## **Charity Registration No. 1196516**
## **The Sarah and Patrick Wills Foundation**
## **Financial Statements**
**Year ended 5th April 2024**
**The Sarah and Patrick Wills Foundation Financial statements for the year ended 5th April 2024**
||**Contents**||
|---|---|---|
|||Page|
|Charity information||1|
|Trustees' report||2 - 3|
|Independent examiner's report||4|
|Statement of financial activities||5|
|Balance sheet||6|
|Notes to the financial statements||7 - 8|
**The Sarah and Patrick Wills Foundation Financial statements for the year ended 5th April 2024**
## **Charity information**
|Legal structure|An unincorporated Trust Fund operating under the founding|
|---|---|
||Trust Deed dated 8th April 2021|
|Registered charity number|1196516|
|Registered address|Tattingstone Place|
||Park Lane|
||Tattingstone|
||Ipswich|
||IP9 2FP|
|Trustees|Mrs S J E Wills|
||Mr P G Wills|
||Mr N M Hornby|
|Independent examiner|Kate Rosten|
||Penn and Company|
||Stowmarket|
||Suffolk|
||IP14 4AX|
|Bankers|UBS|
||5 Broadgate, London|
||EC2M 2QS|
||C Hoare & Co|
||37 Fleet Street|
||Temple|
||London|
||EC4Y 1BT|
|Investment managers|Cerno Capital|
||34 Sackville Street|
||London|
||W1S 3ED|
1
**The Sarah and Patrick Wills Foundation Trustees' Report for the year ended 5th April 2024**
The Trustees present their report and accounts for the year to 5th April 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the financial reporting standard in the UK and Republic of Ireland - updated 2019.
## **Objectives and activities**
The Charity is managed in accordance with the provisions of the founding Trust Deed dated 8th April 2021 which gives the Trustees discretionary power to apply the income of the Trust to a wide range of charitable objectives.
The Trustees have considered the Charity Commissioners' guidance on public benefit and have concluded that the Trust's grant making role is for the public benefit.
## **Financial Review**
For the year ended 5th April 2024 the charity recorded an overall surplus of £1,899,536 (2023: £1,551,256), all of which represent unrestricted reserves.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that the charity is well placed for future develeopment and that systems are in place to mitigate exposure to any major risks that the charity may face.
Training, which involves awareness of a trustee's responsibilities, the governing document, administrative procedures and the history of the trust, is undertaken by attendance at seminars and from information obtained from relevant websites including that of the Charity Commission.
## **Going Concern**
The strong reserves held by the charity allows the Trustees to feel well placed to continue the charitable objectives and they are confident that the charity is considered a going concern.
## **Trustees’ responsibilities**
Law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis). In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles of the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
2
## **The Sarah and Patrick Wills Foundation**
## **Trustees' Report (continued) for the period ended 5th April 2024**
The trustees are responsible for the keeping of accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the provisions of the Trust Deed and the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008.
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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website.
## **Report and accounts approval**
This report together with the attached financial statements was approved by the Board of Trustees.
P G Wills
___________________________
S J E Wills
___________________________
N M Hornby
__________________________
Dated : 12th June 2024
3
**The Sarah and Patrick Wills Foundation Independent examiner's report on the accounts for the year ended 5th April 2024**
I report to the trustees on my examination of the accounts of the Sarah and Patrick Wills Foundation ("the Charity") for the year ended 5th April 2024.
