THE WALPOLE SOCIETY Departsnent of Prints and Drawings, The Brilish Museum Great Russell Street London WCIB 3DG REPORT OF THE EXECUTIVE COMMrrTEE TO THE MEMBERS FOR THE YEAR ENDED 31$t MARCH 2023 Pregldent Charles S¢bag-MontefIo F.C.A., F.S.A. Truslees Chainvopnan Ckuirnian Dr Clare H(Mllsby.{appointed 1° November 2022) Antony Griffiths F.B.A.{resigned I"November 2022) T)r Rich2rd Stephens FSA LawrrnGG Il¢ndr4 (appointcd 2Dd F¥btuary ?023) Elvabeth Tr'ullertoll-liorne (resiglled 31 December 2022) Katherine Coombs MK FSA (resigned I" November 2022) Dr Oliver Cox Gillian Fo(¢[ Felicity Myrone FSA Dr Martin Myrone (appointed 1° November 2022) Dr Martin Postle PhD FSA Prof#s$or Kate Retford (appointed 1StNovember 20?.Y.) Dr Danielle Thom F.R.S.A lan Warrell (resign¢d l# November 2022) Dr Sonathan Yarker M¢mbership Segretary Dr Richard Stephens FSA (Appointed 3111 Mareh 2023) Secret wa olebo Paul Celerier, F.C.A.{resign¢d 3 Ilt Marcb 2023) Registered addre55 Th¢ Walpole Socitty o DepaTknent of Prints and Drawin8S Th¢ British Mu5Eum, Great Russ¢ll StreeL London WCIB 3DG CorrespondeD¢e address 84 cambn.dge btreeL Londoo bw I V 4(iIi lrtdependent ExamiDeT Moore Kingston Smith LLP. Chartered Accountants 9 Appold Stre¢t London L2A 2AV Investment advisers Caz¢nove Capital Manag¢mellt Limitsd l London Wa]1 Place London EC2Y SAU B8nktr8 National Westminster Bank PLC 214 Higb Holbom London WCIV 7BX Website www.walpolesoei¢ty.or&uk R¢g&stered chaiity No.270280
The Walpole Society Annual Report and Financial Ststements for the yeydr ended 31 Mreb 2023 CHAIRWOMAN'S STATEMENT My fust ¢hainvom8n's rewrt covers the fjnancial Ye March 2022- Mar¢h 2023 and h&s been drafted at the end of th¢ academic year in order to include more news of developments that have ocGurr¢d. On November 1st 2022, Antony Griffths chaiT¢d his last meeting of the Walpole Society. The Committ¢e and President thanked Antony most wam]ly for hi$ commitinent to the Society and his tireless work &s chaitjnan over the last 9 years. The process of handTng overthe reins was made much ¢&sier by his generous sharing of his time and his experi¢nG¢ with me" all of us on the Committee and indeed the Society iti genet21 owe hitn a ¢onsid¢rabl¢ d¢bt of that)ks. At the ¢ud of 2022, the Treasurer Elizabeth Full¢rton-Rome stood down and we are fortunate that Lawren¢¢ Hendr4 Direetor at Philip Mould Ltd. joined us soon aftenvards and has handled the steep leaming curve with Confidence. We are delighted to have Lawrence on board. At the end of March our long-gtanding eMberShIp Seeretaiy Paul Celerier, who, with the assistsllce of his wife Jo managed the subseriptions and handled aceounts. retired. Their work hgs JLOW been divide.d between l awrenc£ Hendra and Richard 8tephens who now has the title of Editor and Hon. Se¢ret8ry. Th¢ publication of Martin Myrone's outstanding volume {vol 84) was late due partly 10 its size and also the editor's availability. W¢ undertook a new initiative to sell some copies of this volume in dt jackets exclusively at the London art bookshop Thomas Heneage. Volume 85 which 1$ the ¢orrespondence of the Earl Bishop by Pettt Fox is scheduled to anive with metnbers in early 2024 and will be edited by Will Aslet and fr()m vol 86 onwards editing duties will b¢ divided between Richard Stephens and Gillian FotTester. By the end of March, a new]y de$led website wag live. with nCtIonal1ty for people to join the Society online in a few minutes. At tbe iijnt of wEitillg, w¢ hav¢ w¢lcomed 20 new munbcrs sinc¢ the w¢bsit¢'5 launch. Thank3 aTC duc to Ri¢lxard Stephcns for thxs excellent redesign and foT a]1 the technical expertise involved in 5ctting up what is now a mulli-fllnctional platforn for members and non-membeTS aljke. Connected to this development, a new GDPR rx)licy has been drafted and adoptrd to suit a]1 levels of interaction with the websiie