EMERY WALKER'S HOUSE The Emery Walker Trust's Five Year Business & Strategic Plan
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EMERY WALKER’S
HOUSE
The Emery Walker Trust’s
Five Year Business &
Strategic Plan
41 25
Contents FIONA MACCARTHY author of
William Morris A Life for Our Time (1994)
‘This is the most remarkable small-scale
Arts and Crafts interior anywhere in
Emery Walker Trust
Britain. Emery Walker’s close friendship
Five Year Business & Strategic Plan
with his Hammersmith neighbour
4-5
William Morris is reflected in every detail
Executive Summary of this magically atmospheric house
6-7 beside the river Thames. Visiting the
Introduction house you get a real sense of the visual
9 - 23 and political ideals that formed it.
(1) The Emery Walker Trust At 7 Hammersmith Terrace life as it was
actually lived by Morris and his friends
(2) Why is Emery Walker’s House important?
has been miraculously preserved.’
(3) The vision for the future
(4) Key achievements to date
(5) Funding: the current position COMMENTS FROM VISITORS
(6) Funding: the Emery Walker
‘Wonderful time capsule – must be saved.
Trust’s future development
Absolutely fascinating. Brilliant guide.’
(7) The Emery Walker Trust’s development plan (Anonymous, April 2006)
‘Very interesting as a real house –
Appendices
not museum.’ (Jane, April 2006)
25
Appendix A: Staff, trustees & other volunteers ‘In my opinion this house is a national
as at October 2011 treasure.’ (Amanda, September 2009)
26 - 30
‘I write to sincerely thank you and
Appendix B: Trustees’ report (extract) & EWT wish you the very best of luck in the
Management Accounts 2009, including the preservation of a wonderful archive
2010-11 Budget treasure. Our tour that day was excellent,
34 erudite, eloquent, and amusing, a great
Appendix C: Estimated revenue & joy to us and a triumph of presentation
for you.’
capital requirements
(Terrance and Tina, May 2010)
37
Acknowledgments ‘Definitely the most beautiful garden
in SW.’ (Marion, June 2010)
Cover:
2.3 Furnished
Williamwith
Morris’s
Morris
‘Bird’
walhangings
2.3 Furnishe
in the
with
dining
Morris
room
wal
at 7 Hammersmith Terrace 2.3 Furnished with Morris wal The
2.3 Furnishe
garden and
with
conservatory
Morris wal
Furnished with Morris wal 2.3 Furnished with Morris wal Furnished with Morris wal 2.3 Furnished with Morris wal
6 7
Executive Summary House. The Trustees have also undertaken discussions with a number of national heritage
organisations about the range of possibilities open to the EWT when considering the best way
of ensuring the future of the house and collection.
1
The Emery Walker Trust (EWT) is a registered charitable trust (charity number 1080438), 5
established in 1999. It owns, cares for and displays to the public 7 Hammersmith Terrace Currently the EWT is managed by its trustees and a Curator, employed for one day a week. An
in west London, the home of Emery Walker from 1903 until 1933. He was a distinguished active group of 28 volunteers organises the house’s opening and leads the tours for visitors.
typographer, printer and antiquary, a colleague and close friend of William Morris and is best The house has been open annually to the public since 2005, from April until the end of
remembered for the help that he gave to Morris in setting up the Kelmscott Press. The interior September, and it is our aim to increase the number of visitors annually to around 2,000.
of the house reflects the central role that Walker played in the Arts and Crafts movement;
furnished with Morris wallpapers and textiles, as well as furniture and other objects designed 6
by Philip Webb, it is one of the best preserved and most authentic Arts and Crafts interiors in For the EWT’s financial and development plans, see Sections 5, 6 and 7 of this Plan, which
Britain, with international appeal. should be read in conjunction with each other. Current funding of the EWT is entirely
dependent on income from an endowment of £275,000, from rents, from income from visitors
2 during the opening period, from occasional small grants for specific purposes, and fundraising
The Trustees of the EWT have developed this five-year Business and Strategic Plan with the from interested individuals. This combination has been insufficient to cover past operating
clear objective of preserving Emery Walker’s house with its collections intact, and creating costs, and the scope for developments, essential to the survival of the Emery Walker Trust, has
the infrastructure required to make the house more accessible to a wider range of people. The been limited.
plan sets out what is required to meet these objectives (see Section 7). There is a strong focus
on developing an education programme aimed at attracting younger students and visitors; 7
enhancing the display of elements of the collection that are not currently on permanent The EWT’s five-year development plan is described in detail in Section 7 of this Business
display; and instituting a long-term programme of conservation of the collection, repair of the and Strategic Plan. Some key developments are summarised in sections 2, 3, 5 and 6 of this
house and restoration of the garden. Executive Summary. In addition to its annual income (described in Section 5) the EWT is
aiming to raise the following funding:
3 Total £ Revenue £ Capital £
A key element of our on-going strategic development as an organisation seeking to change the Year One 16,420 16,420
way that we approach our core objectives is the newly formed partnership between the EWT Year Two 55,000 45,000 10,000
and the William Morris Society, based at Kelmscott House, Hammersmith. This is an exciting Year Three 144,720 49,720 95,000
collaboration based on a shared commitment to the Arts and Crafts movement as well as the Year Four 77,310 57,310 20,000
proximity of the two houses. Joint initiatives, outlined in this Business and Strategic Plan, are Year Five 57,820 57,820
primarily aimed at providing a more varied visual and intellectual experience for visitors, as
well as collaborating to provide the space required to run a joint education programme, and In order to achieve the aims and objectives described in this Plan, the EWT is embarking on
ensuring that day-to-day management is delivered in the most resource-efficient manner. a major fundraising campaign, which will include applications to grant-giving organisations.
Fundraising will build on this Business and Strategic Plan and also on the detailed reports
4 commissioned in 2008 on receipt of a Project Planning Grant from the Heritage Lottery Fund.
The EWT is also a member of two networks of small museums; the London Shh (London
Small Historic Houses) and the Morris Network, which includes Kelmscott Manor and Red
8 9
Introduction
The Emery Walker Trust is a registered charitable trust. It owns, cares for and displays to the public
7 Hammersmith Terrace, which from 1903 until 1933 was the home of the distinguished
typographer, printer and antiquary Emery Walker, a colleague and close friend of William Morris.
By so doing it endeavours to promote the study and appreciation of the Arts and Crafts Movement as
well as the legacy of Emery Walker.
The Trust is at a turning point. The preservation of Emery Walker’s House and its collections as an
intact ensemble, accessible to the public, depends on the achievement of the objectives set out in this
Plan. It describes the Trust’s vision for the future and the financial targets that must be achieved in
order to realise that vision.
The Plan was drafted by the trustees of the Emery Walker Trust after consultation with staff and
volunteers and was approved by the trustees in September 2011. It will be updated on an annual basis.
