Registration number:
William Golding Limited
for the Year Ended 31 May 2024
Pages for filing with Registrar
William Golding Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
William Golding Limited
Company Information
Directors |
A C Carver J D Carver L M Carver L S Carver N J Carver R A Carver T F Carver E M Staples |
Registered office |
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Registered number |
00710565 |
Accountant |
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William Golding Limited
Directors' Report for the Year Ended 31 May 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the management and active promotion of William Golding's works together with the creation of content derived therefrom.
Strategic Report 2023-2024
William Golding Limited (WGL) was founded in 1961 by the author William Golding as the means by which he and his fellow directors would manage the rights and income related to his writing.
WGL is owned and managed by members of William Golding’s family, and the Board of Directors is led by his daughter Judy Carver, as CEO, founding shareholder and director.
The principal aim of WGL is to promote awareness of William Golding and his works.
The strategy of WGL is therefore to maximise profits in the medium to long term through the commercial exploitation of the rights in the works of William Golding in a manner that is always appropriate to the legacy of the author and to the author as a brand.
WGL executes this strategy through active management of existing rights in published works by William Golding, in order to improve terms and income streams, and through commercial exploitation of existing rights in unpublished material.
Objectives and Activities
WGL focuses on increasing the sales of the Golding novels and works in other genres in order to grow royalty income, and is developing the profitable publication of William Golding’s hitherto unpublished writings to which WGL has exclusive access.
William Golding Limited
Directors' Report for the Year Ended 31 May 2024 (continued)
Objectives and Activities (continued)
WGL takes a lead in soliciting and negotiating broadcast events, films, staged works and adaptations in other formats, as well as controlling content and licencing products. The Board of WGL views these as important not only for increasing revenue, but also because these activities enhance the profile of the author, and thus have a positive impact on sales.
WGL acts as its own literary agent and negotiates contracts covering royalty income and all other revenue streams in over 30 countries worldwide. WGL is active in funding projects that create new works which have market- and profile-enhancing value.
WGL operates its own digital media hub, including an interactive website www.william-golding.co.uk with educational resources, supporting an active digital media presence on X/formerly Twitter, Instagram, Facebook, YouTube, tumblr, Pinterest and similar platforms with Amazon.com click-through accounts. WGL owns and maintains Tulllimaar House, William Golding’s home and place of work, which preserves his personal library, effects and archive in situ, and which is accessible to the public by appointment.
WGL supports active promotion of Golding works financially and in person through public and media appearances, and direct participation by Board members in school and university teaching programmes.
In 2023-2024
WGL initiated negotiations for a set of licences for Golding novels in US and territories, and for major adaptations of Lord of the Flies for UK and international markets.
Financial Summary
In 2023-2024, WGL:
• Led negotiations with US publishers concerning publication of Lord of the Flies after expiry of current agreement with Penguin Random House 31 December 2024.
• Commenced process to secure specialist advice on managing WGL's income stream.
• Monitored sublicences of all Golding novels, including the forthcoming graphic novel edition of Lord of the Flies, in order to improve terms and to ensure full compatibility with head licences.
• Secured reports from Faber & Faber on illegal e-publications and ensured monitoring of their removal.
Key performance indicators = £ sterling
In 2023-2024, WGL:
• Built on the strong earnings of 2022-2023, with royalty income much improved, including, notably, a second advance on a major adaptation, and an improvement in profitability.
Indicator £ |
2023 - 2024 |
2022 - 2023 |
Turnover |
700,549 |
801,333 |
Operating (loss)/profit |
(51,171) |
80,064 |
Profit before tax |
182,290 |
11,507 |
William Golding Limited
Directors' Report for the Year Ended 31 May 2024 (continued)
The following section highlights a number of key activities undertaken or completed by the Board or its individual directors, with Board approval, in the core areas of publishing, stage, film and television, content development, academic partnerships and outreach, archive and resources, and governance.
Publishing
WGL’s principal source of income is royalties from published titles, notably Lord of the Flies.
