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Willow Foundation Annual Report and Financial Statements 2024

Willow Foundation is a registered charity in England and Wales No. 1106746 and a registered charity in Scotland No. SC045811. It is a company limited by guarantee number 5207070, registered in England and Wales.

The trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 69 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. This trustees’ annual report includes a directors’ report as required by company law.

2 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Contents

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 3

2024 was a landmark year for Willow as we proudly celebrated our 25th anniversary. What began as a vision to bring light and hope to lives overshadowed by treatment and hospital visits has grown into a nationwide movement of compassion, resilience and joy.

This year, our impact reached further than ever before. We expanded the range of experiences we provide, from unforgettable days out and restorative short breaks, to thoughtfully designed treat boxes that bring moments of happiness directly into people’s homes. Each experience offers beneficiaries the chance to step away from the daily challenges of illness and enjoy precious time with family and friends.

Marking 25 years was also an opportunity to reflect on how far we have come and to look ahead with ambition. We could not have achieved this without the dedication of our supporters, partners, volunteers and staff, who together make Willow’s mission possible. Their commitment ensures that every young adult we reach is given the gift of time, memory and joy.

As we look forward, Willow remains determined to grow our reach, deepen our impact, and continue building a future where every seriously ill young adult has the chance to experience the hope and happiness they deserve.

Stevie

Stevie from Watford is living with Duchenne Muscular Dystrophy. Willow organised a meet and greet with Arsenal players at the Emirates stadium, which was a dream come true for him to share with his son Rowan and wife Faye, who shared: “One particular day really brought it home for me how precious life is. We were on a family day out when Stevie got ill extremely quickly. He had gone into cardiac arrest. When he eventually regained consciousness in the hospital, I made a promise to myself that I’d somehow make his dream come true, and that’s exactly what happened when Willow arranged our Special Day.

“Meeting Mike Arteta, Declan Rice, Martin Odegaard and Bukayo Saka, it was a feeling I can’t describe. Odegaard then took Rowan on to the pitch where they were practicing together. Seeing my husband watch his son play football with one of his heroes is something I can’t put into words. Our Special Day wasn’t just a day out. The joy we experienced on that day helps us to keep carrying on. Stevie and I both agree that we want to know that we have done everything we can to make Rowan’s dreams come true, and our day at Arsenal was certainly an experience we will remember forever”.

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In 2024 we…

Provided 777 days out or breaks to young adults living with life-threatening conditions

Celebrated 25 years of making a difference (

Welcomed four new ambassadors: Aaron Ramsdale, Alex Newman, Dan Field and Tom Rosenthal

Helped 750 children to join their seriously ill parent on a Special Day

Sent bespoke fa treat boxes to 480 people

Opened our 8th charity shop

Brought our Special Treats service in-house

Increased our volunteer hours by 24% on 2023

Supported 112 young adults living with a less-survivable cancer

Launched two new events – Williamson’s Walk and Catch of the Day

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 5

Willow creates bespoke experiences and gifts to help seriously ill 16 to 40-year-olds across the UK make precious memories with their loved ones.

Each year thousands of young adults across the UK are diagnosed with a life-threatening illness. When they should be enjoying the prime of life, they’re dealing with stress, isolation, invasive treatment and hospital appointments.

We’re dedicated to helping young adults take much needed time out from the reality of living with serious illness, creating magical moments that become lasting memories. From treat boxes to experiences at home for all the family, fun packed days out and quiet breaks away from it all; we offer the chance to spend quality time with family or fulfil a lifelong dream. In the toughest times, Willow creates life-affirming experiences that boost morale and bring loved ones together to create precious memories.

Willow was founded in 1999 by former Arsenal goalkeeper and TV presenter, Bob Wilson OBE and his wife Megs, as a lasting memorial to their daughter Anna, who died of cancer aged 31. The inspiration for Willow came from Anna’s determination to live every moment to the fullest, despite the most difficult circumstances.

Bob and Megs started Willow from their spare room and grew it into the charity it is today. In early 2023, they invited long-standing Willow ambassadors David Seaman MBE and his wife Frankie Seaman to work alongside them as Honorary Presidents of Willow. Megs passed away in November 2023 and Bob, David and Frankie continue to be actively involved with the charity.

Since 1999 our team has created more than 22,000 special experiences and as part of our growth plans we hope to deliver 1,400 more in 2025.

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It is with great pride that I introduce Willow’s Annual Report and Accounts for 2024 - a year in which we marked our 25th anniversary by supporting more seriously ill young adults than ever before.

The experiences Willow provides, whether a treat box, a relaxing break or a dream-come-true day out, offer more than just a welcome distraction from treatment and appointments. They create space for joy, connection and treasured memories at a time in life when everything feels uncertain. Nobody expects to face a lifethreatening illness in our teens, twenties or thirties, yet for thousands every year, this becomes their reality. That’s why Willow’s work is so vital.

In 2024 alone, we fulfilled wishes for 1,257 young adults and their families, which was 45 more than we had planned. Behind these numbers are real stories of hope, laughter and togetherness - the very essence of what Willow is all about. And yet, with around 21,000 young adults diagnosed with a life-threatening condition every year, we know there’s so much more to do. That’s why we’ve developed bold plans to scale up our services over the next five years, aiming to double the number of people we support annually by our 30th anniversary in 2029. We can only achieve this with your continued support.

We’ve also identified key groups who are currently underrepresented across our services, including those facing financial hardship, rare or less-survivable illnesses, and shorter prognoses. We’ll be working closely with partners, health professionals and supporters to ensure no one misses out on the chance to make precious memories at a time when they really need our support.

This past year has also seen us open our eighth charity shop, launch two new ambassadorled events and bring our Special Treats service in-house, making it more personalised and cost-effective.

I want to take a moment to thank everyone who made all this possible- our dedicated staff and growing volunteer network; our generous supporters and partners; our founders, Bob and the late Megs Wilson, whose legacy continues to shape all that we do; and our trustees who bring a wealth of expertise and unwavering commitment. And, of course, I want to pay tribute to the young adults we support, whose resilience and honesty continue to inspire us all.

Thank you for believing in the power of these special moments. Together, we’ve made unforgettable experiences possible, and together we can do even more. Here’s to creating brighter moments for more young adults in 2025 and beyond.

Warm regards,

Richard King Chair of Trustees Willow Foundation

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 7

When we were invited to become Honorary Presidents of Willow, we knew what a privilege it would be. But looking back over our first year, we can honestly say it has been even more rewarding than we ever imagined.

Standing on stage together at the London Football Awards, speaking about Willow’s work, and seeing the passion in the room for the charity was an incredibly proud moment for both of us.

From there, it’s been a year filled with unforgettable events, each one reinforcing why Willow is so important to us. In April, David took part in the annual Willow Shoot, while Frankie ensured that all the guests were looked after, as she takes time to do at every event that she attends. Soon after, David swapped his shotgun for golf clubs at the Willow Golf Classic, another highlight in Willow’s packed events calendar.

August saw us fronting one of the most exciting new ventures of the year - Willow’s first ever fishing event, Catch of the Day with David Seaman. This was particularly close to David’s heart, not only because of his love of fishing but because he was able to help shape the event from the very beginning. From creating social content to bringing sponsors on board, it was wonderful to see the idea come to life and raise vital funds.

In September, David hosted Willow’s inaugural ‘An Evening With…’ event, where he interviewed his former manager, Arsène Wenger. It was a truly special night that celebrated football and friendship, while raising support and awareness of Willow.

Meanwhile, Frankie played a key role behind the scenes through her work on the Willow Ball Committee, which helped to shape one of Willow’s most glamorous nights of the year. The ball is always a highlight for us, and this year we were delighted to attend and speak together, sharing just why Willow’s work matters so deeply.

Perhaps most importantly, throughout the year we’ve also been able to introduce Willow to new supporters and feed into plans to work more closely with ambassadors and celebrity supporters. One very special new major donor we were able to connect with Willow has gone on to make an extraordinary impact, including becoming headline sponsor of the London Football Awards in 2025.

Looking back, our first year as Honorary Presidents has been full of laughter, teamwork, and above all, the joy of seeing Willow’s mission come alive through every event and every supporter we’ve met. We feel incredibly proud to play our part in helping Willow create more unforgettable moments for seriously ill young adults, as we forge head into our second year, we feel privileged to be able continue our work and to honour the legacies of Anna and Megs. =

David Seaman MBE and Frankie Seaman

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Our values

Our vision

Young adults with life-threatening illnesses and those close to them are able to take full advantage of what life has to offer

Our aim

To offer a special day to every seriously ill young adult in the UK

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 9

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-£36.20
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Financial sustainability

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Being diagnosed with a life-threatening illness has a considerable effect on many aspects of life. Along with the direct impact receiving such news can have on our beneficiaries’ mental health, many will also feel that they have lost their sense of identity, becoming merely a hospital patient.

Our beneficiaries often mention that relationships with loved ones are put under strain as they become a patient and carer, while others feel guilt over missed opportunities to be involved with their young children’s lives. This impact stretches far beyond mental health, as such an illness can impact a person’s ability to do regular paid work, forcing them to reduce their hours or take medical retirement. This, combined with the financial burdens of regular travel to and from medical appointments, increased utility bills and the need for a partner to take on an unpaid caring role, means that many of those we support would not be able to afford the experiences that Willow provide, by themselves.

