REGISTERED CHARITY NUMBER: 277719
W.B.HARRIS WILL TRUST
Tongswood Estates Limited
REPORT & ACCOUNTS
For the year ended 31°, December 2024
Ashfords LLP
l New Fetter Lane
London EC4A IAN
REF: JAT1269687-50558
020 7544 2429

W B HARIUS WILL TRUST
ST
INDEX TO THE FINANCIAL ST ATEMEiYfs FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS
e Number
Trustees, Re
ort
Auditors Re
ort
Statement of Financial Aetivities
Balance Sheet
Debtors. C¥sh Balances, Creditors & Deposit
Interest
Schedule of Investments
Investment Income
Investment Transactions
Accountin
Polieies
Other Notes to the Accounts
io
li
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 2024
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 Tntst is registered with the Charity Commissioners under Charity Number 277719.
Recruitment and appointment of neiv trustees
With the consent of the Charity Commission a company limited by guarantee. Tongswood Estates
Limited has been given authoTisation to be the Trustee of the Charity. In 2005 the Trustees 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 Estates Limited. with the relevant professional skills and an emphasis on
fornier pupi15 of St Ronans, are recrutted by the directors themselves.
Trustees are appointed by deed in accoidance 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 ￿llY comply with the charities current views of its
progression.
Organisational structure
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 formal meetings of the directors as and
when required.
Ashfords LLP manages the day-to-day administration of the Charity. Ashfords LLP has no signing
powers over the Charity's assets. All decisions and any payments made by the Charity have to be
authorised by the directors of Tongswood Estates Lirnited.
Wider network
At present the WB Harris Will Trust does not consider itself part of a wider network.
Related parties
The Trust has no commercial dealings with the directors of Tongswood Estates Limited or with any
other parties who would be considered to be related parties of the Directors of Tongswood Estates
Limited. The administration of the Trust is Carried out by Ashfords LLP solicitors who have charged
Éhe trust £25,309 for legal and administrdtive services. All costs have been authorised by the Trustees
and have been Charged on an arm's length basis.
Page I

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties (continued)
The St Ronans Appeal Fund (Registered Charity Number- 1131138) was sel up to raise funds for the
facilities at the School is operated by Tongswood Estates Limited. During th¢ year, this charity has
niade donations of £Nil (2023.. NIL) to the WB Harris Will Trust.
There are no other related parties.
Risk management
The Tru5te¢s 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 business and operational risks that the Charity face5,
and confirn) that systems have been established to enable the directors to be provided with infonnation
so that the necessary steps can be taken to lessen the5¢ risks.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The income of the Trust 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 their
sons at St Ronan's or at any re¢ognised 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 think fit.
The capital of the Trust will be retained by the Trustees as long as St Ronan's School continues in the
same manner and for the same purposes a5 at the date of death of W B HatTiS. Thereafter, one half of
the capital will pass to the two named individuals or their personal representatives. The rernaining half
will pass to such charity or charities as 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
beneficiaries.
Significant 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 HARIUS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2024
Signkficant 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 to fund these developments.
The servicing of the loans means that there Ts limited capability for the Trust to make any grants to the
school.
Grantmaking
Under the ternis of the Trust Deed, the Trust has made donations of £Nil (2022- £Nil) from its
unrestricted income to the School Library Fund as part of its objectives to a5SiSt the school with
educational programmes.
Social or programme related investment5
The Charity has no social or prograrnme related investments.
Volunteers
The Charity has no volunteer workforce. The directors of the Tn￿tee 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 IS year lease running to 2021. This lease expired during 2021 and the rent ceased.
The Sport5 Hall is charged at an annual rent of £72,3(KJ under a 15 year lease which expires in 2025.
These rents have been used to 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 at £86,658 {2023: £148.251)
with capital repayments which commenced in Mar¢h 201 I running until *025.
During the Covid pandemic in 2020, the bank agreed to provide a capital 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 repayrnents were deferred. The deferred rent due at 31 December 2024 totals
£54.225 (2023: £54,225).
As well as the rental income, expenditure has been funded by investment income of £8,871 (2023:
£9.138) and from cash reserves held by the Trust. The total c05É5 of resources expended by the Trust
totalled £44.096 (2023.. £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 2024
Investment and charitable a¢tivities (continued)
Tongswood Estates Limited holds the assets and liabilities on trust on behalf of the Charity. As a
result, all transactions of the Charity and its assets and liabilities are reflected in the accounts while
Tongswood Estates Limited's accounts are dorniant.
Fundraising activities
The Charity has no fundraising activities.
Investment performance
£25,731 of funds have been invested in new shares and £42,836 has been generated by the disposal of
shares. The share5 are held and administrated by Investec stockbrokers. The portfolio has increased in
value during the year by £10,332, reflecting the position of the stock market, with a closing market
value of £264,110.
Dividend and interest income generated by the portfolio amounts to £8,871.
Internal and external factors
The trustees have made a full assessment of the internal and extemal factors 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,
at a level that equates to approximately six months unrestriLted expenditure. This provides sufficient
nds to cover rnanagement and administration Costs and to respond to emergency expenditure that
may arise from time to time. Unrestricted fvnds were maintained at this level throughout the year.
Funds in defieit
There are no funds held in deficit.
Principal funding sources
The principal sources of funds are the income and capital returns on investments and rentsl and
premiurns paid by the school for the use of the pre-prep school building. In this year, there hav¢ been
no donations from the St Ronans Appeal Fund Charity.
Investment policy and objectives
Investment Policy is decided upon by the Trustees, in accordance with the ternis of the Will. and the
Trustees instruct Investec to acquire and dispose of investment5 as they r¢quire. The investments are
held to generate income and capital growth. The income is applied to meet the Charity's objects.
Page 4

