody. The investment policy is reviewed from time to time by a panel of trustees in consuftation with the portfolio manager. For intemal control purposes. no amounts can be paid out or transferred from the Fund's bank accounts unless the cheques or transfer requests are signed by any two of three trustees currenuy in office whose signatures have been lodged with the bank The Trustees consider that the intemal ntrOlS oullined above are sufficient to provtde reasonable protection of the Fund's assets. The charity is incorporated as a cotnpany limtted by guarantee WFth Companies House under number 242436. As such none of the Trustees has any benefiaal interest in the chatitable company. but the Trustees are also the members of the company. In the event of a winding up of the charitable company, the members have guaranteed to contribute the sum of£1. The trustees, who are also the directors for the purpose of (xjrnpany law. and who served during the year and up to the date of signature of the finanual statements were: Rev. M Berrios (Appointed 20 June 2024) Mr D Garroll Rev. Canon J W Kilgore Mr J McGhie Ms D Pereira Rev. R W8rren Rev A F05 (Appointed 20 June 2024) (Appointed 20 June 2024) (Resigned 29 Febrnary 2024) ReGruitmgnt and appointment of tnjstees Trustees are elected in accordance with the Mides ofAssoctation as amended 1711212019. The Trust8es report was approved by the Board of Trustees. MrJ McGhie Trustee l&
THE INCORPORATEDANGLO-AMERICAN MEDICALASSISTANCE FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INCORPORATED ANGLO-AMERICAN MEDICAL ASSISTANCE FUND I report to the Iwstees on my examination of the financial statements of The Incorporated AngltrAmerican Medical Assistance Fund (the charity) for the year ended 31 Dember 2024. Re5ponsibilitie5 and basis of report As the trustees of the charity (and also its directors for the purpose5 of (x)mpany law). you are responsible for th8 preparalion of the finanual statements in accordance with the requiretnents of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the charivs financial statements carried out undei section 145 of the Charities Act 2011. Sn CayIng out my examination I have followed the Direclions given by the Charity Commission urKler section 145(5)(b) of the Charities Act 2011. Independent examlnerfs statement I have completed my examinabon. I c(mfimi that no rnatters have come to my attention in connection with th8 examination giving me cause to believe that in any material respecL- accounting records were not kepl in respect of the tharity as required by section 386 of the Companies Act 2006. the financial statements do not accord viith Ihose records: or the financial statements do not comply with Ihe aUntIng requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view. ts not a matter considered as part of an independent examination" or the financial statements have nol been prepared in aCrdance wilh the methods and princtples of the ststement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Fitwicial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}. I have no concems and have come across no other matters in nneCtion with the examination to which attention should be drawn in this report in order to enaNe a proper understanding of the financial stalements to be reached. KR Cooper BA FCA DChA For and on behalf of Moore (South) LLP 9 Sl Johns Place Newport Isle of Wight P030 1 LH
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND STATEMENT OF FINANCIALACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrpstrictod Unrestrlcted funds funds 2024 2023 Notes Income from: Donations and legacies Investments 2,000 42,350 1.100 44,685 Total Income 44.350 45.785 Expendlturo on: Raising funds Charitable activitses 10,656 48.274 9,255 65,412 Tolal expenditure 58.930 74.667 Net gainsl(losses) on investments 11 195,151 146.927 Net income 180,571 118,045 other recognised gains and105ses: Other gainsl{losses} 13 (291) 133 Not movement in funds 180.280 118,178 Roconclllatlon of funds: Fund balance5 at 1 January 2024 1.743,220 1,625,042 Fund balances at 31 December 2024 1,923.500 1.743,220 The statement of financial activities indudes all gains and losses reownised in the year. Atl incomo and expenditure derive from continuing acbvitias.