andthe Society. thepolicy is availabl¢ to view on the sice. We have undenaken aprofessional scanntng of past volumes and these are now a¢¢essible to members via the website. As part of tb¢ d¢v¢lopJnent of smooth and more fictIOnal system$, we made a successful push to obtain all members, ejnail addre&ses. We will pr¢doTDinantly be using email from now on as it is cheaper and rntsr¢ nvenient than po. Wehave implemeniedthe first price rise since 2008. this 15 amodestincrease thatreflects rising costs andwhichwill ensure the Sociery remains able to publish imw)rtant research in the longer temi. 'Lhe new subscriph.on pricing cornes into effect for existing members ai the beginning of 2024 and all Members ar¢ being eontacted directly by email and letter to alert them to this and to ¢ll¢ourag¢ 1hem to gwitch to Direct Debit payments which are mu¢h easier forus to Jnanag¢. The ComJnitte¢ has agr¢ that all contributions to the Walp)l¢ So¢i¢ty'8 volum¢s will now go through a fomid peer review process. this makes it possibl¢ for contributing authors in university p)sts to includ¢ their Contributions as part of their submission to th¢ university Research Excellence Framework. This makes publishing with the Walpole So¢iery more attractive to early and ld-Career a¢ademi¢s. As part of OUT outreach initiatives, we have started to give away ¢opi¢s of old volumes to various specialist librarie5 to enable them to complete or enhance their runs.. RtBA. RA, NAL, Tate, NPG have so far tsken up this offer. A new initiative is th¢ institution of a annual drinks party. whose focus is to recrnit new m¢mb¢rs. The 2023 ¢vent will be held on NoVeber l5th 2023 at Brooks's ¢lub in London: a Save th¢ Date h&8 atready gone out to ]n¢mbvs and invitations will follow. Dr Martin Postk, Dr Dallielle Thom and Dr Oliver Cox who ar¢ $tanding down will bts replaced as Thstees at th¢ n¢Kt wmrnittee m¢eting andAGM which will take place in London on November yh2023 by Dr Giles Mandelbrot¢, Dr ChristinaFaraday and Professor AI¢x8nder M8rr. Ith&s ien avery busy and exciting yearfor the Society. none ofthese developments wouldhave been possible witbout the comrnikn]et alld support of the Jnembers of the Executive Committee. l am delighted that a close working relationship between the officers of the Society has enabled th¢se changes to be put into effect at pac¢ and I look fonwd to a phase of Owth for the Walpole Society. DR CLARE HORNSBY CharFVOman Pag¢12
Th¢ Walpol¢ So¢icty Annual Report and Financial Statements for the year ended 31 Mareh 2023 TRUSTEESY REPORT CONSTITUTIO The Walpole Society is a charity r¢Eistered at the Lharity Commi&sion und¢rnuTnb¢r 270280. Th¥ Wulw)l¢ So¢i¢ty is sov¢rned by a set of Rules adopted at rh¢ Annual Gen¢ial Meeting held on 17 S¢ptemb¢r 1997. Th¢ TTUStees of the Walpole S(Treiety, who compnse th¢ Executlve Commitrcc, ar¢ ¢l¢¥L¥a rvr a Luiu of foul" y¢ar&. Allth¢ ThstCC3, who8¢ norne& set out above, 8etv¢d duriug the year. unless otherwise stat¢d. TRUSTEES Candidates forelection as Trustees aTe proposedby the Trustees orby rnembers ofthe Walpole Society. They are identitiedlrorn th¢ir personal or professional wntscts a5 individua15 who are knowledg¢abl¢ in the fi¢lib fal]tng within the Walpole Society's scope orwho have knowledge or experience which can help the Walpole Society to aclueve its objectives. No fonnal procedures have b¢¢n Put in place for the induction or trdining of Trustees as they have not been considered necessary, having regard to the criteri& exercised in the sel¢¢tion of candidates for election. Ad hoc measures will be taken whenever ye$sry. The Thte¢S are responsJTrJle for ana8}g the affaiTS of th¢ Walpole Society and for a(kninist¢ring its fullds and assets within the framewo of arly 8¢nernl policies agreed at an annual general rneeting. The Trustees are resp)nsible for preparing the Trustees, Report