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2024-03-31-accounts

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WILL WOODLANDS (a company limited by guarantee and not having a share capital)

REGISTERED CHARITY NUMBER: 1038274 REGISTERED COMPANY NUMBER: 2933319 REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

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WILL WOODLANDS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS

Page
Council's Report - Reference and Administrative Information 1
Council's Report 2 - 6
Independent Auditor's Report 7 - 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14 - 21

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WILL WOODLANDS COUNCIL'S REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Reference and administrative information

Charity Name Will Woodlands
Registered and Principal Office 66 Lincoln's Inn Fields
London
WC2A 3LH
Charity Registration Number 1038274
Company Registration Number 2933319
Trustees R Foley
J Davenport
A Norrie
Bankers C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
Investment Managers Sarasin & Partners LLP
Juxon House
100 St Paul's Churchyard
London
EC4M 8BU
Auditors Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX
Solicitors Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Accountants Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AGT

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WILL WOODLANDS COUNCIL'S REPORT

Report of the Trustees (being the Directors of the Company) for the year ended 31 March 2024

The Council submits its report and financial statements for the year ended 31 March 2024 which comply with current statutory requirements and the Charity's governing documents.

The Charity is a charitable company limited by guarantee registered in England and incorporated on 23 May 1994. It is governed by Memorandum of Association amended by special resolution dated 7 March 2001 and Articles of Association adopted by special resolution dated 17 April 2008 and amended by special resolution dated 31 December 2008.

Structure, Governance and Management

The directors of the Charity are also its charity trustees for the purposes of charity law. Under the Charity's Articles of Association the board of directors are known as the Council and individual directors are known as members of Council. The Council has responsibility for managing the Charity's affairs.

In accordance with the Charity's Articles of Association, new members of Council are appointed by resolution of the Council. The maximum number of members of Council is three, but the Articles contain a power for the members of the Charity to increase that number from time to time. The power was exercised on 31 December 2008 in order to admit a fourth member of Council.

New members of Council are found from contacts and networks of existing members of Council. When recruiting new members of Council the board looks for individuals with skills and experience which are of value to the charity. Potential members of Council are contacted by the board and are provided with a pack of information including recent accounts and copy of the Charity's Memorandum and Articles of Association. When a new member of Council joins the board they are provided with further information regarding finances, governance and charitable objectives including minutes of Council meetings for the previous year.

The members of Council are experienced individuals and have a good understanding of what is involved in being the trustee of a charity. Where appropriate, the Charity supports the training of members of Council including for example, attendance at seminars.

The members of the Council meet formally on a six monthly basis to administer the affairs of the Charity.

Risk Management

The Council of the Charity has always operated various systems for mitigating risks likely to affect operations. Annually members of the Council carry out a comprehensive review of risk, by analysing those risks in 3 broad categories of strategy, operations and finance. The members of the Council are satisfied that all major risks have been identified and assessed and that satisfactory control systems are now in place to mitigate those risks.

Objectives and Activities

The Charity has general charitable objects, with particular emphasis on conserving, restoring and establishing trees, plants and all forms of wildlife in the United Kingdom and securing and enhancing public enjoyment of the natural environment of the United Kingdom.

The members of Council confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have regard to the Charity Commission guidance on public benefit. The remainder of this report details the charity's activities in support of public benefit.

Aims

In furtherance of its objects, the Charity has adopted a policy of acquiring land and establishing woodlands. Its aims are to create new woodlands and to manage them as an addition to the woodland heritage of England and Wales for the benefit of this and future generations. In doing this, at present, the Charity:

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WILL WOODLANDS COUNCIL'S REPORT

Aims (cont)

. enlarges and protects the wooded landscape;
. enriches existing woodlands and adjoining countryside;
. improves the environment by the protection and management of new and existing
habitats for plants and animals; and
. provides opportunities for peaceful enjoyment and appreciation by the public of
woodlands and the adjacent countryside.

Objectives

The Charity's primary objective is to establish and protect woodlands at its two main estates: Broom Hill Estate at Long Bredy near Dorchester and Cyffin Estate in Wales.

Strategies and Activities

In seeking to enlarge and protect the wooded landscape, the Charity:

In order to enrich its existing woodland and countryside and to protect and manage the habitats of plants and animals the Charity:

In providing opportunities for peaceful enjoyment and appreciation the Charity:

Achievements and Performance for the Year

The Charity has carried out extensive silvicultural work across both its Estates over the last twelve months to enlarge and protect the wooded landscape . Examples of the activities completed to achieve this objective are outlined below:

Broom Hill Estate

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WILL WOODLANDS COUNCIL'S REPORT

Cyffin Estate

In addition to the above the Charity identified a new farm for purchase and afforestation. A purchase was agreed of the 346 acre Isles Farm and adjoining Sleights Plantation in the spring. This offers opportunities for the Charity to create a large new woodland on a currently grassland site.

