Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
THE WILLOW TREE TRUST
(A Company Limited by Guarantee)
Company No: 04625426
Registered Charity No: 1096149
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29TH FEBRUARY 2024

Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Trustees and Directors
P.E. Flintoff
D.J. Homer
D.R. Philips
Independent Examiners
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Solicitor
Chades Russell Speechlys LLP
8-10 New Fetter Lane
London
EC4A 1 RS
Registered Office
6th Floor
9 Appold Street
London
EC2A 2AP
Investment Advisors
Close Brothers Asset Management Ltd
8th Floor
10 Exchange Square
Primrose Street
London
EC2A 2BY
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Trustees. Report
For the year ended 29th February 2024
The trustees submit their report and the accounts for the year ended 29th February 2024. The charity was
incorporated as a company limited by guarantee on 24th De￿mber 2002 and cornmen￿d its activities on 18th
February 2004. The financial statements comply with current statutory requirements, the Memorandum and
Articles of Association and provisions of Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to Charities preparing their accounts in accordan￿ with the financial reporting standard
applicable in the UK and Republic of Ireland. The FRS 102 Charities SORP, published on 16 July 2014.
The registered charity number is 1096149 (Company number 04625426) and the governing document is the
Memorandum and Articles of Association.
Objects
The Willow Tree Trust has been formed as a charitable trust, with a mission in particular to advance the
education of individuals, to provide resources to obtain the relief from sickness and for the research into the
causes and cures of human diseases, and to relieve poverty. All grants made are for the public benefit.
Review of the year
The income and expenditure for the year is stated on page 5. Grants made for charitable purposes in the year
are disclosed in note 4 to the financial statements. The balance on the Statement of Financial Activities has
been carried forward.
The value of the funds held by the Trust has grown steadily through the year by 6.4 %. well above inflation, with
CPI at 3.2 % for the year.
The portfolio yields 3.1 % currently with income broadly similar to the previous year and the Trust remains able
to meet its objectives comfortably.
The Trust remains unable to make payments to recipients in Sierra Leone during the year. The country remains
on the Financial Action Task Force's list of countries to which the investment managers are unable to make
payments.
As a consequen￿, the Trust is continuing to make grants principally to various charities operating within the
UK. All awards and donations have been made in keeping with Trust guidelines and objectives of the Trust
Reserves Policy
The trustees, intention is that £3,000,000 of the reserve should be retained on a permanent basis. The income
earned from the investment of this reserve, after retaining a small amount for contingencies, will be distributed
subject to suitable grant recipients becoming known to the trustees.
Risk Management
The trustees have undertaken a review of the risks to which the Charity is exposed and have taken the
necessary steps to mitigate those risks.
Trustees
The current trustees, who served throughout the year, are listed on page 1. Trustees are appointed in
accordance with the Memorandum and Artides of Association.
Future plans
In the upcoming year, the trustees intend to maintain the level of investment income received and this, in turn,
will allow the Trust to maintain the current grants in place, as well being able to make additional grants where
the trustees believe the applicants meet their charitable objectives.
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Trustees. Report
For the year ended 29th February 2024
Public Benefit
The Trustees confirm that they comply with their duty to have regard to the guidance on public benefit published
by the Charity Commission including the guidan￿ 'Public Benefit Running a Charity (PB2)' in exercising their
powers and duties.
Statement of Trustees, Responsibilities
The trustees (who are also directors of The Willow Tree Trust for the purposes of company law} are responsible
for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United
Kingdom Accounting Stsndards {United Kingdom Generalty Accepted Accounting Practice}.
Company law required trustees to prepare financial statements for each financial year which give a true and fair
view of the state of the affairs of the charitable company and of the outgoing resources and application of
resources, including the income and expenditure. of the charitable company for that period. In preparing these
financial statements, the trustees are required to..
select suitable accounting policies and then apply them consistently..
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent"
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any
time the financial position of the charitable company and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part
15 of the Companies Act 2006.