and the financial statements in accordance with applicable law attdUtllt¢dKiA£dotn Acoountitig Stalldards Iuttited Kingdom GetW9llyAccepteJ Arrniintingl)ractice) including FRS102'The 'Jnancial Keport]ng srandard appllcable in the UK and R¥publib uf1rr11d'. The law appli¢able to chartti¢s in England and we5 requir¢s Trustees to prepare fmancial statements for each fmancial year which give a true and fair view of the stat¢ ot atlaiTS Ot"th¢ charity and of th¢ incommg resources and appllcailon of resourLes of th¢ charity for that period. In pr¢paTing tbe fmancial ststetnent4 the Tne$ are required to.. select 5Ultabl¢ accounting pollcies and then apply them consistently> observe the methods and principles of the Charities SORP. make judgments and estimates which are reasonable and prndenl stAte whether applicable accounting standards have been followe( subjectto any mawial departures tIr are disclosed and explained in the finan¢ial stAtements' and prepare the sthtement of accounts on a going Gon¢ern b&is unless it is inappropriate to presurn¢ that the charity will eontinue its activities_ The Trpjstees are responsibl¢ for keepsng proper ac¢ountingrecords which diwlose the fn¢la1 tTallsactioDs and the assets and liabilitlG3 of thc Walpol¢ So¢i¢ty with re&onab10 a¢¢uraey. They aiso rospongible for safe8uardinB the ggsets of the. W8lpThlè. So¢i¢ty and hence for taking ronable steps for the prevention and detethion of frdud and other irregulariti¢s. CONSULTATIVE commIE Members of the Consultative Committee are appointedby the Executive Committee. They do notmeel as ab)dy. but itsjnembers giv¢ thc bcn¢frt of thrir advitc in th¢ arca of th¢ir re".pect&ve expert knowl¢dge. The members of th¢ Consultstive Committee dvid Alexander Professor David Bindman. FSA Sir Stephen Deuchar. CBE Dr Teri Edelstein Profesgor Erie Fernie. CBE, FB FSA Pxtrick McC2llghey Prof¢s50r Ronald Paulson Protessor Mala Po]nlon Duncan Robinso CBE Sir Charles sauareZ Smith, CBE, Philip ward-JksQll tmvid Way Professor Stepben Wildman Dr Paul Williams¢)n, OBE, FSA PrOfe{}r Allen stsley Dr Duncan Thomson OBJICTIVES AND PUBLIC BENEFIT The Walpole Society 15 a d)arity and a piiblie. knefit enttty and w&8 fornied to encourage the SdY of the history of British arL i meers it5 obj¢LtiV¥b by publiilLiugJ so fw practiGabl¢, an annual Yolum¢ Containing trans¢rAptions of 0ri8inol docuJnents and results of research in the history of BriEi$h art and by publishing researcty often by younger 5chtslaY4 of academic value but whith May not k ¢otnm¢rcially viobl¢. The fields of resear¢h itielude paintikigs> drawings, prints, miniatures. seulptyre ]llu]nated manuscnpts as well as patronage, collecllng and travel. The riod Gover1 is the whul¥ Iiib(ury ufBii(iJh ¢uI from the Middle Agesto thepresenL The Thistees ctsn¢itilletogive due regaTdto CTrwity Commission gld3ceon public benefit. 0ECTIVEs IN THE YEAR AND IN FUTURE Th¢ main objcctiv¢ for the fllmncial y¢ar ended 31 March 2023 w&8 to preparey publish and distnbute Volwn¢ 85, due for publicthon m 2V2J, to conn.nue w pmn for subsequeni Volue5 LU d¥Lith uIi uttiri ihdU¥¥S wThiLh llJi k tksu.thlc for the benefit of the charity and its members. f.RANT MAKtNG POLICIES Page13
Th¢ Wlllpole Sooioty Annual Report and Financial Statements for the year ended 31 March 2023 All ¢haritsble expenditu is applied to the production, editing. illustrating, printing and posting of tbe annual volume to Members. in accordance with th¢ objectives. Th¢ Wolpole Society does not award grants to itidividuajs or to any other OTganisation. ies9 the. gnciety h&8 itself received & grant specifi¢ally for the purpose of distribution in accordallce with its IUSK TrL4NACEMEi4rr The TAUStees haye identified potellti81 majorrisk8 and bclieye that appTopriate action has been taken to mitigate such risks. The Trusr¢¢s continually review the adequacy