THE WILL CHARITABLE TRUST REGISTERED CHARITY NO: 801682 ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
THE WILL CHARITABLE TRUST CONTENTS Pago Trustees, Annual Report- Reference and Administrative Infomiation Trustees, Annual Report Auditors, Report 8-10 Statement of Financial Activities 11 Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-22
THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL2024 Reference and Admlnlstratlve Informatlon Charlty Name The Will Charitable Trust Registered Charity No.. 801682 Governlng Instrument Deed of trust dated 20 March 1989 Trustee8 Mrs V A Reburn MrRLuff MsJEBDyson Mr R Boddington Prlnclpal Office of tho Charlty 10 Queen Street Place London EC4R 1AG Appeals for grants are dealt viith by the Grants Office, Bridge House, 11 Creek Road, East Molesey KT8 98E. Admlnl8tratlon & Accountancy Haysmac LLP 10 Queen Street Place London EC4R 1AG Audltor Kreston Reeves LLP 9 Donnington Park 85 Birdham Road Chichester West Sussex P020 7AJ Sollcltor Farrer & Co 66 Lincoln's Inn Fields London WC2A3LH Banker C. Hoare & Co. 37 Fleet street London EC4P 40Q Investmont Manager Sar8sin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Webslte www.willcharitabletrust.org.uk
THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Trustees. Annual Report for the Year Ended S Aprll 2024 The trustees of the Will Charitable Trust present their report and accounts for the year ended 5 April 2024, the thirty fourth 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 Irust 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 Th8 Charity is an unincorporated trust, constrtuted 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 trustee5 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 deed, and will have access to the educational events organised by the Charity's professional advisors. The trustees who all give their time freely (any expenses are disclosed in note 8 to the accounts) administer the affairs of the Charity. The day-to-day administralion of all applications is delegated to the Executive Director and Grants Administralors. Prior to the Covid 19 pandemic there was an annual deadllne for applications in each of the 3 fields supported and the Board met bi-annually to award grants mainly for capital projects. Each Board meeting was preceded by a grants committee meeting which awarded small grants up to £7,000 under delegated powers with a budget of no more than 100A of the overall grant spend. These procedures were shelved in March 2020 when we set up an emergency rolling programme with no deadlines, and the Committee met frequently to award speedy and unrestricted funding. The situation eased from June 2021 but the sector took a lIe to recover and has yet fully to do so. Because of this, we decided to continue with the rolling programme with the Committee awarding unrestricted and project (restricted) grants of up to £10,000 each (wlth an increased budget). The full Board approves all grants over £10,000 and has responslbility for the decision to not support appllcations. In 2022123 a total of 6 meetin98 were held. The same system has been broadly followed during 2023124. A total of 4 meetings to consider applicalions have been held, with the Committee awarding £357,000 of the total 'normal programme, grants spend of £921,200, with a relatively high £194,500 of this comprising unrestricted grants of up to £10,000. During the year the Board also approved exceptional grants totalling £491,000. NOTE.. This pattern of grant giving may not continue - see future plans. Rl8k 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 enlilies. The trustees also perform their own checks in these areas and are monitoring the situation carefully with the aim of protecting the grant-making activty of the Charity. Objectlves and Grant Pollcy 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. Vithilst the general criteria regarding the charities eligible for grants remained largely unchanged (the three fields of support are listed below), for the third financial year our grant-making continued to include unrestricted awards to help charities still affected by the pandemic and by the cost-of-living crisis in the UK.
THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Objectlves and Grant Policy (con't) Categories eligible for grant The Charity provides financial assistance to registered or exempt charities whose activities fall within the following three categories, mainly within the United Kingdom.. Care of and services for blind people, and the prevents'on and cure of blindness., Care of people with learning disabilities in a way that provides lifelong commitment, 8 family environment, and the maximum choice of activities and lifestyle,. and Care of and services for people suffering from cancer. and their families. Detailed guidance for each field of activty is available on the website or from the grants office. General Five exceptional grants were awarded totalling £491,000. These larger grants are unusual and potential recipients are usually identified from applications received during the normal grants rounds. Charities are, however, encouraged to contact the grants Offi to discuss potential projects for support. The Trustees do not support.. Organisations that are not registered charities (or properly exempt) General appeals or letterslmail-shots requesting donations, which do not follow our guidelines Individuals. or charities applying on their behalf. Grant-making organisations seeking funding for the purpose of awarding grants to others. Applications for less than £3,000. Charities with a turnover of less than £50,000. Charities with liquid (free) reserves covering more than 18 months, expenditure unless they can clearly demonstrate that they are in financial need. Charities that do not yet have a track record of service delivery (or other convincing evidence of ability). Projects which benefit people outside the UK, except in the blind field. Projects which are complete {i.e. retrospective funding). Academic research projects. Campaigning or lobbying projects. Work usually considered a statulory responsibility. Equipment or buildings intended for use by the NHS. Revlew of actlvltles Grants overall The Charity assessed 191 applications over the year (181 last year) so fundraising activity is returning to pre-pandemic levels {244 received during 2019120 but this included more applications which were outside guidelines). Although numbers are recovering, applications for large capital projects are still relatively scarce, with the vast majority during the year being for ongoinglexisting servi$ or core costs. or for small manageable projects. Of the 191 applications, 17 were outside our remit (from charities whose work area is outside our fields) and 14 worked within our fields of interest but failed to follow guidelines. 82 grants were awarded (61 last year) and these were split as follows..
THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Revièw of actlvitiès Iconl) 21 grants in the blind field totalling £270,500. 22 grants in the cancer field £183,700 39 grants in the leaming disabled field £467,000. 'The high spend in the leaming disabled field simply reflects the number of applications received which must be an indication of the need arising from cuts in government funding in general and spiralling costs of residential care homes and supported living facilities in particular. The chances of succes5 overall were higher than historically but this is because we were awarding smaller amounts to more charities as we continued to be 'demand-led' responding positively as far as possible. The most common reason for failure, especially for charities requesting unrestricted funding was because they had what we considered to be excess reserves. Vknilst our guidelines give an upper limrt of 18 months unrestricted reserves (unless there is a plausible explanation for holding temporary high reserves) in Practi 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 resee$ 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 necessary information. Excepts'on81 Grants.. The 5 exceptional grants totalling £491,000 were for capital building appeals, a major IT project, and a new specialist cancer service. Examples of grants awarded during the 2023124 financial year are given below: Awarded by the Grants Committee under delegated powers.. A specialist charity with few reserves was awarded £8,000 towards the ongoing cost of its advlce service for people affected by Bardet-Biedl Syndrome. A small sight loss charity in Middlesex was awarded £10,000 towards the cost of expanding its home IT service to new areas. A Scoth'sh charity which had acquired a new day centre was awarded £7,500 to fund equipment for an IT room. Awarded by the main Board.. A Liverpool-based charity was awarded £20,000 to fund a training kitchen and cooking skills project for people with Vl. A small charity in the West Midlands was awarded £22,500 to fund a community and digital fundraiser to help them build financial sustainability. A UK registered charity was awarded £29,000 to help fund its programme in Gujarat State, India (this field is the only one vthere grants are awarded for work outside the UK) Awarded by the Grants Committee under delegated powers.. A small charity in Ilvest Sussex was awarded £10,000 towards the cost of employing a new marketingl fundraising officer to expand their reach and activities. A Imltshire-based small charity was awarded £8,000 to fund counselling sessions and therapeutic support to chIldn with Canr. A small charity in Suffolk which provides counselling and complementary therapies whose income was almost solely from grant-makers was finding fundraising challenging and had needed to reduce expenditure substankn'ally. Reserves were still low and £10,000 was awarded to help them through the crisis.
THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT {Conlinued) Revlew of activities Icon't) Awarded by the main Board.. A small Scottish hospice was awarded a restricted £4,700 to fund the costs of specialist venesection training. An unrestricted £10,000 was awarded to a small charity whose running costs had increased following a move to a new centre. A community hospice was awarded a restricted £10,000 to help fund a new digital rota system for their care at home service. Awarded by the Grants Committee under delegated powers.. A small charity vthich provides activities on a long-tem) basis to over 100 people with learning disabilities from the South of England was awarded £5,000 to help fund the replacement of unsuitable flooring in the venue they have rented for many years. A ch8rity in Staffordshire was awarded £10.000 towards the cost of converting a toilet block into a shower room and staff room. A Cambridgeshlrfrbased arts charity supporting over 80 adults wlth leamlng dlsabilltles needed to 8ubsidise the cost of their students. They had reserves covering just a quarter of annual income and had budgeted for a deficit the following year. An unrestricted £8,000 was awarded. Awarded by the main Board.. A charity in the south west was awarded a restricted £30,000 towards the refurbishment costs of a recently purchased new property to become their 5th care home for people with learning disabilities. A midl8nds-based charity was awarded £20,000 towards a project to re-purpose a respite care home into a 8UPPOrted living facility. A national charity which runs a number of services including residents'al care and supported living was awarded £15,000 towards a projecl to recruit a nehvork of volunteer co-ordinators. Flnanclal Posltlon and Results of the year The net expenditure of the Unrestricted Funds tot8lled (£526.484) (2023.'(£455,276)) The decrease in the Expendable Endowment during the year was £87,309 (2023: £2,363,755). The decrease in the Designated funds during the year was £200.200 {2023 increase £109,000). The value of investments at S April 2024 was £18,921,742 (2023.. £19,284.096) a decrease of £362,354. The performance of the charity's investments was slightly below the agreed benchmark. Investment Pollcy The Wll Charitable Trust has wide investment pOVrS a long-lerm 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 vrfill 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 +40kn 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) wilh the balance invested in nominal assets (govemment and corporate bonds and cash). Short Term ReseTves- 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 lime horizon up to 18 months. Income I 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.
THE WILLCHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Investment Policy Iconl) 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. Perfomiance - in the year to 5 April 2024 the portfolio produced a total return {capital and income) of 8.2% against the fund's benchmark of 14.6%. Whilst performance was behind the composite benchmark, the return was in line with the charity peer group for the year to 31 st March 2024. Reserves revlew and pollcy 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 foNiard. 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 m8aning of the Charities SORP. At 5 April 2024 the charity held £18,981,295 (2023: £19,048,604) in an expendable endowment fund and £250,00012023'. £445,600) in an unrestricted fund designated for exceptional grant awards. The designated fund will be awarded as grants In future years. Fundralslng Actlvlty The Charity's expenditure is funded from its investment portfolio. No fundraising activrty is undertaken. Golng Concern The twstees are of the opinlon 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 abilrty to do so. Plans for Future Perlods As stated in the section "Structure, Governance and Management" since the Covid 19 pandemic thé Trust has been accepting applications on a rolling basis and has continued to award grants of up to £10,000 for ongoinglcore costs, rather than providing mainly project funding as was the case prior to June 2000. This demand-led approach has resulted in us awarding more grants, but for smaller amounts. Applications have evolved over the last 4 years with the bulk of charities seeing this and as a Consequen applying for core funding. This has meant a change in our procedures with a far greater proportion of our grant budget now awarded under delegated powers for grants up to £10,000, rather than contributing lo large or small capital appeals or to fund an expansion of services. As a result, we continued to spend more than the total of our income and capital appreciation with a consequent effect on the endowment. This change, along with the changing profile of the charitable sector which has faced a pandemic, a cost- of-living crisis, and cuts in statutory funding as local authority budgets come under increasing pressure, led the Trustees to take the difficult decision temporarily to close to new applications with effect from 15 November 2024. This pause in grant making will last for a period of possibly around 8 months {exact date of re-opening to be announced), and is to give the Trustees the time and space to carry out their first major review in 34 years of operation of their grant-making strategy and procedures and processes. Once the review is complete, the date of re-opening to new applications and the changes will be announced on our website. This is expected to be in summer 2025 The Trustees hope the effect on beneficiaries will be minimal - all grants are one-off with no continuation funding and we do not have charities which expect support year-on-year. A few charities might be affected where they are running projects to a tight timetable but this is for a short time only, as V expect to resume making grants to charities in the 2025126 year. albeit to a condensed timetable. The review of grant-making and setting of policy going forward will include an indicative budget for the next 4 or 5 years taking into account the effect on the overall value of the endowment and the Trustees plan for the longer-tem future for the Trust.
