REGISTERED CHARITY NUMBER: 277719
W.B.HARRIS WILL TRUST
Tongswood Estates Limited
REPORT & ACCOUNTS
For tbe yeAr ended 31° December 2023
A5hfords LLP
l New Fetter Lane
London EC4A IAN
REF.. JA T1269687-50558
020 7544 2429

W B HARRIS WILL TRUST
ST
INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
e Number
Trustees, Re
ort
Auditors Re
ort
Statement of Financial Activities
Balance Sheet
Debtors, Cash Balance8, Creditors & Deposit
Interest
Schedule of Investments
Investment Income
Investment Transaction$
Accountin
Policies
Other Notes to the Accounts
io
12-13
14
15-16
17
18-20
21-22

W B HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust was Created by the Will of W.B. Harris who died on 5 August 1957. This is the governing
document. The Trust is registered with the Charity Commissioners under Charity Number 277719.
Recruitment and appointment of new trustees
With the consent of the Charity Commission a Company limited by guarantee, Tongswood Estates
Limited has been given authorisalion lo be the Trustee of the Charity. In 2005 the Trus(ees of the
Charity. became Directors of the Company and any new appointees are no longer Trustees of the
Charity but become Directors of the Company.
Directors of Tongswood Eslates Limited, with the relevant professional skills and an emphasis on
forn)er pupils of St Ronans. are recruited by the directors themselves.
Trustees are appointed by deed in accordance with the Trustee Act.
Induction and training of new trustees
All new Trustees are given, in the view of the board, sufficient inforniation about the Will Trust and
Company to understand the nature of the charity and fijlly comply with the charities ¢￿￿ent views of its
progression.
Org*nis#tional strueture
The Trustee Company must. as per the governing document, have at least 3 directors, serving at any
one time. The entire board meets on an annual basis, with less fornial meetings of the directors as and
when required.
Ashfords LLP manages the day-to-day administralion of the ch￿Ily. Ashfords LLP has no signing
powers over the Charity's assets. All decisions and any paymenls made by the Charity have to be
auihorised by Ihe directors of Tongswood Estates Limited.
Wider network
At present the WB Ha￿1$ Will Trust does not consider itself part of a wider network.
Related parties
The Trusi has no Commercial dealings with the directors of Tongswood Estates LiTnited or with any
other parttes who would be considered to be related parties of the Directors of Tongswo(Kl Estates
Lirnited. The administration of the Trust is carried out by Ashfords LLP solicitors who have charged
the trust £21,560 for legal and adJninistrative services. All costs have been auihorised by th¢ Trustees
and have been charged on an ann's length basis.
Page I

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties (continued)
The St Ronans Appeal Fund (Registered Charity Number.. 1131138) was set up to raise funds for the
facilities at the School is operated by Tongswood Eslates Limited. During the year, this charity has
made donations of £Nil (2022.. NIL) to the WB Harris Will Trust.
There are no other related parties.
Rlsk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure
appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees have examined the major strategic busine55 and operational risks that the Charity faces,
and confirm that systems have been established to enable the directors to be provided with infonnation
so that the necessary steps can be taken to lessen these risks.
OBJECTIVES AND ACTTVITIES
Objectives and aims
The income of the Twst may be used at the discretion of the Trustees for some or all of the following
purposes..
l. To provide Harris Bursaries to assist old boys of St Ronan's School in paying school fees for Iheir
sons at St Ronan's or at any recognised university.
2. To pay the cost of building. repairing or renewing a School Chapel for St Ronan's School.
3. To provide for the advancement of education in such manner as the Trustees ihink fit.
The Capital of the Trust will be retsined by the Trustees as long as St Ronan's School continues in the
same manner and for the same purposes as at the date of death of W B Harris. Thereafter, one half of
the capital will pass to the two named individuals or their personal representaiives. The remaining half
will pass to such eharity or charities &$ the Trustees in their absolute discretion shall decide.
It should be noted that the Trust is not wholly charitable and the Trustees owe duties to non-charity
benefi¢iaries.
Slgnificant activities
The Trust holds a portfolio in investments which generates income which can be used as unrestricted
nds to make grants to the school.
Page 2

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023
Significant activities (continued)
The Trust receives rents from the School for the use of the Main School, Grounds & Playing Fields and
Sports Hall. These rents are being applied to service the loans taken out io fund these developments.
The servicing of ihe loans means that there is limited capability for the Trust to make any grants to the
school.
Grantmaking
Under the iern)s of the Trust Deed, the Trust has made donations of £Nil (2022.. £Nil) from ils
unrestricted income to the School Library Fund as part of its objectives to assist the school with
educational programmes.
Social or programme related investments
The Charity has no social or programme related investments.
Volunteers
The Charity has no volunteer workforce. The dtrectors of the Twstee company provide their services
free of charge.
ACHIEVEMENT AND PERFORMANCE
Investment and charitable activities
As noted above, the Trust has made no distributions to the school during this year.
The Main School Building, Grounds & Playing Fields were rented out to the school for £1 00,000 per
annum under a 15 year lease running to 2021. This lease expired during 2021 and the rent ceased.
The Sports Hall is charged al an annual rent of £72,300 under a 15 year lease which expires in 2025.
These rents have been used lo service loans for the Sports Hall and the Pre-Prep School. The loan for
the Pre-Prep School was paid off in 2021.
The fixed interest commercial loan for the Sports Hall development stands al £148,251 (2022..
£205,221} with capital repayments which commeneed in March 2011 running until 2024.
During the Covid pandemic in 2020, the bank agreed lo provide a capilal repayment holiday for both
loans so that only interest was charged. In turn. the Trust agreed to defer the payments of rents due
under the leases with the school but required the school to meet the bank's interest charges for the
period that the capital ￿PaymentS were deferred. The deferred rent due at 31 December 2023 tolals
£54,225 (2022.. £54,225).
As well as the rental income, expenditure has been funded by investment income of £9.138 and from
cash reserves held by the Trust. The total costs of resources expended by the Trust totalled £44.579.
including loan interest on the Sports Hall development.
Page 3