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2024
FUTURE DEVELOPMENTS
With the pre-prep school development complete, the intention is for the Trust to repay the bank
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 wtth the duty in section 4 of the Charities Act 2011 to have regard to the
public benefit guidance published by the Charity Commission.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the financial statemenls in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice.
Charity law requires the trustees to prepare finan¢ial statements for each financial year. Which give a
true and fair view of the state of affairs of the Charity and of the incorning resources and application of
resources of the Charity for that period. In preparing those financial statements, the trustees are
required to
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP
make judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards have been followed, subject to any material
departure5 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 p051tion of the Charity and to enable them to ensure that the financial
statements comply with the relevant provisions of the Charities Aci 2011, the Charity (accounts and
Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and
d¢tection of fraud and other Èrregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant inforn]ation of which the Charity's auditors are
unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to
make them aware of any audit inforniation and Éo establish that the Charity's auditors are aware of that
infonnation.
AUDITORS
The auditors, McCab¢ Ford Williams. will be proposed for re-appointment.
Page 5

WB HARRIS WILL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2024
Legal & Administrative Information
Registered Charity Number
277719
Registered Office
clo Ashfords LLP. l New Fetter Lane
London EC4A IAN
Tru$te¢
Tongswood Estates Limiied
Directors of Tongswood
Estates LimAted
Rory Ma¢Leay
Dan Bayley
.. Guy Selmon
Piers Inkin
Stockbrokers
Raihbones
2 Gresham Street
London EC2V 7QN
Solieitors
Ashfords LLP l New Fetter Lane
London EC4A IAN
Bankers
Natwest PLC
2 Floor County Gate 2 Staceys Street Maidstone ME14 1 ST
Kent TNI IQJ
Auditor$
Mccabe Ford Williams
Bank Chambers, High Street. Cranbrook
Kent TN17 3EG
For and on behalf of the Truslees
Dated..................
.2025
Rory MacLeay -Director- Director on behalf of Tongswood Estates Limited
Dan Bayley- Director- Director on behalf of Tongswood Estates Limited
Guy Selmon- Director- Director on behalf of Tongswood Estates Limited
Piers Inkin- Director- Director on behalf of Tongswo(Kl Estates Limited
Page 6

W B HARRIS WILL TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL
TRUST FOR THE YEAR Ef4DED 31 DECEMBER 2024
We have audited the financial statements of WB Harris Will TNst for the year ended 3 1st December 2024 on
pages ten to twenty-two which comprise Statetnent of Financial Aciivities, the Balance Sheet and related notes.
The financial reporting framework that has b¢en applied in their preparation is applicable law and United
Kingdom Accounting Standard5. including Finanrial Reporting Standard 102 'The Financial Rcporting Standard
applieable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practire).
This report is made solely to the Charity's trustees, as a body, in accordance with Section 144 of the Chariiies A¢1
2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might
st2te to the Charity's tNstees those matters we are required to state to them in an auditors, report and for no other
puryose. To the fullest extent perniitted by law, we do not a¢cept or assume responsibility to anyone other than
the charity and the charitable company's Directors as a body, for our audit work. for this report. or for the opinions
we have fornied.
OPINION ON FINANCIAL STATEMENTS
In our opinion the financial statementS-
Give a true and fair view, of the srate of th¢ Charity's affairs as at 31° December 2024 2nd of its incoming
resources and application of resources for the year then ended:
Have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting
Practice,.
Have been properly prepared in iccordance with the Charity Act 2011.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Audiiing (UK) (ISAS {UKII and applicable
law. Our responsibilities under those standards are further des¢rib¢d in the Auditors. responsibilities for the audit
of the financial statements section of our report. We are independent of the Charity in accordance with the ethical
Tequir¢ments that are relevant to our audit of the finan¢ial statements in the UK. including the FRC'S Ethical
Standard, and we have fulfilled our other ethical respon$5bilities in accordance with these requirements. We
believe that the audit evidence we have obtained is suffi¢ient and appropriate to provide a basi5 for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements. we have concluded ihat the Trustees, use of the going Concern basis of
accounting in the preparation of the financial 5tat¢ments is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
¢onditions that. individually or collectively, may cast significant doubt on the Charity's ability to Continue as a
going concem for a peri(Ki of at least tw¢lve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibiliti¢s of the Trustees with respect to going ¢oncem are described in the
relevant sections of this reporL
Page 7