The lasting impact a Willow experience has on the lives of our beneficiaries

When surveyed after their Special Day, our beneficiaries were asked what impact their day had on their lives:

99% felt it helped them to spend quality time with loved ones

99% said it gave them the opportunity to create memories

97% found it was a focus away from their illness

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99% found it had a positive impact on their mental health

*Data correct on 7 Jan 2025

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 11

Caolan

Caolan is 20 and lives in County Down. He is receiving treatment for a brain tumour. For his Special Day, he chose a trip to London with his family to see Chelsea play Tottenham.

“My diagnosis has completely changed my life and I am now much less active. My trip to London was great, a time I will never forget! It was an unreal experience and dream come true for me. I would do it over again a million times if I could.”

His brother Liam said: “We won’t forget these memories - being at Chelsea football ground, being so close to the players and even meeting a few (including Thiago Silva!).

“I’ll remember how speechless and happy it made my younger brother and the positive impact it had on him. It was nice to have plenty of time together as a family, not just at the game but for the whole break.”

Shantel

Shantel is 34 and lives in Leeds. She went into heart failure while pregnant and underwent a heart transplant. A trip to Legoland gave Shantel, her husband Renfold and Sire, their 16-month-old son, some much-needed time together.

“After such a trying year of doctors visits and surgery, this experience made me feel a sense of normalcy and great joy.

“I loved seeing the happiness and joy on my son’s face. That little smile kept me going many days.

“Thank you for this wonderful opportunity!”

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2024 was a great year for our services:

That’s 45 more than we had originally planned for the year

480 young adults were able to select items from a list of luxury gifts, pamper products and sensory toys, making their treat box tailored to their individual needs

We received an average of 102 Special Day applications each month

We used 487 different suppliers to make the Special Days happen

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 13

Special Days and Breaks

In 2024, Willow helped seriously ill 16 to 40-yearolds across the UK make lasting memories by creating bespoke days out or breaks away. From overnight city breaks to relaxing spa days, thrilling theme park trips to seeing their favourite sports team or musical artists live, our Special Days and Breaks were enjoyed by 777 beneficiaries and their loved ones.

Gender:

Condition:

Cancer

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Age:
16-20 21-30 31-40
10% 37% 53%
Location:
Scotland 7%
Northern North East 6%
Ireland 4%
Yorks &
Humber 8%
North West 14%
East
Midlands 9%
Wales 8%
East 10%
London 6%
West Midlands 6%
South South East 12%
West 10%
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Gastro-Intestinal .................... 50 Gynaecology ............................ 45 Haematology ......................... 163 Head and Neck ........................ 10 Neurology ................................... 58 Other ........................................... 265 Sarcoma ...................................... 39 Urology .......................................... 31

Non-Cancer

Haematology .............................. 6 Neurodegenerative ............ 44 Organ Failure ........................... 20 Other .............................................. 28 Respiratory ................................. 18

Curable vs incurable:

Curable .................................... 48% Incurable ................................. 52%

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Special Treats

Our treat service ensures that those with incurable and advanced illnesses can take a moment out from days filled with medical appointments and treatments. Beneficiaries

may have a condition or be undergoing treatment that

prevents them from taking part in a day out or break away. Our bespoke treat boxes contain items such as card games and sensory toys,

giving them the opportunity to make memories with their families. Last year, we provided bespoke treat boxes to 480 people.

Gender:

Condition:

Cancer

Gastro-Intestinal ..................... 18 Gynaecology ............................. 18 Haematology ........................... 28 Head and Neck ......................... 8 Neurology ................................... 24 Other .............................................. 52 Sarcoma ....................................... 12 Urology ............................................ 3 Non-Cancer Neurodegenerative ........... 215 Organ Failure ........................... 67 Other ............................................... 10 Respiratory ................................ 25

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Age:
16-20 21-30 31-40
30% 39% 31%
Location:
Scotland 5%
North East 2%
Northern
Yorks &
Ireland 2%
Humber 11%
North West 11%
East
Midlands 6%
Wales 2%
East 21%
London 10%
West Midlands 9%
South West 7% South East 14%
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Curable vs incurable:

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Curable ..................................... 10%
Incurable ................................ 90%
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WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 15

Jasmine

Our coordinator Fiona arranged a Special Day watching the Jonas Brothers for 26-yearold Jasmine from Halesowen, who has been undergoing treatment for Burkitt lymphoma.

“My Special Day was incredible. I know there must have been so much organisation in the background. My friend Fran and I had the most wonderful time and the whole evening felt like a dream.

“It made me forget about the events of the last year and made it so I could totally be myself, despite my illness. This time last year the mere thought of leaving the hospital or house felt alien and I can’t believe I was able to go.

“I never thought in a million years that I would get the opportunity to be in the same room as the Jonas Brothers, let alone meet them! It was such a fun night which I will remember forever. I still cannot believe this actually happened and I will remember that day for the rest of my life.”

Phil

Phil , 39, from Hertford is living with pancreatic cancer. Willow organised a Special Day in London for him and his partner, which included a meet and greet on the Eastenders set.

“I have had to change everything to adapt to the new way I have to manage my cancer and the treatment and hospital visits.

“Me and my partner had a great time on my Special Day in London. We stayed the night and went for some amazing food. The next day we had a great behind-the-scenes tour of Eastenders, which is a money can’t buy experience. It was amazing to do as it’s my favourite show.”

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Feedback is very important to the Willow team. We use it to understand what we are doing well, and where we can improve our services to better meet the need.

We currently send a survey to each beneficiary in the weeks following their Special Day, asking for feedback on their day and the impact the experience has had on them.

In April 2024, we introduced a companion survey which is sent to people who accompany a beneficiary on their Special Day. This could be a parent, partner, carer or friend. It gives us a different perspective to the beneficiary survey and is an opportunity to gain more valuable and actionable feedback.

Our annual survey of our medical professionals provides invaluable insight into our services from the viewpoint of someone who refers their patients to Willow. Their feedback has helped us to identify improvements in our treat box service, such as including options for more sensory items or products for young men.

friend Fiona, who joined Lucas on

themselves and feeling special was just so amazing. They felt like they were giving us something back too for any support we give, which

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 17

In 2024, we supported 1,257 young adults whose lives had been affected by serious illness. But the impact of a Special Day does not stop there. Friends, family and carers’ lives are often changed beyond recognition by their loved one’s diagnosis, so the chance to spend time together not thinking about anything other than their experience provides muchneeded respite for all.

We are pleased to have been able to give 3,459 people the opportunity to make wonderful memories together in 2024, which included 750 children spending precious time with a seriously ill parent.

Phetsile

Phetsile is 37 and lives in Hertfordshire. She chose a Special Day at Thorpe Park with her family to provide some respite during her treatment for metastatic colon cancer.

“Having cancer for the second time and facing the possibility that it can’t be treated this time around has left me feeling hopeless.

“I am a nurse by profession, but I was forced to stop working due to my ill health, leaving my husband as the sole provider. I am the one who normally looks after our children, but the recurrent hospital admissions have meant my husband had to take time off from work, which has subsequently affected our finances.

“This trip came at a time when we really needed it and words are not enough to express our sincere gratitude. Due to financial constraints, we have not had a family vacation in years. We had a really great time and fun as a family. We had the opportunity to appreciate each other and truly enjoy the time we have with each other. The activities offered at the park were so much fun and we really made a lot of beautiful memories together.”

Pictures by Phetsile’s children Beth (7) and Tatenda (8)

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Reece

Eighteen year-old Reece from Dunbartonshire has been diagnosed with osteosarcoma. His Special Day Coordinator Mary organised an Ultimate Passenger Experience at Knockhill Racing for Reece, his parents Claire and Stephen, and his brother and sister.

Claire tells us about the Special Day: “It was a fabulous Special Day for us all, especially seeing how much Reece enjoyed himself. He used to really enjoy go-karting with his friends, but unfortunately when he got cancer in his arm it became too sore and weak so he couldn’t do it. Having had surgery he most probably won’t be able to do it again.

“This was a lovely day out which meant a lot for us as a family. Seeing Reece happy, smiling and chatty was lovely. He loved every minute. Making memories is so important but so hard. We are very grateful and thankful to Willow for arranging this fun day and not only paying for it but also giving us money for dinner and fuel too. It was such a wonderful treat for us all.”

“Sherwood Forest is a place that means a lot to me as my

“To be able to have a few days away together, away from electronics, and just be us was everything. For the first time in months my cancer wasn’t the forefront of our lives. We were able to enjoy me being mummy again. Thank you so much Willow for making our Special Break so incredibly amazing. I am so grateful for it and cannot thank you enough for letting me and my boys have this time together. After my diagnosis I wanted quality of life over quantity, and these memories will last us a lifetime.”

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 19

Volunteers play a key part in all aspects of our service. We started the year with only a few volunteers supporting Special Days. With the team’s focus on providing opportunities for more volunteers to be involved and bringing our Special Treats service in-house, we have increased our volunteer numbers from three to 15.

Our Medical Advisors work closely with health professionals across the UK to help us reach more groups who may benefit from our services. They also ensure that everything we plan is safe and appropriate for the needs of our beneficiaries.

