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 reSoUr￿S 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 AC￿pted 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 acknO￿edge 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, ex￿pt 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 inCu￿ed 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 cOn￿M
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 ServI￿S 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