W B HARRIS WILL TRUST
REPORT OF THE ILYDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL
TRUST FOR THE YEAR ENDED 31 DECEMBER 2024
OTHER INFORMATION
The Trustee5 are responsible for th¢ other information. The other inforniation cornpris¢s the information in the
Report of the Trustees but does not in¢lude the financial statements and our Report of th¢ Auditors thereon.
Our opinion on the financial statetnents do¢s not cover the other infornjation and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements. our restx)nsibility is to read the other inforniation and. in
doing so. consider whether the other information is materially inconsistent with the financial Sfatements or our
knowledge obtained in the audit or othenvise appears io be materially misstated. If, based on the work we have
perfomied, we conclud¢ that there is a material misstatement of this other information, we 2r¢ required to report
that fact. We have nothing to report In this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE CHARITIES ACT
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Truste¢s Report for the financial year for which the financial
statements are prepared is ¢onsistrnl with the financial statements: and
the Trustees of the Council has been prepar¢d accordance with applicable legal
requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Charity and its environment obtsined in the ¢ourse of th¢
audil, we have not identified material misstatem¢nts in the Trustees Repon.
We have nothing to report in respect of the following matters where the Charities Act requires us io report to you
if. in our opinion..
adequate accounting records have nor been kepi, or retums adequate for our
audit have not been r¢ceivcd from branches not visited by us,. or
the financial staiements are not in agr¢¢m¢nt with the accounting records
and returns. or
certain disclosures of Trustees. remuneration specified by law are not Made.
or
we have not received all the infom)ation and explanations we require for our
audit.
RESPONSIBILITIES OF TRUSTEES
As explained more ￿llY in the Statement of Trustees, Responsibilities on page 5 th¢ Trustees are responsible for
the preparation of Annual Report of the Trustees and the financial statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom G¢ncrally Accepted Accounting Practice) and with
the Trust's goveming d¢ed and for being satisfied that they wve a tru¢ and fair view.
In preparing the financial statements. the Trustees are responsible for assessing the Charity's ability to continue as
a going coneem, disclosing, as applicable, matters relaied to going concem and using the going concern basis of
accounting unles5 the Trustees either intend to liquidate ihe Charity or to cease operations, or have no realislic
alternative but to do so.
Page 8

W B HARRIS WILL TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRtS WILL
TRUST FOR THE YEAR ENDED 31 DECEMBER 2024
OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether thc financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditois that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarani¢¢ that an audit conducted in
ac¢oTd2n¢¢ with ISAS (UK) will always detect a material misstatetnent when it exists. Misstatements can arise
from fraud or error and are considered material if. individually or in the aggregaie, rhey could reasonably be
expected to influence the economic decisions of users taken on the basi5 of these finan¢ial statements.
Irregularities, including fraud, are instances of nonrfompliance with laws and regulations. We design procedures
in lin¢ with our responsibilities, outlined above, to detect material mi$statemeniS in respect of irregularities.
including fraud. The extent to which our procedures are capable of dete￿ing irregularities. including fraud is
detailed b¢low'.
We gaitbed an understanding of the legal and regulatory framework applicable lo the Charity and the indLtstry in
whi¢h it operates, and considered the risk of acts by the Charity that were contrary io applicable laws and
r¢gu121ions, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not
detecting a tnaterial misstatement due to fraud is higher than th¢ risk of not d¢t¢cting one resulting from e￿Or, as
fraud may involve deliberate concealment by. for example. forgery or intentional Enisrepresentations, or through
collusion.
We 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 l¢gislation. Our tests included agreeing the
financial statement disclosures to underlying supporting docutnettiation, enquiries with management and
enquiries of legal Counsel. There are inherent limitations in the audit procedures described above and, the further
removed non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements. the less likely we would become aware of it. We did not identify any key audit matters relating to
irregularities, including fraud. As in all our audirs, we also addressed the risk of management override of internal
contro15. including testing journals and evaluating whether there was evidence of bias by the dir¢¢tors that
represented a risk of material mi5Statement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website ai wvw.frc.org.uElauditorsresponsibilitie5. This description fomis part of our Report
of the Auditors.
2025
Mccabe Ford Williams
Chartered Accountants & Statutory Auditors
Bank Chambers
High Street
CRANBROOK
Kent TN17 3EG
Page 9

