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)
T￿￿1?¢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 re￿rt 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 CoM￿Y wilh current ststutcry requirements, th8 Memorandum and
Artide5 of Associa￿D and woviswjns of AccLwJnting Rewrting by Charifre5'. Slatetnent of Recotnrnended
Practice applica￿e to Charities preparing their actounts in ac￿rdanCe with the financial rewrting stsndard
appliCa￿e in the UK arKS Repu￿1¢ 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 d0trjm￿t 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 r￿￿ve ￿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 S￿nificent drop in drv￿end 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 COnbng￿CI￿s, will be distributed
subject to suitable grant ￿CIpIents becoming krN)wn to the trustees.
Risk Mana￿mOnt
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 thr￿j￿Lrt th8 are listed on pag8 1. Trusiee5 are ap￿inted in
accordance with the Memorandum and Artides ofAssctiatK)n.
F￿Ure 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 cur￿nt 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 Tr￿1￿•, 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 a￿ordanCe vAlh applicab18 ￿ and Unkt•d
Klngdom Accnunlng Stsndards Iunited Gèn8rnllyAcwtsd Acwnling Praetieél.
Company law rwulr8d trusto85 to prepaTe finan￿81 $18tomont8 for each finaneiol yaaf which 9￿¥ a truo and falr
y ol Ihe 51at8 of tho affairs of the chantable conwary and ol the outwNJ resources and appllcalon ol
re8ource8. incjudity tho incom• •nd •xpendrtJro, of tho charil8blg cA)rnpany for that In pr8parlng Ih888
lknanGL•l Jtat•m•nts, the Irusteo8 aTV Tegulred to..
sdocl subtsbb a￿UnlIn9 poMc5e$ and then apply thèm cnnsl¥tanlJy,
obtsrvo lh• methods and principle5 111 the Choiiii¥¥ SORP.
m6k8 judgornents and asUmate$ Ihat arg rgasonable and pwi*JonL
4lato whet￿r ap￿1¢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 bUsi￿SS.
Th8 trustgos are reSp￿SiblE lor k8eplng p￿per accounbry reeords that disd)s• wth masonobl8 accuracy at any
tmno lh6 fina￿la1 position ol lh• chadlabl8 rAJmpany and ortA￿a 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 Pl￿0n110￿ 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 acc￿ntS 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 reqUI￿d to be a￿lted 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 ￿l￿v•..
accwnling recuds were nol kepl in respecl of th8 Company as required by $8CtKJn 386 01 the 2006
Act.. or
Ihe accounts do not accord ￿th those reo)rds.' or
the accounts do cornply wth the accounting r8quir•rnents ol seetk?n 396 of the 2006 Act Olhèr
Ihan any requirernenl that Ihe accounts give a 'true p•Y fair ¥iew which is not a matter consKlered
as part of 8n independenl ex8minalion,' or
the aco)unts have nol been kyepared ￿ accordanc8 wlh the methods and prlnciples ol the
Sl8temenl of Rec￿Mended Praciv for accounbng and reportiThJ by tharilies.
21
31
41
I have no concems and have come across Th) olher matters in conn8thon the examinab.on to whlch attenlK)n
hould be drawn in this report in order to enabk a proper underst*ing of the ac¢ounls to be rga¢hed.
J&
Luke Holl FCA Partner
Indewndent Examiner
For and on Behalf of m￿re ￿.￿j$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$lng fund•
Investment Manage￿nI 199$
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¢0M￿l*xp•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 acllYil*s.
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 (Lts￿lI*￿yAJI•ts
N•tA•Mt•
4 829 910
Fund•
4 829 910
For fin￿al ￿vIn the •nttsJ 477 01th8 kl
2008 r•lN*¥ ￿ w•ll comwk•B.
