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2022-04-05-accounts

THE WILL CHARITABLE TRUST

REGISTERED CHARITY NO: 801682

ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2022

THE WILL CHARITABLE TRUST

CONTENTS

Page
Trustees' Annual Report - Reference and Administrative Information 1
Trustees' Annual Report 2 - 6
Auditors' Report 7 - 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 20

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

Reference and Administrative Information

Charity Name The Will Charitable Trust
Registered Charity No: 801682
Governing Instrument Deed of trust dated 20 March 1989
Trustees Mr A J McDonald (Retired 11 May 2022)
Mrs V A Reburn
Mr R Luff
Ms J E B Dyson
Mr R Boddington (appointed 14 December 2021)
Principal Office of the Charity 10 Queen Street Place
London
EC4R 1AG
Appeals for grants are dealt with by the Grants Office, Bridge House, 11 Creek Road, East
Molesey KT8 9BE.
Administration & Accountancy Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Auditor Leonard Jones & Co
1 Printing House Yard
London
E2 7PR
Solicitor Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Banker C. Hoare & Co.
37 Fleet Street
London
EC4P 4DQ
Investment Manager Sarasin & Partners LLP
Juxon House
100 St Paul's Churchyard
London
EC4M 8BU
Website www.willcharitabletrust.org.uk

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Trustees' Annual Report for the Year Ended 5 April 2022

The trustees of the Will Charitable Trust present their report and accounts for the year ended 5 April 2022, the thirty third full year of the Charity's existence. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Structure, Governance and Management

The Charity is an unincorporated trust, constituted under a trust deed dated 20 March 1989 and is registered in England and Wales, charity number 801682.

The trust deed provides that there should be 3 to 5 trustees and this is taken in to account when appointments are made. New trustees, when required, will be found by the existing trustees. When recruiting the trustees look for individuals with skills and experience which are of value to the Charity. Any potential trustees will be interviewed by the existing trustees and if appointed will be provided with a pack of information including accounts and a copy of the trust deeds, and will have access to the educational events organised by the Charity’s professional advisors. The trustees who all give them time freely (any expenses are disclosed in note 8 to the accounts) administer the affairs of the Charity. The day-to-day administration of all applications is delegated to the Executive Director and two Grants Administrators.

Historically, and up until March 2020, the trustees met formally twice yearly to consider recommendations and make final decisions on the award of grants to charities, with the exception of a few smaller grants between £3,000 and £5,000 which were awarded by the Grants Committee under delegated powers. During the Covid 19 pandemic the Charity set up an emergency programme to help charities which needed speedy and unrestricted funding. The Grants Committee met every three weeks or so and using (expanded) delegated powers awarded grants of up to £10,000. This system was still in place at the beginning of this financial year until May 2021.

From June 2021 we were no longer working fully on an emergency footing but in the light of the experience of the preceding 14 months, the Trustees decided not the revert to pre-pandemic procedures and instead changed the way we operate on an experimental basis as follows:

Risk Management

The trustees regularly assess the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity and are satisfied that systems are in place to mitigate exposure to major risks. Clearly the various issues affecting the UK’s economy post-pandemic pose a risk to both the charity’s income and the value of the endowment. However, the investment (and banking) operations are carried out on behalf of the Charity by independent regulated entities. The trustees also perform their own checks in these areas and are monitoring the situation carefully with the aim of protecting the grant-making activity of the Charity.

Objectives and Grant Policy

The Charity has general charitable purposes set out in its trust deed. The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy. Whilst the general criteria regarding the charities eligible for grants remained largely unchanged (the three fields of support are listed below), our grantmaking policy was substantially altered in response to the Covid-19 pandemic. Some of those changes continued in place as stated in page 2 above.

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Con't Objectives and Grant Policy

Categories eligible for grant

Detailed guidance for each field of activity is available on the website or from the grants office.

Other categories

The Trustees do not support:

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Review of activities

Grants overall

The Charity assessed 96 applications over the year which is considerably fewer than the numbers received prior to the pandemic (244 during 2019/20), and this reflects the time being taken for charities in our fields to return to any semblance of normal operations. Of those 96, 20 were outside of guidelines and therefore not put to the Board for full consideration. 47 grants were awarded and these were split as follows:

17 grants in the blind field totalling £233,500.