John Cherry FSA, Chairman of Trustees
Emery Walker in about 1890. Cheltenham Museum and Art Gallery A late-19th-century print of Hammersmith Terrace. Hammersmith & Fulham Archives
10 11
7 Hammersmith Terrace
& The Emery Walker Trust
1 The Emery Walker Trust
1.1
The Emery Walker Trust (EWT) was set up in February 1999 by
Elizabeth de Haas, who had inherited 7 Hammersmith Terrace
on the death in 1963 of her friend Dorothy Walker, Emery
Walker’s only child. The Trust was endowed with the freehold
of 7 Hammersmith Terrace and with funds of £450,000, which
Miss de Haas had raised by the sale of Emery Walker’s fine-book
library to Cheltenham Art Gallery & Museum in 1990.
1.2
The Trust came into operation on Miss de Haas’s death in June 1999. The trust deed names six
institutions with a particular connection with Emery Walker or the Arts and Crafts movement
– the Art Workers’ Guild, the British Museum, the Society of Antiquaries, the Society for the
Protection of Ancient Buildings, the Victoria and Albert Museum and the Victorian Society –
who may nominate trustees. The trustees may also co-opt additional trustees. In September 2011,
there are eight trustees, who meet at least four times a year. Their chairman is John Cherry FSA.
2 Why is Emery Walker’s House important?
Emery Walker (1851-1933) is best remembered for the help that he gave to his friend and
neighbour William Morris in setting up the Kelmscott Press. He was also associated with
several other important private presses, notably the Doves Press, founded in 1900 by
T. J. Cobden Sanderson, who lived at 7 Hammersmith Terrace from 1897 to 1903.
For more information, see http://www.emerywalker.org.uk/emerywalker.php
2.1
Built in 1755, 7 Hammersmith Terrace is a narrow, three-storey brick house with a basement
and attic. Its principal interiors, all of which are currently shown to the public, are the ground-
floor dining room (which opens into a conservatory), first-floor drawing room and second-
floor bedroom. All have views over a walled garden that runs down to a terrace and summer-
house overlooking the Thames. These small rooms, which survive essentially as Emery
Walker decorated and furnished them in the early twentieth century, document both the life
of an important associate of William Morris and the impact of Morris & Co. on the history of
interior decoration.
The Terrace from across the river and Emery Walker’s Blue Plaque, unveiled in 1958.
Photo: Paul Barker/Country Life
12 13
2.2
In its intact state, the house also vividly exemplifies Hammersmith’s long association with art
and craft that began in the eighteenth century and has continued to the present day. Many of
Walker’s friends and associates in the Arts and Crafts movement, including the calligrapher
Edward Johnston and the sculptor Eric Gill, lived or worked nearby. William Morris’s
Hammersmith home, Kelmscott House, provides the base for the William Morris Society,
which opens part of it to the public.
2.3
Furnished with Morris wallpapers and textiles, as well as furniture and other objects designed
by Philip Webb, and crowded with Walker’s mementoes of his friends, 7 Hammersmith
Terrace has some of the best-preserved and most atmospheric authentic Arts and Crafts
interiors in Britain. The fragility of this unique and beautiful ensemble presents a significant
challenge in terms of providing public access.
3 The vision for the future
The Emery Walker Trust exists to promote the widest possible appreciation of the legacy of
Emery Walker and the Arts and Crafts movement.
Our priorities for achieving this aim are: (a) to provide access to 7 Hammersmith Terrace and
its collections and garden by (i) regular opening to the public and (ii) publishing on-line a
comprehensive virtual tour of the house and a searchable catalogue of the collections.
This is in part a recognition that the nature of the house makes physical access to all but
its ground floor impossible for those unable to use stairs; (b) to encourage the study and
enjoyment of the work of Emery Walker and the Arts and Crafts movement by
(i) providing an educational programme aimed at all ages and (ii) collaborations with
other organisations and individuals to encourage research into all aspects of the house and
its collection; (c) to conserve and manage the house, its garden and its collections to the
standard that will allow Emery Walker’s House to be accredited as a museum by Arts Council
England, which sets the national standard for museums in the UK;
(d) to complete the programme of repairs and conservation of Emery Walker’s House that
has been under way since 1999.
4 Key achievements to date
4.1
Since 2000 the EWT has invested around £200,000 in essential repairs to the house,
including emergency electrical and plumbing works, and urgently required conservation
of the collection.
The dining room, with photographs of William Morris and
Lawrence of Arabia among mementoes of Walker’s friends
14 15
4.5
To ensure that the full range of possibilities for the
immediate future of Emery Walker’s House had
been considered, the trustees undertook the widest
possible consultation with relevant organisations,
including the National Trust, English Heritage and
the Landmark Trust.
4.6
In 2005, having recruited a part-time salaried
administrator and a team of volunteer guides, the
Trust opened the house to the public. Although the
fragility of the house’s interiors means that parties of
no more than eight visitors can be admitted at any
one time, the house has attracted on average 1,000
paying visitors a year.
4.7
The house has received a great deal of publicity. It
has been featured on television (BBC London News),
and on Radio 4’s Front Row programme and BBC
London radio’s Robert Elms Show. It has been the
subject of articles in Time Out, Country Life and
other magazines and has received regular coverage
in the local press.
4.8
4.2 Emery Walker’s House belongs to two significant
The historian Aileen Reid has compiled a complete illustrated inventory of the house’s networks of small museums aimed at greater
contents in digital format and has initiated a listing of the house’s archive of letters and other collaboration, especially for marketing and publicity:
documents. This inventory runs to some 3,000 entries. Discoveries continue to be made: London Shh (London Small Historic Houses; www.
in 2010, for example, an oil portrait of Emery Walker formerly in the house came to light in londonshh.org) and the Morris Network, which
a private collection, and has been offered on loan to the EWT for display at Emery Walker’s links it to the William Morris Gallery, Red House,
House. Kelmscott Manor and Wightwick Manor.
4.3 4.9
A website, www.emerywalker.org.uk, has been set up. It contains information about Emery To conserve its scarce resources, the EWT is working
Walker and his house and provides an on-line booking service for visitors. closely with its sister organisation in Hammersmith,
4.4 the William Morris Society, to encourage joint
At present 28 volunteers generously give their time to the organisation – as trustees, by visiting of Emery Walker’s House and Kelmscott
organising the opening of the house and leading tours, by tending the garden and by playing House and thereby increase visitor numbers. It is also
an active role in fund raising. An email database of supporters of the EWT has been created. working with the William Morris Society to develop
Currently consisting of 3,000 names, it forms an essential resource for fundraising, marketing joint educational, outreach and marketing and
and publicity. publicity initiatives (see below, Paragraphs 7.1-7.4).
