Rogislernd Charlty No: 289605 THE WILUAM WALTON TRUST Annual Report and Unaudltsd Flnanclal Slatements For the year endod 31 D•comb•r 2023 BUSINESS ADVISORS & ACCOUWTANTS 6 Floor Kings House 9•10 Haymarkel London Unlted Klngdom SW1Y 4BP
THE MLLIAM WALTON TRUST Contents Reports Legal and administrative information Report of the trustees 2-5 Independent examinerfs report Accounts Stslement of financial activiti8S Statemènt of financlal p)sitlon Notes to th6 accounts 9-17
THE WILLIAM WALTON TRUST Reference and admlnlstrative information Patron HRH The Prince of Wales. KG Trustees John F da Luz Camacho Alessandra Vinciguerra Caroline Howard Registered Office 89 Judd Street London WC1H 9NE Charity Reglstration Number 289605 Independent Examiner Philip Clark TC Group 6th Floor King's House 9-10 Haymarket London SW1Y4BP Bankers Chartties Aid Foundation Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ
THE WILLIAM WALTON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report together with the financial statements of The William Walton Trust for the year ended 31 December 2023. The fin8nci81 statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's tnjst deed, the Charityes Act 2011 and "Accounting and Reporting by Charities: Stalemenl of Rècommended Practice applicable to charitY&s preparing their a¢counts in accordance with the Financial Reporting Standard applicab in the UK and Republic of Ireland (FRS102)" {effective 1 January 2019). Structure, govornanc• and manag•mont The Trust is govemed by a Trust deed dated 30 May 1984 and is a registered charity. number 289605. The Trust was established by an initial gift from Lady Walton following the death of her husband, Sir William Walton in 1983. Lady Walton died on Maroh 21. 2010. The Trust dS not actively fundraise and seeks to continue its work through careful stewardshlp of existing resourc8s. The Trustees are appointed by the Board and serve for three years after which p&rfod, they may put themsefves forward for re-appointment. The Trust Deed does not 8tsts a limit lo the number of Trustees. At the six monthty tnjstees, meetings the trustees agree the broad stratsgy arKI areas of actNty for the Trust. including consideration of grant making, investmen( reserves and risk management policies and perfomiance. The day to day administfdtion of grants and the processing and handling of applications is overseen by the Trustees. Newly appointed trustees undergo an orientation session to brief them of th•ir18gal obligations under charity law, the content of the Trust Dged. and the decisicsn making processes, the role of the Administrator and rentfinancIal perfomance. Priorto takln9 UP the post trustees meèt the key persons associated with the running of the Trust. Risk manag•m•nt The Trustees have assessed the major risks to whlch the charity Is exposed. n particularthose relating tc the specific opetational areas of the Charity and its finances. The Tntstees beIve that by monitoring reseNe levels. by ensuring controls exist over key fanCIal systems. and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. Objectlves and actlvltles The obi8cts of the Trust are tmfokj: Geneial.. The Trust aims, through the music of William Wafton, both to encourage edurAtion projects in schools and to develop the potential in young professional musicians at the start of their reer8. Specrfic: 1. To promote and establish excellence in the performing arts (music. theatre, dance) wRhin the United Kingdom and abroad. with special reference to the music ofwilliam Walton.