Wo req￿rnd cornyny • 4￿J101￿ for lh• y•Ar Sn *cordar
Tho ackTr￿¥18&Jo r•sw￿l￿ 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• Tn*l808 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 P￿1¢1¢9
Accountlng con¥entlon
The financial statements have been wepared in accordan￿ wlh Ihe Finanaal RepK)rbng Standard
ap￿ICable in Ihe UK and RepulJi¢ ol Ireland IFRS 1021. publisheil on 16 July 2014. The Chanlable
Company is a pu￿1¢ 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 appliCa￿e to
charities preparing their ac￿nts in ￿ance wth the Finan(ial ResxxtirwJ Sl8nd8rd applicable in th8
UK and Republic of Ireland (The FRS 102 Charities SORP Ind￿Jing Upjate BuI￿lD 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 St￿ing, vhch is the f￿ti￿al currenw of th8 0)mp8ny.
Monetary arnounls in the58 financaal slatements are rounded to Ihe ne8re8t pxnd.
Golno Con¢•rn Ba818
The financial S￿leM￿nts 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 suffic*nt nei ass81s and cash io r￿t 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 [￿A￿Je$ adopte(l. no judgements here wul￿d that
hav8 a signilicanl 8flecl on the amunls recognisad in the fina￿al slale￿nts. rnr ¢$) any e5tirnat88 Cf
assumpiions made calry a &gnificaffl iisk ol maienal •Jiusimeni in ￿xI finanoal year.
Incomg
Investment inccme ￿ aCc£wt￿ for vthen arkj ￿ Stsled gross of ary ￿31M&￿>￿ taxation
R¢sourc¢$ EX￿nded
Liabilities are reu4nised 38 resowces a8 8cm a5 there is 8 legal or con8lruclive oblh3ats.on cornrnittirg
the charity to Ihe ex￿nditure. e￿￿j11ure is xcounled for on an xcruals basis has been
¢bs$ified under he*ings Ihal aggregate all o)$ts ￿lated to Ihe caley)ry.
Governan￿ costs comwse all ￿$ts Invdving wblic accountability of tt)e charity and its (tjmpliance
wilh ￿￿ulet10n ar￿ W pwtice. These o)sts Ind￿ o)sis rdated to slaiutory audit fees together with
SUPFRYi costs.
Dir•¢t Charitablo Exp¢ndilur¢
Direct chantsble eXK*ndilU￿ inclth all eXpeThJitU￿ inojffed in Wr$u￿Ce of charills objedNes.
Grants payable are included in Ihe Sla18Thnts of Fina￿al ACtivit￿S %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 balar￿e 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 bet**en sales pr¢xeeds and O￿n1￿j 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¥$h and ¢osh ¢qUi￿1￿nt¥
Cash and tash equivalenis Indud8 sh)rt lam dèposils Imlh a m8luiitydal• of thr8• months or lèss.
Basle Flnanelal Instrum•nts
The Charity onty holds basi¢ financial instruments as defined by FRS 102. Financi81 instruments
receivable or payable wilhin one year ol the f&p￿"ng ¢Jale arts cam&d al Iheir al transactson price and
subsequently at amortised CLJSI.
2 Staff Co8t$
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¢ ¢)bI￿lIveS 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 S￿rra L￿e
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' r8mU￿ratK)n- fee rJJrrent year
Professional lees
4,435
74
15
4,515
4,509
Fbx•d a$s•t Invgstrn•nts
2021
2020
Mark8¢ Value 8rou9ht F¢yward
AcquisitKJn8 81 c￿t
Le5s.' Disposal proceed5
Realised gainsllk)55esl on dispxal
Net gainlllossl on revalua￿(
4,598,761
343,742
1106,1531
151,3351
79,264
4,557,217
277,565
1341.1631
119.319
14,177
Mark•t Valu• C•rrl•d For*t¥d
4.864.279
4 598.761
Hi6¢Orr￿1
3,737,880
3,787,213
Invasbr•nt cash hald
31,813
235.584
Totsl Inv08tments
4 896 092
4 834 345
G•ographl¢al An•ly$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 h￿d1￿j 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 cr￿rtOrS
4,500
4,435
Induded in the at*)ve fiwre a￿Tinar￿181 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
R￿QUrE•S
Galn In
Resour¢ts Expended y￿r
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 mom￿rI. 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