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← The Hdh Wills 1965 Charitable Trust

2025-03-31-accounts

THE H D H WILLS 1965 CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

INDEX

Page 1-6 Report of the Trustees
7-10 Independent Auditors’ Report
11 Consolidated Statement of Financial Activities – 2025
12 Consolidated Statement of Financial Activities - 2024
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 2025.

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
Richard Tulloch
Chief Executive Sarah Payne
Bankers: 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: Gravita Audit Oxford LLP
First Floor, Park Central
40 – 41 Park End Street
Oxford
OX1 1JD

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 Magdalen College, Oxford 2nd year Rendcomb College, Gloucestershire 3rd and 4th years 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 Ditchley Foundation 6th and 7th years Such charitable purposes as the Trustees shall in their absolute discretion think fit.

The year ended 31 March 2025 is the 5th year in the cycle.

Future changes:

The Martin Wills Fund (the Fund ) is a linked charity of the Trust (charity number 1117747-1) which is governed by a Scheme of the Charity Commission. The Fund was established by a generous bequest of Martin Wills in the early 1990s. Its Scheme has been amended on several occasions, most recently on 1 April 2025 by resolution which, with the prior approval of the Charity Commission, amended its objects. The previous objects permitted the trustee of the Fund to distribute the income of the fund in accordance with a stipulated 7-yearly cycle. The carefully considered revisions now permit the trustee of the Fund to distribute to the same beneficiaries as set out in the original cycle but with the trustee now being enabled to distribute one-seventh of the income annually.

ACHIEVEMENTS AND PERFORMANCE

General Fund

In the furtherance of the objects of the fund, donations of £190,000 were made (pages 31/32).

Martin Wills Fund

The Martin Wills Fund generated net income of £887,122. In accordance with the terms of the Fund, this must be distributed as detailed above. A liability of £887,122 is included in the financial statements for the amount due to the Ditchley Foundation.

Investment performance

Investments decreased in value by £0.73m and generated net income of £0.79m. They generated a total return of 0.05%. property assets returning (0.05%) and quoted investments 0.22%. The charity’s property investments decreased in value by £773,762 and generated a net income of £732,967 on a consolidated basis. The charity’s quoted investments increased in value during the year by £40,651.

4

THE H D H WILLS 1965 CHARITABLE TRUST

REPORT OF THE TRUSTEES (continued)

Subsidiary company

M D Hamilton (Farms) Limited has continued to generate income for the charity. It generated a total surplus of £864,340 which will be paid to the charity in rent, interest and gift aid.

FINANCIAL REVIEW

The financial position of the trust is detailed on page 13. Total group funds at the year end amount to £101,121,669 of which £92,677,396 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 £91,693,223 (2024: £92,752,358) and £299,952 (2024: £307,839) 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 2025 the balance stood at £(8,962) (2024: £(144)).

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 2025 the capital element stood at £8,150,877 (2024 £8,364,784) and the unspent income at £2,406 (2024: £(6,213)). 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, Ceres 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 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 affai rs of the charity and the incoming resources and application of resources, includi ng the net income or expenditure, of the charity for that period. I n 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 d isclosed 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 step5 for the prevention and detectior) 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 (21 of the Companies Act 2006. ON BEHALF OF THE TRUSTEES Tom Nelson Trustee 19 September 2025

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 2025 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 Gravita Audit Oxford LLP, Statutory Auditor First Floor, Park Central

40-41 Park End Street Oxford OX1 1JD

8/10/2025

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 2025

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
£
£
£
Income from:
Other trading activities:
Non-charitable trading activities of
subsidiaries (note 3)
-
2,147,894
-
Estate and woodland income (note 4)
-
685,605
-
Investments (note 2)
497
2,772
-
Income from total return (note 11)
-
316,599
(316,599)
Total income
497
3,152,870
(316,599)
Expenditure on:
Raising funds:
Non-charitable trading activities of
subsidiaries (note 3)
-
1,283,554
-
Estate and woodland expenditure
(note 4)
-
684,050
-
Charitable activities (note 5)
223,097
1,112,680
-
Total expenditure
223,097
3,080,284
-
Net (expenditure) before gains and
losses on investments
(222,600)
72,586
(316,599)
Net gains/(losses) on investments
(note 11)
17,312
-
(750,423)
Net (expenditure)/income and net
movement in funds for the year
(205,288)
72,586
(1,067,022)
Fund balances brought forward
8,358,571
902,625
93,060,197
Fund balances carried forward at 31
March 2025
8,153,283
975,211
91,993,175		 Total
2025
£
2,147,894
685,605
3,269
-
2,836,768
1,283,554
684,050
1,335,777
3,303,381
(466,613)
(733,111)
(1,199,724)
102,321,393
101,121,669		 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

