Registered Charlty No: 1115263 WILLIAM WALTON AND LA MORTELLA TRUST Annual Report and Unaudited Financial Statsments For the year ended 31 December 2024 tc accounts. tax legal . financial planning
LLIAM WALTON AND LA MORTELLA TRUST Contents Reports Legal and administrative information Report of the trustees Independent examiner's report Accounts Statement of financial activities Statement of financial position Notes to the accounts 9-14
WILLIAM WALTON AND LA MORTELLA TRUST Legal and administrative information Patron HM King Charles111 Trustees John F da Luz Camacho Alessandra Vinciguerra Caroline Howard Olivia Hall Registered Office 89 Judd Street London WC1H 9NE Charity Registration Number 1115263 Independent Examiner Philip Clark TC Group 6th Floor King's House 9-10 Haymarket London SW1Y 4BP Bankers Charities Aid Foundation Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
WILLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2024 The trustees psent their report together with the financial statements of William Walton and La Mortella Trust for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (effective 1 January 2019). structure, governance and management The Trust is governed 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 the death of her husband, Sir William Walton in 1983. Lady Walton died on March 21, 2010. The Twst does not actively fundraise and seeks to continue its work through careful stewardship of exisling resources. The Trustees are appointed by the Board and serve for three years after which period they may put themselves fOard for re-appointment. The Trust Deed does not state a limit to the number of Trustees. At the six monthly trustees, meetings the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Administrator. Newly appointed trustees undergo an orientation session to brief them of their legal obligations under charity law, the content of the Twst Deed, and the decision making processes, the role of the Administrator and recentfinancial perfomiance. Priorto taking up the posttrustees meet the key persons associated with the running of the Trust. Risk management The Trustees have assessed the major risks lo which the charity is exposed. in particularthose relating to the specific operational sreas of the charity and its finances. The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity. they have established effective systems to mitigate those risks. Objectives and activities To promote public education and research (including publication of the useful results of such research) in the following areas: The art of music The flora of the Mediterranean and the tropics The art of garden design and landscape architecture To maintain. consolidate and extend the garden, collection of plants, and gardening in a sustainable, environmentally responsible way.
WILLIAM WALTON AND LA MORTELLA TRUST REPORT OFTHE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 31 Decembèr 2024 To enrich the museum and performance facilities (including but not limited to the recital hall and the Greek theatre) at La Mortella for the benefit of the public (and particularly for the benefit of young people and people who are nol able-bodied). To establish and maintain a museum for the display of William Walton memorabilia, musical artefacts and other items of musical interest so as to promote public education in the works of Sir William Walton and his music. The objoctlves for the year 2024 were: To reopen William Walton Music Room to the public, organizing a display of Archive material and of Lady Walton's objects. To slart working on the merger beeen the William Walton Trust and the William Walton La Mortella trust. To improve the Mediterranean part of the gardens at La Mortella, adding new garden features. To continue the organization of concerts and music festivals at La Mortella. Grant-making policy Grants will be made to those bodies who request support in Tesearch of the flora of the Mediterranean and the tropics, the art of music with relation to the work of William Walton, and to the art of garden design and landscape architecture. It is intended that those who benefit from the charty's Vrk will include young professional and amateur musicians, horticulturalists and landscape designers. Achievements and performance La Mortella reopened to the public on Maich 30th with the inauguration of Sir William Walton's restored music studio, now housing part of his archive, and a new permanent exhibition dedicated to Lady Walton. displaying her iconic hats. gowns. and jewelry. The occasion was marked by pianist Giulio Biddau. closely associated with La Mortella. who performed selections from Walton's Fafjade. This event launched a vibrant concert season of 52 performances: 46 chamber music concerts and six symphonic events at the Greek Theatre. The season highlighted young artists from leading institutions including the Accademia di Santa Cecilia, the Royal College of Music, and Ihe Stauffer Foundation. Standout moments featured rare two-piano programs. intemational chamber duos. and rising soloists such as Magdalena Ho and Daniil Bulayev. The Greek Theatre's symphonic series opened with Ischia's historic "Aurora. Band. underlining communty engagement, and continued with performances by the Cambridge Universty Jazz Orchestra and the Fontane Youth Orchestra of Rome. In autumn, the season was inaugurated by Spanish violinist Jacobo Christensen, a student of Salvatore Accardo. alongside British pianist Kyle Hutchings, supported by the Keyboard Charilable Trust. In partnership with the Accademia Filarmonica Romana, concerts altemated beeen Rome's Sala Casella and Ischia, showcasing young pianists Nicolas Giacomelli, Adriano Scapicchi, Laura Licinio, and ensembles from the Fiesole School of Music. Particularly noteworthy were the bassoon-piano duo of Enrico Bassi and Fabio Fomaciari, the violin-cello duo of Mara Paolucci and Jacopo Gaudenzi. and the promising duo of PaTide Losacco and Luca Cianciotta.
