R•glster¢d Charlty No: 1115263 WILLIAM WALTON AND LA MORTELLA TRUST Report and Financlal Stat?ments For Ihe year •nd•d 31 December 2021 tc accounts . tax . legal , financial planning
WILLIAM WALTON AND LA MORTELLA TRUST Contents Reports Legal and adminislralive inf0m7atn ReFQrt of the trustees Independent audilorfs report &9 Accounts Slalement of financial aclivrties 10 Statement of financial position Notes to the accounts 12-17
WILLIAM WALTON AND LA MORTELLA TRUST Legal and adminlstrative Inforniation Patro HRH The Prince ofwales. KG Trustees John F da Luz Camacho Alessandra Vincigueva Caroline Hthvard Registered Office 89 Judd Street London WC1H 9NE Charity Registration Number 1115263 Auditors TC Group 76 New Cavendish Street Londo W1G 9T8 Bankers Charities Aid Foundabon Bank Limited 25 Kings Hill Avenve Kings Hill West Malling Kent ME194JQ
WILLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2021 The Iruslees present their repcxt ltyether with the fi-nancial statements of William Walton and La Mortella Trust for the year ended 31 December 2021. The financi81 slalements have been prepared in accordan wlh the a¢counling poli¢i8s sel oul in note 110 the accounts and eompty with the charity's trust deed. the Charities Act 2011 8nd"Accounling and Reporting by Charities.. Statement of Reccmmended PraCte applicable lo charities prepariThJ their accounts in accordance with the Financial RetK)rb"ng Standard applicable in the UK and Republ of Ireland IFRS102}" leffective 1 January 20191. Structure. gov•man¢e and man•gement The Trust is govemed by a Trust deed dated 26 June 20(6 and is a registered charity, number 1115263. The Trust was established by an initial gift from Lady Warton folk)wing Ihe death of her hLFsband, Sir N'lliam Wahon in 1983. Lady Walion (lied on M3rch 21, 2010. The Trust does not activety fundraise and seeks to continue its through careful stewardship of estIng resources. The Trustees are aFFointed by the Board arKI serve for three years after which perh)d they may put themselves forward for rL4appoinlment The Trust Deed does not state a Irnil to the number of Trustees. At the six monthty trustees. meetings the trustees agr the broad strategy and areas of actThiity for the Trus[ including con5KJeralion of grant making. investment, reserves and risk management policies and performance. The day day administration r)f grants and the prccessing 8nd handling of 8pplic81ions prior lo consideration by the Trust is delegated to the Administrator. Newly appointed trustees undergo an orientalion session to brief them of their legal cblNJations under charity law, the Content of the Trust Deed, and the decisK)n making processes, the role of IheAdminislr81or and recenlfinancial perf¢janCe. Prior lo taking up the post trustees meet the key pers$ associated with the running of the TrusL Risk management The Trustees have8ssessed the major risks to which the chanty is exposed, in paClarth9$8 relating to the specthc oFeralional areas of the charty and ts finances. The Trustees Llieve that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by exarnining the operational and business risks laced by the charity, they have established effective system5 to mitsgate those risks. ObJ•ctlve8 and actmtles To promote public educatk)n and research {K4uding publication of the useful results of such research) in the followAng $. The art of music The flora of the Mediterranean and the trop The art of garden deswJn and landscape architecture To maintain. Consolidate and extend the garden, collection of plants. and gardening in a sustainable, environmentslly resFM)nsible vrdy.