W B HARRIS WILL TRUST
St*ltm¢nt ofFinaDckal Activities for tbt year tided 31st De¢tmber 2024
2024
2024
2024
2023
2023
2023
UnT¢Stricfcd Eno0￿Dent
Fund5
Funds
Tot3]
Funds
UnTestri¢ied Endowreni
Funds
Funds
To
Funds
Irtcotying Resources
Incoming re5ourcts from generattd fulld$
Voltsnio
te
Donations from Si Ronart5 Appeal Fund
Dividends & Inte￿[ Ipage 15-161
Reni paid by Si RonaTJS School
Other Income- Inierest on late rent
DeposLI Inierest Ipage 121
8.870 97
8,870.97
72.300.(
9.137.77
9,13777
n.300.
72,300 00
72,3(N).00
14904
9,020 01
149.04
81.32001
128.46
9,266.23
128.46
81.566.23
72.300 00
72,31Y).00
Re$ourees FxpeDded
CoslJ o
ener(Fiin
IMvesiiAeni iiiurtageJJieNi cosls
Jnvts*¢ Sio¢kbrokers fees
3.011.24
3.01124
3.011.24
3,011.24
3.082.16
3,082 16
3 082.16
3.082 16
Cljuriioble uciiviiies
Di*ribuiions- St Ronan's Sch￿]
Governnnce cosis
Audit & a¢Muntsncy f¢¢$
Companies House Charges
Trustees Inde￿nitY iJLsuran¢e
2.820.00
47.00
586.74
2,820.OD
5.640.
47.1K)
586 74
2.88) 50
1300
537.71
2,883.50
5.767.00
13.00
537.71
Legal & administraiiv¢ fee5
6.327.13
9,780.87
18,981.38
21.801 38
25 308.50
31.58224
5.390 00
8,824.21
16,170.IM)
19.053 50
21,560.00
27.877 71
Oiherresottr
sex
]nlere51 payable
Contribution lo to heodtt
VAT sw¢harg¢
Bank char8eS
3.916.03
500.00
33.58
525)
9,502.16
8.916.03
500.00
33.58
52.55
9.502.16
13.567.15
13.567.15
13,619.00
13.619.(K)
Total re50urres txpemdtd
9.780 87
34.31478
44,C85.64
8.824.21
35.754.66
44.578.87
Ntt g*lnsllh)s$¢$1 iDve5trnellts
LA)55es
IGains on In
Realised (page 171
Unrealis¢d Ipage 141
Net gain￿1￿5¢5> illvestm¢Dts
6.979.91
10.332.03
6.979.91
10.332.OJ
4,757.31
4,653.25
104.06
4.757 31
465325
104.06
Nti In¢ornellExpeDditurel
1760.861
55,297.17
54,536.31
442.02
36,649.40
37,091.42
Otb¢r ￿tog￿lstd 811￿￿{]0$￿t￿
Ntt movemtNt in
{760 861
55.297 17
54,536.31
442.02
36.649.40
37,091.42
Reton¢ill*tion of Fund5
Total Funds brought (on¥ird
20,323 05 7.905.964 72 7,926,287.77
19,88103
7.869.315 32 7,889,196.35
Total funds carritd toThvard
19.562.19 7,961,26189 7.980.824 08
20.323 05
7.905.964 72 7.926.287.77
The Chanty neither diKoniinued any of its operatiotss nor acquired new ones in the current or prioi year.
Tn

IV B IIARRIS WILL TRUST
Balan¢t 5heetis at 31st Dertmber 2024
2024
2024
2024
20
2023
2023
Unrestricted Endowtn¢nt
Fund
FllTrd
Total
Funds
Uni¢strict¢d
Funds
Endowrncnt
Funds
Total
Funds
FIXEII ASSETS
FixtdAsseis- TaK
Ible Fi
Tollgswood Esiate (note 41
7.750,tK)0 00 7.750.(K)O.00
7.750.000 00 7,750,ffl0.IM)
Invc51m¢nts ai
MArket VaiuE IpBge 141
264.110.th)
264.110.00
263,403 00
263.90100
8.013.903 00 8.013.SYI3 00
CLRRENT ASSETS
Debtor5 Ipage 121
8,854.75
54,225.00
63.079.75
20,077.87
54,225.00
74,302 87
Cash at Battk
and In hand Ipagt 121
20.072 64
28.927.39
2.630 47
56.855.47
22.703 11
85.782 86
29.168 78
83.393.78
41.73196
116,034.83
32.64105
CREDrroRS
Amounts falling du
wiihin one yeaTlpage 121
9.365.20
109,703.58
11906878
12.318.00
191,332.(NS
203,6SO.06
NET CLRRENT LIABILITIES
19,562.19
152,848.111 133.285 921
20.323.05
1107,938.281
TOTAL ASSETS le5S
CIIRREN'f LJANILI'I'IES
19.562.19 7.961.26189 7.980.824.08
20J23.05 7.W5.964.72 7.926.287.77
CREDITORS
Amounts falling due in
orc than on¢ year Ipw 131
NKT A&SETS
19.562.19 7.961.261.89 7.980.¥24.08
20.323.05 7,905.964.72
7.926.287.77
FUNDS
Unre5tri¢i¢d
Endowmeni
19.562.19
19.562.19
7.961.26189 7.961.26189
20.323.05
20,323.05
7.905,964.72 7.905.964 72
Totsl
19.562.19 7.961.26189 7.980.824 08
20.J23.05 7.905.964.72
7.926.287.77
The fLnan¢ial 51atemenis have been prepared in Accordantt with the FI￿anCIaL Rew)rting Siwidard 102
#rtd lh¢ reqllirements of the Si*emeni of Recommcndcd Pradice. A¢¢ountiftg and Reporting by Ch8rilies.
Thtst finaTrtial st8ftrnentJ were ipproved by Board ofTrustee8 on
and wert signed on its be￿i[by..
Rory MacL¢ay Esq- Dir¢¢ioron bchaifof'fongsw(K>d Islate5 Lirnited
Dan Bayley Esq- Director on bEhalfofTonBswood Ests*s Lunii¢d
Guy Selmon E4- Diiecthr on behaifofToJL85wood Limit¢d
Piets Inkin Esq- Direaoron behalfof Ton8swood Estat¢s Limii¢d

