THE WILLOW TRUST FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31" DECEIWBER 2023 Registered Company Number: 02430752 Registered Charity Number: 328386 SHINER MITCHELL FISHER & CO. LIMITED Accountants and Registered Auditors Smtth House George Street Nailsworth Stroud Gloucestershire GL6 OAG
THE WILLOW TRUST FIIYANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2023 CONTEIYTS Report of the Trustees Report of the Independent Examiner Income and Expenditure Account Statement of Financial Activities Balance Sheet 9-13 Notes to the Financial Statements
THE WILLOW TRUST TRUSTEES ANNUAL REPORT si. FOR THE YEAR ENDED 31 DECEMBER 2023 The Trnstees present their annual report with the accounts of the company for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE INFOR[TIoN The Company whose registered office is al I l a Whileway Court, Whileway, Cirencesler, GL7 7BA, is limited by guarantee and is registered in England (Registered Number.. 02430752). The assets and iesources of the Company are used exclusively in the performance and furtherance of The Willow Trust ("Cbartty"). The Charity is controlled by its Trust Board, narnely the followtng persons, who were also the directors in control of the Company during the year. S C Fisher C Merry G Turvey J Davidson M Vesey V Marsh (Chainnan} The day to day administration of the Charity is undertaken by Mrs S Wolfe Murr&y, who also acts as company secretary. The main agents for the charity are.. Bankers: Nat West Bank 21 Eastgate Street Gloucester GLI INH CAF Bank 25 Kingshill Avenue Kingshill West Malling Kent ME19 4JQ Independent Exarniner.. Shiner Mitchell Fisher & Co. Ltd Smith House George Street Nailsworth Siroud Gloucestershire GL6 OAG STATEMENT OF TRUSTEES RESPONSIBILITIES The TSteeS are required lo prepare financial statements for each fanCIal year that give a true and fair view of the stale 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 confirn] that suitable accounting policies have been used and applied consistently and reasonably and prudent judgements and estimate5 have been rnade in the preparation of the fmancial statements for the year ended 31 December 2023. The Trustees also confm that applicable accounting standards have been followed and that the statements have been prepared on the goirlg concern basis. The Trustees are responsible for keeping proper accounting records which disclose with reasonable a¢cura¢y al any tin]e the financial position OE tbe Charity and which enable them lo ensure that the FLnancial slalemenls cornply with the Companies Act 2006. They are allo respon%ible for safeguarding the assets of the Charity and hence for taking reasonable stepb for the prevention and detection of fraud and other irregularities.
THE WILLOW TRUST TRUSTEES ANNUAL REPORT CONTINUED ST FOR THE YEAR EIYDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND TrL4NAGEMENT Govemin Document Tlie Charity, whicli is a registered charity (Registered Number- 328386), is governed by the Company's Memorandum and Articles of Association (incorporated 9, October 1989 as amended by Special Resolution 24 October 1989). Recrutlmenl and A ointment of Trustees The directors of the company are also charity trustees for the purpose of charity law and undei the company's Articles are known aq members of the management Committee. Under the requirements of the Memorandum and Articles the members of the Management Coiiin]ittee are elected lo serve for a m&ximum of three yearb after which they must stand down and offer them%elves for re-election at the next Annual General Meeting. Meinber5 may stand for a maximurn of three tern]s up to the age of 76. As a needs led charity, the trustees are selected to offer a wide raThge of skills and experience that are of benefit to the charity. Trustee Induction and Trainin The induction process lor trustees includes an initial meeting with the Chairn]an and education on the powers and responsibilities of the trustees, Trustees are provided with 8 briefing pack which includes a brief history of the trnst, 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 twqtees review the skill requirements for the Trustee Board periodically and undertake an annual review of their collective llnd individual perforn]ance and contribution to the Trust. Risk Mana emenl The Iruslees have reviewed the major risks facing the charity and have established systems and procedures to manage those risks. In particular, the trustees have considered Ihe risks relating lo the operations and finances of the Trusi and are satisfied that systems are in place to mitigate exposure lo the major risks identified. anisalional Structure Direclors/trustees meet every quarter and are responsible for the policy and strategy of the charity. The Irusi 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 Ihe Charity is lo provide, without charge, days on the water on fully accessible, purpose built boats, for adult% and children with physical andlor 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-ShaTpness Canal. Each boal is certificated as a Pas%enger Vessel by the Maritime alld Coa8tguard Agency. On a daily basis, on each boat, there is a full time skipper who is assisted by a rninimum of three volunteer crew. The volunteers, who attend regular training sessions of varying levels, are drawn from a pool ofaround 80 people. ACHIEVEMENTS AND PERFORMANCE Each boat typically lakes up to 30 guests. In this year, some 7,000 guests and their carers enjoyed tbe trips, all totally free of charge. FINANCIAL REVIEW The Financial results for the year show a sutplus of incorne over expenditure of £91,382 {2022 Loss- £27,157). The directors are satisfied with the financial position, which they Consider is adequately disclosed in the attached accounts.
