2023-03-31-accounts - The Hdh Wills 1965 Charitable Trust

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THE H D H WILLS 1965 CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

INDEX

Page	1-6	Report of the Trustees
	7-10	Independent Auditors’ Report
	11	Consolidated Statement of Financial Activities – 2023
	12	Consolidated Statement of Financial Activities - 2022
	13	Balance Sheets
	14-15	Statement of Cash Flows
	16-32	Notes to the Financial Statements

Company number: 6025028 Charity number: 1117747

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 2023.

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 (deceased 29 July 2022)
	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

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.

The trustees were saddened by the passing of Catherine, the last surviving of David Wills’s family. Catherine worked tirelessly for the Trust, using her extensive knowledge of the charity sector to guide the deliberations of the Grants Committee for over 25 years. Catherine will be sorely missed by her fellow trustees who will do their best to ensure the values that she, her father and brother Martin held so strongly continue to be upheld.

Organisational structure and how decisions are made

The Trustees meet twice a year to review all aspects of the charity’s affairs. Between meetings they receive reports on the activities of the charity and its subsidiary’s operations. Grant administration is carried out by the Grants Committee. 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.

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 2023 is the 3rd year in the cycle.

ACHIEVEMENTS AND PERFORMANCE

General Fund

In the furtherance of the objects of the fund, donations of £175,000 were made (page 31).

Martin Wills Fund

The Martin Wills Fund generated net income of £1,550,302. In accordance with the terms of the Fund, this must be distributed as detailed above. A liability of £1,550,302 is included in the financial statements for the amount due to charities that fit the terms of the trust.

Investment performance

Investments decreased in value by £1.046m and generated net income of £1.35m. They generated a total return of 0.3%, property assets returning 1.14% and quoted investments (3.37)%. The charity’s property investments decreased in value by 0.53% and generated a net income of £1,317,503 on a consolidated basis. The charity’s quoted investments decreased in value during the year by 3.37%.

Subsidiary company

M D Hamilton (Farms) Limited has continued to generate income for the charity. It generated a total surplus of £1,118,061, which will be paid to the charity in rent, interest and gift aid.

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 £99,505,005 of which £91,371,074 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 2023 these stood at £90,357,012 (2022: £91,408,564) and £287,386 (2022: £305,814) 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 2023 the balance stood at £(2) (2022: £3).

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 2023 the capital element stood at £7,841,983 (2022: £8,319,382) and the unspent income at £4,564 (2022: £10,045). 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 Sarasin & Partners LLP, estate assets by Adkin and the trading activities of the farms by Waterhead of Dryfe Ltd and Andersons. 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.

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

Investment policy (continued)

With effect from 1 April 2021, the Trust adopted 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. The investment return to be applied as income is calculated as 3% of the average of the year-end values of the relevant investments at the end of the last 3 years. The rate of 3% was decided upon by the Trustees based on their knowledge and advice from Sarasin (investment managers) and Critchleys Audit LLP (chartered accountants). The preserved (frozen) value of the invested endowment capital represents its open market value on 5 April 2003 together with all subsequent endowments valued at date of gift.

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:

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.

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.

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.

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; and
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

26 June 2023

John Carson Trustee

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 2023 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 2023 and of the group’s 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.

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:

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.

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 Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

