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2023-04-05-accounts

THE WILL CHARITABLE TRUST REGISTERED CHARITY NO: 801682

ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2023

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 2023

Reference and Administrative Information

Charity Name The Will Charitable Trust Registered Charity No: 801682 Governing Instrument Deed of trust dated 20 March 1989 Trustees Mrs V A Reburn Mr R Luff Ms J E B Dyson Mr R Boddington Mr A J McDonald (retired 11 May 2022) 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

Appeals for grants are dealt with by the Grants Office, Bridge House, 11 Creek Road, East Molesey KT8 9BE.

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Trustees' Annual Report for the Year Ended 5 April 2023

The trustees of the Will Charitable Trust present their report and accounts for the year ended 5 April 2023, 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.

Like many grant makers our usual procedures were shelved in March 2020 when we set up an emergency programme to help charities which needed speedy and unrestricted funding as they coped with the Covid 19 pandemic. From June 2021, when the situation had eased somewhat, the Charity decided not to revert to the pre-pandemic practice of biannual Board meetings to award grants, both preceded by Grants Committee meetings which awarded small grants with an upper limit of £5,000. Instead for 21/22, the Committee met 4 times to award unrestricted grants up to £10,000 and small grants up to £7,000; with the main Board meeting 3 times to award grants over £10,000 and agree exceptional grants.

This worked well, so for 2022/23 we followed broadly the same pattern and both the Grants Committee and the Board met 3 times during the year with the Committee awarding both restricted and unrestricted grants of up to £10,000 each, and the Board over £10,000. The committee is now awarding a greater proportion of the total funds with £193,000 awarded in 2022/23 from the overall total £813,500 (excluding exceptional grants which are funded through the Designated fund and always subject to full Board approval). This pattern is expected to continue for the forseeable future unless circumstances dictate otherwise.

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 current global economic situation and difficult market conditions pose a risk to 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 continued to include unrestricted awards to help charities still affected by the pandemic and also by the cost-of-living crisis in the UK.

Categories eligible for grant

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Objectives and Grant Policy (con't)

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

General

The Trustees do not support:

Review of activities

Grants overall

The Charity assessed 181 applications over the year (96 last year) so fundraising activity is getting back to pre-pandemic levels in the sector (244 received during 2019/20). Although numbers are recovering, applications for large capital projects are scarce with charities seemingly raising funds for small projects as they catch up post-pandemic, as well coming to us for ongoing/existing services and core costs. So clearly charities were still feeling the effects of the pandemic as well being affected by the cost-of-living crisis and the economic downturn.

Of the 181 applications, 42 were outside our remit (from charities whose work area is outside our fields) and 11 worked within our fields of interest but failed completely to follow guidelines. 61 grants were awarded (47 last year) and these were split as follows:

20 grants in the blind field totalling £258,000. 24 grants in the cancer field £299,500. 17 grants in the learning disabled field £256,000

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Review of activities (con't)

The chances of success remained higher than historically (1:3 overall but higher in the blind field due to fewer applications). By far the most common reason for failure was because the charities had what we considered to be excess reserves. Whilst our guidelines give an upper limit of 18 months unrestricted reserves (unless there is a plausible explanation for holding temporary high reserves) in practice we make a value judgement on each case. As a general rule smaller charities with very little or no statutory income are expected to hold higher reserves as a proportion of income than one for whom the majority of income is more or less guaranteed. Each is judged case-by-case and we stress the importance of explaining reserves in our communications with charities.

As always, some applications failed because fundraisers sent in untargeted mail-shots or simply made little effort to follow guidelines and consequently did not provide the information necessary.

Exceptional Grants: The 4 exceptional grants totalling £391,000 were all for major capital building appeals.

Examples of grants paid during the financial year for project funding are given below and a full listing is included in note 10 to the financial statements:

Blind Care

Awarded by the Grants Committee under delegated powers:

An unrestricted grant of £7,000 was awarded to a small charity which provides adventure activities for adults with visual impairment. The charity had an income just above £50,000 with low reserves and was struggling to fill a shortfall in core costs.

£7,000 was awarded to a charity which specialises in helping people with a particular eye disorder, to help fund awareness events across England and Wales for patients and medical professionals.

A long-established local blind society with an income of around £300,000 and reserves covering around 6 months’ expenditure but with a budget deficit for the following year, was awarded an unrestricted £10,000 towards core/ongoing costs.

Awarded by the main Board:

£20,000 was awarded to a specialist college for pupils with visual impairment and additional disabilities to help fund a campus-wide keyless security system.

