Reglstered Charty No: 289605 THE WILLIAM WALTON TRUST Report and Financial Statements For the year ended 31 December 2021 tc accounts, tax , legal . financial planning
THE MLLIAM WALTON TRUST Content8 Reports Legal and adrnini5trative infornation Report of the trustees Independent auditorfs report 7-10 Accounts Statement of finanaal activities statement of financial posibon 12 Notes to the accounts 1&21
THE WILLIAM WALTON TRUST Roferente and administrative inforniation Patron HRH The Prince ofwales. KG Trustee5 John F da Luz Camacho Alessandra Vinciguerra Caroline Howard Registered Office 89 Judd Street London WC1H 9NE Charity Registratr'on Number 289605 Auditors TC Group 76 New Cavendish Street London W1G 9TB Bankers Charities Aid Foundatk)n Bank Limited 25 knngs Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ
THE WILUAM WALTON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees Present their report together wth the financial statements of The William Watton Trust for the year ended 31 December 2021. The financial statements have been prepared in aceord2nce with the accounting poliaes set out in note 1 to the accounts and etsmply with the charity's trust deed, the Chartti'es Act 2011 and "Accounting and Reporting by Charities.. Statement of Reujmmendetj Practice applicab to charities preparing their accounts in accordan with the Financial Reporb"ng Standard applicable in the UK and Republ of Ireland IFRS1021" {effectnie 1 January 20191 Structure. govemance and managemenl The Trust is governed by a Trust deed dated 30 May 1984 and is a registered charity, number 289605. The Trust Ivas established by an initial gift from Lady Walton following the death of her husband. Sir Williarn Walton in 1983. Lady Watton died on March 21, 2010. The Trust does not active fundraise seeks to continue its wotk through careful stewardship of existing resources. The Trustees are appointed by the Board and serve for three years after which per1, they may pul themselves fOard for r&appointrnent The Trust Deed does not state a limit to the number of Trustees. At the six monthly trustees, meetings the tnjslees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment. reserves and risk management poliaes and performance. The day to day administrat)n of grants and the processing and handling of applications is overseen by the Trustees. NY appointed trustees undergo an orientation session lo brief them of their legal obligations under Charity law, the content of the Trust Deed. and the deusion making Processes, the role of the Administrator and recent financial perfomance. Priorto taking up the posl trustees meet the key persons associated vthh the running of the Trust Risk managemont The Trustees have 85sessed the major risks to which the charity is exposed, in particularthose relating to the speerf operational areas 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 operats.onal and business risks faced by the charity, they have established effectwe systems to mib.gate those risks. Objectives and actlvltles The objeelg of the TrLTrSt are hfold= General.. The TTUSI aims. through Ihe music of Wlliam Wallon. both to encourage education projects in schools and lo develop the potential in young professional musicians at the start of their careers. Specific.. 1. To promote and establish exllenCe in the perfoming arts (music, Ihealre, dance) within the United Kingdom and abroad. with speck21 reference to the music of William Walton.
THE WILLIAM WALTON TrUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 Objectives and activities (continued) 2. To introduce the arts to the widest possible audience eMbng all ages and abilities. 3. To aid educational projects encompassing Brilish music parbcufady for speual needs and inner city schools, where funding is restricted. 4. To develop 8 wide range of master classes covering 211 aspects of the arts under the guidance of leading professional arlists. In certain instances these will ¢ulmin8le in public performance. The objects are accomplished through CoPerating with OTganisalions. promoting and sponsoring musul events in the UK, and Master dasses in Ilaly. and acting as a source of information,. specifically". 1. To continue the devdopment of the youth orchestra music festwal at La Mortella held during June and July. widening its scope to include ballet and staged or semi-staged opera. To this end. to forge contacts wth dancelopera associations and local (mainland) leslivals to develop shared inilialives. In addition, to enquire about the necessary strijctures and facilities for these kind of perfomiances. 2. To explore the possibility of hosb.ng master ClaeS in conjuncb.on United Kingdom and American inslitulk)ns andlor key organizations that could develop a Iong-lerm agemen1wIth us. 3. To continue to irnprove the Trusys website, especialty Ihe news and events sections, developing a strategy to cx)nstantly update the available infom)ation and make it into a worldwide resour for Walton scholars. 4. To develop projects in selecled areas of the wortd where musrc is cullrvated not only as an aitslic expression but also as a mean to improve Ihe quality of life and the s(xial awareness of young people in marginal or troubled areas. 