THE WILLIAM WALTON TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectivos and actlvltles (contlnv¢d 2. To introduce the arts to the wldest possible audience embracing all ages and abilities. 3. To aid educatDnal projects encompassing British MUS particulady for special needs and inner city schools, where funding is restricted. 4. To develop a wide Trnge of master classes covering all asperAs of the arts under the guidancE of leading professional artists. In certain instsnces these will culminate in public perfomance. The objects are accomplished through cOperatIng with organisalDn$. promoting and SF)onsoring musical events in the UK, and Master classes in Italy, and actlro as a source of information,. specKi(ally: 1. To contlnue the development of the youth orchestra music festival at La Mortella held during June and July, widening its scope to include ballet and staged or semi-staged opera. To this end, to forge contacts dancelopera associalions and local (mainland) festivals to d8velop shared initiatives. In additn. to enquire aL*JLrt the ne$sary strnctures and facilities for these kind of performances. 2. To explo the pos5ibiltty of hosting master classes in conjunction with Unlted Kingdom and American instllutions andlor key organization$ thal could d8vebp a l¢)ng-tsmi agre8ment with us. 3. To contlllU8 to improve the Trust's websile, especially the news events sectrons, developing a stratègy to constantly update the available infomiation and Tnake tt into a worldwide resource for Watton scholars. 4. To develop proFcts in selected areas of the wortd where music ts ltIVated not only as an artistic 8xpression but also as a mean to improve the qualityof1rf8 and the social awareness of young people in marginal or troubled areas. 5. To continue to host and organise chamber music concerts at L8 Mortella involvlng students from vaTiOUS schools of music throughout the world. 6. To improve Ihe tacilities of the Archive to make them meet demands from rese8her$ and scholars and explo possible development of the facility. Th? oblgctivos for the yoar 2023 were To encourage performances of Fade in its 100 years anniversary. To improve and strengthen contacts with "social. orchestras, that is to say orchestras that have a deep commitment to address social injustices and environmentsl issuès in their educational plans and outr6ach programs. To review scholarships and support varlous music1 insttiutions. In reviewing our activities for the year and our plans for the future, we have had regard to Ihe Charity Commission's general guidan on public bener
THE WILLIAM WALTON TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grant making policy Grants are made to those 1KleS who request gjpport in putting on productions of William Wallon's music. Such productions are supported and monitored by the Trustees. Those who benefftfrom the Charty's work include young professional and amaleur musician5, young composers, audiencEs who attend concerts SUPFQrted by the Trust and students who StLthe Itfe and work ofwilliam Walton. The Trust seeks to create partnerships with other OrganisatnS that will develop opportuniti8s for its benefickaries. These projects may vary in content and duration. The Trust works hard to embrac* all raalistic opporbjnities. The Twst aims lo develop a wide range of master classes covering all aspects of the arts under the guidance of leading professional artisls. The Trust wlll contlnue to devek)p La Mortella as a rfOrming arts and study centre for grfted young musicians under the guKlance of the world's18ading teathers. Achlevements and perforn)anGe During 2023, 48 indoor chamber music concerts and 6 symphonic concerts were organized at La Mortella, IsGhia. The Chamber music concerts included fv40 perfOanceS of the ensemble that was awarded the William Watton Scholarship, narnely the Trio Sechter. and ensembl8 that was fOrnd at the Fiesole School of Music in 2022. bringing together three friends united by their passion for chamber music. There were performances by young piar¢ists, such as Pedro Lopez Salas, within the collabordlion with the Keyboard Trusts,. piano duets, Strings, voicè, guitar. during the fall a series of 8 concerts in collaboTrtion with the Accademia F11amnICa Romana. Dialogues, had great success. The Theatre season began on June 22 and it included various youth orchestras and ensembles, such as the Trinty College Choir, a Ballet perfomance, a Youth Jazz Orchestra and a very moving performance from th8 Orcheslra dei Quartieri Spagnoli from Naples, an inclusive orchestra based on the principles of El Sist8ma that aims to encourage young musician from disadvantaged background and to promote social skills and edUcatn for young people in impoverished circumstances. The Trust co-sponsored several performances of Fade in Concert Halls and Festivals through the UK, and In conjuncllon with the Fondazlone and Accademia Filamionica Romana produced in November a perfomance in a major theatre in Romè Italy, that was very well received. In the spring, Te Deum by William WaOn was performed during the coronation, which led to a surge in press inte$t, with interviews and special reports. Wamon's music was also performed during the Proms (Violin Concerto, 1 st Symphony and Belshazzar's Feast that was also broadcast on BBC). Just like in the past years, in the course of 2023 It was confirmed that the William Waon La Mortella Tnjst and the William Walton Trusvs adivities in the field of music in general, and in Ihe management of the Walton Museum and Archive, completely overfap, to the point that Ihere is no distinction baeen the two chadties in thls respect. Therefore, the Trustees, that are the same for both charities, decided to investigate about the possibilty of seeking a merger bemeen the two, as they believe that untfying Ihe organizations will simplfy the adminislrdtion and make it easEr to pursue their shar8d charitable purposes.