In order to enrich the existing woodland and adjoining countryside and improve the environment by the protection and management of new and existing habitats, the Charity has:

Broom Hill Estate:

Cyffin Estate

Alongside these tangible objectives the Charity has also provided opportunities for the peaceful enjoyment and appreciation by the public of the woodlands and the adjacent countryside . The following are examples of this:

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WILL WOODLANDS COUNCIL'S REPORT

Plans for the Future

The most significant project scheduled for the coming year will be the development of the afforestation scheme for Isles Farm, with the hope that the first trees will be planted over the winter of 2025/26. Various other environmental enhancements projects will be worked into the overall design. Adjoining landowners will also be contacted in the hope that additional areas of either grassland or woodland will b e added to the farm to further pursue the Charity’s objectives.

On the other two Estates the usual regime of silvicultural management will be continued, using the existing team of employees and external contractors. As always, a number of Estate specific projects are planned and these include:

Broom Hill: a thermal drone survey to identify deer numbers and dictate management to protect the woodlands; clearance and re- stocking of Martin’s Dairy, a mature plantation suffering from ash dieback disease; recruit ment of a new ‘day release’ student from Kingston Maurwood College; the purchase of further cattle collars to facilitate grazing of unfenced grassland; wildflower planting in woodland rides; restoration of hedgerows through hedge laying and gapping up.

Cyffin: thinning of Toms Wood to remove over mature western red ceder and promote the beech element of the plantation; creation of further areas of wildflowers in grassland areas; additional hedge laying including hosting another match for the local society; brashing of douglas fir plantation in Phase I.

Investment Policy

In accordance with the Memorandum of Association, the charity has power to invest monies not immediately required for its purposes in or upon such investments, securities or property as may be thought fit, subject to such conditions (if any) as may for the time being be imposed by law.

The policy of the Charity is that the funds be invested in a balanced portfolio of securities, including fixed interest securities and UK and overseas equities, in such proportions as is appropriate to economic and investment conditions at any given time. No investment is to be made in derivatives or in securities not quoted on a recognised stock exchange. The Charity accepts a medium degree of risk in its investment portfolio.

The primary investment objective is a secure and growing combination of income with capital appreciation, maximising the overall rate of return in so far as this is consistent with maintaining a prudent and balanced investment exposure.

The Charity has engaged Sarasin & Partners to act as fund manager on its behalf. The fund manager has complete discretion as to the selection of individual investments, the timing of sales and purchases and the proportion of the portfolio held at any time in cash on deposit. The manager may not commit the Charity to sub-underwriting any issue or offer for sale of investments.

Fundraising

The charity's income is primarily from investments and woodland grants. No fundraising activity is undertaken.

Reserves Policy

In view of the Charity's principal activity described above the main requirement is to budget expenditure based on the conservation and afforestation projects being carried out. The members of the Council believe that, with the level of income and the ability to meet any shortfall by transfers from the Expendable Endowment, it is unnecessary to maintain any fixed amount of Unrestricted Funds

Reserves held at the year end were £203,053 of unrestricted reserves (2023: £173,506) and the expendable endowment of £29,839,216 (2023: £28,429,712)

WILL WOODLANDS COUNCIL'S REPORT

Going Concern

The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.

Statement of Trustees' Responsibilities

Trustees (who are also Directors for the purposes of Company Law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Under company law Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company, and of its surplus or deficit for that period. In preparing those financial statements, Trustees are required to:

Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. Trustees are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The members of Trustee Board who held office at the date of approval of this annual report confirm that:

So far as we are aware, there is no relevant audit information, needed by the company's auditors in connection with preparing their report, of which the company's auditors are unaware; and we have taken all the steps that ought to have been taken as directors of the charitable company in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Approved by the board of trustees on 9 December 2024 and signed on its behalf by:

............................................................................ Andrew Norrie Trustee

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILL WOODLANDS

Opinion

We have audited the financial statements of Will Woodlands (the ‘charitable company’) for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in Council’s report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILL WOODLANDS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report (which incorporates the directors' report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the Statement of Trustees' Responsibilities set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILL WOODLANDS

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of this report

This report is made solely to the charity’ s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no oth er purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

……………………… Scott Lawrence FCA DChA (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor Cheltenham