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 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 11)
-
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)/income before
gains and losses on investments
(238,069)
(111,435)
(311,169)
Net gains/(losses) on investments
750,093
-
2,726,968
Net 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

13 THE H D H WILLS 1965 CHARITABLE TRUST (REGISTERED COMPANY NO: 6025028) BALANCE SHEETS AT 31 MARCH 2025 Charltabl• Company 2025 Charltable Company 2024 Group 2025 Group 2024 Note Flxed assets Intangible assets Tangible assets Investments 11,959 1,240,531 11,959 417,149 10 1,059,908 319,614 Current assets Stocks- farms Debtors Cash at bank and in hand 1,130,966 1,405,130 914,643 1,335,908 12 13 1,506,964 1,404,626 4,691,176 3,398,430 4,897,762 3,666,957 Credltors: amounts falllng due wlthln one year 14 N•t current assets Total assets less current liabilities 101,173,736 100,600,423 102,321,393 101,881,551 Creditors.. amounts falling due after more than one year 15 N•t aM•ts Funds Endowment funds Restricted funds- income non-charitable trading fund5 Unrestricted funds 16 17 17 18 91,993,175 92,456,102 93,060,197 (8,962) (8,962) {144} 984,173 902,769 93,523,124 (144) Total funds Approved and authorised for issue by the Board of Trustees on 19 September 2025 and signed on its behalf by Tom Nelson 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 2025

Charitable Charitable
Group Company
2025 2024 2025 2024
£ £ £ £
Cash (used in) operating activities (562,936)
(1,021,907)		 (599,746) (461,121)
Cash flows from investing activities
Interest and dividend income 3,269 633 3,269 633
Purchase of tangible & intangible fixed assets (379,439)
(211,345)		 (196,321) (196,195)
Proceeds from sale of tangible fixed assets 95,100 7,368 - 5,501
Purchase of investments (note 11) - (1,386) - (1,386)
Proceeds from sale of investments (note 11) 437,765 540,307 437,765 540,307
Cash provided by investing activities 156,695 335,577 244,713 348,860
Cash flows from financing activities
Repayment of HP (70,058)
(70,000)		 - -
Cash used in financing activities (70,058)
(70,000)		 - -
(Decrease) in cash and cash equivalents in the
year (476,299)
(756,330)		 (355,033) (112,261)
Cash and cash equivalents at the beginning of
the year 2,648,114 3,404,444 2,263,234 2,375,495
Cash and cash equivalents at the end of the year 2,171,815 2,648,114 1,908,201 2,263,234
Cash and cash equivalents at the end of the
year:
Cash held at investment manager 16,735 903 16,735 903
Cash at bank and in hand 2,155,080 2,647,211 1,891,466 2,262,331
2,171,815 2,648,114 1,908,201 2,263,234
Cash used in operating activities:
Net movement in funds (1,199,724)
2,816,388		 (1,281,128) 2,927,681
Depreciation 218,939 207,029 86,827 79,924
(Profit)/loss on disposal of fixed assets (23,049)
(5,557)		 - (3,690)
Losses/(gains) on investments 733,111 (3,477,061) 733,111 (3,477,061)
Interest income and dividends shown in investing
activities (3,269)
(633)		 (3,269) (633)
(Increase)/decrease in stock (216,323)
320,165		 - -
(Increase) in debtors (69,222)
(19,648)		 (102,338) 599,473
(Decrease) in creditors (3,399)
(862,590)		 (32,949) (586,815)
Net cash (used in) operating activities (562,936)
(1,021,907)		 (599,746) (461,121)

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 2025

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
2024
£
903
2,647,211
2,648,114
(69,874)
-
(69,874)
2,578,240		 Cash
Other non-
At 31
flows
cash changes March 2025
£
£
£
15,832
-
16,735
(492,131)
-
2,155,080
(476,299)
-
2,171,815
70,058
(52,066)
(51,882)
-
(52,067)
(52,067)
70,058
(104,133)
(103,949)
(406,241)
(104,133)
2,067,866

16

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025.

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 £(1,281,128) (2024: £2,927,677).

