THE WILLOW TREE TRUST (A Company Llmited by Guarantee) Company No: 04625426 Regi•tered Charlty No: 1096149 FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2022
The Willow Tree Trust (A Company Llmlted by Guarantee) Trustees and Dlr•¢tor• P.E. Flintoff D.J. Horner D.R. Phlllp$ Company S•ctr•tary Haleo Secretarles Llmlled 5 Fleet Plac8 London EC4M 7RD Ind•p•nd•nt Ex•mln•rn Mctye Kln9Stcfi Smhh LLP 6th Floor 9 Appold Str••t London EC2A 2AP Sl¢ltOr Chart•8 Ru38ell Speechtys LLP &10 New Fetter Long London EC4A 1RS R•9l•t•r•d Offlc• 6th Floor 9 Appo Str881 Londc EC2A 2AP InNYstm•nt Ad¥l•or• Close Brothers A35el Management Ltd 8th Floor 10 Exchang• Squarg Primrose Street London EC2A 2BY Page.. 1
The Willow Tree Trust (a Company Limited by Guarantee) Trustees, Report For the year ended 28th February 2022 The trustees submit their report and the accounts for the year ended 28th February 2022, The ch8rty was incorporated as a company limtted by guarantee on 24th Dècember 2002 and ¢ommenced rts activities on 18th February 2004. The financial stat8ments cornply with currént statutory requiremènts. the Memorandum and Articles of Association and provlsiofts ol Accounting and Reporting by Charities.. Statement of Recommended Prath'c8 appll¢abl8 lo Charities preparfng th8lr accounts in accordance with the financial reporting stsndard applicable In the UK and Rapublic of IreIar, 'The FRS 102 Charilias SORP, publlsh8d on 16 July 2014. The re9iStar8d charfly number Is 1096149 {Company number 046254261 and the govarnlng document 1$ Ihe Memorandum and Artlcles of Assoclation. ObJ•cts The Wlllow Tree Trust has been formed as a eharltable trust, wth a mlsslon In particular lo athance th8 ducatlon of Indlvbduals. to provlde resources lo oblaln th8 r81ief from sickness and for tho reseai¢h into the causes and cures of human dlseasas. and to relleve poverty. Al granls made are for the publ1¢ bgnefit. R•vl•w ol th• y•ar Thg Sn¢ome and expendlluro for the year Is stated on page S, Grants made for charllabl8 purposgs In the year are dlsc10s9d In nolo 4 10 tho financ181 $ts18m8nts. The balance on the Slalement of Fln8ncSal Acllvlllgs has been Carri fornard. The valua of the funds held by Ihe Trust Sncreasad signifi¢anlly by almost 18% over the year, as market 88nllmenl worfdwlde shakes off the global COVID pandemSc, laklng Ihg portfolio to ils hlghesl value slnce Incepllon. HoY4ever. the Investm8nl approach of the Inv9s1ment managers remains prudent.. 10 5e8k growth whila prolecllng the Income and a$sels of the fund. Likewlse, dlvidgnd Income has recovered by 21 Yo from lasl y8ar, agaln lo tho hSgh•sl lev81 the portfollo has achIev. The Trust rgmains able lo meet its objectives comfortably. The Trust has been unable to m8kg payments lo reclpienls Slerra Lwne dun0 the year, The ¢ountry remains on the Flnanclal Action T85k Force's Ilst of countries lo whlch the investrnonl rnanagers remaln unable to m8ke payments. Unfortunately, while 88rclays Bank rgmaSns the only UK ¢1oarfng bank willlng lo transfer funds lo SS8rra Lione, It Is not acceptsng new charity customers al the moment. The Trust conlSnu8S to m8ke grants to varfous chorities operallng around the worfd. All award8 and donollons have been made In keeplng wlh Trust guldelines and oblactlves of the Tnjst 088d. R•serv•8 Pollcy The Irusl8ès' Inlentlon Is Ihat £3.000,000 of the reserye should be