THE WILL CHARITABLE TRUST TRUSTEES ANNUAL REPORT (Continued) Dlsclosure of informatlon to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that so far as the Trustee is aware, there is no relevant audit information of which the Trust's auditors are unaware, and the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Trust's auditors are aware of that information Statement of Trustees, Responslbllitles In relatlon to the flnanclal 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 preparin9 these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently., observe the methods and principles of the Charities SORP., make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements,. and,. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charity will continue in business. The trustees are responsible for keeping accounting records whlch disclose with reasonable accuracy the financial position of the Charity and enable them to ascertain to ensure thal the financial statements comply with CharitiesAct 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 ITuslees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Slgnature and Declaratlon I declare, in authorised capacity of charity trustee, that the trustees have approved the report al)ove and have to sign it o ir behalf. Signature..... V A Reburn. Trustee 16 January 2025
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OFTHE WILL CHARITABLE TRUST Independent auditorfs report to the Trustees of The Wlll Charltable Trust Oplnlon We have audited the financial statements of The 11 Charitable Trust for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet. Statement of Cash Flow5 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= give a true and fair view of the state of the Charity's affairs as at 5 April 2024 and of its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: have been prepared in accordance with the requirements of ihe Charities Act 2011. Basls for oplnlon INe 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 ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thai the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relatlng to golng concern In audlting the financial statements, have concluded that the trustees, use of the golng 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 casl significant doubt on the Charity's ability to continue as a going concem for period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other information. The other infomiation 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 lo the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection wlth 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 onclude that there is a material misstatement of this other information. we are required to report that fact. Vve have nothing to report in this regard.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OFTHE WILL CHARITABLE TRUST Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the Charty 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 (Accounts and Reports) regulations 2008 requires us to report to you if, in our opinion.. sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and retums. or have not obtained all the infonnation and explanations necessary for the purposes of our audit.: or the information given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 8, 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 concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charty or to cease operations, or have no realistic alternative but to do $0. Our responslbllltles forthe audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance wilh the Act and relevant regulations made or having effect thereunder. 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 Audilor'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 vthen 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.. Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations relaled lo General Data Protection Regulations. bve considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019> and other relevant charity legislation. INe communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. evaluated Trustees, and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls> and determined that the principal risks related to management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investments. Audit procedures perfomed by the engagement team included.. o Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud,. o Assessment of identified fraud risk factors" and o Review of grant expenditure to confirm no evidence of personal benefit: and o Review of the office bank account to confirm no evidence of personal benefit: and o Performing analytical procedures to identify any unusual or unexpected relationships. including related paty transactions, that may indicate risks of material misstatement due to fraud; and Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business- and o Reading minutes of meetings of those charged with governance