5. To continue to host and organise chamber music coni*rts at La Mortella Invo1ng students from various schools of MUS throughout the wodd. 6. To improve the facilities of the Archive lo make them meet demands from researchers and scholars and explore possible development of the facility. The objectives for the year 2021 were 1. Provided that the pandemic is under control, to organize musical activities in the facilities al La Moitella together with the Fondazione William Walton e La Mortella and the William Walton & La Morlella Trust. 2. Finalize the Master Plan for the Museum, Music Room, with an eye to the accommodation for a new display related lo Lady Walton. 3. Select talented and worthy students of music to support their studies. In reviewing our actwibes for the year and our plans for the future. we have had regard to the Charity Commission's general guKlance on public benefit
THE WILLIAM WALTON TRUST REPORT OF THE TRUSTEES (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Grant maklng pollcy Grants are made to those bodies who request support in putting on prc#Juclions of William Walton's must. Such prc*luctions are supported and monf(or&J by the Trustees. Those who benefrt from the charity's Work include young professional and amateur musicians. young composers. audiences who attend ¢OnrtS supported by the Trust and students who study the life and work of William Walton. The Trust seeks to create patherships with other organisations that will develop opportunib'es for its benerlaTieS. These projects may vary in content and duration. The Trust works hard lo embrace all realistic oppcytunities. The Trust 81ms to develop a wide range of master classes covering all aspects of Ihe arts under the guidance of leading professional artists. The Trust will continue to develop La Mortella as a perfoming arts and study centre for gtfted young musicians under the guidance of the world's leading teachers. Achlevèmènts and performance Given the persistent health concem connected to CovKk19, and the variousty staged lockdowns, at the beginning of 2021 the trustees agreed to keep evaluab'ng the evolution of the pandemic and react accordingly. in close obseNation of the Charity Comrni55ion's gelleral guidance on public benefrt. In Ischia, Chamber music conrtS were resumed n May, a concert by Trio Chagall.. Violin. cello and piano, that was dedicated to the Memory of the late Duke of Edinburgh. The Concert season al the Greek Theatre was held through June and July Wblh small ensembles that could respect the restrictions to travel and physical pr0mity. A total of 6 concerts was organized. including a Brass Ensemble., a perfomiance of Stravinskij's Hi8toire du soldat,. the Chamber Ensemble of Soulhbank Sinfonia,. the Orchestr8 Giovanile Sanitansamble. a socially committed orchestra from poor neighbourhoods in Naples.. the Chamber Orchestra "Lorenzo Da Ponle. from ven and a Young Dance Company from Rome. for a Ballel perfofftance. In the UK, we supported the new Walton FestNal Lake DiStrt Summer Music. and Trustee A. Vinciguerra gave a video conference for the final day of performances. In 2021 we also started a collaboration with the Keyboard Trust. to have them send a young pkgnist to perform in one of our concerts. It was not possible to implement the plans for the museum's Music Room becaLse of the health concems and restrtIonS lo acces&
THEWILLIAM WALTON TRUST REPORT OF THE TRUSTEES ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Flnancial revlew The Trust is reliant on the income its investments and donations. the lolal income in the year was £48,732 12020.. £37,715) which induded., donations from William Walton & La Mortella Trust £20.000 12020. £20,CM)O). legacy income of £14.050 from Dr Jean Shanks Estate and investment income of £13,845. The balance sheet shows total funds of £3.286.12g (2020." £3,235.6891.The Trustees consider that this level of overall reserves matches the parameters set out in the charity's reserves policy. Investment policy The Trust's investment strategy is lo continue wth the investments gifted from the late Dr Jean Shanks. The objectwe is lo maximise totsl retum by investing in a medium to low risk PDrtfolio. There are no restrictions on the chantys power to invest and the trustees have not adopted an elhical investment policy. Reserves policy The charty carries out 2 range of 8Ctiwlie$. some of which compnse projects requiring significant ongoing financial commitment and investment. The trustees have examined the requirement for free reserves. i.e. those unrestricted funds not designated for specific purp05e5 or otherwse committed. The Iruslees, policy is to rnanage financial resources in such a way as lo prOve in fvll for the Immitrnents made. and to maintain free reserves, sufficient to enable further commitrnents lo be made in line wrth their future plans. Plans for the future The plans for 2022 are.. To keep evaluating the evolution of the pandemic and react accordingty. To revive contacts wth musical institutions that have worked wth the Trust in the past, and plan a new season in the Greek Theatre. To review criteria for scholarships and supwrt various musi¢al institutions.