of the prevailing risk management stsuctsc in p]ace. PREVIOUSLY PUBLISHED VVLUMESi Members who wish to order volumes pr¢viously published by the Walpole Society should send theiT orders to.. Htnry Ling Lid Custorner Sales aThd Services The Dors¢t Pr5 Dorch¢st¢r Dorset DTI IEfD United Kingdorn Email: Enquiries@henry]ing.co.uk Tel: +44 (0)1305 251066 M¢rnb may purchas¢ any previously published volume in print at a dioUnted price. The websit¢ Sets out full detsils of all previously published volumes which remain in print and how to pw¢hase them, including the Costs (including postage, within the UK and vv¥[s) fw iii¢ltibS (dis£ouDt¢d) and nOnnemb¢rs. M¢mbcr3 should stot¢ ¢l¢orty that tbey aro members of the Walpole Society and are entitled io the discounted prices. Please note that certaiti volumes are out of print. WEBSITE The website can be found at www.wal le50Ci .uk. This site gives full details about the Walpole Society. including.. Contsd us". how to Gontact th¢ Walpole Society and its offi¢¢rs' Membership.. how to join,. Previously published volumes.. list of such volumes and how to order them. Forthcoming publications.. list of articles in prepati0ll for fubjre volumes. Prospective 4uthorg'. information. aThd Constitution gnd governgnee. NEED FOR NEW MEMBERS The Walpole Swiety cuffently has approximately 345 ernrs. To continue its work, the Walpole Society needs new rn¢Tnber5. Memberghip ig by simple application. there are no restrictiong on whrb r.an jnin na IiTnits on the number of Member5. The annual subscriptions are set ollt below alld the w¢bsite. His ernail addre&s is Secreiarfvalpoluociety.org.Ak. ThcJ¢ sub3rriptiono so toward3 thc c(13tof th¢ production ofnew volumos. Th¢ Walpole Society'gpubli¢8tion2 are indispengAble to ail those mterested 14ntish arL but m order to continue its essellttal worK the Walpole Sociery need5 a fluurishin memb¢r8hip. Please britig the Walpole Society to the attention of all who could benefit from its publications. The minimum annual sub5criptiOll rates for 2023124 are as folltsws: Yersonal members £45.00 per annum (dlgiial PDF). £60.00 (hardbark, UK)" £7J.110 (hardbL vv¥rwis) Institutkons, libraries ond busin¢ss m¢mFKrs £80.00 per (hardbac UK). £95.1111 {hardbacK ov¢rs¢as) Corporate members £500 per aDnum (h4rdb8ck) INTRODUCTORY STUDENf MElBERSHIp The Walpole Society offers th¢ category of StLthnt Memb¢rship, under which stLMl¢nts ¢an subscrThL e for a thretryear rne.mheTrhiD frfim £20.00 per annum (digital PDF) 8J]d £35.00 per annum Ihardback. UK). It is hopcd Ihat this prov¢s attractive to youttg¢r art hi3torkoD5, whts ar¢ ¢n¢ourased to fomain as ordinary metnber8 thereafter. VOLUNTARY PAYMENTS AT HICHER RATF.q volunt p&yJt]¥nLs dL rai wvula bt 8tcatly appr¢Giat¢d. Th¢ Walpol¢ Soci¢ty 15 a r6g1st Charity la(0 oll oth¢T charities, must absorb inflationary increases in the ¢osts of its operations. The names of Patrons who subscribe £250 annually prilltod ut tho tstart of ooeh volume 41onsfjid# Btn•f¢tor8 who mdie more Ètsbstt1 one-off doA4ti0tts. All enqu]ries wllcernmg the Walpole Society and membership should be sent io the M¢rnbership Secretary> RiLhard Sph¢Jib. whose email address is Secret al lesoci .Hk. Enquirie5 by post should be sellt to him at The Walpole Society. clo 84 Cambridge STKeT London SWIV 4W. Pag¢14
