THE
WILLATS
TRUST
REPORT AND FINANCIAL STATEMENTS
for the year ended 31 December 2024
Charity no: 202269

Governing document and constitution
The Charity was sei up under an Indenture dated 13 November1858 by Mr William Willats. Mr Willals. Corporate TrLEStee
Lid is the sole Tnjslee of Mr Willats, Charity. The Charily has the working title of 'The Willats Trust,. The individuals that
served as Directors lo Ihe Corporate Trustee during ihe year are detailed below:
Directors of the Corporate Trustee
The Reverend Roger Driver
Colin Sheppard
Paul Suller
Tim Friend
Amanda Noyce
(Board Chair and Chair of Granls Committee)
(Chair of Property Committee)
(Chair of Finance and Investmenl Committee)
All appointmenls and resignatlons during ihe year or up to ihe lime of the signing of these accounts have been noted.
CEO
Paul Taylor
Interim Director
Anne AnkeiL'II {ConlrdCt ended 31 Augusi 2024)
Ftnance Manager
Michele Tonner
Property Manager
Erica Palfreyman
Granls and Projeet Mangger
Kirsly Brown
Principal oifice
Basemenl 19 Rivers Stre
Bath BAI OAQ
Website
www.willatstrust.org
Bankers
C Hoare & Co
37 Fleel Street
London EC4P 4DQ
Solicitors
Thrings
2 Queen Square
Bath BAI 2HQ
National Westminster Bank plc
24125 Stall St
Bath BAI IQS
Auditors
Saffery LLP
St Catherine's Court
Berkeley Place
Bristol BS8 IBQ
Investmenl managers
Cazenove Capital
l London Wall Place
London
EC2Y SAU

Mr Willats, Charity
TRUSTEES: REPORT
for the ycar ended 31 December 2024
OBJECTIVES AND ACTIVITIES
Mr Willats, Charity was established in 1858 by its Founder, William Willals, to support Christian workers lo share the good
news about Jesus Christ in some of Inosl marginalised communities in England, Wales and Ireland. The Charity principally
achieves this by contributing towards the salary of lay pastoral workers {'Guides'} in the forni of grants. To fund the objectives
of (he Charity, Ihe Founder created a sizable endowment by bequeathing a significant property Portfolio to the Charity. This is
managed by the Charity and the surpluses generated Ihrough investment income are used lo fltnd ihe grants giv¢n to Guides.
ORGANISATIONAL STRUCTURE
The Charity is governed by a sole 'Corporale Trustee, entitled Mr Willals, Corporate Trustee Limited. The Directors of
Ihe Corporate Trustee act as the Trusiees of the Charity.
The Board of Directors ("Ihe Board") has delegaied the day-10-day rltnning of ihe Charity to its CEO. The Board nieets regularly
lo consider the business of the Charity including the consideraiion of application5 for grants and to receive reports from the
Guides and the CEO. who replaced the Interim Director with clTect from 2 Sepiember 2024.
APPOINTMENT OF DIRECTORS TO THE CORPORA TE TRUSTEE
The Directors who have s¢rved during ihe year, and since the year end, are Sel out on page l. Directors are appointed by the
exisiing Board.
New Directors are given an induction covering governance, the charitable objectives, 51rategy. plans, budgets and activities. The
CEO shares ongoing regulatory infonnation with Ihe Board and other governance matters.
AC141EVEMFNTS AND PERFORMANCE
2024 was a transforniaiive year for the Charity. In 2023, four key strategic priorities were idenlified, and we are pleased 10
report sig¥nificani progress in each area.
Strengthening Organisatlonal Legdership
A significant milestone in our organisational developmenl was the transition from an Inl¢rim Director to a new pern)anent
CEO. As an interim, we are grateful for the contributions made by Anne Anketell during the interirn p¢riod. Following an
extensive search conducted with an external recruitment finn. we welcomed Paul Taylor as our new CEO in Seplember
2024. Paul brings a profound faith background, strong relaiionships across UK and inlernational church and para-church
organisalions, as well as over 30 years of senior strategic busine55 leadership experience.
The Direclors have collaborated effectively, ensuring the continuity of the previous development efforts of the Charity by
renewing and re-envisioning both the organisation and its work. Rev. Roger Driver has transilioned from Interim Chair lo
Permanent Chair. In addilion to these leadership appointments, we have implemented new processes and Syslems to enhance
property management and ensure compliance with our landlord obligations.
Together with the Directors, Paul's vision and leadership is proving instrumental in re-imagining Mr. Willats, original
mission from 1858 for Ihe modern era and optimising returns from our endowment lo better fund our chariiable purpose.
Financial oversighi now benefits from the recruilmenl of a pernianent experienced finance manager (Michele Tonner) who
is revamping our systems and processes and has improved our management infonnalion.
Grants are now managed by Kirsty Brown, who is also looking at new processes to systemise our grant evaluation, make

Mr Willats, Charity
TRUSTEES. REPORT (conlinued)
for the year ended 31 December 2024
applications simpler for Guides, and provide more meaningful impact repons.
Erica Palfreyman oversees the operaiion of our property portfolio day-to-day. including ienant management, coiitractor
manageinenl, landlord compliance and building works.
Enhancing Financial Resilience
Oltr mission is lo fund Ihe expansion of the gospel in ihe Inost deprived communities of England, Wales, and Ireland.
Historically, our granl-making, has been financed through rental yields on an endowed property portfol io. primarily Georgian
buildings in Bath. Flowever, after careful financial analysis in late 2024, the Directors concluded ihal a trdnsilion to financial
market investTnents would significantly increase our tulure grani-making capacity.
Key Financial Strategy Decisions..
Transiiion from Property io Financial Investments.. The Directors detemiined ihat divesling a significant portion of
the property holdings over Ihe Inedium lerni and reinveslin&p in financial markets through professional fund
managers could poteniially double graiil-making over the next decade.
2. Future Market Considerations: Georgian properties are costly to maintain. with nel returns diminishing over lime.
Addilionally, regulatory changyes such as the anticipated Renier Reforni Bill will further increase landlord
obligations and reduce future nel funds available for granl-making.
Property Portfolio Valualion.. A fresh valuation of our properties necessilaled an £8 million reduLiion in book value
due lo markei Londition5, higher inleresl rales, and incrcased landlord obligaiions reducin& future cashflows.
Despite this lower realisable valuaiion, our financial modelling indicates a subslanlial increase in future granl-
makinbj compared 10 retaining the property portfolio.
Since the year-end, several properties have been listed for sale or sold subject to contract in accordance with this sirategy.
The Directors are Confident thal this approach will enhance long-lenn financial sustainability and enable better luifilinent of
our charitable m ission by increasin& granl-making over the next Ihree lo five years, Subject to market perfomiance.
Refining Grant-making Strategy
Our foundational mission, established in 1858, remains unchanged.. funding evangelists or 'Guides' who bring the gospel lo
the most deprived coinmunities. In 2024 and early 2025, Ihe Directors engyagied in extensive prayer, research, consultalion5,
and visits to like-minded 8ospel partners lo refine our approach and consider how this foundingi mission should be fulfilled
in 2025 and beyond.
Key Strategic Outcomes..
Renewed focus on local, Jesus-centric churches in the top 200/0 of deprived communities: We reaffirn)ed thai the
mosl effeciive means of evangelism is ihrough deeply embedded, incarnaiional churche5, physically located in the
top 200/0 mosl deprived commltnilies, ideally led by indigjenous leaders who authentically connecl with their
communities.
Vision for 2050: We aspire to see these communities transfornied by the love of Jesus. achieved Ihrough local
churches making lifelong disciples who multiply within their Communities. To achieve this, we wanl to prioritise

