## **THE WILLOW TRUST** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020** **Registered Company Number: 02430752 Registered Charity Number: 328386** ## **SHINER MITCHELL FISHER & CO. LIMITED Accountants and Registered Auditors** Smith House George Street Nailsworth Stroud Gloucestershire GL6 0AG THE WILLOW TRUST FINANCIAL STATEMENTS FOR THE YEAR EYDED 31. DECEMBER 2020 CONTENTS Report of the Trustees Report of the Independent Examiner Income and Expenditure Account Statement of Financial Activities Balan¢e Sheet 9-13 Notes to the Financial Statcments 1. **THE WILLOW TRUST TRUSTEES ANNUAL REPORT** ## **FOR THE YEAR ENDED 31[ST] DECEMBER 2020** The Trustees present their annual report with the accounts of the company for the year ended 31[st] December 2020. ## **REFERENCE AND ADMINISTRATIVE INFORMATION** The Company whose registered office is at Smith House, George Street, Nailsworth, Glos, GL6 0AG, is limited by guarantee and is registered in England (Registered Number: 02430752). The assets and resources of the Company are used exclusively in the performance and furtherance of The Willow Trust (“Charity”). The Charity is controlled by its Trust Board, namely the following persons, who were also the directors in control of the Company during the year. C A Lutton (Chairman) S C Fisher J Peak M Cass The day to day administration of the Charity was undertaken by Mrs E A Rowland, who also acted as company secretary. Mrs E A Rowland retired on 31 March 2021 and was replaced by Mrs S Wolfe Murray on 1 April 2021 as both day to day administrator of the Charity and company secretary. The main agents for the charity are: Bankers: Nat West Bank CAF Bank 21 Eastgate Street 25 Kingshill Avenue Gloucester Kingshill GL1 1NH West Malling Kent ME19 4JQ Independent Examiner: Shiner Mitchell Fisher & Co. Ltd Smith House George Street Nailsworth Stroud Gloucestershire GL6 0AG ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** The Trustees are required to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Charity as at the end of each financial year and of the net incoming and outgoing resources of the Charity for that period. The Trustees confirm that suitable accounting policies have been used and applied consistently and reasonably and prudent judgements and estimates have been made in the preparation of the financial statements for the year ended 31 December 2019. The Trustees also confirm that applicable accounting standards have been followed and that the statements have been prepared on the going concern basis. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 2. ## **THE WILLOW TRUST TRUSTEES ANNUAL REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31[ST] DECEMBER 2020** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## Governing Document The Charity, which is a registered charity (Registered Number: 328386), is governed by the Company’s Memorandum and Articles of Association (incorporated 9[th] October 1989 as amended by Special Resolution 24 October 1989). ## Recruitment and Appointment of Trustees The directors of the company are also charity trustees for the purpose of charity law and under the company’s Articles are known as members of the management Committee. Under the requirements of the Memorandum and Articles the members of the Management Committee are elected to serve for a period of three years after which they must stand down and offer themselves for re-election at the next Annual General Meeting. As a needs led charity, the trustees are selected to offer a wide range of skills and experience that are of benefit to the charity. ## Trustee Induction and Training The induction process for trustees includes an initial meeting with the Chairman and education on the powers and responsibilities of the trustees, Trustees are provided with a briefing pack which includes a brief history of the trust, a copy of the Trust deed, copies of minutes of the trustees’ meetings and copies of the previous year’s annual report and accounts. The trustees review the skill requirements for the Trustee Board periodically and undertake an annual review of their collective and individual performance and contribution to the Trust. ## Risk Management The trustees have reviewed the major risks facing the charity and have established systems and procedures to manage those risks. In particular, the trustees have considered the risks relating to the operations and finances of the Trust and are satisfied that systems are in place to mitigate exposure to the major risks identified. ## Organisational Structure Directors/trustees meet every quarter and are responsible for the policy and strategy of the charity. The trust administrator reports to the trustees meetings and has delegated responsibility for the day to day running of the charity. ## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT** The principal object of the Charity is to provide, without charge, days on the water on fully accessible, purpose built boats, for adults and children with physical and/or learning disabilities