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023
Investment and charitable activities (continued)
Tongswood Estates Limited holds the assets and liabilities on trust on behalf of the Charity. As a
re5uII. all transactions of the Charity and its assets and liabilities are reflected in the accounts while
Tongswood Estates Limited's accounts are domant.
Fundraising activities
The ChaTity has no fijndraising a¢tivities.
Investment performance
£Nil of fund5 have been invested in new shares and £28,520 has been generated by Ihe disposal of
shares. The shares are held and administrated by Investec stockbrokers. The portfolio has decreased in
value during the year by £4,653, reflecting the position of the stock market, with a closing market value
of £263,903.
Dividend and interest income generated by the portfolio amounts to £9,085.
Internal and external factors
The trustees have made a full assessment of the internal and external faclors that may affect these
financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Reserves policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity.
al a level that equates to approxirnalely six months unrestricted expenditure. This provides suffieienl
funds to cover management and administration costs and io respond to emergency expendituie that
may arise from lime to lime. Unrestricted funds were maintained at this level throughout the year.
Funds in deficit
There are no funds held in deficit.
Principal funding sources
The principal sources of funds are the income and capital returns on investments and rental and
premiums paid by the school for the use of the pre-prep school building. In this year. there has been a
small donations from the St Ronans Appeal Fund Charity.
Investment policy and objectives
Investment Policy is decided upon by the Truslees, in accordance with the tenns of the Will, and the
Trustees instruct Investec to acquire and dispose of investments as they require. The investments are
held to generate income and capital growth. The income is applied io meet ihe Charity's objects.
Page 4

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023
FUTURE DEVELOPMENTS
With the pre-prep school development complete, the intention is for the Trust to repay the baDk
borrowing from rental income and to return to distributing investment income to the school to apply for
the promotion of education in accordance with the Will.
PUBLIC BENEFIT
The Trustees have complied with the duty in section 4 of the Charities Act 2011 lo have regard to the
public benefit guidance published by the Charity Commission.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the financial statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice.
Charity law requires the trustees to prepare financial slatements for each financial year. Which give a
irue and fair view of the state of affairs of the Charity and of the incoming resources and application of
resources of the Charity for that period. In preparing those financial statements, the trustees are
required to
select suitable aeeounting policies and then apply them consistently.
observe the methods and principles in the Charilies SORP
make judgements and estimates that are reasonable and prudent.
stale whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concem basis unless it is inappropriate to
presume that the Charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Charity and to enable them to ensure that the financial
statements comply with the relevant provisions of the Charities Act 2011. the Charity (accounts and
Reports) RegulatiOTLS 2008 and the provisions of the trust deed. They are a150 responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevanl inforniaiion of which the Charity's auditors are
unaware, and each trustee has taken all the steps that they ought to have taken a5 a trustee in order to
make them aware of any audit inforniation &nd to establish that the Charity's auditors are aware of that
inforn)alion.
AUDITORS
The auditors, Mccabe Ford Williams, will be proposed for re-appointment.
Page 5

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2023
Legal & Administratlve Information
Registered Charity Number
277719
Registered Office
clo Ashfords LLP, l New Fetter Lane
London EC4A I AN
Trustee
Tongswood Estates Limiied
Directors of Tongswood
Estates Limited
Rory MacLeay
Dan Bayley
Guy Selmon
Piers Inkin
Stockbroker$
Investec Wealth
2 Gresham Street
London EC2V 7QN
Solicitors
Ashfords LLP l New Fetter Lane
London EC4A I AN
Bankers
Natwest PLC
2, Floor County Gate 2 Staceys Street Maid5tone ME14 1 ST
KentTNI IQJ
Auditors
M¢Cabe Ford Williams
Bank Chambers, High Street, Cranbrook
KentTN17 3EG
For and on bchalf of the Trusiees
Daied..................................2024
Rory MacLeay -Director- Director on behalf of Tongswood Estates Limited
Dan Bayley - Director- Director on behalf of Tongswood Estates Limited
Guy S¢lmon- Director- Director on behalf of Tongswood Estates Limited
Piers InkiD- Dir¢ctor- Director on behalf of Tong5wood Estates Limited
Page 6

