The Society for Italian Studies Financial Statements For the year ended 30th November 2023 ## Contents |Charity Information|2 - 3| |---|---| |Annual Report|4 - 6| |Independent Examiner’s Report|7| |Receipts and Payments Account|8| |Statement of Assets and Liabilities|9| |Notes to the Accounts|10| 1 ## The Society for Italian Studies ## Charity Information Registered Charity Number 313786 Patron The Viscount Norwich Chairman Simon Gilson Hon. Secretary Claudia Rossignoli Hon. Treasurer Tristan Kay Executive Committee Members Under Clause 10 (a) Emma Bond Research Portfolio Katharine Mitchell Membership Alessia Risi Language Portfolio Alessio Baldini Schools Engagement Carlotta Paltrinieri PGR Coordinator Chiara Giuliani Italian in Ireland; employability/professionalisation Teresa Franco Website Coordinator Mara Josi Prizes coordinator Claudia Dellacasa EDI Coordinator Katrin Wehling-Giorgi EDI Coordinator Under Clause 10 (b) Dario Galassini PGR Representative Silvia Vari PGR Representative Elisa Vivaldi PGR Representative Federica Coluzzi ECA Representative Paolo Saporito ECA Representative Under Clause 10 (c) Heather Webb Editor, Italian Studies Charlotte Ross Editor, Italian Studies Marina Spunta Editor, Italian Studies Under Clause 10 (d) Giuliana Pieri UCML Representative Emanuela Patti UCML Representative Digital Strategy 2 ## The Society for Italian Studies Charity Information Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Examiner A D Ormondroyd FCA Fox Jennings Cullen Accountants & Business Advisers Tarn House 77 High Street Yeadon Leeds LS19 7SP 3 ## The Society for Italian Studies ## Annual Report ## For the year ended 30th November 2023 The Executive Committee present their report for the year ended 30th November 2023. The officers of the charity, the members of the Executive Committee, and the members of the Editorial Board are shown on page two of the accounts. Holders of office and members of the committee and boards are appointed as follows:– Patron The patron is proposed by the Executive Committee and must be approved by the members at the Annual General Meeting. The patron serves for five years, renewable for further periods as the Executive Committee shall propose. Officers of the Charity The officers of the charity are elected from among the members of the Society at the Annual General Meeting and serve for three years, renewable for a further three years. Executive Committee The members of the Executive Committee are elected at the Annual General Meeting to serve for a term of three years, renewable for a further three years. Editorial Board The members of the Editorial Board are appointed by the Executive Committee to serve for three years. Annual General Meeting The AGM is held in January. Governance The charity is governed by its constitution and is registered with the Charity Commissioners. Objects, Organization, and Activities The object of the charity is to advance public education by furthering the study of Italy, Italian language, literature, thought, history, society, and arts in the United Kingdom and Ireland. This is principally carried out through the Society’s publications and conferences. ## Review of Progress and Achievements In the year ended 30th November 2023 the Society continued to meet its constitutional aims by carrying out the following activities: 1. Publications - During the year the Society published four issues of volume 78 of its annual journal, Italian Studies. 2. Conferences - The Society’s biennial themed conference “Affect, Emotion, Sensation” was held at the University of Cambridge, Selwyn College, on 7-8 September 2023. The Society’s annual Postgraduate Colloquium entitled “Scientific and Technological Imaginaries in Italian Literature and Culture”, was held at the University of Oxford on 2 December 2023. 4 ## The Society for Italian Studies Annual Report For the year ended 30th November 2023 ## Review of Progress and Achievements (continued…) 3. Subvention grants were agreed towards the cost of the following events:- “Spaces and Places of Anthropocene in Italy”, University College Cork, February 2023 “Leopardi Study Day”, University of Oxford, May 2023 “Italo Calvino and World Culture: A Hundred-Year Legacy”, Trinity College Dublin, June 2023 “Italian Studies Graduate Conference”, University College Cork, June 2023 “Italy, the Mediterranean and the South”, University of Oxford, June 2023 “Queer South: New Perspectives on Italian Society and Culture”, University of Oxford, September 2023 “Interdisciplinary Summer School”, Royal Holloway, September 2023 “FIILI (Festival of Italian and Irish Literature in Ireland)”, Italian Cultural Institute, Dublin, September 2023 “Giuseppe Pontiggia: On the Twentieth Anniversary of his Death”, University College Dublin, September 2023 “Dante Futures: New Voices in the UK and Ireland”, University of Leeds, November 2023 “Conference-Tribute to Patrizia Cavalli”, Royal Holloway, December 2023 ## Risk Management The Executive Committee actively reviews the major risks which the Society faces on a regular basis and believes that the Society has the resources necessary in the event of adverse conditions. ## Reserves Policy It is the Executive Committee’s policy to maintain enough reserves to cover twelve months’ direct and administrative expenses. 