## **Responsibilities and basis of report**
As the Charity's trustees, you are reponsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement:**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of the independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Date:** 10th July 2024 **Signature:** Kate Rosten **Name:** Kate Rosten **Relevant profession or body:** ICAEW **Address:** Penn and Company Stowmarket Suffolk IP14 4AX
4
## **The Sarah and Patrick Wills Foundation Statement of Financial Activities for the year ended 5th April 2024**
|Note
**Incoming resources**
Interest & dividends from investments
Interest received
Donations received
**Resources expended**
Donations and grants
3
Legal, professional and administrative fees
Bank charges and interest
Investment management fees
**Net outgoing resources**
**Net movement in funds**
**Total funds carried forward**
**Other recognised gains**
Realised gains and (losses) on quoted investment
assets
**Total funds brought forward**
Unrealised gains and (losses) on quoted
investment assets|**Unrestricted**
**funds**
**£**
42,169
592
499,998
542,759
37,000
1,170
360
962
39,492
503,267
(875)
(154,112)
348,280
1,551,256
1,899,536|**Restricted**
**income**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**2024**
**£**
42,169
592
499,998
542,759
37,000
1,170
360
962
39,492
503,267
(875)
(154,112)
348,280
1,551,256
1,899,536|**Total**
**2023**
**£**
16,226
168
753,700
770,094
50,050
1,170
362
417
51,999
718,095
(3)
-
718,092
833,164
1,551,256|
|---|---|---|---|---|
5
## **The Sarah and Patrick Wills Foundation**
## **Balance Sheet as at 5th April 2024**
|Note
**Fixed assets**
Funds held at investment managers
2
**Current assets**
Cash held at investment managers
Cash at bank
**Creditors: amounts falling due within one year**
Accruals
**Net current assets**
**Net assets**
**Funds of the Charity**
Unrestricted funds
Designated funds
Total unrestricted funds
Restricted income funds
Endowment funds
**Total funds**|**2024**
**£**
1,864,700
1,864,700
31,655
4,262
35,917
1,170
34,747
1,899,447
1,899,447
-
1,899,447
-
-
1,899,447|**2023**
**£**
1,530,793
1,530,793
16,974
4,569
21,543
1,170
20,373
1,551,166
1,551,166
-
1,551,166
-
-
1,551,166|
|---|---|---|
All the funds within the balance sheet are unrestricted funds.
The accounts were approved by the Trustees on 12th June 2024.
## **P G Wills**
Trustee
## **S J E Wills**
Trustee
## **N M Hornby**
Trustee
6
**The Sarah and Patrick Wills Foundation Notes to the financial statements for the year ended 5th April 2024**
## **1) Basis of preparation**
These accounts have been prepared on the basis of historical cost in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities in accordance with the Financial Reporting Standard applicable in the UK (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from October 2019.
## **Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **Incoming resources**
## **Recognition of incoming resources**
These are included in the Statement of Financial Activities (SoFA) when:
- the charity becomes entitled to the resources;
- it is more likely than not that the trustees will receive the resources; and
- the monetary value can be measured with sufficient reliability.
## **Investment income**
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## **Investment gains and losses**
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## **Taxation**
The charity’s activities are not considered liable to UK income or capital gains tax. Value Added Tax is paid on supplies of goods and services made to the charity.
## **Expenditure and liabilities**
## **Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **Grants payable**
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
## **Assets**
## **Investments**
Investments traded on a recognised stock exchange are valued at market value at the year end.
7
**The Sarah and Patrick Wills Foundation**
## **Notes to the financial statements for the year ended 5th April 2024**
## **2) Fixed Asset Investments**
## **Investments in quoted and similarly traded companies**
## **3)**
|Cost brought forward
Sales proceeds
Losses on disposal
Cost carried forward
**Donations and grants**
Key4Life
Regrow Borneo
The Whitley Fund for Nature
Net unrealised loss on revaluation
Additions to investments|**2024**
**£**
1,530,793
499,998
(11,104)
(875)
(154,112)
1,864,700
**2024**
**£**
10,000
-
27,000
37,000|**2023**
**£**
829,380
753,700
(52,284)
(3)
-
1,530,793
**2023**
**£**
-
25,050
25,000
50,050|
|---|---|---|
## **4) Trustees**
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during this period.
## **5) Employees**
There were no employees during the period.
## **6) Related Parties**
During the year the charity received donations of £499,998 (2023: £753,700) from Mrs SJE Wills, a Trustee of this charity.
8