Charity number- 262251 DAME VIOLET WILLS - WILL TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 DAME VIOLET WILLS . WILL TRUST CONTENTS Page R8ference and Administrative Details of the Charity. its Trusteos and Adviser5 Trust¢¢s' Report Indopendent Audltors. Report on the Financial Ststements Statemènt of Financial Activltles Balance Sheet Notes to the Financial Statements 10-17 DAME VIOLET WILLS - WILL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees Mr T J Baines. Chaimian Mr C M C Naughton Mr C R G Biggin Charity registered number 262251 Principal olfi¢o Red Roofs Slalion Road Flax Bourton North Somerset 8S48 1UA Indopendent auditors Lawes & Co UK Limited Boyce's Building 42 Regent Street Clifton Bristol BS8 4HU Bankers Triodos Bank Deanery Road Bristol BS15AS Inveslment Adviser Smith & Williamson Poth3U Lane Brislo 8S16NA P￿e1 DAME VIOLET WILLS -WILL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees p¥esenl their annual report together with the audited financial statements of the Charity for Ihe 1 April 2020 to 31 March 2021. The accounts have been prepared in accordance with the accounting policies sel out in note I to the accounts and comply wilh the Charity's Trust Deed, the Charities Act 2011 and the Slalemenl ot Recommended Pradice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and the Republic of Ireland IFRS 1021. Objedives and activities Main aGtivitles undertaken to further the Charity's purposes for the publlc bonefit The Trust was established under the will of the late Dame Violet Wills, who died on the 26th October 1964. In it she left the residue of her estate lo her Trustees, gtving them absolute discretion to make such gift5 lo Gharilable nslilulions, or for charitable purposes, 8S thèy see fil, out of income or Gapilal. She expressed the desire that the Trustees should have special regard lo those ¢harilable organisations and subjects with which she had been particularly concemed during her lifetime. The Trustees have determined that the original capital endowment, as augmented by capilsl profits, shall be retained as a Capital Fund, and that grants and other expenditur8 of the Trust should generally be met from accumulated income. Achievements and performance a, Review of a¢tiviti8S During the year. the Trustees made 44 grant8 lolalling £78,362 12020.. 62 gr8nts Id811ing £103,230). The Trustées have followed a policy of gsving a smaller number ol larger grants than in previous years, with grant applications from organisalions working in thé fields of children and mediGal Pfeferred, ideally with a direct link lo the BTiStollGloucest@rshire/Somersel area. The net income for the year has been added lo reserves. ReseFve8 rernain above the minimum level set by the Trustees, namely one year's grants. The Trustees confirm that they hav8 complied with their duly in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by Ihe Charity Commission for England and Wales. b. Investment policy and performance The Deed of Trust empowers the Trustees lo relain any inveslrnenls held al Dame Wiolel's death. OlhenNise the Tlustees are not subjed to any restrictions in relation to the management of the investments. The Trust's investment portfolio recoréed a gain in value of £692,937 12020.. loss of £522,375). Flnanclal revEew . Golng Concern After making appropriate enquiries, the Tnjstees have a reasonable expectation that the Trust has adequate r8sourc@s lo continLte in opefational existen￿ for the foreseé8ble future. The Trustees are aware ol the impact of COVID in relation to the need of our gTanlees. The Trust has investments and does not rely on external funders. Trustees will only make grants to lh8 lèvel of available funds. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Page 2 DAME VIOLET WILLS - WILL TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 b. Reserves policy The TTuslees do not intend to accumulate income in the future, bul believe that they should ret8in SLJfficienl accumulated income from past years lo meet the approximate18vel of grants for one year. At the year end the balance on the unreslricled funds was £188,696 (2020.. £164,603) and on the endowment fund the balance was £3.583,482 (2020.. £2,904. T52). Total funds were £3,772,178 (2020.. £3,069,355). Structure. governance and management Constitutio The charity is conlTolled by its governing document, a Deed of Trust, and Gonstilules an unincorporated charity. b. Method$ of appointment or election of Trustees Trustees are appointed lo fill any vacancy that 0￿urS. the optimum number being reg8rd@d as three. New Trustees are briefed by continuin9 Trustee5 regarding the history and objectives of the Trust. c. Organisational structure and decision-making pollcles The Trustees meet three or four times a year lo consider grant applications, and conduct any other business. On occasion decisions are made following telephone meetings. The Deed of Trust empowers the Trustee5 to charge for their professional lime expended on Trust affairs. d. Finan¢ial risk management The Trustees have considered the risks lo which the Trust is exposed and consider that the proceéures in force are sufficient to manage the foreseeable risks. In considering the Trust's activities. the Trustees have had regard to the Charity Commission's guidan￿ on public benefit. Plans for future periods The Trust wtrll continue lo make grants in line with its objectives. Page 3 DAME VIOLET WILLS- WILL TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 statement of Trustees. responslbllStSes The Trustees are responsible for prepaiing the Trustees, Report and Ihe fin8ncial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraGtice). The law applicable to charities in England & Wales requires the Trustees lo prepaie financial statements for each financial which give a true and fair view of the slate of affaiis of the Charity and of its incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these financial slatemenls, the Trustees are required lo., select suitable accounting policies and then apply them Consistently., observe the methods and principles of the Charities SORP {FRS 1021., make judgements and accounting estimates that are reasonable and prud8nL stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial stalemenls.. prepare the financial statements on the going concem basis unless11 is inapproFyiate to presume that the Charity will conts'nue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charills transactions and dSsclose with reasonable ￿curacY at any lime the financial position of the Charity and enable them lo ensure that the fin8nci81 statements comply with the Charities A¢t 2011. the Charty IAc¢ounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding ltte assels of the Charity and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosurè of infomiation to auditors Each of the persons itho are Trustees al the time when this Trustees. Report is approved has conf1mied thal= so far as that Trustee is aware, there 18 no relevant audit infomialion of which the charity's auditors are unaware. and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charity's auditors are aware of that information. Approved by order of the members of the board of Trustee8 and signed on their behalf by.. TJ 8alnes Chairrnan D8le.' 27 January 2022 Page 4 DAME VIOLET WILLS - WILL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF DAME VIOLET WILLS - WILL TRUST Opinion We have audited the financial statements of Dame Violet Wills Will Trust Ithe 'chaiily'l for the year ended 31 March 2021 which comprise the Slalemenl ol Financial Aclivilies, the Balance Sheet, the Slalement of Cash Flows and the related notes, including 8 summary of significant accounting policies. The financial reporting frarnework that has been applied in their prepafalion is applicable law 8nd United Kingdorn Accounting Standards, including Financial Reporting Standard 102 'Thè Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. The financial statements have been prepared in accordance with Accounting and Reporting by Charities prèparing their accounts in accordan￿ with Ihe Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities." Slatemenl of Recommended Pracli¢e issued on 1 April 2￿5 which Is referred lo in the extant regulations but has bean withdrawn. This has been done in order for the accounts ID provide a true and fair view in accordance with the Generally Accepted Accounting Pracbce effective for reporting periods beginning on or after 1 January 2015. In our opinion the flnancial statements= give a Iwe and lair view of the state of the charity's affairs as at 31 March 2021 and of ils incoming resources and application of iesources for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally At￿pted Accounting Practice,. and have beèn prepared in accordan￿ with the requirements of the Charities Act 2011. Basis for opinlon We conducted o¢Jr audit in accordance wlh International Standards on Auditing {UK) {ISAs {UKII and applicable law. Our responsibilities under those standards are further describéd in the Auditors, responsibilities for the audit of the financial slalemenls section of our r8port. We are independent of the charity in accordance with the ethical requirements Ihal ar& relev2ril lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Slandgrd, and we have fulfilled our other ethical responsibilities in aGE0rdan￿ with these requiréments. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. 8as8d on the work we have performed, we have not identifted any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitls ability lo continuo as a going ncern for a perThl of at least Iwelve months from when the flnancial statements are aLÈthorÉsed for issue. Our responsibilities and the responsibilities of th8 Trustees wlh resped lo going ￿ncern are described in the relevant sections of this report. Page 5 DAME VIOL￿ WILLS- WILL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DAME VIOLET WILLS . WILL TRUST ICONTINUEDI Other information The other information comprises the information included ill the Annu81 Report other than the financial slalemenls and our Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial 51alemenls does not cover the other information and, except lo the extent olhetwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other Information and. in doing so. consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit, or olhepNi8e appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives nse lo a material misstalemenl in the rinanGial slalements themselves. If, based on the work we have performed, we Conclude that there is a material misstatement of this other inforrnation. we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters where the Charit￿$ (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion,. the infomialion given in the Trustees, Report is inconsislenl in any material respect with the financial slatemenls., or sufficient aGGounling records have not been képl., or the financial slalements are not in agreefflenl with the accounting records and returns., or we have not received all the infornialion and explan8lk)ns we require for our audit Responsibilities of trustees As explained more fully in the Trustees, Responsibiliti"es Statement, the Trustees are responsible f￿ the preparation of th& financial slalemenls which give a true and fair vtew, and for such internal Gonlrol as the Trustees delermino is necessary lo enable the preparation of financial statements that are free from materh81 misstslement. whether due lo fraud or error. In preparing the financlal s181emenls, Ihe Trustees are responsible for assessing the chariivs ability to continue as a going Goncern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operations. or have no realistic aEternalive but io do so. Audltors. responsibilltles for the audit of the finanGial stst¢ments We have been appointed as auditor tjnder section 145 of Ihe Charities Act 2011 and report in accordance with the Act and ￿levant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about ￿thether the financial slalemenls as a whole a￿ free from material misslalem@nt, whether due lo fraud Of error, and lo issue an Auditors, Report Ihat indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUK will always detect a material misstatement when il exist5. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo intluence the economic decisions of users taken on the basis of these financial stslemenls. Irregularities. induding fraud, are instances of non