W B HARRIS WILL TRUST
Debtors, Cash Balances & Creditors as at 31st December 2024
2024
2024
2024
2023
Unrestricted Endowment
Fund
Fund
Total
Fund
DEBTORS
VAT recoverable
St Ronans School rent due
Prepaid indemnity insurance
Transfers between unrestricted
and cndowment funds
1,204.80
1.204.80
1,745.00
54,225.00 54,225.00
520.46
506.03
54,225.00
520.46
7.129.49
8,854.75
7,129.49
54,225.00 63,079.75
17,826.84
74,302.87
CASH BALANCES
Investec Sto¢kbrokers
Ashfords Client Account
Natwest Bank Business Account
2,630.47
2,630.47 29.168.78
520.80
12,042.38
41,731.96
20,072.64
20,072.64
20,072.64
2,630.47 22,703.11
DEPOSIT IIYTEREST
Rathbones
Ashfords
Natwest Bank (gross)
149.04
149.04
128.46
149.04
149.04
128.46
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Nalwest Bank Loans due within one year
Transfers between unrestricted
and ¢ndowment funds
VAT payable
Mccabe Ford Williams
Ashfords fees
86,658.49
86,658.49
86,658.49
7,129.49
7.129.49
17,826.84
6,090.00
3,275.20
6,090.00
9,825.60
12,l80.00
11,700.00
13,100.80 25,872.00
9,365.20
109,703.58 119,068.78 142,057.33
PApe. l?.

W B HARRIS WILL TRUST
D¢btfprs, Cash Btslumces & Credilors as ai 31$1 December 2024
2024
2024
2024
2023
Unregtricted Endowment
Fund
Fund
Total
Fund
CREDITORS: AMOUNTS FALLING DUE
IN MORE THAN ONE YEAR
Natwest Bank Loan - New Sports Hall
Less: Due within one year
86,658.49
(86,658.491
86,658.49
148.251.22
86,658.49) {148,251.22}
The amount5 falling due in more than five years..
Bank loan more than five years
Repayabl¢ by instalments
Thc following secured debts are included within Creditors
NatW¢st Bank Loan - New Sports Hall
86,658.49
86,658.49
86,658.49
86,658.49
148,251.22
148,251.22
The bank loans are secured against the ToDgswood Estate property.
The sports hall development loan fa¢iliiy is for £750.000. It was initially drawn down in December 2009
with the remainder of the ltsan drawn during 2010. A5 at 31 December 2024, the balance stood al
£86,658.49. The interest charge was at 2.5 /0 over the Bank Base Rate for 12 months. It then Inoved
Éo a fixed rat¢ interest of 6.6000/0 per annum. The loan is T¢payable by 56 quarterly repayment5 starting
from March 2015 and running to 2025.
Pa£e 13

W B HARRIS WILL TRI.'ST
Schedule of Jnvutmtnts lor the yeqr tThdtd31st Dtttmber2024
nY¥tments held
Inv¢sthents heldat
Holding
Book Value
H•MItl8
Bwk VAlue
Market Value
Flxed l#tereit
Roy21 Londoii Bd RL s￿lIng Credii
FIL Fidelity Moneybuild¢r
Mutirtith & Co Glo￿ Tathical
CG Ponfolio Fund
ct Iluxl I Sicav
10.5(X)
12.761.
12ts63 (X)
20.0(
17.951.93
10,546
70
1.425
13.1)66 00
I2.￿5 QO
12.970.01
43,633 03
40,866.11
38.374tX)
UK Equiiic& Invcslm¢nt& UllitTru$ts
Diverse Inco[￿ Trusiord Ip
Mercaniile lrtv Tlord 25p
14.5
6,0
7.505.88
2.483 91
14.5(K)
7.505 88
2,483.91
14.280 00
9.989.79
9,989.79
27.46100
Ov¢r¢ag Eq￿l￿t$
JP Mor8an U5 Equity In
S¢hrtyderQriCntAI Ord Ip
18.467
8.5
9.442.78
10.469 55
18.467
8.500
9.442.78
10.469 55
31.301
23226
54.527
Ini*rnAtional E9uiti¢s
BNY Mellon Ne4rfon Hi8her Inc
F & C Inv Trust
Murray Intvnational Trusi
Caledonia Invesime4tsOrd Sp
PolarCapii41 Furtd Global In5
12,(
9.112 29
17.456.48
10.68163
12.
3.2
7,7SO
9.812.29
17.456 48
10,681 63
24.480 (K)
35,616 00
19.976.00
2.250
10.876 R6
56.18538
2250
10.876.86
48.8?7 26
21.796.00
101,868.00
Property
Sehrodcr iieal Esiate
30.(
20.031 ff2
30.IKKI
20.03102
15,210 00
AlttTh#ts Assèis
Nexiener8y Solar F Red
P¢rsonal AWLS Trusi
6.5
7.148.60
19.869.63
27.01823
6.$00
7.148.60
19.869.63
27.01823
4271.LK)
22.199{￿)
26.670
S￿mmAry
Fixed Ini¢rest
UK k4ultits. InYeSEmenk & Unli Tru5
Overeas Eqvilie5
INi¢rnational Equilies
Property
Alternate As*ts
43.633.03
9.989 79
40,866 11
9,989 79
38.374.(Kl
27.461
54,527.(X)
101.868.
15,210.00
26.670.(A)
56.185 38
20.031.02
27.018 23
48.827.26
20,03102
27,018 23
176.769 78
166.644 74
264.110.
Unrealised gatn
Unrealised 8ain arising Ln earlier yrJr5
97.465 26
Movemeni in unTealiswJ s&inlllo5sI in 2024
10,332 03