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.

Investments management costs 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 2025 (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)

Intangible fixed assets

Intangible fixed assets are included at cost less amortisation and impairment losses. Amortisation is recognised to write off the cost or valuation of assets over their useful lives. The rates generally applicable are:

Software 20% straight line

f) 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 over their useful lives. The rates generally applicable are:

Property improvements 10% reducing balance Plant and machinery 15% reducing balance Renovation work 20% straight line Office furniture 20% straight line IT equipment 20% straight line

g)

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.

h) 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.

i)

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.

18

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

j) Cash at bank and in hand

k) 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.

l) Financial instruments

Hire purchase and finance leases contracts

2 INCOME FROM INVESTMENTS

General Knockando Martin Total Total
Fund Church Fund Wills Fund 2025 2024
£ £ £ £ £
Cash deposits 497 56 2,716 3,269 633
497 56 2,716 3,269 633

19

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (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 First Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD. 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 (2024: £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		 2025
£
2,141,880

(525,740)
(
1,616,140

(757,814)
6,014

864,340
(381,400)
(51,524)
(350,012)
81,404
823,382
1,654,686

(577,755)
(877,000)
(52,067)
971,246		 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

20

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

4 ESTATE AND WOODLAND INCOME AND EXPENDITURE

Ditchley
Park Estate
& Forestry
2025
£
Income
Timber sales
14,129
Cottage & barn rents
397,188
Farm rents
-
Stable rents
-
Grazing
1,100
Game sales
6,699
Sporting activities
3,000
Wayleaves
4,221
Grants
70,412
Other income
(including recharges)
44,755
541,504
Rents - subsidiary
233,500
775,004
Expenditure
Wages
32,291
Cottage and building
repairs
219,615
Road and other
repairs
33,561
Vehicle & machinery
2,854
Insurance
24,175
Rates, rent and water
33,763
Pest control
4,552
Management fees
60,198
Professional fees
17,621
Other admin expenses
7,813
Depreciation
86,827
(Profit)/loss
on disposal
-
Plantation expenses
75,728
Irrecoverable VAT
49,561
Bad debt provision
(3,499)
645,059
Net income
129,945		 Ousden
Estate
2025
£
-
90,489
37,356
3,750
2,934
-
8,750
222
-
600
144,101
147,900
292,001
-
5,479
1,022
-
-
128
2,350
20,066
4,299
80
-
-
5,567
-
-
38,991
253,010		 Total
2025
Ditchley
Park Estate
& Forestry
2024

£
£
14,129
61,765
487,677
346,916
37,356
-
3,750
-
4,034
-
6,699
6,549
11,750
3,000
4,443
6,689
70,412
54,082
43,355
35,944
685,605
514,945
381,400
233,500
1,067,005
748,445

32,291
29,892
225,094
163,566
34,583
38,609
2,854
7,812
24,175
27,483
33,890
29,097
6,902
3,093
80,264
69,322
21,920
5,446
7,893
8,280
86,827
79,924
-
(3,690)
81,295
63,210
49,561
44,487
(3,499)
-
684,050
566,531
382,955
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
£
61,765
426,9 96
42,529
6,500
4,150
6,549
11,500
8,620
59,633
39,538
667,780
381,400
1,049,180
29,892
186,319
45,301
7,812
36,358
29,225
4,093
92,430
12,140
8,280
79,924
(3,690)
67,255
44,487
(2,101)
637,725
411,455


21

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (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 20)
190,000
17,874
887,122
Support costs (note 6)
33,097
-
207,684
223,097
17,874
1,094,806
6
SUPPORT COSTS
Governance:
Auditors’ remuneration
- audit services
2,050
-
18,450
- non-audit services
1,199
-
11,787
Legal and professional fees
4,973
-
48,141
General support:
Staff costs
22,297
-
84,782
Trust administration and
associated office costs
2,578
-
44,524
33,097
-
207,684		 Total
2025
£
1,094,996
240,781
1,335,777
20,500
12,986
53,114
107,079
47,102
240,781		 Total
2024
£
1,133,094
135,330
1,268,424
21,120
13,945
50,207
27,070
22,988
135,330

In addition there was auditors’ remuneration in respect of the subsidiary company of £10,750 (2024 £9,975).

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.

During the year travel/meal expenses reimbursed to three Trustee amounted to £2,025 (2024: £903).

