VirtualSignature Transaction Ref. 3K74-P2JC-XCML 28 Apr 2026 09:23:54 BST (UTC +1) D 1/2 P 1/18
Charity number: 296240
Association for the Study of Modern Italy
Unaudited
Trustees' report and financial statements
For the year ended 30 September 2025
VirtualSignature Transaction Ref. 3K74-P2JC-XCML 28 Apr 2026 09:23:54 BST (UTC +1) D 1/2 P 2/18
Association for the Study of Modern Italy
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
VirtualSignature Transaction Ref. 3K74-P2JC-XCML 28 Apr 2026 09:23:54 BST (UTC +1) D 1/2 P 3/18
Association for the Study of Modern Italy
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 September 2025
Trustees Phil Cooke (resigned 29 May 2025) Patrizia Sambuco John Foot, Chair (appointed 29 November 2024)
Charity registered number 296240 Principal office Department of History, Classics and Archaeology Birkbeck, University of London 26 Russell Square London WC1B 5BQ Accountants Kreston Reeves LLP Nile House Nile Street Brighton East Sussex BN1 1HW
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Association for the Study of Modern Italy
Trustees' report For the year ended 30 September 2025
The Trustees present their annual report together with the financial statements of the Charity for the 1 October 2024 to 30 September 2025.
Objectives and activities
a. Policies and objectives
The objects of the charity are to advance education in the United Kingdom about Modern Italy.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The main activities of the Charity are the organisation 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. The Charity also sponsors other events, including conferences, workshops, exhibitions, and lectures, in the UK and abroad; it supports postgraduate research through the ASMI summer school and the Duggan Postgraduate Travel Bursary.
Achievements and performance
a. Review of activities
During the year ending in September 2025, the Charity has organised the annual conference ‘Italy and Its Environment’, held on 29-30 November 2024 at the Institute of Languages, Cultures and Society, University of London.
The ASMI summer postgraduate school was held at Domus Mazziniana in Pisa, on 19-20 September 2025.
Several conferences and workshops were sponsored by ASMI during the financial year under consideration:
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The exhibition ‘Vivi presenti pugnanti. L'Aventino e l'antifascismo dopo Matteotti’ (Università di Milano – Brescia, February – March 2025);
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The conference ‘Laughter as a Political Coping Mechanism: Interdisciplinary Approaches’, (Durham University, 28-29 March 2025);
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The conference ‘Sciascia Today’ (Institute of Italian Culture in Edinburgh, 15 May 2025);
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The conference ‘Il 25 aprile, 80 anni dopo’ (Luiss University, Italy, 23 May 2025);
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The ASMI–SISSCO Workshop ‘The Transnational Making of Italy: Methods, Opportunities, and Challenges’ (Università degli Studi di Firenze and the European University Institute, 25-26 June 2025);
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The conference ‘Torna a Surriento: Return Migration to Southern Italy from 1876 to Today’ (Oxford University, 24-25 September 2025);
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The 2025 Italian Studies Library Group Lecture on ‘Carlo Levi and Power in Society’ delivered by Joseph Farrell on 24 September 2025 at the Institute of Italian Culture in London.
The Charity supports postgraduate students who need to undertake research trips to libraries and institutions in the UK and abroad through the Duggan Travel Bursary (£500). This year, the Bursary was awarded to Catherine Blair (University of Birmingham). Five travel bursaries (£500 in total) were also made available to postgraduate students to facilitate their participation in the 2024 ASMI annual conference.
The Seton-Watson Memorial Prize (£500), for the best article published during the year in the Association journal’s Modern Italy, was awarded to Alice Gussoni for her article ‘Salvemini's antifascist exile in London: attracting the attention of a British audience’.
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Association for the Study of Modern Italy
Trustees' report (continued) For the year ended 30 September 2025
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Reserves policy
The trustees regularly review the reserves of the charity. A general unrestricted reserve is maintained with an objective to cover the running costs of the charity in order to meet its objective to promote the study of the culture of Modern Italy. Unrestricted reserves amounted to £78,883 at the year end (2024: £77,176), the unrestricted 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 received towards translation costs.
Structure, governance and management
a. Constitution
Association for the Study of Modern Italy is a registered charity, number 296240, and is constituted under a Trust 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.
c. Financial risk management
The Trustees have assessed the major risks to 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 to mitigate exposure to the major risks.
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Association for the Study of Modern Italy
Trustees' report (continued) For the year ended 30 September 2025
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements 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:
John Foot 24 Apr 2026 14:01:26 BST (UTC +1) ................................................ John Foot (Chair of Trustees) Date: 24 April 2026
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Association for the Study of Modern Italy
Independent examiner's report For the year ended 30 September 2025
Independent examiner's report to the Trustees of Association for the Study of Modern Italy ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2025.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Alison Jones 28 Apr 2026 09:23:52 BST (UTC +1) Dated: 28 April 2026
Alison Jones (FCA)
Kreston Reeves Brighton
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Association for the Study of Modern Italy
Statement of financial activities For the year ended 30 September 2025
| Note Income from: Donations and legacies 2 Charitable activities 3 Other income 4 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 2,395 35,206 75 37,676 35,969 35,969 1,707 77,176 1,707 78,883 |
Total funds 2025 £ 2,395 35,206 75 37,676 35,969 35,969 1,707 77,176 1,707 78,883 |
Total funds 2024 £ 151 34,475 90 |
|---|---|---|---|
| 34,716 | |||
| 26,259 | |||
| 26,259 | |||
| 8,457 | |||
| 68,719 8,457 |
|||
| 77,176 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
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Association for the Study of Modern Italy
Balance sheet As at 30 September 2025
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
20,563 60,300 80,863 (1,980) |
2025 £ - - 78,883 78,883 - 78,883 78,883 |
25,881 53,215 79,096 (1,920) |
2024 £ - |
|---|---|---|---|---|
| - 77,176 |
||||
| 77,176 | ||||
| - 77,176 |
||||
| 77,176 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
John Foot 24 Apr 2026 14:01:26 BST (UTC +1)
................................................