THE WILLIAM WALTON TRUST REPORT OF THE TRU8TEE8 (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Fln4ncl•l rovl•w TntI% rellant on th& In¢ome from h8 Investments and donatkms, the lotal in¢om@ In the year was £72.351 {2022.. £19,938) whlch Induded: donations from Wullam Walton & La MortelLg Trust £50,000 (2022: £nll) and Invesknent incomtr of£21.120. The bg18n¢e sheelshows tofAI funds of£3,193,484 (2022.. £3,ls7,323).TheTnte6S conslder that lthl of overall reserve8 mat¢hes the param818rn 88t out in the charity'8 rè8er¥e8 i¢y. Inv•Blm•nt poNGy Tha TiW8Y$ knve8bnentstrategyl8 toe4Trtlnu8wlth th8 Investments gifted from the laté DrJean Shanks. The objeclfve i8to maximlse total ietum by SnveAiing In 8 madlum to low rf8k pothlio. There arè no rtrICtIonS on the eh8rftylB PCYWW trj Invest and tho truste88 have not adopted an ethical In*8trn6nt pc41ry. Roserve• pollcy The charlty ¢athe8 Out a rnnge ol athllle8, some of wthi¢h comprtse projects requiring StgnFfNnt ongolng finaKial CCAnmitment and inveslment. The trustees have examlned the requlrement for free re8eThws. IA. tho8e unresthcted funds not de6ignated for 8pectfic The tntstae8' polky b to manage flnancial re80ur¢e$ in such a way a$ to provide in full for the commiknent6 m&Je, and to malnt8ln fre• reserm, suffident to enable further commltments to be made in line wtth their Iuiurè plan8. Plan$ for th• futur• Tha plans for2024 are: To roOn Wllliam W8JtDn Mu81e Room to publlc, organlzlng a dlsplay of Archlve matwial aTrJ of Ladywalton's obJe¢ts. To startworking ofthe morge belvmen th&Willi8mWalton Tru$1 andthe WIIBM Walton La Mortella ttust. To c(mlwiue the organlzatlon of concerts arKI muBlc fe8tival# at La Mortella. Thè TnBtee5 In offlce dng th& year wwe 8$ follows: John F da Luz Camacho Ajessandra VonUerra Caroline Hovtard 4)proved ty the Trusts88 and Èlgned on thelr behalfr Joh da Luz Camacho - AppTnv•d by th• Trn8ts<on 28 Oetobor 2024
THE WILLIAM WALTON TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WILLIAM WALTON TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the trustees on my examination of the accounts of Th8 William Walton Trust {the Trust) for the year ended 31 December 2023. Responslbllltlos and basis of report As the charity trustses of the Trust you are responsible for the prgparatM)n of th8 accounts in accordance with the requirements of Ihe Charities Act 2011 ('the AGI,). I report in respect of my examination of the Trust's accounts carried out under s.145 of the 2011 Act and in carrying out my examination I have followed all th8 applicable DI¢t10nS glven by the Charity Commission under 5.14515)(bl of the Act Independent examIne5 statement I have completsd my examination. I confirm that no material matters have come to my attentrin in connectlon wlth the examination giving rre cause to believe that in any material respéct: {11 accrmjnting reD)rds were not kept In respect of the Trust as required by section 130 of the Act; or {2) Ihe a¢c£Junts do not accord wtih those rerds. or {3} the accounts do not wmply with the applicable requlr8ments concerning the form and Content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view lCh is not a matter considered as part of an independenl examination. I have no concems and have come across no other matters in (x)nnectron with the examination to attentlon should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Phllip Clark FCCA 6th Floor King's House 9-10 HaymaTket London SW1Y48P Dated.. 3011012024
THE LLIAm WALTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Unrestri¢tsd Funds 2022 Unrestrlcted Funds Notes Income and endowments from: Donations and legaci&s Investments Oiher 50,000 21,120 1,231 19.356 580 Total In¢omo and ondowm•nts 72.351 19.936 ondiluro on: Raising funds Charitable activlttes {9,000> (69,047> (8,356) {47,352) Total expenditure (78.047) {55,708) Gains and losses on InStMents. Unrealised gainslllossesl on revaluatlon of Investments Realised gains on sale of investments 18,396 23,461 {94,696) 1,662 Net galnslllosses) on Investments 41.857 (93.034) Net inGornel(expenditurfr) and Net movement In fvnds 36,161 (128,806) Reconclllatlon of funds: Balances brought forward At 1 January 2023 3.157.323 3,286.129 Balances carrlèd forward At 31 December 2023 3.193,484 3.157.323 All incorrE and expetKliture relale to Ihe gene1 fund, whith is unrestiicted. The statement of financial activiiiès includ8s all gains and losses regnISed in the year.
