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 M*reb 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 d￿t 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$l￿ed website wag live. with ￿nCtIonal1ty for people to join the Society online in a few minutes. At
tbe iijnt of wEitillg, w¢ hav¢ w¢lcomed 20 new munbcrs sinc¢ the w¢bsit¢'5 launch. Thank3 aTC duc to Ri¢lxard Stephcns for thxs
excellent redesign and foT a]1 the technical expertise involved in 5ctting up what is now a mulli-fllnctional platforn for members and
non-membeTS aljke. Connected to this development, a new GDPR rx)licy has been drafted and adoptrd to suit a]1 levels of interaction
with the websiie andthe Society. thepolicy is availabl¢ to view on the sice. We have undenaken aprofessional scanntng of past volumes
and these are now a¢¢essible to members via the website. As part of tb¢ d¢v¢lopJnent of smooth and more fi￿ctIOnal system$, 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 NoVe￿ber 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 i*en avery busy and exciting yearfor the Society. none ofthese developments wouldhave been possible witbout the comrnikn]e￿t
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 y￿e$s￿ry.
The Th￿te¢S are responsJTrJle for ￿ana8￿}g the affaiTS of th¢ Walpole Society and for a(kninist¢ring its fullds and assets within
the framewo￿ of arly 8¢nernl policies agreed at an annual general rneeting.
The Trustees are resp)nsible for preparing the Trustees, Report and the financial statements in accordance with applicable law
attdUtllt¢dKiA£dotn Acoountitig Stalldards Iuttited Kingdom GetW9llyAccepteJ Arrniintingl)ractice) including FRS102'The
'Jnancial Keport]ng srandard appllcable in the UK and R¥publib uf1rr1￿1d'.
The law appli¢able to chartti¢s in England and w￿e5 requir¢s Trustees to prepare fmancial statements for each fmancial year
which give a true and fair view of the stat¢ ot atlaiTS Ot"th¢ charity and of th¢ incommg resources and appllcailon of resourLes
of th¢ charity for that period. In pr¢paTing tbe fmancial ststetnent4 the Tn￿￿e$ 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 tI￿r 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 f￿￿n¢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 r￿onable steps for the prevention and detethion of frdud and other irregulariti¢s.
CONSULTATIVE commI￿E￿
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 Ma￿la Po]nlon
Duncan Robinso￿ CBE
Sir Charles sau￿areZ Smith, CBE,
Philip ward-J￿ksQll
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 S￿dY 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 Gover￿1 is the whul¥ Iiib(ury ufBii(iJh ¢uI
from the Middle Agesto thepresenL The Thistees ctsn¢itilletogive due regaTdto CTrwity Commission g￿ld3￿ceon public benefit.
0￿ECTIVEs 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 Volu￿e5 LU d¥Lith uIi uttiri ihdU¥¥S wThiLh ￿l￿lJi 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. i￿es9 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 stsucts￿c 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 Pr￿5
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 di￿oUnted 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¢ltib￿S (dis£ouDt¢d) and nOn￿nemb¢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 prep￿ati0ll for fubjre volumes.
Prospective 4uthorg'. information. aThd
Constitution gnd governgnee.
NEED FOR NEW MEMBERS
The Walpole Swiety cuffently has approximately 345 ￿ern￿rs. 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 (hardb￿L￿ 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 MEl￿BERSHIp
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 Ètsbst￿t1￿ one-off doA4ti0tts.
All enqu]ries wllcernmg the Walpole Society and membership should be sent io the M¢rnbership Secretary> RiLhard S*ph¢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 y￿r 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
n￿MberS to enquire re8arding per￿nal 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 Ful￿s. During the year ended 31 M￿ch 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 p*yitt8 subscriptiong at the higher level$. AwesAtr subsctiptiott inoome ineludeg Gift Aid relief.
wh¢r¢ applicabl¢. This is & tax b¢n¢fit &Va￿lable to the Walpol¢ Socitty. as att eli￿￿1¢ UK regist¢r¢d Gharity, whi¢h ¢n8bles it to
r￿0ver 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 r￿tIVed in the previousy¢ar12022.. £13,005).