W B HARIUS WILL TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL
TRUST
We have audited the financial statements of WB Harris Will TnLSt for the year ended 3 1st December 2023 on
pages ten to twenty-two which ¢omprise Statement of Financial Activities. the Balance Sheet and related note5.
The financial reporting framework ihar has been applied in their pr¢paration is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Starldard
applicable in the UK and Republic of IT¢land' (United Kingdom Generally AcCep￿d Accounting Practic¢l.
This report is made solely to the Charity'5 twste¢s. as a body, in accordance with Section 144 of th¢ Charities Act
201 l and regulations made under Seciion 154 of that Act. Our audit work ha5 been undertaken so that we might
state to th¢ Charity's trustees those Tnatters we are required to stale 10 them in an auditors. report knd for no other
purpose. To the fullesi extent perniitted by law, w¢ do not accept or 85sume responsibiliiy io anyone other than
thc charity and the charitable company's Directors as a body. for our audit work, for this report, or for the opinions
we have formed.
OPINION ON FINANCIAL STATEMENTS
In our opinion the finarlcial statements:
Cyive a true and fair view, of th¢ State of the Charity's affairs as ai 31" December 2023 and of its iD¢oming
resources and application of resources for th¢ y¢ar th¢n ended.,
Flave been properly prepared in accoidance with United Kingdom G¢nerdlly Accepted Accounting
Practice.
Have been properly prepared in accordance with the Charity Act 2011.
BASIS OF OPINION
We Conducted our audit in accordanc¢ with Intetnaiional Standards on Auditing (UK) IISAS IUKII and applicable
law. Our responsibilities under those standaTds are filrther de5ciibed in the Auditors, reS￿nSIbIlIti¢$ for the audit
of the financial stAiements section of our report. We are independent of the Charity in accordance with the ethical
requirem¢nts that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethieal
Siandard. and we have fulfilled our other eihical responsibilities in accordanee with these requirements. We
b¢li¢ve that the audit evidence we have obtained is sufficient and appropriatc to prgvide a basis for our opinion.
CONCLUSIONS RELATING TO GOING cof4cERN
In auditing the financial statements. we have concluded that th¢ Trustees. use of the going concern basis of
accounting in th¢ preparation of th¢ financial siaiements is appropriate.
Ba5¢d on the work we have perfomied. we have not identified any mat¢rial uncerfainties relating to events or
conditions thai, individually or ¢oll¢ctively, may cast siimificant doubt on the Charity's ability to eontinu¢ as a
going eoncem for a period of at least tsvelve months from when the financial statements are authorised for issue.
Our reswnsibilities and the responsibilitj¢5 of the T￿SteeS with Tespeci to going concem are de5¢Tibed in the
T¢levant section5 of this retx)rt.
Page 7

W B HARRIS WILL TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL
TRUST
OTHER INFORMATION
The Trustees are responsible for the other infomialion. The oth¢r inforn]ation cotnprises the infomiarion in the
Report of the Trustees but does not include the financial siaiemenis and our Report of the Auditors thereon.
Our opinion on the finan¢ial stai¢menis does not cover the other infomiation and we do not express any fotTh of
assurance conclusion thereon.
In connection with our audit of the financial siatemenis. our resixinsibility is to read the oth¢T snforniaiion an¢ in
doing so. consider whether the other inforn)ation is materially inconsistent with the financial statemenis or our
knowledge obtained in the audit or othmvise appears io be materially misstatcd. If, based on the work we have
perfom)ed. we conclude that th¢re is a mat¢rial mi55tateTnent of this oiher information. we are required to rekx)rt
that fact. We have nothing to repoTt in this regard.
OPINION ON OTHER MATTERS PRESCRIBED B Y THE CHARITIES Acr
In our opinion, based on the work undertaken in the Course of the audit..
the infomiation given in the Trustees Report for the Financial year foT which the fitydncial
5tat¢ments ore prepared is consistent with the financial statements. and
the Trustee5 of the Council has been prepared in a¢¢ordan¢e with applicable legal
requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT B Y EXCEPTION
In the lighi of the knowledge and understanding of the Charity and its environrnent obtained in the course of ihe
audit. we have not identified material tnisstateTn¢nt5 in (he Trustees Repon.
We hav¢ nothing to report in respeci of the following matters where the Charities A¢t requir¢s us to report to you
if. in our opinion..
adequate accounting records have not been kept. or returns adequate for our
audit have not been re¢¢ived from branches not visited by us: or
the financial siaiemenis are not in agreement with the accounting records
and retums,. or
certain disclosures of Trustees, remuneration sp¢¢ified by law are noi made..
or
we have Dot receiv¢d all th¢ infomiation and explanations we require for our
audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Statement of Truste¢s' Responsibilities on page 5 the Trustees are responsible for
the preparaiion of Annual Repon of the T￿teeS and the financial statements in accordance with applicable law
and United Kingdom A¢¢ounting Stand8rds (United Kingdom Generally Accepted Accowiling Piacticel and with
the Trust's governing deed and for being satisfied that th¢y give a true and fair view.
In preparing the financial statements, the TrusÈe¢s are responsible for assessing ihe Charity's ability to continue as
a going concern. disclosing. as applicable. matters related to going concern and using the going concem basis of
accounting unle55 the TTUSte¢s either int¢nd to liquidate the Charity or to cease operations, or hav¢ no r¢alistic
alternative bui to do so.
Page 8