17 grants in the cancer field £256,500.

12 grants in the learning disabled field £141,000.

The chances of success were high with a roughly 50% chance of success which is mainly a result of the reduced number of applicants. By far the most common reason for applications failing was because the charity had what we considered were excess reserves, particularly where they were applying for an unrestricted donation to help with core costs. There were a few that failed because they sent in mail-shots or had made little effort to follow our guidelines.

One grant of £90,000 was awarded from the designated fund.

Whilst working under emergency procedures because grants were unrestricted, the Charity suspended the need for charities to report back on the spending of awards. This is slowly being reintroduced for project funding and affected some of the charities awarded grants in 2021/22.

Examples of grants paid during the financial year for project funding are given below:

Blind Care

A grant of £14,000 was awarded to a local blind society to complete the funding to expand their Eye Clinic Information service based in local hospitals – the cost mainly being that incurred by the increase in staff hours.

£30,000 was awarded to a charity in Northern Ireland to fully fund the development of a new training course for teachers and classroom assistants in mainstream schools, to fill a skills gap in supporting pupils with visual impairment.

A small national charity was awarded £7,000 towards a new independent living skills programme

Cancer Care

£14,000 was awarded to a national charity specialising in prostate cancer towards the cost of holding regional information and networking events.

A local cancer charity was given a £30,000 donation to its capital appeal to fund the refurbishment and reconfiguration of a recently acquired building into a new support centre.

£13,500 was awarded to a national specialist cancer charity to fund half the cost of producing and distributing 2 new information booklets and an on-line resource.

Learning Disability

A grant of £5,000 was awarded to complete the funding for the installation of a ceiling track hoist at a day centre for adults with learning disabilities.

£6,000 was awarded to a charity which supports adults with profound and multiple disabilities to fund the purchase of a bladder scanner for use in their residential care homes.

A charity was awarded £19,000 to set up a specialist service, including adaptations to their building layout, for adults with autism attending their social enterprise.

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Financial Position and Results of the year

The net expenditure of the Unrestricted Funds totalled (£282,570) (2021:(£481,788)). The increase in the Expendable Endowment during the year was £481,103 (2021: £3,455,019). The decrease in the Designated funds during the year was £90,000 (2021 £15,000). The value of investments at 5 April 2022 was £21,217,585 (2021: £20,452,278) a increase of £765,307. The performance of the charity's investments was slightly below the agreed benchmark.

Investment Policy

In accordance with the trust deed, the trustees have power to invest or apply trust monies in the purchase of such stocks, funds, shares, securities or other investments, including land or immovable property, in any part of the world as the trustees shall in their absolute discretion think fit. The trustees have the same full and unrestricted powers of investing and transposing investments in all respects as if they were absolutely entitled thereto beneficially.

The policy of the trustees is that the trust monies should be invested in a balanced portfolio of securities, including fixed interest securities and UK and overseas equities, in such proportions as is appropriate to economic and investment conditions at any given time. No investment is to be made in derivatives or in securities not quoted on a recognised stock exchange. The trustees accept a medium degree of risk.

The primary investment objective is a secure and growing combination of income with capital appreciation, maximising the overall rate of return in so far as this is consistent with maintaining a prudent and balanced investment exposure. In the year to 5 April 2022 (02.4.2021 to 01.04.2022) the funds increased 6.5% against the benchmark of 8.7%.

The trustees have engaged Sarasin & Partners to act as fund manager on their behalf. The fund manager has complete discretion as to the selection of individual investments, the timing of sales and purchases and the proportion of the portfolio held at any time in cash on deposit. The manager shall not commit the trustees to sub-underwriting any issue or offer for sale of investments.

Reserves review and policy

The Charity is a grant making charity and its income generating assets are therefore held as investments and cash deposits. The Trustees apply the income derived to giving grants to charitable bodies. Since 2006 the charity has also adopted a policy of setting aside cash funds from time to time from its capital gains for expenditure on its exceptional grants programme. This is held in a separate account and, to the extent it is not fully used in any year, is carried forward. The income from this capital fund is treated as part of the general income of the Charity and neither the fund, nor the income from it, constitute a reserve within the meaning of the Charities SORP. At 5 April 2022 the charity held £21,412,359 (2021: £20,931,256) in an expendable endowment fund, £Nil (2021: £Nil) in general unrestricted funds and £336,600 (2021: £226,600) in an unrestricted fund designated for exceptional grant awards. The designated fund will be awarded as grants in future years.

