THE WILLOW TREE TRUST (A Company Limited by Guarantee) Company No: 04625426 Registered Charity No: 1096149 FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2021
The Willow Tree Trust (A Company Limited by Guarantee) T1?¢5 and Directors P.E. Flintoff D.J. Homer D.R. Philips Company Stetrètary Halco Seuetaries Limrted 5 Fleet Plac London EC4M 7RD Independent Examlners Moore Kingslon Smrth LLP Devonshire House 60 Goswell Roa(1 London EC1M 7AD 80lic5tor Ch8rfes Russell Speechtys LLP &10 N6w F6tter Lane London EC4A 1 RS Ro9i$tsred Olfi¢¢ Devonshi House 60 Goswell Road London EC1M 7AD Invèstm•nt Advisors Close Broihers Asset Management Ltd 81h Floor 10 Exchange Square Prirnrose Street London EC2A 2BY Page.. 1
The Willow Tree Trust (a Company Limited by Guarantee) Trustees. Report For the year ended 28th February 2021 Th8 trustees submit th8ir rert and th8 accounts for the year ended 28th February 2021. The charity was incorporated as a cornpany lirnited by guarantee on 24th Decernt%r 2002 and cotnrnenced it5 activitie5 on 18th February 2004. The finaThual statem8Thts CoMY wilh current ststutcry requirements, th8 Memorandum and Artide5 of AssociaD and woviswjns of AccLwJnting Rewrting by Charifre5'. Slatetnent of Recotnrnended Practice applicae to Charities preparing their actounts in acrdanCe with the financial rewrting stsndard appliCae in the UK arKS Repu1¢ ol Ireland. The FRS 102 Charits"es SORP. published on 16 July 2014. Thè registered charity number 15 1096149 Iccffjpany nurnter 046254261 and the govemiw d0trjmt 15 the Mernorardum and Articles ofA8soc*8tion. The Willow Tree Trust has been fomied as a charilable Intsl. wilh a mission in parts"cular to advance the èducation ol individuals. to prowide rèsource5 lo obtain th• rélief from sickness 8nd for thè fysearch inlts thè causes and cures of human diseases. and lo rve vety. AJI grants made are for the public benefit. R•vlgw of th• y•ar Tho income and expenditure for thè year is ststed on page 5. Grants madè lor charitsble purposès in tha ye8r are disclosed in note 4 to the financial slalem8nls. The balance on the Stslemenl ol Financial Acbvitses has bèèn earriéd lorward. Tha valuè of thè lunds hdd by thè Trust incrèas•d slKJhUy by 1.3% ovar thè ar, as thè rnarkèt santimont worldwde began lo recover from Ihe global COVIO 19 pandem. tskn'ThJ markets back largely lo prtrpandemic 18vèls. Thè investment appyoèch of thè investmènt managers femains prudènl.. lo sèak growth hthila proteebng income and assets of the fund. As a consequence of Ihe las1 18 monlhs of tumoil there has been a Snificent drop in drvend payouts, resulting in the Trusfs invèslmenl income falling by 8.3% over the year. back to a level not sean since 2016. Nevertheless, the Trust remains able to meel rts otyeciwes Comforta. The Trust has been urnable to make paymenls to wpients in Serra Leone during the year. The country MaInS on the Financial Action Task Force's list of the cwnlries io %thich Ihe investmenl rnan8ger$ remain unabl8 to make payments. Tho Trust eontinues to make grdnts 10 Various charilies around the worfd. 