Association for the Study of Modern Italy Contents Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report statsment of financial activities Balance sheet Notes to the financial statements 7-15
Charity number: 296240 Association for the Study of Modern Italy Unaudlted Trustees, report and financial statements For the year ended 30 September 2024
Association for the Study of Modern ltsly Referènce and administrative details of the Charity, its Trustees and advisers For the year ended 30 September 2024 Trustees Phil Cooke Palrizia Sambuco Charity registered number 296240 Principal offlce Department of History, Classics and Archaeology Birkbeck, University of London 26 Russell Square London WC1B 5BQ Accountants Kreslon Reeves LLP Chartered Accountants Plus X Innovation Hub Lewes Road Brighton East Sussex BN2 4GL Page 1
Association for the Study of Modern ltsly Trustees, report For the year ended 30 September 2024 The Trustees present their annual report together with the financial statements of the Charity for the 1 October 2023 10 30 September 2024. Objectives and activities a. Policies and objectives The objects of the charity are lo advanco education in the United Kingdom about Modern Italy. b. Main actlvlties undertaken to further the Charity's purposes for the public beneflt The main activities of the charity are organising an annual conference that promotes the study and research of modern Italian history, culture and society and publishing a learned journal enlilled Modern Italy four times a year. The charity also sponsors other events including conferences. workshops, exhibitions, lectures in the UK and abroad. ASMI also offers grants to poslgraduale and posldocloral students lo enable them lo carry out research in libraries and specialist inslitules, in the UK, Italy and further afield. Achlevements and perfomiance a. Review of activities The charitys main activities are the organizalion of an annual conference that promotes the study and research of modern Italian history, culture and society and the publication of the learned journal Modern Italy, which comes out four times a year. ASMI also supports the work of postgraduales through annual summer schools and offers travel grants to poslgraduale and posldocloral students lo enable them to carry out research in libraries and specialist instilules, in the UK, Italy and further afield. A significant part of the charitys work is lo financially support conferences, workshops, exhibitions. and lectures organised by ASMI members in the UK and abroad. During the year ending in September 2024, ASMI organised its annual Conference on the theme of "Mafias and the Italian Slate.. 30 Years On. History. Narratives, and Invesligalions., 11 was held on 8-9 December 2023, al the Institute of Languages, Cultures and Societies {ILCSI. Senate House. University of London. The ASMI Poslgraduale Summer School was held on 19th and 20th September 2024 8t the Domus Mazziniana (Pisa. Ilalyl. On 17 November 2023 al the Italian Cultural Inslilute, London. ASMI organised a double event on Gaelano Salvemini and Don Lorenzo Milani with guest speaker Vanessa Roghi. ASMI has continued to support the organizalion of the Modern Italian Histoiy seminars al the Institute of Historical Research, University of London. It provided ftnancial support for the third seminar of the GLOBAL GRAMSCI seminar series started in the spring of 2023. This third event tilled 'Subversion and Resislance, was held at the ICI in London on 25 October 2023, with Giovanni Fresu and Jean-yves Fréligné in conversation with Marzia Maccaferri. ASMI financially supported the conference 'The Art of History.. visualizinglimaglinling the hislorrcal past in the 'presenl' organised by David Laven (Nollinghaml al Nollingham University in June 2024. It also provided free sponsorship of the online conference tilled 'The Many Faces and Spaces of Precarily in the Moving Image, organised by Maria Elena Alampi IExel8rl and Dr Francesco Slicchi (Oxford Brookes Universilyl.14-16 December 2023. The Christopher Duggan travel bursaries were awaided lo Jake Newbury IUCLI gnd Beatrice Falcucci (Barcelonal. The Seton Watson Prize for the best article in Modem Italy was awarded lo Marcus Wurzer for his article 'The social lives of mass-produced images of the 193541 Ilalo-Elhiopian Warf. Page 2