Mr Willats, Charity
TRUSTEES, REPORT (conlinued)
for the year ended 31 December 2024
funding more churches fitting ihe above criteria so they in turn can multiply and plant new churches in similar
cominunilies.
3. Sirategic Partnerships.. We have deepened collaboralions wilh organisaiions thai share our vision for taking the
gospel to ihese communities and will partn¢r with Ihein to help fund leadership development, church planting, and
evangelism iniliatives to these communities.
Expanded Grant Scope- as well as pastoral workers, our funding now includes support for church planters called lo
break new ground in these communilies and evangelism ministry workers to expand existingy oulreach with a view
to supporting the multiplication of new cl)urches being planled in the lop 200/0 most deprived coinmunilies over Ihe
next l O years.
Additionally, we have simplified our application process and developed a new application evaluation matrix to help us
discem Ihose people, churches and coininunities where God already seems lo be on Ihe move and lo Inake il easier for
potenlial applicants to access our support.
Subsequent sections provide further details on our 2024 grant-lnaking activilies. The full impact of our refined straiegy is
expected lo be seen in 2025 and beyond.
Strengthening Governance and Board Oversight
2024 was a pivotal year for our governing board of Directors, marked by significant decisions, including appoinling a new
CEO. retining our grani-making Strategy, and transitioning our investment slraiegy. To enhance oversight and governance,
we introduced three new Board committees..
Grdni-making Committee.. Evaluates grant applications in alignment with our strategic mission.
2. Property Committee.. Oversees the strategic exit from our property portfolio over the nexl 5-7 years.
Investment and Finance Comm ittee.. Manages financial oversight, reinvestment strategies, and financial processes.
Each committee is led by Trustee5 Wlth relevant expertise, ensuring strong governance and accounlability. Looking ahead lo
2025, we will conlinue lo assess our governance structure and seek additional Directors for the Corporate Truslee as required
who bring strategic kingdom connections, prayerful insights and relevant skills io support our mission of serving the Inost
marginalized communities in England, Wales, and Ireland.
Through these strategic developments, we remain steadfasl in our commitinent to advancing the gospel and cooperatii)g with
the Holy Spirit lo see increasing kingdom impact iE] Ihe cominunilies we serve. We are grateful for Ihe continued guidance
of God and how his mercy and love spreads and transfonns communities, the faithful and sacrificial service of so many
grantees wc have the privilege of supporting, the dedication of our team, and ihe wisdom, collaboralion and counsel of our
partners who share the same vision lo see the most marginalized communities in the UK and Ireland trdnsfornied by ihe love
of Jesus.

Mr Willats, Charity
TRUSTEES" REPORT (conlinued)
for the year ended 31 December 2024
The day-to-day operations of the Charity
The Charity's Grant Making Aetivities
In 2024, our grant-making programme provided £469,540 {2023'. £478,000) in funding, supporting 48 Guides across England,
Ireland and Wales, as ihey worked to bring the Gospel Inessa&ie of hope and Iransformalion lo soine of the country's mosl
margFinalised communilies. This included £141 k awarded in 2024 to14 new Guides, alongside continued support for 34 existing
Guides, reinforcing our long-lem) commitment to sustaininby impactful ministries.
Our funding reached organisations engaged in prison ministry, community outreach, sports ministy, family support, and debi
counsel ling), ensuTingJ a broad yel deeply targyeted approach lo evangelism and social action. True to our mission. w¢ priorilised
Ihose working in areas of significant deprivation, with our Lyrants in 2024 directed lo Guides based in coi)Imunilies ranking in
the lop 5 % of the Indices of Multiple Deprivation (IMD). Grants were distributed across Bimiingham, Manchester. Norwich,
London, Hull, Barnsley, Hartlepool. Liverpool, and Sloke-on-Trent, supporting work in neighbourhoods with Ihc highest levels
of poverty. as well as among vulnerable groups such as prisoners, refugees. and asylum seekers.
Each grant was awarded for a period of three years, with funding attached to individual salaries with award amounls
between £2,000 and £15,000 per year, ensuring thal Guides could reinain embedded in their communities and continue their
vital work without the conslani pressure of securing additional fundin8.
We remain committed to building and strengythening partnerships with the org)anisalions we support, ensuring our grants create
the g7reaiest possible impact and align wilh our long>.lemi funding slratcgy. Working with eslablished organisalions, we
endeavour lo ensure thal our funded Guides receive the support, oversight and menloring they need to Ihrive in their roles. In
2024, 640/0 of our grants were awarded to churches, reflecting our core belief that the church is God's primary vehicle to bring
Ihe hope of Jesus and his transfonnative power lo their communities. The remaining 36 % supported para church charities and
volunlajv groups, often bringing their specialisl skills lo the wider body, broadening our reach ai)d enabling trdnsfonnalive work
in diverse cominunity settings. Through these pannerships, we share the hope of Jesu5, Strengthen local leadership, foster
suslainable ministry. and ensure thal our funding 15 used effeclively to make a lasiing difference in the cominuniiies Ihey serve.
The Charity's Properties
The Charity owns a portfolio of Georgian listed residential properties in Bath, a UNESCO World Heritage City, alongy with a
small number of commercial properties. The properties continue to provide an income for the Charity to support its Guides.
Given the geographical location of Ihe properties, they require considerate, careful and sympathetic planned maintenance and
refurbishment. Consequently, for reasons noted above, a strategic decision has been laken to exil a significant part of our
residential property portfolio over the coining years as we foresee diminishing future return5, which left unchecked would inhibit
our ability to maximize grant-making from the assets under our stewardship. There reinain soine residential propertie5 that need
refurbishment and modemisalion before they will be able to be lei ai their full market rent or sold, and a decision will be made
on a case-by-case basis on wheiher it is optimum to refurbish or sell. The previously agreed sale of a property in St James Square
completed during 2024.
£570k was spent on property repairs in 2024 as part of the long temi planned preventative maintenance programme resulting
from the commissioned review in 2023.
Ensuring Building Safety is a key consideralion for the Charity. The safety of our customer5 in their homes continues lo be
of Ihe utmost importance 10 us. We continue to comply with all relevant legislaiion relating to Building Safety. In 2024,
new software was installed to better facilitaie our compliance certification and reporting.

Mr Willats, Charity
TRUSTEES, REPORT (L'unlinue
for the year ended 31 December 2024
FINANCIAL REVIEW
The Charity's work is entirely relianl on income and investment relurns froTn ils endowmeni fund. which is predominantly.
invested in residential properties in Bath. Only investment income is used to deliver chariiable objectives. No fundraising
activilfftes were condu¢led, and no external funds have been received in this accounting period.
Before accounting for inler-fund transfers and asset revaluations, the Charity made an unrestricted deficit of £53,029 (2023..
surplus £215,032) in the year. This year-on-year movemeni froin surplus 10 deficil was primarily due to significant roof and
window refurbishment works in 2024 on two listed properties which did nol couni as capilal works and consequently charged
lo income. No Iransfers were made to Ihe endowment fund (2023.. £26,296). After accouniing for transfers and Ihe
revaluation adjustment. an overall unrestricted deficit of £158,031 was recorded in 2024 (2023.. surplus of £188,736).
Unrestricled funds are reported as 3 amoun15-. unrestricted, designated.. fixed assets, and designated.. early end grants. Note I
gives an analysis ofil)e split across these elements, along with a prior year coinpari50n.
With the slraiegic decision to move away from property and towards financial investsnents, an interim property valualion was
undertaken al the year-end dale based on the most recenl sale of the Si James Square property which. while meeting the section
119 lest, was sold below caryingy value. The oulcoine of this December 2024 interim valuation identified that Ihe Cu￿ent market
value of the portfolio was below the valuation undertaken in 20?3 by £8,014.796. This downward revaluation has thre¢ main
causes..
Three of the commercial property valualions undertaken in 2023 were incorrect. resuliing in a prior year downward
resiatemenl of £1,473,500 10 reduce tl)e valuaiioii.
The valuaiion report of 2023 valued the properties on Iwo scenarios.. one based on value of properties as individual
fla(￿dwelljng7s within a single building, and one based on selling Ihe single building as a whole block coinprising
multiple flat￿dwelllngS ("block value"). Given there was no inlention to sell properties in 2023, Ihe accounts adopted
the valuation based on the suin of the individual Ilals. However, now the decision has been taken lo exit, professional
advice indicales Ihe optimum exit strategy will be to sell entire blocks as the complications of managing multiple
tenancies, Inultiple flat sales with multiple buyers, and the profe55ional fees and resources required lo deliver this will
be lime-consuming and expensive. Consequently. adopiiiig this block value meihodology and adjusting the 2023
valuation lo reflect this gFive5 rise lo a further write down of £2,542,500.
The final adjuslmenl is due to Inarkel changes, including the slate of the rental markel. poiential forthcoming landlord
legislation and higher interest rates, which have depressed current valuations. This has resulted in a further write down
of £3.998,796.
Note 4 give5 further details, and this is ihe primary cause for the overall reduction in the endowment ￿nd value al the end of
2024.
The endowmeni fund brought forward ai the slart of the year, after being restated for the prior year commercial property
valuation adjustmenL was £35,451,801 (2023- £36,924,275). During the year the endowmenl fund recognised a deficii of
£6,549,699 (2023 reslated.. deficii £1,472.474). The deficit sustained in both year5 was due lo a reduciion in the valuations of
the investment properties held by the endowment fund, following an inlerim valuation perfonned by Carter Jonas. This
movement for the year was added to the brought forward funds lo give a total Carried forward year end endowmenl fund of
£28,902,102 (2023 as restated.. £35,451,801).
The total reserves Ca￿led forward at the year-end amounied to £29,584.668 {2023 a5 reslated.. £36.292,398).
INVESTMENT POLICY AND PERFORMANCE
The investment powers of the Board are governed by the Trust Deed, as amended. The Charity holds a small stock market
investment portfolio managed by Cazenove. The Board seeks lo obtain a balance in Income return and capital growth from ihe
Charity's quoted stocks and shares.