Fundraising Activity

The Charity's income is from its investment portfolio. No fundraising activity is undertaken.

Going Concern

The trustees are of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertanties regarding the Trust's ability to do so.

Plans for Future Periods

The Charity intends to continue the processes set out in page 2 of this report (Structure, Governance and Management) with more frequent meetings than historically and with the Committee awarding more grants under its extended delegated powers. In particular, unrestricted grants will continue to be awarded where the need is proven. The Trustees understand that charities will continue to be affected financially by the pandemic for some time, and are likely to be adversely affected still further due to the fall-out from the various financial and political crises which have arisen during 2022. These factors will inevitably result in many of our target charities continuing to struggle to raise the funds necessary for day-to-day costs and mean they are unlikely to embark on capital projects in the near future.

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Plans for Future Periods (con't)

Regarding the Charity’s investment strategy, early in the 2022/23 year the Trustees moved from an income-only approach to a total return policy. Given that it is a time of great need in the sector, a demanding cash budget will be set each year for the grants programmes the level of which is very likely to involve some erosion of the value of the portfolio. This will be regularly monitored and the budget will be kept under review. Withdrawals from the endowment into the designated fund for larger exceptional grants are unaffected by the policy change and will continue to be taken on an ad-hoc basis as deemed appropriate by the Board.

Statement of Trustees' Responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and enable them to ascertain to ensure that the financial statements comply with Charities Act 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 detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website.

Signature and Declaration

I declare, in my capacity of charity trustee, that the trustees have approved the report above and have authorised me to sign it on their behalf.

Signature...................................................................... 17 November 2022 V A Reburn, Trustee

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WILL CHARITABLE TRUST

Independent auditor's report to the Trustees of The Will Charitable Trust

Opinion

We have audited the financial statements of The Will Charitable Trust for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilties of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WILL CHARITABLE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WILL CHARITABLE TRUST

We assessed the susceptibility of the trust's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by;

To address the risk of fraud though management bias and override controls we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations and from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of audit report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed.

Leonard Jones & Co

Leonard Jones & Co Chartered Accountants and Statutory Auditors

1 Printing House Yard London E2 7PR

Date: 6 December 2022

THE WILL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Note
2022
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£		 Note
2022
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£		 Note
2022
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£		 Note
2022
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£		 2021
Total
£
554,120
5,010
559,130
Funds Funds
Endowment		 Total
£ £ £ £
INCOME
Income from investments
3		 490,616 - - 490,616
Job Retention Scheme - - - -
Total Income 490,616 - - 490,616
EXPENDITURE ON
Raising funds - investment management fees -
8 a - (22,826) (22,826) (2,819)
Charitable Activities: 921,000
134,918
1,053,099
Grants made
10		 631,000 90,000 - 721,000
Support costs
7 & 8		 142,186 - - 142,186
90,000
Total Expenditure 773,186 (22,826) 840,360
Net (expenditure)/income before
gains on investments
Other recognised gains		 22,826
(282,570) (90,000) (349,744) (493,969)
. 3,569,815
3,075,846
-
3,075,846
18,082,010
21,157,856
Net gains on investments
2		 - - 940,847 940,847
NET (EXPENDITURE)/INCOME
(282,570) (90,000) 963,673 591,103
200,000
Transfer between funds
9		 282,570 (482,570) -
NET MOVEMENT IN FUNDS
- 110,000 481,103 591,103
TOTAL FUNDS BROUGHT FORWARD - 226,600 20,931,256 21,157,856
TOTAL FUNDS CARRIED FORWARD - 336,600 21,412,359 21,748,959

There were no recognised gains/losses other than those included above The notes on pages 13 to 20 form part of these accounts

