2021-03-31-accounts

THE H D H WILLS 1965 CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

INDEX

Page	1-6	Report of the Trustees
	7-10	Independent Auditors’ Report
	11	Consolidated Statement of Financial Activities – 2021
	12	Consolidated Statement of Financial Activities - 2020
	13	Balance Sheets
	14-15	Statement of Cash Flows
	16-31	Notes to the Financial Statements

Company number: 6025028 Charity number: 1117747

1

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES

The Trustees present their annual directors’ report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2021.

The financial statements comply with the Charities Act 2011, the Companies Act 2006 and 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).

ADMINISTRATIVE DETAILS

Company Registration Number:	6025028
Charity Registration Number:	1117747
Principal Office:	Henley Knapp Barn
	Fulwell
	Chipping Norton
	Oxfordshire
	OX7 4EN
Trustees:	John Carson
	Dr Catherine Wills
	Liell Francklin
	Martin Fiennes
	Tom Nelson
	Richard Tulloch
Bankers:	Coutts & Co
	Chandos Branch
	440 Strand
	London
	WC2R 0QS
Solicitors:	Farrer & Co
	66 Lincoln’s Inn Fields
	London
	WC2A 3LH
Investment Advisers:	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s Churchyard
	London
	EC4M 8BU
Auditors:	Critchleys Audit LLP
	Beaver House
	23-38 Hythe Bridge Street
	Oxford
	OX1 2EP

2

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

GOVERNANCE AND MANAGEMENT

Governing Document

The charity is governed by its Memorandum & Articles of Association. The Martin Wills Fund is registered as a subsidiary charity and its results continue to be included with those of The H D H Wills 1965 Charitable Trust as its sole Trustee is The H D H Wills 1965 Charitable Trust.

Trustees

Any new Trustees are appointed by the existing Trustees in accordance with the Memorandum and Articles. The current Trustees decide upon the procedures necessary for the induction and training of new Trustees. This will be tailored according to the experience of the new Trustee.

Organisational structure and how decisions are made

The Trustees meet twice a year to review all aspects of the trust’s affairs. Between meetings they receive reports on the activities of the trust and its subsidiary’s operations. Grant administration is carried out by the trust administrator and Dr Catherine Wills. Management of investment assets is delegated to professionals and reviewed by the Trustees at each meeting.

Relationship between the charity and related parties

The charity has a subsidiary company that farms land owned by the charity. The subsidiary company pays rent to the charity, interest is receivable on the loans to the subsidiary and any profits that would otherwise be taxable are gift-aided to the charity.

OBJECTIVES AND ACTIVITIES

The only charitable activity is a grant-making programme for the three funds as follows:

General Fund

The charity holds the capital and the income relating to the General Fund (subject to any express conditions imposed by any donor or testator) to pay or apply the whole thereof to or towards or for the benefit or in furtherance of such charitable purposes, charitable institutions or charitable foundations as they may decide. Both the capital and the income shall be applicable for the general charitable purposes mentioned above or for the Ditchley Foundation.

Knockando Church Fund

The charity shall hold the capital of the fund upon trust and the income shall be applied in the repair, maintenance and upkeep of Knockando Church, Morayshire.

3

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

OBJECTIVES AND ACTIVITIES (continued)

Martin Wills Fund

The charity shall hold the capital bequeathed by M D H Wills deceased upon trust in accordance with the Scheme dated 4 April 2007 and shall pay the income generated from this capital to the following institutions in seven year cycles:

1st year 2nd year 3rd and 4th years

Magdalen College, Oxford Rendcomb College, Gloucestershire Charities or other organisation which the Trustees may in its discretion think fit for the following purposes:

• (i) the conservation and protection of wildlife; or

(ii) the conservation, protection and improvement of the physical and natural environment to promote the biodiversity of fauna and flora.

5th year 6th and 7th years

Ditchley Foundation Such charitable purposes as the Trustees shall in their absolute discretion think fit.

The year ended 31 March 2021 is the 1[st] year in the cycle.

ACHIEVEMENTS AND PERFORMANCE

General Fund

In 2018 the assets of The Sandford Trust (£892,082) were transferred into the General Fund. In the furtherance of the objects of the fund, donations of £125,159 were made (page 30).

Martin Wills Fund

The Martin Wills Fund generated net income of £1,032,985. In accordance with the terms of the Fund, this must be distributed as detailed above. A liability of £1,032,985 is included in the financial statements for the amount due to Magdalen College, Oxford.

Investment performance

Investments increased in value by £6.25m and generated net income of £1.28m. They generated a total return of 8.5%, property assets returning 4.2% and quoted investments 33.2%. The charity’s property investments increased in value by 2.8% and generated a net income of £976,873 on a consolidated basis. The charity’s quoted investments increased in value during the year by 31.1%. Investment income received of £294,448 was in line with expectations.

Subsidiary company

M D Hamilton (Farms) Limited has continued to generate income for the charity. It generated a total surplus of £733,587, which will be paid to the charity in rent, interest and gift aid.

4

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

FINANCIAL REVIEW

The financial position of the trust is detailed on page 13. Total group funds at the year end amount to £95,774,798 of which £87,787,701 belongs to the Martin Wills Fund.

