Registered Charity No: 1115263 WILLIAM WALTON AND LA MORTELLA TRUST Annual Roport and Unaudlt•d Flnanclal Stalomonts For tho year ended 31 December 2023 BUSINESS ADVISORS & AccouNYAKrs 6 Floor Klngs Houso 9-10 Haymarket London Untted Klngdom SW1Y 48P
IMLLIAM WALTON AND LA MORTELLA TRUST Contenls R8POrts Legal and administrative information Report of the trustees 2-5 Independent examiner's report Accounts Statement of ffinancial activitN8S Stat8m8nt of financi81 F*)Sition Notes to the accounts 14
WILLIAM WALTON AND LA MORTELLA TRUST Legal and admlnlstratlvo Informallon Patron HRH Thè Prince of Wales, KG Trustees John F da Luz Camacho Alessandra Vinciguerra Caroline Howartl Olivia Hall Regislered Offi 89 Judd Str88t London WC1H 9NE Charity Registration Number 1115263 Independent Examiner Philip Clark TC Group 6 Floor King's House 9-10 Hayrnarket London SW1Y4BP Bankers Charities Aid Foundation Bank Llmtt 25 Kings Hill Avenue Kings Hill West Mglling Kent ME194JQ
WILLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 Decemr 2023 The trustees present their report together with Ihe financial slatsments of William Wafton and La rtella Trust for the year ended 31 December 2023. The flnancHI statements have been prepared in aCcrdan wlth the a¢c£*unting Folieies set out in note 1 to the accounts and comply with the charity's trust deed. the Charities Act 2011 and 'A¢untIng and Reporting by CharTli88: Statement of Recommended Practice applicable to charilies preparing their accounts in accordanc8 With the Fin8ncial Reporting Standard applicable in th8 UK and Republic of Ireland (FRS102)" (effective 1 January 2019). Structure. govemance and management The Trust is govemed by a Trust deed dated 26 June 2006 and is a registered charity, number 1115263. The Trust was established by an initial gift from Lady Walton following Ihe death of her husb8nd. Sir William Watlon in 1983. Lady Walton died on March 21. 2010. The Trust does not actively fundraise and seeks to contlnue tts w)rk through caréful stewardship of existing resources. The Trustees are appointed by th8 Board and Serve for three years after which period they may put themselves forward for re-appointment. The Trust t)eed does not state a limlt lo the number of Trustees. At the six monthly trustees, meetings the trustees agree the broad strategy and aTeas of activty for the Trust, including consideration of grdnt making. investment. reserves and risk managerrEnl policles and performance. The day to day administration of granls and the processing and handling of applications prlor to consideration by the Trustees is delegated to the Admlnistrator. Newly appointed trustees undergo an orientation session to brief them of thelr legal obligatlons under charity law, the content of th& Trnsl Deed, and the decision making processes, the role oflhe Administrdtor and rentfinancIal perfomance. Priorto taklng up the posl truslees meet the key Fersons a$so¢lated wlth the running of the Trust. Ri6k managomont The Trustees have assessed the major risks to which the charity is exposed. in partlcularthose relating to the specific operational areas of the charity and its finan$. The Trustees believe that by rTh)nitoring reserve levels, by ensuring controls exisl over key financial systems. and by examining the operational and business n$ks fawl by Ihe chartiy. they have established effective systems lo mitigate those risks. Objectlves and actlvltles To promote public education and research {including publication of the usefijl results of such research) in the following areas: The art of music The flora of the Mediterranean and the tropics Th8 art of garden design and landscape architecture To maintain. consolidate and extend the garden, collection of plants, and gardening in 8 SU8t8inable. environmentslly responsible way.
LLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES (coMfiNUEDI FOR THE YEAR ENDED 31 D•c•mber 2023 To enrich the mu8eum 2nd perfom)ance facilities {ncluding but not limited to the r8cttal hall and the Greek theatre) at La Mortella for the benefit of the public (and particularly for the benefrt of young people and people who are nol abb-b(yJied}. To establish and maintain a museum for the disp18y of William Walton mermrabilia. musical artefacts and other items of musical interest SO 88 to promote public education In the works of Sir William Walton and his music. The obj•ctivos for Iho y•ar 2023 were.. To encourage and support projects related to Fapde, in UK and Italy especially but not limited to concerts. To review Itfts and plattorms for dlsabled accass in La Mortella Gardens. To continue reorganlzing the archive collection and improve faciliti8s for r8s8archers. Grant-making policy Grants wlll be made to those bodies who request support In searCh of the fbra of the Medilerrane8n and the tropics, the art of music with relation to the work of William Walton, and to the art of garden deslgn and landscape architecture. It is intended that those who benefit from the charity's work will include young profess)nal and amateur musl¢ians, horticulluralists and landscape designers. Achlevements and pérformanco During 2023, extensive works were carrted out in the Archive and Gardens La Mortella. A conslNction site was op8ned at the end of 2022 In the William Walton Music StLtrJio, and for th8 first part of th8 year thorough maintenance and consolidation works were implemented on both the masonry structures and various systems. At the same Ilme an architect as hired to develop designs for 8 laJe bookcaseldisplay case in which a m8aningful part of the Walton archive would be transferred, making it Visib to the general public. The struclural work progressed at a rapid pa. and most of the construction was finalized just in time before reopening the gardens to the public. The unfumished room was onty used as a support point for the musicians during the season. whlle the design for the newfumiture was developed. A new In% was installed to give a¢$ to the musicians, residential area and Greek Theatre backstage. The new Itft meets the most recent safety EEC codes and allows transwrt of people and musical instruments as well. The existing plaffomi for wheelchair was upgraded and refurbished. It allows disabled visitors to access the Recital Hall. The garden opened lo the public on April 1st, a Saturday. and on the same day th8 chamtr music concerts stsrted. In 2023, 48 indoorchamber music concerts and 6 symphonrc concerts were organized. The Charnber music cnncerts included perfom)anixs of the ensemble that was awarded the William Walton Scholarship, namety the Trio Sechter, and ensemble that was fonned at the Fiesole School of Music in 2022. bringing tc*Jetherthree frfends united by their passion for chamber music. There were perfomances by young pianists, such as Pedro Lopez Salas, WFlhin the collaboratDn with the Keyboard Trusts,. piano duets, strings. vol, guitar., during the fall a series 018 concerts in collaboration with the Acc£demia FilarmoniGa Romana. Dialogues. had great suss. The Theatre season began on June 22 and It Included various youth orchestras
WILLIAM WALTON AND LA MORTELLA TRVST REPORT OF THE TRUSTEES (coKfiNUED) FOR THE YEAR ENDED 31 December 2023 and ensembles. such as the Trinty College Choir. a Ballet performan¢g, a Youth Jazz Orchestra and a very moving performan from the Orchestra dei Quartieri Spagnoli from Naples, an inclusive orcheslrd based on the principles of El Sistsma th81 aims to encourage young musician from disadvantaged background and to promote social skills and educalbn for young people in impoverished clr¢umstsnces. During 2023 the gardens registered an increase in the numberof vlsltors. totalling over80.000, with a wider age range including the younger generalion. At the end of ihe year, the Garden Direction was approached by representatives of the Royal Horticultufdl Society to ask rf they want to become a "Parther Garden., a very PreStlouS request. As the Italian Govemment has been revi8wing during the last years their charity18gislation and implementing a new approach to the related accountlng systsm and tax implications. Ihe Fondazione decided to postpone their request of funds from the Trust for the current year, to get a better sense of the required procedures once the new Lqw (Codice del Terzo Settore) will b8 fulty operatbve. The Trust sponso1 several performances of Fapde in Concert Halls and Festivals through the UK. and in conjunction wtlh the Fondazione and Accademia FilaOnICa Romana produced In November a performance in a major theatre in Rome Italy. that w88 very well received. In the spring, Te Deum by William Walt¢)n was performed during the coronation, which led to a surge in press interest, with interviews and special reports. Walion's music was also performed during the Proms (Violin Concerto, 1 st Symphony and Belshazzar's Feast that was also broadcast on BBC). Just Ilke In the past years. In the coursè of 2023 it was confimied that th8 William Walton La Mortella Trust and the William Watton Trust's activities in the field of music in general, and in the management of the Walton Museum and Archive, completely overlap. to the rx)int that there is no distinclion between the two charities in this respect. Therefore, the Trustees. that are the same for both charities. deGided to invesligate about the Ex)ssibility of seeking a merger between the IMO, as they belleve that untfying the organizattons will simplify the administration and make it eaSr to pursue th8ir shared charitable purposes. Flnanclal reviow The financial results for the year ended 31 December 2023 are set out on pages 7 10 14. Income of the Trust in the year totalled.. £277,343, including interest of £38,031 and royalty income of £239,312. No donations or legacies W8re rec8ived in 2023. Charitable activity expenditure totalled £166.716 and induded grants m*Je of £79.500 to various institutions, see note 5. and support costs of £87,216, see notè 6. Total net movements in reseNes funds in the year was a net in¢ome of £110,627. The balance sheet shows total funds of £1.831.246. This include8 a cash at bank balance of £1,758,666. All funds are unrestricted funds. 8vaiLqble for charStab16 purposes. The tnjstees consider the level of reseNes meets the charities re$eNe px)licy.