Association for the Study of Modern Italy Trustees. report Icontinuedl For the year ended 30 September 2024 Financlal review a. Going concern After making appropri8te enquiries. the Iruslees have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial stalemenls. Further details regarding the adoption of the going concem basis can be found in Ihe Accounling Policies. b. Reserves pollcy The Iruslees regularly review the reserves of the charity. A general unrestricted reserve is maintained with an objective lo cover the runnin9 costs of the charity in ordei to meet ils objective lo promote the study of the Culture of Modern Italy. Unreslricled reserves amounted lo £77,176 al the year end12023.. £68,719), the unreslricled reserves also represent the free reserves of the charity. c. Principal funding The principal funding sources are membership fees received, royalties received, conference fees received. contributions received towards editorial expenses and contributions reiVed towards translation costs. Structure. governance and management Constitution Association for the Study of Modern Italy is a registered charity, number 296240, and is constiluled under a Twst deed. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Financial risk management The Trustees have assessed the major risks lo which the Charity is exposed, in particular those related to the operations and finances of the Charity. and are satisfied that systems and procedures are in place lo mlligate exposure to the major risks. Page 3
Association for the Study of Modern Italy Trustees. report (continued) Forthe year ended 30 September 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial slalemenls in accordanee with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Aceounling Practice). The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, including ils income and expenditure, for that peiiod. In preparing these financial slatemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently.. observe the methods and prinaples of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in (he financial slalemenls- prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are suificienl to show and explain the Charills transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Phil Cooke Dale.. .{) '2. 5 Page 4
Association for the Study of Modern Italy statement of financial activities For the year ended 30 September 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other income 151 34,475 90 151 34.475 90 188 27,796 60 Total income 34,716 34,716 28,044 Expenditure on: Chaiilable activities 26.259 26,259 25.156 Total expenditure 26,259 26,259 25,156 Net movement in funds 8.457 8,457 2.888 Reconciliation of funds: Total funds brought forward Net movement in funds 68,719 8,457 68,719 8,457 65,831 2,888 Totsl funds carried fonward 77,176 77.176 68,719 The Slalement of financial activi118s includes all gains and losses recognised in the year. The notes on pages 7 10 15 fom part of these financial statements. Page 5
Association for the Study of Modern Italy Balance sheet As at 30 September 2024 2024 2023 Note Flxed assets Current assets Debtors Cash at bank and in hand 25,881 53,215 27,189 43,270 79.096 70,459 Creditors.. amounts falling due within one yeai 10 11,9201 11,7401 Net current assets 77,176 68,719 Total assets less current liabilities 77,176 68,719 Net assets excluding pension asset Total net assets 77,176 68,719 77,176 68.719 Charlty funds Reslricled funds Unreslricled funds 11 77,176 68,719 Total funds 77.176 68,719 The financial statements We approved and aulhorised for issue by th8 Trustees on and signed on their behalf by.. Phil Cooke Date.. The notes on pages 7 to 15 form part of these financial stalemenls. Page 6
Associatlon for the Study of Modern Italy Notes to the financial statements Forthe year ended 30 September 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities-. Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffective 1 January 20191, the Financial Reporting Standard appllcable in the UK and Republic of IrelaTbd {FRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lru8 and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP {FRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. AssocialiDn for the Study of Modern Italy meets the definitlon of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheNise staled in the relevant accounting policy. 1.2 Going concern The financial statements have been prepared on a going concern basis. 1.3 Income All income is recognised once the Charity has entitlement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Other income is recognised in the period in which il is receivable and lo the extent the goods have been provided or on completion of the service. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party. it is probable that a transfer of economi¢ benefits will be required in selllemenl and the amount of the obligation can be measured Teliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each 8Ctivily. Dire¢l costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resoyrces. Central staff costs are allocated on the basis of lime spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on charitabl8 aclwilies is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when th8 conditions altsching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment. bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 7