1 awards and donations havè ba•n made in keeping th Trusl guidelines and Objecti of Ihe Trusl Deed. Re8erve8 Pollcy The trustees. Intenti Is Ihat £3.0(X).000 of the SerVe shcKJld be laIned on a permanent basis. The income earned from the investment of Ihis reserve, after relaining a small anKJunt lor COnbngCIs, will be distributed subject to suitable grant CIpIents becoming krN)wn to the trustees. Risk ManamOnt The Iruslees have underlaken a revivw of the risks to Ihe Charity is exkTh)sed and have tsken the n8C85sary step5 to rn.gate Ihose risk5. Trustees Th8 current trust88s, vkno 5eryed thrjLrt th8 are listed on pag8 1. Trusiee5 are apinted in accordance with the Memorandum and Artides ofAssctiatK)n. FUre plans In the upcoming year, the trustees iniend to rnainlain the level of investment income received this. in tum, 11 allow the Trust to maintain the curnt gonls in rAa¢e. as wdl being able to make addib.onal grants Whe the trustees believe the applicAnts m88t their chariiabk? objectives. Pag8'. 2
The Willow Tree Trust (A Company Limited by Guarantee) Trustees. Report For the year ended 28th February 2021 Publ1¢ Bonollt Thè Trusts8s rA)nfirm that they compty Iwlh thair dLty lo have iegar(I to the guidance on public ben8frt publish8d by the Charity CornmL8sk)n ¥Kluding Ihg guwJan(¥ 'Publc Banefit.. Running a Cttarily IPB21' In gxorcisiry theli powBr5 Hntl dub"es. Stat•rnenl of Tr1•, RMwnslblSill Tho Im$toes I are also directors of Th8 Wilk)w Treg Trust lor tho purpose3 ol o)mp8ny lawl arg r8spon3lblg for pr¢paring Ihe TN8tO85' Réport and Ihe flnanaal slalern6nts til aordanCe vAlh applicab18 and Unkt•d Klngdom Accnunlng Stsndards Iunited Gèn8rnllyAcwtsd Acwnling Praetieél. Company law rwulr8d trusto85 to prepaTe finan81 $18tomont8 for each finaneiol yaaf which 9¥ a truo and falr y ol Ihe 51at8 of tho affairs of the chantable conwary and ol the outwNJ resources and appllcalon ol re8ource8. incjudity tho incom• •nd •xpendrtJro, of tho charil8blg cA)rnpany for that In pr8parlng Ih888 lknanGL•l Jtat•m•nts, the Irusteo8 aTV Tegulred to.. sdocl subtsbb aUnlIn9 poMc5e$ and then apply thèm cnnsl¥tanlJy, obtsrvo lh• methods and principle5 111 the Choiiii¥¥ SORP. m6k8 judgornents and asUmate$ Ihat arg rgasonable and pwiJonL 4lato whetr ap1¢able UK Accounong Slandards hava folrywwl. subjgct trt any malartal d8pArtur88 di$cbJ$od and oyplained In th• f1fbanoal 6tal•menls. propare ths financial 81atements OD Ihg o)iro r&M bas unlMs it is Inappfopriats to presumg that tho charltabkg company wll continue in bUsiSS. Th8 trustgos are reSpSiblE lor k8eplng pper accounbry reeords that disd)s• wth masonobl8 accuracy at any tmno lh6 finala1 position ol lh• chadlabl8 rAJmpany and ortAa thom to •nsur8 that the financ481 gtalom8nts comply wllh th• Companle3 Acl 2008. They ar8 a150 rosponsiblo lor safoguarding Ihe assets of the ch8ritable rnPAny gnd h•nce for taking r•asOna st•ps lor Ihe Pl0n110 8r4Y detectlon of fraud other Irregularllie8. Thls report has been prepared kn awJrdane• *ilh thè pmiiions rdal'NJ to smal c4mpanles within Part 15 of Ihts Compthos Ad 2006. On behawollhe Trust•8s P Fnntoff.. Dale: Page.. 3