Net income generated by each fund for the year is detailed in the consolidated statement of financial activities on page 11.

Reserves policy

The charity’s reserves are held in three funds as described under the objects. The Martin Wills Fund and Knockando Church Fund are endowment funds where the income is applied for specific purposes. At 31 March 2021 these stood at £86,968,614 (2020: £82,559,417) and £292,302 (2020: £222,223) respectively. Income generated by the Martin Wills Fund cannot be retained and is distributed. For the Knockando Church Fund the restricted income fund balance at the year-end represent funds which have not yet been distributed, at 31 March 2021 the balance stood at £(1,741) (2020: £2,094).

The General Fund is an unrestricted fund. The Trustees have designated an amount as Capital to provide an income for distribution as grants. At 31 March 2021 the capital element stood at £7,972,757 (2020: £6,197,212) and the unspent income at £16,081 (2020: £83,773). The Trustees consider the level of the General Fund in years when the Martin Wills Fund can make distributions to any charitable cause and further additions may be made to the fund in those years.

As the charity receives its income in advance of distribution and it does not have significant fixed assets other than investments it does not require other reserves to cover normal activities.

Investment policy

The investment policy of the Trust is to optimise returns from its assets over the long term, having due regard to the importance of limiting shorter term fluctuations in income returns and capital values through sensible diversification. The large majority of the value of the Trust’s assets is represented by property comprising farmland, residential properties, commercial property and commercial forestry at Ditchley in Oxfordshire and Ousden in Suffolk. The remaining assets are invested in a balanced portfolio of equities and bonds.

The Trustees monitor both the absolute level of income achieved and return on capital employed. Records are maintained on an annual basis, though in considering the efficacy of their strategy, the Trustees have regard to longer term series.

Day to day management of the Trust’s assets is delegated by the Trustees to professional firms. During the year, quoted investments were managed by Cazenove Capital Management Ltd with the portfolio transferred to Sarasin & Partners LLP in March 2021, estate assets by Adkin and the trading activities of the farms by Waterhead of Dryfe Ltd. These firms provide written reports to the Trustees on their activities and results on a regular basis and representatives attend the bi-annual Trustee meetings. The Trustees have a policy of formally reviewing the performance of their professional advisers on a periodic basis.

With effect from 1 April 2021, the Trust is adopting a total return approach to its Quoted Investments which allows the trustees to look at their total investment return, both income and capital gains, and decide what proportion of that return should be applied as income. The trustees see the total return methodology as advantageous in allowing increased flexibility in choice of investment and a reduced anchor bias to higheryielding sectors, geographies and asset classes which may be less likely to provide good long term returns.

5

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

Principal risks and uncertainties

The Trustees maintain a risk register which is reviewed and updated annually. This identifies the key risks facing the Charity as:

1. The potential for a fall in agricultural profitability

The Charity’s trading subsidiary operates a significant farming business and the profits of this are Gift Aided to the Martin Wills Fund. Any reduction in farming income would reduce the amount available for beneficiaries. The Trustees manage this risk by keeping the farming activities under review, employing experienced agricultural advisors and diversifying income through investment in other assets such as residential property and listed investments.

1. Health and safety

The Charity owns and operates two large Estates in Oxfordshire and Suffolk. Operations on these estates include farming, forestry and wildlife management as well as significant public access. The Trustees are mindful of the risks to the safety of staff and members of the public and take care to ensure these are minimised. External Health and Safety audits are conducted annually and their reports and any recommendations are reviewed and remedial action monitored at regular meetings. The charity has appropriate insurance to cover risks to its employees and the public.

1. The risk of grant awards outside the scope of the charity or its objects

Requests for grant funding are reviewed by the Grants Committee and grants paid are approved by the Trustees. Feedback is requested from recipients of grants and this is reviewed and followed up to ensure that funds are spent as intended. If there are any doubts the Grants Committee consults legal advisers.

PUBLIC BENEFIT

The charity provides public benefit through its support of other charitable organisations which provide benefits to the public. In considering grant applications to the general fund, and when applying their discretion in making grants from the Martin Wills Fund, the Trustees consider the impact on the wider public of the charity being supported. The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

PLANS FOR THE FUTURE

The Trustees anticipate that the operations of the charity will continue as previously, generating income which will be used in the grant making programme. The overall objective being to provide a growing and sustainable income stream for the beneficiaries.

6

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the Trustees are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the charitable company’s auditors are unaware; and each Trustee has taken all steps that they ought to have taken as a director in order to make themselves aware of relevant audit information and to establish that the charitable company’s auditors are aware of that information.

This report has been prepared in accordance with the small companies regime under Section 419 (2) of the Companies Act 2006.

ON BEHALF OF THE TRUSTEES

21 June 2021

John Carson Trustee

7

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE H D H WILLS 1965 CHARITABLE TRUST

Opinion

We have audited the financial statements of The H D H Wills 1965 Charitable Trust for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Balance Sheets, the Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

• give a true and fair view of the state of the group and charitable company’s affairs as at 31 March 2021 and of its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 Charity 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 the charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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 annual report, including the trustees’ 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.