10.12.2024 Date ………………….

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WILL WOODLANDS

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Summary Income & Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income
Income from investments
4
Income from deposit interest
Income from charitable
activities
Income from rents receivable
Income from woodland grants
Other income
Sundry receipts
Total income
Expenditure on
Raising funds
3
Charitable activities
2(a)
Total expenditure
Net income /(expenditure)
before gains and losses on
investments
Other recognised gains
Net gains/(losses) on
investments
Net income
Transfers between funds
8
Net movement in funds
8
Funds balance brought
forward at 31 March 2023
Fund balances carried
forward at 31 March 2024
8		 Unrestricted
Funds
£
304,101
2,432
63,093
168,982
13,602
552,210
-
(522,663)
(552,663)
29,547
-
29,547
-
29,547
173,506
203,053		 Expendable
Endowment
£
-
-
-
-
-
-
(69,542)
-
(69,542)
(69,542)
1,479,046
1,479,046
-
1,409,504
28,429,712
29,839,216		 Total
2024
£
304,101
2,432
63,093
168,982
13,602
552,210
(69,542)
(522,663)
(592,205)
(39,995)
1,479,046
1,479,046
-
1,439,051
28,603,218
30,042,269		 Total
2023
£
322,975
7,462
51,415
139,323
15,441
536,616
(71,167)
(547,012)
(618,179)
(81,563)
(922,993)
(1,004,556)
-
(1,004,556)
29,607,774
28,603,218

The notes on pages 14 to 20 form part of these accounts.

WILL WOODLANDS

BALANCE SHEET

AS AT 31 MARCH 2024

Note 2024 2023
£ £ £ £
FIXED ASSETS
Tangible fixed assets 4 8,097,050 8,097,050 8,121,899
Investments 4 21,659,942 21,659,942 20,255,220
29,756,998 29,756,998 28,377,119
CURRENT ASSETS
Stocks 5 950 950
Debtors 6 98,669 12,359
Cash at bank and on deposit 241,040 268,990
340,659 282,299
Creditors: Amounts falling due within Creditors: Amounts falling due within
one year
Creditors 7 55,388 56,200
55,388 56,200
NET CURRENT ASSETS 285,271 285,271 226,099
TOTAL NET ASSETS 30,042,269 30,042,269 28,603,218
THE FUNDS OF THE CHARITY
Expendable Endowment 8 29,839,216 29,839,216 28,429,712
Unrestricted Funds 8 203,053 203,053 173,506
TOTAL CHARITY FUNDS 30,042,269 30,042,269 28,603,218

10/12/2024 Approved by the board of trustees on ____ and signed on its behalf by

............................................................................ Andrew Norrie Trustee

The notes on pages 14 to 20 form part of these accounts. The Registered Company No. is 2933319.

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WILL WOODLANDS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Note
Cash used in operating
activities
a
Cashflows from investing
activities:
Dividends received
Interest received
Purchase of tangible fixed
assets
Purchase of fixed asset
investments
Sale of fixed asset
investments
Decrease in cash and cash
equivalents in the year
Cash and cash equivalents
at the beginning of the year
Cash and cash equivalents
carried forward
b		 2024
£
(403,263)
304,101
2,432
(5,544)
(2,025,164)
2,099,488
375,313
(27,950)
268,990
241,040		 2023
£
(447,422)
322,975
7,462
(15,599)
(2,653,723)
2,632,233
293,348
(154,074)
423,064
269,990

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WILL WOODLANDS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes to the Statement of Cashflows

Notes to the Statement of Cashflows
a
Reconciliation of net
income/(expenditure) to Net
cashflow from operating activities
Net income/(expenditure)
Dividends received
Interest received
Depreciation
Decrease in creditors
(Increase)/decrease in debtors
b
Analysis of cash and cash
equivalents
Cash at bank		 2024
£
(39,995)
(304,101)
(2,432)
30,393
(818)
(86,310)
(403,263)
241,040		 2023
£
(81,563)
(322,975)
(7,462)
37,608
(95,485)
22,455
(447,422)
268,990

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Significant Accounting Policies

(a) Basis of preparation

The financial statements have been prepared in accordance with Charities Statement of Recommended Practice (FRS 102) (second edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Will Woodlands meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note (s). The Council members do not consider that there are any areas of estimation uncertainty or judgement at the reporting date. The Charity is a charitable company limited by guarantee registered in England and incorporated on 23 May 1994. It's Company number is 293319 and its charity registration number is 1038274. The registered office is 66 Lincoln's Inn Fields WC2A 3LH.