THE WILLIAM WALTON TrUST REPORT OF THE TRUSTEES ICONTINUEDI FOR ThIE YEAR ENDED 31 DECEMBER 2021 Trustees The Tnjstees in office during the year were as fol¢)5.. John F da Luz Camacho Alessandra Vincigueira Caroline Howard Trustees, responslbllltles statement The Iruslees are responsible for prepariftg the Report of Ihe Trustees and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounknng Pracltel. The law applicable to charits'es in England andWa requires the trustees to prepare accounts foreach financi41 period which give a true and fair viewof the state of affairs of the charity and of Ihe incoming resources and application of resources of the charity for that yeaT. In preparing accounts showing a true and fair view the trustees". Select suitable aecounting policies and then appty them consistenty. Observe the methods and principles in the Chanties SORP. Make judgements and estimates that are reasonable and prudent. Follow applicable accounting stsndards and statements of recommended practe. subject lo any material departures disclosed and expLained in the accounts. Prepare the accounts on the going concem basis unless il is inappropriate to presume that the charity will conb.nue in Operatn. The Ttee5 are responsible for keeping proper accnunting records which disclose wlh reasonable accuracy al any lime the finanaal posibon of the charity and enable it lo ensure that the financial statements comply with the Charities Act 2011, the Chanty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Tnjstees and sned on their t*ha. Luz C•macho Trustee Appr ved by Ihe Trustees October 2022
THE WILLIAM WALTON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM WALTON TRUST FOR THE YEAR ENDED 31 DECEMBER 2021 Opinion We have audf(ed the financial statements of The Wdliam Walton Trust (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Aclivilies, the Statement of Financial Position and notes lo the financial ststements, including a summary of significant accounting poliaes_ The finanaal reporb.ng framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepled ArUntrng Praclicel. In our opinion ihe financial statements.. give a true and fair view of the stste of the charity's affairs a$ at 31 December 2021, and of its incoming resources and application of resources. for the year then ended.. have been propety prepared in accordance with United Kingdom Generally Accepted Accounting practi.. and have been prepared in accordance with the requirements of Charit$ Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the finanaal statements section of our report. We are independent of the charity in accordance wlh the ethical requirements that are relevant lo our audit of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitS in accordance th these requirements. We believe that the audit evidence we have obtained is SLEfficient and appropriate lo provide basis for our opinion. Conclusions relating to going ¢oncem We have nothing to report in respect of the foliAwng matters in relation to which the ISAS (UK) require us lo report lo you where". the trustees. use of the wng concem basis of accounting in the preparation of the financial slalements is not appropriate. or the trustees have not disclosed in the financial statements any idenlifRd material uncertainties that may cast significant doubt aboul the charity's ability to continue lo adopt the going concern basis of accounting for a period of al least twebve months from the dale when the finanaal statements are authorised lor issue.
THEWILLIAM WALTON TrUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM WALTON TRLIST FOR THE YEAR ENDED 31 DECEMBER 2021 other Infomiatknn The Iruslees are responsible for the other infomTrtson. The other infOrma"0n comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other inforrnalion and, excepl to the extent otheThse explicity stated in our report, we do not express any fom of assurance Gonclus thereon. In Connection with our audrt of the financial slatements, our responsibility is to read the other informaltin and, in doing so, consKler whether the other informab.on is materialty inconsistent with the financial stslements or our knowledge oblaineij in the audit or otherwise appears lo be materially misstated. If we identfy such material inconsistencies or apparent material misstatements. we are required to detemiine whether there is a material misstatement in the financial statements or a material misststement of the other information. If. based on the work we have perfomed, we condude that there is a material mtsslatement of this olher infomiation, we are required lo report that fact We have nothing lo report in this regard. atters on which we ar• rUlTed to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require u5 to report lo you rf, in our opinion.. the information grven in the finanual statements L8 inconsistent in any material respect with the truslees, report or suffiuenl accounting records have not been keptr. or the financial statements are not in agreement vthth the accounting records" or we have not received all the information and explanations we require for our audr(. Responsibilities ol trustees As explained more fully in the Iwstees. responsibilib'es stslement, the Imstees a resk)onsible for the preparation of financial statements which gwe a true and fail view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatemenl. whether due to fraud or error. In preparing the financial ststefflents. the trustees are responsible for assessing the charity's ability lo continue as a going concem. disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realistic alternative but lo do so.