THE WILLOW TRUST TRUSTEES ANNUAL REPORT CONTINUED ST FOR THE YEAR ELYDED 31 DECEMBER 2023 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 al the very least, leaving unsatisfied demand lo be accommodated as soon as it is possible to do so the following season. The Trustee's policy is lo maintain (if and wherever possible} sufficient reserves lo meet the operational costs of the charity for a minimum of two years to underpin its commitment to beneficiaries. The Trustees, considered and infonned 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 unpredicLqble. The charity's tncome may vary considerably from year to year due lo 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 andlor modification of the boats lo 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, ocal clubs and societies and the general public. It also generates funds from the sale of souvenirs elc. Investment Policy Funds are placed with our bank in an interest bearing account. The charity does utilise other investment opportunities as they arise bul any investment must have the full support of the board of tnjslees. after taking professional advice. PLANS FOR THE FUTURE The Charity has no immediate plans to change the service it currently provides. RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE Company law requires the Management Committee lo prepare financial statements for each financial year that give a true and fair view of the slate of affair4 of the charitable company as at the balance sheet date and of the ils 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 Conm]iltee is responqible for maintaining proper accounting records which disclose with reasonable accuracy at any tin]e the financial po8ition 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 cornpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE WILLOW TRUST TRUSTEES ALNNUAL REPORT CONTINUED ST FOR THE YEAR ENDED 31 DECEMBER 2023 Menibers of the Mana ement Committee Menibers of the Management Committee who are directors for the purpose of company law and Iruslee.s for tlie purposes of charity law, who served during the year and up lo the date of this report are set out on page l. In accordance with company law, as the company's directors, we certify tliat.. So far as we are aware, there is no relevant audit infortnation of which the company's auditors are unaware" and As the directors of the company we have taken all the steps that we ought lo have taken in order to make ourselves aware of any relevant audit inforniation and to establish that the chhrity's auditors are aware of that inforn]ation. Siglled on behalf of the board Il Lt S C Fisher Chairn]an Date
INDEPENDENT EXAMINERS REPORT TO THE MEMBERS ON THE UNAUDITED FtNANCtAL STATEMENTS OF THE WILLOW TRUST ST FOR THE YEAR ENDED 31 DECEMBER 2023 Respective responsibilities of trustees and examiner The charity's trustee5 (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144{2) of the Charities Act 20 I l (the 201 I Charities Act), and that an independent examination is needed. I am qualified to UfLdertake the exarnination by being a qualified member of the Chartered Association of Certified Accountants. Having satisfied rnyself that the charity is not subject lo audit under company law, or othenvise, and is eligible for independent examination, it is my responsibility to.. • examine the accounts under section 145 of the 2011 Charities Act. + to follow the procedures laid down in the general Directions given by Ibe Charity Cornmission under section 145{5)(b) of the 201 I Charities Act, and • to slate whether particular matters have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with general Directions given by the Charity Commission. An indepeiident examination includes a review of the accounting records kept by the Charily and a cotnparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required at) audit, and consequently no opinion is given as lo whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the next slalement. Independent examiner's statement In connection with my examination. no matter has come to my attention.. which gives me reasonable cause lo believe that in any rnalerial respect the requiTemenls'. + To keep accounting records in accordance with section 386 of the Con]panies Aet 2006 and • To prepare accoun18 which accord with the accounting records. comply with the accounting requirement5 of section 396 of Ilie Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been mel or 2. to which. in n]y opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. cfilzoi9- tNER MITCHELL FISHER & CO. LTD Independent Examiner Date Smith House, George Street, Nailswortb, Stroud. Gloucestershire GL6 OAG
THE WILLOW TRUST tNCOl¥lE AND EXPEI NDITURE ACCOUNT ST FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 2022 DICOME 319,385 206,965 EXPENDITURE Adminislralion and operating expenses (242 397} 241062) Otlier operating income 68 NET INCOMING RESOURCES 76,988 (34,029) Interest receivable SURPLUSI(DEFICIENCY) OF INCOME OVER EXPENDITURE BEFORE T AXATION 91,382 (27,157) Taxation RETAINED SURPLUSI(DEI FICIT) FOR THE YEAR AFTER TAXATIOIY