(b) Going concern

The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. The review of our financial position, reserves level and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

(c) Investments and gains

Investments are stated at their fair value on the last day of trading before year end. Gains and losses on investment assets and on fixed assets for Charity use form part of the Expendable Endowment Fund.

(d) Income

Income represents total income receivable during the year comprising rents, farm sales, investment income and other sundry income. The woodland grants received during the year were paid by the Rural Payments Agency, part of DEFRA and the Forestry Commission and are recognised when the charity is entitled to the income, the amount can be measured reliably and there is probability of receipt.

(e) Expenditure

The costs relate to the running of the farm and woodland projects. Support costs relate to overhead expenses directly attributable to the activities.

(f) Tangible fixed assets and depreciation

All tangible fixed assets are stated at cost less depreciation and are depreciated at the following rates per annum:Tractors, combines and Motor Vehicles 20.00%Reducing balance Plant and machinery 20.00%Reducing balance Equipment 20.00%Reducing balance Fencing 6.67%Straight line Only assets costing above £1,000 are capitalised.

The company does not depreciate freehold property as the Council considers it to have an indefinitely long life and each year Council carries out an informal valuation of the land in conjunction with the land agents which has resulted to date in there being no indication in the land becoming impaired and therefore a full impairment review has not been required in accordance with Section 12 of the SORP and FRS 102.

(g) Stock

Stock is stated at the lower of cost and net realisable value. Cost includes transport costs incurred in bringing the stock to its present location.

(h) Bank interest receivable

Bank interest receivable is included in the Statement of Financial Activities for the period to which such income relates.

(i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

(j) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(k) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(l) Material judgements and uncertainties

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgements made that have a significant effect on the amounts recognised in the financial statements.

2
Expenditure
(a)Analysis
Direct charitable expenditure:
Farm, land management and
woodland expenditure
Support costs
Accountancy
Legal & professional
Other expenditure:
Governance Costs
Audit		 Staff Costs
£
139,067
-
-
139,067
-
139,067		 Other
£
Depreciation
£
271,701
30,393
52,768
-
20,234
-
344,703
30,393
8,500
-
353,203
30,393		 2024
Total
£
441,161
52,768
20,234
514,163
8,500
522,663		 2023
Total
£
485,863
40,000
13,149
539,012
8,000
547,012

Support and Governance costs directly support the activities of the charity.

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3
Staff Costs
Labour (including casuals)
Pension costs
2
Expenditure (cont)
(b)Analysis (prior year)
Direct charitable expenditure:
Farm, land management and
woodland expenditure
Support costs
Accountancy
Legal & professional
Other expenditure:
Governance Costs
Audit		 Staff Costs
£
163,123
-
-
163,123
-
139,067		 Other
£
271,701
40,000
13,149
53,149
8,000
345,281		 2024
£
130,201
8,866
139,067
Depreciation
£
37,608
-
-
37,608
-
37,608		 2023
£
158,301
5,822
164,123
2023
Total
£
485,863
40,000
13,149
539,012
8,000
547,012

The average number of employees for the year was 4 (all full time working on the charity's estates) (2023: 4)

There were no employees with emoluments above £60,000 (2023: None)

The employers NI costs for the year and shown under labour costs above are £11,983 (2023: £11,633). During the year, no redundancy payments were made.

(a) Details of Certain Charges

The figures in (a) above include:

Members are reimbursed for out of pocket expenses such as indemnity insurance, mileage, stationery and telephone calls. No remuneration is paid either directly or indirectly to the members for their services as trustees. During the year no expenses were reimbursed (2023:None):

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3
Raising Funds
Investment management fees		 2024
£
69,542
69,542		 2023
£
71,167
71,167

4 Fixed Assets

Tangible fixed assets held for the Charity's use

The long-term intention is to convert or maintain all acquired land into or as woodlands in accordance with the charitable objects. In the short-term some land is held for farming or other purposes until such conservation, restoration or establishment of trees can be effected.

Freehold property has not been depreciated in accordance with the accounting policy at note 1f.

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
At 31 March 2024
Net Book Value
At 31 March 2024
At 1 April 2023		 Freehold
property
£
7,949,121
-
7,949,121
-
-
-
7,949,121
7,949,121		 Vehicles
£
63,292
-
63,292
60,908
477
61,385
1,907
2,384		 Plant &
Machinery
£
327,156
5,544
322,700
250,033
16,617
266,650
66,050
77,123		 Equipment
£
8,766
-
8,766
8,674
92
8,766
-
92		 Fencing
£
345,484
-
345,484
252,305
13,207
265,512
79,972
93,179		 Total
£
8,693,819
5,544
8,699,363
571,920
30,393
602,313
8,097,050
8,121,899

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4 Fixed Assets

Investments

The charity's investments are held to the order of Sarasin & Partners LLP Clients' Account by the Bank of New York Mellon, either in the name of their nominee company or in safe custody or to their order by overseas agents. Investments are revalued by reference to market values as at 31 March 2024.