10 July 2023

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 2023

Unrestricted Funds Restricted Funds Endowment Funds £ £ £ Income from: Other trading activities: Non-charitable trading activities of subsidiaries (note 3) 2,754,446 - Estate and woodland income (note 4) - 619,917 - Investments (note 2) 144 141 - Income from total return (note 10) - 289,086 (289,086) Total income 144 3,663,590 (289,086) Expenditure on: Raising funds: Non-charitable trading activities of subsidiaries (note 3) - 1,636,385 - Estate and woodland expenditure (note 4) 524,861 - Investment management costs - - - Charitable activities (note 5) 217,562 1,639,071 - Total expenditure 217,562 3,800,317 - Net (expenditure) before gains and losses on investments (217,418) (136,727) (289,086) Net (losses)/gains on investments (note 10) (265,462) - (780,897) Net (expenditure)/income and net movement in funds for the year (482,880) (136,727) (1,069,983) Fund balances brought forward 8,329,427 1,150,787 91,714,381 Fund balances carried forward at 31 March 2023 7,846,547 1,014,060 90,644,398	Total 2023 £ 2,754,446 619,917 285 - 3,374,648 1,636,385 524,861 - 1,856,633 4,017,879 (643,231) (1,046,359) (1,689,590) 101,194,595 99,505,005	Total 2022 £ 2,624,955 567,864 25,533 - 3,218,352 1,346,515 471,785 70 1,717,853 3,536,223 (317,871) 5,737,668 5,419,797 95,774,798 101,194,595

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 2022

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Income from:
Other trading activities:
Non-charitable trading activities of
subsidiaries (note 3)
-
2,624,955
-
Estate and woodland income (note 4)
-
567,864
-
Investments (note 2)
10,812
14,721
-
Income from total return (note 10)
-
274,090
(274,090)
Total income
10,812
3,481,630
(274,090)
Expenditure on:
Raising funds:
Non-charitable trading activities of
subsidiaries (note 3)
-
1,346,515
-
Estate and woodland expenditure
(note 4)
-
471,785
-
Investment management costs
-
70
-
Charitable activities (note 5)
217,409
1,500,444
-
Total expenditure
217,409
3,318,814
-
Net (expenditure)/income before
gains and losses on investments
(206,597)
162,816
(274,090)
Net gains/(losses) on investments
(note 10)
547,186
-
5,190,482
Net income and net movement in
funds for the year
340,589
162,816
4,916,392
Fund balances brought forward
7,988,838
987,971
86,797,989
Fund balances carried forward at 31
March 2022
8,329,427
1,150,787
91,714,381

Total
2022
£
2,624,955
567,864
25,533
-
3,218,352
1,346,515
471,785
70
1,717,853
3,536,223
(317,871)
5,737,668
5,419,797
95,774,798
101,194,595

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

BALANCE SHEETS

AT 31 MARCH 2023

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 2023 Charitable Company 2023 £ £ 1,057,402 205,153 95,757,003 97,084,003 96,814,405 97,289,156 1,234,808 - 1,316,260 2,004,099 3,403,863 2,374,914 5,954,931 4,379,013 (3,194,331) (2,714,295) 2,760,600 1,664,718 99,575,005 98,953,874 (70,000) - 99,505,005 98,953,874 90,644,398 91,107,329 (2) (2) 1,014,062 - 7,846,547 7,846,547 99,505,005 98,953,874	Group 2022 £ 1,174,470 97,353,845 98,528,315 1,072,062 1,581,879 3,106,542 5,760,483 (2,954,203) 2,806,280 101,334,595 (140,000) 101,194,595 91,714,381 3 1,150,784 8,329,427 101,194,595	Charitable Company 2022 £ 146,779 98,680,845 98,827,624 - 1,910,049 2,373,039 4,283,088 (2,603,974) 1,679,114 100,506,738 - 100,506,738 92,177,308 3 - 8,329,427 100,506,738

Approved and authorised for issue by the Board of Trustees on 26 June 2023 and signed on its behalf by