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Noles Flxed assets Invesltnents 14 1,886,795 1.700.405 Current assets Cash at bank and in hand 41.091 45,941 Creditors: amounls falling due wilhin one year 15 (4,386) (3.126) Net current assets 36.705 42,815 Total assets loss current liabilitles 1.923.500 1,743,220 The funds of the chanty Unrestricted fvnds 16 1.923.500 1,743.220 1.923.500 1.743.220 The company is enlilled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 Oecember 2024. The director acknowledges hÈs responsibilities for rxxnplying with the requirements of Ihe Companies Act 2006 with respect to accounting records and the preparaiion of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordan wilh section 476. These financial statements have been prepared in accordan wtth the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the tnjstees on .. MrJ McGhle Trustee Company registration number 00075713 (England and Wal8s)
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infomiation The Incorporated AngltsAmerican Medical Assislance Fund is a prFVate company limited by guarantee incorporated in England and Wales. The registered Offi is cjo Penningtons Manches LLP. 125 Wood Street,, London, EC2V 7AN. England. 1.1 Accountlng conventlon The financial statements have been prepared in accordance wtth the charitys Articles of Association, the Companies Act 2006, FRS 102 The Finanoal Reporbng Standard applicable in the UK and Republic of Ireland" ('FRS 102°) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities pr8paring their accounts in aCrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provtsions in the SORP for charities not to prepare a Statement of Cash Flows. Tre financial statements are prepared in euros. which is the funthonal CrrencY of the chaiity. Monetary amounts in these financial statements are rounded to the nearest É. The financial statements have been prepared under the historical cx)st convention. modified to include the revaluation of fixed asset investments at fair vaiue. Listed investrnents are included at current value with the change in value reflected in the Statement of Financial Activtties. 1.2 Going concern At the time of approving the finandal statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continua to adopt the going concem basis of accounting in prepartng the financial ststements. 1.3 Charftable funds Unrestricted fvnds are available for use at the discretion of the trustees in furtheranc8 of their tharitable objectives. There are no restricted or endtjwment fvnds. 1A Income l incomlng resource5 are included the Ststsment of F]nantial Aclivities when the Fund is entiued to the income and it can be quantified with reasonable acLuracy. Bank interest is included when received. Cash donatlons are recogni5ed on receipt Other donations are recognised once the tharity has been nottfiad of the donation, unless performan ndItIonS require deferral of the amount. 1.5 Expenditura Expendlture Is recognlsed on an accrual basis as and when a Ilabillty is incurrèd. Expenditure includes any Value Added Tax (VAT) whlch ¢annot be recovered and is reported as part of the èxpenditure to which tt relates. 1.6 Flx8d asset Investments Fixed asset investments ar9 inltially measured at transaction prlce 8xcluding transaction costs, and ar8 subsequently measured at fair value at each reporting date. Changes In falr value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred.
THE INCORPORATED ANGLO-AMERICAN MEDICAL ASSISTANCE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) 1.7 Cash and cash.equlvalenls Cash and cash equivalents include cash in hand. deposits held at call banks. other short-term liquid Invesltnents vth. original maturities of three monlhs or less, and bank overdrafts. Bank overdrafts are shown within l)orrowngs in current Itabilitles. Baslc financial assets Basic financial assets. which indude debtors and cash and bank balanc. are initially measured at transaction price including transaction costs and are subsequently (xffled at amortised cost using the effective interest method unless the aangement constitutes a financing transaction. where the transaction is measured at the present value of the fuiure receipts discounted at a market rate of interest Financial assets classified as receivable within one year ale not amorbsed. Basic Ilnancial liabilities Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a fjnancang transaction, where the debt instrument is measured al the present value of the fuiure payments discounted at a market rate of interesl. Financial liabilities classified as payable within one year are not amortised. 1.8 Taxatlon No income tax vrds withheld on interest received from direct investments in Euro bonds. The Fund is a recognised charity and is exempl from U.K. inrne tax under the Corporation Tax Acl 2010 on the basis that the activities are entirely for chatitable purposes. Dividends and interest received from invesknents in Coutts collective investment programmes are net of wtthholding taxes applied by the counlties where the investments are held. These taxes cannot be recovered. The Charity is not registered for VAT. and all expenditure indudes Irrelerable VAT where incurred. 1.9 Forelgn exchange The accounting records are kept in Euros and the financial statements are expressed in Euros (rounded trj the nearest Euro) because the Fund's charitable activtties are (artied out enkn'rely in lialy and payments to beneficiaries are made in Euros. Transactions in foreign currenctes were translated into Euros at the rate of exchange ruling on the date they took pla. A]1 foreign currency assets and liabilities at 31 December 2024 have been translated into Euros at the rates of exchange ruling on that date. Critical accounting estimates and judgements In tho application of the charivs accounting policies. the trustees are requlred to make judgements. estimates and assumptions about the carwng amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptlons are based on historical exp8ri8nce and other factors that are considered to be relevant. Actual results mayyliffer from these estimates. Tho estimates and underf5ng assumptions ara revtewed on an ongoing basis. Rev]sions to accountlng 8stimates are reccgnised In the period in whlch the estimate is revised where the revision affecls only that perlod. or in Ihe pericKI of the revision and fubjre periojs where Ihe rewsion affects both CUant and future periods.