A donation of £30,000 was given to a UK registered charity which works internationally to prevent and cure blindness, towards its ongoing programme in Bangladesh.

Cancer Care

Awarded by the Grants Committee under delegated powers:

A grant of £10,000 was awarded to a small charity which provides gift packs to oncology patients to fund the fitting out of a warehouse storage facility.

A small cancer support charity in the West Country which provides complementary therapies and counselling had seen an unprecedented rise in demand for services post-Covid which they were unable to easily fund from reserves. An unrestricted £6,000 was awarded.

A small charity based in Wales was awarded £9,000 to fund an expansion of their Living Well with Cancer support group.

Awarded by the main Board:

A charity specialising in helping people with brain cancer was awarded £20,000 towards the £46,000 cost of expanding their services into Yorkshire and Humberside.

A grant of £25,000 was awarded to a cancer support charity to complete the funding required for the installation of a new electronic patient record system.

Learning Disability

Awarded by the Grants Committee under delegated powers:

A charity based in the east of England was awarded an unrestricted £10,000 to help fill the funding gap left by the withdrawal of local authority funding for day activities for their residents.

A charity whose core activity is adult residential care was awarded £7,000 towards the cost of replacing doors to one of their properties to avoid them having to use already depleted reserves.

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Review of activities (con't)

A charity in the south east was awarded £10,000 to help fund a new service for children who needed to make the transition to their adult services.

Awarded by the main Board:

A long-standing community where children and adults with learning disabilities live and work, was awarded £30,000 towards the final stages of a campaign to raise £3.2M to fund the building of a new residential facility for young people.

A charity which provides a range of services including residential and supported living accommodation was awarded £15,000 to part fund a new healthy eating and nutrition programme for its residents and tenants.

Financial Position and Results of the year

The net expenditure of the Unrestricted Funds totalled (£455,276) (2022:(£282,570)). The decrease in the Expendable Endowment during the year was £2,363,755 (2022: increase £481,103). The increase in the Designated funds during the year was £109,000 (2022 increase £110,000). The value of investments at 5 April 2023 was £19,284,096 (2022: £21,217,585) a decrease of £1,933,489. The performance of the charity's investments was slightly below the agreed benchmark.

Investment Policy

The Will Charitable Trust has wide investment powers a long-term investment time horizon (5 to 10 years). The overall objective is to provide sufficient cash flow to support the administration of the charity and the grants programme. The Trustees intend to set a demanding cash budget for the grants programme given the current times of great need in the sector. They accept that this may involve some erosion of the real value of the portfolio, but this will be regularly monitored and the amount of the budget kept under review. Specifically, the Trustees seek a long-term total return in excess of UK CPI +4% after investment management costs.

In order to achieve their goal, the Trustees invest in an actively managed global multi asset portfolio of listed and realisable investments. The majority of the assets will be invested in real assets (global and UK equities, commercial property and alternative assets) with the balance invested in nominal assets (government and corporate bonds and cash).

Short Term Reserves - sufficient funds (reviewed at each meeting of the Trustees) should be held in cash, or near cash, to fund known cash requirements or the exceptional grants programme. Investment time horizon up to 18 months.

Income / Cash Budget - the Trustees have the ability to spend capital reserves in additional to income and so do not set a specific income target preferring to operate a ‘total return’ approach to withdrawals. Ethical Requirements – the Trustees do not wish to impose any moral or ethical constraints on the investment of the funds, but with regards to overall stewardship and environmental, social and governance (ESG) matters, the Trustees expect their appointed manager, where appropriate and necessary, to engage with investee companies to encourage the adoption of ethical and socially responsible policies and procedures.

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.

Performance - in the year to 5 April 2023 the fund produced a total return (capital and income) of -4.3% against the fund’s benchmark of -3.0%. Whilst the return was behind the benchmark, the return was ahead of charity peer group for the year to 31st March 2023.

Reserves review and policy

The charity is a grant making charity and its income generating assets are therefore held as investments and cash deposits. 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 2023 the charity held £19,048,604 (2022: £21,412,359) in an expendable endowment fund, £Nil (2022: £Nil) in general unrestricted funds and £445,600 (2022: £336,600) in an unrestricted fund designated for exceptional grant awards. The designated fund will be awarded as grants in future years.

THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued)

Fundraising Activity

The Charity’s expenditure is funded 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

As stated above (Structure, Governance and Management) the Charity intends to continue to hold more frequent meetings than historically and with the Committee awarding more grants as a proportion of total spend under its delegated powers. The Board will oversee the activity of the Committee and will itself meet to consider larger grants. We do not expect to revert to project-only funding for the foreseeable future and will continue to respond positively to requests for core funding where the need is clear, and particularly for smaller charities with little or no statutory funding. For larger charities in a more sustainable financial situation, we will continue to consider an element of core funding/overhead costs (ie towards full cost recovery) when awarding project funding.

The Trustees will continue to monitor the effect of the move to a total return investment policy on the endowment. The budget for grants will take this into consideration along with the demand on funds as applications continue to grow in numbers. Withdrawals from the endowment into the designated fund for larger exceptional grants are unaffected by the change to total return and will continue to be taken on an ad-hoc basis and according to demand by the Board with an expectation of £250,000 to £500,000 to be transferred per year.

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.

Vanessa A Reburn

Signature...................................................................... 20 November 2023 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 2023 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 & C

Leonard Jones & Co Chartered Accountants and Statutory Auditors

1 Printing House Yard London E2 7PR

15th January 2024

THE WILL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Note
2023
Unrestricted Designated
Expendable
Funds
Funds
Endowment
£
£
£
INCOME
Income from investments
3
500,819
-
-
Job Retention Scheme
-
-
-
Total Income
500,819
-
-
EXPENDITURE ON
Raising funds - investment management fees
8 a
-
-
(26,484)
Charitable Activities:
Grants made
10
813,500
391,000
-
Support costs
7 & 8
142,595
-
-
Total Expenditure
956,095
391,000
(26,484)
Net (expenditure)/income before
(455,276)
(391,000)
26,484
gains on investments
.
Other recognised gains
Net (losses)/gains on investments
2
-
-
(1,434,963)
NET (EXPENDITURE)/INCOME
(455,276)
(391,000)
(1,408,479)
Transfer between funds
9
455,276
500,000
(955,276)
NET MOVEMENT IN FUNDS
-
109,000
(2,363,755)
TOTAL FUNDS BROUGHT FORWARD
-
336,600
21,412,359
TOTAL FUNDS CARRIED FORWARD
-
445,600
19,048,604		 Total
£
500,819
-
500,819
(26,484)
1,204,500
142,595
1,320,611
(819,792)
(1,434,963)
(2,254,755)
-
(2,254,755)
21,748,959
19,494,204		 2022
Total
£
490,616
490,616
(22,826)
721,000
142,186
840,360
(349,744)
940,847
591,103
-
591,103
21,157,856
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 2023

Note
FIXED ASSETS
Investments
2
Fixtures, Fittings & Equipment
6
CURRENT ASSETS
Cash at Bank and on Deposit
Debtors
Creditors: amounts falling due within one year
Creditors
4
NET CURRENT ASSETS
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted Funds
5
Designated Funds
5, 9
Expendable Endowment
5		 2023
£
321,403
473
321,876
114,940
114,940		 £
19,284,096
3,172
19,287,268
206,936
19,494,204
-
445,600
19,048,604
19,494,204		 2022
£
544,561
10,451
555,012
27,603
27,603		 £
21,217,585
3,965
21,221,550
527,409
21,748,959
-
336,600
21,412,359
21,748,959

Approved by the board of trustees on 20 November 2023 and signed on its behalf by;

Vanessa A Reburn

............................................................................ 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 2023

2023 2022
Note
£ £
Cash used in operating activities a (1,222,503) (415,686)
Capital expenditure & financial investment:
Dividend Income 500,819 490,616
Purchase of investments (3,525,036) (6,630,432)
Proceeds from sale of investments 4,156,452 6,648,019
(Increase)Decrease in investment portfolio cash (132,890) 157,953
999,345 175,540
(Decrease) in cash at bank and on deposit (223,158) (240,146)
Cash at bank and on deposit at beginning of year 544,561 784,707
Cash at bank and on deposit carried forward 321,403 544,561
Note to Statement of Cash Flows
2023 2022
£ £
a Reconciliation of net expenditure to
net cash outflow from operating activities
Net expenditure (819,792) (349,744)
Dividend Income (500,819) 490,616
Depreciation 793 991
Increase/(Decrease) in creditors 87,337 (58,576)
Decrease/(Increase) in debtors 9,978 (8,357)
(1,222,503) (415,686)

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.

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.

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

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

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

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.

Allocation of support and governance costs

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.

Material judgements and uncertanties

The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.There are no judgements made that have a significant effect on the amounts recognised in the financial statements.