8

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE H D H WILLS 1965 CHARITABLE TRUST (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

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’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees 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 they 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 Charity’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 group and charitable company’s or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 is detailed below:

9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE H D H WILLS 1965 CHARITABLE TRUST (CONTINUED)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charitable company through discussions with directors/trustees and other management, and from our knowledge and experience of the client’s sector;

• • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors/trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditors responsibilities.

This description forms part of our auditor’s report.

10

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE H D H WILLS 1965 CHARITABLE TRUST (CONTINUED)

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’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 charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland Senior Statutory Auditor For and on behalf of Critchleys Audit LLP, Statutory Auditor Oxford

7 July 2021

11

THE H D H WILLS 1965 CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Funds Restricted Funds Endowment Funds £ £ £ Income from: Other trading activities: Non-charitable trading activities of subsidiaries (note 3) - 2,233,617 - Estate and woodland income (note 4) - 597,905 - Investments (note 2) 125,042 169,406 - Total income 125,042 3,000,928 - Expenditure on: Raising funds: Non-charitable trading activities of subsidiaries (note 3) - 1,500,030 - Estate and woodland expenditure (note 4) - 439,296 - Investment management costs 29,137 39,392 - Charitable activities (note 5) 163,597 1,120,370 - Total expenditure 192,734 3,099,088 - Net income before gains and losses on investments (67,692) (98,160) - Net gains/(losses) on investments (note 10) 1,775,545 - 4,478,276 Net income/(expenditure) and net movement in funds for the year 1,707,853 (98,160) 4,478,276 Fund balances brought forward 6,280,985 1,086,131 82,319,713 Fund balances carried forward at 31 March 2021 7,988,838 987,971 86,797,989	Total 2021 £ 2,233,617 597,905 294,448 3,125,970 1,500,030 439,296 68,529 1,283,967 3,291,822 (165,852) 6,253,821 6,087,969 89,686,829 95,774,798	Total 2020 £ 1,954,223 569,404 464,518 2,988,145 1,078,200 495,906 59,120 1,333,924 2,967,150 20,995 (1,472,620) (1,451,625) 91,138,454 89,686,829

12

THE H D H WILLS 1965 CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2020

Unrestricted Funds Restricted Funds Endowment Funds £ £ £ Income from: Other trading activities: Non-charitable trading activities of subsidiaries (note 3) - 1,954,223 - Estate and woodland income (note 4) - 569,404 - Investments (note 2) 197,846 266,672 - Total income 197,846 2,790,299 - Expenditure on: Raising funds: Non-charitable trading activities of subsidiaries (note 3) - 1,078,200 - Estate and woodland expenditure (note 4) - 495,906 - Investment management costs 25,076 34,044 - Charitable activities (note 5) 151,392 1,182,532 - Total expenditure 176,468 2,790,682 - Net income before gains and losses on investments 21,378 (383) - Net (loss)/ gains on investments (958,968) - (513,652) Net (expenditure) and net movement in funds for the year (937,590) (383) (513,652) Fund balances brought forward 7,218,575 1,086,514 82,833,365 Fund balances carried forward at 31 March 2020 6,280,985 1,086,131 82,319,713

Total 2020 £ 1,954,223 569,404 464,518 2,988,145 1,078,200 495,906 59,120 1,333,924 2,967,150 20,995 (1,472,620) (1,451,625) 91,138,454 89,686,829

13

THE H D H WILLS 1965 CHARITABLE TRUST (REGISTERED COMPANY NO: 6025028)

BALANCE SHEETS AT 31 MARCH 2021

Note Fixed assets Tangible assets 9 Investments 10 Current assets Stocks – farms Debtors 11 Cash at bank and in hand 12 Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Funds Endowment funds 15 Restricted funds - income 16 - non-charitable trading funds 16 Unrestricted funds 17 Total funds	Group 2021 Charitable Company 2021 £ £ 1,203,583 112,597 92,222,008 93,549,008 93,425,591 93,661,605 856,187 - 1,341,505 1,603,568 2,699,614 2,180,196 4,897,306 3,783,764 (2,516,599) (2,197,356) 2,380,707 1,586,408 95,806,298 95,248,013 (31,500) - 95,774,798 95,248,013 86,797,989 87,260,916 (1,741) (1,741) 989,712 - 7,988,838 7,988,838 95,774,798 95,248,013	Group 2020 £ 1,323,067 86,059,572 87,382,639 1,092,884 146,210 2,642,015 3,881,109 (1,432,067) 2,449,042 89,831,681 (144,852) 89,686,829 82,319,713 2,094 1,084,037 6,280,985 89,686,829	Charitable Company 2020 £ 77,333 87,386,572 87,463,905 - 580,700 2,205,862 2,786,562 (1,184,748)
			1,601,814 89,065,719 - 89,065,719 82,782,640 2,094 - 6,280,985 89,065,719

Approved and authorised for issue by the Board of Trustees on 21 June 2021 and signed on its behalf by