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacles Unrestricted funds 2024 Unrestricted funds 2023 Donatlons and gifts 2.000 1.100 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investrnents Interest receivable 12.278 30,072 19.426 25.259 42,350 44.685 Expenditure on rdising fund5 Unrestrtcted Unrestricted funds funds 2024 2023 Investment managemant 10.656 9.255 Expendlturo on charltable activltles Charitable activities 2024 Charitable activities 2023 Direct costs Grant funding of actsvilles (see note 7) 40,300 57.500 Share of support aftd governance costs (see note 8) Support Governance 5,136 2.838 5,125 2,787 48.274 65.412 Analysis by fund Unrestrfctèd funds 48,274 65,412
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Charltable aclivities Charitable activities 2024 2023 Grants to individuals 40,300 57,500 Support costs allocated to actlvities 2024 2023 SeCretars fees and expenses Treasurerfs fees and expenses Other charges Govemance costs 2,000 2.500 636 2.838 2.000 2.475 650 2.787 7.974 7,912 Analysed between: Charitable activities 7.974 7.912 2024 2023 Governance costs comprise: Governance costs Independent examination 533 2.305 987 1.800 2.838 2.787 Trustees None of the trustees (or any persons (J)nnected with them) received any remuneration or benefits from the charity during th8 year. 10 Employees Th8 average monthly number of employees during the year was: 2024 Number 2023 Numbor Totsl Thère were no employees whos6 annual remuneration was more than É60.000. 10-
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Gains and lossas on Invastmonts Unrestrlcted Unrestricted funds funds 2024 2023 Gainsl(losses) arising on: Revaluation of investments Sale of investments (43,796) 238.947 177,053 (30,126) 195.151 146.927 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 13 Other galns and losses Unrestricted Unrestrictsd funds funds 2024 2023 Gainsl(losses) upon: Foreign exchange 291 (133) 14 Flxed asset investments Llsted Investments Cost or valuatlon At 1 January 2024 Additions Valuation changes Disposals 1.700.405 951.384 (43,796) (721.198) At 31 December 2024 1,886,795 Carrylng amount At 31 December 2024 1,886,795 At 31 December 2023 1.700,405 15 Creditors.. amounts falllng due withln onè year 2024 2023 Accruals and deferred ino)me 4.386 3,126 11
THE INCORPORATED ANGLO-AMERICAN MEDICALASSISTANCE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Unrestricted funds i The unrestncted funds of the charity compflse the unexpended 1>alanS of donatlons and grants which are not subject lo specific conditions by donors and granloTS as to how they may be used. At 1 January 2024 Incoming resources Resources expended Gains and losses At31 December 2024 General funds 1,743.220 {58.930) 194.860 1,923,500 Prevlous year. At 1 January 2023 Incoming resources Resources expended Gains and 105ses At31 December 2023 General fijnds 1.625.042 45.785 (74.667) 147.060 1.743.220 17 Related party transacttons There were no disclosable related party transactions during the year (2023- none). 12-