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

2
Investment Assets
2023
£
UK listed investments at market value
7,972,625
Overseas investments at market value
11,067,784
Cash held as part of the investment portfolio
243,687
19,284,096
2023
£
Market value at 5 April 2022
21,217,585
Less:
Proceeds on disposals of investments
(4,156,452)
Add:
Acquisitions at cost
3,525,036
Gains on sale of investments
(230,691)
Net gains on revaluation at 5 April 2022
(1,204,272)
(Decrease) in investment portfolio cash
132,890
Market value at 5 April 2023
19,284,096
3
Investment Income
2023
£
UK listed investments
248,360
Overseas investments
247,162
Investment manager's interest
3,739
Other income
1,558
500,819
4
Creditors: amounts falling due within one year
2023
£
Grants
91,000
Accruals
23,940
114,940
5
Analysis of Balance Sheet Net Assets by
Fund
Expendable
Designated
Unrestricted
Endowment
Funds
Funds
£
£
£
Fixed assets
19,048,604
238,664
-
Current assets
-
206,936
114,940
Current liabilities
-
-
(114,940)
19,048,604
445,600
-		 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
2022
£
288,136
201,914
324
242
490,616
2022
£
-
27,603
27,603
Total
£
19,287,268
321,876
(114,940)
19,494,204

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

5
Comparative 2022 Analysis of Balance
Sheet
Expendable
Designated
Unrestricted
Net Assets by Fund
Endowment
Funds
Funds
£
£
£
Fixed assets
21,221,550
-
-
Current assets
190,809
336,600
27,603
Current liabilities
-
-
(27,603)
21,412,359
336,600
-		 Total
£
21,221,550
555,012
(27,603)
21,748,959

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 2022
Additions in year
Depreciation
As at 6 April 2022
Charge for year
Net Book Value
As at 6 April 2023
As at 5 April 2022
7
Support Costs
Staff salaries
Employer's National Insurance
Grants office running costs
Pension costs
Governance costs (See note 8)		 £
11,651
-
11,651
7,686
793
8,479
3,172
3,965
2023
£
64,374
2,500
18,088
3,425
88,387
54,208
142,595		 2022
£
61,698
2,500
19,163
3,076
86,437
55,749
142,186

The average number of employees (all part time) during the year was three (2022: three) all involved in Grant Administration.

8 Trustees' and Advisors' Remuneration and Expenses (representing governance costs)

Fees paid to haysmacintyre and charged in the accounts for the year are £35,832 (2022: £36,612). The amount outstanding at 5 April 2023 is £12,918 (2022: £12,918).

Fees paid to Farrer & Co., solicitors, and charged in the accounts for the year are £10,306 (2022: £11,545).

Fees paid to Leonard Jones & Co and charged in the accounts for the year for auditing services are £7,500 (2022: £6,930).

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

8 Trustees' and Advisors' Remuneration and Expenses (representing governance costs) con't

Bank charges for the year amounted to £570 (2022: £540).

No remuneration is paid either directly or indirectly to the Trustees for their services as trustee. No trustee was reimbursed travel expenses for the year (2022: one trustee £122).

There were no other related party transactions that require disclosure (2022: None)

9 Designated Funds

Designated Funds
At 6th April Transfer Grant Payable At 5th April
2022 2023
£ £ £ £
Exceptional Grants Fund 336,600 500,000 391,000 445,600
At 6th April Transfer Grant Payable At 5th April
2021 2022
£ £ £ £
Exceptional Grants Fund 226,600 200,000 90,000 336,600

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 £500,000 (2022: £200,000). A transfer of £455,276 was made from the Expendable Endowment fund to Unrestricted Funds to cover a deficit (2022: £282,570)