Photographs from the archives: (above) May Morris, her husband, Henry Walker in Spain in 1905 buying a jug still
Halliday Sparling, Emery Walker and George Bernard Shaw around 1890 at 7 Hammersmith Terrace
16 17
4.10
In 2008 the EWT was awarded a £50,000 Project Planning Grant by the Heritage Lottery
Fund. With this it commissioned a Conservation Management Plan and Access, Audience and
Education Plans, all completed in 2009. These documents form a detailed foundation for the
EWT’s intended future development, as outlined in this Plan.
4.11
The EWT has a good track record in obtaining small grants for specific purposes, ranging from
£200 from Hammersmith and Fulham Council for publicity to £5,000 from the Leche Trust for
external building repairs and £5,000 from the Mercers’ Company for textile conservation.
4.12
In 2009 the Trustees committed themselves to a renewed focus on fundraising, and as well
as applying for a number of small grants, raised £12,000 from private benefactors. These
included a number of individuals who had visited Emery Walker’s House and are prepared to
make a commitment to its future. In addition, the William Morris Society (USA) supported the
EWT’s fundraising initiative with an appeal to their members.
5 Funding: the current position
5.1
In 2009-10, the EWT’s endowment generated an income of some £6,300. In addition, rents
from the basement flat and the garage yielded approximately £8,800 per year, visitor income,
including the sale of souvenirs – based on opening 3-4 days each week from April to September
– was £15,800 and donations, one-off grants for specific purposes and miscellaneous receipts
totalled £15,400 – a total of £46,300.
5.2
Expenditure in 2009-10 was £64,375, giving a planned deficit of £18,075. Realised gains on the
trust’s portfolio of investments amounted to £15,500, reducing the deficit to some £2,600.
5.3
In 2010 the trustees decided that the historic imbalance between income and expenditure
could not be sustained and have reduced this significantly by changes in staffing levels from
a full-time post to a part-time Curator employed for one day a week. This arrangement will
reduce the operating deficit to approximately £5,300 in 2010-11 – a figure that is seen as
sustainable in the short-term. One of the key aims of this Business and Strategic Plan is to
create a sustainable financial position for the organisation, based on a balanced budget.
5.4
Attached as Appendix B is the organisation’s Management Accounts as at 30 September 2010
(which include the Budget 2010-11) and as Appendix C a summary of the estimated revenue
and capital requirements.
The entrance hall.
The table belonged to Morris
18 19
6 Funding the Emery
Walker Trust’s
future development
Section 5 sets out the EWT’s current funding
position. This section, which should be read in
conjunction with Section 7, summarises the EWT’s
future plans and requirements for funding.
Fund raising
6.1
The EWT will continue with its fund-raising
campaign aimed at the achievement of three
principal targets: to continue to open the house
to the public on a financially sustainable basis, to
undertake a series of initiatives designed to widen
access to the house and an understanding of its
legacy, and to continue its work of conservation
and repair. In 2011, a fund-raising concert, organised
by the EWT’s volunteers at Latymer Upper School,
Hammersmith, raised in the region of £4,500. A
grant application to the Heritage Lottery Fund is Other sources of regular income
planned for 2012 as are further events. 6.4 Future annual revenue from rents (7 Hammersmith Terrace’s basement flat and garage) is
estimated at £9,000 per year.
Income from visitors and merchandise 6.5 The EWT will seek to increase income by, for example, letting the house or garden for
6.2 filming or photography or social events, in so far as such activities are compatible with the
The trustees have set the ambitious target of conservation of the house and its contents.
doubling the current number of visitors to 2,000 a
year by 2014. They believe that this is the maximum Endowment income
that the house can sustain, given the limitations See Paragraph 5.1 for the current position regarding endowment income
imposed by security, the physical constraints of the 6.6
building and the fragility of the interiors. If the EWT were to follow the model of the National Trust’s funding of its historic houses it
6.3 would need an endowment of in excess of £4 million to secure Emery Walker’s House and its
Past experience of public opening (at an admission collections for the foreseeable future. The EWT can take a less conservative view of long-term
charge of £10 per head, £5 for concessions) suggests requirements and a figure of between £2.5 million and £3 million, yielding approximately 4%
that if provision is made for 2,000 visits a year this per annum, is considered to be realistic to achieve this aim. This would require it to raise its
will generate an annual revenue (from admission current endowment by an additional £2.2 million - £2.7 million. Once the targets for funding
charges, and from the sale of merchandise) of expenditure set out in Section 7 below have been achieved, the EWT will embark on fund
approximately £18,410 per annum in Year One, raising designed to raise such an endowment.
assuming a take-up of 85%. Detailed costings for development are given in the following section.
Dorothy Walker in about 1910. Elizabeth de Haas and her friend Mrs Leighton at
Photo: Dorothy Hickling Christmas in about 1990. Photo: John Leighton
20 21
7 The Emery Walker Trust’s development plan
7.1
The EWT’s immediate objective is to put in place a number of projects that will enable it to
begin fulfilling the objectives set out in its Vision for the Future, as summarised in Section 3
above. These projects will build on a partnership between the EWT and the William Morris
Society, based on their shared commitment to the Arts and Crafts movement and the
proximity of 7 Hammersmith Terrace and Kelmscott House.
7.2
Visitors to 7 Hammersmith Terrace and to Kelmscott House now have the
opportunity to undertake both tours, which provides a more varied visual
experience and a fuller understanding of the roles of William Morris
and Emery Walker in the Arts and Crafts movement.
7.3
Plans are being drawn up for joint grant applications, based on the
development priorities of both organisations (for the EWT see this Business
Plan). These include seeking funding for a three-year joint education and access project
that will build on the opportunities presented by the partnership. Other initiatives will
include joint fundraising and the development of a common pool of volunteers, who are
essential to fundraising, development and the day-to-day running of both organisations.
7.4
The EWT views these partnership arrangements as opening up opportunities to enhance
the visitor experience, to create openings for improved conservation, to develop
an educational programme for students of all ages, and to encourage day-to-day
management in the most resource-efficient manner.
Education
7.5
By the end of Year One the EWT will have appointed an education officer in conjunction
with the William Morris Society. From the EWT perspective, the educational programme
will focus on the life of Emery Walker, the interiors at Emery Walker’s House, and
Hammersmith’s long association with art and craft since the 18th century. Staff and
volunteers will collaborate to extend the educational activities currently undertaken by the
William Morris Society in a joint programme that will use the resources of Emery Walker’s
House to engage students of all ages and at all stages of study.
Resources required
A full-time Education Officer, a joint post with the William Morris Society, appointed for
an initial period of three years at a salary of £23,000-£25,000 (plus on-costs of 12 ½%), of
which the EWT’s share will be one-half or £13,000-14,000 per annum.