WILUAM WALTON AND LA MORTELLA TRU8T REPORfoF THE TRUSTEES (CONnNUED) FOR THE YEAR ENDED 31 Do¢•mb•r2023 Inv••kn•nt pollcy The Trustees meet annu81ty lo a88e88 the InveBtment wlicy. The main obie¢llve18 to reduce rf6k a880clated with the Tm8f8 invknnt8. At 31 December 2023, there wa8 no Inve8kn8nt. R•sor policy The Trustee8 have fommfty adopted 8 rn8erye8 Wky. Thls recognIsa8 that Income does not arlse eventy year on year and to enle Charlty to plan tt• activille8 it h Prndeth to hd Unrestrfcw reserves as al the beknnce Sheét date amounted to: £1,831,246 (2022: £1.720,619). Thera are no re8tricted reserves and all reserves are free reserves. It b the intentton of the Tntytees to erwre that these reserves ara for the conllnuation ofthe cha.$ oper8tion8 In th6 firtur6. The level of reseThe$16 revlewed aTrnualty by the Bowd of Trustees and considered ¥vh8n preparfry the annugl budget. pla for tho futur• The F4ans for 2024 are: To Teopen Wllliam walt Mu8K Rck)m b Ihe puNk. organtslng 8 display ofArc materfal and of LatyWatton'$ objects. La Mortella trust To slartworking oftha mgrgo bottr%Een theWIVamW8lton Tru8tandthe WillramW81ton fealuos. To improve the MedItaan9&n pwt of the garden8 at La Mortella, adthng new a8rd¢n To continue the organlz8Uon of ¢Olert8 and music fe8Uv at La Mortella. Trustees The Trustees In olllce duriru the as folknv8.' John F da Luz Camacho Alessandr8 Vinclguerra Carofine Hcward Olivla Hall by the Irujtees $lgrd on thelr béhalfr. Joh F da Luz Tru maeho Approvfd6 thfr Truste•s on 28 0 r 2024
WILLIAM WALTON AND LA MORTELLA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILLIAM WALTON AND LA MORTELLA TRUST FOR THE YEAR ENDED 31 December 2023 I report to the Irustees on my examinatKJn of the accounts of William Walton and La Mortella Trust (the Trust) for the year ended 31 Decethr 2023. Responslbllltles and basls of report As the charity trustees of thé Trust you are reswnsible for the preparation of the accounts In accordance wtth the requirements of the Charities Act 2011 (Ihe A¢t'). I report in respect of my examination of the Trust's accounts carried out under s.145 of the 2011 Act and in carrying out my 6xamlnation I have folk)wed all the appllcable Dlrectlons glven by the Charity Commission under s.145(51{b} of the Ad. Independent examlner's ststement I have completed my examination. I confirm that no material matters have come to my attentDn In connection wlth the examination giving me cause to belK8ve that in any material resped: (11 accountlng records were not kept in respect of the Trust as required by section 130 of the Acl. or (21 the accounts do not accord with those reo)rd6: or (31 the aorounts do not comply with the applicable reqUIrents COnmIng the fom and content of accxjunts set out in the Charities IAcLounts and Reports> Regu18tions 2008 other than any requirement that the a¢¢ounts give a 'true and t81r view which Is mt matter nsidred as part of an independent examination. I have no concems and have come across no other matters in connection with the examinalion to which attention should be drawn in this r8POrt in order to enable a proper understanding of the accounts to be reached. Philip Clark FCCA 6th Floor King's House 9-10 Hayma&t London SW1Y4BP 3011012024
WILLIAM WALTON AND LA MORTELLA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2023 2023 Unrestrlctsd Funds 2022 Unrestrictsd Funds Notss Ineomé and èndowments from: Investment Other 38,031 239,312 4.540 198,297 Total Income and endowmenls 277,343 202,837 ndtture on: Charitable actlvltles {166,7161 {35.408) Total expenditure (166.7161 {35.408) Net Incomel (exwndlturo} for tho y•ar and net movement In funds 110,627 167,429 Roconcilialion of funds Balancos brought forward At 1 January 2023 1,720,619 1,553,190 BalanGes carried forward At 31 December 2023 1,831.246 1,720.619 All incoming and outgoing resour$ relate to the generdl fund. which is unrestricted.