In 2023-2024, WGL:
• Prepared detailed proposal and established agreement in principle with Penguin Random House for licences to publish Lord of the Flies, The Spire, The Inheritors, Pincher Martin and Free Fall in USA and territories.
• Conducted complex trilateral negotiations with Faber & Faber and Penguin Random House for licences to publish a newly commissioned graphic novel edition of Lord of the Flies in the USA.
• Enhanced WGL monitoring of sub-licence terms and receipts managed by Faber & Faber with regard to languages and territories and active and expired licences.
• Contributed substantially to planning for celebrations for the 70th anniversary of the publication of Lord of the Flies.
• Participated in decisions regarding the design and production of the 70th anniversary celebratory hardback edition of Lord of the Flies.
• Undertook detailed editorial work and proof-checking with adaptor/illustrator and editor at Faber & Faber for the graphic novel adaptation of Lord of the Flies.
• Approved fourteen confirmed sublicences for non-UK editions of the graphic novel adaptation of Lord of the Flies.
• Rejected proposed new Italian translation of Lord of the Flies after examination for quality, and consulted with Faber & Faber on a new proposal.
• Took successful actions to protect WGL copyrights.
• Liaised with Faber & Faber and the University of Exeter to provide material for exhibitions in London and Exeter celebrating the 70th anniversary of the publication of Lord of the Flies.
William Golding Limited
Directors' Report for the Year Ended 31 May 2024 (continued)
Stage
Theatrical performances increase engagement with titles and book sales, as well as delivering licence income.
In 2023-2024, WGL:
• Monitored unauthorized productions of the stage adaptation of Lord of the Flies and took action to protect rights held by WGL and licencees
• Commenced negotiations with a major theatre company concerning a dramatic production of Lord of the Flies.
• Agreed numerous licences for amateur performances of Lord of the Flies, including permissions for competitions in the UK and internationally.
Film and Television
Cinematic and televisual adaptations impact sales in addition to their licence value.
In 2023-2024, WGL:
• Collaborated with Eleven Film on scripts and casting for the forthcoming TV adaptation of Lord of the Flies.
Content Development
The creation of new works is an important and sensitive element of WGL’s activity.
In 2023-2024, WGL:
• Inspected and authorised use of hotherto unpublished letters in the volume (forthcoming Faber & Faber) of correspondence between Golding and his editors.
• Engaged designers to produce branding and merchandise to promote awareness of Golding and his works.
• Undertook preliminary editing of Golding journal content for future publication.
Academic Partnerships and Outreach
Active engagement with the Golding literary community supports and inspires thinking around Golding works.
In 2023-2024, WGL:
• Collaborated with the University of Exeter Library Special Collections on an externally funded exhibition celebrating the 70th anniversary of the publication of Lord of the Flies.
• Provided lecture on Golding for a public event at Bath Royal Literary & Scientific Institution.
• Participated in judging Love Books competition organised by Marlborough Literature Festival.
• Responded to query from the US Library of Congress concerning Golding.
William Golding Limited
Directors' Report for the Year Ended 31 May 2024 (continued)
Digital social media
Specialist technical assistance promotes worldwide interest in all of William Golding's work.
In 2023-2024, WGL:
• Produced newly written and fresh audio content for WGL website.
• Provided key participants for a Faber Members live event featuring prize-winning authors.
• Worked closely with Faber & Faber executive and communications personnel on the development and strategy for the 70th anniversary of Lord of the Flies.
• Produced content for Gale KeyWorks Literature Resource Center series on Lord of the Flies.
Analytics
In mid-2023 Google changed its analytics platform to GA4, which measures data differently from Google Analytics. Therefore, it is not possible to make direct comparisons between 2022-2023 analytics and those of 2023-2024, during which there were further problems with data-accuracy.