W B HARIUS WILL TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WALL
TRUST
OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
rnaterial misstatement, whether due to fraud or error. and to issue a Report of the Auditors that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee ihai an audit conducted in
accordance with ISAS IUKI will always detect a material misstatem¢nt when it exist5. Misstatements can arise
from fraud or error and are considered rnateriai if, individually 01 in the aggregate. they could reasonably be
expected io influence the economic decisions of user5 taken on the ba%15 of these financial siatements.
Irregularities, including fraud, are in5ton¢e5 of DOli-compliaDce with laws and regulations. We design pr￿edureS
line with our responsibiliiies. outlined above, to detect material misstat¢m¢nts in respect of irregularities.
including fraud. The extent to which our procedures are Lapable of de￿¢ting irregulariti¢s, including traud is
detailed below..
We gained an understanding of the l¢gal and r¢gulatory framework applicable to the Charity and the industry in
which it operaies, and considered ihe risk of acts by ihe Charity that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures io respond to the risk, recognising that the risk of
detecting a material missiatement due to fraud is high¢r than the risk of not deieciing one resulting from etTor, as
fraud rnay involve deliberate concealment by. for example. forgery or intentional misrepresentations. or thn)ugh
collusion.
W¢ focussed on laws and regulations which could give rise to a material misstatement in the financial statements.
including. but not limited to, the Charities Act 2011 and UK tax legislation. Our tests included agreeing the
financial statetnent disclosures to underlying supporting documentatlQD, enquiries Wlih management and
enquiries of l¢gal ¢ounsel. There ar¢ inheieni limitations in Ihe audit procedures described above and. the further
removed non.compliance with laws and regulation5 is frotn the ¢vents and iransactions reflected in the financial
statements. the less likely we would become aware of ii. We did nol identify any key audit mailers relaiing to
irregularities. including fraud. A5 in all our audit5. we also addressed the risk of management override of int¢rnal
controls. including testing journals and evaluating wh¢thcr th¢re was evidente of bias by (he directors that
r¢pr¢sented a risk of materi21 misstatement due io fraud.
A furth¢r description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's w¢bsite at www.frc.org.uklauditorsrespon5ibilities. This desciipiion fornis part of our Report
of th£ Auditors.
2024
Mccabe Ford Williams
Chartered Accountants & Statutory Auditors
Bank Chambers
High Street
CRANBROOK
KentTN17 3EG
Page 9

W B HARRIS WILL TRLST
Si4tsmeht DI FinaDcial Aetivili¢5 for tht yeir ended 315t DrttmbEr Z023
202J
2023
2023
2022
2022
2022
U]Jr￿trICteo ETKSownent
Funds
Furtd5
Tot
Funits
Unt¢strtct¢d E￿d01￿￿¢nt
Funds
Funds
Total
Furtds
lThtomiTrg Rtsour¢es
Io¢omlng rtsourtes from gtTreraltd fuDds
Voluni
Income
Donaiions from Si Ronans Appeal Fut
I*ve51nieni IpTcome
Dividends & Interesi Ipage li-161
Rent paid by St Rortans School
Other income- Interesi on late Ienl
Deposit Int¢resi Ipa8¢ 121
9.137.77
9.137.77
72.300.00
10,213.24
10.21324
72,300.00
72.300.00
72.300.00
128.46
9.266.23
128.46
81.56623
10.79
10.224.03
10.79
82,i24.03
72.3(M).00
72.300.00
Resources Expended
lftvesiweNI momtgeiMEIII COSIS
Investec Stockbrokers fee5
3.082 16
3.082.16
3.082.16
3,082.16
3.462 50
3,462.50
3.462.50
hurilable acliviiies
DistribAlion5- St R￿'S School
GoverJT47n¢e cosi
Audit & accoun13ncv fees
Compani¢s Hous¢ Charges
Trustees iniktnnity insurance
2,883.50
1300
537.71
2.883 50
5.767.00
13.00
537.71
2.539.(KJ
1300
540.45
2,5J9.00
5.078.00
13.00
i40.45
Legal & admintstraiiv¢ f¢es
5.390.00
8,824.21
16.17000
19,053.50
21,560.00
27.877.71
0,139.21
9.2Jl 66
IB.417.64
20,956.64
24.556 85
30,188.30
OE
Inier¢si payable
so
13.567.15
13,567 15
18.023.12
18.023.12
8aDk ¢harg¢s
51.85
13.619.00
37.55
18.060 67
37.55
18.060.67
13,619.(M)
Totgl resources exptDd¢d
8.824 21
35.754 66
44.578.87
9,231.66
42,479 81
Net gAinslltOSSts1 on inytstments
ain
Rea]ised (pag¢ 17)
Unrealised Ipage 141
Y¢t gaiTrslll0ssesl on iDvesithek
4,757.31
4,65J.251
10406
4.757.31
4.65).251
104.06
4.339 90
25.515.88
4.339.90
25.515.881
Nei IncomellExpenditurel
442.02
36,649.40
37.091.42
992.37
,￿4.21
9,636.58
Oihtr ￿e01th￿t￿ yi#sll105sesl
N¢t moYtweDt ID fund5
442 02
36.649.40
37.091.42
992.37
8,644 21
9.636 58
Reconcill￿tIon of Funds
Totsl Fullds brought fonvAnl
19.88103 7.869.315.32 7,889.196.3i
18,888.66
7,860,671 11 7.879.559 77
Total fund5 carried forward
20 323.05 7,905,964.72 7,926.287.77
19.88103
7.869.3I5.32 7 889 196.35
The Chariry has neither discontinued any of its op2rn1ioDs Th)r a¢quir¢d r￿W ones In ItL¢ Cutreni or pri(x year.
Pag¢ 10