THE WILLIAM WALTON TRUST STATEMENT OF FINAIICIAL PO8rrioN AS A T31 DECEMBER 2023 2023 2022 Flx•d usets Tangible assets 10 11 2,142,858 I,3,829 2.177.616 948,959 3.148,687 Curr•nt aM•ts Debtors due withln one year Cash at bank and in hand Crodltorn: Amounto falllng duo wllhlv ong year 3,126.575 12 1.403 55.126 1S,656 25.250 13 (9,732) (10.158) Net ¢urrent a88ets 46,797 30,748 Total a889ts less currant Ilabllltl•• 3,193.484 3.157.323 R•pr6Mntod by. Fund8 and ra80rv•• UnFestrl¢ted furK18 3,103,484 3.157,323 l assets and Ilabiliknes r•laie to the general fvnd, whkh is unrtstricted, The aGctyJnts waro approvod bythe TN8te6s on 28 Octobor 2024 and signed on thelr behaff Luz Camacho 8t
THE WILUAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. Accountlng policies Charlty Inforniatlon The William Walion Twsl is 8 Charity registered in England and W8l&s. The gistered address is 89 Judd Street London WC1 H 9NE. A¢¢ountlng ¢onventlon The accounts have been ppared In accordance with the Charlty's twst deed. the Charltles Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aC)rdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102)' lefflive 1 January 20191- The accounts are prepared in steding. whi¢h is the fundional currency of the Charity. netsry amounts in these financial statements are rounded to the nearest £. The accounts have been prapared under the hlstorfcal cosl convenlbn. The prlncipal accounting lIcieS adoptsd are set out below. Golng GonGgrn At the time of approving the accounts, the Trustee8 have a rea80nable expectation that the Charity has adequate resou[S to continue in operational existenGe forthe foreseeable future. Thus the Trustees continue to adopt the going concern basis of a¢cnunting in preparing the accounts. Charltsble funds Unrestricted funds are available for use al the discretion of the Tru51ees in fUriheran of their charitable objectives unless the funds have been deslgnated for other purposes. Income Incoming resources are recognised in the pertod in whSch the charlty Is entled lo rechipt and the amount can be measured with reasonable certainty. Wilh the exceplion of voluntsry InMe arising from donations, all incom8 is crédited to the slaiement of finan¢ial aGtivities on an accruals basis. Donations are cdited to the ststement of finanoi81 activiti8s in the [M)d in ¥thich they ara received. Expenditure Expenditure is Inclutjed in the statement of financial activities en incurred and includes attributable VAT which cannot be reo)vered.
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMEKrs IcoKriNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Resources exnded Ixmprise the following: Charitable adivities include grdnt paymenls, which are included in the statemerrt of financial activities when approved and when the intended recipient has either reiVed the funds or been infomied of the decision to make the grant and has satisfied all related <xJnditions. Grants where the beneficiary has not been infomed or has to met certain o)nditions before the grant is released are not accrued for but are noted as financial commitments in thè notes to the accounts. b. Support costs reLqte to arrL)unts paid to those invofved In the Offi arKI a(Iministratb?n Side ofthe Charity. c. Govemance cnsts r81ate to accountancy fees and olher expenses incurred in the management of the charity's assets, organisational procedures and the necessary legal prordutE8 for cf)mpliance with statutory requirements. Cash Ilow The accounts do not include a cash flow statement CaUse the charity, as a small reporting entity, is exempl from the requirementto prepare such a stat8m8nt under Financial Reporting Stsndard 1 "Cash flow statements" Tangible fixed assets and deprecialion Tangible fixed assets are slated at wst less depreciation. D8preciatlcffi is provided at rates calGulaled to write off the cost less estimated r8sidual value of eath asset over rls expeded useful lrfe. as follows.. Land and buildings - 2% straight lin6 The twstees consider that no depreciation is Charged on th8 land as it has an unlimited lrfe. Flxed asset investments Inv6Stments are stated at market value. The statement of finarKial activities include the net gains and losses arising on valuation and disFwls throughout the year. Roallsed galns and losses All gains and losses are taken to the statement of financi81 activities as they arise. Realised gains and losses on investments are Calculated as the drfference between sale$ proreds and OP8ning market value (or value at pUhase date rf later). Unrèalised gains and losses are calculated as the dtrreren(x belween the market value at the year eTrJ and op8ning market valu8 (Of value at purchase date if later). Forolgn currency translation hnon&tary assets and liabilities denominaled in foreign currenGie$ are translated into st8rling at the rates of exchange ruling at the balance sheet date. Transaciions in for8ign Currencies are Tecorded at the rate ruling at the date of the transaction. All d[fferenS are taken to the profrt and bss Ount. 10