INDEPENDEIYT AUDITORS, REPORT TO THE TRUSTEES OFTHE WILLCHARITABLE TRUST Our responslbllltles fortho audlt of the financlal ststsments (conl) o Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions,. and o Identifying and testing journal entries, in particular any manual entri88 made at the year end for financial statement preparation. Because of the inherent limitations of an audit, thefe is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or nonacompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: o Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from Iraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. o Obtain an understanding of internal control relevant to the audlt in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity'5 internal control. o Evaluate the appropriateness of accour)ting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. o Conclude on the appropriateness of the Trustees. use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor'8 report. However, ftrture events or conditions may cause the charity to cease to continue as a going concern. o Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, Including any significant deficiencies In intemal control that we identify during our audit Use of audlt report This report is made 501ely to the charity's trustees. as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. 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. ostVL LLJ Kreston Reeves LLP Chartered Accountants Chichester 16 TCLJLLLW 10 . Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 10-
THE WILL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5APRIL 2024 Note 2024 Unrestricted Deslgnated Expendable Funds Funds Endowment 2023 Total Total INCOME Income from investments 548,714 548,714 500,819 Totsl Incomo 548,714 548,714 500,819 EXPENDITURE ON Raising funds - investment management fees (35,871) (35.871) (26,484) Charltable Actlvltlo8: Grants made Support cost8 10 7&8 921,200 153,998 491,000 1.412,200 153,998 1,204,500 142,595 Total Expandlture 1,075,198 491,000 (35,871) 1,530,327 1,320,611 Net (expgnditure>lincome before gains on investments {526,484) (491,000) 35,871 (981,613) (819,792) Other recognised gains Net {losses)Igains on investments 698,704 698,704 11,434,963) NET (EXPENDITURE)IINCOME (526,484) (495,600) 734,575 (282,909) (2,254,755) Transfer between funds 526,484 295,400 (821,884) NET MOVEMENT IN FUNDS (200,200) (87,309) (282,909) (2,254,755) TOTAL FUNDS BROUGHT FORWARD 445,600 19,048.604 19.494,204 21,748,959 TOTAL FUNDS CARRIED FORWARD 250,000 18,961,295 19,211,295 19,494,204 There were no recognised gainsllosses other than those included above The notes on pages 14 to 21 form part of these accounts 11
THE WILL CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 Nots 2024 2023 FIXED ASSETS Investments Fixtures, Fittings & Equipment 18,921,742 2,537 19,284,096 3,172 18,924,279 19,287,268 CURRENT ASSETS Cash at Bank and on Deposit Debtors 468,768 321,403 473 468,768 321,876 Credltors: amounts falllng due wlthln one year Creditors 181,752 114,940 181,752 114,940 NET CURRENT ASSETS 287,016 208,936 TOTAL NET ASSETS 19,211,295 19,494,204 THE FUNDS OF THE CHARITY Unrestricted Funds Designated Funds Expendable Endowment 250,000 18,961,295 445,600 19,048,604 19,211,295 19,494,204 Approved by the board of trustees on 16 January 2025 and signed on its behalf by; V A Rebum. Trustee The notes on pages 14 to 21 form part of these accounts 12-
THE WILL CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 5 APRIL 2024 2024 2023 Note Cash used In operatlng actlvltles (1,462,407) (1,222,503) Capltal expendlture & flnanclal Investment: Dividend Income Purchase of investments Proceeds from sale of investments (Increase) in investment portfolio cash 548,714 (4,215,575) 5,334,491 (57,858) 500,819 {3,525,036) 4,156,452 (132,890) 1,609,772 999,345 Incroasel{Decreasel In cash at bank and on deposlt 147,365 (223,158) Cash at bank and on doposlt at beglnnlng of year 321,403 544,561 Cash at bank and on doposlt carrled forward b 468,768 321,403 Note to Statement of Cash Flows 2024 2023 Reconclllatlon of net oxpondlturo to not cash outhow from operatlng actlvltles Net expenditure Dividend Income Depreciation Increasel(Decrease) in creditors De¢reasel(In¢rease) in debtors (981,613) (548,714) 635 66,812 473 (819,792) (500,819) 793 87,337 9,978 (1,462,407) (1.222,503) Changes 5n net debt At 6 Aprll 2023 Cash Flows At 5 April 2024 Cash at bank and on deposit 321.403 147,365 468,768 13-