“My role at Willow provides an opportunity to redress the balance by providing the patient and their loved ones an opportunity to look forward to a Special Day, and simply enjoy an activity, putting illness aside for a while.” Elaine, Medical Advisor at Willow

We have been working on promoting our services to those who may not have heard of Willow, with a focus on young adults with rare diseases. Through targeted promotion we have been able to reach beneficiaries at palliative care units based in hospitals, hospices, renal units and transplant centres. We have also built relationships with other UK based charities and organisations.

“The days out that Willow has provided for these young people means they can access opportunities that they would not normally be able to, make amazing memories with their families and be included the same as everyone else. We cannot thank you enough for providing this support to the wonderful young people that we work with.” Claire - Transition Navigator at a Demelza Hospice

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Rare Disease Day

As part of our work supporting seriously ill young adults aged 16 to 40, we have been actively reaching out to young people living with rare diseases. Support networks for these groups and services that specifically focus on quality of life are equally rare, and this is where Willow gives vital hope and relief to families. In February, our medical advisors attended a Rare Disease Day event at Guy’s and St Thomas’ in London for those involved in caring for patients living with rare diseases. It was a great opportunity to mark Rare Disease Day, raise awareness of Willow’s work and broaden our network of referring medical professionals. We introduced our services to more than 450 contacts in the medical community and handed out leaflets to encourage them to refer their patients to Willow.

Pink Ribbon Foundation

We were grateful for the funding received from Pink Ribbon Foundation, which has helped create special moments for beneficiaries living with secondary breast cancer. Chrissie was diagnosed with triplenegative breast cancer in October 2023 after discovering a small lump. She underwent intensive chemotherapy, surgery and radiotherapy but later learned the cancer had spread to her brain.

“I’m a great believer that if I can’t change the outcome or end, I make the best of what I can. Spending time with my friends and family has been precious. I got the opportunity to enjoy a spa day with my mum and sister, an experience I won’t forget. It was just a perfect day that I would not have been able to experience without Willow and Pink Ribbon. I will forever be grateful.”

We were sad to hear that Chrissie passed away a few months after her Special Day.

Angelman Day

To mark International Angelman Day on 15 February, we worked with

Angelman UK to co-organise a group experience for young people living with Angelman’s syndrome and their families. Two hundred families went on the four-night break at Alton Towers. We were able to fund eight of these families, who, without our funding, would have not been able to attend.

4 Each year, Alton Towers usti) closes its doors to the public to allow the Angelman community to enjoy its facilities. The young adults with additional needs are able to explore and experience activities which would usually be too overwhelming. This successful pilot initiative has led us to apply for further funding to arrange group experiences for families affected by rare conditions.

Cancer in Common

Vicky and Sian from our Special Days team attended a Cancer In Common event at Eastcheap Records in London. This recently established charity does incredible work by connecting individuals within the cancer community, offering a space for friendships, shared experiences, and building valuable support networks.

It was a great opportunity to chat with attendees, spread the word about Willow’s mission, and hear stories from those whose lives have been touched by cancer. They also met several people who had already experienced the joy of a Willow Special Day or treat box.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 21

The Special Days team took part in a training session delivered by the MPS Society, which supports people with rare genetic diseases. The aim of this session was to gain more information about the different types of conditions, how they relate to Special Days and what some of the difficulties people with the MPS diseases can face. It was

really informative and gave the team lots of ideas on how we could better support these individuals.

The team also attended a course at The Hospice of St Francis in Berkhamsted where they learned about compassionate conversations, how sympathy and empathy are different, how to make good introductions, to know what to ask and how to be comfortable with silence. The learnings from this course will help us to broach difficult topics and be empathetic when working with beneficiaries and their families to arrange their Special Day.

things that I had once enjoyed - eating, socialising, going on holiday and exercising. Treatment has been tough, and recovery has been even more difficult. Luckily, I have had an amazing support system and team of healthcare professionals who

fiancé and our puppy. Visiting somewhere new and creating exciting memories was delightful. The three of us had a great time. We even managed to tire out Chip by the end of it all.”

22 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Our Special Treat service ensures that beneficiaries whose condition or situation prevents them from taking part in a day out or break away can still access Willow’s services. Being able to choose the items that make up their treat box, such as pamper products, cuddly toys, technology, sweet treats or sensory items, means each box is bespoke and contains exactly what the beneficiary needs.

Since they were introduced in 2021, our treat boxes have always been packed and sent by a third party. In August 2024 we brought the service in-house and it is now managed by the Special Days team. We are now responsible for the ordering of stock and are working with new suppliers and small businesses which enables us to offer a wider range of gifts. These are then picked, and the boxes packed and posted, by some of our wonderful volunteers. The cost savings we’ve seen from this are helping us to increase the number of bespoke treat boxes we are able to send to people who need them.

George

‘’I first heard about Willow on the internet, through a special needs support group, and in all honesty, the treat boxes sounded a bit too good to be true!

“It wasn’t long after I’d submitted my online request that George’s treat box arrived. It was beautifully packaged and generously filled with the bespoke assortment of treats I’d chosen specifically for him.

“George needs a great deal of help with every aspect of life; from personal care to walking, from feeding to dressing. Despite his difficulties, he’s a happy young man who loves life and is incredibly social and keen to have fun. He’s also non-verbal and communication is extremely limited, but it was clear from the moment George set eyes on his Willow treat box he was delighted!

“As a family, our hearts have been filled by the simple re act of receiving something so thoughtful. The fact that George was chosen to receive a box of goodies tailor-made for him means so much more than its component parts. The knowledge that people care = aa about and value the lives of George and others like him enough to take the time and trouble to send something so kind-hearted is what makes the Willow treat box and everything it represents so very special. Thank you, Willow.”

George’s mum Helen shared how much his treat box meant not only to him, but also to his family.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 23

Willow raises its charitable income through a broad fundraising model. We receive no statutory funding and rely solely on the generosity of supporters. Our fundraising platform can be split into three key areas:

1. Donations – our donations income is mainly generated from trusts and foundations, community groups, individual giving, legacies, corporates and through challenge activities. In 2024 these activities raised 48% of our total gross income, delivering a Return on Investment (ROI) after all overhead cost allocation of 3.08.

2. Fundraising events - events remain a key fundraising activity for the charity. The costs of the events are funded by income from the activity itself, not funded by donations received elsewhere in the charity. In 2024 our major fundraising events contributed 26% towards our total gross income with an ROI after all overhead cost allocation of 1.30.

Large fundraising events have for many years provided a significant and important proportion of income. Events also bring the added benefit that a person who has engaged with our charity as a guest at our signature events could become a regular giver or introduce other fundraising to our charity. However, due to how events income is generated, the ROI is not as high as more traditional ways of raising income.

3. Our shops - Willow shops offer a sustainable, regular income to our charity. It is a commercial activity and therefore with associated costs – these costs are covered by income from the trading itself, not covered by donations received elsewhere in the charity. Our retail operation (eight shops) contributed 24% of our total gross income in 2024 with an ROI after all overhead cost allocation of 1.16. Retail trading provides financial resilience since the income is regular and long-term. It also raises awareness of our message, service and other fundraising initiatives in the local area. However, due to the high level of trading costs such as rent, rates and staff costs, the ROI is again lower than other ways of raising income.

Major events, together with our retail operation, reduce our overall charitable spend ratio but offer a significant net contribution to the charity that in 2024 has allowed us to fund 22% of our services. As such Events and Retail remain a key part of our income generation going forward.

Our Board of Trustees and Leadership Team approve and review Willow’s fundraising strategy. They are committed to continuing Willow’s diversified fundraising approach and have agreed on Willow’s key focus which is to continue to work towards fundraising sustainability and improved ROIs. Broadly this will involve:

Note – During 2024, the remaining 2% of Willow’s gross income not mentioned above is from investments and small-scale trading activities.

24 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

In 2024, our fundraising activity, including legacies, raised £3.9m. This was achieved against a backdrop across the sector of the rising cost of living, which meant some supporters may not have been able to give as much as in previous years. We are grateful to every supporter who gave so generously during the past year.

Trusts & foundations

Over a 10-year period, Willow has developed long-term relationships with trusts and foundations. Every year we aim for incremental growth by reaching out to trusts we believe could have a connection with our cause. Unrestricted donations enable us to allocate funds to areas where they are most needed. As our services are nationwide, and across all lifethreatening conditions, Willow also offers a range of restricted funding opportunities to match the preferred giving criteria of a trust.

During 2024, trusts funded experiences for seriously ill young adults from every corner of the UK, from Glasgow to Somerset and Wales to Lincolnshire. We also received trust funding to deliver projects that focused on beneficiaries living with specific conditions, including breast cancer and lymphoma, along with the six ‘less survivable cancers’ - lung, liver, pancreatic, brain, oesophageal and stomach cancer. As a result, we saw the highest ever number of young adults living with these cancers represented in our beneficiary pool. We thank our trust partners for making this happen. A special thank you goes to The Roger Counter Foundation and the Chadwick Charitable Trust for their generous support over many years.

Individual supporters

We are grateful to the many individuals who made a one-off donation, the people who responded to our appeals and key supporters who made significant philanthropic gifts. We are especially appreciative to supporters who make a regular donation. Supporting Willow on a regular basis forms the backbone of our fundraising as it enables us to plan our memorable experiences for seriously ill young adults with certainty.

