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
S￿l¢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 du￿n0 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
pOV￿rS 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 apPI￿at￿)n of
resources, Includlng tha Sncome and expendltufe, of Ihe charllable company for that P8rtod. In preparing th0$8
flnanclal slalements. the trustees are roqulrod to..
select surtable accounllng pc41cles and then apply them conslstenuy,.
observe the methods and prfnciples in thg Ch8rftles SORP.,
make ludgernents and esumales that are reasonable and prudent-
stsle whether appli¢8ble UK Accounllng Standards have been followed, 8ublecl lo any material departuros
dlsclosed and explained In the financial st81emenis',
prepare the financlal statements on the g￿ng ¢on¢em basls unle88 r( 18 Snapproprl818 lo presume that thg
chadlable company will contlnue In business.
The Iru$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 CoMpan￿S 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 oxamIna￿on 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 Incom￿1•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 cC￿￿n￿In9 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 $rn811 companl88.
No memberB have fequlred the company to obtaln on Budlt of Its attounts for the year In qu951knn In &ccxJrdan
th secllon 476 olthe Companle6 Act 2(Kl6.
Tho dlrectorB thelr resF(Jnslbillly lor COMP￿Thj the requlr•m8nt8 ol the Act ￿th r•spect to
aecountlNJ fecords and for th8 pr•paratknTI ol accountj.
Tho accounts have been prÈparad In accordance *4th Ihe Fln8nd•l R8POrtlng Stsndard 8PF4Icable In the UK and
public of Ireland IFRS 1021 publlshad on 16 July 2014.
The88 finan￿al 8t8temenl8 hav8 ￿an prapar8d In aC9)rdan￿ wlth the provisk)n$ 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 Cha￿ti￿S 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$1 p￿nd.
Golng Conc•rn Ba•1•
The financlal sl81gments have been wepared on 8 g￿ng concam bas18.
Havlng carrfed out a delalled revlew ol the CharSty's re80ur¢es and the current economic challenges
faclng both the Charity and Ils members includlng the Impact of tha coronavlrus pandoml¢ the Tru8le88
are Satisfied that th8 Charity has sufficlenl net assets and cash flows lo mg81 Ils liabllillas as they fall due
for al ￿ast one year from the d81e of approval of the financlal stalemonls. As such the accounts conlSnue
lo be prepared on a golng concem ba818.
Crltlcal Ac¢ountlng Estlmat•• •nd Judgem•nt8
In tha vlaw ol Ihe Iruslgas In appI￿ng the accounlSng pollcJ85 8(Jopted, no judgements were r8qulred thBI
havg 8 signific8nl effect on the amounts reoognSsed In tho financlal statements, nor do any esllmales or
a8sumpllon8 made cary a &gnlfl¢ant rfsk of malerlal adlustment In th8 n8Kt flngnclal year.
Incam•
Investment income Is accountad for whan recelvable and is stslgd gross of any reclalmable taxallon
Resourc•s Exp•nd•d
Liabllitles are racognlsed as resources as soon as there Is a 18gal or conslruclbve obllgallon commlttsng
ihe charSty to the expenditure. All expendlture 1$ 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 c￿n ￿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$•t In¥¢stments
Invèslmenls are staled al market value al the balance sheet d81e. The SOFA inGludes the net galns and
losses on I￿alUatI￿ and disposals throughout the year.
Realls•d and Unroali8•d Galns •rtd Lo$••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 oblo￿1ve4 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 sCh￿IS 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 In￿￿1￿u911Y 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 re1MbL￿emenI 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