THE WILLOW TRUST STATEMELNT OF FIII'ANCIAL ACTII'ITIES FOR THE YEAR EP4DED 31 DECEIIIBER 2023 2023 Designated Restricted Unrestricted Total Funds Fund5 Funds Funds 2022 Total Funds Note INCOME RESOURCES Donations and fundraising Investment Éncome Trading income: for nd raising purposes Other tn¢ome 297,629 14,394 7,362 297,629 201,282 14,394 6.872 7,362 5,683 68 Total Income 319 385 319 385 213 905 EXPENDITURE Direct charitable expenditure Fund raising and publicity Management and administraiion 147,953 61,647 147,953 61,647 154,747 55,239 Total expenditure 242 242 397 97 241062 Net incoming resources before transfers and revaluation's Transfer between funds 91,382 91,382 (27,157) Net movement in funds Total llds bTought fonvard 91,382 283 832 91,382 (27,157) 683 832 710 989 400 000 Total funds carried fonvard 400 000 375 214 775 214 683 832
THE WILLOW TRUST BALANCE SHEET ST AS AT 31 DECELMBER 2023 Note 2023 2022 FIXED ASSETS Tangible Assets 4,787 7,749 CURRENT ASSETS Debtors Cash al bank and in hand Investments 3,554 92,833 9 675 000 771,387 3,648 279,463 393 872 676,983 CREDITORS: Amounts falling due within one year 960 NET CURRENT ASSETS 770 428 676 083 TOTAL ASSETS LESS CURRENT LIABILITIES 775 214 683 832 RESERVES Designated funds Restricted funds Unrestricted funds 400,000 400,000 375 214 283 832 TOTAL FUNDS 775214 683 832 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ending 31" December 2023. The members have not required the company to obtain an audit of ils financial st&lements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. (a) ensuring that the company keeps accounting records which comply with Sections 386 387 of tbe Companies Act 2006 and (b) preparing fancIal sialemenls which give a true and fair view of the state of affairs of the company ag at the end of each fmancial year and of its profil and loss for each fmancial year in accordance with the requirements of Seclionq 394 2nd 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the Small Companies regirne. The ancial slatejnents on pages 6 10 13 were approved by the board of directors and stgned on its behalf by.. S C Fisher Director Date
THE WILLOW TRUST 'OTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 DECEfvIBER 2023 ACCOUNTING POLICIES The principal accounting policie8 are summarised below. The accounting policies have been applied consistently throughout the year. Basis of accounting The fmancial slalements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provision of Section IA"Small Entities", the Companie.% Act 2006 and the Sialement of Recommended Practise: Accounting and Reporting by Charities issued in January 2019. The flnancial slalemenls have been prepared under the historical cost convention. The company has taken advantage of paragraph 3{3) of qection 4 of the Companies Act 2006 to use its own arrangement of headings and sub-headings due lo the special nature of its activities. Fund accounting Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of the general objectives of the charity. Designated funds are unre8trieled funds eamiarked by the Management Committee for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the ternis of an appeal. Incoming resources All inconiing resources are included in the 4tatemenl of fmancial activities when the charity Is entitled to the income and the amount can be quantified with reasonabl¢ accuracy. The following specific policies are applied lo particular categories of incorne. Voluntary income is received by way of grant%, donations and gifts and ts included in full in the Statement of Financial Activities when receivable. Grants, where enlitlenienl is not conditional on the delivery of a specific perForn]ance by the charity, are recognised when the charity becomes unconditionally entitled lo the grant. The value of donated services and facilittes provided by volunteers has not been included in these accounts. Investment income is included when receivable. Incomuig resources from charitable trading activity are accounted for when earned. Incoming resources from grants, where related to perfonnance and specific deliverables, are accounted for as the charity earns the right to consideration by its perfonnance. Resources expanded Expenditure is recognised on an aecnjal basi.8 as a IEabiLily is tncurred. Costs of generating funds are those costs incurred in attracting voluntary income, and those inCued in trading activities that raise funds. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costq of an indirect nature necessary lo support them. Govemance costs include those costs associated with meeting the constitutional and statutory requirernenls of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis eg. Staff cos15 per lime spent and other costb per their usage.