Mr Willats, Charity
TRUSTEES. REPORT {c'onlinued)
for the year ended 31 December 2024
Considering benchmark indicalors, the Board is satisfied with the perforniance of the stock portfolio during the year which
resulted in Ihe portfolio achieving realised and unrealised gains of £52,922 {2023.. £29,664}. Dividend income was in line with
expectations. See nole 5 for more details.
RESERVES POLICY
The Board has agreed ihal ihe long-lenn goal is io maintain free unrestricted funds al a level that equates to approximately three
lo six monihs of expenditure. This is deemed appropriate given ihe risk of significant unanlicipaled or planned maintenan¢¢
property-related expenditure and landlord compliance obligations. This decision was reached on the basis that this level of
reserves will provide sufficient funds tor ihe Charily lo meet ils obligations to staff, contraciors and beneficiaries ai any given
point in lime. The Board considers ihat this level of free reserves is generally sufficient given the regular and reliable income
receivable from Ihe rental of lei propertie5. However, in the short-lerm as we seek to exii ihe property Portfolio, the Board is
aiming to operate at Ihe higher end of Ihis reserves range to Iniligate renlal income uncertainty as we anticipate more tenancy
voids be￿een lisling the property and eventual completion of sale. as well as increased professional costs as we exit the
portfolio.
Based on the expenditure in 2024, costs for ihree months amount to £384k. The balance held in unrestricted funds ai the end
of the yeiir was £682.566. After deduclinb desigynaled funds of £63,303 in relation lo the fixed assels and designated fund
£108,664 in relation 10 early end granls (see nole I i } the Charity holds free reserves of £510,599 whicli meets Ihe targel set out
in lis reserves policy (£384k lo £768k).
PUBLIC BENEFIT
Under the iernis of tlie governing document the ¢harilable objectives of the Willats Trust are 10 support Christian Workers to
share the good news aboul Jesus Christ in some of the mosl marginalised communities in England, Wales and Scotland. The
Board Directors confinn they have referred to the Charity Cominissions guidance on public benefit when reviewing the
Charity's aiins and objectives, in setting grdnt making policy and in planning how future activities will contribute lo the delivery
of the aim5 and objectives.
The funding of Ihe work of the Guides enables people living in areas of deprivation lo live out their faith. sharing the gospel
with those in tlieir cominunity, and helping oihers come lo know Jesus. The Guides do thi5 by spending a proportion of their
time directly undertaking evangelism, missionary and outreach work in the context of safe and respecttul relationships and being
embedded in the communities they serve. As well as this work Guides use their activity lo gjive Ineaning and purpose to the
lives of people in underserved areas by providing pastoral care, comforting those in need and, through their employing churches
or charities, providing practical support and care to meet the immediate needs of people living in those communities.
GRANT MAKING POLICY
All grants are reviewed by the Board annually lo monitor whether each Guide continues to fulfil the requirements of the
Charity. Applications for granls will only be considered by the Truslees if they are in receipt of correctly completed applicalion
forms. Applications are evaluated using a range of criteria which ensure we are meeting our charilable objectives. including
measures of deprivation for the community under consideration, type of work being undertaken, previous track record of siinilar
work, expected impact and scrutiny of plans and budgets.
All grants are awarded subject to finances perniitting and the Board reserves the right lo withdrdw a grdnt al any lime without
notice. All new grants are awarded for a maximum period of three years. At the expiry of the three years, the organisation who
has sponsored the application may not make a further application in respect of the same person, within 12 months of the previous
grant expiring.
There has been a continued ernphasis on making grants to organisations (who are registered charities) who minisier to the
"lowesl undpooresl members ofsociety" The Board continue5 to keep the Charity's grant making activities. how we achieve

Mr Willats, Charity
TRUSTEES: REPORT (conlinue
for the year ended 31 December 2024
our overall charitable objeclive, under review to ensure ihai our grdnt making strategy 15 current lo the needs of these
communilies in 2025.
RISK MANAGEMENT
The Board manages risk faced by The Willats Trust through our risk manageinenl framework, which is continually being
reviewed and adapled io remain effective in the increasingly uncertain world around us. The Board reviews principal risks
to ensure they continue lo represenl the most significani risks to the Charity and ensure Ihey are managed effectively.
Principal Risks
Risk
Miti%#ting Actions
Investment policy developed.
Investinenl policy defines the right blend of
investinenl.
Reserves policy developed.
Targels set for rent collection, voids and arrears.
Revised financial strategy lo build a more balanced and
diversified portfolio of investmenls.
l O year planned prevenlative mainienance pro&yramme
(PPM) in place.
Year l of PPM delivered in 2024.
Properties requiring niajor repairs/ refurbishinenl
identified and options appraisals caTried out.
Contractors in place for compliance work.
Source and implement digital plaiforni as compliance
managemeni tool.
Monitoring regime in place.
Insufficient income and reserves for the Charity lo achieve
its slrategic objeclives
Over relianc¢ on a single asset class lo generdle income.
The quality of the Charity's property ponfolio declines
because of the increasing costs of mainlaining it.
Failure to ¢lTeclively manage the risks associaied willi
ensurinLF the Charity's properties are compliant wilh Buildinb,
Safety ReLFulalions.
PAY POLICY FOR KEY MANAGEMENT STAFF
The Board considers that the operational leads - Ihe CEO, the Property Manager, the Grants and Projects Manager and Ihe
Finance Manager are the Key Per.i'()nnvl of ihe Charity in chargFe of directinb> and controlling, running and
operating the Charity on a day-to-day basis. Supplementary professional support is provided when required by contractors.
The Board Director5 give their time freely and no Board Direcior received remuneration in Ihe year.
The pay for all staff is reviewed by the Board annually. The salaries of the employees may be increased in accordance with
averag¥e salary increases nationally and those within the charity sector.
RELA TED PARTIES
None of the Board Direclors receive remuneration from their work with the Charity. The Charity does repay expenses
inCu￿ed by the Direciors during the fulfilment of their role as Directors. Further details of transaclions with related parties
can be found in note 12.