D￿ect 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 exarit￿tioll 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¢t*ing surpl￿Or£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 sU￿lUS £45,457}.
The bal￿1¢¢ 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 unr￿lis¢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 a￿oUnted to £53.71212022: £48.552). andcash balaJJc¢s w¢r¢ hcld at th¢ yw*nd 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¢sfor5p￿1fj¢ purN>s¢s. butthese{a￿0tb¢ predicted,
O￿a 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 in*t. At 31 m￿ch 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
(2022￿502.4l41.
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)
a￿Ounting 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
C*pit#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
13*85
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
N*t r4suIt b•fore Il•$sesyyinJ OD
5,543
(I,U5YI
4W4
10259
{LossesygAins on investments
R￿lISed
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 Inv￿t￿e￿I1$
Not6 4
430,575
453,862
Cllrrent assets
Debtors & prepayments
Bank balances & deposits
2Jlll
77￿32
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 a￿ets
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 Me￿Itig 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 Polic￿8
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 ch￿ltieS 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 a￿oUnt of
pressure$ ott income, and have aggessed the overall impact of thp. r￿M￿￿vin14 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 t￿all¢lai statements.
lllCOm¢ Reeognition
All income is recognised when there is ¢ntitlernent to the fi￿ds, the receipt is probable, and the amount ¢an be m¢&swed
reliably. tn¢ome Isreco￿lSed 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 all￿ated 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¢5LTiL￿d lulld¥ utr flui￿ wliiknli availabl¢ for uts¢ at th¢
discrelion of the Trustees in furtherance of the general objects of th¢ Walpole Society. DesI￿ated 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 n￿oUnting ￿timat￿B ar•*s of judgetlleDt
Ihe view of the Thistec5 in applyllig thl aLuuullLiu¥ pvli¥iu llo juds¢inaits rcquired Iwhich hay¢
significant eff￿t 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 f￿ancIal year.
Valuation of InV￿¢￿￿ents
L￿ted 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.
Ch*rltahlp. 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 $upport eosts
Independent Examiner's fee
Annual report and postag¢
Websiw and soltware cosTs
Bank ¢harg¢s (2022 includes £200
compensation received)
Su1￿101￿￿. Charitable support ¢￿ts
2,060
605
2,000
608
647
056
(83)
3A23
3,191
Total other operating expenditure
12,138
11,531
Illvestm¢nts
As at 31 March 2023, the investment ponfolio comprised holdings in collective i￿v¢St1￿cnt vchicles, &8 sunun￿sed
below..
Prospeclive
Annual income
Yield on
market
value
Cosi
Marktvalue
UK Equty funds
Intemational Equity fimd8
UK Bond fvnds
Multi-Asset funds
Altemalives hJn(ts
Tot￿ portfvliu
99.368
116,255
77.234
4.448
111,488
149,647
72,190
5,628
4,829
3,574
2J84
28
3,070
4.330
2.3V/o
3.30/9
0.500/0
3.3510
3.22tyh
388 806
430 575
An#lysEs of movements during year
2023
2022
Market ￿luC at beginning of year
Sale of shares
453.862
{74,645)
73.969
(347)
(22,264)
361.307
(41.800)
99.727
purch￿ of shares
Rcali3¢d (losse$)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 obj￿tiveS 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 aT￿lla1 publicatii)n of documents relating ta the history of British a¢ less expendi￿re incurred ill the year ellded 31
Ma￿h 2023 of £1,059 {2022- £570).
Analysis of net assets
Investsnents
Current Agsets Current Liabilities
Tata]
Capital fimd
196,828
196,828
Operating fi￿d
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 expendi￿re in his or her ¢apacity as TNstee it) the year ended 31 m￿￿h 2023 (2022.. £nil).
Thr￿ Trustees made (Eonations to tILe clwity totauing £340 iu the year ulldtt review (2022.. £nil).
Pagelll