THE WILL CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2022

Note 2022 2021
£ £ £ £
FIXED ASSETS
Investments
2		 21,217,585
3,965
21,221,550		 20,452,278
Fixtures, Fittings & Equipment
6		 4,956
20,457,234
CURRENT ASSETS
Cash at Bank and on Deposit 544,561
10,451
555,012		 784,707
2,094
786,801
Debtors
Creditors: amounts falling due within one year
Creditors
4		 27,603
27,603		 527,409
21,748,959		 86,179
86,179
NET CURRENT ASSETS 700,622
TOTAL NET ASSETS 21,157,856
THE FUNDS OF THE CHARITY
-
336,600
21,412,359
21,748,959
Unrestricted Funds
5		 -
Designated Funds
5, 9		 226,600
Expendable Endowment
5		 20,931,256
21,157,856
Approved by the board of trustees on 17 November 2022 and signed on its behalf by;
............................................................................
V A Reburn, Trustee

The notes on pages 13 to 20 form part of these accounts

THE WILL CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 5 APRIL 2022

2022
2021
Note
£
£
Cash used in operating activities
a
(415,686)
(434,931)
Capital expenditure & financial investment:
Purchase of investments
(6,630,432)
(3,580,632)		 2022 2021
£
£
(415,686) (434,931)
Proceeds from sale of investments 6,648,019 3,963,361
116,504
Decrease in investment portfolio cash 157,953
Purchase of tangible fixed assets - (5,229)
(Decrease)/increase in cash at bank and on deposit 494,004
59,073
725,634
784,707
2021
£
175,540
(240,146)
Cash at bank and on deposit at beginning of year 784,707
Cash at bank and on deposit carried forward 544,561
Note to Statement of Cash Flows
2022
£
a
Reconciliation of net expenditure to
net cash outflow from operating activities
Net expenditure
Depreciation
(Decrease)/increase in creditors
(Increase) in debtors
(349,744) (493,969)
991 1,239
59,893
(58,576)
(8,357) (2,094)
(415,686) (434,931)

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

1 Principal Accounting Policies

The Charity's principal accounting polices are detailed below. The Trustees do not consider that there are any further significant judgements or estimates in the financial statements.

(a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (SORP (FRS 102)) (Second Edition, effective 1 January 2019) and in accordance with the Financial Reporting Standard 102 (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity, as defined by FRS 102.

(b) Going Concern

The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. The review of our financial position, reserves level and future plans give Trustees confidence the charity remains a going concern for the foreseeable future.

(c) Fund Accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Board of Trustees in furtherance of the general charitable objectives.

Designated funds are amounts that have been set aside at the discretion of the Board of Trustees.

Investments are stated at their middle-market values ruling at the balance sheet date. All gains and losses, both realised and unrealised, are taken to the Statement of Financial Activities as they arise. All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount receivable can be measured reliably.

Grants are charged to the Statement of Financial Activities in the year when the grant is confirmed by the Trustees.

(f) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (g) below.

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. The allocation of support and governance costs is analysed in notes 7 & 8.

(h) Tangible fixed assets and depreciation

Fixed assets comprise office furniture and equipment and are depreciated on a reducing balance basis over their estimated useful lives. All assets costing more than £1,000 are capitalised at historic cost.

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

2
Investment Assets		 2
Investment Assets		 2022 2022 2021
£
11,927,158
8,256,370
268,750
20,452,278
2021
£
17,381,696
UK listed investments at market value
Overseas investments at market value
Cash held as part of the investment portfolio
Market value at 5 April 2021
Less:
Proceeds on disposals of investments
Add:
Acquisitions at cost
Gains on sale of investments
Net gains on revaluation at 5 April 2021
(Decrease) in investment portfolio cash
Market value at 5 April 2022		 £
8,327,931
12,778,857
110,797
21,217,585
2022
£
20,452,278
(6,648,019)
6,630,432
195,149
745,698
(157,953)
21,217,585
(3,963,361)
3,580,632
435,534
3,134,281
(116,504)
20,452,278
2021
£
387,141
166,226
404
349
554,120
2021
£
86,179
86,179
Total
£
21,221,550
555,012
3
Investment Income		 2022
UK listed investments
Overseas investments
Investment manager's interest
Other income		 £
288,136
201,914
324
242
490,616
4
Creditors: amounts falling due within one year		 2022
Accruals
Funds
£ £ £
21,221,550 - -
190,809 336,600 27,603
- - (27,603) (27,603)
21,748,959
21,412,359 336,600 -