Tetained on a pemangnl b8sis. The income eamed from the inveslmènl of this resèrve, after relalning a small amount for conlingencie8, will ba distributed subl8ct lo suSlabl8 grant reclpi8nls bectxning known lo tho truste88. Rlsk Manag•m•nt The Iruslees have undgrt8ken a review of the risks to whlch the Chorlty Is exposed 8nd hav8 taken the necossary steps lo rniligale those rlsks. Tru$tOeS Th8 current tnjslees, who served throughout the ye8r are listed on paoe 1. Twstees are app)inled in accordance with the Mom¢yandum and Articles of Association. Future plans In the upcoming year, the Iru$t8•s intènd lo maintain the level ol Inveslmenl Income e1Ved and this. In turn. will allow tha Trust to maintain the curr8nt grants in place. as well beong able to make additKYI81 grants vthere the trustee5 believé the applicants meet their charitable objectives. Page: 2
The Willow Tree Trust (A Company Llmlted by Guarantee) Trustees, Report For the year ended 28th February 2022 Publlc Beneflt The Trustee5 conflrm Ihat they comply with their duty to hmvè regard to the guidance on public benafit publlshod by the Charity CommissKJn including tho guidance 'Public Benefit.. Running a Charity {P821' In 8x8rosing their pOVrS and dutles. ststomont of Trust•e8' Rgsponslbllltlos The trustees Iwho are also directors of The Wlllow Tr Trust for the purposes of company lawl are responslble for preparlng the TTLislees' Rgport and the flnandal statements in accordance wth appll¢able law and United langdom Accountlng Standards Iunlted Kngdom Generalty Accepted AocounJng Practbcel. Company law requlrod trust98s lo prepare Ilnandal Statements for each financlal year whlch glve a true and falr view of the state of the affalrs of thè ch8ri1abb company and ol the oulgoln9 resources and apPIat)n of resources, Includlng tha Sncome and expendltufe, of Ihe charllable company for that P8rtod. In preparing th0$8 flnanclal slalements. the trustees are roqulrod to.. select surtable accounllng pc41cles and then apply them conslstenuy,. observe the methods and prfnciples in thg Ch8rftles SORP., make ludgernents and esumales that are reasonable and prudent- stsle whether appli¢8ble UK Accounllng Standards have been followed, 8ublecl lo any material departuros dlsclosed and explained In the financial st81emenis', prepare the financlal statements on the gng ¢on¢em basls unle88 r( 18 Snapproprl818 lo presume that thg chadlable company will contlnue In business. The Iru$lges are responslble for keeping proper accounting records that dlsclosa th reasonab accuracy al any limo the flnanclal ptYJilion of the charitable company and enablo Ih8m lo 8n8ure that the financlal slalomonl$ comply with the Companies Act 2006. Thay 8r8 also responsible for safeguardlng the assals of Ihg chadiable company and henc8 for taking r8ason8ble slep5 lor the prevenllon and delecllon of Iraud and other irregularfllès. ThSs réport has b88n prepared In a¢coid8n¢a wlth the sp8cl81 provlsion8 relallng to small CoMpanS wlthln Part 15 01 the Companies Act 2006. On behalf of the Tru8lee8 P Fllnloff................. Trusteg Dato.. Page.. 3