W B HARRIS WILL TRIIST
B•l•ntt Sheet ay at 31sr Dt¢ember 21J23
2023
2023
2023
2022
2022
2022
UnreslricEed
Fund
Endouttn¢ni
Fund
Totsl
Funds
Unresiricted
Fund5
En&)wment
Funds
Fund5
FIXED A&SETS
dAsseis- Ta
Ible Fixed
Tongswood Estsk 41
7,750.000.00 7.750.000.00
7,750,000 00 7.750.W IM)
Inveslmenis ai
Market Value Ipa8e 141
263.903.00
263.903.00
8,013,903.00 B.013.903 00
292.319.00
292.319 IX)
8.042.319.00 8.042.319.00
CLRREYI T ASSETS
Debior
Debiors Ipage 12)
20,077.87
54.225.00
74,302.87
10.847 48
54.225.00
65.072.48
Ca%h al Bank
Bnd in hand Ipa8e 12)
12.563.18
32,641 Oi
29,168 78
83.393.78
41.731.96
116.034.83
17.85100
28.698.48
3.635.27
57.860.27
21.486.27
86.5i8.7i
CREDITORS
Amollnis fallins dll¢
within one year Ip4e 12)
12.318.00
191.332.06
203.650 06
8.817.45
165,676.71
174.494 16
ET CURRENT LJABILITIE
20.323 05 (107.938.281 187,615 231
19.881.03
(107,816.441
187.935 41)
TOTAL ASSETS Its$
(.'IIRRTr:Tr4T LIABILITIES
20J23.05 7,905,964.72 7.926.287.77
19.581.03 7.934.502.56
7.954.383.59
f.RF.DITORS
Amoun15 f3llin8 due itt
more iham on¢ Ipa8e 131
165.187.24}
Tr4ET ASSETS
20.323 Oi 7.905.964.72 7 926.287.77
19.881.03 7 869 315.32
7,889.196.35
FIINDS
Unrestrici¢d
F.ndowmenl
20.323.05
20.323 05
7.905.964.72 7.905.964 72
19.881.03
7.869.315.32 7.869.315.32
Totsi
20.323.05 7.905.964.72 7.926.287.77
19.88103 7.869.3 li.52
7.889.196.35
Th¢ finan¢ial statements have be¢n pi¢par¢d in accordance with the Flnkn¢1￿ Reporti￿- Standard 102
and the requirements of Sialen)ERE of Recommended Pra¢ii¢¢. Ac¢ounlin8 and Reporting by Charities.
These finantial si*terotNt5 were approvtd by Board of Tro$iet5 OU
aDd weye $litttd on its bthgifby:
Rory MacLeay Esq- Dir¢¢ioron beh￿r of Ton8swood Esthtrs Limited
Dan Baylty Esq- Director on behalfofTon@swood Estates Limited
Guy 5¢lnK>n ￿q- D￿C(tOr on b¢h￿f 0fTOng5w￿jd Eslule5 Limited
Pitts inkin Esq- D￿eCtor on beh￿f of Tongswood Estates Limitrd
Page 11

W B HARRIS WILL TRUST
Debtors, Cash Balances & Creditors as at 315t December 2023
2023
2023
2023
2022
Unrestricted Endowment
Fund
Fund
Total
Fund
DEBTORS
VAT recoverable
St Ronans School rent due
Prepaid indemnity insurance
Transfers between unrestricied
and endowment funds
1,745.00
1.745.00
490.63
54,225.00 54,225.00
506.03
459.24
54,225.00
506.03
17,826.84
20,077.87
17.826.84
74,302.87
9,897.61
65,072.48
54,225.00
CASH BALANCES
Investec Stockbrokers
Ashfords Client Account
Natwesl Bank Business Account
29,168.78 29,168.78
520.80
12,042.38
17,851.01
41,731.96 21,486.28
3,635.27
520.80
12.042.38
12,563.18
29,168.78
DEPOSIT INTEREST
Investec
Ashfords
NatWe5t Bank (gross)
128.46
128.46
10.79
128.46
128.46
10.79
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Natwest Bank Loans due within one year
Transfers between unrestricted
and endowmeni funds
VAT payable
Mccabe Ford Williams
Ashfords fees
148,251.22 148,251.22 140,033.75
17,826.84
17.826.84
9.897.61
5,850.00
6.468.00
5,850.00
19,404.00
11,700.00
25,872.00
10,707.00
13,855.80
12,318.00
191,332.06 203.650.06 174,494.16
Page 12