Independent Examinerfs Report to the Trustees of The Willow Tree Trust (a Company Limited by Guarantee) I report to the ¢harity Iwstees on my examinatti)n cl the accounts of the Company for Ihe year ended 28 February 2021. Responsibilities and basis of report As the charity's trustees of th8 Company (and also its directors Ih8 purposes of company 18wI you are resrx)nsible for the weparal¥)n of the accntS in acc(Kdance %wlh the requirements ol the Companies Act 2006 I'th8 2006 Act'l. Having satisfied myEeK that the accwnts ol the Compafty a not reqUId to be alted under Part 16 of the 2006 Act and ar8 eligibk for independent 8xaminalion. I rep)rt in respect of my examination of your charrtys accounts as carrie(l oul under sectson 145 of the charib.es Act 2011 1'th& 2011 A¢l'l. In ¢arrwn9 Out my gxamination I have followed Ihe DirectM)ns given by th9 Charity CornmissK)n under section 145151 Ibl of the 2011 ACL Indepandent Exarnlnerfs Statemenl I have cnmpbled my eyam1nats". I ¢f1m) Ihat rKJ malters have come to my attentK)n in cxjnnects.on with the èxarnination giving mè cause to lv•.. accwnling recuds were nol kepl in respecl of th8 Company as required by $8CtKJn 386 01 the 2006 Act.. or Ihe accounts do not accord th those reo)rds.' or the accounts do cornply wth the accounting r8quir•rnents ol seetk?n 396 of the 2006 Act Olhèr Ihan any requirernenl that Ihe accounts give a 'true p•Y fair ¥iew which is not a matter consKlered as part of 8n independenl ex8minalion,' or the aco)unts have nol been kyepared accordanc8 wlh the methods and prlnciples ol the Sl8temenl of RecMended Praciv for accounbng and reportiThJ by tharilies. 21 31 41 I have no concems and have come across Th) olher matters in conn8thon the examinab.on to whlch attenlK)n hould be drawn in this report in order to enabk a proper underst*ing of the ac¢ounls to be rga¢hed. J& Luke Holl FCA Partner Indewndent Examiner For and on Behalf of mre .j$tOn Smilh LLP Date.. 26 November 2021 Devonshire Hous& 60 &)swell Road London EC1M 7AD P8g8'.4
The Willow Tree Trust {A Company Limited by Guarantee) Statement of Financial Activities (incorporating the Income and Expenditure Account) For the year ended 28th February 2021 Notes 2021 2020 In¢om• from.. Investments 148.259 157.912 Totsl In¢om• 148.259 157.912 Exp8ndltur8 on.. Ral$lng fund• Investment ManagenI 199$ 34,915 36,452 ¢harlt•bl• a¢tlvlth8 79.515 1(.108 Totsl Exp•ndStur• 114.430 142.561 Net gainslllossesl on inveslrnents 27.929 105 142 N•t In¢0Mlxp•ndo¢uf9l 61.758 120,493 Fund B81aneos Brought Fc¥w8rd 4.829.910 4.709.417 Fund Balan¢ts Cawrled Forward 4 829 910 All amounts relate to cmtinuing acllYils. All incom8 and expenditur8 in 2021 and 2020 r8L8l8d lo unreslricted &ti¥ib88. Page.. 5
The Willow Tree Trust (A Company Limited by Guaranteo) Balance Sheet at 28th February 2021 2020 Flx•d A•ts Irw951rnwls 4.cA? 4,834,345 Curr•ntA•M Debtor8 Cr•dltor•'. du• wlthln on• yur N•¢ Cwr•nt (LtslIyAJI•ts N•tA•Mt• 4 829 910 Fund• 4 829 910 For final vIn the •nttsJ 477 01th8 kl 2008 r•lN¥ w•ll comwk•B. Wo reqrnd cornyny • 4J101 for lh• y•Ar Sn cordar Tho ackTr¥18&Jo r•swl fvv th• nants ol %4th r•iwct ¢0 C>)unlnll Meorf$ and forlh• w•parnlKn clacccwnb. of Irelwd IFRS 1021 18 2014. ¥W•ctto Ihe imal r8ghM. A4¥JrrNed ty th• Tnl808 Ul. .. . i/ Company No: 04615426 Pag8: 6
