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Registered number: 00598572
ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
COUNCIL OF MANAGEMENT REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
REGISTERED NUMBER: 00598572
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Chamber's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Chamber has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.
Alessandro Belluzzo (President)
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The notes on pages 4 to 12 form part of these financial statements.
Page 1
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Capital contribution received
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The notes on pages 4 to 12 form part of these financial statements.
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Page 2
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 12 form part of these financial statements.
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Page 3
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Chamber's accounting policies (see note 3).
Rounding has taken place to the nearest £1.
The following principal accounting policies have been applied:
The financial statements have been prepared under the going concern basis. The directors are satisfied that the chamber has sufficient cash and liquidity to continue trading for at least 12 months from the date on which these financial statements are approved. Stress testing has been performed on the chamber's forecast cash flows which indicate that there is no material risk that the chamber will be unable to trade for a period of 12 months from the date of approval of the financial statements.
The chamber incurred a loss of £279,729 during the year under review and reserves are £39,750 at the balance sheet date. If additional income or a significant reduction in costs does not occur then the Chamber is likely to be unable to continue.
The Chamber suffered in the past few years from the Brexit changes in the economic environment, especially those referring to the import/export between the two countries; the uncertainty of market conditions, plus the inactivity due to the pandemic, which created a slowdown in the commercial activities in particular those related to trade fairs.
During this period the Chamber suffered also the impact of the refurbishment works, with the landlord TCE claiming additional works for security of the building, amounting to over £150,000; the Chamber's lawyers attempted to claim the money back from EMD contractors but at the end they suggested to abandon the Court case due to the lack of assets of the company. The Chamber suffered a £30,000 loss for legal fees.
In addition, the closure of the office for building works created the impossibility to have planned activities and our sublet to ENIT was temporarily stopped with a loss of rental revenues until the year end.
The Chamber is now acting to collect a refund of business rates paid during the period in which the office was closed.
The management of the Chamber is actively pursuing a business strategy to adapt the activities to the new business environment; the results are encouraging as new members have joined and several events are planned for the next 12-18 months. The management is confident that the Chamber will continue to offer quality services to the members, being active and reliable partner of the Institutional Italian system.
In June 2027 the lease with TCE expires and the Chamber will have the option to renew or look for different accommodation, thus decreasing the cost/revenue ratio to a more comfortable level.
Page 4
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Chamber's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Chamber and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Chamber will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Chamber as lessee
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The Company has departed from the standards in relation to operating leases. The rent free period as per the leasehold agreement has not been spread over the life of the lease and charge made to the P&L for rent for the period in the generally accepted way.
This is to incorporate the refurbishment costs incurred by the Company in connection with the leasehold agreement, (see note 8 for further explanation) and this departure has been agreed by the Council of Management in order to present the costs incurred by the Company in a true and fair way.
Page 5
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Group personal pension plan
The Chamber operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Chamber pays fixed contributions into a separate entity. Once the contributions have been paid the Chamber has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Chamber in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Chamber assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 6
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
The company is incorporated as a private company limited by guarantee with no share capital and is registered in England number 00598572, with registered office situated at 1 Princes Street, London W1B 2AY. The principal activity of the company during the year was that of a business chamber and commerce service to its stakeholders.
The preparation of financial statements requires the Council of Management to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are based on historical experience and various other assumptions that the Council of Management believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, significantly impacting the company's earnings and financial position.
In this financial period the Council of Management deemed that it was necessary to depart from the standards in relation to Leasehold Property and we draw attention to this in Note 8 of the financial statements. The departure serves to provide the users of the accounts with a true and fair view in relation to the leasehold and rent costs thereon.
During the period the organisation used reasonable accounting estimates in relation to depreciation, deferred taxation, accruals and prepayments.
Page 7
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of employees, excluding the Council of Management, during the year was as follows:
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Management and Administrative Staff
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Charge for the year on owned assets
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Page 8
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Reclassification of short term leasehold property
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Following discussions with the Council of Management and in conjunction with the terms of the leasehold agreement it was decided that although the financial statements are prepared in accordance with Section 1A of FRS 102 it was necessary to depart from the standards in relation to the leasehold property to provide a true and fair view.
The lease agreement stipulates that the organisation shall receive a 2 year rent free period but that is due to the significant costs of refurbishment. In the pre prior year these refurbishment costs were capitalised and a provision made for the rent free period. Refurbishment costs have been reclassified in the year ended 31st December 2020.
Refurbishment costs for both the year ended 31 December 2020 and 31 December 2021 have been taken to the Profit & Loss account.
In the years 2022-2024, unfortunately, the running costs for the lease of the property increased. This is due to a loss of income from the tenant of the Chamber withholding payment, and the request from JLL and TCE to carry out remedial works for an extra amount of £143,300.
The Board of Directors asked – without success – the contractor EMD to refund the amount necessary for the remedial works, and for the tenant to pay their annual share of rent (£78,000).
Page 9
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 10
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Other reserves
Other reserves represent historic capital contributions and are not distributable.
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The company contributes to certain employees personal pension schemes. The company has no on
going obligations to the pension schemes after making its contributions.
Page 11
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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Key management
The Council of Management regard the members of the Council as being Key Management, none received any remuneration during the year under review (2023: £Nil).
During the year under review, the Chamber received a capital contribution from Sir Rocco Forte totalling £50,000 (2023: £Nil).
During the year under review, the Chamber received invoices of £2,200, (2023: £2,200) from various Members as detailed below:
Alessandro Belluzzo: £Nil, (2023:£7,000)
Luisa Bossi: £5,000 (2023: £Nil)
During the year under review, the Chamber raised sales invoices of £XXX, (2023: £41,353) to various Members as detailed below:
Luisa Bossi: £720 (2023: £Nil)
Francesca Carobbi: £180 (2023: £Nil)
Roberto Costa: £2,000 (2023: £410)
Maurizio Fazzari: £25 (2023: £Nil)
Sebastiano Fedrigo: £13,500 (2023: £13,900)
Sir Rocco Forte: £Nil, (2023:£5,000)
Pietro Foschi: £Nil (2023: £6,400)
Rocco Franco: £Nil, (2023: £180)
Richard Gadeselli: £Nil (2023: £2,000)
Daniel Gava: £184 (2023: £Nil)
Sennait Ghebreab: £25 (2023: £Nil)
Francesca Griffith: £205 (2023: £Nil)
Enzo Lamberti:£4,025 (2023: £3,000)
Alberto Mancuso: £13,243, (2023: £9,000)
Elena Pettenuzzo: £Nil, (2023: £950)
Giorgio Poggio: £5,300 (2023: £333)
Umberto Salon: £Nil (2023: £180)
Ernesto Sicillia £5,180 (2023: £Nil)
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The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 1.2 in the financial statements, which indicates that the Chamber has depleted its reserves. As stated in note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate the Council of Management's opinion that this does not represent a material uncertainty regarding the Chamber as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 31 March 2025 by Darryl Ashing FCA (Senior Statutory Auditor) on behalf of Ashings Limited.
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