Mr Willats, Charity
STATEMENT OF THE CORPORATE TRUSTEE'S RESPONSIBILITIES
The Board is responsible for preparing the Truslees, Report and the financial statemenis in accordance with applicable law
and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practic¢}.
The law applicable lo charities in England and Wales requires the Board io prepare financial stalemenis for each financial
year which give a true and fair view of the state of affairs of the Cliarily and of Ihe incoming resourLes and application or
resources of the Charity for Ihat period. In preparing these financial stateinenls, the Board is required io..
select suitable accounting policies and Ihen apply them consistenily.
observe ihe meihods and principles in the Charilies SORP;
make judgments and eslimate5 thal are reasonable and prudent;
stale wheiher applicable accounting standards have been followed. subject io any malerial departures disclosed and
explained in the financial slaleinents, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wtll
continue in business.
The Board is responsible for keeping sufficient accounting records thai disclose with reasonable accuracy at any lime the
rinancial position of Il)e charity and enable it to ensure that the financial statements comply wilh the Charities Act 2011, Ihe
applicable Charity (Accounls and Reports) Regulations and the provisions of the Trust Deed. li is also responsible for
safeguardingy the assets of ihe Charity and, hence, for laking reasonable Steps for Ihe prevenlion and deieciion of fraud and
other irre&7ularilies.
The Board is respoi)sible for the mainienance and integrity of the Charity and financial infomiation included on the Charity's
website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ
froiii le&)islaiion in other jurisdiciions.
Approved by the Board on
IOJL1 2015
Sigyned by order of the Board:
v'dRD
Iver
Chair of the Board

INDEPENDENT AUDITOR:S REPORT TO THE MEMBERS OF MR WILLATS: CHARITY
OPINION
We have audited Ihe financial slatem¢nls of Mr Willals, Charity for the year ended 31 December 2024 which comprise
Sialement of Financial Aciivities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable
law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting
Siandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial slaleinents-
give a tnJ¢ and fair view of lh¢ stale ofihe Charity's affairs as at 31 December 2024 and of ils incoming resources
and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requiremenls of the Charities Acl 2011.
BASIS OF OPINION
We conducted our audil in accordance wilh International Siandards on Auditing (UK) (ISAS (UK)) and applicable law. Our
responsibi lilies under those standards are funher described in the Auditor's responsibilities for the audit of the financial
statements seclion of our report. We are independeni of ihe charity in accordance with ihe ethical requirernenls Ihal are
relevanl lo our audit of the financial siaieinents in the UK. including the FRC'S Ethical Standard, and we have fulfilled our
other ethical re5ponsibililies in accordanLe with these requireinenis. We believe that the audil evidence we have obiained is
sufficienl and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial slalements, we l)ave concluded that th¢ Trustees. use of the going concern basis of accounting in
the preparaiion of lh¢ financial sialeinents is appropriate.
Based on the work we have perfornied, we have not idcntified any material uncertainties relaiing lo events or conditions
Ihal, individually or collectively, may casi significant doubt on the charity's abilily lo continue as a going concern for a
period of al least twelve monihs from when the financial statements are auihorised for issue.
Our responsibilities and the responsibilities of the Trustees with respecl to going concern are described in the relevant
sections of this report.
OTHER INFORMATION
The other informalion comprises the inforniation included in the annual report, other than the financial slatemenls and our
auditor's report ihereon. The Trustees are responstble for Ihe other information. Our opinion on the financial statements does
not cover the other information and, excepl to the extent otherwise explicitly staled in our report, we do not express any forni
of assurance conclusion thereon.
Our responsibility is to read the other infonnaiion and, in doing so, consider whether the other infornialion is maierially
inconsislent with the financial staleinents or our knowledge obtained in the course of the audit or oiherwise appears lo be
materially misstated. If we identify such material incon515tencies or apparent maierial misstatemen15, we are required 10
deterniine wheiher Ihis gives rise to a material misslaleinent in the financial slalements Ihem5elves. If, based on the work we
have perfornled. we conclude Ihal there is a material misstatement of thT5 Other information- we are required to report Ihal
faci.
We have noihing to report in this regard.
10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MR WILLATS, CHARITY
(CONTINUFD)
MA TTERS ON WHICH WE ARE REQUIRED TO REPORT B Y EXCEPTION
We have nothing lo report in respect of the following rllarters in relation to which the Charities (Accounts and Reports)
Regulations 2008 require us to repon lo you if, in our opinion..
the infornialion given in the Trustees, Annual Report is inconsistent in any material respect with the financial
stalemenls,. or
the charity has not kept sufficieni accounting records; or
the financial slalements are not in agreeinenl with Ihe accounting records and returns. or
we have nol received all the infonnation and explanations we require for our audit.
RESPONSIBILITIES OF THE TRUSTEES
As explained more fully in the Trustees. Responsibilities Sialeinenl sel out on page 9, Ihe Trusiees are responsible for the
preparation of the financial slaleinenls and for beingF saiisfied that they give a true and fair view, and for such internal control
a5 the trustees detennine is necessary to enable the preparation of financial statements that are free from material
misslatemenl. whether due to fraud or error.
In preparing the financial slatemenls, the Trustees are responsible for a.%sessing the Charity's ability lo Continue as a going
concern. disc105ing, as applicable, mallers related to goingi concern ai)d usinLF the goin&) concern basis of accout7tinL) unless
the Trustees either intend lo liquidate the charity or lo cease operations. or have no realistic allernalive bul lo do so.
AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STA TEMENTS
We have been appointed as audiiors under the Charities Aci 201 l and report in accordance with regulations made under that
Act.
Our objeclives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material
misstateinenl, whether due lo fraud or error, and to issue an auditors, report that includes our opinion. Reasoiiable assurance
is a high level of assurance bui is not a guarantee that an audit Conducted in accordance with ISAS (UK) will always delect
a maierial misslatemeni when il exisis. Misslaiements can arise from fraud or error and are considered maierial if.
individually or in the aggregate, they could reasonably be expected lo influence lh¢ economic decisions of users taken on the
basis of these financial siatemenls.
Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to delect material mi.8slalements in respect of irregularities, including fraud. The specific
procedures for this engagement and the exienl to which Ihese are capable of detecting irregularilie5, including fraud are
delailed below.
Identifying and assessing risks relaied to irregularities..
We assessed the susceptibility of the charity's financial slalemenis to material misslatemenl and how fraud might occur,
including through discussions with the trustees, discussions within our aLtdil learn planning meeting, updating our record of
intemal controls and ensuring these contro15 operated as intended. We evaluated possible incentives and opportunities for
fraudulent manipulation of the financial staiements. We identified laws and reg?ulations thai are of significance in the context
of the charity by discussions with trustees and updating our understanding of the sector in which Ihe charity operates.
Laws and regulations of direct significance in the context of the Charity include the Charities Act 2011, the Charilies
(Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MR WILLATS, CHARITY
(CONTINUED)
AUDITOR'S RF.SPON.SIBILITY FOR TIII-' AUDII. OF THE FINANCIAI. STATEMb.NTS (Lontinued)
Audii rLsponse lo risk.s ideniified..
We consid¢red lh¢ exten( of compli4inLL with these laws Étnd regulations as part of our 4udil pruccduTcs on the related
IiTTrancial.%lat¢ment it¢ms inLluding d rcvicw iTrf Iinancidl slaicmenl disLlo¥ures. WL rcviewcd thc chdfiiy s records ofhredche.
ol. law's and rcgulations, minuiLS ol- mceling5 Kind LorrespundenLf with rLlev¢Lllt duthoriiics to ideniilv p()tLlllial maierial
mi5StaiLmenis arising. We disLU.%SLd ihc chariiy'b policies and proLLdures for LomplianLe with laws and rLgulJiions wilh
mlmhers ofman41gcmeni rL'sponsihl¢ for complian¢¢.
Duriny ihe planning rnectin￿ ￿'1th Ihc audii tcam, Ihc L'ngag¢mLrii partner drew Jiieniion to (he key arcas which mighi involve
non-compliance with laws Jnd rLgulation.% or Irdud. WL ¢nquirLd i)I' manageinLnt whLthcr they iVLri aware af dlly in.%lances
I'non-Lumpliancc with lam's and rLguldliun.s or knawlLdg)c ol'any actual. SUSPCCled (Ir all¥ged frdud. II'L addr¢ssLd ihL risk
of fraud Lhrough man&igLment OV¥rridc of eonirols by ILsiing thL llpprupriatL'ncss Dr journdl ¢nlri¢s Jnd iden¢ifying an},
sig>niftcani Iran.saciii)ns thdl wlrc unusual or outstde ihL normal course ol. husin¢ss. WL a5SLsscd M,hcthLr judgcmLnts made
in making aLLOUllting Lslimdies gav¢ risc iu a p￿.￿Sible indicaiion ol'm4nd¥¢mLnt bids. Ai the ¢umplL(inn %lagL nf thL 4iudii.
thL en¥a&)LmLnl partncr's rL'viLw tncludLd Lnsuring Ihai IhL tL'dm h(Id dpproachLd ihL'ir work ￿'1th dppropriulL profe.%si(?nal
sccptiLi5m and thu.s ihe LapiLCIIy lo idLniily nnn-ci)niplianL¢ Ivlth and rLgulatiJn& and fraud.
I'here arc inhercnt limitations in th¢ audit proecdure.s dc.SLrih¥d aknvc and th¢ furthLr rLmiTrved non-L(Implidnce %%'iih laiv5
nd rcgul(Itii)ns is from the events and Iru115UCii()ns refl¢LtLd in thi linanLial SluiLments. thc Ic%.% likL,l)' M'c wuuld bLL()m¢
awdrc ()r ii. Al%(). Ihe ri&k- ol. n()t dLILLling a mulLrial mik%taiLmenl duL (11 fraud 1.4 higlier Ihdj? IhL ri.%k ofniii dLlcLtin&y ()nc
rvsLil1in￿ from Lrry)r. Iraud mily invi)Ive d¥libLfdlc coniL'iilmcni by, lor example. fiJr8cry or inicnliunal mi5rL'preK'nldtions,
or through collusion.
A furthcr dcscriplion 4)I'our resp(Jn4ibilitlL.S is availabl¢ ilic FinanLial RLPlTrrtiiig C'oui)Lil's ive&sii¢ ai..
kl
es
11.%ihililiL.%. 'I'his dc.SLfipiiiTrn l()mJ4 P¢in (?l-iiiir dudiiiir'.% rcp(prt.
li%e ofour report
Thi5 rcpiirt ib madc wlely (o IhL C"hJriiy'.% Tru51LLs. a b(?d}'. in u¢L()rd￿(C iviih l>art 4 uf Ihe LhariiiLs IALLoun¢b #nd
Rcp(TrrL%l RLbJulaiion% 2008. ()ur audrl ￿Ork lia4 k.Ln undLrtakLn %() that mighi siatL lo IhL -I'ru.%lLLS 111(IsL' nidllLr.s w¢ ar
rL'4uif¥d io.stdlL (o thLm in an audil(Ir'% rn'p(irt dnd l()r no Iithir purposL. 'I"() IhL lullesi ¥x(Lnt P¥nnitied by luNN. WL di) noi
dCCLPi or &%.sumL rc%piinsihilit}' lo anyoriL OtIILr tl)an the Lhari(y and thL l-nJslLLS &% a bod).. Inr our audii ifvork, f()r thr.%
rL'pofi. or for thc upiniun% ivL havi r()m)Ld.
S&& LL
4ffer)' l.l.P
141uivri Audilors
St Caiherine .8 Coun
IILrkLILV PIucL
B.S8 114Q
Dale..
Z4 Jknl l(JL5
Saffcry LLP is eligtble ¢0 ac( as dn audiior under thc tcrnis ol'seclion 1212 of the Compantes Acl 2006.
13

