THE WILLOW TREE TRUST (A Company Limited by Guarantee) Company No: 04625426 Registered Charity No: 1096149 FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025
The Willow Tree Trust (A Company Limited by Guarantee) Trustees and Directors P.E. Flintoff D.J. Horner D.R. Philips Independent Examiners Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP Solicitor Charles Russell Speechlys LLP 8-10 New Fetter Lane London EC4A 1 RS Registered Office 6th Floor 9 Appold Street London EC2A 2AP Investment Advisors TrinityBridge 10 Crown Pla London EC2A 4FT Page: 1
The Willow Tree Trust (A Company Limited by Guarantee) Trustees. Report For the year ended 28th February 2025 The trustees submit their report and the accounts for the year ended 28th February 2025. The charity was incorporated as a company limited by guarantee on 24th December 2002 and commenced 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 accordance with the financial reporting standard applicable in the UK and Republic of Ireland, 'The FRS 102 Charities SORP,. 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 charitsble trust. with a mission in particular to advance the education of individuals. to provide reSoUrS 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 Ihe 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 grew strongly through the year by 12.3%, showing considerable realgrowih above inflation with CPI at 3.6 %. The portfolio welds 2.7°/o 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, although the Financial Action Task Force does recognise the country is making progress in strengthening measures to tackle money laundering. The country remains on the Financial Action Task Force's list of countries to which the investment managers are unable to make payments. The Trust is pleased to have added two new charities to its list of beneficiaries: Working Chance helps women recently released from prison to find employment and Tanzania Development Trust supports the Tumaini School in Tanzania to educate teenage mothers. All awards and donations have been made in keeping with Trusl guidelines and objectives of the Trust Deed. 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 suitsble 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 Articles 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. Page: 2
The Willow Tree Trust (A Company Limited by Guarantee) Trustees. Report For the year ended 28th February 2025 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 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the stste of the affairs of the charitable company and of the incoming 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 estimales 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 reporl 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 P Flintoff... Trustee Date: 10/11/25 Page: 3
Independent Examiner's Report to the Trustees of The Willow Tree Trust I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2025. Responsibilities and basis of report As the charitys 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 Ihe 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 chariws 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- 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 wth 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 Practice for accounting and reporting by charities. 2) 3) 4) I have no concems 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. JU LLP ocxe Adam Fullerton, FCA DCHA Independent Examiner For and on Behalf of Moore Kingston Smith LLP Date: 10 November 2025 6th Floor 9 Appold Street London EC2A 2AP Page'.4
The Willow Tree Trust (A Company Limited by Guarantee) Statement of Financial Activities For the year ended 28th February 2025 Notes 2025 2024 Income from: Investments 183,872 180,383 Total Income 183,872 180,383 Expenditure on: Raising funds Investment management fees 40,350 38,675 Charitable activities 193,836 146,445 Total Expenditure 234,186 185,120 Net gainslllosses) on investments 792,660 370,237 Net incomel(expenditure) 742,346 365,500 Fund Balances Brought Forward 6,052,144 5,686,644 Fund Balances Carried Forward 6,794,490 6,052,144 All amounts relate to continuing activities. All income and expenditure in 2025 and 2024 related to unrestricted activities. Page: 5
The Willow Tree Trust (A Company Limited by Guarantee) Balance Sheet at 28th February 2025 Note 2025 2025 2024 2024 Fixed Assets Inveslmenls 6.799.824 6.057.171 Current Assets Debtors 103 Creditors: Amounts falling due within one year (5,334) {5,131) Nel Current ILiabilities)IA5sets 5.334} 5,028) Net Assets 6,794.490 6,052,144 Funds Unrestricted Funds 6,794.490 6,052,144 6,794,490 6,052,144 For Ihe financial year in question the company was entitled to exemption under seclion 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of tts accounts for the year in question in accordance with sedion 476 of the Companies Act 2006. The directors acknOedge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. The accounts have been prepared in accordance wlh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. Approved by the Trustees on 10/11/25 P Flintoff.... Trustee Company No: 04625426 Page.. 6
The Willow Tree Trust (A Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2025 1 Accounting Policies Accounting convention The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 Practice 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, expt 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 concem basis. Having carried out a detailed review of the Charitys resources and the current economic challenges facing the Charity, 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 lo be prepared on a going concern basis. Critical Accounting Estimates and Judgements In the view of the trustees in applwng 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 receivable and is stated gross of any reclaimable taxation relief. 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. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with support costs. Direct Charitable Expenditure Direct charitsble expenditure includes all expenditure inCued in pursuance of the charitls objectives. Grants payable are included in the Statements of Financial Activities when approved by trustees and offered to the grantee. Page: 7
The Willow Tree Trust (A Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2025 (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 between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between 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 2025 2024 Dividends Interest 175,682 8,190 183.872 172,360 8,023 180,383 Grants payable in furtherance of the objectives of the Charity 2025 2024 Acton Homeless cOnM Apollo Music Projects (Apollo Chamber Orchestra) Go Beyond (formerly Country Holidays for Inner City Kids "CHICKS.) Manchester Sikh Foundation (Feedmycity) Mossy Foot UK Rebuild (formerly KCH Limb Reconstruction Trust) Tanzania Development Trust Working Chance Ltd 10,000 30.000 38.400 25,000 20,000 10,000 5.000 50.000 30,000 30,000 38,400 25,000 20,000 188.400 143,400 Page: 8
The Willow Tree Trust (A Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2025 (Continued) Governance 2025 2024 Independent examiners, remuneration - fee current year 5,436 3.045 5.436 3.045 Fixed asset investments 2025 2024 Market Value Brought Forward Acquisitions at cost Less.. Disposal proceeds Realised gainsl(losses) on disposal Net gainl(loss) on revaluation 6.004,883 106,796 (153,159) 35,066 757,595 5,631,720 340.575 {337,649) 2,151 368,086 Market Value Carried Forward 6,751,181 6,004,883 Historical cost 3,919,021 3,865,781 Investment cash held 48,643 52.288 Total Investments 6,799,824 6,057,171 Geographical Analysis United Kingdom Investments Overseas Investments 1,979,582 4.771.599 1,979,306 4,025.577 Debtors: Amounts falling due within one year 2025 2024 Other debtors 103 Included in the above figure are financial assets of £nil {2023= £nil). Creditors: Amounts falling due within one year 2025 2024 Accruals 5.334 5.131 5.334 5,131 Page: 9
The Willow Tree Trust (A Company Limited by Guarantee) Notes to the Financial Statements For the year ended 28th February 2025 (Continued) Movement on Reserves At 1st March 2024 At 28th February 2025 Incoming Resources Resources Expended Gain in the year Unrestricted.. General 6.052.144 183.872 (234,186) 792,660 6.794,490 6.052,144 183.872 {234.186) 792.660 6,794,490 10 Transactions with Trustees No trustee received any remuneration for ServIS as a trustee nor any reimbursement of expenditure (2024 . 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. Page: 10