We launched a range of new offerings to help people give in memory of someone they have lost. We worked with our ambassador Alex Newman (pictured) on a video to promote our partnership with MuchLoved. The platform enables us to offer supporters the opportunity to create a tribute page in celebration of their loved one. Alongside this, we launched Take Time to Remember, encouraging supporters to come together to share laughter, moments and memories. These new initiatives are the first steps in our bid to grow options for people giving in memory of a loved one.

March saw the Willow Raffle go live, with a new first prize of a three-night break at Center Parcs. This new prize was very popular, and we saw an increase in ticket sales on previous years.

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WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 25

<<< The year ended with our Christmas Appeal, “Bring Joy.” The appeal was fronted by Willow beneficiary, Jess (pictured right), and focused on the joy that a treat box brings to those who receive them. The headline ask was to fund one complete treat box. The appeal was a collaborative project that saw us work with Keech Hospice, Future Dreams, beneficiaries and volunteers to create a heartwarming and engaging appeal.

Challenge and community

Our supporters pushed themselves to their limits in 2024, completing some monumental challenges across the UK and around the world while raising considerable amounts of money to support Special Days. These included trekking Machu Picchu in South America, completing four marathons in one day, a three peaks challenge and many more throughout the year. Thank you to all our supporters who have taken on their own challenges for Willow.

The London Marathon in 2024 was a historic one for the charity as not only did our 10 fundraisers raise over £30,000, Willow was part of a Guiness World Record attempt. Jackie Scully, who had a Special Day with Willow in 2014 marked her 10 years clear of breast cancer with a Guinness World Record attempt for the fastest team of 10 people in a costume. The team, who ran as a London bus, were successful in their attempt and are now world record holders.

26 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Events

In our Major Events space, we kicked off the year by celebrating the 10th anniversary of the London Football Awards, at The Roundhouse. There was a fantastic turnout from footballers past and present with the likes of Harry Redknapp, Declan Rice, Sam Kerr and

Cole Palmer present on the night to accept their awards. The evening is always a great way for Willow to attract new supporters, while raising vital funds and awareness of the charity.

Alongside our usual calendar of events, we introduced two new annual events to our portfolio. With support from Willow Ambassador Leah Williamson, we held a new virtual walking event – Williamson’s Walk. We asked people to walk 20km, the distance from Emirates Stadium to Wembley. We had people joining from across the UK, and many shared their progress on their social media, helping us to reach new audiences.

The second new event we added was Catch of the Day, led by David Seaman. Held on St Johns Lake at Linear Fisheries in Oxfordshire, guests joined David and influencers from the angling world to compete to catch the largest carp and catfish across the weekend. The event had a lovely atmosphere, and guests heard first hand stories from David about his passion for both football and fishing.

In November, we celebrated at Willow’s 25th Anniversary Ball. The fantastic evening was hosted by our ambassadors Mary Nightingale and Natasha Kaplinsky, with entertainment from Alfie Boe and Mica Paris. On the night, we celebrated a key supporter of Willow, Bob Weston, as he was presented with the 2024 Willow at Heart Award. Thanks to our sponsors and supporters who made it all possible. We were thrilled to end the year with the announcement of the new headline sponsor of our London Football Awards 2025. MIQ, a programmatic media partner, will be sponsoring the event along with a number of the individual awards. We are excited to see where we can take the event with their support.

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Our corporate partners are crucial to the success of our fundraising activities. They support Willow in different ways, from raising much-needed funds through staff fundraising activities or cause-related marketing to attending and sponsoring our key events such as the London Football Awards or the Willow 10K.

We have also benefitted when companies activate cause related marketing initiatives or donate auction items that help us raise much-needed funds.

Importantly, many companies also donate gifts-in-kind that help us to deliver Special Days or gain access to money can’t buy opportunities. We have been looking at ways to increase this type of support throughout the year.

We are fortunate to have several long-term partners who all believe in the power of Special Days. A big thank you goes to Frogmore, H&G Recruitment, HSS Hire, ICAP Charity Day, Red Letter Days, Weston Homes and Wrights Estate Agents for their ongoing and unwavering support.

28 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Stevenage FC

We’re excited to have been chosen as Stevenage Football Club’s charity partner for the 2024/25 season. The Willow logo will sit front and centre of their third kit.

The club’s CEO Mike Pink said, “We are delighted to have partnered with Willow Foundation as our Official Charity for the 2024/25 season. We look forward to working with them on a number of initiatives to help raise awareness and funds in support of the great work they do”.

Scamp & Dude

Clothing brand Scamp & Dude launched a fabulous new line which honours secondary breast cancer campaigner Nicky Newman and her message to ‘go grab life’.

Willow is one of the three charities benefiting from the sales of the jumpers, t shirts, scarves and tote bags.

Harkness Roses 1879

In October, we partnered with Harkness Roses to create the Memories & Moments Rose. This beautiful rose was chosen in support of Willow, with a donation being received from every sale.

Harkness Roses joined us at our new shop opening in Hitchin to talk about the rose, with the official launch taking place at the Willow Ball. The Memories & Moments Rose offers a new and unique way for supporters to engage with Willow and has been well received.

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Our shops are a vital sustainable revenue stream to fund our services, and an important channel for us to raise awareness of our work.

In 2024, we traded from eight Willow shops. This included trading from our fantastic new location in Hitchin in line with our retail strategy of opening additional shops.

Despite the challenging conditions throughout the year, we achieved £132k profit to invest in the provision of Special Days, which was in line with our expectations. This was thanks to the hard work and incredible commitment of our shop teams, and generous donations from our supporters.

The resilience of our retail model is attributable to a combination of factors:

Shopping experience: A contemporary and boutique look shop fit, our unique style allows us to stand out from other charity shops on the high street and our friendly atmosphere encourages customers to return.

Choice: We offer huge choice with constantly changing ranges that encourage frequent visits to discover new items, and our customers love the thrill of discovering the unexpected.

Sustainability: We offer genuine sustainability, not just in extending the life of products we sell but in our shop fits, the social benefits of the jobs and volunteering opportunities we create, the high streets we support and the funds raised for our life enhancing services.

We believe the combination of an extraordinary shopping experience, choice and sustainability our shops provide makes us increasingly relevant and resilient. In line with the sector, we continue to successfully address the challenges of staff and volunteer recruitment and retention, and despite this being extremely difficult, achieve better than sector positions.

30 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

We have more than 20 ambassadors and a large pool of celebrity advocates who support Willow’s work in various ways. They help raise funds and awareness of Willow through different channels which can include attending events, being interviewed by the media, posting on social media or donating their time to auction lots.

In 2024, we continued to grow our ambassador network and brought four new ambassadors on board:

Aaron Ramsdale

Aaron has played in goal for Arsenal, Southampton and England. He won Goalkeeper of the year at the London Football Awards in 2023. Aaron has represented England at all levels from under-18 to the senior team and is the latest in the line of former Arsenal goalkeepers helping to spread the word about Willow.

Alex Newman

Alex’s wife Nicky had a Willow Special Day in 2021. Nicky had stage 4 breast cancer and publicly documented her cancer journey on social media amassing a huge following and becoming somewhat of an influencer.

Nicky sadly passed away in 2023 and Alex has continued to fundraise in her memory, taking over her social channels and using them to raise much needed funds for Nicky’s chosen charities, one of which is Willow.

Dan Field

Dan has been a professional golfer since 1998 and the Head Professional at East Herts Golf Club since 2006. Since turning professional Dan has played on the Euro Pro, Challenge Tour, the ANZ tour and regularly plays in tournaments in his PGA region. Dan will be our Golf Pro Ambassador, supporting us with all things golf.

Tom Rosenthal

Tom is an actor and stand-up comedian and starred in Friday Night Dinner, Plebs and Dad’s Army: The Lost Episodes. Son of our long-standing ambassador Jim Rosenthal, Tom has been instrumental in recruiting comedians for our successful comedy nights.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 31

The Willow Team

Our Willow Team remained consistent in 2024, with some growth following the opening of our newest shop in Hitchin. We ended the year with 35 FTE charity employees and 17.5 FTE retail employees.

We continue to operate a hybrid working : IN model in the charity and maintain an ongoing dialogue with our team about the advantages and challenges of this model, ijps5 ~ = 4 & x considering the coverage of this topic in the media and business circles. We are A; ¢iy ey _~ f delighted that employees recognise and appreciate our approach, as demonstrated by the response to our employee survey question, “I am happy with the flexible working practices at Willow” scoring 100% agree.

In 2024, we moved forward with our Disability Confident Employer accreditation, along with our Herts Healthy Workplace accreditation. We look forward to building on both accreditations in 2025. We were delighted to report that 100% of employee survey respondents agreed with the statement, “I am proud to work for Willow.”

We thank all our staff for their hard work and dedication in making 2024 a successful year.

Volunteers

We are delighted to report that our volunteer hours grew by more than 30% in 2024 on the previous year. We continued to focus on providing meaningful volunteering opportunities that really make a difference in supporting our teams, and ultimately our beneficiaries and supporters.

In 2024, we were gifted 30,164 hours by our volunteers across all areas of the charity. Using the current National Minimum Wage rate, this equates to a value of £345,081 or the equivalent of over 15 full-time employees.

In 2025, we also look forward to achieving our Volunteer Six Point Promise accreditation, demonstrating our commitment to volunteer good practice.

We thank all of our volunteers for their hard work and support in 2024.