Mr Willats, Charity
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2024
Total
Total (as reslaled)
2024
?023
Note
Unrestricted Endowmeni
Funds
Funds
Income and endowments from:
Investmeni property income
Other inveshneni income
1,365,468
118,453
1,365,468
118,453
1,364,651
40,888
Total income
1.483,921
1,483,921
1.405,539
Expenditure on:
'()s'1 ofi'uiJ'inxf14nd.s.'
Lei property expenditure
Investinent management fees
1.050,355
1.050,355
5,216
680,360
4,934
5.216
Eypendilurg Lhai'iiahlc acliviliej..
Granls for parish Guides
486,595
486.595
510,147
Total expendilure
1,536,950
5,216
1,542,166
1.195,441
Loss on disposal of fixed assets
Unrealised s>ainsl{losse5) on revaluation of fixed assets
Unrealised giainsl(losses) on revalualion of investinvni
Properties
Realised loss on sale of investment properties
Nei gainsl(1055es) on stock market investments
{2)
(105,000)
(2)
(105,000)
(6,541,296) (6,541,296) (1,523,500)
(56,109)
(56,109)
52,922
52,922
29,664
Net income/(loss) on ordin8ry activlties before transfers
Transfer of funds
10
(158.031)
(6,549.699) (6,707,730) (1.283,738)
Nel ineomel(loss) on ordinary activities
(158,031)
(6,549,699) {6,707,730) (1,283,738)
Rec'oncilialion offund.s
Funds brought fonvard
840,597
35,451,801 36,292,398 37,576,136
Funds carried forward
682,566
28.902,102 29,584,668 36,292,398
The Charity has no recogni5ed gains or losses other than the results for ihe year as set out above. All of the aclivilies of the Charity
are classed as continuing.
See note 15 for fund accounting comparative figures.
The noles on pages 16 to 30 forn) part of these financial statements.
13

Mr Willats, Charity
BALANCE SHEET
as at 31 December 2024
20?3
(as resthted)
Notes
2024
Fixed assets
Tangible assets
Investment property
Oiher investmenis
63,303
25,715,000
643,211
160.455
34,856,296
595,505
26.421.514
35,612,256
Current 8ssets
Debiors
Cash ai bank
123,105
4,047,182
141.571
1,510,948
4,170,287
1.652,519
Creditors: omounls falling due Ivithin one year
(740.790)
(668,335)
Net current assets
3,429,497
984,184
Credltors: amounts falling due after more than one ye8r
(266.343)
(304,042)
Total nel assets
29.584,668
36,292,398
Funds:
Endowment funds
28,902,102
35,451,801
Unrestricted funds
General
Designated.. fixed assets
Designated: early-end grdnls
510,599
63,303
108,664
644,226
160.455
35,916
29,584,668
36,292.398
The notes on pages 16 to 30 forni part of these financial statemenls.
The financial statements on pages 13 to 30 were approved and authorised for issue by the Board of Trustees on
lo JL I 1015 and signed on its behalf by:
Rev'd R Driver
Chair of the Board
14

Mr Willats, Charity
CASH FLOW
as at 31 December 2024
2023
2024 (as restated)
Notes
Nel cash inflow from operating activities
16
(115,942)
290,221
Cash llows from investing aetivities:
Inveslmenl income received
118,453
40,888
Cash flows from financing aetivities:
Expenditure on invesinieni properties
Expenditure on tangible fixed assels
Proceeds from the sale on investment propety
(26,296)
{3.522}
(10.168)
2.543,891
Change in cash and eash equivalents in Ihe year
2,536.234
301,291
Cash and eash equivalents brought forward
,510,948
1,209,657
Cash and Cash equivalents carried forward
4,047.182
1.510.948
The notes on pages 16 10 30 forni part of these financial statements
15