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

10
Grants made to institutions
Care of People with Learning Disabilities
Autism At Kingswood
Autism Hampshire
Autism Unlimited
Camphill School Aberdeen
Compass Disability Services
Diverse Abilities
ECHO
Garvald Edinburgh
Genesis Orwell Mencap
get2gether
Jubilee House
L’Arche
Linkage Community Trust
Martha Trust
Meath Epilespy
Minstead Trust
Northdale Horticulture
Options for Life
Options for Supported Living
Ouseburn Farm
Outward
People in Action
Reach Learning Disability
Rowan Humberstone
Southend Mencap
Stanley Grange Community Association
the people hive
Upmo (Upward Mobility)
Grand Total
Care of the Blind, Prevention of, or Cure of Blindness
4Sight Vision Support
Amy and Friends
Angel Eyes NI
Bradbury Fields
Bury Soc for Blind & Partially Sighted People
Bucks Vision
Fight Against Blindness
Goalball UK
IMPACT UK
Lincoln and Lindsey Blind Society
Living Paintings
Macular Society
Metro Blind Sport
MoorVision
MySight York
Northern Ireland Blind Golf Association		 2023
£
7,000
9,000
20,000
30,000
-
-
10,000
-
18,000
10,000
10,000
-
10,000
24,000
-
-
-
-
18,000
15,000
20,000
20,000
-
10,000
-
10,000
15,000
256,000
10,000
20,000
-
15,000
-
10,000
10,000
20,000
30,000
10,000
20,000
16,000
7,000
-
-
-		 2022
£
-
-
-
-
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
-
-
-
-
8,500
10,000
5,000

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

Care of the Blind, Prevention of, or Cure of Blindness (con't)

Northumberland Country Blind Association
Nystagmus Network
Pathfinder Dogs
Royal National College for the Blind (RNC)
seescape
Sightline Vision (North West)
Sight Support West of England
Southend in Sight
St John of Jerusalem
Vision of Adventure
Vision & Hearing Support
Vision North Somerset
Wakefield District Sight Aid
Walthew House
Wirral Society of Blind and Partially Sighted
Grand Total
Care of Cancer Patients
Ashgate Hospicecare
Abby's Heroes
Anthony Nolan
Axminster and Lyme Cancer Support
Big C Cancer Appeal Ltd
Blythe Hospice Care
Braintrust
Cancer Care
Cancer Support UK
Cancer United
Cancer Wise
Cavendish Cancer Care
CHECT (Childhood Eye Cancer Trust)
Children Cancer & Leukamoa Grp
Cyclists Fighting Cancer
Eden-Rose Coppice Trust
Fight Bladder Cancer
HAHAV (Aberystwyth Hospice at Home Volunteers)
Jo's Cervical Cancer Trust
The Joshua Tree
Lewis Foundation
Lippy People
Longfield Community Hospice
Momentum
Mullberry Centre
Orchid Cancer Appeal
PASIC
Paul's Cancer Support
Rotherham Cancer Centre		 2023
£
7,000
6,000
-
20,000
10,000
-
10,000
-
-
7,000
-
10,000
10,000
-
10,000
258,000
-
7,000
20,000
6,000
-
30,000
20,000
25,000
6,000
10,000
10,000
-
15,000
7,000
10,000
10,000
-
9,000
10,000
-
10,000
-
7,500
15,000
20,000
-
-
-
5,000		 2022
£
-
-
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
7,000
10,000
-

THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

10
Grants made to Institutions (con't)
Care of Cancer Patients (con't)
£
Roy Castle Lung Cancer Foundation
15,000
Tackle Prostate Cancer
-
Target Ovarian Cancer
-
Theodora Children’s Charity
7,000
UCARE
-
WMUK
15,000
World Cancer Research Fund
-
Yeleni Therapy and Suppor
10,000
Young Lives vs Cancer
-
Grand Total
299,500
Total
813,500
Exceptional Grants Fund
Ayrshire Cancer Support
100,000
L’Arche
-
Martlets Hospice Ltd
50,000
St Ann's Hospice
150,000
Stanley Grange
91,000
391,000
Grand Total
1,204,500		 £
-
14,000
22,000
-
5,000
-
5,000
-
15,000
256,500
631,000
-
90,000
-
-
-
90,000
721,000

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
490,616
-
-
Total Income
490,616
-
-
EXPENDITURE ON
Raising funds
-
-
(22,826)
Charitable Activities
Grants made
631,000
90,000
-
Support costs (including
.
governance costs)
142,186
-
-
Total Expenditure
773,186
90,000
(22,826)
Net (expenditure)/income before
(282,570)
(90,000)
22,826
gains and losses on investments
Other recognised gains
Net gains on investments
-
-
940,847
NET (EXPENDITURE)/INCOME
(282,570)
(90,000)
963,673
Transfer between funds
282,570
200,000
(482,570)
NET MOVEMENT IN FUNDS
-
110,000
481,103
TOTAL FUNDS BROUGHT FORWARD
-
226,600
20,931,256
TOTAL FUNDS CARRIED FORWARD
-
336,600
21,412,359		 Total
2022
£
490,616
490,616
(22,826)
721,000
142,186
840,360
(349,744)
940,847
591,103
-
591,103
21,157,856
21,748,959

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