32 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Remuneration

The decision regarding pay increases is primarily informed by benchmarking our salaries through participation in the Brightmine Voluntary Sector Salary Survey and, specifically for Retail, in the participation and reporting of the Charity Retail Association.

Our priority is to ensure that salaries are paid at market level rates, and we will first address any salary anomalies where this is not the case. Consideration will then be given to individual performance and position within an employee’s pay band.

In 2024 we were keenly aware of the continued pressures of the cost-of-living crisis and our salary review process reflected this as we implemented an across the board pay award. A pay increase for any individual above 10% requires further higher-level approval from the Governance Committee.

The pay of the Chief Executive and Leadership Team is also reviewed and approved by the Governance Committee. The same terms and conditions and pension provisions apply to all staff.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 33

This year we will embark on a range of new projects, each with our beneficiaries at its heart. Our strategy includes ambitious plans to double the number of people Willow supports over the next five years. This means by our 30th anniversary in late 2029 we intend to be helping 2,400 seriously ill young adults each year to make magical memories with their loved ones.

We have developed some key themes which will ensure that we continue to reach those who need us most, and these will shape our priorities as we move into the first phase of our growth plan:

Medical urgency

Young adults who have a degenerative condition or have been given a short prognosis.

==> picture [76 x 68] intentionally omitted <==

Those least supported

This includes groups who struggle to find support elsewhere due to the nature of their illness.

==> picture [75 x 48] intentionally omitted <==

Representation and diversity

We strive to be an inclusive charity and our focus in this area will ensure that our support is representative of a range of patient groups across age, gender, region, ethnicity, disability and more.

Financial situation

We will continue to support those facing financial hardship, whether as a result of their medical condition or otherwise. This will include those on low incomes, from areas of deprivation or who have had to give up work because of their illness.

==> picture [72 x 39] intentionally omitted <==

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£
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34 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

In 2025, we will…

==> picture [99 x 328] intentionally omitted <==

Growth

l Support 1,400 beneficiaries across days, breaks and treat boxes l Maintain or improve quality standards within our service delivery

Financial sustainability

==> picture [87 x 170] intentionally omitted <==

Impact and Service Delivery

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 35

Income

2024 net deficit after spending on charitable services and fundraising was a loss of £52,000.

Total income raised in 2024 was £3,924,000, an increase of £523,000 (15%) over 2023 due to growth in our major fundraising events and several legacies as well as expansion of our retail operation.

Income from fundraising events increased against the prior year by £201,000 (24%) due mainly to a very successful 25th Anniversary Ball. Additionally we launched a new annual event, Catch of the Day and brought back our ‘An Evening With’ event which was hosted by David Seaman and Arsène Wenger.

Legacy income increased by over £300,000 during 2024 due to one very large legacy and several smaller legacies received in the year.

Retail shop income increased by £95,000 (11%), as we opened one new shop in Hitchin and had a full year of activity at our shops that opened during 2023.

Expenditure

Expenditure on raising funds increased against last year by £198,000 (10%). There was, as planned, increased activity and spend in all income generating areas which led to income growth as outlined above. This included:

Expenditure on our charitable services increased by £269,000 (18%) as we pushed to expand our service with growth in the number of Special Days given of 9% and an improvement to our Special Treats service by moving it in-house. We also invested in volunteer growth in this area.

Reserves policy

All charities are required to consider how much they need to hold in reserves. The extent depends upon the scale and nature of the charity’s activities.

At Willow we hold reserves to ensure that in the event of a downturn in income or substantial fluctuations in cash flow, the charity can continue to meet its commitments to Special Days and Treats and to operate for at least six months. Willow’s general fund is currently £1,334,000 which equates to seven months of all costs (excluding the direct spend on charitable activities already covered within the special days reserve). This general fund is therefore in line with the reserves policy.

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36 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

<<< Willow holds restricted and unrestricted reserve funds. Unrestricted funds are composed of designated funds held for specific purposes and general funds that can be used for any activity in pursuit of the charitable objectives of Willow.

Restricted funds are outstanding balances on funds that have been donated for a specific purpose.

At 31 December Willow held the following levels of reserves:

Dec-24 Dec-23
Unrestricted funds:
General funds 1,334,000 1,227,000
Designated funds:
Fixed Assets Reserve 88,000 84,000
Special Days Reserve 804,000 674,000
Investment Reserve 502,000 479,000
Retail Expansion Reserve 116,000 174,000
Restricted funds 108,000 121,000
Total funds 2,952,000 2,759,000

Our designated reserves at the end of the year totalled £1,510,000 (2023 £1,411,000). They are made up of:

Our general reserve is the balance of unrestricted funds, at year end it represented 7 months of total expenditure (excluding the direct spend on charitable activities already covered within the special days reserve).

Investments

Willow’s governing document permits the trustees to invest the assets of the charity. These investments give assurance that Willow can continue to effectively operate in the short term in the event of a downturn in income.

The Finance & Audit Committee review investment performance quarterly and meet with the Investment Manager, Quilter Cheviot Investment Management, every 3 months to review investment strategy. Willow keeps investments for the medium to long term and does not set annual targets for performance.

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WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 37

<<< The Manager operates within an agreed asset allocation and guidelines on the size of individual holdings.

As a charity concerned with seriously ill young people, investment in manufacturers of tobacco is expressly prohibited. In addition to our desire not to invest in tobacco products, we have also agreed to Quilters ethical investment policy.

Our investments were valued at £2,507,000 on 31 December 2024 (£2,395,000 on 31 December 2023), an increase of 5%.

Principal risks and uncertainties

Identifying and managing the possible and probable risks that a charity may face over its working life is a key part of effective governance.

In managing risk, trustees aim to ensure that significant risks are known and monitored, to enable informed decisions to be made and timely action to be taken.

It also means that trustees can make the most of opportunities and develop them with the confidence that any risks will be managed.

How we manage risk

Risks are identified and given ratings from low to high according to the likelihood of their occurrence and their impact should they occur.

The Senior Management team regularly reviews all existing risks on the register as well as emerging risks and actions to mitigate risks.

The key risks are reviewed twice a year by the trustees.

The trustees are satisfied that key risks have been identified; that there is sufficient internal accountability and control and that mitigating actions have been identified for each risk.

Risks rated high in probability of occurrence and impact, as at December 2024:

  1. Donors are supporting the Life President, rather than Willow’s cause, and will withdraw support once the Life President is less active.

  2. Loss on investments.

  3. Loss of a major donor.

What we do to manage these risks

  1. Fundraising and communications strategy based on building support for our cause.

  2. Introduction of Honorary President roles, income diversification and regular CEO review.

  3. Funds managed by professional investment managers, working within risk profile

  4. specified by the Finance & Audit Committee.

  5. Quarterly review with Investment Manager and designated reserve held against investment loss.

  6. Careful and active stewardship of existing major donors, ensuring limited reliance on the individual steward.

  7. Increased numbers of philanthropic and transactional partners.

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38 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Legal Structure and purpose

Willow is a charitable company limited by guarantee (registered number 5207070) and a registered charity in England and Wales (charity number 1106746) and Scotland (charity number SC045811).

The charity’s purpose is set out in its Memorandum and Articles of Association which were adopted on 9 August 2004 and amended on 28 February 2013, 12 January 2015 and 3 February 2023. On 1 January 2005, the assets and activities of the Willow Foundation, a charity established in 1999 and constituted by trust deed, were transferred to this charity. The charity currently has one wholly-owned subsidiary trading company, Willow Events Limited, which was dormant during 2024.

The object of Willow is to enhance the quality of life for seriously ill or handicapped young people aged 16 to 40 years old throughout the UK.

Charity Governance Code

The trustees are committed to good governance and follow the Charity Governance Code to develop and ensure Willow follows high standards of governance. Willow has a Governance Committee in place who are charged with ensuring high standards of governance. The Committee meets twice a year and reviews terms of office, pay proposals, Chair and Trustee succession planning, policies and the Governance Manual.

Public benefit

The trustees have taken account of the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims, objectives and planning.

Subsidiary undertaking

Willow owns 100% of the shares in Willow Events Limited, a company established in 2005 (company no. 5352056) to undertake commercial activity of benefit to the charity. Willow Events Limited was dormant during 2024 and, should it start trading again then any future profits would be donated to the charity.

Board of Trustees

The Board of Trustees is legally responsible for directing the affairs of the charity. Trustees are the directors of the company and serve for renewable terms of three years.

The Board comprised eleven trustees as at 31 December 2024. Trustees have a wide range of skills and experience appropriate to the governance of the activities of Willow.

The Board meets at least four times each year to regularly review and direct Willow’s strategy, budget and performance. The day-to-day management of the charity is currently delegated by the Board of Trustees to the Executive Team. Specific responsibilities are also delegated to various committees described below.

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WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 39

<<< From time to time the Board reviews the skills of the Trustees against the skills required to direct the affairs of the charity. Where skill gaps are identified, succession and recruitment plans are developed and implemented. The Board of Trustees appoints all new trustees and committee members through a variety of recruitment methods including formal search and word of mouth.

An induction programme is offered to all new trustees and further updates and training are provided as required. This includes meetings with the Chair, members of the Executive Team and where possible a Special Day beneficiary.

The Committees

All Willow Committees meet at least two times a year and minutes of their meetings are presented to the Board of Trustees by the Chair of each Committee.