The W¥dlpole Society Annual Report and Ffinaneial Statements for the yr ended 31 Mareh 2023 DATA PROTECTION Th¢ Walpol¢ Society adh¢r¢s to the UK'S Data Protection Act and only holds personal data in aecordan¢e with these Nles. R¢levani policies which outlirtc memb¢rs' rights undcr the Data Prot¢¢tion Ad ar¢ pr¢5¢ntrd on the website of the Walpole Society along55dc rclatcd forms for nMberS to enquire re8arding pernal data Should they wisb to do so. FINANCE MATTERS The Statrmentof Fin8n¢ial Activities Combines theresults of theOperatingFunl which records th¢ unrestricted fiuJd5 of the Walpole Society, Ènd the Capital Énd Restricted Fuls. During the year ended 31 Mch 2023. the Walp)le Socicty's aggregat¢ incorne increÈsed from £41.977 to £46.033. an incre&%e of £4,056 Th¢ Ghi¢f cl¢tncnts of inGomr are not¢d b¢low- A2£regate subscription inwm¢ in¢r¢as¢d by £1.80] to £26.046 (2022.. £24.245). The TTr¢S are tTh)st gratefui to thos¢ members who ¢hoose to help the charity by pyitt8 subscriptiong at the higher level$. AwesAtr subsctiptiott inoome ineludeg Gift Aid relief. wh¢r¢ applicabl¢. This is & tax b¢n¢fit &Valable to the Walpol¢ Socitty. as att eli1¢ UK regist¢r¢d Gharity, whi¢h ¢n8bles it to r0ver income from the H.M. Revenue & Customs. Donations rtttived in the year amounted to £383 (2022.. £431. The Tru5tee5 are most grateful to individua]s and orgmisations wl ¢oJJthlutc to the charity'3 fijwicial well-b¢ing in this wuy. Income from sa]¢s ofback volume5 amounted to £J,38912022." £4,078). This is thr n]ll yr4t w wbi¥h th¥ Wolpvlr 8uLirLy I enjoyed th¢ benefit of incotn¢ r¢ceived from th¢ ¢ontra¢t with JSTOR. Investrnent income of £13.885 represented an incregse of £880 the ina)De rtIVed in the previousy¢ar12022.. £13,005). Dect char1tableexpenditu consistsof the costs of th¢ So¢i¢tysvolumes. In theye4r etKial 31 March 2023, this amoullted to £29,41112022'. £20.1871. Expcndits on managcmurt and thinistration is cat¢goris¢d ¢ith¢r Ls th£ cost of raising or as supp)rt co8ts. The fom)¢r thc costs of the M¢tnber5hip S¢uEtary, rlated ffApensc5 and the Investmcnt h(wcr's fees. These costs amounted to £8.71512022.. £8,350). Sllp>rt gre thn8e not attril)utable to w gingle activity but which pmvide the nece&w organisationai support for ail of the ¢harity'S aotivitL¢.. include the itthependent exarittioll fe4 the coÈt of printing and posting the snnual r¢poo the ¢xpettses of the webgite 2nd sundry cxpendiiuT¥. tn ¥niJtyJ 31 m¥.1] 2023, Ujry auLvux1 £1,423 (2022. £3,181). Ov¢]all. an op¢ting surplOr£S,543 beforeinvesttll¢nt gaill5 wa5 aGhi¢ved12021.' 5wplus£lO,829). After takiti8 inlo aceounireaii8¢d losses of £347 {2022".gain5 £8571 utAis¢d losses of£22,26412022'. gains £33,771) on the investsna]t y>rtEolio. thc Q)cratins Fund rcsu]t for the year was a net defjcitof £17,068 (2022Met sUlUS £45,457}. The bal1¢¢ shect at 31 Marth 2023 showd nd 8ssets of £484287 (2022.. £502.4141 witb the £18.127 decrease reflecting the operating Surplus foT the year of £5.543, reall] and unrlis¢d losses on iThv¢stsn¢nt5 of £22,611, and £1.059 Eiestricted Fund expenditu. Net &ss¢tg comprised th¢ investment FK>Trfolio net current ass chietly c&%h. The investment rM)rtfolio had a market va]IEe at 31 March 2023 of £430.57512O22. £453.862). Net clllrent assets aoUnted to £53.71212022: £48.552). andcash balaJJc¢s w¢r¢ hcld at th¢ ywnd of £77.532 {2Q2?: £70,?9xl1. FUNDING SOURCES The Wxlptsle Society'sprincipal r¢currin8 sources of funding menJb¢r5' suiwiption4 iDVC5ttncnt in¢ome, donations and the saIes of back volutne5. tKgaciES h&ve been received from time to tim¢, Bs have 8Tants from otherlM)dI¢sfor5p1fj¢ purN>s¢s. butthese{a0tb¢ predicted, Oa Ihc Trustccs do not 8n1lc1pa such recelpLS wh¢n dcT¢milnlngthc l¢v¢l of¢xp¢ndlllW¢ for cach yw. POLICILS ON JNVKSTMKNTS AND RESERVES The TrL25tees h&ve adopted a balaneed invesknent policy. designed to a¢hiev¢ a fair b8Jance between the Wajpolc Society's in]mediate ne&ts for income. io mainrain and 5UPPOrt th¢ Walp)l¢ Society's Cuirent operations. and for mainraining th¢ valu¢ orth¢ portfolio in real iern]s and henc¢ securing htur¢ in¢omc. To thi5 en& the Walrrf)le Society's investttL¢nt TM)rtfolio is almost ¢ntir¢ly composed ol holdings in collectsv¢ investment hnds focusing re5pwtively on intnme and tapitsl growth. All of the Walwle Society's reserves are regarded expendable fimd& although the capital fund is intrnd¢d to b¢ retaitL¢d int. At 31 mch 2023, the Capital Resetve stood at £l96.828. 12022.. £196,828) and cxpcndable re5crvessl0)d at£279.088(2W22.. £296,156) with£8.371 {2022..£9.4301 inRcstrictcdFund& givingaggregate r¢5¢rve5 of£454,287 (2022502.4l41. IMPACT OF THE CORONAVIRUS The Trustees have ass¢&%ed the overall impact of the ComnavErus on th¢ a¢tiviti¢s of th¢ Soci¢ty 8nd hav¢ ¢onfinned to dat4 this is minima]. Suth unpact continues to be asse55ed on an ongoing basis. The Trustees, Report Is *PprOv by thr Try¥t¢¢¥ iy ¥iyal byhxlf vfthr (iv¢ LAWRENCE HENDIL4 Honorary Treasurer, I#December2023