W B HARRIS WILL TRUST
DebIts￿, C&sh Bulrtnces & Credilor5 ai 31si December 2023
2023
202)
2022
Unrestricted Endowm¢nl
Fund
Fund
Toial
Fund
CREDITORS: AMOUNTS FALLING DUE
IN MORE THAN ONE YEAR
Natwest Bank Loan- New Sports Hall
Less.. Due within one year
148.2S1.22
148.251.22
1148.251.22} (148,251.22
205.220.99
1140,Oii.75
65.187.24
The amounts falling due in mor¢ ihan five years-.
Bank loan more than five years
Repayable by instalments
The following secured debts are included within creditors
Natwest Bank Loan- New Sports Hall
148,251.22
148.251.22
148,251.22
148,251.22
205.220.99
205.220.99
Th¢ bank loans are secured against the Tongswood Estate property.
The sports hall developmeni loan facility is for £750,000. It was initially drawn down in December 2009
with ihe remainder of the loan drawn during 201 O. As at 31 December 202J, the balance siood at
£148.251.22. The interest charge was at 2.5V/ts over th¢ Bank Base Rate for 12 months. It then moved
to a fixed rate interest of 6.600 /0 per annum. The loan is repayable by 56 quarterly repayments starting
from March 201 l and running to 2024.
During 2020 and 2021, as a result of the Covid pandemic, the bank agre¢d to allow a capital payment
holiday for 12 months whereby the Trust was only charged and paid interest on th¢ sPQrt5 hall
d¢v¢lopm¢ni loan. Capital repayments recommenced in July 2021.
Page 13

IV B H.4RRIS WILL TRUST
S¢bed￿le ofTnve5tmeDtJ for Ib* ye*rended 31st Dtttmbcr2fj23
tllV¢5tyn¢nts held al
InvesbnenL% heldat
Hokiins
B(K>k Value
Holding
Bouk
Market Volue
Fiitd Iptrreyt
FIL Fidtlity Moneybuilder
Mvzin1ch & CoGlobal Tactical
CG Portfolio Fund
20.0(K)
20.(D)
17.951.93
10.546 (N)
16.346 00
9.465 (10
13,388 00
10.546
70
43.633.03
43.633 03
39.199 00
UK Equitiej. Ibvrsimtllt & Luit Trusts
Diverse Income Tru51 Ord Ip
Mereantile InYTI 25p
14,500
7,505 88
3.72) 86
14,500
6.wo
7.505.88
2.483 91
11.963.
I3.2￿ (rf>
9.989.79
25253.
O¥tMA) Equjljrs
JP Mor8￿ US Equiiy Inc
S¢hrodtrOripnW Qrd Ip
18.467
8.5fM)
9,442 78
10.469 i)
18.467
8,5
9.442 78
10,469.55
18.088.
21,50).
49,593 O)
BNY Mellon l.ligher kne
F & C Inv Trust
Murity Iniefnational T￿t
Caledonia Invesiinenis Ord 5p
PolarCApitsI Fund Global Irks
12.0
3.2
12.fAY)
3.2
7.750
23.368(NJ
30.816th)
19.976.
17.638
17.479Q)
109.277.00
17.4i648
17.45648
500
10.876 86
10.876 86
56.185 38
Proptrty
q¢hrodEI Real E51al¢
30.￿0
20.03102
20,03102
13.343 (K)
AlltrTh*lt Asit¢S
Nexttnewj Solar F Red
Per￿n￿l Assets Tru5l
6,500
4.50Q
7.148 60
19.869 63
6.5(Y)
4,5
7.148 (A)
19.869 63
27.018.23
i.987(X)
21.251
27.238 00
Hedgt Fulld*
CG Portftslio M
22.520.80
Fix¢d Interest
UK Fquitie5. Investment& Unit Tr
overe￿ Equilics
Inte￿￿tIonal Equ111¢5
Property
lern* Ass¢ts
H¢dst Fund5
43.633 03
43,633.03
9.989 79
39.199.
25.253.(K>
49.593
109277.
13.343.(K>
27238.
56,185.38
20.03102
2?.018.23
20.031.02
?7.018.23
22.520.80
200,53?.53
176.769.78
263.903
Unrelllised gain
un￿11$ed g#in iri5Tng In earlieryears
87.133 22
Movement In unrealwd ￿1￿(10$8) in 2023
4.653 25
Page 14

IV B HARRIS WILL TRUST
lovtstthtnt lutome lor tht year t￿ded 31st Dtcember 2023
Des¢ripdoD
Jhte
Gros$
Dividend
OYtTSt#J Fixed [￿terest
C&G Portfolio Fund
C&G Portfolio Fund
MuTjnjch & Co
165 5011112ts23
70 3011112023
IIN) 0810612023
0811212023
476.40
li4.06
1.074.99
Ilnit Trust IDVt5tmenf
FIL MoDeybuilder
20,000 2610112023
24K0212023
2410312023
2610412023
2610512023
2410612023
2610712023
2510812023
26109Q023
261101202J
2411 IQ023
2J112Q02J
68.94
62.32
71.20
64.20
65.64
6984
6438
67iO
66.66
6552
67.42
69.22
802.84
Uttit Tr￿ty
BNY Mellon N¢wion Income
12.1MN) 28102ll023
3 IIOit2023
3 IID812023
3011 Ill023
18.467 3110112023
2810412023
3110712023
3111012023
174)7
298 B7
J P Morgan Am UK E4UIty Inwtn,
182 82
184.67
104.35
168.05
.465 93
Investho#tTtUAts& Eq￿l¢le5
Calcdonia Invesimeni Tn￿t
500 0510112023
0310812023
3.200 DIIOY2023
111051202]
0110812023
91.IM)
246.IM)
102.40
124.80
108 80
108.80
Forei8n & Colonid Inv Tsi
M¢r¢aniilc Invesknenl Trust
9.000 0110212023
I Im512023
0110812025
0111 Ir2023
186.00
8700
8700
Pcrsoll￿ Assets Tntsi
4.500 1 IA)112023
IY0412023
2810712023
2810712023
0611012023
6300
6JOO
6300
94.50
63.00
Catricd forward
1.609.80
Pag¢ 15