WILLIAM WALTON AND LA MORTELLA TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 Decembor 2024 A new water feature was introduced in the Mediterranean Gardens, inspired by Argentinian country troughs and named La Fuente (Spanish for Yountain.) in tribute to Lady Watton's heritage. Surrounding Mediterranean plantings were further enriched and expanded. In 2024, the Gard8ns welcomed nearfy 92,000 visitors, with a notable rise in British attendan due to our partnership with the Royal Horticultural Society. School visits also increased, vvith students participating in guided tours and interactive workshops. The Gardens closed on November 3rd. before reopening for winter visits shortly thereafter. The KEPOS Project: Landscapes and Archaeology retumed for its third edition, offering eight events that explored topics ranging from Ischia's prehistory to the management of archaeological parks and historic gardens, w51h contributions from universities, archaeological park directors, and cultural institutions. Throughout 2024, it was reaffirmed that the activities of the William Walton La Mortella Trust and the William Walton Trust both in music and in the stewardship of the Walton Museum and Archivwemain fully aligned and indistinguishable in practice. As both trusts share the same Trustees, the Boards have delennined that exploring a fomal merger is in the organizations, best interests. They believe such consolidation would eliminate administrative duplication. strengthen governance, and enhance the effective pursuit of their shared charitsble objectives. The Trust provided support through donations for several recordings of Walton's music, including a contribution of £15,000 toward the second of a three-disc series by the Slnfonia of London with Chandos Records-a leading orchestra that has also performed numerous Walton works in live concerts in London and beyond•nd for a commeTcial recording by the BBC Symphony Orchestra of the revised edition of Walton's Sinfonia ConGertante for piano and orchestra. Financial review The financial results for the year ended 31 December 2024 are set out on pages 7 to 14. Income of the Trust in the year lotalled: £269,612, including interest of £37,144 and royalty income of £232,468. No donations or legacies were received in 2024. Charitable activity expenditure totalled £158,774 and included grants made of £127,100 to various institutions. see note 5, and support costs of £31,674, see note 6. Total net movements in reserves funds in the year was a net income of £110,838. The balance sheet shows total funds of £1,942,084. This includes a cash at bank balance of £1 ,901,471. All funds are unrestricted funds, available for charitsble purposes. The trustees consider the level of reserves meets the charities reserve policy.
LUAM WALTON AND LA MORTELLA TRUST REPORTOF THE TRUSTEES {CONnMJED) FOR THE YEAR ENDEO 31 D•e•mb•r 2024 Inv•stsTr•nt poky At 31 2024. trre was knvesirn Ise e y (m YW trj crfty to pkn it Is Pr to Ihre•triaéJ St brr• dat• •rTrtéd ts: £1.942,IX4 {2Q3; £1.831.246). Thern resutt•d regwva8 ré•eTru arn free r••wv•8. 11 kn the tho Tnvtee8 t• •nswe tIW r•w•8s we for tho ofth• Cbrity's opeialion¥ kn thé tutvr• Thé kni 8Muahy by th& 80ool of Pth for lh• Iiiiurn The Fkn¥ tr 2026 . To Iwlng to the ffleroe Wlkn WIM T1 tha W•ltén L• Mortèla T•t 70 improthJ ts gardens at Lo partrular ur#kriaké tnltiativ Ovred 8t ktte?•ing 93rden's rnsllJKe tl¥owJh ttio adopuon of suathkn ro )derya0 thp rfjstoratr Apartrnent •)d wr•S ccrnpretMth retLvbthrMnt. upgrades fijll eompliance lth OjJr 8aléty regulat1 And Stsndards Thè In olfice thirlNJ the yearww• al folw" John F Luz CJmatho Olwla H811 AFvoved tsy trlee5 and 819nod on thew tew, Jokn F da L¢tt Cam•cho Appro¥ by the Tnte on IS Ociob
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 2024 I report to the trustees on my examination of the accounts of William Walton and La Mortella Trust (the Trust) for the year ended 31 December 2024. Responslbllltles and basls of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). 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 examination I have followed all the applicable Directions gwen by the Charity Commission under s.145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect., (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or (2) the accounts do not accord with those records; or (3) the accounts do not comply with the applicable requirement5 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independenl examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. Phll lark FCCA 6th Floor King's House 9-10 Haymarket London SW1Y 4BP Dated..
WILLIAM WALTON AND LA MORTELLA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024 2024 Unrostricted Funds 2023 Unrestricted Funds Notes Incorne and endowments from: Investment Other 37,144 232,468 38,031 239.312 Total income and endowments 269,612 277,343 nditure on: Charitable activities (158,774) (166,716) Total expenditure (158.774) (166.716) Net Incomel (expenditure) for the year and net movement In funds 110,838 110,627 Reconciliation of funds Balances brought fOard At 1 January 2024 1,831,246 1,720,619 Balances carriod forward At 31 December 2024 1.942.084 1.831,246 All incoming and outgoing resources relate to the general fund, which is unrestricted.