The Finance & Audit Committee reviews the charity’s annual financial statements, audit matters, investment performance and internal financial controls.

The Retail Committee advises on the charity’s shops, the Governance Committee advises on effective governance and Trustee Board membership and the Growth and Strategy Committee focuses on developing income growth through collaboration, ideas and support.

Fundraising

Willow uses a diverse range of fundraising activities to raise vital funds towards the delivery of our service. Our Board of Trustees and Leadership Team are committed to building trust with our supporters.

We are registered with the Fundraising Regulator and signed up to the Fundraising Preference Service. We did not use any professional fundraisers or commercial participators during 2024, other than to seek sponsorship for the London Football Awards. We monitor fundraisers and volunteers in all aspects of their fundraising and in line with the Code of Fundraising Practice and we provide materials and support to fundraisers and review and provide feedback on performance.

We endeavour to adhere to all codes and best practices set out by the codes and the General Data Protection Regulations.

Our quality assurance also includes regular reviews of complaints and other feedback, as well as regular audits and mystery shopping. In 2024 we recorded and responded to ten complaints.

We are particularly aware of the need to protect vulnerable individuals in any fundraising we undertake and have a Safeguarding Children and Vulnerable Adults policy in place which has been approved by the Board of Trustees.

Going Concern Statement

The Trustees have reviewed the accounts as well as the charity activities, budgets and plans for 2025 and 2026, reserves positions up to the date of signing off these accounts and the group risk register.

The Trustees have reasonable expectation that Willow will remain a going concern for the foreseeable future which is determined to be at least 12 months from the signature date of these accounts.

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40 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

<<<

Auditors

In accordance with Section 489 of the Companies Act 2006, a resolution proposing that Sayer Vincent LLP be reappointed as auditor of the charity was put to the Board of Trustees on xxx August 2025.

Statement of responsibilities of the trustees

The trustees (who are also directors of Willow for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

l Select suitable accounting policies and then apply them consistently

The trustees are responsible for keeping adequate 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2024 was 11 (2023: 10). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

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WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 41

<<< The trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board of Trustees on 15 September 2025 and signed on its behalf by:

Richard King Chair of trustees

42 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WILLOW FOUNDATION

Opinion

We have audited the financial statements of Willow Foundation (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Willow Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 43

<<< Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

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44 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

<<<

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Continued on the next page >>>

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 45

<<<

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman 15 September 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

46 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation Statutory accounts For the year ended 31 December 2024

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 47

Willow Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Note
Donations and legacies
3
Fundraising events
4
Retail shops
4
Other trading activities
4
Investments
5
6
Donations and legacies
Fundraising events
Retail shops
Other trading & investments
6
Provision for seriously ill young adults
13
Reconciliation of funds:
Expenditure on:
Income from:
Total income
Raising funds
Total expenditure
Net expenditure before net gains on
investments
Charitable activities:
Net gains on investments
Total funds carried forward
Net income / (expenditure) before other
recognised gains and losses
Gains / (losses) on sale of fixed assets
Net movement in funds
Total funds brought forward		 Unrestricted
£
1,302,565
1,023,062
932,110
18,138
63,830
3,339,705
612,888
784,678
800,257
8,428
1,172,501
3,378,752
245,664
206,617
-
206,617
2,637,577
2,844,194
(39,047)		 Restricted
£
583,847
-
-
-
-
583,847
-
-
-
-
597,139
597,139
-
(13,292)
-
(13,292)
121,084
107,792
(13,292)		 2024
Total
£
1,886,412
1,023,062
932,110
18,138
63,830
3,923,552
612,888
784,678
800,257
8,428
1,769,640
3,975,891
245,664
193,325
-
193,325
2,758,661
2,951,986
(52,339)		 2023
Total
£
1,653,097
822,280
837,331
13,512
74,752
3,400,972
573,116
705,273
710,746
19,471
1,500,904
3,509,510
127,129
18,591
-
18,591
2,740,070
2,758,661
(108,538)

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the financial statements.

48 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Balance sheet

Company no. 5207070

As at 31 December 2024

Note
£
Fixed assets:
12
13
Current assets:
14
3,743
15
559,768
175,766
739,277
16
383,039
Net current assets
20a
1,509,773
1,334,421
Total unrestricted funds
General funds
Unrestricted income funds:
Designated funds
Funds:
Cash at bank and in hand
Tangible assets
Stock
Debtors
Investments
Total assets less current liabilities
Restricted income funds
Total charity funds
Creditors: amounts falling due within one year
Total net assets		 2024
£
88,279
2,507,469
2,595,748
356,238
2,951,986
2,951,986
107,792
2,844,194
2,951,986		 £
4,568
376,725
249,762
631,055
350,816
1,410,531
1,227,046		 2023
£
83,558
2,394,864
2,478,422
280,239
2,758,661
2,758,661
121,084
2,637,577
2,758,661

Approved by the trustees on 15 September 2025 and signed on their behalf by DATE and signed on their behalf by

Richard King, Chair of Trustees

2 WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 49

Willow Foundation

Statement of cash flows

For theyear ended 31 December 2024
Note
Net cash provided by / (used in) operating activities
21
Cash flows from operating activities
Cash and cash equivalents at the end of the
year
Change in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning of the year
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of fixed assets
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
(Increase)/decrease in cash in investment portfolio		 £
63,830
-
(36,875)
398,692
(257,946)
(7,687)		 £
(234,010)
160,014
(73,996)
249,762
175,766
2024		 £
74,752
-
(96,029)
588,958
(640,705)
2,038		 £
(138,305)
(70,986)
(209,291)
459,053
249,762
2023

50 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

Willow Foundation is a charitable company limited by guarantee and is incorporated in the UK. The registered office address is Gate House, Fretherne Road, Welwyn Garden City AL8 6NS.

b) Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The financial statements have been prepared on the basis that Willow Foundation has adequate resources to continue in operational existence for the foreseeable future (going concern basis), with assets and liabilities recognised as they will be realised and discharged in the normal course of business. The going concern basis is appropriate because:

Charity shop sales are strong and the charity expanded in 2024 opening one new shop. Fundraising income is budgeted to increase during 2025;

A significant proportion of expenditure is discretionary;

The unrestricted general reserve remains above target level;

The charity has a high level of valuable assets including its investment portfolio. There has been no draw down of funds to date during 2025;

The cash position is positive.

Management have undertaken detailed forecasting and sensitivity analysis to December 2025 and the trustees have considered uncertainties and liquidity risks. The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

4 WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 51

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so please refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes without any more specific purpose being laid down by the donor.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

52 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities within the charitable company and its subsidiaries with a fundraising purpose. It includes allocated support costs.

Expenditure on charitable activities includes the costs of delivering and promoting services undertaken to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of governance and support, including staff costs within these functions, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity and is reviewed each year. Charitable activity - provision for seriously ill young adults 58%55% Cost of raising funds 45%42%

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure. Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Land and buildings 50 years Leasehold improvements term of lease Fixtures and fittings 4 years Furniture, equipment and software 3 years

6 WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 53

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

m) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

n) Stocks

Purchased stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are not included in the financial statements until they are sold or distributed.

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held by our investment managers for re-investment, which are included in the value of investments.

q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. With the exception of the listed investments described above, the charity only has financial liabilities of a kind that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their settlement value.

r) Basic financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

s) Pensions

The charity's policy is to operate a group personal pension scheme compliant with auto-enrolment requirements and to contribute a maximum of 5% of the employee's gross salary to this scheme or to another defined contribution personal pension scheme of choice as long as the employee matches the employer contribution. The assets of the schemes are held separately from those of the charity in independently administered funds.

54 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

2 Detailed comparatives for the statement of financial activities

Donations and legacies
Fundraising events
Retail shops
Other trading & investments
Provision for seriously ill young adults
Donations and legacies
Retail shop sales
Net movement in funds
Fundraising events
Total funds carried forward
Reconciliation of funds:
Gains / (losses) on sale of fixed assets
Charitable activities
Total income
Other trading activities
Investments
Income from:
Total funds brought forward
Total expenditure
Net income / (expenditure) before losses on investments
Net gains on investments
Net income / (expenditure) before other recognised gains and losses
Expenditure on:
Raising funds		 £
949,242
822,280
837,331
13,512
74,752
2,697,117
573,116
705,273
710,746
19,471
753,222
2,761,828
(64,711)
127,129
62,418
-
62,418
2,575,159
2,637,577
Unrestricted		 Restricted
£
703,855
-
-
-
-
703,855
-
-
-
-
747,682
747,682
(43,827)
-
(43,827)
-
(43,827)
164,911
121,084		 2023
Total
£
1,653,097
822,280
837,331
13,512
74,752
3,400,972
573,116
705,273
710,746
19,471
1,500,904
3,509,510
(108,538)
127,129
18,591
-
18,591
2,740,070
2,758,661

In 2023, we amended the presentation on the SOFA to enable a full understanding of the income and expenditure attributable to our events, our retail shops and the remainder of our activities. We also redefined our charitable activities to be 'provision for seriously ill young adults'.