THE WILLIAM WALTON TRUST INDEPENDENT AUDrroR% REPORT TO THE TRUSTEES OF THE WILLIAM WALTON TRUST FOR THE YEAR ENDED 31 DECEMBER 2021 Auditors r•sponsibilities for Ihe audft of the financlal stalements We have been appginted as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Acl. Our objectives are to obtain reasonable assurance about vh)ether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an aLrditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit eonducled in aecordanee wi(h ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from traud or error and are considered material if. individually or in the aggregate. they could reasonabty be expected to influence the economic deasions of users taken on the basis of these financial stalernents. Irregularib'es, including fraud. are instances of non-compliance with laws and regulations. The extent lo which our procedures are capable of detecting irregularities, including fraud. is detsiled below. Extent to whlch the audit was considered capable of detectlng irregularities, including fraud The objects'ves of our audit. in respect lo fraud. are. to identify and assess the risks of material misststemenl of the financial stslements due lo fraud- lo obtsin sufficient appropriate audil evidence regarding the assessed rLsks of material misststement due to fraud. through designing and implernenb.ng appropriate responses. and lo respond appropriately to fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevenb.on and delects)n of traud rests with bolh those charged with governance of the entity and ils management. Our approach was as follows.. We identified areas of laws and regulations that could reasonably be expected lo have material effect on the financial statements from our general commeraal and sector experience. and through discussion wrth the (JirectOTS and otrer management las required by auditing stsndardsl. and discussed wlh the directors and other management the policies and procedures regarding compliance wth laws and regulations.. We considered the legal and regulatory frameworks direety applicable lo the financial statements reporting framework {FRS 102 and the Charities Act 20111 and the relevant tax compliance regulations in the UK., We considered the nature of the industry. the control environment and busines5 performance, including the key drivers for managemenfs remuneration., We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit", We considered the prdureS and controls that the charity has established to address risks identified, or that otherwse prevent. deler and detect fraud.. and how senr management monitors those programmes and controls. Based on this understsnding we designed our audit procedures lo identify non-compliance wlh such laws and regulations. Where the risk was considered to be higher, we perforned audit procedures to address each identified fraud risk. These procedures included". testing manual journals. reviewing the financial stalement discb)sures and lestsng lo supporting documenlalion., perfomiing analyb.cal procedures., and enquiring of management, and were designed lo provide reaSonae assurance that the firtanCl statements were free from fraud or error.
THE WILLIAM WALTON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM WALTON TRUST FOR THE YEAR ENDED 31 DECEMBER 2021 Owng to the inherent limitations of an audit. there is an unavoidatAe risk that we may not have detected some material misstatements in the financial stalemenls, even though we have properly planned and perfomed our audit in accordance wlh auditing slandards. Forexample, the further removed non-complianee with laws and regulations {irregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited predureS required by auditing standards would identify it. The risk is also greater regarding irregularib.es occurring due to fraud ralher than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstr"on. We are not responsible for preventing non-compliance and cannot be expected lo detect nonvcompliance with all laws and regulations. A fvrther description of our responsibililj'es is available on the Financial Reporting Council's website al.. https'.IA¥w.frc.org.UklOur-WorklAudiUAudil-and-assurancelandardS-and- guidancelSlandards-and-guidance-for-audFtorslAuditors-responsibililies-for- auditlDescriplion-of-audilors-responsibililies-for-audit.aspx. This description fonn$ part of our auditorfs report. Use of our report This report is made solely to the charity's trustees. as a body. in &cordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mght slate to the charity's trustees those rnatters we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept oi assume resF)onsibility to anyone other than Ihe charity and the charity's Iruslees as a body. for our audit work, for this repo¢ or for the opinions we have formed. enlor Statutory Auditort For and on behalf of TC Group Statutory Audltor Office: London Dated: 3111012022 TC Group are eligible to act as an auditor in teThs of section 1212 of the Companies Act 2006. 10
THE WILLIAM WALTON TRUST STATEMENT OF FINANCIAL ACTivrriES FOR ThIE YEAR ENDED 31 DECEMBER 2021 2021 Unrestricted Funds 2020 Uniestrictad Funds Notes Income and endowments from: Donations and legacies Investments Other 34,050 13.845 837 20.000 16.807 908 Total Sncome and endowments 48.732 37.715 Ex endlture on: Raising funds Charitable aclimlies (8,2761 161,9231 {7,5061 {15,4761 Total expenditure (70,1991 {22,9821 Galn8 and losse8 on Investments: Unrealised gainslllossesl on revaluation of Investments Realised gains on sale of investments 13 34.002 37,905 23,093 952 Net galnsl(losses) on Investments 71.907 24.045 Net Incomellexpendlture) and Net movement in funds 50.440 38,778 Roconciliation of funds: Balances brought forward At 1 January 2021 Prior year adjustrnenl 3,405,459 (208,5481 Balances brought forward as restated 3,235,689 3,1%.911 Balances carried forward At 31 December 2021 3,286,129 3,235.689 All income and expenditure relate to the general fvnd, vthich is unrestricted. The statement of financial activities includes all gains and losses reco3nised in the year.