John Carson Trustee

14

THE H D H WILLS 1965 CHARITABLE TRUST

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Cash (used in) operating activities Cash flows from investing activities Interest and dividend income Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Purchase of investments (note 10) Proceeds from sale of investments (note 10) Cash provided by investing activities Cash flows from financing activities Repayment of HP Cash used in financing activities (Decrease)/increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash and cash equivalents at the end of the year: Investment cash Cash at bank and in hand Cash used in operating activities: Net movement in funds Depreciation (Profit)/loss on disposal of fixed assets Gains/(losses) on investments Interest income and dividends shown in investing activities (Increase)/decrease in stock Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided (used in) operating activities	Group 2021 2020 £ £ (117,426) (294,723) 294,448 464,518 (98,326) (322,061) 945 152,765 (18,670,536) (950,718) 18,576,917 1,165,667 103,448 510,171 (113,427) (70,467) (113,427) (70,467) (127,405) 144,981 2,827,019 2,682,038 2,699,614 2,827,019 - 185,004 2,699,614 2,642,015 2,699,614 2,827,019 6,087,969 (1,451,625) 217,810 222,615 (945) (58,891) (6,253,821) 1,472,620 (294,448) (464,518) 236,697 (191,743) (1,195,295) 240,218 1,084,607 (63,399) (117,426) (294,723)	Group 2021 2020 £ £ (117,426) (294,723) 294,448 464,518 (98,326) (322,061) 945 152,765 (18,670,536) (950,718) 18,576,917 1,165,667 103,448 510,171 (113,427) (70,467) (113,427) (70,467) (127,405) 144,981 2,827,019 2,682,038 2,699,614 2,827,019 - 185,004 2,699,614 2,642,015 2,699,614 2,827,019 6,087,969 (1,451,625) 217,810 222,615 (945) (58,891) (6,253,821) 1,472,620 (294,448) (464,518) 236,697 (191,743) (1,195,295) 240,218 1,084,607 (63,399) (117,426) (294,723)	Charitable Company 2021 2020 £ £ (347,722) (415,238) 294,448 464,518 (63,777) (71,572) - - (18,670,536) (950,718) 18,576,917 1,165,667 137,052 607,895 - - - - (210,670) 192,657 2,390,866 2,198,209 2,180,196 2,390,866 - 185,004 2,180,196 2,205,862 2,180,196 2,390,866 6,182,294 (1,451,621) 28,513 36,787 - 635 (6,253,821) 1,472,620 (294,448) (464,518) - - (1,022,868) 62,532 1,012,608 (71,673) (347,722) (415,238)

15

THE H D H WILLS 1965 CHARITABLE TRUST

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Group reconciliation of net debt Cash and cash equivalents Investment cash Cash at bank and in hand Borrowing Debt due within one year (HP) Debt due after one year (HP) Total	At 1 April 2020 £ 185,004 2,642,015 2,827,019 (113,299) (144,852) (258,151) 2,568,868	Cash Other non- At 31 flows cash changes March 2021 £ £ £ (185,004) - - 57,599 - 2,699,614 (127,405) - 2,699,614 113,427 (113,352) (113,224) - 113,352 (31,500) 113,427 - (144,724) (13,978) - 2,554,890

16

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 PRINCIPAL ACCOUNTING POLICIES

The HDH Wills 1965 Charitable Trust is a company limited by guarantee, incorporated in the United Kingdom, with its registered office at Henley Knapp Barn, Fulwell, Chipping Norton, Oxon, OX7 4EN.

The financial statements of the public benefit entity have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) 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. They have been prepared under the historical cost convention except that investments are included at market value.

There are no uncertainties about the charity’s ability to continue as a going concern.

a) Basis of consolidation

The results for the charitable company include the Martin Wills Fund of which the charitable company is the sole Trustee.

The group financial statements consolidate those of the charitable company and of its subsidiary undertaking drawn up to 31 March 2021.

The income and expenditure of the Charity’s non-charitable trading subsidiary M D Hamilton (Farms) Limited has been included in income and expenditure accordingly.

No parent company Statement of Financial Activities is presented as permitted by s408 of the Companies Act 2006. The net movement in funds attributable to the parent company is £6,182,293 (2020: £1,451,625).

b) Income

Dividend income is accounted for on a due and receivable basis.

Interest on deposit accounts is credited when received.

Gift-aid income from the subsidiary is accounted for on the accruals basis.

Other income, including estate and woodland income, is included when it is receivable and excludes value added tax.

c) Expenditure

Expenditure is charged on an accruals basis. Support costs are split between charitable activities and governance costs based on an estimate of the time spent on these areas. Irrecoverable VAT is charged as an expense.

For unrestricted funds grants payable are included as an expense when they are approved by the Trustees. On the Martin Wills Fund all income must be paid out as grants in accordance with the terms of the Scheme (see page 3). Hence a creditor is recognised for the grants payable in respect of a particular year even if the recipients of the grants have yet to be identified.

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

1 PRINCIPAL ACCOUNTING POLICIES (continued)

d) Fund Accounting

• Permanent endowment funds are funds where the capital cannot be expended but the income generated is to be used for a specific purpose.

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of administration costs.

Unrestricted funds are donations and other income received or generated for expenditure on the general objectives of the Charity.