LLIAM WALTON AND LA MORTELLA TrU8T 8TATEMENT OF FWANCIAL POSITION AS A T31 DO¢ber2028 2023 2022 Curront •S8ets Debtor8 due wlthln one year C88h at bank and h hand Cr•dJtor8.' Amounts falllNJ du• wlthln on• yèar 79.924 1,758,666 462,007 1,228,748 (7,344) Total a¥$•l8 la current Ilabllltle• (8,136) 1,831,246 Ropr••ented by: Fuiidl and re•orvo8 Unre8trfcW funds 1,720,619 1.831,246 All a88ets and Ilabllltl•8 rektè to thè generd fvnd, whkh is unrestricted. Th8Artount8 were approved bythe Trustees on 28 October2024 an(1 slgned ¢x) Ihelr behalf 1,720.619 nFda uz Cama¢ho
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023 1. Accounling pollcles Charlty Informatlon Willkem Watton and La Mortella Trust is 8 Charity registsred in England and Wales. The registered address Is 89 Judd Street London WC1 H 9NE. A¢¢ountlng conventlon The accounts hav8 been prepared in accordance with the Charity'8 trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to tharilies pparing their 8¢counts in aGcordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS102)' leffeclive 1 January 2019). The accounts ar8 prepared in sterfing. which is thefunctional currency ofthe Charity. Monetary amounts In thes8 flnanclal statements are rounded to the nearesl £. The aco)unts have been prepad under the historical cost conventr)n. The principal accounting policies adopted are sel out below. Going Goncom At the time of approving the accounts, the Trustees have a aSOnable expectation that the Charity has adequate reSoUrS to continue in operational existen(* for theforesee8blefuture. Thus the Trustees Continue to adopt the going concern basis of accounting in preparing the accounts. Charitablg funds Unrestiicled funds are available for use at the dis(Yelion of the Trustees In furtherancAg of thelr charltable objectives unless the funds have been designated for other purposes. Income Incoming resources are recognised in the period in which the tharity is entitled to receipt and the amounl (an be measured wilh reasonable certainty. Wlth Ihe exptn of income 8rising from donations, all income Is credlied to the ststement of financial activities on a receivable basis. Donatlons are credlled to the ststement of finanoial activities in the Feriod in [ch they ar8 received.