and for those who are seriously ill. This provides a therapeutic, recuperative and recreational resource. This is achieved by the operation of two broad beamed canal boats on the Gloucester-Sharpness Canal. Each boat is certificated as a Passenger Vessel by the Maritime and Coastguard Agency. On a daily basis, on each boat, there is a full time skipper who is assisted by three volunteer crew. The volunteers, who attend regular training sessions of varying levels, are drawn from a pool of around 95 people. ## **ACHIEVEMENTS AND PERFORMANCE** During the year the charity’s two boats were not operated due to the Covid-19 Pandemic. The boats were maintained during the period to be ready to take to the water once it is safe for guests to take a voyage on the canal. ## **FINANCIAL REVIEW** The Financial results for the year show a surplus of income over expenditure of £115,304 (2019: £75,259). The directors are satisfied with the financial position, which they consider is adequately disclosed in the attached accounts. 3. ## **THE WILLOW TRUST TRUSTEES ANNUAL REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31[ST] DECEMBER 2020** ## **Reserves Policy** Early in the charity’s financial year commitments are given to beneficiaries wishing to enjoy time on one of the charity’s boats. Such is the demand, that commitments extend one full season at the very least, leaving unsatisfied demand to be accommodated as soon as it is possible to do so the following season. The Trustee’s policy is to maintain (if and wherever possible) sufficient reserves to meet the operational costs of the charity for a minimum of two years to underpin its commitment to beneficiaries. The Trustees’ considered and informed policy takes fully into account various factors. Not the least (based upon experience and fixed overhead costs) the actual operational costs of the charity relative to the potential new income of the charity which, predominantly, is insecure and unpredictable. The charity’s income may vary considerably from year to year due to unforeseen changes, for example in the value of legacies received and in the income from and value of its investments. As part of the desire to remain fully operational the Trustees are aware that Marine Insurance is based only on the current value and not full replacement costs of the boats. In the event of loss and the need for replacement there would therefore be a shortfall, which would be met from the Trust’s reserves. Also, though with less emphasis upon meeting future operational costs, the Trustees consider prudent some reserves to meet potential capital outlay ie. replacement and/or modification of the boats to Maritime and Coastguard Agency regulation standards newly imposed from time to time. ## **Principal Funding Sources** The charity generates its income from donations. These donations come from local businesses, charitable trusts, local clubs and societies and the general public. It also generates funds from the sale of souvenirs etc. ## **Investment Policy** Funds are placed with our bank in an interest bearing account. The charity does utilise other investment opportunities as they arise but any investment must have the full support of the board of trustees, after taking professional advice. ## **PLANS FOR THE FUTURE** The Charity plans to be operational as soon as the COVID-19 restrictions are fully lifted in line with the objectives of the Charity to ensure that even the most profoundly disabled people are able to spend a relaxing day on the water, all totally free of charge. ## **RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE** Company law requires the Management Committee to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of the its incoming resources and application of resources, including income and expenditure, for the financial year. In preparation of those financial statements, the Management Committee should follow best practice and: - Select suitable accounting policies and apply them consistently - Make judgements and estimates that are reasonable and prudent; and - Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE ILLOW TRUST TRUSTEES AIYLY AL REPORT NTINUED FOR THE YEAR ENDED 31. DE EMBER 202 Mciithrs of tlic MaI￿ge]n¢￿t Committcc ii'ho arc direcioT5 for the purp)se of conipan) I￿￿ and irustC£5 for ihe PUryXTrWS of charit￿ la￿., M"ho seTh"ed during Ilie wid up to ￿te of this r¢￿rt are s¢1 out on pagc E. In accorthe ilith ¢ompam' laiTr", as thc compan) s diTcclor& H"e ccrtifi, that.. So far ds Tr'e are aM"wr. there is no ￿]C1'an1 audii Info￿tiO1] of i¥hich the wmpanv's audiiors ar¢ unaTh'arc,' and As thc diJrcioT5 of ihc companj ive lui'e iaken all the steps ihat N'e ouglil to iuh'e taken in ordcr to n￿ke ourselNL% awa￿ of anTr rel￿.a￿l audit infonnalioii and 10 estdblish thai ihc chants s audit015 c?rc aii.are of thai inFornwtion. Signed on behaifof the board C A Lutton Cliainnan Date INDEPENDENT EXAMINERS REPORT TO THE ￿E￿IBERs ON I-HE I1Tr4.4L.DITF.D Tr IINANCIAL STATEP*lEN"TS OF THE WILLOW TRI'.ST ST FOR THE IEAR EF*DED 31 