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

5
Comparative 2021 Analysis of Balance Sheet
Net Assets by Fund
Fixed assets
Current assets
Current liabilities
20,457,234 - - 20,457,234
474,022 226,600 86,179 786,801
- - (86,179) (86,179)
20,931,256 226,600 - 21,157,856

6 Fixtures, Fittings & Equipment

Depreciation has been provided on fixed assets. The rate has been calculated to write off the assets over their expected useful life on a 20% reducing balance basis.

Cost
As at 6 April 2021
Additions in year
Depreciation
As at 6 April 2021
Charge for year
Net Book Value
As at 6 April 2022
As at 5 April 2021		 £
11,651
-
11,651
6,695
991
7,686
3,965
4,956
7
Support Costs
Staff salaries
Employer's National Insurance
Grants office running costs
Pension costs
Governance costs (See note 8)		 2022
£
61,698
2,500
19,163
3,076
86,437
55,749
142,186		 2021
£
58,315
2,209
19,768
6,031
86,323
48,595
134,918

The average number of employees (all part time) during the year was three (2021: three) all involved in Grant Administration.

Fees paid to haysmacintyre and charged in the accounts for the year are £36,612 (2021: £35,712). The amount outstanding at 5 April 2022 is £12,918 (2021: £12,918).

Fees paid to Farrer & Co., solicitors, and charged in the accounts for the year are £11,545 (2021: £5,971).

Fees paid to Leonard Jones & Co and charged in the accounts for the year for auditing services are £6,930 (2021: £6,300).

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

Bank charges for the year amounted to £540 (2021: £612).

No remuneration is paid either directly or indirectly to the Trustees for their services as trustee. One trustee was reimbursed travel expenses for the year of £122 (2021: Nil).

There were no other related party transactions that require disclosure (2021: None)

Designated Funds Designated Funds Designated Funds Designated Funds Designated Funds
At 6th April
Transfer
Grant Payable
At 5th April
2021
2022
£
£
£
£
Exceptional Grants Fund 226,600 200,000 90,000 336,600
At 6th April
Transfer
Grant Payable
At 5th April
2020
2021
£
£
£
£
Exceptional Grants Fund
241,600
-
15,000
226,600

The Exceptional Grants Fund was set up in 2006/2007 to set aside sums to provide larger one off assistance rather than by part of the normal grants programme. A transfer was made from the Expendable Endowment fund to the Designated Fund of £200,000 (2021: no transfer). A transfer of £282,570 was made from the Expendable Endowment fund to Unrestricted Funds to cover a deficit (2021: £117.615)

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

Grants made to institutions 2022
£		 2021
£
Care of People with Learning Disabilities
-
-
-
-
-
5,000
7,000
-
-
6,000
-
30,000
10,000
-
6,000
-
6,000
-
19,000
7,000
5,000
-
10,000
-
-
-
30,000
-
-
-
-
141,000
10,000
30,000
30,000
-
-
17,000
-
10,000
-
-
-
-
30,000		 10,000
10,000
20,000
10,000
10,000
-
10,000
10,000
10,000
-
10,000
-
-
6,000
10,000
10,000
25,000
10,000
-
-
-
15,000
-
10,000
20,000
10,000
10,000
10,000
10,000
10,000
20,000
276,000
10,000
-
10,000
10,000
10,000
10,000
10,000
-
10,000
10,000
10,000
20,000
10,000
Accuro
Bevern Trust
Bishop Creighton
Brunswick Organic Nurseries
Canterbury Oast Trust
Compass Disability Services
Diverse Abilities
FACET
Foresight
Garvald Edinburgh
Jigsaw
L’Arche
Linkage Community Trust
Live Music Now
Martha Trust
Meath Epilespy
Minstead Trust
NANSA
Northdale Horticulture
Options for Life
Options for Supported Living
Reading Mencap
Rowan Humberstone
Southend Mencap
Spadework
SpeakUp Self Advocacy
Stanley Grange Community Association
Style Acre
SWALLOW
Watford Mencap
Yatley Industries
Grand Total
Care of the Blind, Prevention of, or Cure of Blindness
4Sight Vision Support
Amy and Friends
Angel Eyes NI
Bardet Biedl Syndrome
Barrow & Districts Society for the Blind
Bradbury Fields
British Blind Sport
Bury Soc for Blind & Partially Sighted People
Clear Visiion
Coventry Resource Centre for the Blind
Deafblind Uk
Deafblind Scotland
IMPACT UK