In the dining room: the bookcase
was designed by Philip Webb for himself22 23
7.6
By the end of Year Two the education and access monitoring, instituted a long-term programme of conservation and set in place the
programme will encompass the publication of a monitoring of the physical impact of visitors on the house and its collection.
guidebook and will further extend access to Emery Resources required for environmental monitoring: £10,000 (including VAT).
Walker’s House to the widest possible audience by 7.10
developing the EWT’s website to provide a virtual By the end of Year Three the Curator will have added a catalogue of the house’s
tour of the house and an illustrated catalogue of the archival material to the collection database, which will be made available online in a
contents in a searchable electronic database. searchable format.
Resources required 7.11
Production of a guidebook with an initial print run By the end of Year Five the EWT will have obtained Arts Council England accreditation
of 2,000 copies: £10,000 of Emery Walker’s House as a museum that meets the national UK standard.
Website development, including a virtual tour:
£20,000 Display of the collection
7.7 7.12
By the end of Year Four the programme will include By the end of Year Three the EWT will have established a permanent display area in
making Emery Walker’s House and its collections Emery Walker’s House to show changing selections of archival material and other parts
accessible to contemporary designers and makers, of the collection that cannot be permanently displayed.
by such initiatives as a designer Resources required: £75,000
in residence.
7.13
Care and Management of the Collection By the end of Year Five the EWT will have obtained additional space or utilised its
7.8 existing space to provide improved facilities for its educational and other activities and to
By the end of Year One the EWT will have appointed allow it to stage temporary exhibitions. Among the possibilities are (1) the use of premises
a part-time Curator to oversee the care, conservation at Kelmscott House, Hammersmith, by agreement with the William Morris Society (see
and security of Emery Walker’s House and its garden Paragraphs 7.1-7.4, above); (2) the development of property owned by the Emery Walker
and collections and the management of the house Trust (the basement of 7 Hammersmith Terrace or the house’s small garage, on the far
for public access and benefit. The feasibility of this side of Hammersmith Terrace); (3) the acquisition of additional nearby property.
forming a joint full-time post with the William
Morris Society is currently under discussion. Repair and redecoration of Emery Walker’s House
Resources required 7.14
A part-time Curator, appointed for an initial period These requirements for repair and redecoration follow the Conservation Management
of three years at a salary of £21,000 per annum Plan.
working three days a week (plus on-costs of 12½%), By the end of Year One, the roof of 7 Hammersmith Terrace will have been replaced.
or £23,600. Estimated cost: £18,750 including VAT
By the end of Year Two, all external repairs and redecoration will have been completed.
7.9 Estimated cost: £9,000 including VAT
By the end of Year Two the Curator will have By end of Year Three, all internal repairs and necessary redecoration will have been
compiled a detailed condition report of all the completed. Estimated cost: £9,000 including VAT
collection, made provision for environmental
Dorothy in costume for the Art Workers’
Guild ‘The Masque of Beauty’, 189924 25
Restoration of the garden
7.15
The aim of the garden restoration will be to implement the recommendations of
the Conservation Management Plan. These encompass two major elements: the
conservation of the well-preserved 19th-century layout of the garden created by
T.J. Cobden-Sanderson and the full reinstatement of the well-documented planting
scheme devised by Dorothy Walker, much of which still remains. It is envisaged that
this will be completed by the end of Year Four.
We envisage that the horticultural work will be done by volunteers, but have included
in the plan £1,800 for expenses, such as the purchase of new plants, over this period.
The Conservation Management Plan recommends that the existing summerhouse
should be replaced by a wooden structure based more closely on that depicted in the
plan of the garden in Cobden-Sanderson’s time.
The cost of the new summer house is estimated to be £10,000 and will be incurred by
the end of Year Four.
Project manager
7.16
By the end of Year One, the EWT will have appointed a Project Manager. Working to
the Curator, the Project Manager will oversee the day-to-day opening of the house,
including marketing and publicity; the management of volunteers and the database of
supporters; and the coordination of campaigns designed to fund capital projects and
provide annual revenue. The feasibility of this forming a joint appointment with the
William Morris Society is currently under discussion.
Resources required: A full-time Project Manager appointed for an initial period of
three years at a salary of £23,000-£25,000 (plus on-costs of 12½%).
The second-floor bedroom. The bedcover was embroidered by May Morris26 27
Appendices
Appendix A: Professional Advisers
Staff, trustees & Bankers CAF Bank Limited, West Malling,
Kent ME19 4TA
other volunteers Legal Advisers Farrer & Co., London WC2A 3LH
Investment Advisers J M Finn & Co., London
as at October 2011 EC2R 5TA
Independent Examiners and Accountants
Kingston Smith LLP, Chartered Accountants,
Volunteers London EC1M 7AD
Penny Bartrop, Guide
Clare Bowring, Guide Staff
Elaine Carswell, Senior Guide Helen Elletson, Curator
Anne Chatterton, Guide
Angela Clarke, Guide Trustees
Rachel Daley, Guide John Cherry FSA
Shirley Dave, Preventive Conservation Cleaner (Chairman) (nominated by the British Museum)
Margaret Ellis, Guide
Michael Hall FSA
Ann Goodenough, Senior Guide
(nominated by the Victorian Society)
Jenny Grant, Guide
Harvey James, Guide Simon Swynfen Jervis FSA
Ann Jones, Senior Guide (nominated by the Society for the Protection of
Olivia Johnston, Guide Ancient Buildings)
Kate McMahon, Secretary to Trustees and Guide Paul Reeves
Ian Palmer, Guide
Anne Thorne FSA
Dr Aileen Reid, Academic Curator
(nominated by The Art-Workers’ Guild)
Susan Richards, Guide
Anne Thurston, Guide Mary Wells
Marigold Wace, Guide Christopher Wilk FSA
Penny Watts, Preventive Conservation Cleaner (nominated by the Victoria & Albert Museum)
and Senior Guide
Martin Williams FSA
(nominated by the Society of Antiquaries of
London)
The drawing room. Like every room in the house it has original hand-
blocked Morris & Co. wallpaper, an internationally unique distinction28 29
Appendix B: Trustees’ Report (extract) Objectives and Activities After consulting a range of organisations and
individuals (including the National Trust,
& EWT Management Accounts 2009-10, Objects & Policy
English Heritage and the Society of Antiquaries
of London), the trustees decided on the following
including the 2010-11 Budget The objects of the Trust are “the advancement of
the education of the public in art crafts design and
course:
ŚЉЉЉ4OЉSECUREЉTHEЉFABRICЉOFЉTHEЉBUILDINGЉBYЉCARRYINGЉ
architecture in particular … by out some minor repairs, by renewing the electrical
The trustees of the Emery Walker Trust present trustee either from personal knowledge, or by using (a) promoting public interest in and the study wiring and by removing all the plumbing above the
their tenth annual report together with the financial the services of one of the not-for-profit organisations and appreciation of (1) artists, craftsmen, designers ground floor;
statements of the charity for the 12 months’ period that assist charities with trustee recruitment or by and architects of the nineteenth and early twentieth ŚЉЉЉ4OЉPUTЉTHEЉBASEMENTЉЄATЉINTOЉGOODЉORDERЉANDЉTOЉ
ended 30 September 2010. The financial statements advertisement. centuries and their works and (2) the Arts and Crafts let the same;
have been prepared in accordance with the New trustees are made aware of the history of the movement and ŚЉЉЉ4OЉCONSERVEЉTHEЉCONTENTSЉOFЉTHEЉHOUSE ЉANDЉTOЉ
Trust, its activities and their responsibilities as charity (b)acquiring and thereafter conserving maintaining put in hand a programme to record, catalogue and
accounting policies set out on page 31 and comply
trustees by the Chairman and the Administrator. and displaying for the benefit of the public 7 describe them with a view to publication both on
with the terms of the Trust’s governing document
They receive a copy of the Trust’s most recent Annual Hammersmith Terrace and its contents and any other paper and electronically; and
and the law applicable to charities. property associated with or produced by Sir Emery
Report & Financial Statements as well as printed ŚЉЉЉ4OЉADMITЉAЉSMALLЉNUMBERЉOFЉVISITORSЉHAVINGЉAЉ
material about the Trust, Sir Emery Walker and his Walker or any other members of the Arts and Crafts particular interest in the house, its decoration, the
Structure, Governance work, No. 7 Hammersmith Terrace and the collection. movement.”