THE WILUAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Impairmfrnl of fixed assets At each reFQrting end date, the charnty revlews the carying amunts of its tangible assets to detemine whelher there is any indic2tion that those assets have suffered an Impainent loss. 11 any such indication exists, the recoverdble amount of the awt is estimated in order to detemiine th8 éxtsnt of the impaimenl loss {rf any}. Recoverable amount 15 Ihe higherof fair value less costs to sell and value in us8. In assessing valu8 in use. the estimated future cash flows are discounted to their present value using a pre- tax dlscount rate that reflects current market assessments of the time value ol money and the risks specific to the asset for which the esllmates of future ¢ash flows have not been adjusted. If the reo)verable amount of an ass8t is estimated to ba less than its orying amount, the carrying amount of the asset is Trduc8d to its recoverable amount. An impaiment loss is fecognised immediately in incomel{expenditure) for the year. unless the relevant asset is carrted at a rèvalued amount. In whiGh case the Impairnt loss ts treated as a revalu81k)n Re¢ognised impairnent losses are reversed rf. and only rf, Ihe reasons forthe impainnent loss have ceased to apply. Where an impairment loss subsequently reverses, the carylng amount of the asset is increased to the revised estimate of tts re(x)verable amount. but so that the increased carying amount does not exceed the carrying amount that woukl have teen determined had no impaimient loss been rècognised for the asset in prior years. A reversal of an impalmllt loss is regnised immediately, unless the relevant ass6t is caffied in at a revalued amoun( in which case the reversal of the impairrnent k)ss is treate(J as a valuation Increase. Cash and cash oquival•nts. Cash and cash equivalents include cash in hand, d8posils hekl at 11 with banks, other short- tem liquid investments Wtth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in (rrent Ilabllities. Financial instruments Th8 tharty has elected to appty the provisions of SectK>n 11 'Basic Financial Instrum&nts'. Finan(ial instruments are recognised in the Statement of Financial Positp)n when the charity becomes part to the contraclual provision8 of the inslrument. Finan(ial assets and liabilities are offset, with the net 8mounts prèsented in the financial ststements, when there is a legally enfor¢eabb right to set off the recognised anUnts and therè is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include deblors and cash and bank balanc88, are initialty m8asured at tranSaCtn pri including transaction costs and are subsequently carried at 8mortised cost using the èffectiv8 Snterest method unless the aryangement C($tuleS a financial transaction, where the Iransaction is nasured al the present value of the future receipts discounted at a market rate of interest. Financlal assets classffied as receivable whNl one year are not amortised.
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEIAENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Baslc financlal Ilabilities Basic fnancial liabilities, Including creditors and bank ksans are initially recognised at tr8ns8Ction price unless the arrangement Ixinstitutes a financing transaction, where the debt instnjment is rrEasured at the present value of the future payments discounted al a marf(et rate of interest. Financlal lfjabllltles ¢18ssrfied as payable wtthin one year are not amortised. Debt instruments are subsequently rried at amortised ¢osL using the effective interest rate m8th0d. Trade Creditors are obligation to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are c18ssrfd a8 current liabilities rf payment is due within one year or les8. If not, they are presented as non-current liabilities. Trade creditors are recognis8d initially at trdnsactw)n price and subsequently measured at amortised cost using the effective Inte$1 ethOd. Dfrrecognillon of flnanclal Ilablllth8 Financial Ilabllitles are derecognised when the charity'5 contractual obligats'ons expire or are discharged or cancelled. 12
