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← The Hdh Wills 1965 Charitable Trust

2024-03-31-accounts

THE H D H WILLS 1965 CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

INDEX

Page 1-6 Report of the Trustees
7-10 Independent Auditors’ Report
11 Consolidated Statement of Financial Activities – 2024
12 Consolidated Statement of Financial Activities - 2023
13 Balance Sheets
14-15 Statement of Cash Flows
16-33 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 2024.

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
Liell Francklin
Martin Fiennes
Tom Nelson
Amanda Ponsonby (appointed 11 March 2024)
Richard Tulloch
Bankers: Coutts & Co
Chandos Branch
440 Strand
London
WC2R 0QS
Barclays Bank Plc
South West and Wales Corp 1
1 Churchill Place
Canary Wharf
London
E14 5HP
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 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.

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:

(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 2024 is the 4th year in the cycle.

ACHIEVEMENTS AND PERFORMANCE

General Fund

In the furtherance of the objects of the fund, donations of £191,000 were made (pages 31/32).

Martin Wills Fund

The Martin Wills Fund generated net income of £933,093. In accordance with the terms of the Fund, this must be distributed as detailed above. A liability of £933,093 is included in the financial statements for the amount due to charities that fit the terms of the trust.

Investment performance

Investments increased in value by £3.478m and generated net income of £0.72m. They generated a total return of 4.24% property assets returning 3.02% and quoted investments 10.17%. The charity’s property investments increased in value by £1,699,730 and generated a net income of £664,147 on a consolidated basis. The charity’s quoted investments increased in value during the year by £1,777,331.

Subsidiary company

M D Hamilton (Farms) Limited has continued to generate income for the charity. It generated a total surplus of £577,063, 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 £102,321,393 of which £93,655,127 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 2024 these stood at £92,752,358 (2023: £90,357,012) and £307,839 (2023: £287,386) respectively. Income generated by the Martin Wills Fund cannot be retained and is all 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 2024 the balance stood at £(144) (2023: £(2)).

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 2024 the capital element stood at £8,364,784 (2023: £7,841,983) and the unspent income at £(6,213) (2023: £4,564). 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 global equities.

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.

5

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:

  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.

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 regulation 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 consistentl makejudgements 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 concem 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 2￿6. 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 12) of the Companies Act 2006. ON BEHALF OF THE TRUSTEES John Carson Trustee 5 July 2024

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 2024 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:

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:

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:

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:

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

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

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

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

15 July 2024

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 2024

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Income from:
Other trading activities:
Non-charitable trading activities of
subsidiaries (note 3)
-
2,370,667
-
Estate and woodland income (note 4)
-
667,780
-
Investments (note 2)
76
557
-
Income from total return (note 10)
-
311,169
(311,169)
Total income
76
3,350,173
(311,169)
Expenditure on:
Raising funds:
Non-charitable trading activities of
subsidiaries (note 3)
-
1,793,604
-
Estate and woodland expenditure
(note 4)
637,725
-
Charitable activities (note 5)
238,145
1,030,279
-
Total expenditure
238,145
3,461,608
-
Net (expenditure) before gains and
losses on investments
(238,069)
(111,435)
(311,169)
Net gains/(losses) on investments
(note 10)
750,093
-
2,726,968
Net (expenditure)/income and net
movement in funds for the year
512,024
(111,435)
2,415,799
Fund balances brought forward
7,846,547
1,014,060
90,644,398
Fund balances carried forward at 31
March 2024
8,358,571
902,625
93,060,197		 Total
2024
£
2,370,667
667,780
633
-
3,039,080
1,793,604
637,725
1,268,424
3,699,753
(660,673)
3,477,061
2,816,388
99,505,005
102,321,393		 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

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 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
-
Charitable activities (note 5)
217,562
1,639,071
-
Total expenditure
217,562
3,800,317
-
Net (expenditure)/income before
gains and losses on investments
(217,418)
(136,727)
(289,086)
Net gains/(losses) on investments
(note 10)
(265,462)
-
(780,897)
Net 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

