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2024-11-30-accounts

The Society for Italian Studies Financial Statements For the year ended 30th November 2024

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 Chair & Trustee Ruth Glynn (appointed 2024) Simon Gilson (resigned 2024) Hon. Secretary & Trustee Claudia Rossignoli Hon. Treasurer & Trustee Tristan Kay Executive Committee Members Under Clause 10 (a) Emma Bond Research Portfolio Katharine Mitchell Membership Alessia Risi Language Portfolio Alessio Baldini Community Engagement and Teaching Carlotta Paltrinieri PGR Coordinator Chiara Giuliani Italian in Ireland; Employability/professionalism Marco Ruggieri Website and Social Media 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 Silvia Ross Editor, Italian Studies Marina Spunta Editor, Italian Studies Under Clause 10 (d) Alvise Sforza Tarabochia UCFL Representative Emanuela Patti 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 2024

The Executive Committee present their report for the year ended 30th November 2024.

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 2024 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 79 of its annual journal, Italian Studies.

  2. Conferences - A very successful Biennial conference was held at Royal Holloway, University of London on 19-21 June 2024. £6,000 was awarded for this conference. We are very happy to announce that the 2026 Biennial will be hosted by Trinity University College, Dublin. The proposed dates are 2527 June 2026. More information and a call for papers will follow shortly. Our thanks go to the teams from both Universities for taking on this commitment.

4

The Society for Italian Studies Annual Report For the year ended 30th November 2024

Review of Progress and Achievements (continued…)

SIS Themed Conferences (2025:2027)

Following an open call for expressions of interest in 2023, the executive committee decided to offer the opportunity of Leeds to host the next themed conference, on "Italian Studies at the "Digital Turn" (23-24 June 2025).

The 2027 Themed Conference will be hosted by the Unicersity of Exeter, on "Multicultural Italy". Our thanks go to Dr Gigliola Sulis and Dr Alessia Risi and theire respective teams in both universities for their excellent applications.

3a. SIS Subventions reqested and awarded during the period January 2024 - January 2025. (listed in order of date of application)

5

The Society for Italian Studies Annual Report For the year ended 30th November 2024

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.

Hon. Treasurer’s Report

  1. Cash at bank The total on 30th November 2024 stood at £106,232 compared to £87,098 on 30th November 2023.

2 Incoming resources Income from subscriptions increased from £6,281in 2023 to £21,381 in 2024. 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 £29,700 in 2023 to £33,427 in 2024. This is because (1) the journal’s revenue increased from c.£37k in 2023 to c.£56k in 2024; 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 79 cost £5,400 and was paid at the start of the financial year. Subventions for conferences and student bursaries disbursed in the course of 2024 (including support for the Society’s Biennial Conference and Postgraduate Colloquium) amounted to a total of £16,302 agreed by the Executive Committee.

4 Conclusion The accounts show a surplus of £19,135 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 2024 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

(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 2024

Note
Income Receipts
Membership Income
Subscriptions
Trading Activities
Royalties earned
2
Publisher contribution toward editorial costs
Investment income
3
Total Receipts
Payments
Direct charitable expenditure
Production costs - Journal production and access
Grants made
4
Grants made - ECR Bursaries
Grants made - Networking
Editorial costs
Subscription payments
Event expenditure - prizes
AGM expenses
Other Expenditure
Officers’ expenses - general
5
Accountancy
6
Website costs
Bank charges
Sundries
Total Payments
Net surplus/(deficit) for the year
Bank balances at 30th November 2023
Bank balances funds at 30th November 2024
The notes on page ten form an integral part of these accounts.		 2024
£
7,097
25,927
7,500
1,532
42,056
5,400
13,214
1,800
1,288
5,540
-
1,913
1,760
30,915
2,990
1,327
1,698
260
15
6,290
37,205
4,851
87,098
91,949		 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
8

The Society for Italian Studies

Statement of Assets and Liabilities

For the year ended 30th November 2024

MONETARY ASSETS
Bank current accounts
CAF Bank
CAF Bank Gold account
National Savings Bank
PayPal account
LIABILITIES
Accruals		 2024
£
31,536
42,255
18,134
24
91,949
708
708		 2023
£
5,863
60,907
17,995
2,333
87,098
1,326
1,326

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

For the year ended 30th November 2024

The Society for Italian Studies

Notes to the Accounts

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 2024 calendar year (2023)
Advance royalty for 2025 calendar year (2024)		 2024
£
23,427
2,500
25,927		 2023
£
19,700
2,500
22,200

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		 2024
£
1,393
139
1,532
2024
£
16,302		 2023
£
701
19
720
2023
£
6,274

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		 2024
£
709		 2023
£
618

10