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (COPTfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2. Donalions and legacies 2023 2022 Donations 50.000 50.000 In 2004, the charity received the first distribution from the Will Trust of th8 lats Dr Jean Shanks, which the truslees ch005e to tske in the fo of cash and this amounted to £653,500, A second interim distribution was made available on 15 December 2004 to the value of £1.71)0,000, consisting of shares with a market value of £670,707 and £1,029.293 of cash. The trustses have invested these funds to g8nèrat8 an ongoing income to help fund the activitiès of the charlty. A further distributs'on of £800,000 was made in April 20C6. Further distributions w8r8 mde in February 2008. February 2009, February 2010, a1 October 2010. A final distribution was received in June 2021 of £14.050 from the estate of Dr Jean Shanks. In January 2009. the charity r8¢eÈved the first distribution from the John M Earg 2003 LivirKJ Trust of $50,000. A second partial distribLrtion of $200,000 was made available In Dember A further distribution was made in March 2011 and a final distribution in Othr 2011. The trustees continue to invest these funds to generate an ongoing IncMe to help fund the actNities of the tharity. During the year. a donation was made from William Walton & La Mortella Trust of £50,fy)0 {2022 - £nil}. 13
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 3. InGome from Investmonts 2023 2022 Interest receivabl8 Dlvidends Charities Property Fund distributions 1.860 15,993 3,267 382 16,750 2.224 21.120 19,356 4. Other Incomg 2023 2022 Royalty incoffe 1.231 580 5. Raising funds 2023 2022 Investment managemént costs 9.000 8.356 6. Charitable a¢tlvltks 2023 2022 Grants (see note 7) Support costs {see note 8) 5,750 63,297 47,352 69,047 47,352 7. Grants 2023 2022 Grants to lnsttiutnS Grants to individuals 3,987 1,763 5,750 8. Support costs 2023 2022 Sundry Accountancy fees Miscellaneous expenses Excharoe {gainyIoss Charity repayment claim Depreciation 603 9,152 7,976 (45) 10.853 34,758 602 9,960 2,469 (437) 34.758 63,297 47.352 14
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 9. Taxation The William Walton Trust is a registered charity and therefore, is nol liable lo income tax or corpor8tion tax on income or gains derived from its Charitab activities, as they fall wslhin the various exemptions available to registered charities. 10. Tangible fixed assets Land at Greek Thoatrn & Ischia remedial work Land and bulldlngs Total Cost at 1 January 2023 & 31 Dember 2023 717,800 1,737,880 2.455.680 D•proclatlon Al 1 January 2023 Depreclation charge In the year 278,<4 34.758 278.064 34,758 At 31 December 2023 312,822 312,822 Net book value At 31 December 2023 717,800 1,425,058 2,142,858 At 31 December 2022 717,800 1,459,816 2.177.616 15
THE WILLIAM WALTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11. Flxed assel investments 2023 2022 Llsted Investment and cash held for re-lnvestmont Llsted Investments Mgrket value at 1 January 2023 Additions at cost Disposal Net unrealised investment gainl{losses) 876,010 277.754 {214,412) 18.395 976,438 273.611 (279,3441 (94.696) Market V81ue at 31 December 2023 957.747 876.009 Cash held by investment managers for re4nveslment 46,082 72.950 1,003.829 948,959 Cost of Ilstsd investsment at 31 Decenknr 2023 919,676 883,203 All listed investments were deall on renISed stock exchanges. Listed investm8nts held at 31 December 2023 comprised the following.. 2023 2022 UK equitKg8 Overseas equilles Fixed interest Unit trusts Cash for re-investmenl Commodthes 255,999 304,146 347.267 50.335 46,082 245,299 252,758 279,755 53.542 72.950 44.628 1.003.829 948.959 12. Dobl*xs 2023 2022 Due whhln one year Charity repayment claim Accrued investment inwme DNidends 10.853 565 4,238 1.403 1,403 15,656 16
THE WILLIAM WALTON TRUST MOTES TO THE FINANCIAL sTATEMEr5 (coTririNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13. Creditors: amounts falling duo wlthln one year 2023 2022 Accruals- acwuntancy fees 9,732 10,158 14. Trusle¢s' remuneratlon exponsos and arrang•m•nts No trustees were reimbursed for exp8ns88 during the year (2022.. £nll). No remuneratlon was received by any of the trustees (2022.. £nil). No trustee had any beneficial interest in any contract Nwth the charity durirvJ the year. 15. Relat•d party disclosuros The three trustees are also trustees of William Walton & La rtella Trust Ireglstered charity number. 1115263). During the year. the charity received donatiDn8 totalling £50,00012022.' £nil) from William Walton & La Mortella Trust. 17