The Walpole Society Annual Report and Financial Statements for the year ended 31 March 2023 Independent Examiner's Report to the Trustees of The Walpole Society T re.pnrt to the tni4tp.p.# M my e.x%rninxtinn nf th& k)t.trntinrt nf The W%lDnle Sntiety (the C.harity) fnr the year ended I l March 2023. which are set on pages 7 to 11. Rwpon8ibiJitie$ gDd bgsis of report As the trnstees of the Charity you are r¢sponsible for the pttparntion of the accounts in accordance with the requir¢m¢nt5 of the Chariti¢s Act 2011 ('the Act,). I rerth in r¢sp¢ct of my examination of the Charity's accounts carried out under section 145 of the 2011 Act end in canying out my ¢xamin4tion I have followed a]1 the app]icable direcuons given by th¢ ChaTity Co]Jllllission uttder section 145(5)(b) of the Act Independent examlD¢f's stst¢men¢ I hav¢ ¢ompl¢t¢d my examination. I confimL that no matter5 have to my attention in eot)nection with the examination giving m¢ ¢ause to believe.. i) 2) 3) aOunting records were not kept in respect of the Charity as required by $eetion 130 of the ACL or the accounts do not accord with thosc rccords. or the accounts do not comply with the applicable requirements Concerning th¢ forni and ¢ont¢ni of accounts set out in the Charities (Accounts alld R¢p)rt5) R¢guJa¢ion$ 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matt¢r Wnsid¢d part of an independent examination. I haveno concerns andhave come acTOSS no oth¢rrnatters in connectionwith the examiThation to which attentionshouidb¢ drawn iti this report in ord¢r to ¢nable a proper WLderstanding of the a¢couDtg to be reaehed. Karen Wardell IFCCA, ICAEW) For and on behalf of Moore Kingston Smith LLP Chartered Accountant5 9 Appold Stsr¢t London EC2A 2AP 13 Decetnb8r 2023 Page16
The Walpole Soeiety Annual Report and Fingneigl Statements for the year ended 31 March 2023 THE WALPOII SOCIETY STATEMENT OF FtNAf4CIAL ACTivrriFS for the yeir ended 31 Marth 2023 Cpit#l Fund IEndoivm¢ Rtstrirt ed Total FuDdB year tnded 3110312023 Total FDnd8 yexr ended 3110312022 g Fund nt) Subs¢tiptLOrts Annual subseriptions 23,399 23J99 21,795 Bet)¢fa¢tor sthscriptions 1,750 1.750 1.750 Sp)nsorship subscriptions 897 897 700 26,046 26,046 24,245 Donations & gmts 383 383 43 Sales of back volumes 5.389 SJ89 4,678 13.665 1385 13.005 Bank t£reSt 330 Totgl Ineome 46.033 46N33 41.977 Expendltur¢ DsTWL rxprlldiiut¥ NvL¥ 2 28.352 1,059 29AII 20,187 Cost of rnising knds Not¢ 3 8.715 8.715 8.350 Supportcosts Note 3 3,423 3.423 3,181 Totsl Resources Expended 40.490 .059 41549 31.718 Nt r4suIt b•fore Il•$sesyyinJ OD 5,543 (I,U5YI 4W4 10259 {LossesygAins on investments RlISed 11&7) R.f7 Unrea]i5ed 1222641 Q2264) 33.771 Net (d¢ficitysurplus (17,068) (1.059) {18.1271 Transfers b¢hY¢¢n fund Net Mov¢men ID Funds {17068) (1.059) 118,1271 44887 Fwids brought fonvtrd ot 1st April 2022 196.156 9.430 417,5?7 Funds tarritd forward at 31st Mgrch 2023 279,088 196.828 8371 484J87 502,414 Page17