WILLIAPI WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 December 2021 To enrich the museum and perfomance facilities (including but not limrted to the rectial hall and the Greek theatre) al La Mortella for the benefit of the public land pa"cUlarlY for the benefit of young peoFde and people are not abl&bodied). To establish and maintain a museum for the display ol Nlliam Walton memorabilia, musical artefts and other items of musul interest so as to prcThole public educatiDn in the vKJrks of Sir William Walton and his mus The obJtIVeS for the yo•r 2021 worn: Given the persistent hearth concem cOnnted lo CDvi¢&19. and the varK)usly slaged lockdowns, the trustee5 agreed to keep evaluating the evolutr.on of the PaTrdeM and react 8eCordgty. in regard to the Charity Commission's general guidance on public benefrt. In relation to the gardens in Ischk4. r( as recc4nmended that the staff gel their vaccination as soon as possib]e and that Ihey prep8d to reopen the garden rf the Italian situation and legislation allowed IL The Trustees pL9nned to ¥{ dosety with some Mus[ inslrtutK)ns that worktrj the foundation in the pas( lo eheck Iheir situation in view of the parKlemic. It was hoped that some mu$ical a¢lMts coukl be organize(I bul al the beginning of 2021 it was impossible to put dovm any Flans for the future. Grant4naklng pollcy Grants wll be made to those LleS who request SLWOrt in research of the Ilora of the Medrterranean and the tropics, the art of music with relatDn lo Ihe of William Waiton. and to the art of garden desyJn and landscape architecture. It is intended that those who nefftfrom the charl$ wot will include young professional and amateur MuSl8n$, horticufturalists and kndscape desTrgnets. Achievements and perforniance As many CovKI-19 restrictsons were stil in pe. during 2021 the actiwties were mosty limtted to running the gardens. In Ischia. a5 recommended. the staff had thr vaccination. The garden opening was postponed to 13 May 2021, in accordance with the Italian Government heallh restritions. Visitors and audience for concerts were admitted only rf they could Show vaccination cerlificales. Many restrictw)ns applied for numbers admrtted m enelosed spaces. social distancing, offe heath measures. etc. The Trustees decided to SUPFQrt the gardens., Fonda2ir)ne Willkqm Walton e la MortelLa with a contribution of £200.000 to cover the k)sses due to the lockdow Chamber mvsic concerts were resumed in May 2021. wlh a concert by Trio Chagall.. Violin. cello and ppano, that was dedicated to the memory of the late Duke of Edinburgh. Botanical painting cOue were he in May and Septemt¢r 2021.
LLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 Decfrmber 2021 In18le June 2021 the coneert season atthe Greek Theatrewas also revived, but it was dec>ded that we would invite small ensembles. given the many reslrKtions lo travel and physical proxwnity. We Organried a total of 6 concerts, with a vast range of must groups. This included the BINI Brass Ensemble.. the Conservatory Tartini Triesle with a perfomants of Stravinskij's Hi8toire du soldal,. the Chamt*r Ensemble of Southbank Sinfonia," the Oiche5tra Giovanile Sanitansamble, a S((811Y committed orchestra that gathers youro people from poor neighbourhood5 in Naples.. the Chamber Orchestra "Lorenzo Da Ponte" Irom Venti and a Young Dance cpanY from Rome. for 8 Ballet perfomance. In the UK. we suFpJrted the newwallon Festival Lake District Summer Music, and Trustee A. Vinciguerra gave a de0 conference for Ihe final day of perfomiances. In 2021 we also started a colkbDration with the KeybMrd Trust. to have them send a young Plenist lo perfomi in one of our coneerts. Flnanclal revlew The financial results for the year ended 31 December 2021 are set out on pages 10 to 17. Income of the Trust in the year totslled: £161.967. including interest of £107 and royalty income of£161.860. No donations or legacies were reNed in 2021. Charitable activity expenditure lotalled £259.230 and incbjded grants maj8 of £238,000 10 various insth"tution5, see note 6. and support costs ot £21.230, see note 7. Totsl net movements in reserves funds in the year was an expenditure of £97,263. The balance sheet show5 total funds of £1.553.190. This includes a cash at bank balance of £1,143,529. Al funds are Unrestted funds, available for charitable purposes. The trusieès consider the levd of reserves meets the charrties reserve policy. Investmgnl pollcy The Trustees meet annually to assess the investrnent wlry. The matn oty'eclwe is to reduce the risk associated wlh the frusl's inve5trnents. At 31 Decvnber 2021. there was no Ve$ent. Rgs¢rves poli¢y The Trustees have foallY adopted a reserves policy. This recognise5 that income does rTrot arise evenly year on year and to enable the Charity to plan ils 8cIMlies il i8 prudent lo hold reserves. Unrestricted reserves as at the balaft sheet date amounted to.. £1.553,190 (2020.. £1.650,453}. There are no restricted reserves and all See$ are free reserves. It is the interrtion of the Trustees to ensure that these reseNes are for the continuation of the Charitys operations in the futu. The level of reserves is annualty by the Board of Trustees and GOndered when preparing Ihe annual budget
WILLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 December 2021 Plans for the future The plans for 2022 are= To resume the regular aclivilies. eSPlalIY conceming the concert5. To review disabled access and infom)alion available in the gardens. To reorganize the archive collection and improve facilities for researchers. Trustees The Trustees in office during the year were as follows- John F da Luz Cama¢ho Alessandra Vinciguerra Caroline Howard Trustoes. responsibilities statement The Irustees are responsible for preparing the Report of the Trustees and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Apted Accounting Practs'ce). The law applicable lo Chare$ in Engfand and Wales requires thelruslees to prepare accounts for each financial pertod which give a true and fair view of the state of affairs of the charity and ofthe incoming resources and applic21ion of resources of the charity for that year. In preparing accounts showing a true and faw view the trustees" Select suitable accounting w)licies and then apply Ihern consistenly. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. Follow applicable accounting standard5 and statements of recommended practice. subject to any material departures disclosed and explained in the accounls. Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records whiGh disclose with reasonable accuracy at any time the financial position of Ihe charity and enable Tt lo ensure Ihat the financ1 statement5 comply with the Charilies Act 2011, the Charity (Accounts and RepK)rts) Regulations 2008 and the provisions of the trust deed. They a also responsible for safeguarding the assets of the charity and for tskiThJ reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees and signed on their behalt. rlW- ohnFd Trustee Appro uz Camacho d by the Trustees on 28 tober 2022
WILLIAM WALTON AND LA MORTELLA TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WILLIAM WALTON AND LA MORTELLA TRUST FOR THE YEAR ENDED 31 December 2021 OpSnion We have audi(ed the financial ststements of the Wdliam Walton and La Mortella Trust (the 'charty'l for the year ended 31 December 2020 which comprise the Statement of Financial Aeliwlies, the Statement of Financial Position and notes to the financial statements, including summary of signifunt accounting policies. The financi81 reporting framework th81 has been applied in their preparation is applicable LAW and United Kingdcn Accounting Standards, including Financial Reporting Standard 102 The Fancial Reporting Slandard applicable in the UK and Republic ollreland IUnite(l Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. gNe a true and fair view ol the stste of the Charis affairs as at 31 Dernber 2020, and of its incoming resource5 and application of resources. for the year Ihen ended.. have been property prepared in accordance ¥th United Kingdtxn Generally Accepted Accounling Pratie.. and have en prepared in accordance the requirements of Ihe Charities A£1 2011. Basis for opinion We conducted our audit in accordance with Inlemational Stsndards on Auditing {UK) IISAS (UKII and applicabfe law. Our responsibilits undef those standards are further described in the Auditor's respunsibililies for the audit of the financial statements section of our report. We are indendent of the charity in accordance with the ethical requirements that ale relevant our audit of the financial staternents in Ihe UK. induding the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance wrth these requi ments. We believe that the audit evidence we have oblained is sUffent and appropiiate to provide a basis lor our opinion. Conclusions relating to going concern We have nottling to report in respect of the fol¢Mng matters in relation to which Ihe ISAS IUK) require us lo report lo you where". the Iruslees, use of the going concem basis of accounting in the preparation of the financial statements is not appropriate" r the trustees have not disclo*J in Ihe finanryal stalwnents any identrfied material uneertainties that may cast snlcan1 doubt aboul the charity's ability lo continue to adopt the going concern basis of accounting for a period of at least tsyefve monlhs from the date when the financial statements are authorised for issue.
