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 per￿1, they
may pul themselves fO￿ard 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.
N￿Y 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 h￿fold=
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 ex￿llenCe 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 eMb￿ng 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 C￿oPerating 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 Cla￿eS in conjuncb.on United Kingdom
and American inslitulk)ns andlor key organizations that could develop a Iong-lerm
ag￿emen1wIth 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 Invo￿1ng
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 ¢On￿rtS 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 bener￿laTieS. 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 con￿rtS 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 pr0￿mity.
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 DiStr￿t 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 restr￿tIonS 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 prOv￿e 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 pract￿e.
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 Operat￿n.
The T￿￿tee5 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 s￿ned 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 Ar￿Untrng 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 responsibilit￿S 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 otheTh￿se 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• r￿UlTed 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 pr￿dureS and controls that the charity has established to address
risks identified, or that otherwse prevent. deler and detect fraud.. and how sen￿r
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 reaSona￿e assurance that the firtanC￿l 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 pr￿edureS 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-assurance￿landardS-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 roUnd￿j 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 reSoUr￿S 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 finar￿la1 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. DepreG￿li0n 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 depre￿akn'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 reV￿w5 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
Carr￿ng 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 reVe￿e5. the caTrying amount
of the asset is increased to the Tevised esttmate of its recoverable amount. bul so that the
increased Cal￿ng 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 l￿bIlity
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 sUbSequen￿Y 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 finan￿81 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
di￿harged or can￿lled.
2. Judgemants and kèy source8 01 èstimation uncortainty
In the appI￿atiOn 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 eXperie￿e 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 per￿s.
In the opinion of the Trustees there are no signiftsnl judgements or areas of estimation
un￿rtainty.
3. Prfor year adjustment
The prior year adjustm￿1 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 distribUt￿n 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 ac￿rdance 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 Deeemt￿r 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