THE BRITISH ITALIAN SOCIETY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Registsred Charity No. 253386
Index Page SNJnffjcant Inlormation Tree$ Re Independent Examiner5 Rek Receipts and Payments ststemenl ofAssets and Liabilities
THE BRMSH fYALIAN SOCIETY SIGNIFICANT INFORMATION T?e qocieb/ was founded in 1941 and owrates under its constitution and rules adopted 10 July 1967 as Imendeij 25 July 1979, 30 June 2009 and 9 June 2010, in order lo increase the knov41edge and undefsl3nding 11-: :.he United Kingdom of Iralian culture in I:.s widest sense, in Lerms of history, institutions. way of life. langaage 8lld Gonlribution to ciwlisation. The Charity Registration Nurnber is 253386. PATRON HE The Italian Ambassador Inigo Lambertini PRESIDENT The Mrs Olga Polizi CBE •4 HONORARY DIRECTOR Mrs Susan Kikder OFFICERS Chairman". Mr Richard Northern Vice Chaimien Miss Sidiey Ross Mr Eugenio Bosco -, &asurer'. Mrs Silvia Piereth. Malim TRUSTEES Mr Richard Northern Mrs fina Villarosa Miss Sidney Ross Mrs Sifv,'a Pieretti Malim Mr Eugenio 8osco Ms Silvia Badial.. Prof Jane Everson Ir5 Mapia Beatrice Pan Fvenls and Membership seClary.. Ms Rhuna Barduagni ADVISERS Bankers.. Barclays 8ank PIC London CorrK)rale Banking Independenr Examin8r' Luca Marin 20 Fitzroy Square London W1T6EJ PRINCIPAL OFFICE: 86-90 Paul Street London EC2A4NE I RLISTEES, RESPONSIBILrrY FOR THEACCOUNTS Lkarity law reqtjires the Trustees of the Stxiety to pare a receits and paymep.ts account and a s'iatemenl 7 assets and liabilitiès for each finanryal year. In dition, the Trustees are respons..ble for keeping proper accounting records wjiCh are sufficient to show and explain the charity's transactions and to disclose iyith reasonable accuracy at any lime the financial wsitM)n of the Sety. fhey are also responsible for safeguardii)5 -.e assets of the charity an¢ hence for taking reasoftab steps for the pievention and detection Df fraud aiicl otaer :.rregularities. Ttte trustees have cornplied wit, tre duly in section 17 of the Char.eS Act 2011 to laJè iegard lo public benefit guidan published by Ihe COMMIon. Page 1
THE BRMSH ITALIAN SOCIET TRUSTEES REPORT The Trustees present their reFN)rt and acUnts for the year endèd 31 March 2023. Aims and ObJe¢tiv•s The principal aims of the Soa'ety are: To increase knowwge and understanding in the Unrted Kingdom of all aspects of Italian culture and of the Italian way of life, including. wthout pludi to the generalty of the fore90ing, Italian history, literature. art rnusic. polit$. businéss, commerce. and the ltslian language. To disseminate knovAedge in those fields by means. inter alia. of lecttjres, publicab"ons. exhibib"ons, readings. ¢onTrrts and the like. To encourage and to work wth other individuals and organisab.ons wilh similar ob5tiveS, in particular by awarding of acadern or cther prizes In the of Italian studies bioadly constrLied. lthere possible and praclitsl. to asstst ojmmunilies in need. whether by reasons of flood. earthquake, or other CalamitS whatsoever and whether in the Unrted Kingdom or Itaty The Trustees have had due regard to the Chanty Commiss•M's guidance on public benefft. Recruitment and appointmènt of Tte¢S Trusteès arè recruited from the members of the tharity and are elected by the mernrs in General Meeting for a term of up to 3 years. Trustees are eligible for relection after expiry of their krm of appointment, but are not expected to seNe for more than 9 consecutive years. Activities during th• yéar The Society ran a fiJll Pfogramme of treS and events during the year. and funded several charitabl• donab'ons and acadern prizes. in additt.on to publishing the annual Rivists magazine. The Society's Policies Policy on Incomè Res8rwe5 The Society's running costs usualty pr(x1uce a small annual deficiL whith 15 covered by rÈs8rves bu1 up through nd-raising events, and by leS to the Scoety. tt is the Soiety's policy to preseThe these legapies as intact as possible. Policy on Selection of Investments The Society aims lo maintain thé inVeStnnts whth fomd the greater part of the legattès bequested as a broadly-based pTrYolio of high-yieloing blue-chip equitses. exduding investrcents in tr)bacco companies. Pollcy on Grant Reciplents The Swiety donates fvnds in accordance with its ststed aims. narty. To increase knowledge and under5tsnding in the Unrted ngdoffl of Itaty in all aspects, for exafflp by fun¢Jing prvzes for graduates and undergraduates for essays to support Italk3n studies at Briti"sh and Irish unr¥erstties. To assist ¢)rganisatrolls or persons in need of support ft)r worthwhile cuttural initiatNes. or in need of help following major natural disasters or other ealarnib.es in Great Britain or Italy, by donating fiJnds for relief or tecovery. Trustee Date.. 1210912023 Page 2