WILLIAM WALTON AND LA MORTELLA TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF WILLIAM WALTON AND LA MORTELLA TRUST FOR THE YEAR ENDED 31 December2021 Other information The trust are responsible fcf the other informatK¥ll. The other information comprises the Informalton included in the trustees. annual rewt, other than Ihe financial stalernenls and our auditor's report thereon. Our opinion on the finanaal statements does not cover the other information and. exwl to the extent otherwise explicty ststed in our reporL we do not express any fomi of assurance cMClusn there(. In connectk)n with our aLrdil of Ihe financial ststements, our ponsiblty i% to read the other infomiation and, in doing so, eonsiderwhether the other infomiation is materialty in¢on$i$lenl wi(h the financ1 ststements or our knowledge obtained in the audr( or otherwse appears to be materially misstaled. If we identfy such material inconsislencies or apparent material misstatements. we are required to delemiine whether there is a material mis5tstement in the financial statements or a material misststemenl of Ihfy other infomiatson. If, based on the work we have perfomed, we Conclude that there 1$ a material misslalement of this other information. we are required to report that f8cL We have nothing lo report in this regard. Matt•r8 on whieh wè are requlred to report by exceptlon We have nothing lo report in resFect of the followng matters in relab.on to which the Charities (Accounts and Reports) Regulat1n5 2008 require us lo reprt to you rf. in our opinion: the infomialion given in the financial statements is inconsistent in any material respect with the trustees, report,. or suff18nt accounbng r6rords have not been kepL or the financi statements are not in agreement wrth the accounting records.. or we have nol recerved all the infomiatirM and expf8natr.ons we require for our audit. Ro8ponsibllltle8 of trnst•e8 As ewained more fully in the trustees. responsibiffties sLemen( the trustees are responsible for the preparation of financial statements whth gNe a true and fair wew. and for such internal control as the Irustses detemiine is necessary lo en8ble the prepaTation of financi81 statements that are free frcn material misstatement. whether due lo fraud or error. In preparing the financial statements, the trusiees are responsible for assessing the chanty's ability to continue as a going concem, dis¢k)sing. as applicable, matters related lo going oncern and using the going concem basis of accounting unless the trvslees either intend to liquKlate the chaiity or lo cease Ol80n$. or have no realisb"c allemative bul lo do so.
WILLIAM WALTON AND LA MORTELLA TRUST INDEPENDEKf AUDrroR'S REPQRT {CONTINUED) TO THE TRUSTEES OF WILLIAM WALTON AND LA MORTELLA TRUST FOR THE YEAR ENDED 31 December 2021 Auditorf¥ re$ponsibiliti•s for the audit of the finan¢lal ststgments We have teen aFpointed as auditor under section 145 of the Charities Act 2011 and wport in accordance wlh regulatnS made uTrJer section 154 of that Act Our objoclives are to otrAain reasonat4e assurance atrfjut whether the fanCIal 51atements as 8 whole are free frcfft material misslalement. whether due to fraud or errgr, and to issue an auditofs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee Ihal an audrt eondueted in accordan wth ISAS IUIQ wll aayS detect a material mv65talemenl when rt exists. Misstatements arise from fraud or error and are consKJered material if, individually or in the aggTegale, they CoUj reasfmably be expected lo influence the eCon¢Yn decIsnS of users ten on the basis of these financial statements. Irregularities. including fraud, ar& instances of non•ecffipliance with laws and regulations. The extent lo which our prc¢edure5 are capae of detectwig irregularities, i[uding fraud, is detsiled below. Extent to whlch tho audit was consid•red capabl• of d•tlIng Irrngularltles. Includlng fraud The (je¢le5 of our audi( in resFect to fraud. are.. to identify and a$5es$ the risk$ of material misstslement of the finaneial 5tstefnents due to fraud., to obtsin Sufficient appr¢)priale audit evidence regarding the assessed risks of material misstatement du8 to fraud, through designing and implemenkn'ng appropriate responses,. and to respond appropriately to fraud or suspected fraud idenlified duriro the audit. However. the primary responsibility for the prevenbon and detecth)n of fraud rests both those charged witt governance of the entity arKI its managwnenl. Ow approach was as folkms.. We idenbfied areas ol laws and regulatK)ns that could reasonabty tre expected to have a materral effect on the financk81 statements from our general commercial and sector experience, and through discussion with the director5 and other management las required by auditing stsndardsl, 8nd ijiscussed wth the directo and other mana9ement the policies and prcteduTes regarding compliance wrth laws and regulon$,' We cons#Jered the legal and regulatory framewotks direcljy applicale io the financial statements rgporb'ng framewoth IFRS 102 and the Charities Act 2011) and the relevant tsx ccrfnplianc& regulations in the UK" We considered the natu of the industry. tre control enwronment and bu$ino$$ perfomiance, ineluding the key drivers for managemenl's remunoralion., We ccrfnrnunieated identified laws and re9uLqlions throughout our team and remained alert to any indicalions of non-C(Knpliance Ihroughout the audit." We considered the procedures and controls that the charty has established to address risks idenlrfied, or that otherwise prevenc deter and Oelecl fwd,. and how sen1 managernent monitQfS th)se programmes and controls.