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023 Expenditure Exp8nditure is Included In Ihe stslement of flnanclal activltles en Incurred and Includes attributsble VAT which Gannot be reu)vered. Resources expended comprise the following: Charitable activities include grdnt paym8nt5, Nvhich are included in the stateThnt of rinancial a1vItieS when approved and when the intended recipient has either received the funds or been informed of the decIsn to make the grant and has satisfied all related conditions. Grants where the beneficlary has not been intomied or has to meet certain conditions before the grant is released are not accrued for but are notsd as financial Gommitments wi the notes to the actounts. b. Goveman(t Costs MpriSe the costs inCUrd by finance and human resourc*8 which are directly attribut8ble to th8 management of the charity's assets. organisational procedures and the necessary legal procedures for compliance wlth statutory requirements. Cash flow The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempl from the requirement to prepare such 8 ststennt urKler Flnancl81 Reporting Standard 1 'Cash flow statements". Cash and Gash equlvalents. Cash and cash equivalents include sh in hand, deposhs held at 11 wlth banks. other short- temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are Sho within borrowings in current liabiltties. Flnancial instrumonts The charity has elected to apply the provisions of SectDn 11 'Basic Financial Instruments,. Financial instruments are recognised in the Statement of Financial Position when the charity becomes part to the contractual provisions of the instrument. Financial assets and liabilrf(ies are offset, with the net amounts presentsd in the financial statements, en Ihere is a legally enforce8ble right to set off the rewgnised arr}untS and there Is an Intention to settle on a net ba818 or to realise the asset and settle the liability simultsneously. Baslc flnanclal assets Basic financial assets. which include d8btors and cash and bank balances. are inttially rneasud at transaction pri including trdnsaction costs and are subsequently carried 8t amortised cost using the effective interest method unless the atTangement constitutes 8 financial trdnsactKsn, where the transaction is MeaSud al the present value of the future receipts discounted at a market rate of interest. Finan¢ial assets c18ssffjied as receivable within on8 year are not amortlsed. 10
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023 Baslc flnanclal Ilabllities Basic financial liabilllies, Including creditors and bank loans are initk911y recognised at transaction price unless the arrangement nstItUteS a financing tranSaCtn. where the debt inslrumenl is measured at the present value of the future payments discounted at a market rate of interest. Financlal Ilabllltles olassthed as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effedive interest rdte method. Trade ¢redf(ors are obligation to pay for goods or services that have been auIred in the ordinary course of operations from suppliers. Amounts p8y8ble are clasSifd as Current Siabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised initialty at transactKJn price and sub$equenUy measured at amortised cost using the effective interest Tr0. Deracognition of flnanclal Ilablllts Financial liablltlies are derecognlsed when the charitys contraGtual obligations expire or are discharged or ¢an¢elled.
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 December 2023 2. Income from Investments 2023 2022 Interest receivable 38.031 4.540 3. Other in¢ome 2023 2022 Royalty income 239.312 198,297 4. Charilable activiti0$ 2023 2022 Grants {sts not8 5) Support costs (see note 61 79,500 87,216 7,500 27,908 166,716 35,408 12
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS (coMfiNUED FOR THE YEAR ENDED 31 DeGember 2023 5. Grants The tharity makes grants to institutions In accordance Imth its grant Mang wlicy set out In the trustees, report. Institutions 2023 2022 The William Walton Trusl Southbank Sinfonla Chetham's School of Music Heath Str88t Baptist Church Onyx Brass Rydale Feslival Trust Royal College of Music David RobinsOnhe Brass Funkeys Covent Garden Youth Programme Young Symphony Orchestra 50,000 15,000 4.IKg0 3.000 3,000 2.500 2,000 4,500 2.100 500 400 79.500 7,500 6. Support costs 2023 2022 Festival co-ordination Professional fees Accountancy fees Miscellaneous expenses 16,129 61,491 6.420 3.176 14,718 2,000 7,980 3,210 27,908 7. Debtors: due within one year 2023 2022 Charity repayment claim 79,924 462,007 13
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 Docember 2023 8. Crodftors: amounts falllng due wlthln one year 2023 2022 Accruals- Accountancy fees 8.136 8,136 9. Trustees. remuneration expenses and arrangements No trustees were reimbursed for expenses during the year (2022". £nil). No remuneration was received by any of the trustees. No trustee had any benefkial Interest in any contr8Ct with the charity during the year. 10. Taxalion William Walton and La Mortella Trust 1$ a registered charity and therefore. is not liable to income tax or )rpOratIOn tax on Inco or gains derived from its charitable activities. as they fall withn the various exemptions available to registered charities. 11. R•lated party disclosures The three trustees are also trust885 of The William Walton TNst (registered charity number. 289605). During the year, the charity gave donations totslling £50,000 {2022: £nil} to The William Walton Trust. 14