13 THE H D H WILLS 1965 CHARITABLE TRUST (REGISTERED COMPANY NO: 6025028) BALANCE SHEErs AT 31 MARCH 2024 Charitsble Company 2024 Charitable Company 2023 Group 2024 Group 2023 Note Fixed assets Tangible assets Investments 1,059,908 319,614 1,057,402 98 695 465 100 022 465 95 757 003 205,153 10 97289156 Current a55ets Stocks- farms Debtors Cash at bank and in hand 914,643 7,335,￿8 1,234,808 1,316,260 340386 1,404.626 2262 331 2,004.099 2374914 12 4,897,762 3,666.957 5,954,931 4,379,013 Creditor5: amounts falling due within one year 13 3 194331 714 Net current assets Total assets less current liabilities 102,321,393 101,881,551 99.575,CKI5 98,953,874 Creditors: amounts falling due after more than one year 14 Net assets Funds Endowment funds Restricted funds- income non-charitable trading funds Unrestricted funds 93,060.197 93,523,124 (144) (144) 2.769 90,644,398 12) 1.014,062 8 358 571 ￿AL47 91,107,329 12) 16 16 17 Totsl funds Approved and authorised for issue by the Board of Trustees on 5 July 2024 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 2024

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
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:
Cash held at investment manager
Cash at bank and in hand
Cash used in operating activities:
Net movement in funds
Depreciation
(Profit)/loss on disposal of fixed assets
Losses/(gains) on investments

Interest income and dividends shown in investing
activities
Decrease/(increase) in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in) operating activities
 Charitable
Group
Company
2024
2023
2024
2023
£
£
£
£
(1,021,907)
(133,707)
(461,121)
(436,402)
633
285
633
285
(211,345)
(272,590)
(196,195)
(112,491)
7,368
222,850
5,501
-
(1,386)
(3,378)
(1,386)
(3,378)
540,307
553,878
540,307
553,878
335,577
501,045
348,860
438,294
(70,000)
(70,000)
-
-
(70,000)
(70,000)
-
-
(756,330)
297,338
(112,261)
1,892
3,404,444
3,107,106
2,375,495
2,373,603
2,648,114
3,404,444
2,263,234
2,375,495
903
581
903
581
2,647,211
3,403,863
2,262,331
2,374,914
2,648,114
3,404,444
2,263,234
2,375,495
2,816,388
(1,689,590)
2,927,681
(1,552,864)
207,029
190,239
79,924
54,117
(5,557)
(23,431)
(3,690)
-
(3,477,061)
1,046,359
(3,477,061)
1,046,359
(633)
(285)
(633)
(285)
320,165
(167,746)
-
-
(19,648)
265,620
599,473
(94,050)
(862,590)
240,127
(586,815)
110,321
(1,021,907)
(133,707)
(461,121)
(436,402)

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 2024

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
2023
£
581
3,403,863
3,404,444
(69,873)
(70,000)
(139,873)
3,264,571		 Cash
Other non-
At 31
flows
cash changes March 2024
£
£
£
322
-
903
(756,652)
-
2,647,211
(756,330)
-
2,648,114
69,999
(70,000)
(69,874)
-
70,000
-
69,999
-
(69,874)
(686,331)
-
2,578,240

16

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2024.

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 £2,927,677 (2023: (1,552,864)).

b) Income

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.

Investment managers’ fees are accounted for within the unit value of the global equity fund.

17

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

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.

18

THE H D H WILLS 1965 CHARITABLE TRUST

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

Financial instruments

Pension costs – defined contribution scheme

Hire purchase and finance leases contracts

Total return accounting

2 INCOME FROM INVESTMENTS

General Knockando Martin Total Total
Fund Church Fund Wills Fund 2024 2023
£ £ £ £ £
Cash deposits 76 42 515 633 285
76 42 515 633 285

19

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (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 (2023 £877,000). A summary of its trading results and net assets is shown below.

Profit and loss account
Turnover
Cost of sales
(
Gross profit
Other operating income and charges
Other interest receivable and similar income

Net income from non-charitable trading activities (see below)
Amounts payable to The H D H Wills 1965 Charitable Trust:
- Rent paid
- Loan interest
- Gift aid
Retained in subsidiary
Balance Sheet
Fixed assets
Current assets
Current liabilities
Loan from HDH Wills 1965 Charitable Trust
Other liabilities falling due after more than one year
Net assets		 2024
£
2,352,915
1,112,339)
1,240,576
(681,265)
17,752
577,063
(381,400)
(54,264)
(252,692)
(111,293)
740,294
1,483,497
(456,953)
(877,000)
-
889,838		 2023
£
2,754,446
(929,446)
1,825,000
(706,939)
-
1,118,061
(381,400)
(32,340)
(841,047)
(136,726)
852,249
2,416,965
(1,321,083)
(877,000)
(70,000)
1,001,131