John Carson Trustee

THE H D H WILLS 1965 CHARITABLE TRUST

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

			Charitable	Charitable
		Group	Company
	2023	2022	2023	2022
	£	£	£	£
Cash (used in) operating activities	(133,707)	(273,576)	(436,402)	(359,569)
Cash flows from investing activities
Interest and dividend income	285	25,533	285	25,533
Purchase of tangible fixed assets	(272,590)	(217,609)	(112,491)	(78,952)
Proceeds from sale of tangible fixed assets	222,850	481,600	-	-
Purchase of investments (note 10)	(3,378)	(257)	(3,378)	(257)
Proceeds from sale of investments (note 10)	553,878	606,652	553,878	606,652
Cash provided by investing activities	501,045	895,919	438,294	552,976
Cash flows from financing activities
Repayment of HP	(70,000)	(214,851)	-	-
Cash used in financing activities	(70,000)	(214,851)	-	-
Increase in cash and cash equivalents in the year	297,338	407,492	1,892	193,407
Cash and cash equivalents at the beginning of
the year	3,107,106	2,699,614	2,373,603	2,180,196
Cash and cash equivalents at the end of the year
	3,404,444	3,107,106	2,375,495	2,373,603
Cash and cash equivalents at the end of the
year:
Cash held at investment manager	581	564	581	564
Cash at bank and in hand	3,403,863	3,106,542	2,374,914	2,373,039
	3,404,444	3,107,106	2,375,495	2,373,603
Cash used in operating activities:
Net movement in funds	(1,689,590)	5,419,797	(1,552,864)	5,258,725
Depreciation	190,239	205,336	54,117	43,667
(Profit)/loss on disposal of fixed assets	(23,431)	(160,214)	-	1,103
Losses/(gains) on investments	1,046,359	(5,737,668)	1,046,359	(5,737,668)
Interest income and dividends shown in investing
activities	(285)	(25,533)	(285)	(25,533)
(Increase) in stock	(167,746)	(215,875)	-	-
Decrease/(increase) in debtors	265,620	(240,374)	(94,050)	(306,481)
Increase in creditors	240,127	480,955	110,321	406,618
Net cash (used in) operating activities	(133,707)	(273,576)	(436,402)	(359,569)

THE H D H WILLS 1965 CHARITABLE TRUST

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Group reconciliation of net debt Cash and cash equivalents Cash held at investment manager Cash at bank and in hand Borrowing Debt due within one year (HP) Debt due after one year (HP) Total	At 1 April 2022 £ 564 3,106,542 3,107,106 (69,873) (140,000) (209,873) 2,897,233	Cash Other non- At 31 flows cash changes March 2023 £ £ £ 17 - 581 297,321 - 3,403,863 297,338 - 3,404,444 70,000 (70,000) (69,873) - 70,000 (70,000) 70,000 - (139,873) 367,338 - 3,264,571

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023.

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 £(1,552,864) (2022: £5,258,725 ).

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.

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (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.

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

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.
n)

Total return accounting

Following a resolution of the trustees the charity is adopting a ‘total return’ basis for the permanent endowment funds which are invested in quoted investments. The charity can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return.

2 INCOME FROM INVESTMENTS

General Fund Knockando Church Fund Martin Wills Fund Total 2023 £ £ £ £ Listed investments - - - - Cash deposits 144 18 123 285 144 18 123 285	Total 2022 £ 25,433 100 25,533

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (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 (2022 £877,000). A summary of its trading results and net assets is shown below.

2023
£
Profit and loss account
Turnover
2,754,446
Cost of sales
(929,446)
Gross profit
1,825,000
Other operating income and charges
(706,939)
Other interest receivable and similar income
-
Net income from non-charitable trading activities (see below)
1,118,061
Amounts payable to The H D H Wills 1965 Charitable Trust:
- Rent paid
(381,400)
- Loan interest
(32,340)
- Gift aid
(841,047)
Retained in subsidiary
(136,726)
Balance Sheet
Fixed assets
852,249
Current assets
2,416,965
Current liabilities
(1,321,083)
Loan from HDH Wills 1965 Charitable Trust
(877,000)
Other liabilities falling due after more than one year
(70,000)
Net assets
1,001,131

2022
£
2,624,895
(628,554)
1,996,341
(717,961)
60
1,278,440
(381,400)
(10,525)
(725,443)
161,072
1,027,691
2,202,838
(1,075,672)
(877,000)
(140,000)
1,137,857