10. THE WILLOW TRUST NOTES TO THE F1Tr4ANCIAL STATEI¥IENTS ST FOR THE YEAR ENDED 31 DECEIVIBER 2023 Depreciation Depreciation is provided at the following annual rates in order lo write off each asset over their estimated iiseful lives as follows.. Boat and equipment Motor vehicles Other equipnient 5% oncost 20% on cost 200/0 on cost Taxation The trust is a registered charity and is not liable for any income, capital gains or corporation taxes on ils current aclivilies. Pensions The Conipany oper21es a defined contribution pension scherne. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. INCOME Income comprises sales of goods and services logether with the proceeds of fund raising and donations received in connection with the objects of the charity. DIRECT CHARIT ABLE EXPENDITURE 2023 Total 2022 Total Designated Restricted Unrestricted Salaries Depreciation of fixed assets etc. Repairs lo equipment Boat running expenses Sundry expenses 104,861 104,861 100,748 14,716 15,550 13,284 10,405 9,978 17 137 16021 147 953 154 747 15.550 10.405 147 953 FUNDRAISING AND PUBLICITY 2023 Total 2022 Total Designated Restricted Unrestricted Salaries Fundraising event costs Costs of souvenirs Sundry expenses Depreciation of fixed assets etc. 45,719 9,913 2.225 3,790 45,719 43,595 9,913 2,385 2,225 3,154 3,790 3,629 61647 $5 239
THE WILLOW TRUST NOTES TO THE FTh'ANCIAL STATEMENTS FOR THE YEAR ENDED 31. DECELIIBER 2023 L4NAGEMENT AND ADMINISTRATION 2023 Total 2022 Total Designated Restricted Unrestricted Salaries Depreciation of red assets elc. Independent examiners remuneration Rent and utilities Sundry expenses 24,189 2,961 960 3,054 24,189 23,570 2,961 2,476 960 900 2,658 2,658 32 797 31076 EIIIPLOYEE INFoRLTIoN 2023 Total 2022 Total Designated Restricted UDre5tricted Wages and salaries 174 768 174 768 174 768 167914 174 768 167 914 None of tbe Trustees of the Charity received any emoluments or expenses during the year. The number of persons employed during the year were: 2023 2022 Direct charitable aclLVlties Fundraising, publicity and administration
12. THE WILLOW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EP4DED 31ST DECEMBER 2023 TANGIBLE FIXED ASSETS Plant & machinery etc Cost or valuation At I" January 2023 Additions At 31# December 2023 502,669 502,669 Depreeiation At 15l January 2023 Charge for the year Ai 31" December 2023 494.921 497,882 Net book value Al 31" December 2023 At 31" December 2022 The nel book value al 31" December 2023 repre.sents tangible fed assets used for.. Direct charitable purposes Other purposes 4,500 287 4.787 8. DEBTORS Amounts falling due within one year: 2023 2022 Other debtors and prepayments 9. CURRENT ASSET INVESTMENTS The Trustees are of the opinion that there is no tnaterial difference between cost and the n]arkel value of listed investments at 31 December 2023. 10. CREDITORS Amounts falling due within one year". 2023 2022 Other creditors 960 900
13. THE WILLOW TRUST NOTES TO THE FINANCIAL STATELVIENTS FOR THE YEAR EI%DED 31 ' DECEfvIBER 2023 11. ANALYSIS OF FUNDS 2023 Total Funds 2022 Total Funds Design2ted Restrieted Unrestricted Funds Funds Funds (a) Movement in funds At I" January 20?3 Net incoming/outgoing resources 400,000 283,832 683,832 91382 710,989 At 31. Decetnber 2023 400 000 375 214 775 214 683 832 (b) Repre5elltation of fund balances Tangible asse15 Cash and bank balances Investments Other current assets Current liabilities 4,787 92,833 275,000 3,554 4,787 7,749 92,833 279,463 675,000 393,872 3,554 3,648 900 400,000 At 31" December 2023 400 000 375 214 775 214 683 832