22

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

8 EMPLOYEES (INCLUDING SUBSIDIARIES)

The average number of employees during the year was 8 (2024: 6). Apart from two employees within support costs, all other employees are part of activities for generating funds.

Employees earning £60,000 per annum or more in the period.

£60,001-£70,000
Total employees’ emoluments amounted to:
Wages and salaries
National insurance
Pension costs
Key management personnel remuneration included above:
INTANGIBLE FIXED ASSETS
Cost
Additions
At 31 March 2025
Amortisation
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025		 2025
2024
No
No
1
-
2025
2024
£
£
307,210
225,633
19,699
8,000
33,145
22,957
360,054
256,590
80,294
-
Software
£
14,846
14,846
2,887
2,887
11,959

9 INTANGIBLE FIXED ASSETS

THE H D H WILLS 1965 CHARITABLE TRUST 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

10 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Group
Group
Group
Group
Renovation
Work
Property
Improvements
Plant &
Machinery
IT
Equipment
& Furniture
£
£
£
£
Cost or valuation
At 1 April 2024
501,661
268,221
1,423,338
-
Additions
156,160
-
298,344
14,222
Disposals
-
-
(173,703)
-
At 31 March 2025
657,821
268,221
1,547,979
14,222
Depreciation
At 1 April 2024
200,174
210,201
722,937
-
Provided in year
76,713
5,749
130,746
2,844
Disposals
-
-
(101,252)
-
At 31 March 2025
276,887
215,950
752,431
2,844
Net book amount
At 31 March 2025
380,934
52,271
795,950
11,378
At 31 March 2024
301,487
58,020
700,401
-		 Group
Charity
Charity
Charity
Total
Renovation
Work
Plant &
Machinery
IT
Equipment
& Furniture
£
£
£
£
2,193,220
501,660
21,327
-
468,726
156,160
11,093
14,222
(173,303)
-
-
-
2,488,643
657,820
32,420
14,222
1,133,312
200,174
3,199
-
216,052
76,713
4,383
2,844
(101,252)
-
-
-
1,248,112
276,887
7,582
2,844
1,240,531
380,933
24,838
11,378
1,059,908
301,486
18,128
-		 Charity
Total
£
522,987
181,475
-
704,462
203,373
83,940
-
287,313
417,149
319,614

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

2025 2025 2024 2024
Net Book Depreciation Net Book Depreciation
Value Charge Value Charge
£ £ £ £
Plant and machinery 249,001 24,900 247,230 43,629

As at 31 March 2025 the Group had no capital commitments in respect of tangible assets (2024: £nil) and no commitments (2024: £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 2025 (continued)

11 INVESTMENTS

Quoted investments
At 1 April 2024
Additions
Disposal proceeds
Gain on revaluation
Valuation at 31 March 2025
Cash held by investment manager
Land and property
At 1 April 2024
Additions
Disposal proceeds
(Loss) on revaluation
Valuation at 31 March 2025
Group total

Shares in subsidiary undertaking
At 31 March 2025 and 2004
Loan to subsidiary undertaking
At 31 March 2025 (2024: £877,000)
Charitable company total		 General
Fund
Knockando
Church Fund
Martin
Wills Fund
Total
2025
£
£
£
£
7,896,860
306,813
10,506,301
18,709,974
-
-
-
-
(180,405)
(17,883)
(239,477)
(437,765)
17,312
1,113
22,226
40,651
7,733,767
290,043
10,289,050
18,312,680
7,000
947
8,788
16,735
-
-
79,984,588
79,984,588
-
-
-
-
-
-
-
-
-
-
(773,762)
(773,762)
-
-
79,210,826
79,210,826
7,740,767
290,990
89,508,664
97,540,421
-
-
450,000
450,000
-
-
877,000
877,000
7,740,767
290,990
90,731,664
98,867,421

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 the CEO who is a qualified surveyor. The basis of the valuation used was market value. The deficit on revaluation forms a part of the net movement on the endowment funds (note 16).

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

Shares in subsidiary undertakings are included at deemed cost.