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

4 ESTATE AND WOODLAND INCOME AND EXPENDITURE

Ditchley Park Estate & Forestry 2023 Income Timber sales 54,072 Cottage & barn rents 345,675 Farm rents - Stable rents - Grazing - Game sales 4,585 Sporting activities 3,000 Wayleaves 6,718 Grants 25,259 Other income (including recharges) 30,183 469,492 Rents - subsidiary 233,500 702,992 Expenditure Wages 27,267 Cottage and building repairs 68,947 Road and other repairs 22,424 Vehicle and machinery 5,558 Insurance 18,016 Rates, rent and water 35,053 Pest control 2,121 Management fees 69,727 Professional fees 9,316 Other admin expenses 11,511 Depreciation 54,117 (Profit)/loss on disposal - Plantation expenses 111,330 Irrecoverable VAT 28,878 Bad debt provision - 464,265 Net income 238,727	Ousden Estate 2023 - 79,133 47,244 7,250 3,464 - 8,500 1,899 - 2,935 150,425 147,900 298,325 - 23,789 1,899 - 5,812 - 1,000 23,242 5,007 817 - - 3,891 - (4,861) 60,596 237,729	Total 2023 Ditchley Park Estate & Forestry 2022 £ 54,072 34,911 424,808 355,040 47,244 - 7,250 - 3,464 200 4,585 2,619 11,500 3,000 8,617 2,766 25,259 3,920 33,118 23,181 619,917 425,637 381,400 233,500 1,001,317 659,137 27,267 25,514 - 92,736 76,235 24,323 12,285 5,558 5,760 23,828 14,844 35,053 28,186 3,121 3,039 92,969 65,770 14,323 12,947 12,328 14,507 54,117 16,595 - 1,006 115,221 76,217 28,878 25,621 (4,861) __- 524,861 378,526 476,456 280,611	Ousden Estate 2022 £ - 77,075 45,179 - 3,442 - 8,250 1,582 2,843 3,856 142,227 147,900 290,127 20,310 3,111 - 4,614 25 - 21,924 13,038 - 27,072 97 3,255 - _ _ (187) 93,259 196,868	Total 2022 £ 34,911 432,115 45,179 - 3,642 2,619 11,250 4,348 6,763 27,037 567,864 381,400 949,264 25,514 96,545 15,396 5,760 19,458 28,211 3,039 87,694 25,985 14,507 43,667 1,103 79,472 25,621 __ (187) 471,785 477,479

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (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) 175,000 8,170 1,550,302 Support costs (note 6) 42,562 - 80,599 217,562 8,170 1,630,901 6 SUPPORT COSTS Governance: Auditors’ remuneration - audit services 4,259 - 12,776 - non-audit services 3,608 - 12,454 Legal and professional fees 11,437 - 34,313 General support: Trust administration and associated office costs 23,258 - 21,056 42,562 - 80,599	Total 2023 £ 1,733,472 123,161 1,856,633 17,035 16,062 45,750 44,314 123,161	Total 2022 £ 1,626,718 91,135 1,717,853 19,084 7,175 24,788 40,088 91,135

In addition there was auditors’ remuneration in respect of the subsidiary company of £9,075 (2022 £8,250).

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 travel expenses reimbursed to one Trustee amounted to £nil (2022: £86).

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

8 EMPLOYEES (INCLUDING SUBSIDIARIES)

The average number of employees during the year was 6 (2022: 8). 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	2023 £ 184,319 8,398 17,458 210,175	2022 £ 201,900 9,713 18,182 229,795