User-visits by selected area
Area |
2023 - 2024 * |
2022 - 2023 |
% change |
United States |
59,070 |
98,638 |
n/a |
United Kingdom |
14 |
25,397 |
n/a |
Canada |
6,587 |
4,501 |
n/a |
* Not comparable with previous years.
Archive and Resources
The preservation and conservation of material relating to William Golding ensure a future supply of fresh content for future commercial exploitation.
In 2023-2024, WGL:
• Commissioned further cataloguing and digital scanning of the Golding archive collections.
• Secured planning permission for Archive and Resource Centre with residential accommodation at Tullimaar Estate, where Golding lived from 1985 until his death in 1993.
• Received loan of items from Golding’s childhood home in Marlborough.
• Continued photographing and cataloguing Golding’s library of circa 4000 volumes at Tullimaar House
William Golding Limited
Directors' Report for the Year Ended 31 May 2024 (continued)
Capital funds
WGL engages the services of Brewin Dolphin Investment Management for advice, execution and custody with respect to its capital portfolio. WGL's oversight of this comprises (a) an annual review of the company's risk appetite and selection of investment benchmark (by which performance will be measured); (b) regular meetings (at least quarterly) with Brewin Dolphin to review performance, holdings and acquisitions; and (c) regular reporting by a designated director to the Board on the portfolio. While not a principal activity of the company, the effective oversight of this professional management ensures the proper stewardship of WGL’s capital funds, which strategically support WGL’s development activities.
In 2023-2024, WGL:
• Oversaw the management of the portfolio of investments which produced a total return of 11.91%, a result exceeding the long-term average of 8% though underperforming the risk-weighted benchmark of 14.62%. The Board judged this a satisfactory result.
Governance
In 2023-2024, WGL:
• Monitored developments regarding transfer of shares from estate of deceased director and minority shareholder D. Golding.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
J D Carver
Director
William Golding Limited
(Registration number: 00710565)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
2,988,883 |
2,564,203 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
Called up share capital |
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Non-distributable reserve |
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Retained earnings |
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Shareholders' funds |
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William Golding Limited
(Registration number: 00710565)
Balance Sheet as at 31 May 2024 (continued)
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
J D Carver
Director
William Golding Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and considered that the company will be able to meet its current liabilities as they fall due.
Revenue recognition
Turnover represents royalties earned during the year, excluding value added tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
William Golding Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:
Land and buildings |
2% on cost |
Furniture, fitttings and equipment |
10% - 33% reducing balance |
Property improvements |
Infinite useful life |
Investments
Fixed asset investments are valued at market value.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised at the transaction price.
Borrowings
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
William Golding Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
William Golding Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Tangible fixed assets |
Land and buildings |
Furniture, fittings and equipment |
Property improvements |
Total |
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Cost |
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At 1 June 2023 |
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Additions |
- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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|
- |
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Charge for the year |
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|
- |
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At 31 May 2024 |
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|
- |
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Carrying amount |
||||
At 31 May 2024 |
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|
|
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At 31 May 2023 |
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|
|
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William Golding Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Investments |
Listed Investments |
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Valuation |
|
At 1 June 2023 |
2,564,203 |
Fair value adjustments |
170,571 |
Additions |
445,877 |
Disposals |
(191,768) |
At 31 May 2024 |
2,988,883 |
Carrying amount |
|
At 31 May 2024 |
|
At 31 May 2023 |
|
Investments are valued at the balance sheet date by Brewin Dolphin. The historical cost of investments is £1,775,448 (2023: £1,521,341).
Debtors: amounts falling due within one year |
2024 |
2023 |
|
Trade debtors |
- |
|
Prepayments and accrued income |
179,338 |
234,477 |
|
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William Golding Limited
Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)
Creditors |
2024 |
2023 |
|
Trade creditors |
|
|
Corporation tax |
- |
21,291 |
Social security and other taxes |
6,113 |
5,434 |
VAT |
53,278 |
73,612 |
Accruals |
100,877 |
125,606 |
Directors' loan accounts |
34,410 |
34,435 |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
100 |
100 |
100 |
100 |