Independent Examiner's Report to the Trustees of The Willow Tree Trust (a Company Limited by Guarantee) I r8POrt lo the Charity trustee$ on my ex8mlnatk)n of the accounts of th8 Company for the year endgd 28 Fabruary 2022. Responsibilttl and ba$1$ of roport As the charflls trustees of the Company land also hs dlrectors for the purposes of company law} you are responsible for the prepafallon of tho a¢counts In accordance wlth the requlremenls of Iha Companies Act 2008 Ilhe 2006 Act'l- Havlng 8absfi8d myself that the a¢cc4Jnts of the Company arè not required lo be audlled undef Part 16 of the 2008 Act and are dlgible for Independent 8xaminati. I repc*rt in respect of my examlnallon of your ¢harity'S aceounls as carried out und8r SectiC 145 of the Charitigs Act 2011 {'the 2011 Act'l. In carrylng out my examlnatlon I have followed the Dir8Ctlons glven by the Charity Commission under sectlon 145151 {bl of the 2011 Independont Examln•rfB SLit•m•nl I have completed my examination. I conflrm th81 no matt8r8 have come to my attenllon In conngollon wllh the oxamlnallon glvlng me cause to believe.. occountlng r6cord8 were not kepl Sn respect of the Company as requlrod by Section 386 of the 2006 Act- or the accounts do not o¢wrd wfjlh those records.. or the accounts do not comply wlth the accounllng roqulr8m8nl$ of Secllon 396 of the 2008 Act other than any requirement that Ihg accounts give a 'truo and Iglr vlew whlch is not a mattor consldered 88 part of an independent examlnation.. or Ihe accounts havo not been prepared in accordancg wlth the mtlhods and prfndples of the Stsl8m8nl of Recommended Pracll¢e lor accounting and reporung by charflies. 1} 21 3} 4} I have no concerns and have como acTOSS no other maitaTS in connection wllh the oxamInaon lo whlch attenllon should be drawn In Ihls raport in order lo enable 8 propor understanding of the accounts to be reached. Luko Holt FCA. P•rtn•r Independent Examiner For and on Behalf of Moore Klng5ton Smlth LLP Dale.. 19 December 2022 6th Flwr 9 Appold Street London EC2A 2AP Pagg.'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 2022 Not•s 2022 2021 Incom• from: Inv8slm8nts 175.308 148,259 Totsl Incomo 175,308 148.259 Exp•ndltur• on: Ral•lng funds Investment rnanagement f88S 37.382 34,915 ¢harltabh a¢tMth• 100,155 79,515 Total Exp•ndltur• 114,430 N81 galnslllossesl on Investments 672,9)3 27,929 N•t Incom1•xP•ndItUr0) 710.674 61.758 Fund Balances Broughl FoTrArd 4,891,668 4,829,910 Fund B•l•nc•• Carrf•d Fomard 5,602,342 4891,668 All amounts rdate lo cCnIn9 actlvltles. AJI income an¢J exp8ndllur8 Sn 2022 arKI 2021 rèlated to unreslrfcted acllville8. Page.. 5
The Willow Tree Trust (A Company Llmitsd by Guarantee) Balance Sheet at 28th February 2022 Not• 2022 2022 2021 2021 Flxed A¥1 Investrnents 5.666,666 4.B98,092 Currnnt A••et• D&btors 476 76 Cr•dltor8'. Amount• tslllng du• wlthln OM y•ar 64.800 Ngt Curr8nt ILlablllil••yA•MI• 64,324 4,424 NgtAu•ts 4.891,666 Fund• Unre8trfcted Funds S 602,342 4,691,668 5 602 342 4 891688 For the flnantlal year In questlon the MpenY w88 8nUtled to exempuon undar 8•ctk)n 477 of thè CompenieB Act 2006 rdatlng to $rn811 companl88. No memberB have fequlred the company to obtaln on Budlt of Its attounts for the year In qu951knn In &ccxJrdan th secllon 476 olthe Companle6 Act 2(Kl6. Tho dlrectorB thelr resF(Jnslbillly lor COMPThj the requlr•m8nt8 ol the Act th r•spect to aecountlNJ fecords and for th8 pr•paratknTI ol accountj. Tho accounts have been prÈparad In accordance 4th Ihe Fln8nd•l R8POrtlng Stsndard 8PF4Icable In the UK and public of Ireland IFRS 1021 publlshad on 16 July 2014. The88 finanal 8t8temenl8 hav8 an prapar8d In aC9)rdan wlth the provisk)n$ applicabl• to companies 8ublec¢ to $mdl companies wlme. Approved by Ihè Trustees on ... /i P Flintoff..... Trustae Company No.. 04625428 Pag6'. 6