20

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

4 ESTATE AND WOODLAND INCOME AND EXPENDITURE

Ditchley
Park Estate
& Forestry
2024
£
Income
Timber sales
61,765
Cottage & barn rents
346,916
Farm rents
-
Stable rents
-
Grazing
-
Game sales
6,549
Sporting activities
3,000
Wayleaves
6,689
Grants
54,082
Other income
(including recharges)
35,944
514,945
Rents - subsidiary
233,500
748,445

Expenditure
Wages
28,982
Cottage and building
repairs
163,566
Road and other
repairs
38,609
Vehicle & machinery
7,812
Insurance
27,483
Rates, rent and water
29,097
Pest control
3,093
Management fees
69,322
Professional fees
5,446
Other admin expenses
8,280
Depreciation
79,924
(Profit)/loss
on disposal
(3,690)
Plantation expenses
63,210
Irrecoverable VAT
44,487
Bad debt provision
-
566,531
Net income
181,914
 Ousden
Estate
2024
£
-
80,080
42,529
6,500
4,150
-
8,500
1,931
5,551
3,594
152,835
147,900
300,735
-
22,753
6,692
-
8,875
128
1,000
23,108
6,694
-
-
-
4,045
-
(2,101)
71,194
229,541		 Total
2024
Ditchley
Park Estate
& Forestry
2023
Ousden
Estate
2023
£
£
£
61,765
54,072
-
426,996
345,675
79,133
42,529
-
47,244
6,500
-
7,250
4,150
-
3,464
6,549
4,585
-
11,500
3,000
8,500
8,620
6,718
1,899
59,633
25,259
-
39,538
30,183
2,935
667,780
469,492
150,425
381,400
233,500
147,900
1,049,180
702,992
298,325
29,892
27,267
-
186,319
68,947
23,789
45,301
22,424
1,899
7,812
5,558
-
36,358
18,016
5,812
29,225
35,053
-
4,093
2,121
1,000
92,430
69,727
23,242
12,140
9,316
5,007
8,280
11,511
817
79,924
54,117
-
(3,690)
-
-
67,255
111,330
3,891
44,487
28,878
-
(2,101)
-
(4,861)
637,725
464,265
60,596
411,455
238,727
237,729		 Total
2023
£
54,072
424,808
47,244
7,250
3,464
4,585
11,500
8,617
25,259
33,118
619,917
381,400
1,001,317
27,267
92,736
24,323
5,558
23,828
35,053
3,121
92,969
14,323
12,328
54,117
-
115,221
28,878
(4,861)
524,861
476,456

21

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (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)
191,000
9,001
933,093
Support costs (note 6)
47,145
-
88,185
238,145
9,001
1,021,278
6
SUPPORT COSTS
Governance:
Auditors’ remuneration
- audit services
5,280
-
15,840
- non-audit services
4,486
-
9,459
Legal and professional fees
11,180
-
39,027
General support:
Trust administration and
associated office costs
26,199
-
23,859
47,145
-
88,185		 Total
2024
£
1,133,094
135,330
1,268,424
21,120
13,945
50,207
50,058
135,330		 Total
2023
£
1,733,472
123,161
1,856,633
17,035
16,062
45,750
44,314
123,161

In addition there was auditors’ remuneration in respect of the subsidiary company of £9,975 (2023 £9,075).

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 £903 (2023: £nil).

22

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

8 EMPLOYEES (INCLUDING SUBSIDIARIES)

The average number of employees during the year was 6 (2023: 6). 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		 2024
£
225,633
8,000
22,957
256,590		 2023
£
184,319
8,398
17,458
210,175

THE H D H WILLS 1965 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

23

9 TANGIBLE FIXED ASSETS

Group
Group
Group
Renovation
Work
Property
Improvements
Plant &
Machinery
£
£
£
Cost or valuation
At 1 April 2023
326,792
268,221
1,412,731
Additions
174,869
-
36,476
Disposals
-
-
(25,869)
At 31 March 2024
501,661
268,221
1,423,338
Depreciation
At 1 April 2023
123,449
203,814
623,079
Provided in year
76,725
6,387
123,917
Disposals
-
-
(24,059)
At 31 March 2024
200,174
210,201
722,937
Net book amount
At 31 March 2024
301,487
58,020
700,401