Designated funds are unrestricted funds set aside by the Trustees for specific purposes.

e) Fixed assets and Depreciation

Tangible fixed assets are included at cost less depreciation. Depreciation is calculated to write down the cost of all tangible fixed assets held for charity use. The rates generally applicable are:

Property improvements 10% reducing balance Plant and machinery 15% reducing balance Renovation work 20% straight line

f) Investments

Assets held for investment purposes are valued at market value at the balance sheet date. The market value of quoted investments is taken as the bid value at the balance sheet date. Other investment assets are included at the Trustees’ best estimate of market value. Properties are valued by external professional valuers. No depreciation is provided on investment properties.

g) Stocks

Stocks are stated at the lower of cost and net realisable value. For harvested and growing crops this includes the appropriate costs of production. Livestock is valued at deemed cost being a percentage of market value.

h)

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. Concessionary loans are included at the amount advanced, less any impairment.

i) Cash at bank and in hand

Cash at hand and in hand includes cash, bank accounts and ‘income’ accounts with the investment managers. The capital bank accounts with the investment managers are presented within fixed asset investments.

j)

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.

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

• k) Financial instruments The trust 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.

• l)

Pension costs – defined contribution scheme

• The pension costs charged in the year represent the amount of the contributions payable to the scheme in respect of the accounting period.

• m)

Hire purchase and finance leases contracts

Assets acquired under hire purchase and finance lease agreements are capitalised in the balance sheet and depreciated over their useful lives. The capital elements of future obligations under the agreements are included as liabilities in the balance sheet.

2 INCOME FROM INVESTMENTS

General Fund Knockando Church Fund Martin Wills Fund £ £ £ Listed investments 124,445 4,788 164,408 Cash deposits 597 - 210 125,042 4,788 164,618	Total 2021 £ 293,641 807 294,448	Total 2020 £ 462,111 2,407 464,518

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

3 NON-CHARITABLE TRADING ACTIVITIES OF SUBSIDIARY

Income and expenditure from trading activities of the subsidiary are based on the results of M D Hamilton (Farms) Limited, as below, after incorporating the necessary consolidation adjustments.

M D Hamilton (Farms) Limited (company no: 2847743)

The Charity owns 100% of the issued share capital of the company, which is incorporated in the UK. The registered office is Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP. The company is engaged in farming activities on the Ditchley and Ousden Estates, which are owned by the charity, and covenants its taxable profits to The H D H Wills 1965 Charitable Trust. It paid interest on an arms length basis on a loan from the Trust amounting to £877,000 (2020 £877,000). A summary of its trading results and net assets is shown below.

2021 £ Profit and loss account Turnover 2,233,494 Cost of sales (706,529) Gross profit 1,526,965 Other operating income and charges (793,501) Other interest receivable and similar income 123 Net income from non-charitable trading activities (see below) 733,587 Amounts payable to The H D H Wills 1965 Charitable Trust: - Rent paid (381,400) - Loan interest (9,648) - Gift aid (436,864) Retained in subsidiary (94,325) Balance Sheet Fixed assets 1,090,986 Current assets 1,552,818 Current liabilities (758,519) Loan from HDH Wills 1965 Charitable Trust (877,000) Other liabilities falling due after more than one year (31,500) Net assets 976,785

2020 £ 1,952,881 (379,096) 1,573,785 (699,104) 1,342 876,023 (381,400) (13,923) ( 480,700)

- 1,245,734 1,577,660 (730,431) (877,000) (144,852) 1,071,111

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

4 ESTATE AND WOODLAND INCOME AND EXPENDITURE

Ditchley Park Estate & Forestry 2021 Income Timber income 52,874 Cottage & barn rents 377,478 Farm rents - Stable rents - Grazing 1,094 Game sales 1,035 Sporting activities - Wayleaves 6,003 Grants (44) Other income (including recharges) 44,926 483,366 Rents - subsidiary 233,500 716,866 Expenditure Wages 26,475 Cottage and building repairs 67,436 Road and other repairs 38,393 Vehicle and machinery 5,205 Insurance 13,198 Rates, rent and water 14,659 Pest control 2,171 Management fees 67,913 Professional fees 18,768 Other admin expenses 14,892 Depreciation 28,480 Plantation expenses 70,544 Irrecoverable VAT 22,887 Bad debt provision __- 391,021 Net income 325,845	Ousden Estate 2021 - 57,596 41,280 1,000 2,633 - 8,250 1,556 - 2,224 114,539 147,900 262,439 - 1,067 1,245 - 3,941 (113) 1,000 22,637 9,082 - 33 8,347 1,036 - 48,275 214,164	Total 2021 Ditchley Park Estate & Forestry 2020 £ 52,874 43,551 435,074 320,861 41,280 - 1,000 - 3,727 500 1,035 1,143 8,250 3,000 7,559 2,469 (44) 36,544 _47,150 32,596 597,905 440,664 381,400 233,500 _979,305 674,164 26,475 24,723 68,503 111,593 39,638 30,808 5,205 5,665 17,139 13,238 14,546 26,000 3,171 1,162 90,550 61,422 27,850 35,694 14,892 16,776 28,513 36,743 78,891 45,506 23,923 35,947 - - 439,296 445,277 540,009 228,887	Ousden Estate 2020 £ - 66,817 41,384 1,000 2,499 - 8,250 1,525 - 7,265 128,740 147,900 276,640 - 6,630 - - 4,140 2,846 - 20,474 8,319 1,304 44 2,374 - 4,498 50,629 226,011	Total 2020 £ 43,551 387,678 41,384 1,000 2,999 1,143 11,250 3,994 36,544 39,861 569,404 381,400 950,804 24,723 118,223 30,808 5,665 17,378 28,846 1,162 81,896 44,013 18,080 36,787 47,880 35,947 4,498 495,906 454,898