During her lifetime, Elizabeth de Haas expressed
contents, its occupants and the Arts &
Crafts movement.
and Management The trustees who served during the year were: the wish that the trustees should carry out its objects During the past nine years, the trustees have
John Cherry (Chairman), Michael Hall, Simon Jervis, by allowing the public to visit No. 7 Hammersmith completed the first three objectives and the fourth is
Constitution Peter Preston (appointed 24 February 2010), Paul Terrace on a regular basis. After her death, the part of their on-going programme of activities.
The Emery Walker Trust is a registered charity Reeves, Anne Thorne, Mary Wells, Christopher Wilk, trustees reviewed this wish in the light of a specialist
(1080438) set up by the late Miss Elizabeth de Haas. Martin Williams report on the fabric and services of the building
It is constituted by a Trust Deed dated 15 February During the period, the trustees met formally on and concluded that their priorities were, first, to Activities 2009/10
1999 and was entered upon the Central Register of six occasions. In addition, individual trustees visited safeguard the building and the contents; second, to
Charities on 26 April 2000. Miss de Haas died on 17 the house or met with staff on a regular basis in record and conserve (so far as possible) the contents; In 2010, the trustees continued showing the house
June 1999. She bequeathed to the Trust the greater connection with the conservation and display of the and, third, to put in place arrangements to show the and contents, although the Trust’s finances continued
part of her Estate including the freehold of No. 7 collection, as well as the visitor programme. house and its contents to scholars and others with a to give cause for concern. As one leg of their strategy
Hammersmith Terrace and the associated collection particular interest in the Arts & Crafts movement. to address this, the trustees renewed their fund-
of textiles, paintings, drawings, furniture, books and Management In addition to the above, the trustees’ main raising campaign in the autumn of 2009. They
other objects associated with Sir Emery Walker and During the period under review, there was one objectives during the year were the continuation of contacted possible donors, showed them the house
the Arts & Crafts movement. remunerated member of staff - the House and Trust consultation about the future of the building and and its contents, sent out letters and appealed to
Manager who reported direct to the trustees through the collection; and to investigate the possibility of suitable contacts. By the end of September 2010,
Trustees the Chairman. A wide range of decisions about the day- publishing the catalogue of the collection. some £12,000 had been raised, and they are grateful
The Trust Deed provides for a minimum of three to-day management of the house, the collection and the to all those who made contributions notably trustees,
trustees; but no maximum number. Six trustees are opening arrangements were delegated to the House & Public Benefit guides, friends and well-wishers.
nominated by the bodies named in the Reference Trust Manager and her team including the Curator. The trustees confirm that they have complied with The House and Trust Manager arranged for
& Administrative Details section of this report. An After the year-end, as part of a programme of the duty in section 4 of the Charities Act 2006 the house to be open for more visiting slots in the
individual so nominated is a trustee in his/her own economies designed to bring the Trust’s finances to have due regard to the Charity Commission’s summer opening period. She also made notable
right; he/she is not a representative of the nominating into balance, the trustees decided with great regret general guidance on public benefit. They believe efforts to market the House. The trustees are very
body. Additional trustees may be appointed by the not to renew the contract of the House and Trust that they have advanced art, design and the public’s grateful to her for all the efforts that she put into
nominees of the British Museum, the Society of Manager at the end of October 2010, and to rethink appreciation of the Arts & Crafts movement by opening and managing the house. The results for
Antiquaries and the Victoria & Albert Museum. the conservation and display of the house and the conserving 7 Hammersmith Terrace and its contents the year were most creditable and there were over
Three of the existing trustees (Mary Wells, Peter collection. They propose a new structure of part- and displaying them to the public. 1,068 paying visitors (60% of capacity). Including the
Preston and Paul Reeves) have been appointed in this time Custodian (a remunerated post), Preventive free days (London Open Garden Squares and “Open
way. Peter Preston died in October 2011. Conservation Cleaner and Secretary (both voluntary Achievements House”), the visitor numbers were 1,409.
When a nominated trustee retires from the trustee posts) to care for and display the house. With this in On taking possession of No. 7 Hammersmith Mindful of the deficit incurred in 2008/09 and the
body, the trustees review informally the skills, mind, they have appointed Helen Elletson, the Curator Terrace, the trustees’ immediate concern was the smaller one arising in 2009/10, the trustees decided in
knowledge and experience represented within their of the William Morris Society, as Custodian on a one condition of the building and its services. A survey June 2010 to endeavour to reduce the 2010/11 deficit
number and, if a gap is identified, the trustees invite day-a-week basis. was commissioned from conservation architects to less than £5,000. With this in mind they decided
the nominating body to propose an individual with The trustees would like to record their thanks to the who reported that the fabric was in sound structural with great regret not to renew the contract of the
the appropriate skills, knowledge or experience. former House Manager, Sophie Slade, for all that she condition given its age and construction. However House and Trust Manager at the end of October, and
In addition, from time to time, the trustees carry out did during the three years that she was with Trust. She they were concerned about the safety of the electrical as a consequence will curtail the opening programme
similar reviews and, where appropriate, attempt to brought a high level of professionalism and knowledge wiring and the plumbing - both of which were in 2011 to one which can be managed with a
recruit an appropriate individual as an additional to its management and its opening to the public. generally in a poor condition. minimum of paid staff.