DECEMBER 2020 Respective respon$ibilitie5 of trnsttes and examiner The charity's Iru5tecs (who are also the dirertor5 of the company for the purposes of company lawl ar¢ responsible for the preparation of the accounts. The charity's Irusiee5 consider thai an audit is noi required for this year under se¢iion 1441*1 of the Charities ilct ?01 I (the 201 I Charities Acil, and that an ind¢pendeni e.xamination is needed. l am qualified to undertake the e.xamination by king a qllaiified tlleTnber of the Chartered As5cKiation of CertJfi¢d Accountant5. Having satlsfjed myself thai rhe charity is not Subject to audit under company law. or otherwise. and is eligible for tndependeni examination. it is my responsibility to.. • examine the accounis under 5eCtton 145 of the 2011 Charities Act, • to follow the procedures laid down in the oeneral Directions given by the Chariry Commission under section 14515llbl of the ?01 I Charitie5 Act. and • lo state whether particular matters have ¢ome io tny attention. B*$i$ of independent examiner's St#teTnent My examinativn was carried out in accordance with general Directions given b) the ChaTlty Commission. An independent examinaiiott includes a review of the accounting re¢oTds kept by ¢h¢ Charify and a cotnparison of rhe accounts present¢d with those records. It also includes consideration of any unusual iietn5 or disclosllres in the accounts, and seeking explanation5 from the trustees concerning any such matters. The procedures undertaken do not provide all the evidenLe that would be required iti an audit, and conseqllently no opinion is given as to whether the accounts present a'true and fair. view and the rewrt is litnited 10 Ihose matters set out in the next statement. Independ¢Nt examiDer's si*temeNt In conne¢tion with my examination, no matter has ¢orn¢ to my attention.. which ui>e% me reasonable cause to believe thai in any material respect th¢ requirements: To keep accounting records In accordance with section 386 of the Cornpanies Act ?006 and • To prepare accounis whi¢h accord Ivirh the a¢¢ounlitig records, cornply with the acLountillg requirernents of section i96 of the Companies Act ?006 and with the methods and principles of the Statement of Recomm¢nded Practice.. A¢couniing and Reporring by Charities have no¢ been rnet or 2. 10 which, in my opinion, attention should b¢ drawn in orderto enable a proper tjnderstanding of th¢ acwunts to be reached. W-I,￿ G Ljl SHINER MITCHELL FISHER & CO. LTD Independent Examiner 22.9 21 Dat¢ Smiih House. Georg¢ StreeL Nai15WOrth. Stroud, GIouc¢5ter5hire GL6 OAG 6. ## **THE WILLOW TRUST** |**INCOME AND EXPENDITURE ACCOUNT**
**FOR THE YEAR ENDED 31ST DECEMBER 2020**
**Note**
**2020**
**£**
**INCOME**
2
237,610
**EXPENDITURE**
Administration and operating expenses
3 - 6
(161,541)

Other operating income
30,461
**NET INCOMING RESOURCES**
106,530
Interest receivable
8,774
**SURPLUS/(DEFICIENCY) OF INCOME**
**OVER EXPENDITURE BEFORE TAXATION**
**115,304**
Taxation
-
**RETAINED SURPLUS/(DEFICIT) FOR**
**THE YEAR AFTER TAXATION**
**115,304**|**2019**
**£**
267,353
(201,540)
-
65,813
9,446
**75,259**
-
**75,259**| |---|---| 7. ## **THE WILLOW TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2020** |**Designated**
**Restricted Unrestricted**
Note
**Funds**
**Funds**
**Funds**
**£**
**£**
**INCOME RESOURCES**
Donations and fundraising
-
-
238,680
Investment income
-
-
8,774
Trading income: for fund raising purposes
-
-
109
Other income
-
-
30,461
Total Income
**-**
**-**
**278,024**
**EXPENDITURE**
Direct charitable expenditure
3
-
14,712
111,428
Fund raising and publicity
4
-
-
25,247
Management and administration
5
-
-
11,333
Total expenditure
**-**
**14,712**
**148,008**
Net incoming resources before
transfers and revaluation’s
-
(14,712)
130,016
Net movement in funds
-
(14,712)
130,016
Total funds brought forward
200,000
21,255
347,645
Total funds carried forward
**200,000**
**6,543**
**477,661**|**2020**

**Total**
**Funds**
**£**
238,680
8,774
109
30,461
**278,024**
126,140
25,247
11,333
**162,720**
115,304
115,304
568,900
**684,204**|**2019**
**Total**
**Funds**
**£**
260,740
9,446
6,613
-
**276,799**
159,236
30,238
12,066
**201,540**
75,259
75,259
493,641
**568,900**| |---|---|---| THE WILL RUST BALANCE SHEET AS AT 31 ' DECEMBER 2020 Note 21120 2VIg FIXED ASSETS Tangiblc Assets -35.830 51,809 CURREIYT ASSETS Dcbtors Cash at b￿k and in IL4nd Invesin)crts 4.786 25n.496 9 393 872 649.154 5.245 l 11).543 3{)3 083 517.871 CREDITORS: Attx)unis falling duc wiihin one }'ear 780 NET CURRENT ASSETS 648 204 517091 TOTAL ASSETS LESS CURRENT LIABILITIES 684 568 Yrf)11 RESERVES D¢sig￿led funds Rc51ricted fiinds Untestricied fU￿lS 2￿.000 6.543 21)11,(X)o 347 C)4) TOTAL FUNDS 684 T1￿ ¢oinpiinv is entitled lo exemptson fTDm aiidit under Section 477 of the Compluu'es Aci 2006 for thc ycar ¢nding 31" Deceinbei 2020. Thc illeinb¢rs I￿}.e iioi requi￿d the compan). to obtaifj an audit of ils finan¢ial staien]ents for ihe }ear end**Restricted**
**Unrestricted**
**£**
**£**
**£**
Salaries
-
-
89,317
Depreciation of fixed assets etc.