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

General Fund (unrestricted Fund) Knockando Church Fund (restricted Fund) Martin Wills Fund (restricted Fund) £ £ £ 5 EXPENDITURE ON CHARITABLE ACTIVITIES Grant – making programme Grants payable (note 19) 125,159 7,500 1,032,985 Support costs (note 6) 38,438 - 79,885 163,597 7,500 1,112,870 6 SUPPORT COSTS Governance: Auditors’ remuneration - audit services 4,530 - 13,590 - non-audit services 3,339 - 19,187 Legal and professional fees 8,700 - 27,391 General support: Trust administration and associated office costs 21,869 - 19,717 38,438 - 79,885	Total 2021 £ 1,165,644 118,323 1,283,967 18,120 22,526 36,091 41,586 118,323	Total 2020 £ 1,246,050 87,874 1,333,924 16,789 9,859 25,998 35,228 87,874

In addition there was auditors’ remuneration in respect of the subsidiary company of £7,850 (2020 £7,700)

7 TRUSTEES’ REMUNERATION AND EXPENSES

No Trustee, or person with a family or business connected with a Trustee, received remuneration in the year, directly or indirectly, from either the Charity or a company controlled by the Charity.

There was no key management personnel remuneration in either year.

During the year reimbursements to Trustees amounted to £nil (2020: £237 to one Trustee) in respect of travelling expenses.

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

8 EMPLOYEES (INCLUDING SUBSIDIARIES)

The average number of employees during the year was 8 (2020: 7). Apart from one employee within support costs, all other employees are part of activities for generating funds.

No employee earned £60,000 per annum or more in the period.

Total employees’ emoluments amounted to: Wages and salaries National insurance Pension costs	2021 £ 207,454 10,860 19,739 238,053	2020 £ 189,720 10,707 17,401 217,828

THE H D H WILLS 1965 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

23

9 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Group Group Group Renovation Work Property Improvements Plant & Machinery £ £ £ Cost or valuation At 1 April 2020 731,913 261,905 2,073,058 Additions 63,777 - 34,549 Disposals - - - At 31 March 2021 795,690 261,905 2,107,607 Depreciation At 1 April 2020 660,341 181,872 901,596 Provided in year 27,072 7,950 182,788 Disposals - - - At 31 March 2021 687,413 189,822 1,084,384 Net book amount At 31 March 2021 108,277 72,083 1,023,223 At 31 March 2020 71,572 80,033 1,171,462	Group Charity Charity Total Renovation Work Plant & Machinery £ £ £ 3,066,876 731,913 57,481 98,326 63,777 - - - - 3,165,202 795,690 57,481 1,743,809 660,341 51,720 217,810 27,072 1,441 - - - 1,961,619 687,413 53,161 1,203,583 108,277 4,320 1,323,067 71,572 5,761	Charity Total £ 789,394 63,777 - 853,171
		712,061 28,513 - 740,574
		112,597
		77,333

Included above within Group financial statements are assets held under finance leases or hire purchase contacts as follows:

	2021	2021	2020	2020
	Net Book	Depreciation	Net Book	Depreciation
	Value	Charge	Value	Charge
	£	£	£	£
Plant and machinery	453,482	80,026	533,510	69,532

As at 31 March 2020 the Group had no capital commitments in respect of tangible assets (2020: £nil) and no commitments (2020: £nil) in respect of investment properties for amounts contracted but not provided in the financial statements.

24

THE H D H WILLS 1965 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

10 INVESTMENTS

General Fund Knockando Church Fund Martin Wills Fund Quoted investments £ £ £ At 1 April 2020 5,712,176 220,397 7,556,026 Additions 8,052,194 297,935 10,320,407 Disposal proceeds (8,035,617) (298,931) (10,242,369) ( Gain on revaluation 1,775,545 69,079 2,347,476 Valuation at 31 March 2021 7,504,298 288,480 9,981,540 Cash held for investments - - - Land and property At 1 April 2020 - - 72,385,969 Additions - - - Disposal proceeds - - - Gain on revaluation - - 2,061,721 Valuation at 31 March 2021 - - 74,447,690 Group total 7,504,298 288,480 84,429,230 Shares in subsidiary undertaking At 31 March 2020 and 2021 - - 450,000 Loan to subsidiary undertaking At 31 March 2021 (2020: £877,000) - - 877,000 Charitable company total 7,504,298 288,480 85,756,230

Total 2021 £ 13,488,599 18,670,536 18,576,917) 4,192,100 17,774,318 - 72,385,969 - - 2,061,721 74,447,690 92,222,008 450,000 877,000 93,549,008

The loan to subsidiary undertaking of £877,000 is secured by a debenture over the assets of the subsidiary company. Interest is charged on the loan at 1% above base rate.