2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal 2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal
Furnished with Morris wal 2.3 Furnished with Morris wal Furnished with Morris wal 2.3 Furnished with Morris wal30 31
The trustees have also consulted a range of other there was no expenditure matching the HLF grant plan is the preparation of a business plan under the
bodies most notably the Heritage Lottery Fund,
the National Trust, and the London Borough of
(2009: £54,217). Other costs were in line with the
preceding year.
guidance of Mary Wells and Michael Hall.
The Trust is at a turning point. The preservation of Independent
Hammersmith & Fulham. The most encouraging
development has been discussions with the William
The out-turn was a net outflow of resources
of £18,374 - a result is in line with the trustees’
Emery Walker’s house and his collection, as an intact
ensemble, accessible to the public, depends on the Examiner’s Report
Morris Society, based nearby in the Upper Mall, expectations. There were gains on the Trust’s portfolio achievement of the trustees’ objectives which are to
I report on the accounts of the Trust for the year
Hammersmith, which has resulted in a number of of investments of £13,356 (2009: loss £6,201) - in provide access to the house to both real and virtual
ended 30 September 2010, which are set out on pages
initiatives designed to make best use of the resources, line with the performance of the UK stock markets. visitors; to encourage the study of Emery Walker
9 to 15.
knowledge and skills of both organisations. The most However the Trust’s portfolio is partly invested in and the Arts & Crafts movement; to achieve museum
immediate outward and visible sign has been the gilt-edged and fixed-interest securities as being less accreditation; and to conserve the house and its
Respective Responsibilities of Trustees and Examiner
appointment of the Society’s Curator as the Trust’s vulnerable to market fluctuations and so the charity contents. This ambitious programme will require
The charity’s trustees are responsible for the
Custodian. A small working party drawn from the did not benefit in full from the rise in the equity time, commitment and money – all of which the
preparation of the accounts. The charity’s trustees
trustees of both organisations is pressing forward with market. trustees are addressing.
consider that an audit is not required for this year
a range of other co-operative projects. At the end of the year under review, the Trust
under section 43(2) of the Charities Act 1993 (the 1993
The trustees are immensely grateful to all those
guides and volunteers who give most generously of
received a grant of £5,000 from the Mercers’ Company
which will be expended in 2010/11. The trustees record Trustees’ responsibilities Act) and that an independent examination is needed
It is my responsibility to:
their time and energy to show the house. Nevertheless
it is clear that such a small and fragile house such
their thanks for the interest shown in the house by the
late William Clarke, a Pastmaster of the Company.
for the Financial Statements ŚЉЉЉEXAMINEЉTHEЉACCOUNTSЉUNDERЉSECTIONЉЉOFЉTHEЉ
1993 Act;
as this, where visitor numbers, and hence income,
The trustees are responsible for preparing the ŚЉЉЉTOЉFOLLOWЉTHEЉPROCEDURESЉLAIDЉDOWNЉINЉTHEЉGENERALЉ
can never be great, can only survive and be publicly Investment policy
trustees’ Report and the financial statements in Directions given by the Charity Commission under
accessible either by a considerable endowment or by There are no restrictions on the trustees’ power to
accordance with applicable law and United Kingdom section 43(7)(b) of the 1993 Act; and
fund-raising. invest save those in charity law. Their investment
Accounting Standards (United Kingdom Generally ŚЉЉЉTOЉSTATEЉWHETHERЉPARTICULARЉMATTERSЉHAVEЉCOMEЉTOЉ
strategy is to maintain so far as possible the long-term
Accepted Accounting Practice.) my attention.
Financial Review value of the portfolio consistent with a conservative
and risk-averse investment strategy. The law applicable to charities in England & Wales Basis of Independent Examiner’s Report
My examination was carried out in accordance
requires the trustees to prepare financial statements
for each financial year which give a true and fair with the General Directions given by the Charity
During 2009/10, the net outgoing resources of the Reserves policy
view of the state of the affairs of the charity and of Commission. An examination includes a review of
Trust were £18,374 compared with £67,530 in the The vast majority of the Trust’s reserves are
the incoming resources and application of resources the accounting records kept by the charity and a
preceding year. This deficit included depreciation of unrestricted and the use of the funds representing
of the charity for that period. In preparing these comparison of the accounts presented with those
£1,158 (2009: £29,247) - the fall being a consequence them is at the discretion of the trustees acting within
financial statements, the trustees are required to: records. It also includes consideration of any unusual
of the trustees’ decision to cease depreciating the the terms of the charity’s governing document.
ŚЉЉЉSELECTЉSUITABLEЉACCOUNTINGЉPOLICIESЉANDЉTHENЉAPPLYЉ items or disclosures in the accounts, and seeking
freehold property. The smaller deficit was thanks The trustees may designate all or part of the reserves
them consistently; explanations from you as trustees concerning any
to two main factors: first, a sharp fall in the amount for specific purposes. The trustees review the level
ŚЉЉЉOBSERVEЉTHEЉMETHODSЉANDЉPRINCIPLESЉINЉTHEЉ#HARITIESЉ such matters. The procedures undertaken do not
spent on charitable activities (mainly the decision of reserves as part of the regular planning process.
SORP; provide all the evidence that would be required in
not to incur any expenditure on anything other than They recognise that during the programme of
ŚЉЉЉMAKEЉJUDGEMENTSЉANDЉESTIMATESЉTHATЉAREЉ an audit, and consequently no opinion is given as to
essential repairs and maintenance and conservation); activities outlined will mean th at the expenditure
reasonable and prudent; whether the accounts present a “true and fair view”
and, second, a rise in the amount of donations and of the Trust will exceed its income and may reduce
ŚЉЉЉSTATEЉWHETHERЉAPPLICABLEЉACCOUNTINGЉSTANDARDSЉ and the report is limited to those matters set out in
the income from admission fees and associated sales the reserves significantly.
have been followed, subject to any material the statement below.
of souvenirs. Independent Examiner’s Statement
Risk departures disclosed and explained in the financial
The incoming resources of the Trust during the In accordance with my examination, no matter has
The trustees, led by John Cherry, have examined statements;
period totalled £46,300 (2009: £95,405). The much come to my attention:
the major strategic, business and operational which ŚЉЉЉPREPAREЉTHEЉЃNANCIALЉSTATEMENTSЉONЉTHEЉGOINGЉ
higher figure in the preceding year was due very (1) which gives me reasonable cause to believe that
the Trust faces and the trustees have ensured that concern basis unless it is inappropriate to presume
largely to the grant of £50,000 from the Heritage in any material respect the requirements:
appropriate systems are in place or are planned to that the charity will continue in business.