W B HARRIS WILL TRUST
Inv¢stm¢nt Ineomt for the year ended Jlst De¢¢mbtr 2023
Des¢ripiion
Holding
Dite
Gro55
Divtdend
Brought forw4rd
MurrBy Int¢rnaiional TA￿1
1,609.80
186.00
310.00
186.00
1,550 1710212023
0510512023
1610812023
1711112023
186.00
137.75
Diverse Income
14.500 2810212023
3110512023
3110812023
3011112023
137.75
137.7)
174.00
3.065.05
Overeaj Eqwitits
Polar Capittsl Trund Qlobal Ir
2.250 3110112023
2810412023
3110712023
3111012023
.500 1010212023
0510512023
2510812023
43.20
60.53
59.85
48.83
170.00
S¢htoder Oriental
170.00
170.00
0111212023
6.500 3110312023
3010612023
493.00
Nextsrtergy Soifyr F
122.20
122.20
135.20
30109r2023
2911212023
135.85
1.730.86
Property
sChr￿J¢T Real Esiaie REIT
30.000 07103ll023
3010612023
245.70
250.80
250.80
2510812023
2211212023
250.80
998.10
Ineomt
Summary
Overs¢as Fix¢d Inlcresi
Unil Trw4t Interest
Unir Trusi Dividend$
Investment Trusts & Equiti¢s Dividends
Ov¢reas Equities Dividcnd5
Property Income Divid¢nds
1,074.99
802.84
.465.93
3,065.05
,730.86
998.10
9,137.77
Page 16
Pag¢ 16

W B HARIUS WILL TRUST
YeAr tllded 31 D¢c¢mber Z023
Schedule of Investm¢Dt Trwn5aetion5
Disposals
D*te
2810212023
2211212023
Nomin41 De5CriPtion
3.000 Mercaniile lftve5EmWtTn￿I
165 CG Portfojio Fund
Book Value
1.241.95
22,520.80
Proceeds
GainllLossl
5.118.96
1361.651
6,360.91
22.159.55
23.762.75
28.520 06
4.757.31
Aequisltions
DAt¢
Nominal Description
Book V#lue
Mode
Summ*ry
0110112023 Beok Value
IK55 Disposals at cost las above)
197.338.89
23.762.7i
173,576.14
Add Acquisiliort$ at cost las atx)v¢l
3111212023 Book Value
173,576.14
Page 17

W B HARRIS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EINDED 31ST DECEMBER 2023
ACCOUNTING POLJCIES
Statutory InformAtion
WB Harris Will Trust is a Charity, registered in England and Wales. The Charity's registered number and
iegisiered office address can be found on the Legal & Administrative Infomiation page.
The presentation currency of the financial statements is the Pound Sterling 1£).
Accounting conventio
The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in
a¢¢oTdan¢e with th¢ Chariti¢s SORP IFRS 102} 'Aceounting and Reporting by Charities.. Statement of
Recommended Practice applicable io Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive l October 20191,
Financial Reporting Standard 102 'Th¢ Finartcial Reporting Standard applicable in the UK and Republic of
Ireland, and the Charities Act 2011. The financial statements hove b¢en pr¢par¢d under the historical cost
¢onvention with the exception of investmcnls which are included at market value.
Intomffing re$ources
All incoming resources are included on the Stat¢ment of Fitllncial Activities when the Charity is legally
entitled to the income and the amount can be quantified with reasoDabl¢ a¢curdcy.
Donations from St Ronan's Appeal Fund are recognis¢d wh¢n received by the trust.
Interest and dividends are Show￿ gross of recoverable lax in the Statement of Financial Activities.
Rent. nei of VAT. Is recognIsed on an acctuals basis. The lease premium paid by St Ronans School has been
recognised in the SOFA on the comm¢nc¢ment date Set out in the lease.
Resources expeRded
Expenditure is accounted for on an accruals basis and ha5 been classified under headings that aggregate all
cost relaied to the Category. Where Costs cannot be dire¢tly attrib￿led to particular headings they have been
allocated to activities on a basis consistent with the use of resources with 51P/o of accounts costs to unrestrict¢d
funds and 500ID to endowment funds and 250/0 of administratiotl Costs to unrestiicted funds and 75/0 to
¢ndowm¢ni fi]nds.
Freehold property
Th¢ fr¢ehold property was fornially valued ai open market value on a vacant possession ba515 on 13 February
2012 by Lambert & Foster at £7.75m. At the dat¢ of th¢ introdu¢tion of FRS 102, the Trnst recognised this as
the deemed cost so it is not required to revalue the properry again on a periodic basi5. The regidu21 value of
the propetty is considered to be such that any depreciation of deemed cosi less residual value ai 20/u per annum
would be negligible or £Nil.
Page 18