THE WILLIAM WALTON TRUST STATEMENT OF FINANCIAL POSITION AS A T31 DECEMBER 2021 2021 2020 As Rèstated Notss Fixed assets Tangible assets Investments 12 13 2.212.374 1,034,331 2.247.132 957,151 3,246,705 3,204,283 Current assets Debtors due wlhin one year Cash at bank and in hand 14 14.532 45.208 16,448 25,116 Cieditors: Amounts falling due within one yoar 15 {20,316J (10,1581 Nèt curtent a$$ets 39,424 31,406 Total assets less current liabilities 3,286.129 3.235,689 Represented by: Funds and reser4es Unreslricled funds 3.286.129 3,235.689 All assets and liabilits'es relate to the general furKI. thich is unrestrided. The accounts were approved by the Trustees on 28 October 2022 and signed on their behalf by.. John F da Luz Trustee cho 12
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1. Accountlng policies Charity Infomatlon The William Walton Trusl is a Charity registered in England and Wales. The registered address is 89 Judd Street London WC1 H gNE. Accounting conventk>n The acLounts have been prepared in accordance with the Charity's trust deed, the Charib'es hcl 2011 and "Accounting and Reporting by Charibes.. Sialement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS1021" leffectwe 1 January 20191- The accounts are prepared in sterling, which is the functional currency of the Charity. Monetsry amounts in these financi31 statements are roUndj to the nearest £. The accounts have been prepared under Ihe historical cost convention. The principal accounting policies adopted are set out below. Going concern At the lime of approving the a¢¢ounts. the Trustees have a reasonable expe¢tation thal the Charity has adequate reSoUrS to continue in operational existence ft)rthe foreseeable future. Thus the TNslees continue to adopt the going Goncem basks of aoKounting in preparing the ccounts. Charitable funds UnTestrycled funds are available for use al the discretron of the Trustees in furtherance.of their charitabie objectsves unless the fund5 have been designated for other purposes. Income Incoming resources are recognised in the period in which the charty is entitted to receipt and the amount can be measured wth reasonable certainty. With the excepbon of voluntsry income arising from donations. all income is creililed lo the statement of financial activities on an accmals basis. Donatsons are credited to the ststemenl of financial actNities in the period in which they are recewed. Expenditure Expenditure is included in the staternent of finarla1 aclivities vthen irKurred and includes attributable VAT which cannot be recovered. 13
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR niE YEAR ENDED 31 DECEMBER 2021 Resources expended comprtse the followng.. a. Charitsble actNilies include grant payments, which are included in the statement of financial activities when approved and vthen the intended recipient has either recewed Ihe funds or been informed of the decision lo rnake the grant and has satisfied all related condiltons. Grants where Ihe bene[lary has nol been infomed 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 accounts. b. Support costs relate to amounts paid to those involved in the office and administration side of the charity. c. Govemance costs relate to audit fees and other expenses incurred in the management of the charity's assets. organisational procedures and the necessary legal procedures for compliance with statutory requirements. Cash flow The aceounts do not include a Cash flow statement because the charity. as a small reporting entity, is exempl frcffi the requirement to prepare such a statement under Finanual Reports'ng Standard 1 "Cash flow statements" Tangible fixed assets and depreclatlon Tangible fixed assets are stated al cost less depreryation. DepreGli0n is provided al rale5 calculated lo write off the cost less estimated residual value of each asset over its expected useful life. as follows.. Land and buildings- 2% straighl line The trustees consider that no depreakn'on is charged on Ihe land as it has an unlimited life. Flx•d •sset Investments Investments are slated at market value. The statement of financial acb'vilies include the nel gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses All gains and losses are taken to the ststement of financial &tivities as they arise. Realised gains and losses on inveslments are cakulated as the difference behveen sales prcceeds and opening market value (or value al purchase date if later). Unrealised gains and losses are calculatsd as the difference between Ihe market value at the year end and opening market value lor value at purchase date rf later). Forelgn currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterfing al the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded al the rate ruling at the date of the transact. All drfferences are taken to the profrt and loss account. 14