ItrILLIAM WALTON AILI LA IIORTELLA TrUST STATEMENT OF FIII4NCIAL PO8moN AS AT31 DAeapnb• 2024 DobtC¥8 Que y•#r Ch 8t bank 47.957 1.901.471 79,924 1.758,th6 CTrdltorn: Amoufts lallln9 du• wllhln on• yt•r ff,344) (7.344) 1.942.084 1.831.24e UnmtrK¢gJ fiM%ts 1.941084 1,831.248 All a$ts to geftwal fimd, wlh h uwlrthl Ihe re opprnd by tl TnMtfj¢J on 15 2026 •nd thetr b•b&Y John F d• Luz C•rnxho
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024 1. Accountlng policies Charlty Informatlon William Walton and La Mortella Trust is a Charity registered in England and Wales. The registered address is 89 Judd Street London WC1 H 9NE. Accounting conventlon The accounts have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102)" (effective 1 January 2019). The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. Going concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Charily has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the accounts. Charitable funds Unrestricted funds are available for use at the discretion of Ihe Trustees in furtherance of their charitable objectives unless the fvnds have been designated for other purposes. Income Incoming resources are r8cognis8d in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. With the exception of income arising from donations, all income is credited to the statement of financial activities on a receivable basis. Donations are credited to the ststement of financial activities in the period in which they are received.
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024 Expenditure Expenditure is included in the statement of financial activities when incurred and includes attributsble VAT which cannot be recovered. ReSoUS expended comprise the following: a. Charitable activities include grant payments. which are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all related conditions. Grants where the beneficiary has not been infomied or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the accoun*s. b. Governance costs comprise the costs incurred by finance and human resources which are directly attributable to the management of the charity's assets. organisational procedures and the necessary legal procedures for compliance with statutory requirements. Cash flow The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a ststement under Financial Reporting Standard 1 'Cash flow ststements.. Cash and cash equivalents. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments,. Financial instruments are recognised in the Statement of Financial Position when the charty becomes part to the contractual provisions of the instrurnent. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balanc&s. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitules a financial transaction, where the transaction is measured at the present value of the fLrture receipts discounted at a market rate of interest. Financial assets classified as receNable within one year are not amortised. 10
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024 Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost, using the effective interest rate method. Trade creditors are obligation to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as cuThent liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditois are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal Ilabllltles Financial liabilities are derecognised when Ihe charity's contractual obligations expire or are discharged or cancelled.
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 December 2024 2. Income from Investments 2024 2023 Interest receivable 37,144 38,031 3. Other Income 2024 2023 Royalty income 232,468 239,312 4. Charitsble activlties 2024 2023 Grants (see note 5) Support costs (see note 6) 127,100 31,674 79.500 87,216 158,774 166,716 12
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 December 2024 5. Grants The charity makes grants to institutions in accordance with its grant making policy set out in the trustees, report. Institutions 2024 2023 Fondazione Williarn Wallon e La Mortella Sinfonia of London David Owen Norris Chetham's School of Music The Nova Music Trust Sinfonia Smith Square Cambridge University Jazz The William Walton Trust Heath Street Baptist Church Onyx Brass Rydale Festival Trust Royal College of Music 100,000 15,000 3.500 2,500 2,500 2,300 1,300 15,000 4.000 50.000 3.000 3,000 2,500 2,000 127,100 79,500 6. Support costs 2024 2023 Festival co-ordination Professional fees Accountancy fees Miscellaneous expenses 13,743 10,116 7,200 615 16,129 61.491 6.420 3,176 31,674 87,216 7. Debtors: due wlthln one year 2024 2023 Charity repayment claim 47,957 79,924 13
WILLIAM WALTON AND LA MORTELLA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 December 2024 8. Creditors: amounts falling due wlthln one year 2024 2023 Accruals - Accountancy fees 7,344 7,344 7,344 7.344 9. Trustees. remuneration expenses and arrangements No trustees were reimbursed for expenses during the year {2023'. £nil). No remuneration was received by any of the twstees. No trustee had any beneficial interest in any contract with the charity during the year. 10. Taxation William Walton and La Mortella Trust is a registered charity and therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities. 11. Related party disclosures The three trustees are also trustees of The William Walton Trust (registered charity number: 289605). During the year, the charity gave donations totalling £nil (2023.. £50,000) to The William Walton Trust. During the year, amounts totalling £100,000 (2023: £nil) were donated to Fondazione William Walton e La Mortella, a charity based in Italy associated with the Trust. One of the trustees is president of the Italian charity, while another trustee is on the board of trustees of the Italian charity. 12. Events after the reporting date At a meeting of the Trustees held on 21 March 2025. the proposed merger of The William Wallon Trust and William Walton and La Mortella Trust was approved. The Agreement for the transfer of the activities and assets of The William Walton Trust to William Walton and La Mortella Trust was also approved on the same date. The Trustees are still finalising the merger and the proposed date for Completion of the Merger is on or around December 2025. 14