THE BRMSH ITAUAN SOCIErY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISK ITAUA14 SOCIETY I reThcrt ?-. the a-aJniS OT Ihe 8ertL5h IlalEar. Swiy Icnarrty no 2S33Eel for the year end2d 31 March 2023. I.7 of2 OLL an pagès 4 to 5. RÈspoCtiv¢ fe$ponsibiEilies of Trustees and examiner The ctriari y s Trustees are respon$4e fv-. the weparatn of the xc<xJnts. The charity s Tru%tee$ Considerthat aucil Is .-.ot wu.'rec fN IhN% lear under s¢r.n 144 of tle carItsAcI 2011 Ite CharitEs Aetl ar.d ..hat an iideFeiJent exarriinal'or Is reae It is My respons bility IQ Ex8wine k.e aun..$ un#e.- 5ecboi 145 cf IhÈ Chanks Ad. TD foboiv ths p'gwutes lai# do'pin Ir the General D,reon$ givèn by .e Charrty CoTnis1On [under sectiJ7 14% ilibi e. the Ch- To gtsie whetri- partlCLuar matters have cune lo my att•ntKryn. 88$is of Independent euminer's stal•mttnt My exam.nation bbzs camed 0 in acoJrJanc• wrth the Gwal OireLons gNen by the Charty Ciyr.mssion. exa.T.n2'. on 11cILdes a revw¥ of thr acwbnii-g kepL èy the charity and a ¢¢mpariscn of Ine e¢cobnts prese-'.e4 thsse rYLrds 11 also i-.£ludès ccns"kntio.? gf ony Uf.Usual..ienE ?r disc'osreS In thè auoJnis see41rt expl3natsors yo41 as TrLS".ees afjy 5ucn naitÈrs. Th& ¢¢reS unLIè-, aker, do noi prtsvi4e Ji 'tr.e e¥erce trat te -tr4Ji, ,n an abdit. ar,d unsequently no opiiioi 1$ J'.i"er as..) Ahe'.Yer the accounts Fresent a 't -air ¢'.Wil on li Ire 5talemeni b6.¢4¥_ the report IS limted lo til0Se Tr.atters set out Independent examiner S 5tstern9nt In Wneci10n w'.th rny examinatior. r rnal&rl Ttter$ navè con to tny attethn %%thi¢ gwe5 me reasonab C&U5e to tell9 anj Marial rt". accoLntirg r¥oTds were no.. kepi In accordants ¥Mlh sectsn 130 oftt)e Chènbe5 Act or -e accourts eo not accord wrl-ht acaur;:ns ".vGorfs 1 e corre acTss io other rnatters In Irn..On ¥ffjt.i the ex?rr.ir.aDon lo 1c a1entiDn shoukj be drawn In order 10 ènatle a propèr ur4e.19 o. auJntS 10 te'ea=hed. Luca Marin 2J Fitzrjy Square Loncon W'T6 Dated 11Q9..'2022
THE BRITISH ITALIAN SOCIETY RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 unre5tn.cted Fund5 (Generall (Legacies) Totsl funds Lasi Year RECEIPTS Subscriptions Activities 80." Anniversary (Net of ca)sts! Rivista Advertlsing COIF F.,xed Iniere51 Fund GIP, Aid Di'Jidends Sarclays Deposit Interest DGnalions Received 7.271 6.338 303 7.271 6.338 303 7.690 2.613 875 396 1.951 4.685 354 1.670 354 1.670 6559 6,559 2,845 2,845 2.071 sl totsl 18,781 6,564 48,914 ASSET AND INVESTMENT SALES 25.345 48.914 20.296 49.650 Totsl Receipts 18.781 55.478 74.259 69.¥46 PAYMENTS Ipire5tment management fee Seknrelarial SeiceS General admin exJ8nses AcliV,Iies RIvi5ia AccDuntancy & Legal Donations & Grants 1.803 1.803 11.500 1.231 5,683 4,452 11.10 1.231 5,683 4.452 10.000 3.517 2.488 3,743 630 2,3SO 1.500 Bank J'"PayPal charges l RSM Fees 435 435 595 S) total ASSET AND INVESTMENT PURCHASES 24.8CQ 1.803 45.628 26,603 45,628 25.184 48,336 Total Payments 24.800 47,431 72,231 73,520 Nei Receipts IPayrnts} 16.0181 8,047 2.028 13.5741 I ransfers beeen funds 16.¢)001 sh funds last year end 5.826 3.284 9,110 12.684 Lash funds thls year end 5.809 5.331 11.139 9.".10 Page 4
THE 8RrnsH ITALIAN SOCIFrY STATEMENT OF ASSETS AND LIA81LillES ASAT 31 MARCH 2023 Unrestricted Funds (General) (Legacies) ash funds Ban* CLJrrentAccA)unt PayP81 A(mbnt Bank DeF0SitAunI J M Finn Client Current Account J M Finn Client Deposit Acoyjunt Sjndry Deblors 2.022 4.786 881 421 4.029 11.0001 Total cash funds 5,809 5.331 Unr&strictèd (Generall ILegac4e51 Other monetary funds COIF Fe Inte fuThJ 12,954 12,954 Carent Jaiue Investment assets Eauib"os as at 1 April 2022 Investrnenl additions Sale D."c¢eeds Loss on disllosal Revaluat surplus 260.595 45.628 148.9141 (15.921. Value as at 31 March 20 239,668 Value Total Funds and Assets 263.761 TSlee Trustee Dal8.' 12109.12023 Page 5