5 ## The Society for Italian Studies Annual Report ## For the year ended 30th November 2023 Hon. Treasurer’s Report 1. Cash at bank The total on 30th November 2023 stood at £87,098 compared to £72,865 on 30th November 2022. 2 Incoming resources Income from subscriptions increased from £7,209 in 2022 to £6,281 in 2023. We have also received a significantly higher royalty payment from publisher Taylor & Francis this year. Including advances and editorial fees received, their payments increased from £17,278 in 2022 to £29,700 in 2023. This is because (1) the journal’s revenue increased from c.£98k in 2021 to c.£111k in 2022; and (2) the royalty rate in our new contract with the publisher increased from 10% to 20%. This represents a significant boost to our income as a Society, and – if sustained in future years, and combined with healthy membership income – may raise the question of whether we can introduce some new initiatives, bursaries, or prizes, or whether some of the caps for existing awards might be increased, in light of the financial pressures that individuals and institutions are experiencing. 3 Expenditure Production of the four issues of _Italian Studies_ volume **78** cost £5,274 and was paid at the start of the financial year. Subventions for conferences and student bursaries disbursed in the course of 2023 (including support for the Society’s Biennial Conference and Postgraduate Colloquium) amounted to a total of £6,274 agreed by the Executive Committee. 4 Conclusion The accounts show a surplus of £14,233 increasing cash reserves. Signed on Behalf of the Executive Committee Tristan Kay Hon. Treasurer Date: 6 ## Independent Examiner’s Report to the Executive Committee of the Society for Italian Studies I report on the accounts of the charity for the year ended 30th November 2023 which are set out on pages eight to ten. ## **Respective responsibilities of Executive Committee and Examiner** As the charity’s Executive Committee you are responsible for the preparation of the accounts; you consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under Section 145 of the 2011 Act; to follow the procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as the Executive Committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **Independent Examiner’s Statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. A D Ormondroyd FCA Fox Jennings Cullen Accountants and Business Advisers Tarn House, 77 High Street Yeadon, Leeds LS19 7SP Date: 7 ## The Society for Italian Studies ## Receipts and Payments Account For the year ended 30th November 2023 |Income Receipts
Membership Income
Subscriptions
Trading Activities
Royalties earned
Publisher contribution toward editorial costs
Investment income
Total Receipts
Payments
Direct charitable expenditure
Production costs - Journal production and access
Grants made
Editorial costs
Subscription payments
Event expenditure - prizes
AGM expenses
Other Expenditure
Officers’ expenses - general
Accountancy
Bank charges
Sundries
Total Payments
Net surplus/(deficit) for the year
Bank balances at 30th November 2022
Bank balances funds at 30th November 2023|Note
2
3
4
5
6|2023
£
6,281
22,200
7,500
720
36,701
5,274
6,274
4,196
1,227
1,200
975
19,146
2,356
618
224
124
3,322
22,468
14,233
72,865
87,098|2022
£
7,209
9,778
7,500
76
24,563
6,156
8,840
4,558
927
-
-
20,481
745
-
303
484
1,532
22,013
2,550
70,315
72,865| |---|---|---|---| The notes on page ten form an integral part of these accounts. 8 ## The Society for Italian Studies ## Statement of Assets and Liabilities For the year ended 30th November 2023 |MONETARY ASSETS
Bank current accounts
CAF Bank
CAF Bank Gold account
National Savings Bank
PayPal account
LIABILITIES
Accruals|2023
£
5,863
60,907
17,995
2,333
87,098
1,326
1,326|2022
£
7,693
40,243
17,977
6,952
72,865
1,266
1,266| |---|---|---| Approved by the Executive Committee and signed on its behalf by Tristan Kay Hon. Treasurer Date: The notes on page ten form an integral part of these accounts. 9 ## The Society for Italian Studies ## Notes to the Accounts ## For the year ended 30th November 2023 ## 1. Accounting Policy These accounts have been prepared on a receipts and payments basis as allowed under section 133 of the Charities Act 2011. ## 2. Royalty income The publisher of Italian Studies pays a royalty to the Charity, being a percentage of the revenue they collect. The publisher works on a calendar year basis and pays an in-year advance royalty each January, with the balance paid the following February (roughly thirteen months later). |Final royalty for 2022 calendar year (2021)
Advance royalty for 2023 calendar year (2022)|2023
£
19,700
2,500
22,200|2022
£
7,278
2,500
9,778| |---|---|---| To cover editorial costs incurred by the Charity, the publisher pays a further advance fee, also in January. That editorial cost is shown separately in the Receipts and Payments account. |3.
4.|Investment Income
Bank interest
National Savings interest
Grants Made|2023
£
701
19
720
2023
£
6,274|2022
£
74
2
76
2022
£
8,840| |---|---|---|---| ## 5. Executive Committee’s Remuneration and Expenses No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any committee members or to any person or persons known to be connected with any of them. Officers’ expenses consist of the cost of travel, telephone calls, postage, stationery and photocopying. |6.|Accountancy Costs
Independent examination and accounting fees|2023
£
618|2022
£
-| |---|---|---|---| 10