THE H D H WILLS 1965 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

9 TANGIBLE FIXED ASSETS

Group Group Group Renovation Work Property Improvements Plant & Machinery £ £ £ Cost or valuation At 1 April 2022 214,301 261,905 1,647,248 Additions 112,491 6,316 153,783 Disposals - - (388,300) At 31 March 2023 326,792 268,221 1,412,731 Depreciation At 1 April 2022 69,935 196,977 682,072 Provided in year 53,514 6,837 129,888 Disposals - - (188,881) At 31 March 2023 123,449 203,814 623,079 Net book amount At 31 March 2023 203,343 64,407 789,652 At 31 March 2022 144,366 64,928 965,176	Group Charity Charity Total Renovation Work Plant & Machinery £ £ £ 2,123,454 214,301 13,558 272,590 112,491 - (388,300) - - 2,007,744 326,792 13,558 948,984 69,935 11,145 190,239 53,514 603 (188,881) - - 950,342 123,449 11,748 1,057,402 203,343 1,810 1,174,470 144,366 2,413	Charity Total £ 227,859 112,491 - 340,350 81,080 54,117 - 135,197 205,153 146,779

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

	2023	2023	2022	2022
	Net Book	Depreciation	Net Book	Depreciation
	Value	Charge	Value	Charge
	£	£	£	£
Plant and machinery	290,859	51,328	342,187	53,087

As at 31 March 2023 the Group had no capital commitments in respect of tangible assets (2022: £nil) and no commitments (2022: £nil) in respect of investment properties for amounts contracted but not provided in the financial statements.

THE H D H WILLS 1965 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

10 INVESTMENTS

Quoted investments At 1 April 2022 Additions Disposal proceeds Loss on revaluation Valuation at 31 March 2023 Cash held by investment manager Land and property At 1 April 2022 Additions Disposal proceeds Loss on revaluation Valuation at 31 March 2023 Group total Shares in subsidiary undertaking At 31 March 2023 and 2022 Loan to subsidiary undertaking At 31 March 2023 (2022: £877,000) Charitable company total	General Fund Knockando Church Fund Martin Wills Fund £ £ £ 7,850,923 305,250 10,442,926 546 891 1,941 (211,937) (9,061) (282,880) (265,462) (10,281) (351,292) 7,374,070 286,799 9,810,695 - 581 - - - 78,754,182 - - - - - (50,000) - - (419,324) - - 78,284,858 7,374,070 287,380 88,095,553 - - 450,000 - - 877,000 7,374,070 287,380 89,422,553	Total 2023 £ 18,599,099 3,378 (503,878) (627,035) 17,471,564 581 78,754,182 - (50,000) (419,324) 78,284,858 95,757,003 450,000 877,000 97,084,003

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 2023	Valuation 2022
	£	£
Global Equity Funds	17,471,564	18,599,099

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

The Trustees have adopted a duly authorised policy of total return accounting for the investment returns on permanent endowment funds invested in quoted investments with effect from 1 April 2022. The investment return to be applied as income is calculated as 3% of the average of the year-end values of the relevant investments at the end of the last 3 years. The preserved (frozen) value of the invested endowment capital represents its open market value on 5 April 2003 together with all subsequent endowments valued at date of gift.

At 1 April 2021 Gift component of permanent endowment Gain on revaluation Total Movements in 2022 Investment return - gains Unapplied total return allocated to income Net movements in the year At 31 March 2022 Gift component of permanent endowment Gain on revaluation Total Movements in 2023 Investment return - gains Unapplied total return allocated to income Net movements in the year At 31 March 2023 Gift component of permanent endowment Gain on revaluation Total 11 DEBTORS Amounts due within one year: Trade debtors Prepayments, other debtors and accrued income Gift aid receivable Amounts due after one year: Concessionary loan (for details see note 19)	Trust for Investment Unapplied Total Return £ £ 5,381,284 - - 4,892,555 5,381,284 4,892,555 - 748,991 - (274,090) - 474,901 5,381,284 - - 5,367,456 5,381,284 5,367,456 - (361,573) - (289,086) - 650,659 5,381,284 - - 4,716,797 5,381,284 4,761,797 Group 2023 Charitable Company 2023 Group 2022 £ £ £ 65,805 38,498 93,594 150,455 24,554 388,285 - 841,047 - 216,260 904,099 481,879 1,100,000 1,100,000 1,100,000 1,316,260 2,004,099 1,581,879	Total 2023 £ 5,381,284 4,892,555 10,273,839 748,991 (274,093) 474,901 5,381,284 5,367,456 10,748,740 (361,573) (289,086) 650,659 5,381,284 4,716,797 10,098,081 Charitable Company 2022 £ 70,705 13,901 725,443 810,048 1,100,000 1,910,048