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

Grants made to Institutions (con't) 2022
£
-
-
8,500
10,000
-
5,000
7,000
-
-
-
10,000
-
7,000
25,000
10,000
-
10,000
14,000
-
-
233,500
30,000
-
-
30,000
-
-
-
-
14,000
-
-
-
-
-
13,500
-
-
-
28,000
6,000
7,000
-
10,000
-
-
40,000		 2021
£
Care of the Blind, Prevention of, or Cure of Blindness
(con't)
Living Paintings 10,000
MACS 10,000
MoorVision
MySight York -
New College Worcester 20,000
Northern Ireland Blind Golf Association -
Pathfinder Dogs -
Retina UK 10,000
Royal National College for the Blind 15,000
Sight for Surrey 5,000
Sightline Vision (North West) -
Sight Support Derbyshire 10,000
Southend in Sight 15,000
St John of Jerusalem 10,000
Vision & Hearing Support -
Vista 5,000
Wakefield District Sight Aid -
Walthew House 10,000
West of England School for the Blind (WESC) 10,000
Wirral Society of Blind and Partially Sighted 10,000
Grand Total 260,000
Care of Cancer Patients
Ashgate Hospicecare -
Ayrshire Cancer Support 5,000
Beaumond House Hospice 10,000
Big C Cancer Appeal Ltd -
Bowel Cancer UK 10,000
Breast Cancer Haven 10,000
Cancer Focus Northern Ireland 10,000
Cancer United 10,000
Cavendish Cancer Care 5,000
Childhood Cancer Trust 10,000
CLIC Sargent 10,000
Dorothy House Hospice 10,000
East Cheshire Hospice 15,000
Ellenor 10,000
Fight Bladder Cancer -
Force Cancer Charity 5,000
Hospiscare 10,000
Jo's Cervical Cancer Trust 10,000
The Joshua Tree -
Lewis Foundation -
Lippy People -
Longfield 10,000
Momentum 10,000
Mullberry Centre 10,000
Norfolk Hospice 20,000
Orchid Cancer Appeal 10,000

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

10
Grants made to Institutions (con't)
Care of Cancer Patients (con't)
Pancreatic Cancer UK
PASIC
Paul's Cancer Support
Penny Brohn UK
Prince of Wales Hospice
Rennie Grove Hospice Care
Rotherham Hospice
Roy Castle Lung Cancer Foundation
Sarcoma UK
St Giles Hospice
St Luke's Hospice (Brent & Harrow)
St Oswald's Hospice (Newcastle)
St Peter & St James Hospice
Tackle Prostate Cancer
Target Ovarian Cancer
UCARE
Wakefield Hospice
We Hear You (WHY)
Wessex Cancer Trust
World Cancer Research Fund
Young Lives vs Cancer
Grand Total
Total
Exceptional Grants Fund
Jigsaw
L’Arche
Grand Total		 £
-
7,000
10,000
-
-
-
-
-
-
-
-
-
-
14,000
22,000
5,000
-
-
-
5,000
15,000
256,500
631,000
-
90,000
90,000
721,000
£
10,000
-
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
-
10,000
-
10,000
10,000
20,000
-
-
370,000
906,000
15,000
-
15,000
921,000