At 31 March 2023
203,343
64,407
789,652		 Group
Charity
Charity
Total
Renovation
Work
Plant &
Machinery
£
£
£
2,007,744
326,792
13,558
211,345
174,868
21,327
(25,869)
-
(13,558)
2,193,220
501.660
21,327
950,342
123,449
11,748
207,029
76,725
3,199
(24,059)
-
(11,748)
1,133,312
200,174
3,199
1,059,908
301,486
18,128
1,057,402
203,343
1,810		 Charity
Total
£
340,350
196,195
(13,558)
522,987
135,197
79,924
(11,748)
203,373
319,614
205,153

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

2024 2024 2023 2023
Net Book Depreciation Net Book Depreciation
Value Charge Value Charge
£ £ £ £
Plant and machinery 247,230 43,629 290,859 51,328

As at 31 March 2024 the Group had no capital commitments in respect of tangible assets (2023: £nil) and no commitments (2023: £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 2024 (continued)

10 INVESTMENTS

Quoted investments
At 1 April 2023
Additions
Disposal proceeds
Gain on revaluation
Valuation at 31 March 2024
Cash held by investment manager
Land and property
At 1 April 2023
Additions
Disposal proceeds
Gain on revaluation
Valuation at 31 March 2024
Group total
Shares in subsidiary undertaking
At 31 March 2024 and 2023
Loan to subsidiary undertaking
At 31 March 2024 (2023: £877,000)
Charitable company total		 General
Fund
Knockando
Church Fund
Martin
Wills Fund
£
£
£
7,374,070
286,799
9,810,695
605
647
134
(227,908)
(9,903)
(302,496)
750,093
29,270
997,968
7,896,860
306,813
10,506,301
11
882
10
-
-
78,284,858
-
-
-
-
-
-
-
-
1,699,730
-
-
79,984,588
7,896,871
307,695
90,490,899
-
-
450,000
-
-
877,000
7,896,871
307,695
91,817,899		 Total
2024
£
17,471,564
1,386
(540,307)
1,777,331
18,709,974
903
78,284,858
-
-
1,699,730
79,984,588
98,695,465
450,000
877,000
100,022,465

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 2024 Valuation 2023
£ £
Global Equity Funds 18,709,974 17,471,564

25

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (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 2022
Gift component of permanent endowment
Unapplied total return
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
Unapplied total return
Total
Movements in 2024
Investment return - gains
Unapplied total return allocated to income
Net movements in the year
At 31 March 2024
Gift component of permanent endowment
Unapplied total return
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
-
-
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
-
1,027,238
-
(311,169)
-
716,069
5,381,284
-
-
5,432,866
5,381,284
5,432,866
Group
2024
Charitable
Company
2024
Group
2023
£
£
£
68,367
18,849
65,805
167,541
33,085
150,455
-
252,692
-
235,908
304,626
216,260
1,100,000
1,100,000
1,100,000
1,335,908
1,404,626
1,316,260		 Total
2024
£
5,381,284
5,367,456
10,748,740
(361,573)
(289,086)
(650,659)
5,381,284
4,716,797
10,098,081
1,027,238
(311,169)
716,069
5,381,284
5,432,866
10,814,150
Charitable
Company
2023
£
38,498
24,554
841,047
904,099
1,100,000
2,004,099

26

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

12
CASH AT BANK AND IN HAND
Group
2024

£
Sarasin & Partners
32
Coutts & Co
462,237
Barclays
1,910,509
Adkin client account
274,433
2,647,211
13
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024

£
Net obligations under HP and finance leases
(secured)
69,874
Trade creditors
90,913
Other creditors
2,033,093
Other tax and social security
36,846
Accruals
101,016
2,331,742
14
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Group
2024
£
Net obligations under HP and finance leases
(secured)
-		 Charitable
Company
2024
£
32
77,357
1,910,509
274,433
2,262,331
Charitable
Company
2024
£
-
32,870
2,033,093
32,923
28,599
2,127,485
Charitable
Company
2024
£
-		 Group
2023
Charitable
Company
2023
£
£
29
29
3,181,453
2,152,498
-
-
222,381
222,381
3,403,863
2,374,908
Group
2023
Charitable
Company
2023
£
£
69,873
-
185,925
10,552
2,650,302
2,650,302
29,299
25,392
258,932
28,049
3,194,331
2,714,295
Group
2023
Charitable
Company
2023
£
£
70,000
-