The Willow Tree Trust (a Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2021 1 Accountln9 P1¢1¢9 Accountlng con¥entlon The financial statements have been wepared in accordan wlh Ihe Finanaal RepK)rbng Standard apICable in Ihe UK and RepulJi¢ ol Ireland IFRS 1021. publisheil on 16 July 2014. The Chanlable Company is a pu1¢ benefit group l( Ihe purky)ses of FRS 102 and the[ore Ihe charity also prepaffjd it5 financi81 slalements in ac&Ydanc£ with the Statement of ReccThnEnded Practice appliCae to charities preparing their acnts in ance wth the Finan(ial ResxxtirwJ Sl8nd8rd applicable in th8 UK and Republic of Ireland (The FRS 102 Charities SORP IndJing Upjate BuIlD 21. the Companies Act 2006 and the Chanlies Ad 2011. These xcoun15 have Lwn prepared under Ihe historical cost basis. except for in¥estrnent5, Ithich 8re measured at lair value. The financial statements are prepwed in Sting, vhch is the ftial currenw of th8 0)mp8ny. Monetary arnounls in the58 financaal slatements are rounded to Ihe ne8re8t pxnd. Golno Con¢•rn Ba818 The financial SleMnts have been pwred crt) a CA)M8m basis. Having carried out a detsiled wewof the Charitys resc4Jrces and the current eo)iomic challenges fscing both the Charity 115 rnber5 indL#4ing Ihe impact of the CLy(a¥lrus pandemic the Trustees are satisfied that the Charity has sufficnt nei ass81s and cash io rt rts liat)ililies as they lall due lor al least one year Irom the dale of approval of ts finawal slalements. As such the accounts conllnue to be prepared on a goiThJ ccficem basis. Crltlcal Accountlng Estlrnates and Judgements In the view of the trustees In applwng Ihe accouniing [AJe$ adopte(l. no judgements here wuld that hav8 a signilicanl 8flecl on the amunls recognisad in the finaal slalents. rnr ¢$) any e5tirnat88 Cf assumpiions made calry a &gnificaffl iisk ol maienal •Jiusimeni in xI finanoal year. Incomg Investment inccme aCc£wt for vthen arkj Stsled gross of ary 31M&> taxation R¢sourc¢$ EXnded Liabilities are reu4nised 38 resowces a8 8cm a5 there is 8 legal or con8lruclive oblh3ats.on cornrnittirg the charity to Ihe exnditure. ej11ure is xcounled for on an xcruals basis has been ¢bs$ified under heings Ihal aggregate all o)$ts lated to Ihe caley)ry. Governan costs comwse all $ts Invdving wblic accountability of tt)e charity and its (tjmpliance wilh ulet10n ar W pwtice. These o)sts Ind o)sis rdated to slaiutory audit fees together with SUPFRYi costs. Dir•¢t Charitablo Exp¢ndilur¢ Direct chantsble eXKndilU inclth all eXpeThJitU inojffed in Wr$uCe of charills objedNes. Grants payable are included in Ihe Sla18Thnts of Finaal ACtivitS %then approved by tnjsiees and offered to the grdn18e. Page.. 7