Mr Willats, Charity
ACCOUNTING POLICIES
for the year ended 31 December 2024
Basis of aceounling
The financial slatemenls have been prepared under the historical cost convenlion as modified for inve5tm¢nt assets (see below)
and in accordance with the Charities Act 201 I, the Financial Reporting Standard 102 (FRS102) and ihe requiremenis of the
Charilies Statement of Recoinmended Praclice (FRSI 02) based thereon.
The accounts have been prepared under the historical cost convention wilh items recognised al cost or transaclion value unless
othenvise stated in the relevant notes to these accounts.
The financial slatements are prepared in sterling. which is the functional cU￿encY of Ihe charity. Monetary amounts in these
financial statein¢nls are rounded lo the nearest £ l.
The Charity is a public benefit entity as defined under FRS102. There are no material uncertainlies affeciing the ability of the
Charity to continue as a going concem. Please refer lo the Reserves Policy section of ihe Truslees Report. the charity is deemed
to have sufficienl reserves to meel ils obligations as they fall due.
Fund stryclure
The Charity has a pemianenl endowinent Ihat was eslablished by Mr Willals when he created Ihe Charily through the gifting of
a si&?niticanl number of properties to the C harity. The endownienl funds are invesied in perpetuity and the majority of those
fund5 remain invested in propenies thal fomied part of the original portfolio gifted by Mr Willais. The income arising on the
endowment fund can be used for the generdl aclivities of the Charity and are, therefore. unrestricted tunds.
Unrestricted income funds Comprise those funds which the Charity is free 10 use for any purpose in turtherance of ils charitable
objecis. In 2023 the Board Direclors created Iwo new desi&ynal¢d funds- one which represents ihe value of the fixed asset funds
as these funds do not form part of the free reserves of the Charity and one which represents the value of grnnls previously
awarded bul ended early 10 enable these funds lo be eamiarked and added as addiiional grant fundingy available for distribulion
in subsequent years, over and above budgeted grant expenditure.
Income
All income is recobinised once the Charity has enliilement to the income. there is sutyicient certainty of receipt and so il is
probable that the income will be received, and the ainount of the incoine receivable can be measured reliably.
Rental incoine is recognised in the month thal il falls due. Unpaid rent is accounted for in debtors and any rents received in
advance are accounied for as defe￿ed income.
Dividend income is recognised when it has been received by the Charity's fund manager.
Expenditure
Liabilities are recognised a5 expenditure as soon as there is a legal or constructive obligation committing the Charity to that
expenditure. it is probable that settlement will be required, and the amount of the obligation can be Ineasured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cosls relating to
the category. All expenses are either apportioned or directly allocated to the applicable expendtture headings. For more
inforniation on this allocation refer to 'allocation of support costs, within the accounting policies.
Grdnts for parish Guides are payments made to third parties in the furtherance of the charilable objects of the Charity. The
majority of the grants awarded are mulii-year grants and these are recognised in full when the commitment is iniiially Inade.
Although there are certain conditions ihal could arise which would forfeil a beneficiary's right to future grants, habitually, mosl
beneficiaries meet all required Criteria. For this reason, it was agreed thai Ihe Charity would recognise future granl commitments.
16

Mr Willats, Charity
ACCOUNTING POLICIES (conlinue(4
for ihe year ended 31 December 2024
Fingncial instruments
Debtors and creditors receivable or payable within one year of the reporting date are carried at iheir trdnsaclional pric¢. Debtors
and creditors that are receivable or payable in more than one year and not subjecl to a markel rdle of interesl are measured ai ihe
present value of the expected future receipis or payments, discounted ai a market rate of interest if the impact is material.
Cash and cash equivalents
Cash and cash equivalenls include cash ai bank and in hand and short-tem deposits wilh a maturity date of l 00 days or less.
Allocation of support eosls
Expenditure caiegorised as support costs are those costs thal are noi directly attributable to the applicable expenditure headings.
They include the following cosis:
Audit and accounlancy
Slafr costs
CEOllnterim Director
All of these costs have been apportioned to the applicable expenditure headings based on an analysis of iiine spent by the
individuals and the professional advisors in relalion lo those areas of work during the year.
Other costs relating 10 the Thnning of the office and governance are calegorised as adminisiration costs and these are also
apportioned lo Ihe applicable expendilure headings based on an overall assessmeni of the lolal lime spenl in relalion to those
areas of work by the key managFement personnel.
Full details of the allocation of cosls can be found in Note 2.
Costs of r¥ising funds
The costs of raising funds consist of let property repairs and maintenance and professional fees in respect of ihe properties. li
also includes investment management fees in respecl of ihe investments held.
Pension costs
The Charity complies with the Government's requirements in relation lo auto-enrolmenl and contributes to a fund thai Ineets
all necessary criieria. Duringy the year ihe Charity made conlribulions to Ihis defined contribution money purchase scheme.
The assets of the scheme were held separately from Ih05e of the Charity in independently administered funds. The pension
charge in the accounts represents employer's contribulions payable by the Charity lo this pension fund arnounting lo £4,280
(2023: £2,537). There was no oulstanding contribution due at the year-end (2023.. nil) in relalion to Ihis pension fund.
The Charity also makes contributions to private pension funds for certain employees. The pension charge within the accounts
represents employer's contributions payable to these pension funds amounting lo £2,731 (2023.. £928). The total of the
employee's and employer's pension liability in relation to this pension fund amounted to £1,413 (2023: £3,557) at the year
end.

Mr Willats, Charity
ACCOUNTING POLICIES (Cnnlinued)
for the year ended 31 December 2024
Tangible fixed assets
Freehold property is recorded al market value and regularly revalued for thal purpose.
Other fixed assets are initially recorded al cost and written off over their esliinated useful life. Purchases of items relating for
niilure & fiiiings of rental properties are generally of an immaierial value and are expensed when purchased. A separate
inventory of these items is maintained and checked regularly. The deprecialion rates applied were as follow5.'
o￿l¢e equipinenl - 200/ts Straight line
Website- 250/0 Straight line
Capiial purchases in excess of £ 1,000 are treated as fixed assets.
Critlcal accounling judgements and key sour¢¢s of estimation uneerlainty
In preparing financial staiement5 It is necessary lo make certain judgements, estimates and assumptions that affect the
amounts recognised in the financial slateinenls. The following judg?emenls and estimates are considered by the Board 10 have
most significant efTecl on amounts r¢¢ognised in (he financial siatemenls..
Investmeni property valuations
The Charity has a large property portfolio whicli is held for the purposes of rental incoine and. as such. is classified as
investinenl properties. The fair value is as5e55ed annually by the Board, further details on how the fair valuc is assessed is
noted in note 4 of these accounis, ' Inveslineni Properties..
Investment property is noi depreciated because the Board have adopted a revaluation policy in relation to Ihis assei. The property
will be professionally revalued every 5 years, and the value of the property will be adju51ed as necessary following this
revaluation. A full professional revaluation of the properties held by the Charity was conducted in July 2023. This was
conducted by Csquared, Baih in accordance with RICS Valuaiion - Global Standards, effective 31 January 2022. The Trustees
have agreed that belween professional revaluaiions. interim desktop revaluation5 would be undertaken either in-house or Ihrough
consulialion with an appropriaiely qualified professional individual. If Ihere is soine indication that revalualion has Occu￿ed.
the carying value of the property would be updated in accordance with that review.
Note 4 gives more infom)aiion about the impact of an interim deskiop revaluation iinpaciing on the 2024 financial slatemenls,
detailing the basis of the cu]Tent year revaluation and prior year reslatement that arose from this.
Investment assets
Prnperiies..
The Charity's investment properties are carried forward al market value, as noted in the previous section. Any cost of work
carried out on improvemenls which give rise lo future economic benefit5 15 capitalised at cost.
Oiher iwe.slingnis.'
These are shown in ihe balance sheel at middle market value.
Realised and unrealised gains and losses
Gains and losses on the sale of property and inveslments in excess of the brought fonvard valuation are treated as realised gain5
or losses and are credited or debited to the Stalemenl of Financial Activities.
Unrealised gains or losses arising on the revaluatTon of properties and investment5 are Credited or debited to the Statement of
Financial Activities.
18

Mr Willats, Charity
NOTES TO THE ACCOUNTS
for the year ended 31 December 2024
Grants for parish Guides
2024
2023
Nei grant cosl of grants awarded in the year
377,252
442.084
Cost allocation
Salary cosls= CEOllnterim Director
Salary costs.. other staff
Audit, Accountancy & valuation fees
Administration costs
30,090
38,142
9,324
31.787
8,714
25,355
10,998
22,996
Toltil cosls as stated in the SOFA (see note 2)
486.595
510,147
Reconellia¢ion of gr8nt commitments
New grants awarded for parish Guides in the year
Re-distribution of early-¢nd grants
Repaymeni of previously awarded grants lo Guides (see noie I l )
450.000
19,540
(92.288)
478,000
(35,916)
377,252
442,084
Commilmeni brought forward al the start of the year
Paymen15 made lo Guides during the year
597,709
(395,442)
457,792
(302,167)
Coinmitmenls ca￿led forward al the end of the year
579,519
597,709
Split of commitments carried fonvard..
Grants for parish Guides due within one year (see note 7)
Grants for parish Guides due in greater than one year (see note 8)
313.176
266,343
293.667
304.042
579,519
597,709
All grants were paid to institutions who act as interniediary grant recipients on the basis thai the granls paid were
lo support ihe employmenl costs ofspecific individuals acting as Guides whilst fulfilling their ministy.
19