The Walpole Society Annual Report and Financial Statements for the year ended 31 Mareh 2023 THE WALPOLE SOCIETY BALANCE SHEET 31 Mareb 2023 3110312023 31A1312022 Listsd InvteI1$ Not6 4 430,575 453,862 Cllrrent assets Debtors & prepayments Bank balances & deposits 2Jlll 7732 1,600 70294 79,842 71.894 Current Llabllitie5 CredL"tors & accrued charges (26,130) (23,342) (26.130) (23.342) IW4et current assets 53,712 48.552 Net aets 484387 502,414 Represented by: Capital Fund Note 5 19fi828 196,828 Operating Fund Not¢ 5 279,088 296,156 Restricted Fund Note 5 8J71 9,430 484287 502,414 Th¢ not¢9 ffl pages 9 to I I forni part of these a¢¢ounts. These rep)rts were appToved for issue by the Executive Comrnitte¢ ai their MeItig on l December 2023 and signed on their behalf by CLARE HO AWRENCE HENDIL4 Honordry Treasurer Page18
Th¢ Walpole Society Annual Report and Financial Statements for the year ended 31 Mareh 2023 Notes to the Fillallcial Slat¢mellts for the year ended 31 March 2023 Ateoulltlng Polic8 Bgsi$ of prepArAtio The fll]ancial statem¢nts have been prepared on a goiJ)g eoncttn basis under the histori¢al cost convention. The fjmncial ststements have been prep&Ed in accordance with the Financial Reporting Siandard applicable ill the UK and Republic of Ir¢land (FRS 102) published on 16 July 2014. Th¢ Walpol¢ So¢i¢ty. a charity, is a public b¢nefrt entity for the pwposes of Fkg io? Th&.rp.fnrp.. the Walpole Society preiwes its f]nancial statements m accordallce with th¢ Statesnent of Rectsmmended Practice applicable to clwities preparing their accounts in accordance with the FiJJ#neial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charitie5 SORP) and the chltieS Act 2011. Going Conoern The TNstees hav¢ assessed whether the Use ofthe going concern basis is appropriate andhave consideredpossible events or conditions tbat might cast significant doubt on the ability of the Walp)le Society to continue as a going concern. The TNstee5 have made this assessment for a period of at least one year from the date of approval of the fJllanGial statem¢nts. tn pa"cUlar. the 'lrustee9 have considered the Walpole SocleTy'S ft>recaSLS and prvj¢¥Liui]s, ttikiug aoUnt of pressure$ ott income, and have aggessed the overall impact of thp. rMvin14 the activities of the Soci¢ty. Atter making due enquiry, the Trustees have conclllded that there is a reasonable ¢xpectation that th¢ Walpole So¢xety has adequate resouTces to continue in operational exi3tenr¢ for the fores¢¢able future and that th¢ impact of the CoroThavirus oil tlit activitics of th¢ &Ki¢ty hd5 bwn rninimnl to date. The Walpole Society therefore ¢ontinues to adopt the going concern basis ill prepanng its tall¢lai statements. lllCOm¢ Reeognition All income is recognised when there is ¢ntitlernent to the fids, the receipt is probable, and the amount ¢an be m¢&swed reliably. tn¢ome IsrecolSed inthe yearto which itr¢lat¢s and on anaccrua15 basis. Legacies whereTe¢¢ivedare included when the legacy is received orwhen the Walpole Society is nottli¢dof on impending distribuu0 whlchever Isth¢ ¢Il¢r. Recoverable t&xation is recovered on an accruals basis. Expendllvre Bxpendi(ur¢ ib aLknvuuLrd fuL vii awrna]5 basis allated directly to th¢ ¢xp¢ndibJrc h¢oding$ ty8 far procticdty possible to reflect the activitiw of the Walpole Society. Fund Aceollnting Restiicted fimds are funds which are tobe used in a¢cordan¢ewith specific restrictions imposed by the donor or are rdised by the Walpole Society for speclflc restricted purposcs. Ullr¢5LTiLd lulld¥ utr flui wliiknli availabl¢ for uts¢ at th¢ discrelion of the Trustees in furtherance of the general objects of th¢ Walpole Society. DesIated fimds are tullds which are available for use at the disGretion of the Trnstees but have been earniaTk¢d by the for a specific pujyose. Criticol noUnting timatB ar•s of judgetlleDt Ihe view of the Thistec5 in applyllig thl aLuuullLiu¥ pvli¥iu llo juds¢inaits rcquired Iwhich hay¢ significant efft on the aTDounts r¢¢ognis¢d in the flnancial staternents, alld no estin]ates or awllnptions were made which cary a significant risk of mat¢rial adjustment in the next fancIal year. Valuation of InV¢ents Lted mvestm¢nts gre recorded iThiiially at thetr cost and 5ubsequcntly sUt¢d d th¥ir fuit valu¢ al th¢ baiallc¢ sh¢rt dat¢. The re5ultont unrealised surplus or defi¢it is ¢redited or d¢bIl to the operating fund. Chrltahlp. V.Ypendiknre Dir¢ct charitable PrnditUrc ¢on3ists of tht ¢oBtg of the Walpole So¢itty'6 volutnes. tn the y¢4r ended 3 1 March 2023, this totalled 1"29.41112022'. £20,167), including £1,059 (2022.. £J70) cxp¢nd¥d Rr¥Lti¥Lul Fulld. Th¢ rliat8¢ i this r]naD¢ial year's accounts relat¢s mainly to the cost of Volume 85. which has an anticipated publication date in 2023. Pag¢19