Lottery Fund (“HLF”). The income from donations ŚЉЉЉTOЉKEEPЉACCOUNTINGЉRECORDSЉINЉACCORDANCEЉWITHЉ
mitigate these risks. The trustees are responsible for keeping proper
almost doubled to £8,336, but there was again a fall section 41 of the 1993 Act; and
accounting records that disclose with reasonable
in investment income from £9,943 to £6,304 - thanks ŚЉЉЉTOЉPREPAREЉACCOUNTSЉWHICHЉACCORDЉWITHЉTHEЉ
accuracy at any time the financial position of the
to continuing low interest rates and falls in some UK
companies’ dividends. There was a welcome increase The Future charity and enable them to ensure that the financial
statements comply with the Charities Act 1993. They
accounting records and to comply with the
accounting requirements of the 1993 Act have not
of £5,076 to £15,791 in the income from admission fees been met; or
are also responsible for safeguarding the assets of
and the sale of souvenirs, but this was only achieved at In 2011 the house and the collection will be open on (2) to which, in my opinion, attention should be
the charity and hence for taking reasonable steps
the cost of employing the House Manager full-time. a restricted basis and we are most grateful for all the drawn in order to enable a proper understanding of
for the prevention and detection of fraud and other
The resources expended during the period time and energy that the volunteers, stewards and the accounts to be reached.
irregularities.
amounted to £64,674 (2009: £162,935). The amount guides give in maintaining this programme.
spent directly on furthering the objects of the charity The fund-raising campaign has had some success, M. A. Burchmore, Chartered Accountant
Approved by the trustees on 20 May 2011 and signed
fell by £44,872 to £56,924. The decrease reflects the thanks particularly to Mary Wells, Christopher Wilk Kingston Smith LLP, Chartered Accountants,
on their behalf by John Cherry - Chairman
decision to cut back on expenditure on repairs and and Paul Reeves, whose plans include an auction of Devonshire House , 60 Goswell Road,
conservation mentioned above, and the fact that donated objects. A key element of the fund-raising London EC1M 7AD
2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal 2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal
Furnished with Morris wal 2.3 Furnished with Morris wal Furnished with Morris wal 2.3 Furnished with Morris wal32 33
EWT Statement of Financial Activities EWT Notes to the Accounts
for the Year Ending 30 September 2010 1 Accounting Policies
Unrestricted Restricted Year ended Year ended
Note Funds Funds 30-Sep-10 30-Sep-09 Basis of Accounting The inalienable and historic assets, as described in note 6,
INCOME & EXPENDITURE £ £ £ £ The financial statements are prepared on the historical cost have not been capitalised or depreciated as no reliable value
Incoming Resources basis of accounting, except for the revaluation of investments, can be attributed.
Grants - 5,935 5,935 54,217 and in accordance with applicable accounting standards.
Donations 8,336 - 8,336 4,230 The Trust has adopted the provisions of the Statement Heritage Assets
Incoming resources from generated funds of Recommended Practice ‘Accounting and Reporting by In the year, the decision was taken by the trustees to reclassify
Investment income 2 6,304 - 6,304 9,943 Charities’ issued in March 2005. The accounts are prepared in the freehold property of 7 Hammersmith Terrace as a heritage
Rental income 8,820 - 8,820 6,545 accordance with the Charities Act. asset. This is due to the property meeting the definition of
Incoming resources from charitable activities the 2005 Charities SORP for being a heritage asset, notably
Admission fees and sale of goods 15,791 - 15,791 10,715 Incoming Resources that 7 Hammersmith Terrace is of historical and artistic
Other incoming resources 1,114 - 1,114 9,755 Income from investments, admission fees and property rents importance and is held to advance preservation, conservation
Total Incoming Resources 40,365 5,935 46,300 95,405 are brought into the accounts when the charity is entitled to and educational objectives of The Emery Walker Trust and,
receipt. through public access, contributes to the nation’s culture and
Resources Expended Legacy income is included when the charity becomes education.
Costs of generating funds entitled to receipt. This is usually the earlier of the charity The asset has been brought in at its net book value at the
Cost of goods sold and other costs 1,795 - 1,795 1,542 being notified of an impending distribution or the legacy being start of the current year. It is considered impractical to apply
Fundraising 34 - 34 54,217 received. conventional valuation techniques to the property, due
Investment management costs 105 - 105 - to the unique nature of the property. The asset is also not
Charitable activities 53,434 2,015 55,449 101,796 Resources Expended depreciated.
Governance costs 6,992 - 6,992 5,380 Expenditure is charged in the accounts on an accruals basis.
Support costs represent the costs incurred directly in support Fixed Asset Investments
Total Resources Expended 3 62,360 2,015 64,375 162,935 of the expenditure on the objects of the charity. Governance Investments are stated in the accounts at market value.
costs comprises legal, professional and other costs incurred Any gains or losses on revaluation is taken to the Statement of
Net Outgoing Resources (21,995) 3,920 (18,075) (67,530) for running the charity in accordance with its statutes and Financial Activities.
applicable legislation.
Other recognised gains and losses: Stock Stocks are stated at the lower of cost and net realisable
Net gain/(loss) on investments 15,507 - 15,507 (6,201) Tangible Fixed Assets and Depreciation value.