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

11
Comparative Statement of Financial Activities
- as restated
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£
INCOME
Income from investments
554,120
-
-
Job Retention Scheme
5,010
Total Income
559,130
-
-
EXPENDITURE ON
Raising funds
-
-
(2,819)
Charitable Activities
Grants made
906,000
15,000
-
Support costs (including
.
governance costs)
134,918
-
-
Total Expenditure
1,040,918
15,000
(2,819)
Net (expenditure)/income before
(481,788)
(15,000)
2,819
gains and losses on investments
Other recognised gains
Net gains on investments
-
-
3,569,815
NET (EXPENDITURE)/INCOME
(481,788)
(15,000)
3,572,634
Transfer between funds
117,615
-
(117,615)
NET MOVEMENT IN FUNDS
(364,173)
(15,000)
3,455,019
TOTAL FUNDS BROUGHT FORWARD
364,173
241,600
17,476,237
TOTAL FUNDS CARRIED FORWARD
-
226,600
20,931,256		 11
Comparative Statement of Financial Activities
- as restated
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£
INCOME
Income from investments
554,120
-
-
Job Retention Scheme
5,010
Total Income
559,130
-
-
EXPENDITURE ON
Raising funds
-
-
(2,819)
Charitable Activities
Grants made
906,000
15,000
-
Support costs (including
.
governance costs)
134,918
-
-
Total Expenditure
1,040,918
15,000
(2,819)
Net (expenditure)/income before
(481,788)
(15,000)
2,819
gains and losses on investments
Other recognised gains
Net gains on investments
-
-
3,569,815
NET (EXPENDITURE)/INCOME
(481,788)
(15,000)
3,572,634
Transfer between funds
117,615
-
(117,615)
NET MOVEMENT IN FUNDS
(364,173)
(15,000)
3,455,019
TOTAL FUNDS BROUGHT FORWARD
364,173
241,600
17,476,237
TOTAL FUNDS CARRIED FORWARD
-
226,600
20,931,256		 11
Comparative Statement of Financial Activities
- as restated
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£
INCOME
Income from investments
554,120
-
-
Job Retention Scheme
5,010
Total Income
559,130
-
-
EXPENDITURE ON
Raising funds
-
-
(2,819)
Charitable Activities
Grants made
906,000
15,000
-
Support costs (including
.
governance costs)
134,918
-
-
Total Expenditure
1,040,918
15,000
(2,819)
Net (expenditure)/income before
(481,788)
(15,000)
2,819
gains and losses on investments
Other recognised gains
Net gains on investments
-
-
3,569,815
NET (EXPENDITURE)/INCOME
(481,788)
(15,000)
3,572,634
Transfer between funds
117,615
-
(117,615)
NET MOVEMENT IN FUNDS
(364,173)
(15,000)
3,455,019
TOTAL FUNDS BROUGHT FORWARD
364,173
241,600
17,476,237
TOTAL FUNDS CARRIED FORWARD
-
226,600
20,931,256		 11
Comparative Statement of Financial Activities
- as restated
Unrestricted
Designated
Expendable
Funds
Funds
Endowment
£
£
£
INCOME
Income from investments
554,120
-
-
Job Retention Scheme
5,010
Total Income
559,130
-
-
EXPENDITURE ON
Raising funds
-
-
(2,819)
Charitable Activities
Grants made
906,000
15,000
-
Support costs (including
.
governance costs)
134,918
-
-
Total Expenditure
1,040,918
15,000
(2,819)
Net (expenditure)/income before
(481,788)
(15,000)
2,819
gains and losses on investments
Other recognised gains
Net gains on investments
-
-
3,569,815
NET (EXPENDITURE)/INCOME
(481,788)
(15,000)
3,572,634
Transfer between funds
117,615
-
(117,615)
NET MOVEMENT IN FUNDS
(364,173)
(15,000)
3,455,019
TOTAL FUNDS BROUGHT FORWARD
364,173
241,600
17,476,237
TOTAL FUNDS CARRIED FORWARD
-
226,600
20,931,256		 Total
2021
£
554,120
5,010
559,130
Funds
Funds
Endowment
£
£		 £
554,120 - -
5,010
559,130 - -
-
- (2,819) (2,819)
921,000
134,918
1,053,099
906,000 15,000 -
.
134,918 - -
15,000
1,040,918 (2,819)
2,819
(481,788) (15,000) (493,969)
3,569,815
3,075,846
-
3,075,846
18,082,010
21,157,856
- - 3,569,815
(481,788) (15,000) 3,572,634
-
117,615 (117,615)
(364,173) (15,000) 3,455,019
364,173 241,600 17,476,237
- 226,600 20,931,256

There are no recognised gains/losses other than those shown in the SOFA.