3 Income from donations and legacies

Gifts
Government funding
Legacies
Donated services		 Unrestricted
£
961,497
-
341,068
-
1,302,565		 £
403,648
-
-
180,199
583,847
Restricted		 2024
Total
£
1,365,145
-
341,068
180,199
1,886,412		 Unrestricted
£
930,242
-
19,000
-
949,242		 £
539,710
-
-
164,145
703,855
Restricted		 2023
Total
£
1,469,952
-
19,000
164,145
1,653,097

A total of £50,000 (2023: £195,000) of legacy pipeline which does not meet the legacy criteria is, however, treated by the charity as a contingent asset as at 31 December.

8 WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 55

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

4 Income from other trading activities

Trading income
Donations & gift aid generated by events
Trading income
Donations & gift aid from Retail Gift Aid
Income from investments
Retail shops
Sale of merchandise
Raffles and other trading
Investment portfolio
Bank interest
Fundraising events		 Unrestricted
£
996,956
26,106
640,425
291,685
2,544
15,594
1,973,310
Unrestricted
£
60,676
3,154
63,830		 £
-
-
-
-
-
-
-
£
-
-
-
Restricted
Restricted		 2024
Total
£
996,956
26,106
640,425
291,685
2,544
15,594
1,973,310
2024
Total
£
60,676
3,154
63,830		 Unrestricted
£
802,189
20,091
611,983
225,348
2,887
10,625
1,673,123
Unrestricted
£
71,847
2,905
74,752		 £
-
-
-
-
-
-
-
£
-
-
-
Restricted
Restricted		 2023
Total
£
802,189
20,091
611,983
225,348
2,887
10,625
1,673,123
2023
Total
£
71,847
2,905
74,752

5 Income from investments

56 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

6a Analysis of expenditure (current year)

Staff costs (Note 8)
Direct beneficiary expenditure
Costs of fundraising
Fundraising events
Merchandising and raffles
Running retail shops
Investment management
Audit and accountancy
Other governance costs
Communications
Premises, facilities & IT
General management & HR
Financial administration
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds:
Non-
events &
non-retail
£
409,161
-
128,806
-
-
-
-
-
-
-
-
-
-
537,967
66,108
8,813
612,888
573,116


Raising
funds:
Events
£
213,660
-
-
529,395
-
-
-
-
-
-
-
-
-
743,055
36,727
4,896
784,678
705,273

Raising
funds:
Retail
£
487,719
-
-
-
-
312,538
-
-
-
-
-
-
-
800,257
-
-
800,257
710,746		 Raising
funds: Other
trading &
investments
£
-
-
-
-
4,400
-
4,028
-
-
-
-
-
-
8,428
-
-
8,428
19,471


Charitable
activities
£
853,746
726,527
-
-
-
-
-
-
-
-
28,425
-
-
1,608,698
142,010
18,932
1,769,640
1,500,904
Governance
costs
£
9,803
-
-
-
-
-
-
15,120
7,718
-
-
-
-
32,641
-
(32,641)
-
-
Support
costs
£
29,678
-
-
-
-
-
-
-
-
35,978
160,042
14,282
4,865
244,845
(244,845)
-
-
-
2024
Total
£
2,003,767
726,527
128,806
529,395
4,400
312,538
4,028
15,120
7,718
35,978
188,467
14,282
4,865
3,975,891
-
-
3,975,891
2023
Total
£
1,683,263
678,658
97,051
497,502
5,972
297,820
13,499
14,430
1,561
37,153
161,652
15,187
5,762
3,509,510
-
-
3,509,510
3,509,510

1

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 57

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

6b Analysis of expenditure (prior year)

Staff costs (Note 8)
Direct beneficiary expenditure
Costs of fundraising
Fundraising events
Merchandising and raffles
Running retail shops
Investment management
Audit and accountancy
Other governance costs
Communications
Premises, facilities & IT
General management & HR
Financial administration
Support costs
Governance costs
Total expenditure 2023		 Raising
funds:
Non-
events &
non-retail
£
393,900
-
97,051
-
-
-
-
-
-
-
-
-
-
490,951
74,617
7,548
573,116


Raising
funds:
Events
£
169,427
-
-
497,502
-
-
-
-
-
-
-
-
-
666,929
34,822
3,522
705,273

Raising
funds:
Retail
£
412,926
-
-
-
-
297,820
-
-
-
-
-
-
-
710,746
-
-
710,746		 Raising
funds: Other
trading &
investments
£
-
-
-
-
5,972
-
13,499
-
-
-
-
-
-
19,471
-
-
19,471


Charitable
activities
£
668,869
678,658
-
-
-
-
-
-
-
-
-
-
-
1,347,527
139,287
14,090
1,500,904
Governance
costs
£
9,169
-
-
-
-
-
-
14,430
1,561
-
-
-
-
25,160
-
(25,160)
-
Support
costs
£
28,972
-
-
-
-
-
-
-
-
37,153
161,652
15,187
5,762
248,726
(248,726)
-
-
2023
Total
£
1,683,263
678,658
97,051
497,502
5,972
297,820
13,499
14,430
1,561
37,153
161,652
15,187
5,762
3,509,510
-
-
3,509,510

58 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

7 Net incoming resources for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
2024 2023
£ £
Depreciation 32,154 2,241
Profit / (loss) on disposal of fixed assets - -
Operating lease rentals: Property 221,422 207,687
Operating lease rentals: Vehicles 2,798 3,076
Auditors' remuneration (excluding VAT):
Audit 12,600 12,000
Other services 1,300 1,235

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Other forms of employee benefits		 2024
£
1,679,198
157,509
158,645
8,415
2,003,767		 2023
£
1,414,472
126,259
135,057
7,475
1,683,263

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

the year between:
£60,000 - £69,999 2024
2023
No.
No.
1
-
£90,000 - £99,999 -
1
£100,000 - £109,999 1
-

The total employee benefits including NI and pension contributions of the key management personnel were £254,730 between 3 senior staff (2023: £238,080 between 3 senior staff).

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses representing the payment or reimbursement of travel and subsistence costs are potentially payable but none were claimed in 2024 (2023: £nil).

12

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 59

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

9 Staff numbers

The average number of employees during the year was as follows:

Full-time staff
Raising funds - retail shops
Support
Governance
Headcount
Charitable activity: Provision for seriously ill young adults
Part-time staff
Raising funds - fundraising events
Full-time equivalent staff numbers
Raising funds - voluntary income		 2024
No.
9.1
5.0
16.1
19.2
0.6
0.1
50.1
27
33
60		 2023
No.
8.6
4.0
14.3
16.0
0.7
0.1
43.7
20
33
53

10 Related party transactions

There are no donations from related parties outside the normal course of business and no restricted donations from related parties for this financial year.

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

No UK corporation tax was payable in 2024 (2023: £nil).

60 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

12 Tangible fixed assets

Net book value
At the start of the year
Eliminated on disposal
At the end of the year
At the end of the year
At the start of the year
Charge for the year
Additions in year
At the start of the year
At the end of the year
Cost
Disposals in year
Depreciation		 Leasehold
improvements
£
206,022
21,918
-
227,940
173,430
9,647
-
183,077
44,863
32,592		 Fixtures &
fittings
£
47,903
6,769
-
54,672
34,167
4,915
-
39,082
15,590
13,736		 Equipment,
furniture &
software
£
195,184
8,188
(13,275)
190,097
157,954
17,592
(13,275)
162,271
27,826
37,230		 Total
£
449,109
36,875
(13,275)
472,709
365,551
32,154
(13,275)
384,430
88,279
83,558

All of the above assets are used for charitable purposes.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 61

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

13 Listed investments

14
15
Investments comprise:
Trade debtors
Other debtors
Prepayments
Accrued income
Equity shares listed in the UK
Fair value at the start of the year
Additions at cost
Net gain on change in fair value
Disposal proceeds
Fair value at the end of the year including cash
Fair value at the end of the year
Cash held by investment broker pending reinvestment
Stock
Debtors
Equity shares listed in mainland Europe
Finished goods
Equity shares listed in the USA
Alternative Investments
UK bonds
Equity shares listed in Japan & Asia
Equity shares Global
Global bonds
Emerging markets
Cash		 2024
£
2,315,087
257,946
(398,692)
245,664
2,420,005
87,464
2,507,469
2024
£
453,952
125,612
770,561
127,369
69,700
444,270
248,735
65,152
114,654
87,464
2,507,469
2024
£
3,743
3,743
2024
£
137,412
5,082
277,947
139,327
559,768		 2023
£
2,136,211
640,705
(588,958)
127,129
2,315,087
79,777
2,394,864
2023
£
458,244
123,506
664,538
100,826
51,900
433,103
294,503
81,020
107,447
79,777
2,394,864
2023
£
4,568
4,568
2023
£
68,659
13,264
242,905
51,897
376,725

62 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

16 Creditors: amounts falling due within one year

Taxation and social security
Other creditors
Accruals
Deferred income
Trade creditors		 2024
£
82,287
28,393
20,986
118,423
132,950
383,039		 2023
£
124,262
25,310
45,897
73,673
81,674
350,816

17 Deferred income

Deferred income comprises proceeds from tickets sold for fundraising events due to take place the following year.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2024
£
81,674
(81,674)
132,950
132,950		 2023
£
60,503
(60,503)
81,674
81,674

18 Pension scheme

Willow Foundation operates a group personal pension scheme compliant with auto-enrolment

requirements, provided by Royal London Mutual Insurance Society Ltd. The charity contributes a maximum of 5% of the employee's gross salary to this scheme or to another defined contribution personal pension scheme of choice. The employee must at least match the employer contribution. The assets of the schemes are held separately from those of the charity in independently administered funds.