Depreciation is provided on the tangible fixed asset at a rate
Net Movement in Funds for the Period (6,488) 3,920 (2,568) (73,731) calculated to write off the cost on a straight line basis over its
Balance brought forward expected useful economic life as follows:
at 1st October 2009 1,428,546 2,000 1,430,546 1,504,277 Photographic & computer equipment
Fixtures and fittings
4 years
4 years
2 Investment Income
Total Funds at 30th September 2010 1,422,058 5,920 1,427,978 1,430,546
Assets costing more than £500 are capitalised.The property, 7 Investment Income 2010 2009
All gains and losses for the year are included in the Statement of Financial Activities and arise from continuing operations. Hammersmith Terrace in prior years was valued for probate £ £
The notes on pages 11 to 15 form part of the financial statements. at £1,400,000 and depreciated over 50 years as a Freehold Dividends 6,131 7,783
Property. However, the decision was taken in the year to Interest 173 2,160
reclassify the property as a heritage asset (see below). 6,304 9,943
EWT Balance Sheet at 30 September 2010
Notes
Year ended 30th September
2010 2010
Year ended 30th September
2009 2009
3 Total Resources Expended
£ £ £ £ Staff Direct Support Total Total
Fixed assets Costs Costs Costs 2010 2009
Heritage assets 6 - 1,141,000 - 1,143,754 £ £ £ £ £
Tangible assets 6 - 1,596 - - Cost of generating funds
Investements 7 - 210,897 - 195,390 Investment manager charges - 105 - 105
1,353,493 1,339, 144 Fundraising - 34 - 34 54,217
Current Assets Purchases - 1,795 - 1,795 1,542
Debtors 8 11,698 - 7,064 - - 1,934 - 1,934 55,759
Cash or bank in hand 66,661 - 101,138 - Charitable activities
Stock 1,608 - 2,739 - Maintaining the property & cataloguing &
79,967 110,941 conserving the collection 36,597 4,514 14,338 55,449 101,796
Creditors: Amounts falling 9 36,597 4,514 14,338 55,449 101,796
due within one year 5,482 19,539 Governance
Independent Examiners’ fees - 5,990 - 5,990 4,245
Net Current Assets 74,485 91,402 Accountancy and book keeping - 950 - 950 1,110
Net Assets 1,427,978 1,430,546 Trustees meetings - 52 - 52 25
- 6,992 - 6,992 5,380
Funds 2010 Resources Expended 36,597 13,440 14,338 64,375 162,935
Unrestricted general funds 10 1,422,058 1,428,546 2009 Resources Expended 32,396 118,118 12,421 162,935
Restricted funds 5,920 2,000
1,427,978 1,430,546
2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal
Furnished with Morris wal 2.3 Furnished with Morris wal34 35
4 Support Costs 5 Staff costs 8 Debtors 9 Creditors: Amounts falling
2010
£
2009
£
2010
£
2009
£
2010
£
2009
£ due within one year
Utilities 3,163 2,312 Wages and salaries 33,354 29,353 Gift Aid 368 912 2010 2009
Bank charges 314 17 Social security costs 3,243 3,043 Bookings control account 3,101 - £ £
Office expenses 539 525 36,597 32,396 Accrued income - 5,466 Accruals 5,482 19,539
IT maintenance costs 1,001 719 Prepayments 8,229 686 5,482 19,539
Website 515 763 Trustees did not receive any remuneration during the period 11,698 7,064
Printing 1,934 1,370 £nil (2009: £nil). £nil was reimbursed for travel, postage and
Subscriptions 200 55 telecommunications (2009: £nil). The average monthly number
Property insurance
Sundry
5,819
853
5,756
904
of full time equivalent employees during the period was 1 (2009:
1). No employee received remuneration amounting to more than 10 Restricted Funds At 1st Incoming Outgoing At 30th
14,338 12,421 £60,000 in the period.
Oct 2009 Resources Resources Oct 2010
£ £ £ £
John Scott 2,000 - (1,080) 920
6 Fixed Assets Heritage Freehold
Photographic
& Computer
Mercers Company
Museums and Libraries Association
-
-
5,000
935
-
(935)
5,000
-
Asset Building Equipment Total 2,000 5,935 (2,015) 5,920
Cost £ £ £ £
At 1st October 2009 - 1,400,000 9,036 1,409,036 The John Scott Fund represents £2,000 for work on the garden. The Mercers Company grant is for the Textile Conservation
Reclassified as heritage asset 1,400,000 (1,400,000) - - Project. The Museums and Libraries Association Fund is a grant for IT to facilitate the better management of the environmental
At 30th September 2010 1,400,000 - 9,036 1,409,036 conditions of the collections.
Depreciation
At 1st October 2009 - 259,000 6,282 265,282
Charge for the year
Reclassified as heritage asset
-
259,000
-
(259,000)
1,158
- -
1,158
11 Analysis of Net 12 Related Party
Carried forward at 30th September 2010
Net Book Value
259,000 - 7,440 266,440 Assets between funds Transactions
At 30th September 2010 1,141,000 - 1,596 1,142,596 Unrestricted Restricted Total
At 1st October 2009 - 1,141,000 2,754 1,143,754 Funds Funds Funds During the period the Trust’s payroll was maintained by
£ £ £ Marlin Chemical Limited, a company of which Martin
Heritage Asset Inalienable and Historic Assets Fixed Assets 1,353,493 - 1,353,493 Williams, trustee, is a director and shareholder. Marlin
In the year, the decision was taken by the trustees to The charity also has a collection of Sir Emery Walker’s Current Assets 74,047 5,920 79,967 Chemical Limited do not charge for the service. At the year
reclassify the freehold property of 7 Hammersmith Terrace possessions reflecting the Arts and Crafts movement Current Liabilities (5,482) - (5,482) end The Emery Walker Trust owed Marlin Chemicals £ Nil
as a heritage asset. This is due to the property meeting the including furniture, pictures, sculptures, ceramics and 1,422,058 5,920 1,427,978` (2009: £8,090.)
definition of the 2005 Charities SORP for being a heritage textiles. These contents are considered to be irreplaceable
asset, notably that 7 Hammersmith Terrace is of historical to which no reliable cost or value can be attributed and
and artistic importance and is held to advance preservation, accordingly these assets have not been capitalised in the The notes on pages 31 to 33 form part of these financial statements.
conservation and educational objectives of The Emery Walker financial statements. Approved by the board of trustees on and signed on its behalf by: John Cherry - Trustee
Trust and, through public access, contributes to the nation’s
culture and education.
Appendix C:
7 Fixed Asset Investments 2010
£
2009
£ Estimated Revenue & Capital requirements
Market value at 1st October 2009 195,037 200,613
Less: Disposals at opening market value (25,515) (25,760)
(Proceeds £23,658, loss £1,987) REVENUE Year One Year Two Year Three Year Four Year Five
Income £ £ £ £ £
Add: Acquisitions at cost 23,395 11,391
Net gain on revaluation at 30th September 2010 17,494 8,793
Investment income & interest 7,250 7,250 7,690 7,920 8,160
210,411 195,037 (see section 5.1 and note 1)
Cash held by Investment Managers 486 353
Market value at 30th September 2010 210,897 195,390 Rents (see note 2) 9,000 9,000 9,900 9,900 9,900
Historic cost (excluding cash balances) 282,340 279,937 Visitor income 18,410 18,410 20,250 20,250 22,270
(see note 3)
91.71% of investments are listed UK securities, with the remaining 8.29% being held overseas.
Ordinary donations 6,840 6,840 8,020 8,020 8,230
(see note 4)
2010 2009
£ £ Total Income 41,500 41,720 45,860 46,090 48,560
Investments representing more than 5% of the portfolio: Expenditure
CAF Bond Income Fund 25,165 34,571 Core salary costs 7,420 7,420 15,300 15,300 15,300
UK Govt Treasury 1.25% Index Link 2017 37,886 33,606 (see note 7 overleaf)
63,051 68,177
Net gain/(loss) on Revaluation: Other costs 31,750 32,700 33,680 34,700 35,730
(Loss) on disposal of listed investments (1,987) (14,994) (see note 7 overleaf)
Increase/(decrease) in market value of listed investments 17,494 8,793 Education Officer - 14,000 14,000 14,000 15,400
15,507 (6,201) (see section 7.5 and note 5)
2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal 2.3 Furnished with Morris wal 2.3 Furnishe with Morris wal
Furnished with Morris wal 2.3 Furnished with Morris wal Furnished with Morris wal 2.3 Furnished with Morris walYou can also read