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2021 Impalmienl of fixed assets Al each reporting end date, the charity reVw5 the carying amounts of its tangible assets to detem)ine whether there is any indicatr.on that those assets have suffered an impaimienl loss. If any such indication exists. the recoverable amount of the asset is estimaled in order to delemiine the extent of the impaitThenl loss (rf any). Recoverable amount is the higher of fairvalue less costs to sell and value in use. In assessing value in use, the eslimaled future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated lo be sS than its caffwng amount, the Carrng amount of the asset IS Teduced to rts recoverable amount An impaimient k)ss is recc*Jnised immediately in incornel(expendrturel for the year, unless the relevant asset is ¢arried at a revalued amount, in which case the impaiment loss is Irealed as a revaluation decrease. Recognised impairment losses are reversed rf, and only if. the reasons for Ihe impaimient loss have ceased to apply. Where an impairment loss subsequenty reVee5. the caTrying amount of the asset is increased to the Tevised esttmate of its recoverable amount. bul so that the increased Calng amount does not exceed the tarrwng amount that would have been detennined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately. unless the relevant asset is carned in at a revalued amount, in lch case the reversal of the impairnent loss is treated as a revaluab'on increase. Cash and cash equlvalents. Cash and cash equivalents include cash in hand. depostts held at call wth banks. other short- term liqu investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wthin borrowings in cutrenl liabilibes. Flnanclal Instruments The charity has electad lo appty the provisions of Section 11 'BaS 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 liabilities are offset. wth the nel amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to setde on a net basis or to realise the asset and settte the lbIlity simullaneousty. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, a initialty measured at transacti price including transaction costs and are sUbSequenY carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measufed at the present value of the future receipts discounted at a market rate of interest Financial assets ctassified as receivable within one year are not amortised. 15
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEAIBER 2021 Basic financlal liabilities Basic finan81 liabilities, inctuding ueditors and bank kians are initialty ree£Jgnised 8t 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 classjfied as payable wilhin one year are not amortised. Debt instruments are sub5equenty carried al amorti5ed cost, using the effective interest rate method. Trade creditors are Obligat)n to pay for goods or setvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are Classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are reccgnised initially at transaction price and subsequently measured at amorbsed cost using the effectNe interest method. Derecognltlon of financlal Ilabllllles Financial liabilities are derecogni%ed when the charivs contractual obligations expire or are diharged or canlled. 2. Judgemants and kèy source8 01 èstimation uncortainty In the appIatiOn of the Charrtable Organisabons accounting policies, the Tnjslees a required to makejudgements, eslimales and assumptions about the carying amount ofassets and liabilities that are not readity apparent frorn other sources. The estimates and assoaated assumpthons are based on historical eXperiee and other factots that are considered to be relevant. Actual results may differ frtyn these estmates. The estimates and undedying assumptions are reviewed on an ongoing basis. RevisM)ns to accounting estimates are recognised in the period in whbch the eslimate is revised where the revision affects onty that period. or in the period of the revision and fvture pertods where the revision affects both current and firture pers. In the opinion of the Trustees there are no signiftsnl judgements or areas of estimation unrtainty. 3. Prfor year adjustment The prior year adjustm1 relates to deweciation charge on the buildings, not depreciated in prior years. The effect of not depreckqling the buildings in prior years K8 a reduction in Funds brought forward * 1 January 2021 of£208.548. 16