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

12
CASH AT BANK AND IN HAND
Group
2023
Charitable
Company
2023
£
£
Sarasin & Partners
29
29
Coutts & Co
3,181,453
2,152,498
Adkin client account
222,381
222,381
3,403,863
2,374,908
13
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2023
Charitable
Company
2023
£
£
Net obligations under HP and finance leases
(secured)
69,873
-
Trade creditors
185,925
10,552
Other creditors
2,650,302
2,650,302
Other tax and social security
29,299
25,392
Accruals
258,932
28,049
3,194,331
2,714,295
14
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Group
2023
Charitable
Company
2023
£
£
Net obligations under HP and finance leases
(secured)
70,000
-

Group
2022
Charitable
Company
2022
£
£
13
13
2,852,269
2,118,766
254,260
254,260
3,106,542
2,373,039
Group
2022
Charitable
Company
2022
£
£
69,873
-
243,195
11,423
2,536,461
2,536,461
23,741
19,871
80,933
36,219
2,954,203
2,603,974
Group
2022
Charitable
Company
2022
£
£
140,000
-

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

15 ENDOWMENT FUNDS

Knockando
Church Fund
(Permanent)
Martin Wills
Fund
(Permanent)
£
£
Group
At 1 April 2021
292,302
86,505,687
Net movement in funds
13,512
4,902,880
At 31 March 2022
305,814
91,408,567
Net movement in funds
(18,428)
(1,051,555)
At 31 March 2023
287,386
90,357,012
Charity
At 1 April 2021
292,302
86,968,614

Net movement in funds
13,512
4,902,880
At 31 March 2022
305,814
91,871,494

Net movement in funds
(18,428)
(1,051,555)
At 31 March 2023
287,386
90,819,939

Total
£
86,797,989
4,916,392
91,714,381
(1,069,983)
90,644,398
87,260,916
4,916,392
92,177,308
(1,069,983)
91,107,325

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

16 RESTRICTED FUNDS

Knockando Church Fund £ Group At 1 April 2021 (1,741) Income 8,091 Expenditure (6,347) ( Transfers - At 31 March 2022 3 Income 8,165 Expenditure (8,170) ( Transfers - At 31 March 2023 (2) Charity At 1 April 2021 (1,741) Income 8,091 Expenditure (6,347) ( At 31 March 2022 3 Income 8,165 Expenditure (8,170) ( At 31 March 2023 (2)	Martin Wills Fund £ - 3,473,539 3,312,467) (161,072) - 3,655,425 3,792,147) 136,722 - - 1,965,952 1,965,952) - 2,155,762 2,155,762) -	Total Income Fund Martin Wills Fund Non Charitable Trading Fund £ £ (1,741) 989,712 3,481,630 - (3,318,814) - (161,072) 161,073 3 1,150,784 3,663,590 - (3,800,317) - 136,722 (136,722) (2) 1,014,062 (1,741) - 1,974,043 - (1,972,299) - 3 - 2,163,927 - (2,163,932) - (2) -	Total £ 987,971 3,481,630 (3,318,814) - 1,150,787 3,663,590 (3,800,317) - 1,014,060 (1,741) 1,974,043 (1,972,299) 3 2,163,927 (2,163,932) (2)	Total £ 987,971 3,481,630 (3,318,814) - 1,150,787 3,663,590 (3,800,317) - 1,014,060 (1,741) 1,974,043 (1,972,299) 3 2,163,927 (2,163,932) (2)	Total £ 987,971 3,481,630 (3,318,814) - 1,150,787 3,663,590 (3,800,317) - 1,014,060 (1,741) 1,974,043 (1,972,299) 3 2,163,927 (2,163,932) (2)

					(2)

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.