THE WILL CHARITABLE TRUST NOTESTO THE FINANCIALSTATEMENTS Prlnclpal Accounting Pollcles General Informatlon The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £. The Charity'5 principal accounting polices a detailed below. The Trustees do not consider that there are any further significant judgements or estimates in the financial statements. Basls of accountlng The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities (SORP IFRS 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 benefrt entity, as defined by FRS 102. Golng Concern The Trustees consider there are no material untsrtainties about the Charity's ability to continue as going concern. The review of our financial posits'on, reserves level and future plans give Trustees confidence the charity remains a going concern for the foreseeable future. Income Inrne Is accounted for on a r&ceivable basls. Fund Accountlng 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. Expendable Endowrnent are available as unrestricted funds. Invo8tment8 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 arlse. 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 18 confirmed by the Trustees. Expendlture rncognltlon 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 {h) below. Allocatlon 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 governan costs is analysed in notes 7 & 8. Tanglble fixed assets and depreclatlon Fixed assets comprise office furnrture 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. Materlal Judgements and uncériantles 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 adual outcomes could differ from those estimates.There are no judgements made that have a significant effect on the amounts recognised in the financial statements. (a) (b) (c) (d) (e> (fj (g) (h) 14-
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIALSTATEMENTS Investment Assets 2024 2023 UK listed investments at market value Overseas investments at market value Cash held as part of the investment portfolio 4,945,975 13,674,222 301,545 7,972,625 11,067,784 243,687 18,921.742 19,284,096 2024 2023 Market value at 6 Aprll 2023 19,284,096 21,217,585 Less: Add.. Proceeds on disposals of investments Acquisitions at cost Gains on sale of investments Net gains on revaluation at SApril 2024 Increasel(Decrease) in investment portfolio cash (5,334,491) 4,215,575 (32,299) 731,003 57,858 (4,156,452) 3,525,036 (230,691) (1,204,272) 132,890 Market value at 6 Aprll 2024 18,921.742 19,284,096 Investment Income 2024 2023 UK listed investments Overseas investments Investment manager's Interest Other income 280,945 247,182 16,456 4,151 248,360 247,162 3,739 1,558 548,714 500,819 Credltors: amounts falllng due wlthln one year 2024 2023 Grants Accruals 150,000 31.752 91,000 23,940 181.752 114,940 Analysis of Balance Sheet Net Assets by Fund Expendable DesSgnatod Unrestrlcted Endowment Funds Funds Tolal Fixed assets Current assets Current liabilities 18,961,295 (37,016) 287,016 18,924,279 468,768 (181,752) 181.752 (181.752) 18,961,295 250,000 19,211,295 15-
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIALSTATEMENTS Comparatlve 2023 Analysis of Balance Sheet Net Assets by Fund Exp8ndabl• Deslgnated Unrestricted Endowment Funds Funds Total Fixed assets Current assets Current liabilits'es 19,048,604 238,664 206,936 19,287,268 321,876 (114,940) 114,940 (114,940) 19,048,804 445.600 19,494,204 Flxtures, Flttlngs & Equlpmont Depreaation has been provided on fixed assets. The rate has been calculated to write off the assets over their expected useful life on 0 200/0 reducing balance basis. Cost As at 6 April 2023 Addits'ons in year 11,651 11,651 Depreclatlon As at 6 April 2023 Charge for year 8,479 835 9,114 Net Book Valuo As at 6 April 2024 2,537 As at 5 April 2023 3,172 support Co8t8 2024 2022 Staff salaries Employevs National Insurance Grants office running costs Pension costs 65,080 2,500 20,404 6,051 64,374 2,500 18,088 3,425 94,035 88,387 Governan costs (See note 8) 59,963 54,208 153,998 142,595 The average number of employees (all part time) during the year was three (2023.. three) all involved in Grant Administration. Trustees. and Advisors. Remuneratlon and Expenses (representlng governance costs) Fees paid to Haysmac LLp and charged in the accounts for the year are £40,63212022: £35.832). The amount outstanding at 5 April 2024 is £14.118 (2023.. £12,918). Fees paid to Farrer & Co., solicitors, and charged in the accounts for the year are £6,028 (2023.. £10,306). Fees paid to Kreston Reeves and charged in the accounts for the year for auditing services are £12,703 (2023: £7.500 Leonard Jones & Col. 16-