WILUAM WAL TON AND LA MORTELLA TRUST INDEPENDENT AUDITOFfs REPORT (CONTINUED) TO THE TRUSTEES OF WILLIAM WALTON AND LA MORTELLA TRUST FOR THE YEAR ENDED 31 December2021 Based on this understandFng we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered lo be higher, we perfomied audit procedures to address e&h idenltfied fraud risk. These prccedures included.. testing manual joumals.. reviewng the financial siatement disclosures and lesling to supporting documentation". performing analytical predre$.. and enquiring of management. and were designed to provKle reasonable asSUrae that the financial ststements were free from fraud or error. (ing to the inherent limilalKJns of an audr(. there is an Unavoidab rtsk Ihatwe may not have detected some material misststements in the financrdl staternents, even though wg have properly planned and perfomed ouraudil in accordance with audits.ng standards. For oxample, the further removecl non-cornpliance wth laws and regulations {irwularities) is from the events and transactions reflected in Ihe financial statements, the less likÈly the inhèrenlty limited procedures requiied by auditing standards would identfy IL The risk 18 also gfeater regarding irregularities 0urring due to fral rather than error. as fraud involves intentional concealment. forgery, collusion, rynission or misrepresentstion. We are not responsible for preventing non-compliance and cannot be expected to delect nonthcompliance wilh all laws and regulations. A further de8cripb.on of our responsi11@$ is available on the Financial Reporting Coullcil's website al.. hltps.'IIvw4.frc.org.uklOur-WorklAudiVAudit-and-assurancelSlandards-and- guidance6tandardS•anduidanCe-for-aLKlitQr51Audlt0rS-resp0n5ibIllties-for- audiUDescription-ol-audiloTs4eswnsibile5-for-a.l.aSpx. This description forms part of our auditorfs report. Uso of our r•port This rewrt is made 501ety to the charity's trustees. as a body, in accordance wth Part 4 of the Charities (Accounts and Reports) RegulatH)ns 2008. Our 8udit work has been undertaken so that we might state to the charl$ trustees those matters we are required to state lo them in an audilorfs report and for no other pUrSe. To the fullesl extent pemitted by law. we do nol a¢p1 or assume responsibility to anyone other than the Charity and the chari$ trustees as a body. for our audrt work. for this repN( or foi the opinions VR have lormed. Mark Levy (Spnlor Ststutory Audltor) rand on bfjhallof TC Group Statuto Offic•: London Datod: 3111012022 TC Group are eligible to xt as an auditor in lenns of stion 1212 Dfthe Companies Act 20C6.
WILUAM WALTON AND LA MORTELLA TRUST STATEMENT OF FINANCIAL ACTIVMES FOR THE YEAR ENDED 31 December2021 2021 Unrg$tri¢t•d Funqls 2020 Unro$tri¢tgd Fund$ Notes Income and gnd¢wm?nts from- Investment Othgr 107 161.860 768 231.301 Total Income and endowments 161.%7 232.069 Ex gndlture on: Charitsble activit {259.2301 1147.225) Total expenditure (259,2301 1147,225) Nel incomel (expenditure} for the year and n•t movoment in lund$ (97,263) Reconciliation of funds Balances brought fopAtard At l January 2021 1.650.453 1.565.609 Balances carried foTh¥ard At 31 Devmbgr 2021 1.553.190 1.650.453 AJI incoming and outgoing resourw relate lo the general fund. which is unrestricted. 10
WILLIAM WALTON AND LA MORTELLA TRUST STATEMENT OF FINANCIAL POSITION AS A T 31 December 202q 2021 2020 Notes Current assets Debtors due within one year Cash at bank and in hand Creditors: Amounts falling due within one year 425.933 1.143.529 397,505 1,263,404 (16.272) (10.456) Total assets less current Ilabilities 1,553.190 1.650.453 Represented by: Funds and reserves Unrestricted funds 1,553.19) 1,650,453 All assets and liabilities relate to the general fund. which is unrestricted. The AOunts were approved by the Trustees on 28 October 2022 and signed on their behalf by: ohnF Trust a Luz Camacho