W B HARRIS WILL TRUST
Investment In¢om¢ for thè year ènded 31st December 2024
IDteresl
Gr05S
Descriptio
Htsldittg
Dgte
Dlvidtttd
Owerstas Fixed Interest
CT (Lux) I Sicav
1,425 27J0912024
2711212024
100 101(h512024
132.53
128.25
Muzinich & Co
442.19
Unit Trust IHv¢5tm¢llt
FIL Moneybuildcr
20,0(>0 2610112024
2610212024
2610312024
2610412024
2610512024
2610612024
2610712024
2310812024
65.92
64.30
82.14
65.78
64.48
67.38
68.16
65.88
544.04
LTDIt Trust
BNY Mellort Newton Ineomt
12.000 2810212024
31105Q024
3010812024
2911112024
18,467 3 Iin112024
3010412024
3110712024
3111012024
146.59
187.03
299.52
154.47
168.05
180.98
166.20
165.53
1,468.37
J P Morgan Am US Equity Incotne
Inwtstmtni Trusts & Equltie$
Caledonia Inve51m¢ni Trust
500 0410112024
0110812024
3,200 0110212024
0910512024
OIIQ812024
0111112024
6,￿0 0110212024
I61Q512024
0110812024
Q111112024
94.65
257.35
108.80
144.00
115.20
115.20
87.00
598.00
90.00
90.00
FoTeign & Colonsaj Inv Tsi
M¢rcantile Invesrtnent Trust
Personal Assets Trusi
4,51Xk 2410112024
1610412024
3110712024
3110712024
0411012024
63.00
63.00
63.00
72.00
63.00
Carried forward
1,624.20

W B HARRIS WILL TRUST
lThveslmtlli Ihtomt for th¢ ytar end¢d 31$¢ December 2024
VDteresl
Gros
Description
Holdin%
D*tt
Dividend
Btoughl forwarrj
Mwray Intern￿lO￿al Trusi
1.624 20
186 00
7,750 1610Y2024
2010512Q24
1610812024
1811112024
14,500 2910212024
31105r2024
30108r2024
2911 Ir2024
333.25
193.75
193.75
145.00
Divw% Income
145.00
152.25
17400
3,14720
Ov¢r¢•s Equiti¢y
Polar CBp2tal Fund Globd ID
2.250 3110112024
30104fL024
81.23
510.48
92.70
56.03
170.00
17U.00
31107fL024
3111012024
8.500 1610212024
1010512024
Schroder Orienial
0210812024
170.00
2911112024
510.00
135.85
Nexiertergy s(4￿ F
6.500 2810312024
2810612024
3010912024
135.85
13650
3011212024
70 ########
C&G Portfolio Fund
337.08
2,242 87
Proptrry
Schroder R¢al Esiat¢ REIT
30.000 2810312024
3010612024
250 80
255 90
255.90
263 70
.026 30
3010812024
2011212024
Intome
Summgry
Overseas Fixed Interest
Unil Irusi Ini¢r¢si
Utiil Trnsi Dividends
Investment Trtsis & Equiiies Divldettds
Overe&s Equ2lies Dividends
PT(VErty Incott* Dividet
442.19
544.04
1.468.37
3.147.20
2,242.87
1,026.30
8,870.97
PaBe 16

W B HARRIS WILL TKUST
Year ended 31 Detember 2024
Schedule of Invt5tm¢nt Trwns#ftioHs
Disp05a15
Dxte
Norninll Description
2010812024
100 Muzinich & CoGlob31 Tactical
2110812024 20.(MJO FIL Fid¢lity Mth¢ybuildcr
0611212024
500 Cakdonia Investments Otd 5p
BotrlL VAlue
10.546 00
Proceed5
G*ithl1￿JSS)
1948.001
11,744.931
9,672.84
9,598.00
16.207.00
17.030.96
7,358.11
35.856.05
42,835.96
6,979.91
AcqMi$i¢ioD$
Da
Nominal De5criptivn
1210812024 10,5QO Royal London Bd RL Si¢tling Cr¢dii
2210812024
1.425 Cl- Iluxl I Sicav
Book Value
12,761.00 Bou8hi
12,970.01 Bought
Mode
25,731.05
Summary
0110112024 Book Value
Les5 Di5P05a15 at rost la5 at¥)vel
176,769.77
35,856.05
140,913.72
25.731.01
Add Acquisitions at cost {as above)
3111212024 Book Value
166,fv14.73