27

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

15 ENDOWMENT FUNDS

Knockando
Church Fund
(Permanent)
Martin Wills
Fund
(Permanent)
£
£
Group
At 1 April 2022
305,814
91,408,567
Net movement in funds
(18,428)
(1,051,555)
At 31 March 2023
287,386
90,357,012
Net movement in funds
20,453
2,395,346
At 31 March 2024
307,839
92,752,358
Charity
At 1 April 2022
305,814
91,871,494

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

Net movement in funds
20,453
2,395,346
At 31 March 2024
307,839
93,215,285
 Total
£
91,714,381
(1,069,983)
90,644,398
2,415,799
93,060,197
92,177,308
(1,069,983)
91,107,325
2,415,799
93,523,124

28

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

16 RESTRICTED FUNDS

Knockando
Church
Fund
£
Group
At 1 April 2022
3
Income
8,165
Expenditure
(8,170)
Transfers
-
At 31 March 2023
(2)
Income
8,859
Expenditure
(9,001)
Transfers
-
At 31 March 2024
(144)
Charity
At 1 April 2022
3
Income
8,165
Expenditure
(8,170)

At 31 March 2023
(2)
Income
8,859
Expenditure
(9,001)
At 31 March 2024
(144)		 Martin
Wills
Fund
£
-
3,655,425
(3,792,147)
136,722
-
3,341,314
(3,452,607)
111,293
-
-
2,155,762
(2,155,762)

-
1,659,003
(1,659,003)
-		 Total
Income
Fund
Martin Wills
Fund Non
Charitable
Trading Fund
£
£
3
1,150,784
3,663,590
-
(3,800,317)
-
136,722
(136,722)
(2)
1,014,062
3,350,173
-
(3,461,608)
-
111,293
(111,293)
(144)
902,769
3
-
2,163,927
-
(2,163,932)
-
(2)
-
1,667,862
-
(1,668,004)
-
(144)
-		 Total
£
1,150,787
3,663,590
(3,800,317)
-
1,014,060
3,350,173
(3,461,608)
-
902,625
3
2,163,927
(2,163,932)
(2)
1,667,862
(1,668,004)
(144)

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.

29

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS0 FOR THE YEAR ENDED 31 MARCH 2024 (continued)

17 UNRESTRICTED FUNDS

Group and Charity
At 1 April 2022
Income
Expenditure
Revaluation
Transfers
At 31 March 2023
Income
Expenditure
Revaluation gains
Transfers
At 31 March 2024		 Capital
Fund
Income
Fund
£
£
8,319,382
10,045
(211,937)
212,081
-
(217,562)
(265,462)
-
-
-
7,841,983
4,564
(227,292)
227,368
-
(238,145)
750,093
-
-
-
8,364,784
(6,213)		 Total
£
8,329,427
144
(217,562)
(265,462)
-
7,846,547
76
(238,145)
750,093
-
8,358,571

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

30

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

18 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
31 March 2024
£
£
£
Group
Tangible fixed assets
-
319,614
740,294
Investments
7,896,871
-
90,798,594
Net current assets
461,700
583,011
1,521,309
Creditors: amounts falling due after more
than one year
-
-
-
Total net assets
8,358,571
902,625
93,060,197
Charity
Tangible fixed assets
-
319,614
-
Investments
7,896,871
-
92,125,594
Net current assets
461,700
(319,758)
1,397,530
Creditors: amounts falling due after more
than one year
-
-
-
Total net assets
8,358,571
(144)
93,523,124
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		 Total
Funds
£
1,059,908
98,695,465
2,566,020
-
103,321,393
319,614
100,022,465
1,539,472
-
101,881,551
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
£
1,059,908
98,695,465
2,566,020
-
103,321,393
319,614
100,022,465
1,539,472
-
101,881,551
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