On behalf of the Trustees
Siuned W.
P Flintoff...
Trustee
22/11/2024
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
Independent Examiner's Report to the Trustees of
The Willow Tree Trust
(A Company Limited by Guarantee)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 29
February 2024.
th
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006
('the 2006 Act,).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the
2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's
accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my
examination I have followed the Directions given by the Charity Commission under section 145{5) (b) of the
2011 Act.
Independent Examiner's Statement
I have completed my examination. I confinn that no matters have come to my attention in connection with the
examination giving me cause to believe-
1)
accounting records were not kept in respect of the Company as required by section 386 of the
2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other
than any requirement that the accounts give a 'true and fair view which is not a matter considered
as part of an independent examination.. or
the accounts have not been prepared in accordance with the methods and principles of the
Statement of Recommended Practi￿ for accounting and reporting by charities.
2)
3)
4)
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
ocye
Adam Fullerton. FCA DCHA
Independent Examiner
For and on Behalf of Moore Kingston Smith LLP
Date.. 22 November 2024
6th Floor
9 Appold Street
London
EC2A 2AP
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Trustees. Report
For the year ended 29th February 2024
Notes
2024
2023
Income from:
Investments
180,383
198,589
Total Income
180,383
198,589
Expenditure on:
Raising funds
Investment management fees
38,675
38,111
Charitable activities
146,445
114,072
Total Expenditure
185,120
152,183
Net gainsl{losses) on investments
370,237
37,896
Net incomel(expenditure)
365,500
84,302
Fund Balances Brought Forward
5,686,644
5,602,342
Fund Balances Carried Forward
6,052,144
5,686,644
All amounts relate to continuing activities.
All income and expenditure in 2024 and 2023 related to unrestricted activities.
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Balance Sheet at 29th February 2024
Note
2024
2024
2023
2023
Fixed Assets
Inveslments
6.057.171
5,696.528
Current Assets
Debtors
103
65
Credilors: Amounts falling due
within one year
(5.131)
{9,949)
Net Current (Liabilities)IAssels
{5.028)
{9,884)
Net Assets
6.052.144
5,686,644
Funds
Unrestricted Funds
6.052.144
5,686,644
6,052,144
5,686,644
For the financial year in question the company VMS entitled to exernption under section 477 of the Companies Act
2006 relating to small companies.
No members have required Ihe company to obtain an audit of its accounts for the year in question in accordance
with section 476 of the Companies Act 2006.
The directors aCknO￿edge their responsibilty for comp￿-ng with the requirements of the Act with respect to
accounting records and for the preparation of accounts.
The accounts have been prepared in accordance with the Financial Reporting Stsndard applicable in the UK and
Republic of Ireland {FRS 102).
These financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies regime.
22111/2024
Approved by the Trustees on .
SW by.
P Flintoff.....
Trustee
Company No: 04625426
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 29th February 2024
1 Accounting Policies
Accounting convention
The financial ststements have been prepared in accordan￿ with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102), published on 16 July 2014. The Charitable
Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared
its financial statements in accordance with the Statement of Recommended practi￿ applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the
UK and Republic of Ireland (The FRS 102 Charities SORP including Update Bulletin 2}, the Companies
Act 2006 and the Charities Act 2011.
These accounts have been prepared under the historical cost basis. except for investments, which are
measured at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Going Concern Basis
The financial statements have been prepared on a going concern basis.
Having carried out a detailed review of the Charity's resources and the current economic challenges
facing both the Charity and its members, the Trustees are satisfied that the Charity has sufficient net
assets and cash flows to meet its liabilities as they fall due for at least one year from the date of approval
of the financial statements. As such the accounts continue to be prepared on a going concern basis.
Critical Accounting Estimates and Judgements
In the view of the trustees in applying the accounting policies adopted, no judgements were required that
have a significant effect on the amounts recognised in the financial statements, nor do any estimates or
assumptions made carry a significant risk of material adjustment in the next financial year.
