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 T￿SteeS are required lo prepare financial statements for each f￿anCIal 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 f￿ancIal 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 inCu￿ed 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 r￿ed 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 INFoRL￿TIoN
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 f￿ed 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