-
14,712
900
Repairs to equipment
-
-
1,775
Boat running expenses
-
-
5,599
Sundry expenses
-
-
13,838
-
**14,712**
**111,429**|**2020**
**Total**
**£**
89,317
15,612
1,775
5,599
13,838
**126,141**|**2019**
**Total**
**£**
111,472
15,849
9,825
8,510
13,580
**159,236**| |---|---|---| ## **4. FUNDRAISING AND PUBLICITY** |**Designated**
**Restricted**
**Unrestricted**
**£**
**£**
**£**
Salaries
-
-
18,218
Fundraising event costs
-
-
2,792
Costs of souvenirs
-
-
-
Sundry expenses
-
-
3,338

Depreciation of fixed assets etc.
-
-
901
**-**
**-**
**25,249**|**2020**
**Total**
**£**
18,218
2,792
-
3,338
901
**25,249**|**2019**
**Total**
**£**
19,841
440
5,500
3,818
639
**30,238**| |---|---|---| 11. ## **THE WILLOW TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020** ## **5. MANAGEMENT AND ADMINISTRATION** |**Designated**
**Restricted Unrestricted**
**£**
**£**
**£**
Salaries
-
-
6,073
Depreciation of fixed assets etc.
-
-
901
Independent examiners remuneration
-
-
780
Rent and utilities
-
-
2,179
Sundry expenses
-
-
1,400
**-**
**-**
**11,333**|**2020**
**Total**
**£**
6,073
901
780
2,179
1,400
**11,333**|**2019**
**Total**
**£**
6,614
639
780
2,401
1,632
**12,066**| |---|---|---| **6. EMPLOYEE INFORMATION** |**Designated**
**Restricted Unrestricted**
**£**
**£**
**£**
Wages and salaries
-
-
95,764
Social security costs
-
-
8,421
Other pension costs etc.
-
-
9,423
**-**
**-**
**113,608**|**2020**
**Total**
**£**
95,764
8,421
9,423
**113,608**|**2019**
**Total**
**£**
116,906
11,545
9,476
**137,927**| |---|---|---| None of the directors of the Charity received any emoluments or expenses during the year. The number of persons employed during the year were: |Direct charitable activities
Fundraising, publicity and administration|**2020**
3
1
**4**|**2019**
3
1| |---|---|---| |||**4**| 12. ## **THE WILLOW TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020** ## **7. TANGIBLE FIXED ASSETS** |**Cost or valuation**
At 1stJanuary 2020
Additions
At 31stDecember 2020
**Depreciation**
At 1stJanuary 2020
Charge for the year
At 31stDecember 2020
**Net book value**
At 31stDecember 2020
At 31stDecember 2019
The net book value at 31stDecember 2020
represents tangible fixed assets used for:
Direct charitable purposes
Other purposes
**DEBTORS**
**Amounts falling due within one year:**
Other debtors and prepayments|**Plant &**
**machinery etc**
**£**
489,983
1,436
**491,419**
438,174
17,415
**455,589**
**35,830**
51,809
29,428
6,402
**35,830**
**2020**
**2019**
**£**
**£**
**4,786**
**5,245**| |---|---| ## **8. DEBTORS** ## **9. CURRENT ASSET INVESTMENTS** The Trustees are of the opinion that there is no material difference between cost and the market value of listed investments at 31 December 2020. ## **10. CREDITORS** |**CREDITORS**||| |---|---|---| |**Amounts falling due within one year:**||| ||**2020**|**2019**| ||**£**|**£**| |Other creditors|**780**|**780**| 13. ## **THE WILLOW TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020** ## **11. ANALYSIS OF FUNDS** |**Designated**
**Restricted Unrestricted**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**(a) Movement in funds**
At 1stJanuary 2020
200,000
21,255
347,645
Net incoming/outgoing resources
-
(14,712)
130,016

At 31stDecember 2020
**200,000**
**6,543**
**477,661**
**(b) Representation of fund balances**
Tangible assets
-
6,543
29,287
Cash and bank balances
-
-
250,496
Investments
200,000
-
193,872
Other current assets
-
-
4,786
Current liabilities
-
-
(780)
At 31stDecember 2020
**200,000**
**6,543**
**477,661**|**2020**
**Total**
**Funds**
**£**
568,900
115,304
**684,204**
35,830
250,496
393,872
4,786
(780)
**684,204**|**2019**
**Total**
**Funds**
**£**
493,641
75,259
**568,900**
51,809
119,543
393,083
5,245
(780)
**568,900**| |---|---|---|