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 December 2021 l. Accountlng poll¢l Chartty Inforniatlon William Walton and La Mortella Trust is a Charity registered in England and Walas. The registered address is 89 Judd Street Lonthsn WC1H 9NE. Accounting conv¢ntFon The attounts have beon prepared in accordance with the charit$ trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recomrnended Practi gwlicable to charityes preparing their accounts in acrdarbce wrth the Financial ReF(Jrting Sbndard appli¢able in the UK and RepublK of Ireland {FRS102)" (effective 1 January 20191. The accounts are prepared in sterting. which is the fUndNal currency ofthe Charty. Monetary amounts In these financial ststements are rounded to the nea$t £. The aounts have teen prepared under the histcwl cost Convention. prineipal accounting poIleS adopted are set t below. Golng conc•m Al the time of approving the accounts, the Twslees have a reasonable expects1 that the Charity has adequate resources tocontinue in operatsonal existence foi the foreseeable future. Thus Ihe Truslees continue to adopt the going corrnn t>asi5 of aLrounting in preparing the accounts. Charf¢•ble fundg Unrestricted funds are available for u$e at the dIreh0n ol Ihe Trustees in furtherance C their chwitablF obJ'ec)'ves unless Ihe funds have been designated other purpo. Inc¢m8 Incoming re%)uTces are rwnised in the Feriod in whh ts charity is enblkd to receipt and the amount can be measured with reosonable certainty. Wth the exception of income ari8ing fr(#r donatK)ns. all wiccffie is credited to the slatement of financia aclivities on a receNable basts. Don81ions are ¢xedited lo Ihe stateffent of financial actIVrt in the period in whth they are received 12
WILUAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 December 2021 Expenditure Expenditure is induded in tho stslemenl of financi81 &tivibes V•l)en in(wried and includes attributable VAT which cannot be recovered. Resources expended comwise the folknmng". a. Charitable 8th.ties include grant payments. whh are induded in the statement gf finanaal tIvItieS when appioved and vthen Ihe intsnded recipient has either received the funds or been infomied of the ¢JectsKJn lo make the grant and has satisfied all related ConditS. Grants where the beneficiary has not been infomied or ha5 to meet certain conditions befofe the gr8nl is released are not accrued lor bul are noted as fin8nci81 commitments in the notes lo the accounts. b. Govemance costs coThprrse the costs incurred by finance and human re¥ourcos which are direclty attributable to the management of the charitys assels. organisalional procedures and the necessary legal prowjUS for compliance with slatutory requirements. Cash flow The accounts do not include a cash flow statement because the charty. as a Small reporting enlty. is exempt from the requirement lo prepare such a statement under Financkal Reporting Standard 1 "Cash flow statements". Cash and cash equlvalgnts. Cash and cash equivalents indLKle cash in hand, ¢JeFosits held at call vith banks. other short- term liquid investrnenls with orKJinal maturities of three months or less. and bank overdraft5. Bank overdrafts are shown within borrowngs in current liabililiey. Flnancial instruments The charity has elected to apply the provisions of Seclion 11 'BaS Financial Instruments,. Financial instruments a recognised in the Stslement of Financial Posith)n when the charity becLymes part lo the contractual provisions of the instrument Financial gssgt$ and Irabilities are offse( with the net amounts presented in the financial statements, when there is a legally enforceable rb3ht lo set off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and settle the liabilrty simullaneousty. Baslc financlal assets Basic financial assets. which include debtors and cash and bank balan. are initially measured al transxlion Pr including transaclKJn costs and are subsequently carried al amortised cost using the effective interest method unless the 8rrangemenl constitutes a rinancial transacb'on. where the Iran58Ction is measured at Ihe present value of the future receipts discounled at a market rate of interest. Financial assets ¢lassrfied as receivable within one year are not ammised. 13
WILUAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December2021 Basic financial liabilities Bas financial liabilities. including credrtors and bank loans are initialy recognised at transacts.on pri unles5 the arrangement consb"lutes a financing Iran58cb'on. where the debt instrument is measured at the present value of the future pawnents dtscounted at 8 market rate of interest. Financial liabilities classrfied as payable Nwthin one year are nol amortised. Debt inslwments are $rtJsequently carried at amortrsed cosL using the effeclive interest rat& methcJ. Trade creditots are oblykn'cfi to pay for goods or services thal have been acquired in the ordinary Course of operations from suppliefs. Arnounts payable are classified as current liabilities if payment is due within one year or less. W not Ihey are presented as non-current liabilities. Trade creditors are rwnised initially al tr8nstion price and subsequenlly measured ai amorb.sed eosl Un9 the effective inlerest method. Dere¢ognition of finan¢lal liabilities Financial liabilities are derecognised when the charitys ContrtUal oblgations expire or are discharged or cancelled. 2. Judgem•nts and key sources of estlmatlon uncertalnty In the appIatn of the Charitable Organisalions aCCjntrng policies, the Trustees are required to make judgements, estimates and assumpb'ons aboullhe rying amount ofa5sets and liabilities that are not readily awarent from other sources. The estimates and associaied assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estiTnales and underlying assumptions are eWed on an ongting basis. Rewsions to accounts.ng estimates are recognised in the period in which the e5ts"m3le is revised where the revision affects only that perK)d, or in the period of the revision and future periods where the revision affects both current and futu pericmjs. In the opinion of the Truslees there we no signffKarrt judgements or area$ of e8ts"m8tit)n uncertainly. 14
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DK8mb8r 2021 3. Income from Investments 2021 2020 Interest receivable 107 768 4. Othgr incomo 2021 2020 Royalty Inne 161.860 231,301 S. Charltabl• acti¥itles 2021 2020 Grants (see note 61 Support costs (see note 7) 238.0 21.230 125.700 21,525 259.230 147,225 15
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEO) FOR THE YEAR ENDED 31 December2021 6. Grants The ¢hanty makes grants to in5ts"lutions in accordance with its grant making Policy Set out in the trustees, port. Institutlon8 2021 2020 Fondazione William Walton e La Mortella garden and educational actmties The Williarn Walton Trust Royal College of Musi Chelham's School of Music- schojarship Southbank Sinfonia The Ralph Vaughan Williams Society Royal Welsh College of Music N8ty'onal Youth String Orchestra Sislema Scoll¥nd Royal College of mUC Oxford Symphony Orchestra Dr J H Williams Royal Opera House A J Kendall 200,000 100,000 20,000 20.0 2.000 2.500 2,500 2.500 3.000 2.500 2.500 2.000 500 500 400 300 238.000 125,700 7. Support costs 2021 2020 Festival c(pordinalion Audit fees Accountancy fees Miscellaneous expenses 12.875 3,990 3.990 375 12,840 3.990 3,990 705 21.230 21.525 8. Debtors.. duo wlthin one year 2021 2020 Charity repayTnent ctaim 425,933 397.505 16
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 December2021 9. Crodltors: amounts falling due within one year 2021 2020 Aecruals- Audil & Accountancy - Professional fees 16,272 8,136 2,320 16.272 10,456 10. Trustees, romunoratlon expenses and arranggments No trustees vre reimbutsed for expense5 during the year12020: £nil). No rUneratIOn vwas receNed by any of the Irustees. No trustee had any beneficial interest in any contract th the charity during the year. 11. Taxation William Walton and La Mortella Trusi is a registered charty and therefore, is not liable to income tax or CcratIOn lax on income or gains derived ftcyn its charitable activities, as they fall within the various exemption$ available to registered charttses. 12. Relat9d party dlsclosures The three Iruslees are also trustees of The William Walton Trust (registered Charity number.. 2896051. During the year. the charity gave donati$ totslling £20.0(K) (2020". £20.0001 to The William Walton Trust. During the year. amwnts totalling f2W,CX)0 12020.. £100,OtsJ) were donated to Fondazione William Walton e La Mortdla, a charity based in Itaty associated with the Trust. One of the trustees is Ihe presiderbl of the ltslian charity. while another trustee is on the board of trustees of the Italian charity. 17 WA#tyJ]14171$6