The Willow Tree Trust (a Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2022 1 Accounting Polici•8 A¢¢ounting convention Th8 ffinanclal Slalements have been pr8par8d In accordance with th8 Financlal Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 1021. publish8d on 16 July 2014. The Charlt8ble Company is a public b8n8fit group for the purposes of FRS 102 and therefore the charity also prepared ils financial statèments in accordance with th8 Slalamenl of R8cornmended Practice appllcable lo charities preparfng their accounts In accordance th the Flnancial Reporting Standard 8ppllcable in the UK and Republic of Ireland (Th8 FRS 102 Charllies SORP includlng Upd8ts Bulletin 2), the Companies Act 2006 and tha ChatiS Attt 2011. These accounts havè beèn prepared undar tha hlstortcal cost basls, èxcept for Inv8slm8nts, lch are measured al fair value. The financi81 stslemonts are prepared in sterllng, whlch is tha luncllonal currency of the company. Monetary amounts In these linanclal sia1gmgnts ar8 rounded lo the ngaro$1 pnd. Golng Conc•rn Ba•1• The financlal sl81gments have been wepared on 8 gng concam bas18. Havlng carrfed out a delalled revlew ol the CharSty's re80ur¢es and the current economic challenges faclng both the Charity and Ils members includlng the Impact of tha coronavlrus pandoml¢ the Tru8le88 are Satisfied that th8 Charity has sufficlenl net assets and cash flows lo mg81 Ils liabllillas as they fall due for al ast one year from the d81e of approval of the financlal stalemonls. As such the accounts conlSnue lo be prepared on a golng concem ba818. Crltlcal Ac¢ountlng Estlmat•• •nd Judgem•nt8 In tha vlaw ol Ihe Iruslgas In appIng the accounlSng pollcJ85 8(Jopted, no judgements were r8qulred thBI havg 8 signific8nl effect on the amounts reoognSsed In tho financlal statements, nor do any esllmales or a8sumpllon8 made cary a &gnlfl¢ant rfsk of malerlal adlustment In th8 n8Kt flngnclal year. Incam• Investment income Is accountad for whan recelvable and is stslgd gross of any reclalmable taxallon Resourc•s Exp•nd•d Liabllitles are racognlsed as resources as soon as there Is a 18gal or conslruclbve obllgallon commlttsng ihe charSty to the expenditure. All expendlture 1$ accounted for on an accruals basis and hos baan cl8sslfied under headlngs that aggregate all costs rèlated to the category. Govemance costs comprise all costs involvlng the public accountablllly of the Charity and Ils cn lanCe with regulation and good pra¢O¢g. These costs include costs r91aled lo slalutory audlt fees togèther with support costs. DSroct Charltablè Exp•nditure Dlrect chafltable exponditure Include8 8118xpandlture Incurred In pursuance of the charrtls objectives. Grants payabl8 are Included In the Statements of Flnan¢5al Acts'vilie5 en approved by truslaas and offered to the grant88. Page.. 7