A breakdown of the quoted investments is as follows:-

Valuation 2025 Valuation 2024
£ £
Global Equity Funds 18,312,680 18,709,974

25

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (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 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
Movements in 2025
Investment return - gains
Unapplied total return allocated to income
Net movements in the year
At 31 March 2025
Gift component of permanent endowment
Unapplied total return
Total
12
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 20)		 Trust for
Investment
Unapplied
Total Return
£
£
5,381,284
-
-
4,716,797
5,381,284
4,716,797
-
1,027,238
-
(311,169)
-
716,069
5,381,284
-
-
5,432,866
5,381,284
5,432,866
-
23,339
-
(316,599)
-
(293,260)
5,381,284
-
-
5,139,606
5,381,284
5,139,606
Group
2025
Charitable
Company
2025
Group
2024
£
£
£
163,126
38,427
68,367
142,004
18,525
167,541
-
350,012
-
305,130
406,964
235,908
1,100,000
1,100,000
1,100,000
1,405,130
1,506,964
1,335,908		 Total
2024
£
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
23,339
(316,599)
(293,260)
5,381,284
5,139,606
10,520,890
Charitable
Company
2024
£
18,849
33,085
252,692
304,626
1,100,000
1,404,626

26

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

13
CASH AT BANK AND IN HAND
Group
2025
Charitable
Company
2025
£
£
Sarasin & Partners
539
539
Coutts & Co
12,203
12,203
Barclays
2,142,338
1,878,724
Adkin client account
-
-
2,155,080
1,891,466
14
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2025
Charitable
Company
2025
£
£
Net obligations under HP and finance leases
(secured)
51,882
-
Trade creditors
88,223
26,277
Other creditors
1,988,215
1,988,215
Other tax and social security
54,930
48,048
Accruals
127,101
31,996
2,310,351
2,094,536
15
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Group
2025
Charitable
Company
2025
£
£
Net obligations under HP and finance leases
(secured)
52,067
-		 Group
2024
Charitable
Company
2024
£
£
32
32
462,237
77,357
1,910,509
1,910,509
274,433
274,433
2,647,211
2,262,331
Group
2024
Charitable
Company
2024
£
£
69,874
-
90,913
32,870
2,033,093
2,033,093
36,846
32,923
101,016
28,599
2,331,742
2,127,485
Group
2024
Charitable
Company
2024
£
£
-
-

27

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

16 ENDOWMENT FUNDS

Knockando
Church Fund
(Permanent)
Martin Wills
Fund
(Permanent)
£
£
Group
At 1 April 2023
287,386
90,357,012
Net movement in funds
20,453
2,395,346
At 31 March 2024
307,839
92,752,358
Net movement in funds
(7,887)
(1,059,135)
At 31 March 2025
299,952
91,693,223
Charity
At 1 April 2023
287,386
90,819,939

Net movement in funds
20,453
2,395,346
At 31 March 2024
307,839
93,215,285

Net movement in funds
(7,887)
(1,059,135)
At 31 March 2025
299,952
92,156,150
 Total
£
90,644,398
2,415,799
93,060,197
(1,067,022)
91,993,175
91,107,325
2,415,799
93,523,124
(1,067,022)
92,456,102

28

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

17 RESTRICTED FUNDS

Knockando
Church
Fund
£
Group
At 1 April 2023
(2)
Income
8,859
Expenditure
(9,001)
Transfers
-
At 31 March 2024
(144)
Income
9,056
Expenditure
(17,874)
Transfers
-
At 31 March 2025
(8,962)
Charity
At 1 April 2023
(2)
Income
8,859
Expenditure
(9,001)

At 31 March 2024
(144)
Income
9,056
Expenditure
(17,874)
At 31 March 2025
(8,962)		 Martin
Wills
Fund
£
-
3,341,314
(3,452,607)
111,293
-
3,143,814
(3,062,410)
(81,404)
-
-
1,659,003
(1,659,003)
-
1,778,856
(1,778,856)
-		 Total
Income
Fund
Martin Wills
Fund Non
Charitable
Trading Fund
£
£
(2)
1,014,062
3,350,173
-
(3,461,608)
-
111,293
(111,293)
(144)
902,769
3,152,870
-
(3,080,284)
(81,404)
81,404
(8,962)
984,173
(2)
-
1,667,862
-
(1,668,004)
-
(144)
-
1,787,912
-
(1,796,730)
-
(8,962)
-		 Total
£
1,014,060
3,350,173
(3,461,608)
-
902,625
3,152,870
(3,080,284)
-
975,211
(2)
1,667,862
(1,668,004)
(144)
1,787,912
(1,796,730)
(8,962)

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 2025 (continued)