W B HARRIS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
ACCOUNTING POLICIES- eontlfjued
Investment5
Investments quoted on Stock exchange are valued at market value. Realised gains are recorded as the
differenc¢ between the proceeds on disposal less the original cost of the investments. Unrealised gains or
losses are recorded as the difTerence between the market value at the year end less the original wst of the
it]vestmenls.
Taxation
The Charity 15 exempt from ¢ory)oration tax on its ¢haritable activities.
Fund accounting
Unrestricted fijnds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted ￿ndS can only be used for particular rcstricted purposes within the objects of the Charity.
Restrictions aTise when specified by the donor or when funds are rais¢d for parti¢ular restrict¢d purposes.
Endo￿nent fimds represent pemanent endowment fut]ds provided under the original will and must be
retained within the Charity.
With the exception of rental income and the premium received on leases to the school, income generated from
endowment ￿ndS is unrestricted and can be applied for the objects of the Charity. For rental income and the
premium Teceived on leases to the School. the incoming fvnds are applied to the endowment fund until the
bank borTowing tak¢n out to fund the development at the school is cleared.
Distributions
Distributions are made to the school at the Trustee's discretion and are charged ][] the period in which they aTe
appToved And paid.
SignifieaTrt estlmates and judgement$
In the application of the Trust's accounting poli¢ies th¢ Truste¢s are required to rnake judgements. estimates
and assumptions about the catrying value of assets and liabiliti¢s that are not readily apparent from oiher
Sources. The e5timate5 and underlying assumptions are based historical experience and oih¢r factors that
are considered relevant. A¢￿al results tnay differ from these estirnates. The estimates and underlying
assumptions are reviewed on an ongoing basis. R¢vi5ions to accounting estimates arc recognised in the period
to whi¢h the estitnate is revised if the revision affects only that period or in the period of the revision and
ture perio￿ if the revision affects both CUTrent at]d future periods.
Where costs cannot be directly attributed to particular headings they have been allocated to activities on a
basis consistent with the use of resourtes with 500/0 of accounts cost5 10 UIiTestricted ￿TrdS and 500/0 to
endowment fvnds and 25fj/0 of admintstration costs 10 unresiricted funds and 75 % to ¢ndowment fvnds.
Asid¢ from this, th¢ Trustees eonsider that there are no other key sources of esiimation uncertainty that have a
significant effect on the amounts recognised in the financial statements.
Pag¢ 19

W B HARRIS WILL TRUST
NOTES TO THE FINA24CIAL STA TEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
ACCOUf4TING POLICIES- continued
Fin¥neiAI Instruments
The Charity enters into basie financial instruments that result in the recognition of finan¢ial assets and
Izabilities like trade and other accounts receivable and payable, loans from banks and other third parties and
loalls to related pani¢s.
a) Trad¢ and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at arnort15ed ¢05t usin¥ the
effective inter¢5t method, less impairnient losses for bad and doubtful debts except where the effect of
discounting would be immaterial. In such cases. the receivabl¢s are stated at cost l¢ss impaiment 1055es for
bad and doubt￿1 debts.
bl Cash and ¢ash equivalents
Cash and cash equivalents Cornprise cash at bank and in hand.
cl Impainnent of financial assets
Financial asset5 thai are measured at cost and amortised cost ar¢ assessed at the end of each reporting period
for objective evidet]ce of impairment. If objective evidence of irnpairnient is found. an impaimient loss is
r¢cognis¢d in profit or Ioss.
For financial assets measured ai amortised cost, the impaiment Ioss 15 measured as the difference between an
asset's canying amount and the present valu¢ of estimated cash flows discounted ai the asset's original
effective interest rate. If a financial asset has a variable Interesi rate, the discount rdte for measuring any
impaim)ent Ioss ts the current effectiv¢ interest rate deternjined under the contract.
For financial asscts measured at cosi le55 impaim¢nt, the impairnient loss is measured as the difference
between an asset's carryin&y amount and the best estimate, which is an approximation. of the amount that the
company would receive for the asset if it were to be sold at the reporting date.
dl Trade and other credito[5
Debt instrnrnents like loans and oih¢r accounts payable are initially measured at present value of the
payments and subsequenily at amortised cost using the effcctive iTtterest method. Debt instruments that are
payable within one year, typically trade payables, are measured, initially and subsequently. at (he undi5counred
amount of the cash or other consideration expected to be paid. However. if the arrangement5 of a short-temi
instrurnet]t consiitui¢ a financing transaction. like the payment of a trade debr deferyed beyond nomjal business
iemjs or finaneed at a rate of interest that is not a market rate or in case of an outright short-temj loan not at
maTket rate, the financial asset is measured, initially and Subsequently, at the present value of the future
payments discounted at a market rate of interest for a siinilar debt instnun¢nt.
Financial assets and liabilities are oftset and the net amouni reported in the statement of financial position
when there 15 an enforceable right to set off the recognised amounts and there is an intention to settle on a n¢t
basis or to Tealise the asset and s¢ttle the liability simultaneou51y.
Going Coneern
The T￿￿teeS have reviewed the cashtlow5 of the Trust for 12 month5 from the date of approval olih¢ accounts
and consideT that the Trust will be in a Position to meet it5 financial obligations for the foreseeable future and
that there are no material uncertainties relating to goin8 conc¢m. As a ￿sU[L the a¢counts have been prepared
on a going concern basis.
Page 20