THE WILLIAPaWALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThfE YEAR ENDED 31 DECEMBER 2021 4. Donations and legacles 2021 2020 Donaty'ons Legacies 20.000 14.050 20,000 34,050 20.000 In 2004, the charity received the first distribution from the Will Trust of the late Dr Jean Shanks, which the Iruslees choose lo take in the fomi of cash and this amounted lo £653.500. A second interim distribub.on was made available on 15 December 2004 to the value of £1,700,000, consisting of shares wth a market value of £670.707 and £1,029,293 of cash. The trustees have invested these lurKts to generate ongoing income to help fijnd the acltvib'es of the charity- A further distribution of £800,000 vras made in April 2006. Further distributions were made in Febnjary 2008. February 2009. February 2010, and October 2010. A final distribution was received in June 2021 of £14,050 the estate of Dr Jean Shanks. In January 2009. the charity receNed the first distribUtn frcfft the John M Eargle 2003 Living Trust of $50,000. A second partial distribution of $200.000 was made available in December 2009. A further distribution was made in March 2011 and a final distribution in OctobeT 2011. The Iru$lees conb.nue to invest these funds to generale an on90ing income lo help fund the activities of the Charity- 17
THE WILLIAM WALTON TRUST OTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EPIDED 31 DECEMBER 2021 5. Income from Investments 2021 2020 Interest wervable Dividends Charities Propety Fund distributions 2.179 12,618 2,010 11.678 2,165 13,845 16,807 6. Othèr Income 2021 2020 Royalty income 837 908 7. Ralslng funds 2021 2020 Investrnent management costs 8,276 7,506 8. Charitsblo activities 2021 2020 Grants payable (see note 9> Support costs {see note 10) 61,923 15,476 61.923 15,476 9. Grnnts payabl¢ The charity makes grants to instsluti¢)ns and individuab in acrdance with ils grant making policy set out in the trustees, report 2021 2020 ra institutions.. None 18
THE WILIIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021 10. Support cosls 2021 2020 Sundry Audit fees Accountancy fees Legal fees Miscellaneous expenses Exchange (gainJAoss Depreciation 198 4,980 4,980 11,170 5,528 309 34,758 198 7,968 1.992 5,783 14651 61.923 15,476 11. Taxation The William Walton Trust is a registered charity and therefore. is not liable lo income lax or corporation tax on income or gains derived from its charitsble &tivities. as they fall within the various exemptions availab to registered charitEs. 12. Tanglble fixed assets Land at Greek Theatre & Is¢hla remodlal work Land and bulldln98 Total C05t at 1 January 2021 & 31 December 2021 717,800 1,737,880 2,455,680 D8proclatlon Al 1 January 2021 as restsled Depreciation charge in the year 208,548 34.758 208,548 34,758 Al 31 December 2021 243.306 243,306 Net book value At 31 December 2021 717.800 1.494.574 2.212.374 At31 December 2020 717.800 1,529.332 2,247,132 19
THE WILUAM WALTON TrUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 13. Fixed asset investments 2021 2020 Listed investment and cash held for re4nvestment Listod investments Market value at 1 January 2021 Additions al cost Disposal Net unrealised investment gainl(losses) 931,211 237,806 (226,5811 34,002 889.582 204.271 {185.7351 23.093 Market value at 31 December 2021 976,438 931,211 Cash held by Investment managets for re4nvestment 57.893 25,940 1.034.331 957,151 Cost of listed investment at 31 Deeemtr 2021 873,878 827.295 Ail listed investments were dealt on recognised stock exchanges. Listed investments held at 31 Decernber 2021 comprised the followng: 2021 2020 UK equities Overseas equthes Fixed interest Unil trusts Cash for re-investment CommL¥libes 268.220 372,942 228,689 58.113 57.893 48.474 201,064 348,517 253,686 52,606 25.940 75,338 1.034,331 957,151 14. Debtor5 2021 2020 Due within one year Charity repayment cLaim Accrued investrnenl income DivKlends 10.853 528 3,151 10,853 572 5.023 14.532 16,448 20
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 15. Crèdltor8: amounts falllng due wlthln one year 2021 2020 Accruals- audit & a¢counlancy 20,316 10,158 13. Truslees. remunevatlon expenses and arrangements No trustees were reimbursed for expenses during the year (2020." £nill. No remuneration was recewed by any of the trustees {2020'. £nill. No Iruslee had any beneficial interest in any contract the charity during the year. 17. Related party dlsclosures The Ihree trustees are also trustees of William Warton & La Mortella Trust (registered charity number.. 1115263). During the year. the charity received donations lotalling £20,000 {2020.' £20.0001 from William Waltr)n & La Mortella Trust. 21