Investments (held as fixed assets) comprise the following:
UK listed investments at market value
Overseas investments at market value
Cash held as part of the investment portfolio
Market value of all investments at 1 April 2023
Additions at cost
Net gain/(loss) on revaluation at 31 March 2024
Less: disposals proceeds
Less: gain/(loss) on sale of investments
Market value at 31 March 2024
Historic cost of listed investments (including cash held)		 2024
£
8,315,481
12,955,855
21,271,336
388,607
21,659,942
2024
£
20,255,220
2,025,164
1,600,009
(2,099,488)
(120,963)
21,659,942
17,907,663		 2023
£
9,349,434
10,609,502
19,958,936
296,284
20,255,220
2023
£
21,156,723
2,653,723
(855,668)
(2,632,233)
(67,325)
20,255,220
18,396,474

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trus tees’ Annual Report.

Investment Income
UK listed investments
Overseas investments		 2024
£
98,121
205,980
304,101		 2023
£
180,230
142,745
322,975

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5
Stocks
Livestock
6
Debtors
Grants receivable
Other debtors
VAT recoverable
7
Creditors
Due within one year
Trade creditors
Other creditors and accruals
8
Reconciliation of funds
Expendable Endowment
Balance at 1 April 2023
Movement in funds for the year
Balance as 31 March 2024
Unrestricted funds
Balance at 1 April 2023
Movement in funds for the year
Balance at 31 March 2024		 2024
£
950
950
2024
£
-
87,232
11,437
98,669
2024
£
40,588
14,800
55,388
2024
£
28,429,712
1,409,504
29,839,216
173,506
29,547
203,053		 2023
£
950
950
2023
£
-
8,595
3,764
12,359
2023
£
13,322
42,878
56,200
2023
£
29,423,872
(994,160)
28,429,712
183,902
(10,396)
173,506

Unrestricted funds comprise accumulated surpluses and deficits on general funds. All funds are available for use at the discretion of the Council in furtherance of general charitable objects. Transfers from the expendable endowment are made to the unrestricted fund to cover income deficits when appropriate.

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9 Analysis of Balance Sheet Net Assets by Funds 2024

Expendable
Endowment
£
Fixed assets
29,756,998
Current assets
49,318
Current liabilities
-
Net assets
29,806,316
Analysis of Balance Sheet Net Assets by Funds 2023
Expendable
Endowment
£
Fixed assets
28,377,119
Current assets
52,593
Current liabilities
-
Net assets
28,429,712		 Unrestricted
fund
£
-
291,341
(55,388)
235,953
Unrestricted
fund
£
-
229,706
(56,200)
173,506		 Total
£
29,756,998
340,659
(55,388)
30,042,269
Total
£
28,377,119
282,299
(56,200)
28,603,218

10 Share Capital

The company is limited by guarantee and has no share capital. The liability of the members is limited to the sum of £1 per member.

11 Taxation

The charity is exempt from corporation tax as all its income is applied for charitable purposes.

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WILL WOODLANDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12 Prior year Statement of Financial Activities

Income
Income from investments
Income from deposit interest
Income from charitable activities
Income from rents receivable
Income from woodland grants
Other income
Sundry receipts
Total income
Expenditure on
Raising funds
Charitable activities
Total expenditure
Net expenditure before gains and losses on
investments
Other recognised gains
Net gains on investments
Net income
Transfers between funds
Net movement in funds
Funds balance brought forward at 31 March
2022
Fund balances carried forward at 31 March
2023		 Unrestricted
Funds
£
322,975
7,462
51,415
139,323
15,441
536,616
-
(547,012)
(547,012)
(10,396)
-
(10,396)
-
(10,396)
183,902
173,506		 Expendable
Endowment
£
-
-
-
-
-
-
(71,167)
-
(71,167)
(71,167)
(922,993)
(994,160)
-
(994,160)
29,423,872
28,429,712		 Total
£
322,975
7,462
51,415
139,323
15,441
536,616
(71,167)
(547,012)
(618,179)
(81,563)
(922,993)
(1,004,556)
-
(1,004,556)
29,607,774
28,603,218