W B HARRIS WILL TRUST
Notes to the Accounts
For the Year ended 31 December 2024
Trustee Exp¢n$
None of the Trustees or directors of the Trustee company received any remuneration
from the Charity.
Commitments
The Trust has no outstanding commitments at the year end aside from liabilities
provided in the accounts.
Tangible Fixed Assets
Freehold
Property
Total
Cost or valuation:
At l January 2024
Additions
Disposals
At 31 December 2024
7.750.000.00
7.750,000.00
7,750,000.00
7,750,000.00
Deprecialion-
At l January 2024
Charge for year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
7,750,000.00
7,750,000.00
At 31 December 2023
7,750.000.00
7,750,000.00
The original historic cost of the freeho5d property is not known.
On 13 February 2012 an exlernal valuer, Lambert & Foster. RICS Chartered
Surveyors, valued Tongswo(Kl Estate including the new development at £7.75m
on a vacant POS5e55ion open market value basis, assuming that it was suilable foT
residential development as was the basis for the previous valuation carried out in
2007. The directors of Tongswood Estates Limited, who act a5 Trustees, have
applied the revaluation in 2012 as deemed cost under the FRS102 transitional
rules. They consider that the residual value of the propety is at least equal to the
deemed cost value so no depreciation has been charged in ihe year.

W B HARRIS WILL TRUST
Notes to the A¢counts {Continued)
For the Year ended 31 December 2024
Appotntment of Trustee
In December 2004, a company limited by guarantee, TongSW￿d Estates Limited, was formed
with the irusiees of the WB Harris Will Trust set up a5 directors. Application was made to the
Charities Commission for Tongswood Esfates Limited to replace the trustees of the WB Harris
Will Trust and for it to hold the irusl's underlying assets and liabilities on trust for the WB
Harris Will Trusi. During 2005 this authority was granted with the effect that Tongswood
Estates Limited is now the trustee aT)d holds the assets and liabilities to transact on behalf of the
WB Harris Will Tnjsi. Consequently. all the transactions of the WB Harris Will Trust and its
assets and liabilities are reflected in these accounts while the accounts for Tongswood Estates
Limited reflect no transactions and record no assets or liabilities. The bank account and loans
in ihe name of Tongswood Eststes Limited are iherefore refl¢¢led in these accounts. The only
account held in the name of Tongswood Estates Limited not reflected in the WB Harris Will
Trust accounts is that held on behalf of the St Ronans Appeal Fund ¢harity which is now dormant.
Leases to St RonaD'$ S¢hool
The Tr￿t had one lease remaining in p5ace with St Ronan's School.
Lease of Sports Hall - runs from l March 2010 to 28 February 2025 - annual reni of £72,300
Total rents due under an operating lease expiring within one year totals £1 1,884.
The rents are recognised on an accruals basis.
There are no direet links between ihe Trust, its Trustees and the School and the School is not
regarded as a related party as per FRS 102.. Related Party Dis¢losur¢s
Related Party Transactions
There have been no transactions with related parties during the year.
Ultimate controlling party
The Trust is controlled by Ihe directors of Tongswood Estates Limited
Impact of Covid Pandemic
During 2020 the Covid-19 pandemic broke out. This had an impact on St Ronan's School ability to
meet its rental obligations under the leases which, in turn, affecled the Trust's abiliiy to make loan
repayments.
Therefore, the Trust agreed with its bank to defer the repayment of bank loans for 6-12 months
and agreed to defer the rental paytncnls by the school for an equivalent period. At the year
end £54,225 of rent had been deferred and is reflected as a debtor.

W B HARRIS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECENIBER 2024
ACCOUNTING POLICIES
Statutory Inform#tion
WB Harris Will Trusi is a Chariry, registered in England and Wales. The Charity's regist¢red number and
registered office address ¢an be found on the Legal & Administrative Infomation page.
The prescntation currenry of the financial ststements is the Pound Sterling {£).
Accounting conventlo
The financial statements of the charity, which is a public benefil entity under FRS 102, have been pr¢pared in
accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of
Recomtnended Practic¢ applicable to Charities preparing their accounts in accord2nee with the Fitydncial
Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 1021 (effective l October 20191,
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost
convention with th¢ ¢x¢¢ptioD of investments which are included at market value.
Incoming resources
All incotning resOU￿¢S are included on the Statement of Financial A¢tivilies when the Charity is legally
entitled io the incom¢ and the amount can be quantified with reasonable accurncy.
Donations from St Ron2n's Appeal Fund are recognised when r￿e1Ved by the trust.
Interest and dividends are shown gross of recoverable tax in the Statement of Financial Activities.
Rent payable under an operating lease agreement, net of VAT, is recognised on an accruals basis. The lease
premium paid by St Ronans School has becn r¢cognised in the SOFA on the commencement date set out in the
lease.
Resources expended
Expenditure is accounted for on an a¢¢ruils basis and has been classified under headings that aggregate all
cost related to the category. Wh¢re ¢osts camot be directly attributed to particular headings they have been
allocated to activiti¢s on a ba511 consistent with the use of resources with 500/0 of ac¢ounts costs to unrestricied
funds and 50/0 to ¢ndowment fl￿dS and 250/0 of administration ¢05ts to unrestricted fvnds and 75Q/o to
endowtneni funds.
Freehold property
Th¢ freehold propety was forn)ally valued at operk market value on a vacant possession basis on 13 February
2012 by Lambert & Foster at £7.75m. At the date of thc introduetion of FRS 102, the Trust recognised this a$
the deemed ¢ost so it is not required to revalue the property again on a periodic basis. The residual value of
the property is considered to be such that any depreciation of deemed ¢ost less residual value at 20/0 per annum
would be negligible or £Nil.
Page 18