The pension cost of these schemes during the year was £158,645 (2023: £135,057). At 31 December 2024 £18,352 in contributions was outstanding (2023: £14,797).

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 63

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

19a Analysis of net assets between funds (current year)

General
unrestricted
£
-
1,085,975
248,446
1,334,421
19b
General
unrestricted
£
-
1,067,891
159,155
1,227,046
Net assets at 31 December 2023
Tangible fixed assets
Investments
Net current assets
Net assets at 31 December 2024
Analysis of net assets between funds (prior year)
Investments
Net current assets
Tangible fixed assets		 Designated
£
88,279
1,421,494
-
1,509,773
Designated
£
83,558
1,326,973
-
1,410,531		 Restricted
£
-
-
107,792
107,792
Restricted
£
-
-
121,084
121,084		 Total funds
£
88,279
2,507,469
356,238
2,951,986
Total funds
£
83,558
2,394,864
280,239
2,758,661

64 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

20a Movements in funds (current year)

Total restricted funds
Total designated funds
General funds
Special Days Reserve
Investment Reserve
Retail Expansion Reserve
Total funds
Charitable Service - combination of
specific illness and / or areas and / or
age
Charitable Service - specific illness
Charitable Service - specific areas
Specific beneficiaries
Special Days - specific illness
Special Days - specific areas
Charitable Service - rare diseases
Unrestricted funds:
Total unrestricted funds
Fixed Assets Reserve
Designated funds:
Special Days -combination of specific
illness and / or areas and / or age
Special Treats - general
Special Days - specific age
Special Treats - specific areas
Charitable service- wheelchair users
Restricted funds:		 At 1
January
2024
£
-
129
2,000
-
-
-
-
54,100
22,895
41,235
725
-
121,084
83,558
674,000
478,973
174,000
1,410,531
1,227,046		 Income & gains
£
180,199
1,000
-
1,000
107,500
2,000
6,098
140,450
-
143,300
-
2,300
583,847
-
-
-
-
-
3,585,369
3,585,369
4,169,216		 Expenditure
& losses
£
(180,199)
(1,000)
-
(1,000)
(107,500)
(600)
-
(134,550)
(22,895)
(146,370)
(725)
(2,300)
(597,139)
-
-
-
-
-
(3,378,752)
(3,378,752)
(3,975,891)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
4,721
130,000
22,521
(58,000)
99,242
(99,242)
-
-		 At 31
December
2024
£
-
129
2,000
-
-
1,400
6,098
60,000
-
38,165
-
-
107,792
88,279
804,000
501,494
116,000
1,509,773
1,334,421
2,844,194
2,951,986
2,637,577
2,758,661

The narrative to explain the purpose of each fund is given at the foot of the note below.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 65

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

20b Movements in funds (prior year)

Total restricted funds
Total designated funds
General funds
Total funds
Unrestricted funds:
Designated funds:
Fixed Assets Reserve
Special Days Reserve
Charitable Service - specific illness
Charitable Service - specific areas
Total unrestricted funds
Retail Expansion Reserve
Special Days - specific illness
Special Days - palliative
Special Days - specific areas
Special Treats - specific areas
Charitable Service - rare diseases
Charitable Service - palliative
Charitable service- specific age
Charitable service- wheelchair users
Charitable Service - combination of
Investment Reserve
Restricted funds:
Specific beneficiaries		 At 1
January
2023
£
-
779
-
6,855
-
-
67,427
50,000
39,850
-
-
-
164,911
9,942
570,000
443,605
290,000
1,313,547
1,261,612
2,575,159
2,740,070		 Income & gains
£
164,145
-
95,500
-
2,000
100,300
93,450
-
161,460
80,000
5,000
2,000
703,855
-
-
-
-
-
2,824,246
2,824,246
3,528,101		 Expenditure
& losses
£
(164,145)
(650)
(95,500)
(4,855)
(2,000)
(46,200)
(137,982)
(50,000)
(160,075)
(80,000)
(4,275)
(2,000)
(747,682)
-
-
-
-
-
(2,761,828)
(2,761,828)
(3,509,510)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
73,616
104,000
35,368
(116,000)
96,984
(96,984)
-
-		 At 31
December
2023
£
-
129
-
2,000
-
54,100
22,895
-
41,235
-
725
-
121,084
83,558
674,000
478,973
174,000
1,410,531
1,227,046
2,637,577
2,758,661

66 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

Purposes of restricted funds

The 'Specific Beneficiaries' restricted fund relates to discounts and gifts in kind which are given for a specific beneficiary's Special Day or Special Treat or else grants made specifically for certain beneficiaries.

The next Special Days, Special Treats and Charitable Service restricted funds listed are all funds given for charitable activities of a particular kind. Some donors restricted the activity to certain types of Special Day only, to Special Days only and some to Special Treats only whereas some restricted it to any service provided to the beneficiaries. Within these categories, donors have chosen to restrict to benefit people from a particular geographical area, a particular age group or suffering a particular type of illness - or some combination of these factors.

Purposes of designated funds

The Fixed Assets Reserve represents the net book value of the leasehold improvements in the building occupied by the charity or its subsidiaries and the furniture, software and equipment owned by the group. Funds tied up in these assets are not available for spending on special days.

The Special Days Reserve represents the costs of fulfilling applications for Special Days and Treats where the applications have already been received and the service will be delivered in the next financial year. This is set at 6 months of our direct spend on charitable activities.

The Investment Reserve is an ongoing fund to protect the operations of the charity from downward fluctuations in investment markets. Net investment gains are added to this fund in subsequent years subject to a maximum of 20% of the value of the investment portfolio.

The Retail Expansion Reserve represents the cash required to expand the charity shop retail chain from the 5 shops at the end of 2022 up to 10 shops. Two shops were opened during 2023, one shop was opened during 2024 and the trustees intend that the other 2 shops will open over 2025.

Transfers have been made between the general fund and designated funds in order to achieve the required levels in the designated funds.

21 Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Dividends, interest and rent from investments
(Profit)/loss on the disposal of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities		 2024
£
193,325
32,154
(245,664)
(63,830)
-
825
(183,043)
32,223
(234,010)		 2023
£
18,591
22,413
(127,129)
(74,752)
-
418
(69,816)
91,970
(138,305)

20

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 67

Willow Foundation

Notes to the financial statements

For the year ended 31 December 2024

22 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

Over five years
Less than one year
One to five years		 2024
2023
£
£
2,099
2,798
-
2,099
-
-
2,099
4,897
Vehicles		 2024
2023
£
£
183,358
195,471
519,642
447,091
20,609
78,565
723,609
721,127
Property

23 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

68 | WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024

Charity information

Life Presidents Bob Wilson OBE

Honorary Presidents

David Seaman MBE Frankie Seaman (formerly Poultney)

Ambassadors

Natasha Kaplinsky OBE Pat Jennings CBE Mary Nightingale Theo Walcott Jim Rosenthal Linda Lusardi Sam Kane Lee Dixon Gary Mabbutt MBE Simon McCoy Ian Poulter Gary Lewin Ian Wright OBE Martin Chivers Ossie Ardiles Katie Swan Alfie Boe OBE Leah Williamson OBE Mica Paris MBE Daniel Field – appointed June 2024 Alex Newman – appointed July 2024 Tom Rosenthal – appointed August 2024 Aaron Ramsdale – appointed September 2024 Petr Cech – appointed February 2025

Trustees

Richard King – Chair Nicholas Aldridge Stewart Bennett – resigned 29 November 2024 Elena Ciallie Rachel Jones – resigned 21 March 2025 James Newman – appointed 27 September 2024 Paul Phedon Martin Ryan Sangita Shah – appointed 7 June 2024 Vanessa Steel Glyn Taylor David Waddington CBE

Non-staff committee members Governance and Nominations Committee

Glyn Taylor (Chair) Nicholas Aldridge

Finance and Audit Committee

Elena Ciallie (Chair) Richard King Graham Nicholas Sangita Shah David Waddington

Senior Management

Jonathan Aves – Chief Executive Claire Kermode – Company Secretary, Director of Finance, Resources and Retail Dominic Heath – Special Days Director

Principal address and registered office

3rd Floor, Gate House, Fretherne Road, Welwyn Garden City, Hertfordshire AL8 6NS Telephone: 01707 259777

Website: willowfoundation.org.uk

Auditors: Sayer Vincent LLP, 110 Golden Lane, London EC1Y 0TG

Solicitors: Pellys Solicitors Ltd, 18 The Causeway, Bishops Stortford CM23 2EJ

Principal banker: NatWest Bank, 2nd floor Argyll House, 246 Regent Street, London W1P 3PB

Investment managers: Quilter Cheviot Investment Management, Senator House, 85 Queen Victoria Street, London, EC4V 4AB.

WILLOW FOUNDATION ANNUAL REPORT & ACCOUNTS 2024 | 69

==> picture [185 x 55] intentionally omitted <==

Willow, Gate House, Fretherne Road, Welwyn Garden City, Hertfordshire AL8 6NS

T: 01707 259 777 E: info@willowfoundation.org.uk W: willowfoundation.org.uk

Willow Foundation is a registered charity in England and Wales No. 1106746 and a registered charity in Scotland No. SC045811. It is also a company limited by guarantee No. 520707