18 UNRESTRICTED FUNDS

Group and Charity
At 1 April 2023
Income
Expenditure
Revaluation
Transfers
At 31 March 2024
Income
Expenditure
Revaluation gains
Transfers
At 31 March 2025		 Capital
Fund
Income
Fund
£
£
7,841,983
4,564
(227,292)
227,368
-
(238,145)
750,093
-
-
-
8,364,784
(6,213)
(231,219)
231,716
-
(223,097)
17,312
-
-
-
8,150,877
2,406		 Total
£
7,846,547
76
(238,145)
750,093
-
8,358,571
497
(223,097)
17,312
-
8,153,283

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 2025 (continued)

19 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
31 March 2025
£
£
£
Group
Intangible & tangible fixed assets
-
429,108
823,382
Investments
7,740,767
-
89,799,654
Net current assets
412,516
546,062
1,422,247
Creditors: amounts falling due after more
than one year
-
-
(52,067)
Total net assets
8,153,283
975,170
91,993,216
Charity
Tangible fixed assets
-
429,108
-
Investments
7,740,767
-
91,126,654
Net current assets
412,516
(438,070)
1,329,448
Creditors: amounts falling due after more
than one year
-
-
-
Total net assets
8,153,283
(8,962)
92,456,102
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		 Total
Funds
£
1,252,490
97,540,421
2,380,825
(52,067)

101,121,669
429,108
98,867,421
1,303,894
-
100,600,423
Total
Funds
£
1,059,908
98,695,465
2,566,020
-
102,321,393
319,614
100,022,465
1,539,472
-
101,881,551

31

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

20 GRANTS PAYABLE - INSTITUTIONS

General
Oxfordshire Youth
11th Rotherham (Wales St John's) Scout Group
SOFEA
Lidgate Village Hall
National Horseracing Museum
Oxfordshire Homeless Movement
Royal Shakespeare Company
The National Association for Children of Alcoholics (Nacoa)
Lidgate Parochial Church Council
St Mary's Church, Lidgate
Arnos Vale Cemetery Trust
Sandford St Martin Cricket Club
45 grants of £2,000 (2024: 24)
78 grants under £2,000 (2024: 119)
Knockando Church Fund
Martin Wills Fund
Ditchley Foundation
Conservation and wildlife charities
Total grants payable (note 5)		 2025
£
-
-
-
-
7,000
3,000
-
-
5,000
5,000
4,500
2,500
90,000
73,000
190,000

17,874
887,122
-
1,094,996		 2024
£
7,500
5,000
5,000
4,000
3,500
3,000
2,500
2,500
-
-
-
-
48,000
110,000
191,000
9,001
-
933,093
1,133,094

The grants listed below were paid in 2025 out of the 2024 liability for conservation and wildlife charities: (comparative column are amounts paid in 2024 out of the 2023 liability for conservation and wildlife charities)

2025 2024
£ £
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

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)

South Georgia Heritage Trust
Future Trees Trust
Game & Wildlife Conservation Trust
Royal Horticultural Society
Scottish Seabird Centre
Scottish Wildlife Trust
Rare Breeds Trust
Bat Conservation Trust
Buglife: the Invertebrate Conservation Trust
Community Action Groups Oxfordshire
Curlew Action
Wild Oxfordshire
Heart of England Forest
Northern Roots (Oldham) Ltd
The County Trust
Friends Of Westonbirt Arboretum
The British Deer Society
G0 Flourish
Oxfordshire Community Foundation
Plant Heritage
Worcestershire Wildlife Trust
Cumbria Wildlife Trust
Global Canopy
The Soil Association Land Trust
Dorset Wildlife Trust
Oxford City Farm
Plantlife International - The Wild Plant Conservation Charity
Red Squirrel Survival Trust
Severn Rivers Trust
Sumatran Orangutan Society
The Community Action Group Project Oxfordshire
The Dartmoor Pony Heritage Trust
The Green Team
Wessex Rivers Trust
Wilderness Foundation Uk
20 grants of £15,000 or less (2024: 3)
Total grants payable (note 5)		 2025
£
-
30,000
-
-
-
22,500
-
-
-
-
-
20,000
50,000
50,000
50,000
37,000
35,000
30,000
30,000
30,000
30,000
25,000
25,000
25,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
222,500
932,000		 2024
£
30,000
25,000
25,000
25,000
25,000
22,500
20,500
20,000
20,000
20,000
20,000
20,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,500
1,550,302

33

THE H D H WILLS 1965 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (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.

21 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 £nil (2024: £654,802) was made to the Martin Wills Wildlife Maintenance Trust.