Association for the Study of Modern Italy Notes to the financial statements Forthe year ended 30 September 2024 Accounting policies {continuedl 1.5 Tangible fixed assets and deprgciation Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost modol, tangible fixed assets are measured at cost less accumulated depreciation. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line method. Depreciation is provided on the following basis.. Computer equipment 3 years slraighl line 1.6 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlemènt can be estimated reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. 1.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially lecognised al transaction value and subsequently measured al their settlement value. 1.10 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Page 8
Associatlon for the Study of Modern Italy Notss to the financial statements For the year ended 30 September 2024 Income from donatlons and legacles Unrestricted funds 2024 Total funds 2024 Donations 151 151 Unrestricted funds 2023 Total funds 2023 Donations 188 188 Income from charltable a¢tivitles Unrestricted funds 2024 Total funds 2024 conferen fees Royalties received 2,503 31,972 2,503 31.972 34,475 34,475 Unrestricted funds 2023 Total funds 2023 Income from charitable activities- Charitable activities Royalties reiVed 2,827 24,969 2,827 24,969 27,796 27,796 Page 9
Association for the Study of Modern Italy Notes to the financial ststements For the year ended 30 September 2024 Other incoming resources Unrestricted funds 2024 Total funds 2024 Interest recieved 90 90 Unreslricled funds 2023 Total funds 2023 Interest recieved 60 60 Analysis of grants Grants to Individuals 2024 Total funds 2024 Grants 750 750 Grants lo Individuals 2023 Total funds 2023 Grants 300 300 Page 10
Association for the Study of Modern ltsly Notes to the financial statements Forthe year ended 30 September 2024 Analysis of expenditure by actlvlties Activities undertaken directly 2024 Grant funding of activities Support costs 2024 Total fund5 2024 2024 Charitable activities 17,773 750 7,736 26,259 Activities undertaken directly 2023 Grant funding ol activities 2023 Support costs 2023 Total funds 2023 Charitable activities 16.617 300 8.239 25,156 Analysis of direct costs Charltable activities Total funds 2024 2024 Editorial expenses Translation expenses Conference expenses Sundry expenses Summer School 7,663 1.749 7,114 893 354 7.663 1,749 7,114 893 354 17,773 17,773 Charitable activities Total funds 2023 2023 Depreciation Editorial expenses Translation services Confererbce expenses Sundry expenses Summer School 256 3,238 2,071 10,244 201 607 256 3,238 2,071 10,244 201 607 16,617 16,617 Page11
Association for the Study of Modern ltsly Notes to the financial statements For the year ended 30 September 2024 Analysis of expenditure by activities Icontinued) Analysis of support Costs Charitable activities 2024 Total funds 2024 Bank charges Sundry expenses Travel expenses Subscriptions Entertainment Govemance costs 51 1,638 2,840 434 51 1,638 2.840 434 793 1.980 793 1,980 7,736 7,736 Charitable activities 2023 Total funds 2023 Bank charges Travel expenses Subscriptions Sumrner School Exp type 12 Governance costs 152 152 4,424 381 4,424 381 659 883 1.740 659 883 1,740 8,239 8,239 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefils12023 - £NILI. During the year ended 30 September 2024, expenses lolalling £1,233 were reimbursed to 2 Trustees {2023- £1,944 10 2 Trustees). The expenses reimbursed were towards travel costs. Page 12
Assoclation for the Study of Modern Italy Notes to the fit)ancial statements Forthe year ended 30 September 2024 Tangible fixed assets Computer equipment Cost or valuation At 1 October 2023 5,152 AI 30 September 2024 5,1 S2 Depreciatlon Al 1 October 2023 5.152 At 30 September 2024 5.152 Net book value AI 30 September 2024 At 30 September 2023 Debtors 2024 2023 Due within one year Other debtors 25,881 27.189 25,881 27,189 10. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 1.920 1,740 Page 13
Association for the Study of Modern Italy Notes to the flnancial statements For the year ended 30 September 2024 11. statement of funds Statement of funds - current year Balance at 30 September 2024 Balance at I October 2023 Income Expendtture Unrestricted funds General Funds - all fun¢Js 68,719 34,716 126,259) 77,176 Statement of funds - prior year Balance at 30 September 2023 Balance al 1 October 2022 Income Expenditure Unrestricted funds General Funds- all funds 65,831 28,044 125,1561 68,719 Page 14
Association for the Study of Modem Italy Notes to the financial statements For the year ended 30 September 2024 12. Analysis of net assets be@an funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 79,096 {1,9201 79,096 11,920) Total 77,176 77,176 Analysls of net assets between funds . prior period Unreslricled funds 2023 Tot81 funds 2023 Current assets Creditors due within one year 70,459 {1,7401 70,459 11,7401 Total 68.719 68.719 13. Relatsd party transactlons There were no related party transactions in the year that require disclosure under SORP 2019 IFRS 1021. Page 15