Mr Willats, Charity
NOI'ES TO TIIE ACCOUNTS (conlinued)
for the year ended 31 December 2024
Tolal expenditure
2024
Salary
Salary
Audit &
Costs..
Costs-.
Accounts
CEOllnlerim Director Other Stsff Services
Other
Direct
Costs
Admin
Costs
Total
Let property expenditure
Investment mana&Jeineni fees
Grdnls for parish guides
(see note l )
30,090
71,200
17,316
58.999
872,750 1,050,355
5,216
5,216
377,252
486,595
30,090
38,142
9.324
31.787
60,180
109.342
26,640
90,786 1.255.218 1,542,166
2023
Salary
Cosls..
Interim Director
Salary
Audit &
Costs..
Accounts
other Staff Services
Oiher
Direct
Costs
Admin
Cosls
Toial
Lei property expendilure
Investment management fees
Grai)Is for parish guides
(see nole l )
8.714
47,089
20,424
42,708
561,425
4,934
442.084
680,360
4.934
510,147
8,714
25,355
10,998
22,996
17,428
72,444
31.422
65,704 1.008,443 1,195,441
In analysing ihe lotal expenditure by the Charity some costs have been apportioned. The apportionments used are detailed
below:
CEO/lnterim
Director
Staff
Costs
Audii &
Accountancy
Admin
Costs
2024
Let property
Grants for parish Guides
50
50
100
65
35
100
65
35
100
65
35
100
2023
Let property
Gran15 for parish Guides
50
50
100
65
35
100
65
35
100
60
40
100
20

Mr Willats, Charity
NOTES TO THE ACCOUNTS (conlinued)
for the year ended 31 December 2024
Total expenditure (eontinued)
All remaining costs are sliown under tlie heading 'other direa costs, and are charged directly to ihe ihree cosi headinbys
as appropriate.
Included within the nei grant expenditure of £377,252 (2023.. £442.084) are individual grants payable 10 Guides. All
grants are given for the same charitable purpose whiLh is to assist parishes in the churches of England, Wales and Ireland
by contributing iowards the salarieslexpenses of la}, pastoral workers.
Total governance costs wcre £99,497 {2023'. £55,622). These cos15 have been split proportionaiely between I￿ property
costs and granls for parish Guides.
Auditor's remuneration
Included within audit and accountancy services expenditure above, amounts payable lo the Charity's audilor detailed
as follows.. audii fees for the curr¢nl year of £20,440 (2023- £15,060); no other fees (2023.. £nil} were paid to the auditors
during the year.
Tangible fixed assets
2024
Freehold
Property
0￿1CC
Equipinent
Furniture &
Fittings
Websiie
To￿1
Cost
Ai the start of the year
Additions
Disposals
Revaluation
155,000
42,443
10,168
(26,760)
277,352
22.948
497,743
10,168
(304.112)
(105,000)
(277,352)
(105,000)
As the end of ihe year
50,(K)O
25,851
22,948
98,799
Depreciation
At the start of the year
Charge for the year
Write back on disposal
37,528
1,778
(26,758)
276,812
540
(277,352)
22,948
337.288
2,318
(304,110)
As the end of the year
12.548
22,948
35.496
Nei book value
As the end of ihe year
50,000
13,303
63,303
O￿lCe equipmenl items no longer in use were removed from the fixed asset register. Whilst most items were al nil book
value, a charge of £2 (2023.. nil) arose from the disposal.
The furniture and fittings disposal relates to minor items on properry inventories. These are below the fixed assets threshold of
£ 1.000 and so have ￿en disposed. These items are checked annually on a separnte propety inventory.
21

Mr Willats, Charity
NOTES TO T14E ACCOUNTS (conlinued)
for ihe year ended 31 December 2024
Tangible fixed assets (continued)
2023
Freehold
Property
0￿￿ce
Equipmenl
Fumiture &
Fitlings
Website
Total
Cost
Ai the start of the year
Additions
Disposals
155,000
43,902
2,983
(4,442)
276,813
539
22,948
498,663
3,522
(4.442)
As the end of the year
155.000
42,443
277,352
22,948
497,743
Depreciation
At Ihe slart of the year
Charge for ihe year
Write bdck on disposal
39,567
2.403
(4,442)
266.702
10.110
22.948
329,217
12.513
(4.442)
As the end of the year
37,528
276,812
22,948
337,288
Nel book volue
As Ihe end of Ihe year
155.000
4,915
540
160.455
22

Mr Willats, Charity
NOTES TO THE ACCOUNTS (conlinued)
for the year ended 31 Dec¢mbeT 2024
Investment properties
2024
Commercial
Residential
Total
Valuation at the start of the year
ImprovemLnis ai Cosl during year
Property disposal during the year
Revaluation of property during year
3,130.000
31.726,296
34,856,296
(2.600.000)
(6,541,296)
{2,600,000)
(6,541.296)
Valuation ai ihe end of the year
3,130,000
22,585,000
25,715,000
2023 (as reststed)
Coinmercial
Resideniial
Total
Valuaiion al the start of ihe year
Improvements at cost during year
Revalualion of property during year
4,603,500
31,750,000
26,296
(50.000)
36,353,500
26,296
(1,523,500)
(1.473,500)
Valuation at the end of the year
3.130,000
31,726,296
34,856,296
During 2024, a decision was made lo change the way the pemianent endowment is invested, resulting in a strategic plan
10 minimise invesunenl property aiid increase investinenls in slock5, share5, gJilts, eic. This is explained more fully in the
Truslees report. The plans include selling properties as a whole unli to minimise loss of rental incoine and reduce fees of
selling compared lo individual flals. The previous full valuation in July 2023 conlained 2 valuaiion meihods,. a lower
value for properties valued as a whole, and a Iiigher valuation for the properties valued as individual flats. Ai Ihe lime
there was no plan lo exil the property market. Revenue returns are generaled on an individual flat basis, and so the higher
value was agreed to be Ihe best reflection of property value al Ihal lime.
With Ihe 2024 decision to Ininimise property investmenls and maxiinise other investments by selling the property as a
whole, the 2023 valuation Inethod was no lonbier appropriate for the 2024 financial statements. An elemenl of this would
be to adopt the lower whole property valualion from the original July 2023 full valuation report. Current properties
identified for sale were consislenily showing Inarket values below the 2023 valuation, and so an interim desk-top
valuation was conducled by Carter Jonas, with each residential property being inspected.
The infomiation received indicated the curyent market value per whole property was collectively below the July 2023
valuation, resuliing in a downward property revaluation during the year. Further issues were uncovered for 3 of the
commercial properties due to either error or inaccurate assumptions, leaving the 2023 valuation overstated and requiring
a prior year re-statement to reflect this. The full adjusthlenl is summarised in the table below.
The Board estimates ihat the market value of the freehold investment properties at 31 December 2024 is £25,715.000
{2023.. £34,456,296), plus leasehold properties of £50.000 (2023: £400.000).
If revalued assets were stated on an historical cost basis rather than a fair value basis. the canying amounts would
have been approximately £365.000 (2023 £395,000).
23

Mr Willats, Charity
NOTES TO THE ACCOUNTS (¢c)F71iiitsed)
for ihe year ended 31 December 2024
Investment properties (continued)
Breakdown of Investment Pro
er
Valuation Movement
Breakdown
Commercial Residential
Tolal
Valualion per 2023 published account5
4,603,500
31,726296
36J29,796
Prior Year ad'ustmenl Inade u
Leasehold rent based on inco]Tect lease value
Assumed upper floors refurbished and let
- Assumed change of use with planning pemiission
(550,000)
(650,000}
273 500
1473 500
1473 500
Re-stated Investmeni property value prior year
3,130,000
31,726,296
34,856,296
Revaluation resulting from interim desktop
valuhlion
Adjuslment for whole property valuaiion
Further overall reduciion based on market value
assessment
(2,542.500)
3 998 796
{6.541,296) (6,541,296)
Property sale completed in the year
2 600 000
2 600 000
Inveslment property valuation 2024
24