The Willow Tree Trust (a Company Limited by Guarantee) Notes to the Financial Statements For the year ended 29th February 2020 Accounting policies Icontinuedl Fixed Asset Investments InvestTnent5 are slated at mathet value at balare sheet dale. The SOFA incknles the net gains and losses on revaluatKJn and di¥mals 1hrough0 Ihe year. Realised and Unrealised Gains and Losse5 I gain5 and losses are taken lo Ihe SOFA a5 they arise. Realised gaTns and losses on investments a calculated as Ihe difference beten sales pr¢xeeds and On1j market value Ipurthase date if lalerl. Unrealised gains and losses a cal(JJlated as Ihe difference behween Ihe markèt value at the year en¢J nd opening market valuo lor purchase date rf later). General Funds Th8se repr8sent lund5 which ar8 not desynaled for psrticular purpjses. Flnanclal In8trument8 C¥$h and ¢osh ¢qUi1nt¥ Cash and tash equivalenis Indud8 sh)rt lam dèposils Imlh a m8luiitydal• of thr8• months or lèss. Basle Flnanelal Instrum•nts The Charity onty holds basi¢ financial instruments as defined by FRS 102. Financi81 instruments receivable or payable wilhin one year ol the f&p"ng ¢Jale arts cam&d al Iheir al transactson price and subsequently at amortised CLJSI. 2 Staff Co8t$ Th8 tharity had no ampk)ytts durirrfJ Ihè #r0 Ihè pr•v)u# rItid. Inv•8tm•nt Ineomè 2021 2020 Dividends Interest 141.684 6.575 148.259 150.092 7.820 157.912 4 Grants payable In furthernn¢e of th¢ ¢)bIlIveS ofthe Chorlty 2021 2020 Go Beyond Iforrnerty Country Holk18ys for Inner City lQds'CHICKS"I Acton Homeless Concem SrKiety for Women and AIDS in AfrirA Sierra L80ne Chap18r Ret)uild Iformerfy KCH Limb Reo)nstrucl)n Trusti African Prisons Project Apollo Chamber Orchestra Mossy Fool UK Scholarships s¢ho)Is in Srra Le 15,0(Kl 10.000 33,000 10.000 2,000 10.000 15.000 18.C()O 10.000 3.600 10.000 15,0)0 15.(KX) 75.(KK) 101.600 Page.. 8
The Willow Tree Trust (a Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2019 {Continued) Governance 2021 2020 Independent exarniner5' r8mUratK)n- fee rJJrrent year Professional lees 4,435 74 15 4,515 4,509 Fbx•d a$s•t Invgstrn•nts 2021 2020 Mark8¢ Value 8rou9ht F¢yward AcquisitKJn8 81 ct Le5s.' Disposal proceed5 Realised gainsllk)55esl on dispxal Net gainlllossl on revalua( 4,598,761 343,742 1106,1531 151,3351 79,264 4,557,217 277,565 1341.1631 119.319 14,177 Mark•t Valu• C•rrl•d Fort¥d 4.864.279 4 598.761 Hi6¢Orr1 3,737,880 3,787,213 Invasbr•nt cash hald 31,813 235.584 Totsl Inv08tments 4 896 092 4 834 345 G•ographl¢al An•ly$ls United Kingd¢Jn Inveslmenls Overseas Investments 1.841,929 3,022,350 1,847,542 2,751,219 There are no investrnents that iThJivKJually fewesent 5% or morn of the total hd1j of the ornpony. Debtors.. Amounts falllng f wlthin on• y•ar 2021 2020 other deblors 76 Induded in the above fig1 a fmancial assels ol £nl (2020.. £nill. Credltor8'. Amount8 lalllng due within one year 2021 2020 Grant creditor5 Accruals Trade crrtOrS 4,500 4,435 Induded in the at)ve fiwre aTinar181 liabilibes of t4.5CK)12020= t4.4351. Page.. 9
The Willow Tree Trust (A Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2021 (Continued) Movement on Reserves At 1st March 2020 At 28th February 2021 Incomlng RQUrE•S Galn In Resour¢ts Expended yr Unre$lrid&Y". Genwal 4,829.910 148,259 1114,430 27,929 4,891,e88 4,829.910 114,430 27,929 4,891,668 10 Tran8actlon5 wlth Trustees No trustee rec*ved any rernuneration 5wvic85 as a Iwstee nor any of 8xpenditur8 12020 '. none). 11 momrI. LloWISty The company is limited by liability. In evenl of the nd•[ up ol the compwy the mernbwJ' li8tx.lity is lirniled lo £10 each. Page.. 10