Income
Investment income is accounted for when re￿1vable and is stated gross of any reclaimable taxation
Resources Expended
Liabilities are recognised as resources as soon as there is a legal or constructive obligation committing
the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been
classified under headings that aggregate all costs related to the category.
Governan￿ costs comprise all costs involving the public accountability of the charity and its compliance
with regulation and good practi￿. These costs include costs related to ststutory audit fees together with
support costs.
Direct Charitable Expenditure
Direct charitable expenditure includes all expenditure incurred in pursuance of the charity's objectives.
Grants payable are included in the Statements of Financial Activities when approved by trustees and
offered to the grantee.
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 29th February 2024 (Continued)
Accounting policies (continued)
Fixed Asset Investments
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and
losses on revaluation and disposals throughout the year.
Realised and Unrealised Gains and Losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are
calculated as the difference be￿een sales proceeds and opening market value (purchase date if later).
Unrealised gains and losses are calculated as the difference be￿een the market value at the year end
and opening market value {or purchase date if later).
General Funds
These represent funds which are not designated for particular purposes.
Financial Instruments
Cash and cash equivalents
Cash and cash equivalents include short term deposits with a maturity date of three months or less.
Basic Financial Instruments
The charity only holds basic financial instruments as defined by FRS 102. Financial instruments
receivable or payable within one year of the reporting date are carried at their at transaction price and
subsequently at amortised cost.
staff Costs
The charity had no employees during the year or the previous period.
Investment Income
2024
2023
Dividends
Interest
172,360
8,023
180,383
193,545
5,044
198,589
Grants payable in furtherance of the objectives of the Charity
2024
2023
Go Beyond (formerly Country Holidays for Inner City Kids"CHICKS")
Acton Homeless Concern
Rebuild (formerly KCH Limb Reconstruction Trust)
Apollo Music Projects (Apollo Chamber Orchestra)
Mossy Foot UK
Manchester Sikh Foundation (Feedmycity)
38,400
30,000
18,000
20,000
10,000
20,000
10,000
15,000
30,000
20,000
25,000
143,400
93,000
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
{A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 29th February 2024 (Continued)
Governance
2024
2023
Independent examiners, remuneration - fee current year
Professional fees
3,045
4,800
349
3,045
5,149
Fixed asset investments
2024
2023
Market Value Brought Forward
Acquisitions at cost
Less: Disposal proceeds
Realised gainsl{lossesl on disposal
Net gainl(loss} on revaluation
5,631,720
340,575
(337,649)
2,151
368,086
5,585,721
178,524
(170,420)
2,957
34,939
Market Value Carried Forward
6.004,883
5,631,720
Historical cost
3,865,781
3,826,580
Investment cash held
52,288
64,808
Total Investments
6,057,171
5,696,528
Geographical Analysis
United Kingdom Investments
Overseas Investments
1,979,306
4,025,577
1,987,637
3,644,083
Debtors: Amounts falling due
within one year
2024
2023
Other debtors
103
65
Included in the above figure are financial assets of £nil (2023= £nil).
Creditors: Amounts falling due
within one year
2024
2023
Grant creditors
Accruals
5,131
9,949
5,131
9,949
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Docusign Envelope ID.. 72C1 FF2&BBE14B63-A85E-A5503474EC50
The Willow Tree Trust
{A Company Limited by Guarantee)
Notes to the Financial Statements
For the year ended 29th February 2024 (Continued)
Movement on Reserves
At 1st
March
2023
At 29th
February
2024
Incoming
Resources
Resources
Expended
Gain in
the year
Unrestricted=
General
5,686,644
180,383
(185,120)
370,237
6,052,144
5,686,644
180,383
(185,120)
370,237
6,052,144
10 Transactions with Trustees
No trustee received any remuneration for SeNi￿S as a trustee nor any reimbursement of expenditure
(2023 .' none).
11 Members. Liability
The company is limited by liability. In the event of the winding up of the company the members, liability
is limited to £10 each.
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