99,505,005
205,153
97,084,003
1,664,718
-
98,953,874

31

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

19 GRANTS PAYABLE - INSTITUTIONS

GRANTS PAYABLE - INSTITUTIONS
2024 2023
£ £
General
Oxfordshire Youth 7,500 -
11th Rotherham (Wales St John's) Scout Group 5,000 -
SOFEA 5,000 -
Lidgate Village Hall 4,000 -
National Horseracing Museum 3,500 -
Oxfordshire Homeless Movement 3,000 -
Royal Shakespeare Company 2,500 -
The National Association for Children of Alcoholics (Nacoa) 2,500 -
Arnisdale and Loch Hourn Community Association 2,000 -
Ashford Mediation Service 2,000 -
Bradbury Fields (Catholic Blind Institute) 2,000 -
Bucks Association for the Care of Offenders (BACO) 2,000 -
Cartwheel Youth and Community Centre 2,000 -
Cheshire Search & Rescue Team 2,000 -
DocBike 2,000 -
Homemakers Community Recycling 2,000 -
Instruments of Time and Truth 2,000 -
Kids N'Action 2,000 -
Kilcooley Womens Centre 2,000 -
Leuchie House 2,000 -
Life Youth Hub 2,000 -
Lindengate 2,000 -
Norfolk and Norwich Send Association (NANSA) 2,000 -
Open Door Exmouth 2,000 -
Paul Sartori Foundation Limited 2,000 -
Rock UK Adventure Centres Ltd 2,000 -
Southmead Project 2,000 -
Spencer Contact 2,000 -
The Otakar Kraus Music Trust 2,000 -
The Tim Henman Foundation 2,000 -
Trinity Project (Cardiff Methodist Circuit) 2,000 -
Women for Women International UK 2,000 -
Oxfordshire Community Foundation - 30,000
Sports Driving Unlimited - 20,000
The Oxfordshire Victoria County History Trust - 20,000
British Red Cross - 18,000
Thornage Hall Independent Living Ltd - 10,000
Royal Shakespeare Company - 5,000
Bath City Farm - 2,000
Community Heart Productions - 2,000
Friends of Ashton - 2,000
The GRAB Trust (Group for Recycling in Argyll Bute Trust Ltd) - 2,000
Spelsbury Memorial Hall - 2,000
Farms for City Children - 2,000
The Inspire Arts Trust - 2,000

THE H D H WILLS 1965 CHARITABLE TRUST

32

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

GRANTS PAYABLE – INSTITUTIONS (continued)
Peterborough Cathedral Chapter
119 grants under £2,000 (2023: 97)

Knockando Church Fund
Martin Wills Fund
Conservation and wildlife charities
Total grants payable (note 5)		 2024
£
-
110,000
191,000
9,001
933,093
1,133,094		 2023
£
2,000
51,000
175,000
8,170
1,550,302

1,733,472
The grants listed below were paid in 2024 out of the 2023 liability for conservation The grants listed below were paid in 2024 out of the 2023 liability for conservation and wildlife
charities:
2024 2023
£ £
Martin Wills Wildlife Maintenance Trust 654,802 -
Oxfordshire Community Foundation 100,000 -
River Dee Trust 100,000 -
Atlantic Salmon Trust 50,000 -
Oxford Botanic Garden and Arboretum 50,000 -
Royal Botanic Garden Edinburgh 50,000 -
Royal Botanic Gardens (Friends of), Kew 50,000 -
Knepp Wildland Foundation 40,000 -
The Orchard Project 33,000 -
Action for Conservation 30,000 -
Brogdale Collections 30,000 -
Farming and Wildlife Advisory SW Group Ltd 30,000 -
Songbird Survival Trust 30,000 -
South Georgia Heritage Trust 30,000 -
Future Trees Trust 25,000 -
Game & Wildlife Conservation Trust 25,000 -
Royal Horticultural Society 25,000 -
Scottish Seabird Centre 25,000 -
Scottish Wildlife Trust 22,500 -
Rare Breeds Trust 20,500 -
Bat Conservation Trust 20,000 -
Buglife: the Invertebrate Conservation Trust 20,000 -
Community Action Groups Oxfordshire 20,000 -
Curlew Action 20,000 -
Wild Oxfordshire 20,000 -
Sheffield Rotherham Wildlife Trust 14,500 -
Butterfly Conservation 10,000 -
The Wildlife for all Trust 5,000 -
Total grants payable (note 5) 1,550,302 1,733,472

33

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

GRANTS PAYABLE – INSTITUTIONS (continued)

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.

20 RELATED PARTY TRANSACTIONS

One Trustee and the spouse of another trustee are the two Trustees of the Martin Wills Wildlife Maintenance Trust. During the year a donation of £654,802 (2023: nil) was made to the Martin Wills Wildlife Maintenance Trust.