During the year properties were re-valued by Adkin, Chartered Surveyors. The basis of the valuation used was market value. The surplus on revaluation forms a part of the net movement on the endowment funds (note 15).

Listed investments are stated at their mid market value as at the balance sheet date.

Shares in subsidiary undertakings are included at the trustees’ best estimate of market value.

A breakdown of the quoted investments is as follows:-

	Valuation 2021	Valuation 2021	Valuation 2020
		£	£
UK Equity Funds	-		5,818,646
Overseas Equity Funds	-		6,503,943
Global Equity Funds	17,774,318		-
Absolute Return Funds	-		1,166,010
	17,774,318		13,488,599

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

11 DEBTORS Group 2021 C £ Amounts due within one year: Trade debtors 96,539 Prepayments, other debtors and accrued income 144,966 Gift aid receivable - 241,505 Amounts due after one year: Concessionary loan (for details see note 19) 1,100,000 1,341,505 12 CASH AT BANK AND IN HAND Group 2021 C £ Cazenove & Co - Sarasin & Partners 10,709 Coutts & Co 2,429,536 Adkin client account 259,369 2,699,614 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 C £ Net obligations under HP and finance leases 113,224 Trade creditors 176,759 Other creditors 2,132,985 Other tax and social security 33,047 Accruals 60,584 2,516,599 14 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Group 2021 C £ Net obligations under HP and finance leases 31,500	haritable Company 2021 £ 50,284 16,420 436,864 503,568 1,100,000 1,603,568 haritable Company 2021 £ - 10,709 1,910,118 259,369 2,180,196 haritable Company 2021 £ - 18,885 2,132,985 29,318 16,168 2,197,356 haritable Company 2021 £ -	Group 2020 Charitable Company 2020 £ £ 65,992 43,094 80,218 56,906 - 480,700 146,210 480,700 - - 146,210 580,700 Group 2020 Charitable Company 2020 £ £ 330,662 330,662 - - 2,037,034 1,600,881 274,319 274,319 2,642,015 2,205,862 Group 2020 Charitable Company 2020 £ £ 113,299 - 127,311 6,043 1,120,587 1,120,587 32,635 28,786 38,235 29,332 1,432,067 1,184,748 Group 2020 Charitable Company 2020 £ £ 144,852 -

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

15 ENDOWMENT FUNDS

Knockando Church Fund (Permanent) Martin Wills Fund (Permanent) £ £ Group At 1 April 2019 260,334 82,573,031 Net movement in funds (37,111) (476,541) At 31 March 2020 223,223 82,096,490 Net movement in funds 69,079 4,409,197 At 31 March 2021 292,302 86,505,687 Charity At 1 April 2019 260,334 83,035,958 Net movement in funds (37,111) (476,541) At 31 March 2020 223,223 82,559,417 Net movement in funds 69,079 4,409,197 At 31 March 2021 292,302 86,968,614

Total £ 82,833,365 (513,652) 82,319,713 4,478,276 86,797,989 83,296,292 (513,652) 82,782,640 4,478,276 87,260,916

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

16 RESTRICTED FUNDS

Knockando Church Fund £ Group At 1 April 2019 2,477 Income 7,591 Expenditure (7,974) Transfers - At 31 March 2020 2,094 Income 4,788 Expenditure (8,623) ( Transfers - At 31 March 2021 (1,741) Charity At 1 April 2019 2,477 Income 7,591 Expenditure (7,974) ( At 31 March 2020 2,094 Income 4,788 Expenditure (8,623) ( At 31 March 2021 (1,741)	Martin Wills Fund £ - 2,782,708 (2,782,708) - - 2,996,140 3,090,465) 94,325 - - 1,704,508 1,704,508) ( - 1,590,435 1,590,435) -	Total Income Fund Martin Wills Fund Non Charitable Trading Fund £ £ 2,477 1,084,037 2,790,299 - (2,790,682) - - - 2,094 1,084,037 3,000,928 - (3,099,088) - 94,325 (94,325) (1,741) 989,712 2,477 - 1,712,099 - 1,712,482) - 2,094 - 1,595,223 - (1,599,058) - (1,741) -	Total £ 1,086,514 2,790,299 (2,790,682) - 1,086,131 3,000,928 (3,099,088) - 987,971 2,477 1,712,099 (1,712,482) 2,094 1,595,223 (1,599,058) (1,741)	Total £ 1,086,514 2,790,299 (2,790,682) - 1,086,131 3,000,928 (3,099,088) - 987,971 2,477 1,712,099 (1,712,482) 2,094 1,595,223 (1,599,058) (1,741)
				(1,741)

The Knockando Church Fund was established in 1992 by a donation from M D H Wills. The conditions of the gift are that the capital of the fund shall be held on trust and the income shall be applied in the ongoing repair, maintenance and upkeep of Knockando Church, Morayshire.