The Willow Tree Trust (a Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2022 Accounting polici•¥ {contlnu0dl FIX A8$•t In¥¢stments Invèslmenls are staled al market value al the balance sheet d81e. The SOFA inGludes the net galns and losses on IalUatI and disposals throughout the year. Realls•d and Unroali8•d Galns •rtd Lo$••s All galns and losses are taken lo the SOFA as they artse. Realised galns 8nd losses on investments are calculated as the dSff8r8nc8 behveen sales proceeds and opening market v81uè Ipur¢hase date if later}. Unrealised galns and losses afa calculated as the diff8renc8 betsv8on the market value 81 the yoar and and opening market value lor purchaso dale rf lalerl. Gonoral Fund¥ The8e represent funds vthich are not d88&naled for porfculAr purpo&e8, Flnancial In•trum•nts Cash and c•sh •qulval•nt¥ Cash and cash u1ValentS Includo short term depos11s wth 8 matudly dal8 of thr86 months or less. 8*•l¢ Flnan¢lal In•trum•nt• Thg charlty only holds baslc Ilnanclal Instruments as deflned by FRS 102. Financlal Instruments Tecelvablg or payable within ona year of the roportlng date are carried al th8ir at transaclion price and 8ubsequenlly al amortlsgd cost. 2 Staff Co•t8 Tha chartty had no employees durSng the year or the prevlous perbd. Inv••tm•nt Incom• 2022 2021 Dividends Interest 108,743 8,565 175,308 141,884 8,575 148,259 4 Gf•nls payable In furthoranc• of tho oblo1ve4 of th• Charlty 2022 2021 Go Beyond Ifomierly Country Holhlays for Inngr Clty KKIS fHICKS") Aclon Homeless Concem Soclely for Women and AIDS In Affica Sierra Leone Chapter Rebulld Iformerly KCH Limb Reconstruction Trust) Justlce Defend8fs {formerly African Prisons Projeotl Apollo Chamber Orchestra Mossy Foot UK Manchester Slkh Foundation {Feedmyctyl Scholarships for sChIS In Slarra Leone 15,400 15.000 15,000 10,000 10,000 10.000 18.000 10,000 15,000 10.000 15,000 15,000 10,000 93,400 75,000 Page: 8
The Willow Tree Trust (a Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2022 (Continued) 5 Gov•rnan¢8 2022 2021 Independ8nl exarniners. remunerotion - fee current yoar Professional fees 4.800 4,500 15 4,800 4,51S 6 Flx•d ass•t Inv•slm•nts 2D22 2021 Mark81 Value Brought Forbvard Acqulsillons at cost L&ss.' Dlsposal Pfoceeds Reallseo g8Snslllosse81 on dl8FO3al Nel galnlllos81 on revalu8llon 4,864,279 207,921 1159.3821 17.595 655,308 4.598,761 343.742 1106,1531 (51,3351 79,284 hl*rtt•t Valu• CarrS•d Fonward 5,565,721 279 3.799.680 3.737,880 Histortcal cost Investment cash h•ld 80,945 31,813 Total Inv•itm•nl• 896,092 G•ogr•phlcal AnalyJl• Unlted Klngdom Investments Overseas Inve81ment8 1.950.926 3,834.79S 1,841,929 3,022,350 There are r Inveslmfjnts that In1u911Y represent 5% or moro of the lolal holdlng of tho company. 7 D•btors.' Amounts falllng du• wllhln on• year 2022 2021 Othor dgblors 478 78 Included In the above flgure are finandal assats of £nll12020.' £nlll. B Cr•dltor8: Amount8 falllng due within one ytar 2022 Grant cr8ditors AccruBIs Trade creditors 60,0{j 4,800 4,500 4,500 Includod in the above figur6 ar8 financlal Ilabllhl&s of £4.80012021'. £4,500}. Page: 9
The Willow Tree Trust (A Company Llmlted by Guarantee) Notes to the Financial Statements For the year ended 28th Fabruary 2021 (Continued) 9 Movomgnt on R•g•rv At 1•t March 2021 At 28th Fèbruary 2022 Incomlng Rasourc R•sour¢es Exp•nd•d Gain in the y••r Unrestricted". General 4,891,668 175,308 (13f,5371 672.903 5,602.342 4,891,868 137 537 175.308 672.903 5,602.342 10 Trnn¢t[Qnl wlth Tru¥t••¥ No Iruslee recelved any remunerallon for servic¥s 8S * trustee nor any re1MbLemenI of expendllure 12021 nong). 11 Morn, Lloblllty The comp8ny is Ilmlted by Ilablllty. In the evgnl of the wlndlng up of Ihe company the members, Ilabilily Is limilad lo £10 each. Pag8.' 10