The Wglpole Soeiety Annual Report and Financial Statements for the year ended 31 March 2023 Notes to the Financial Ststements for the year ended 31 March 2023 (eontinued) nther (JpÈrnting F.xpÈndiknrÈ These are allocaied to the costs of raising fimds and ¢haritsbl¢ activities support costs. 2023 2022 Costs of rnising fund$ Metnb¢r5hip s¢¢r¢tary's fees and expenses tnvestment manager's eharges Sultrtotal- Costs of raising fundj 6.504 6,1?] 2,211 8,715 2.029 8,350 Ch*ritAble $upport eosts Independent Examiner's fee Annual report and postag¢ Websiw and soltware cosTs Bank ¢harg¢s (2022 includes £200 compensation received) Su1101. Charitable support ¢ts 2,060 605 2,000 608 647 056 (83) 3A23 3,191 Total other operating expenditure 12,138 11,531 Illvestm¢nts As at 31 March 2023, the investment ponfolio comprised holdings in collective iv¢St1cnt vchicles, &8 sununsed below.. Prospeclive Annual income Yield on market value Cosi Marktvalue UK Equty funds Intemational Equity fimd8 UK Bond fvnds Multi-Asset funds Altemalives hJn(ts Tot portfvliu 99.368 116,255 77.234 4.448 111,488 149,647 72,190 5,628 4,829 3,574 2J84 28 3,070 4.330 2.3V/o 3.30/9 0.500/0 3.3510 3.22tyh 388 806 430 575 An#lysEs of movements during year 2023 2022 Market luC at beginning of year Sale of shares 453.862 {74,645) 73.969 (347) (22,264) 361.307 (41.800) 99.727 purch of shares Rcali3¢d (losse$)18aitis Unroli3¢d (105SC5ygain5 Market value at end of year 857 33.771 430 $75 453 862 Hi2torie81 eost at end of y 388.806 383.973 Pagel 10
The Walpole Society Annual Report and Financial Stydtements for the year ended 31 MAreh 2023 Notes to the Finaneial Statements for the year ended 31 March 2023 (continued) Trnst fvnds The Capital Fund w&8 established by th¢ lat¢ Sir Brinsley Ford to fiwthEr the objects of the Walpok Society, includin8 inter alia tbe reductt.on of the back10 of articles awaitin£ publication, the support of furtber research relating to Brit]sh art and 2rtigts and the intr(xluetion of more illustrations in the volumes. The Capital Fund i& representsd by investments selected both to generate aTJnual income and to seek to secure long-temi capital growth. Th¢ Op¢rating fund WmPTi5C5 th6 operating income of the Walpole Soci¢ty, which in¢lud¢3 inv¢sthi¢nt im¢om¢ from th¢ Capitsl Fund. whi¢h may be spellt without restriction to further the objtiveS of the Wa]TMTrle Society. Th¢ Restricted Fund comprises £10,000 received during the year ended 31 March 2021 from an allonymo$ donor tts fjjttd the aTlla1 publicatii)n of documents relating ta the history of British a¢ less expendire incurred ill the year ellded 31 Mah 2023 of £1,059 {2022- £570). Analysis of net assets Investsnents Current Agsets Current Liabilities Tata] Capital fimd 196,828 196,828 Operating fid 233,747 71,471 (26.130) 279,088 Restricted fi]nd 8,371 8,371 430 575 Related Party Tr¥Dsactions One of the Trustees, Gillian Forrester. received £5.500 for setviees rendered to the charity as stand-in Editor in the ye8r ¢lla 31 Mar¢h 2023 {4022: Ri¢hurd St¢ph¢ns rK¢iv¢d £5.000 for s¢rvi¢¢s r¢nd¢red to th¢ ¢lwity as Editor). No Trust¢¢ received reimbursement of expendire in his or her ¢apacity as TNstee it) the year ended 31 mh 2023 (2022.. £nil). Thr Trustees made (Eonations to tILe clwity totauing £340 iu the year ulldtt review (2022.. £nil). Pagelll