The Martin Wills Fund was established in 1994 by the transfer of capital bequeathed by M D H Wills. The conditions of the gift are that the income is to be used for the benefit of various institutions in a seven year cycle, as described in detail on page 3.

Non charitable trading funds represent funds in MD Hamilton (Farms) Limited not yet passed to the Trust via gift aid.

28

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

17 UNRESTRICTED FUNDS

Group and Charity At 1 April 2019 Income Expenditure Revaluation (losses) Transfers At 31 March 2020 Income Expenditure Revaluation gains Transfers At 31 March 2021	Capital Fund £ 7,156,180 - - (958,968) - 6,197,212 - - 1,775,545 - 7,972,757	Income Fund £ 62,395 197,846 (176,468) - - 83,773 125,042 (192,734) - - 16,081	Total £ 7,218,575 197,846 (176,468) (958,968) - 6,280,985 125,042 (192,734) 1,775,545 - 7,988,838

The Capital fund is an unrestricted fund which the trustees have designated as capital to provide an income for distribution as grants.

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

18 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Funds 31 March 2021 £ Group Tangible fixed assets - Investments 7,504,298 Net current assets 484,540 Creditors: amounts falling due after more than one year - Total net assets 7,988,838 Charity Tangible fixed assets - Investments 7,504,298 Net current assets 484,540 Creditors: amounts falling due after more than one year - Total net assets 7,988,838 Unrestricted Funds 31 March 2020 £ Group Tangible fixed assets - Investments 5,783,800 Net current assets 497,185 Creditors: amounts falling due after more than one year - 6,280,985 Total net assets Charity Tangible fixed assets - Investments 5,783,800 Net current assets 497,185 Creditors: amounts falling due after more than one year - Total net assets 6,280,985	Restricted Funds Endowment Funds £ £ 112,597 1,090,986 - 84,717,710 875,374 1,020,793 - (31,500) 987,971 86,797,989 112,597 - - 86,044,710 (114,338) 1,216,206 - - (1,741) 87,260,916 Restricted Funds Endowment Funds £ £ 77,333 1,245,734 - 80,275,772 1,008,798 943,059 - (144,852) 1,086,131 82,319,713 77,333 - - 81,602,772 (75,239) 1,179,868 - - 2,094 82,782,640	Total Funds £ 1,203,583 92,222,008 2,380,707 (31,500) 95,774,798 112,597 93,549,008 1,586,408 - 95,248,013 Total Funds £ 1,323,067 86,059,572 2,449,042 (144,852) 89,686,829 77,333 87,386,572 1,601,814 - 89,065,719

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

19 GRANTS PAYABLE - INSTITUTIONS

General 21stCentury Trust Rendcomb PCC Suffolk Horse Society All Saints’ Church, Spelsbury Oxfordshire Community Foundation RSC Sandford St Martin PCC St Luke’s Hospital Swaziland Charitable Trust The Sixteen Wigmore Hall Trust Alice Marshall Hall Chef’s in Schools Enstone Uplands and District Conservation Trust Horatio’s Garden Oxfordshire Community Soup Kitchen Oxfordshire Youth The Garden Museum The River Learning Trust - Middle Barton School Worton PCC, Over Norton Church The Community Foundation for Staffordshire The Spey Foundation (Spey Fishery Board) Lidgate Village Hall The National Horse Racing Museum Wales Council for Voluntary Action Forage Aid Friends of Middle Barton School (FOMBS) Farms for City Children Lawrence Home Nursing Team Katharine House Hospice Cleanup UK The Polar Academy Brainstrust Cirencester Housing for Young People Gamekeepers Welfare Trust The Oxford Trust - Science Oxford 95 (2020: 121) grants under £1,000 Sandford St Martin Trust Knockando Church Fund	2021 £ 17,500 5,000 2,500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 - - - - - - - - - - - - - - - - 47,000 97,000 28,159 125,159 7,500	2020 £ - - - - - - 5,000 - - - - - - - - - - - 5,000 - 10,000 10,000 5,000 5,000 5,000 2,000 2,000 2,000 2,000 1,500 1,000 1,000 1,000 1,000 1,000 1,000 59,000 119,500 - 119,500 7,000

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THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

19 GRANTS PAYABLE – Continued

Martin Wills Fund Magdalen College, Oxford Institutions with such charitable purposes as the Trustees shall in their absolute discretion think fit Total grants payable (note 5)	2021 £ 1,032,985 - 1,165,644	2020 £ - 1,119,550 1,246,050

The charity signed a loan agreement dated 13 July 2020 with the Rendcomb College Foundation, to advance a loan of £1.1m to the Foundation. The Foundation is a registered charity and one of the named beneficiaries of the Martin Wills Fund. The Foundation is the parent charity of Rendcomb College, a registered charity operating the school of the same name in Gloucestershire. The loan is secured on freehold property owned by the Foundation and is provided interest free and for a 10 year term. In this way the charity is applying the Martin Wills Fund surplus from 2020 which is specified for general charitable purposes.

20 RELATED PARTY TRANSACTIONS

There were no disclosable related party transactions in either year