John Foot (Chair of Trustees) Date: 24 April 2026
The notes on pages 8 to 16 form part of these financial statements.
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
1. 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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Association for the Study of Modern Italy meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated 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, it 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 it is receivable and to 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 to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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 activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities 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 the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
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 at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
- Computer equipment 3 years straight line
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity 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 Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
2. Income from donations and legacies
| Donations Donations 3. Income from charitable activities Conference fees Royalties received Conference fees Royalties received |
Unrestricted funds 2025 £ 2,395 Unrestricted funds 2024 £ 151 Unrestricted funds 2025 £ 4,311 30,895 35,206 Unrestricted funds 2024 £ 2,503 31,972 34,475 |
Total funds 2025 £ 2,395 |
|---|---|---|
| Total funds 2024 £ 151 |
||
| Total funds 2025 £ 4,311 30,895 |
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| 35,206 | ||
| Total funds 2024 £ 2,503 31,972 |
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| 34,475 |
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
4. Other incoming resources
| Interest received Interest recieved 5. Analysis of grants Grants Grants |
Unrestricted funds 2025 £ 75 Unrestricted funds 2024 £ 90 Grants to Individuals 2025 £ 3,720 Grants to Individuals 2024 £ 750 |
Total funds 2025 £ 75 |
|---|---|---|
| Total funds 2024 £ 90 |
||
| Total funds 2025 £ 3,720 |
||
| Total funds 2024 £ 750 |
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
6. Analysis of expenditure by activities
| Charitable activities Charitable activities |
Activities undertaken directly 2025 £ 23,299 Activities undertaken directly 2024 £ 17,773 |
Grant funding of activities 2025 £ 3,720 Grant funding of activities 2024 £ 750 |
Support costs 2025 £ 8,950 Support costs 2024 £ 7,736 |
Total funds 2025 £ 35,969 |
|---|---|---|---|---|
| Total funds 2024 £ 26,259 |
Analysis of direct costs
| Editorial expenses Translation expenses Conference expenses Sundry expenses Summer School Editorial expenses Translation services Conference expenses Sundry expenses Summer School |
Charitable activities 2025 £ 882 6,651 12,971 808 1,987 23,299 Charitable activities 2024 £ 7,663 1,749 7,114 893 354 17,773 |
Total funds 2025 £ 882 6,651 12,971 808 1,987 |
|---|---|---|
| 23,299 | ||
| Total funds 2024 £ 7,663 1,749 7,114 893 354 |
||
| 17,773 |
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Bank charges Travel expenses Subscriptions Hotel & accomodation Governance costs Bank charges Sundry expenses Travel expenses Subscriptions Summer School Governance costs |
Charitable activities 2025 £ 45 5,143 384 918 2,460 8,950 Charitable activities 2024 £ 51 1,638 2,840 434 793 1,980 7,736 |
Total funds 2025 £ 45 5,143 384 918 2,460 |
|---|---|---|
| 8,950 | ||
| Total funds 2024 £ 51 1,638 2,840 434 793 1,980 |
||
| 7,736 |
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 30 September 2025, expenses totalling £1,942 were reimbursed to 3 Trustees (2024 - £1,233 to 2 Trustees). The expenses reimbursed were towards travel costs.
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
8. Tangible fixed assets
| Cost or valuation At 1 October 2024 At 30 September 2025 Depreciation At 1 October 2024 At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 |
Computer equipment £ 5,152 |
|---|---|
| 5,152 | |
| 5,152 | |
| 5,152 | |
| - | |
| - |
9. Debtors
| Due within one year Other debtors Creditors: Amounts falling due within one year Accruals and deferred income |
2025 £ 20,563 20,563 2025 £ 1,980 |
2024 £ 25,881 |
|---|---|---|
| 25,881 2024 £ 1,920 |
10. Creditors: Amounts falling due within one year
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds Summary of funds Summary of funds - current year General funds Summary of funds - prior year General funds |
Balance at 1 October 2024 £ 77,176 Balance at 1 October 2023 £ 68,719 Balance at 1 October 2024 £ 77,176 Balance at 1 October 2023 £ 68,719 |
Income £ 37,676 Income £ 34,716 Income £ 37,676 Income £ 34,716 |
Expenditure £ (35,969) Expenditure £ (26,259) Expenditure £ (35,969) Expenditure £ (26,259) |
Balance at 30 September 2025 £ 78,883 |
|---|---|---|---|---|
| Balance at 30 September 2024 £ 77,176 |
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| Balance at 30 September 2025 £ 78,883 |
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| Balance at 30 September 2024 £ 77,176 |
12. Summary of funds
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Association for the Study of Modern Italy
Notes to the financial statements For the year ended 30 September 2025
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 80,863 (1,980) 78,883 |
Total funds 2025 £ 80,863 (1,980) |
|---|---|---|
| 78,883 |
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 79,096 (1,920) 77,176 |
Total funds 2024 £ 79,096 (1,920) |
|---|---|---|
| 77,176 |
14. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 30 September 2025.
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