Mr Willats, Charity
NOTES TO THE ACCOUNTS (conlinued)
for the year ended 31 December 2024
Other investments
2024
2023
Market value at the start of the year
Portfolio fees
Nel gFainl(Ios5)
595,505
(5,216)
52,922
570,775
(4,934)
29,664
Market value at the end of the year
643,211
595,505
Historical cost al the end of Ihe year
566,984
532.592
The inveslmenls are held as follows..
2024
2023
Equities and convertible stocks
Gilts and oiher fixed interest slocks
Cash and cash equivalents
331,144
292.225
19,842
420,225
151,235
24,045
643.211
595.505
Analysis by geographical sector
2024
2023
Invesimenl assets in the UK
Inveslmenl assets oulside of the UK
101,45?
541,759
103,701
491,804
643.211
595,505
Debtors
2024
2023
Rents receivable
Oihcr de￿or5
Prepayments
20,368
10
102,727
30,916
1,273
109.382
123,105
141,571
25

Mr Willats, Charity
NOI"ES TO'FHE ACCOUNTS (conlinued)
for ihe year ended 31 December 2024
Creditors: amounts falling due within one year
2024
2023
Rents invoiced in advance
Renis received in advance
Trade creditors
Tax and s(Kial security
Accruals
other creditors
Grants due to Parish Guides
61,950
14,035
113,993
4,653
86,802
146.181
313.176
76,985
4,160
134,210
2,313
17,261
139,739
293,667
740,790
668,335
Creditors: amounts falling due after more than one year
2024
2023
Grants due io Parish Guides
266,343
304,042
Staff eosls
2024
2023
Salaries
Employer's Nl
Pension contributions
142,547
79,783
2,325
3.464
7,010
159,113
85,572
Averdge weekly number of employees during the year, calculated
on an average headcount basis
No individual employed by the charity received remuneration in excess of £60,000 during the current or previous year.
The Key Management personnel of the Charity, as previously stated in the Trustees, Report, comprise of ihe Directors of the
Corporate Trnslee, Ihe CEO (appointed September 2024), Ihe Property Manager, the Finance Manager (appointed April 2024)
and the Grants and Project Manager. The total remuneration paid by the Charily to the Key Management personnel was
£147,330 (2023- £73,750).
26

Mr Willats, Charity
NOTES TO THE ACCOUNTS (L'onlinued)
for ihe year ended 31 December 2024
io
Transfe
The Charity holds significant endowmeni funds, the majority of which are invesled in property. The Board believes thal
in order lo safeguard the assel value and future incoine streams of the prope]ty Portfolio it is necessary lo maintain and
improve Ihe endowment properties. All endowment property improvements are added to the brought forward value of
the property portfolio. The endowmeni funds do nol receive any income and, therefore, only hold cash reserves if
endowmenl assets have beeii sold. Unlike previous years. the endowment has £?,543.891 from the sale of a property
during 2024.
Historically, where the endO￿'1nenI funds have not been able to finance the full Lost of property improvements, the
shortfall is mel by a fund transfer from the unrestricted funds. Tliis has the iininediale effecl of reducingy the unrestricted
funds, reserves but ihe Board believes that the preservation of the property portfolio has resulted in higher fulure income
generalion for that fund.
In 2024, there was no capital expenditure for property enhancements (2023.. £26,296).
The movements relating to the inler-fund loan are detailed below:
2024
2023
Transfer of unre5tricied funds to endowment lunds in relation to
improveinents to properties held by the endowrnent funds
26,296
27

Mr Willats, Charity
NOTES TO THE ACCOUNTS (conlinued)
for the year ended 31 December 2024
Anal)'sis of Nel assets between funds
2024
Nel
Assels/
(Liabililies)
Invesmienl
Property
Other
Investments
Fixed
Assets
Total
Endowment funds
Unrestricted funds
General
Designated.. fixed asseis
Designated.. early-end grants
25,715,000
643,211
2.543.891 28,902,102
510.599
510,599
63,303
108,664
63.303
108,664
25,715.000
643.211
63,303
3.163,154 29,584,668
2023 (as reststed)
Nel
Asselsl
(Liabilities)
Investmenl
Propeny
Oiher
Investments
Fixed
Assets
Total
Endowment funds
Unresiricted funds
General
Designated.. fixed assets
Designated.. early-end granis
34,856,296
595,505
35.451.801
644.226
644,226
160,455
35,916
160,455
35,916
34.856,296
595,505
160,455
680,142 36,292,398
Dethils of the prior year restalement can be found in the inveslmenl properties note (note 4).
12
Related party Iransaelions and Board Directors, expen5e5 xnd remuneration
One Board member is also a Trustee of St John's Charity and during the year the Charity paid £2,444 (2023: £1,444) to
St John's Charity for room hire and refreshments. No other relaled party iransaclions were eniered into during the cu￿ent
or previous year.
During the year, no Board Director received any remuneration (2023.. £nil) bul expenses amouniing io £1,900 (2023..
£3.285) were claimed by the Trustees in relation lo Iravel and accommodation costs.
13
Capital Commitments
At the year end the Charity had committed to spending in relation to the refurbishment us the upper floors at 20 High
Street lo creale a 6-bedroom HMO, with the expectation works will be completed and the new floors let from September
2025. The estimated value of this commilment as at the year end was £210,000 (2023.. £nil previously reported
expenditure was a repair not a capilal commitment).
28

Mr Willats, Charity
NOTES TO THE ACCOUNTS (conlinued)
for the year ended 31 December 2024
14
Posl balance sheet events
As part of the transition from propety to financial investments, besi-and-final open market offers have been received for
2 properties. The Sltrveys are Slill pending and so a final selling price is not yet known. The curr¢nt investmeni property
value is indicative of the final amount realisable after the sale negotiations have been concluded.
15
Fund accounting comparative figures
2023 (as restated)
Unreslricted Endowmenl
Funds
Funds
Total
2023
Income and endowments from:
Investment property incoine
Oiher invesmient income
1,364,651
40,888
1.364,651
40,888
Total income
1,405,539
1.405,539
Expenditure on:
Lojl c!frai3inR.funds.'
Let property expenditure
Inveslmenl Inanageinenl fees
680,360
680,360
4,934
4,934
Erpe￿dI1Ure on churiiable aclivilies..
Grants for parish Guides
510,147
510.147
Total exp¢nditurt
1,190.507
4,934
1,195,441
Unrealised gains on revaluation of fixed assets
Unrealised gains on revaluation of investmeni properties
Nel gains on slock market investments
(1,523,500) (1,523,500)
29.664
29,664
N¢t income on ordinary activities
215,032
(1.498,770) (1,283,738)
Transfer of funds
(26.296)
26,296
Net income/(1055) on ordinary gctivities
188,736
(1.472,474) (1,283,738)
Recoiiciliaiion offiinds
Funds brought forward
651,861
36,924,275 37,576.136
Funds c8rried forward
840,597
35,451.801 36,292,398
Details of ihe prior y&gr restatement can be found in the investment properties note (note 4).
29

Mr Willats, Charity
NO'fES TO THE ACCOUNTS (conlinued)
for the year ended 31 December 2024
16
Reconeilialion of net movements in funds to net cash generated from operaling activities
2023
(as restated)
2024
Continuing activities
Nel movement in funds
Dcducl investment income
Add back depreciation of tangible fixed assets
Deduct gains on investments
Add back losses on fixed asset disposals
Add back inveslmenl managyemeni fees
Add decrease I deduct increase in debtors
Add back increase in creditors
Add back loss on sale of investmenl property
Unrealised loss/(gain) on revaluations of investment properties
Unrealised lossl(gain) on revaluations or rixed assets
(6,707,730) (1,283,738}
(118,453)
(40.888)
2,318
12,513
(52,922)
(29,664)
5,216
18,466
34,756
56,109
6,541,296
105,000
4,934
{19,598)
123,162
,523.500
Nei cash inflow from operdling activiiies
(115,942)
290,221
30