W B HAIiRIS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
ACCOUNTING POLICIES- continued
IDve5tments
Investments quoted on stock exchange are valued at market value. Realised gains are r¢corded as th¢
difference between the proceeds on disposal less the original ¢ost of the invesiments. UnTealised gains or
losses are recorded as the difference between the market value at the year end less the original ¢ost of the
investments.
Taxation
The Charity is exempt from corporation tax on its charitable &ctivities.
Fund accounting
Unrestricted funds can be used in a¢¢ordanc¢ with the charitable objectives at the discretion of the truste¢s.
Restricted funds can only be used for panicular restricted purposes within the objects of the Charity.
Restrictions arise when specified by the donor or when fvnds are raised for particular restricted purposes.
Endowment funds represent pern]an¢nt ¢ndowmetLt fijnds provided under the original will and must be
retained within the Charity.
With the exception of rental incoTne and the premium received on leases to the School, in¢otne g¢nernted from
endowment funds 15 unrestri¢t¢d ond can be applied for the objects of the Charity. For rental income and the
premium received on leases to the school, the incoming funds are applied to the endowment fijnd until the
bank borrowing taken out to fijnd the development at the school is Cleared.
Distrlbutions
Distributions are made to the school at the Trustee's discretion and are charged in the period in which they are
approved and paid.
Signifieant estimates and judgements
In the application of the Trust's accounting policie5, the Trustees are required to make judgement5, estimates
and assumptions about the carying value of assets and liabilities that are not readily apparent from other
sources. The estimates and underlying assumptions are based on historical experience and oth¢r factors that
are considered relevant. Actual results may differ from these estimates. The estitnates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reeognised in the period
to which the estimate is revis¢d if the r¢Yision affects only that period or in the period of th¢ revision and
future periods if tlie revision affects both current and bjture periods.
Where costs Car￿0t be dire¢ily 8ttributed to particular headings they have been allo¢at¢d to activities on a
basis conslstent with the us¢ of Tesources with 500/0 of accounts Costs to unrestricted funds and 50Q/o to
endowment funds aDd 25Q/o of administration costs to unrestricted funds and 759/0 to endowmeni funds.
Aside from this. the Trustees Consider that there are no other key sources of ¢stI￿allOn uncertainty that have a
significant effeci on rhe amounts recognised in the financial statements.
Page 19

W B HARRIS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
ACCOUNTING POLICIES- continued
Financial Instruments
The Charity enters into basic financial in5tnuneniS that result in the recognition of financial assets and
liabilities like trade and other aceounts Teceivable and payable, loans from bal￿S and other third parties and
loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recogni5ed at fair value and thereafter stated at amortised cost using the
¢ff¢¢live interest method, less impairnient losses for bad and doubtful debts except where the effect of
discouniing would be immaterial. In such cases. the receivables are stated at cost less impaim)ent losses for
bad and doubtfijl debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise eash at bank and in hand.
c) Impaiment of financial assets
Financial assets that are measured at cost and amortised c05t are assessed 21 the end of each reporting period
for objective evidence of impairnient. If objective ¢videnc¢ of irnpairtnent is found, an impainnent loss is
reCO￿lsed in profit or loss.
For financial assets measured al amortised cosi, the impairn)¢nt loss is measured as the difference between an
asset's carrying amount and the present value of estimated cash flows discounted al the asset's original
effective interest rate. If a f￿anCIal asset has a variable interest rate, the discount rate for measuring any
impainnent1055 is the currenl effective interest rate detemined under the contract.
For financial assets measured at ¢ost less tmpaimient. the impairnient loss is measured a5 the differen¢e
between an a55et's ¢arrying amount and the best estimate. which is an approximation, of the amount that the
company would ￿ctiVe for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instrumenis like loans and other accounts payable are initially measured ai present value of the future
payments and subsequently at amortised cost using the effective inte￿$t method. Debt instruments that are
payable within one year, typically trade payables, are measured, initially and subsequently. at the undiscounted
mount of the cash or other consideration expected lo be paid. However, if the arrangements of a short-terni
instnllnent constitute a financing transaction, like th¢ paytn¢nt of a trtde debt deferred beyond nornial business
ternis or financed at a rdte of interest that is not a tnarkel rate or in case of an outright short-tenn loan not at
market rate. the financial asset is measured, initially 2nd subsequently, at the present value of the fi)ture
payments discounted at a market rate of interest for a sirnilar debt instnjment.
Financial assets and liabilities are off5¢t and th¢ net amount reported in the statement of finarhcial position
when there is an enforceable right to set off the recognised amounts and there is an intention to settl¢ on a n¢t
basis or to realise the asset and settle the liability simultaneously.
Going ConeerD
The Trustees have reviewed the cashflows of the TTUSt for 12 months from the date of approval of the a¢counts
and consider that th¢ Trust will be in a position to meet its financial obligalions for the foreseeable ￿tUre and
that there are no tnateTial unrertainties relating to going concern. As a result, thc accounts have been prepared
on a going con¢ern basis.
Page 20