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

17 UNRESTRICTED FUNDS

Group and Charity At 1 April 2021 Income Expenditure Revaluation Transfers At 31 March 2022 Income Expenditure Revaluation gains Transfers At 31 March 2023	Capital Fund Income Fund £ £ 7,972,757 16,081 (200,561) 211,373 - (217,409) 547,186 - - - 8,319,382 10,045 (211,937) 212,081 - (217,562) (265,462) - - - 7,841,983 4,564	Total £ 7,988,838 10,812 (217,409) 547,186 - 8,329,427 144 (217,562) (265,462) - 7,846,547

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

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

18 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted Funds Restricted Funds Endowment Funds 31 March 2023 £ £ £ Group Tangible fixed assets - 205,153 852,249 Investments 7,374,070 - 88,382,933 Net current assets 472,477 808,907 1,479,216 Creditors: amounts falling due after more than one year - - (70,000) Total net assets 7,846,547 1,014,060 90,644,398 Charity Tangible fixed assets - 205,153 - Investments 7,374,070 - 89,709,933 Net current assets 472,477 (205,155) 1,397,396 Creditors: amounts falling due after more than one year - - - Total net assets 7,846,547 (2) 91,107,329 Unrestricted Funds Restricted Funds Endowment Funds 31 March 2022 £ £ £ Group Tangible fixed assets - 146,779 1,027,691 Investments 7,850,923 - 89,502,922 Net current assets 478,504 1,004,008 1,323,768 Creditors: amounts falling due after more than one year - - (140,000) Total net assets 8,329,427 1,150,787 91,714,381 Charity Tangible fixed assets - 146,779 - Investments 7,850,923 - 90,829,922 Net current assets 478,504 (146,776) 1,347,386 Creditors: amounts falling due after more than one year - - - Total net assets 8,329,427 3 92,177,308	Total Funds £ 1,057,402 95,757,003 2,760,600 (70,000) 99,505,005 205,153 97,084,003 1,664,718 - 98,953,874 Total Funds £ 1,174,470 97,353,845 2,806,280 (140,000) 101,194,595 146,779 98,680,845 1,679,114 - 100,506,738	Total Funds £ 1,057,402 95,757,003 2,760,600 (70,000)

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

19 GRANTS PAYABLE - INSTITUTIONS

General Oxfordshire Community Foundation Sports Driving Unlimited Oxfordshire Victoria County History Trust British Red Cross Thornage Independent Living limited Royal Shakespeare Company Bath City Farm Community Hearts Productions Farms for City Children Friends of Ashton Peterborough Cathedral Chapter Spelsbury Memorial Hall The GRAB Trust (Group for Recycling in Argyll Bute Trust ltd) The Inspire Arts Trust 21stCentury Trust Sandford St Martin Cricket Club Médecins Sans Frontières The National Horse Racing Museum Over Norton and Nether Worton PCC 97 (2022: 115) grants under £2,000 Sandford St Martin Trust Knockando Church Fund Martin Wills Fund Conservation and wildlife charities Rendcomb College, Gloucestershire Total grants payable (note 5)	2023 £ 30,000 20,000 20,000 18,000 10,000 5,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 - - - - - 51,000 175,000 - 175,000 8,170 1,550,302 - 1,733,472	2022 £ - - - 8,000 - - - - - - - - - - 40,000 10,000 9,000 2,000 2,000 59,000 130,000 53,980 183,980 6,277 - 1,436,461 1,626,718

The charity signed a loan agreement dated 13 July 2021 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 2021 which is specified for general charitable purposes.

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

20 RELATED PARTY TRANSACTIONS

There were no disclosable related party transactions in either year.