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Trustees, and Advlsor8' Remuneratlon and Expenses (representlng governance costs) con't Bank charges for the year amounted to £540 (2023.. £570). No remunerats'on is paid either directly or indirectly to the Trustees for their services as trustee. One trustee was reimbursed travel expenses for the year £60 {2023'. one trustee £122). There were no other related party transactions that require disclosure (2023.. None) 8 a. Rebates recovered from Sarasin & Partners LLP, investment managers, and credited in the accounts are £35,871 {2023'. £26,484) Sarasin investment managers fees of £114,359 (2023.. £111,288) are included within net gains on revaluation as they are deducted at source. Deslgnated Funds At 6 Aprll 2023 Transfer Grant Payable At 5 Aprll 2024 Exceptional Grants Fund 445,800 295,400 491.000 250.000 At 6 Aprll 2022 Transfor Grant Payable At 6 Aprll 2023 Exceptional Grants Fund 336,600 500,000 391,000 445,600 The Exceptional Grants Fund was set up in 200612007 to sel aside sums to provide larger one off assistan rather than by part of the nortnal grants programme. A transfer wa5 made from Ihe Expendable Endowment fund to the Designated Fund of £250,000 (2023.. £500,000). A transfer of £526,484 was made from the Expendable Endowment fund to Unrestricted Funds to cover a deficit (2023.. £455,276) 17-
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 10 Grants made to Instltutbons 2024 2023 Care of People wlth Learning Dlsabllltles Acorn Village Autism Anglia Autism At Kingswood Autism Hampshire Autism Unlimited Bath Gateway Out & About Bloomin, Arts Camphill School Aberdeen Chailey Heritage Foundation Date5-n-Mates ECHO E85t Kent Mencap Elidyr Communities Trust Field Lane Foundation Frontline Partnership Genesis Orwell Mencap ge12gether Grace House North East Hastings and Bexhill Mencap Heart of England Mencap Interest Link Borders Jubilee House L'Arche L'Arche Belfast Link4ble Linkage Community Trust Magpie Dance Meath Epilespy Oakfield Community Oak Tree Farm OpenStoryTellers Options for Life Or¢hardville Ousebum Farm OUard Pennyhooks Farm Trust People in Action People Matter IW Phoenix Enterprises Purple Patch Arts Rainbow Living Rathbone Reach Learning Disability Rowan Humberstone Southend Mencap Speakup Self Advocacy st Werburghs City Farm The Bread Maker the people hive Upmo (Upward Mobility) 20.000 25,000 7,000 9,000 20.000 5,000 5,000 30,000 15,000 10,000 10,000 16,000 20,000 20,000 5,000 18,000 10,000 10,000 5,000 25,000 20,000 10,000 10,000 15,000 5,500 10,000 10,000 5,000 20,000 20,000 10,000 7,000 8,000 4,000 24,000 24,000 18,000 15.000 10,000 20,000 10,000 7,000 10.000 30.000 5,000 20,000 8,000 10,000 5,000 8,000 6,500 10,000 10,000 10,000 15,000 18-
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIALSTATEMENTS 10 Grants made to Instltutlons (conl) Care of People wlth Learning Dlsabllltles {con't) UsinaBus 8,000 Grand Total 467,000 256,000 Care of the Blind. Prevention of, or Cure of Blindness 4Sight Vision Support Amy and Friends Angel Eyes Nl Bardet-Biedl Syndrome UK Bradbury Fields Bury Soc for Blind & Partially Sighted People Bucks Vision Coventry Resource Centre for the Blind Croydon Vision Deafblind Scotland FightAgainst Blindness Goalball UK IMPACT UK Life Cycle UK Lincoln and Lindsey Blind Society Living Paintings MACS Macular Society Metro Blind Sport Middlesex Association for the Bllnd My Sight Nottinghamshire Myvision Oxfordshire Northumberland Country Blind Association Nystagmus Network Pathfinder Dogs Royal Nath'onal College for the Blind (RNC) seescape Sight Concem Vlorcester Sight Support West of England Sight Support Derbyshire Sutton Vision Vision of Adventure Vision North Somerset Visualise Scotland Vilakefield District Sight Aid Naltham Forest Blind Association Vvalthew House Wirral Society of Blind and Partially Sighted 10,000 20,000 8,000 8,000 20,000 15,000 15,000 10,000 22,500 20,000 10,000 10,000 20,000 30,000 29,000 3,000 10,000 20,000 15,000 8,000 16,000 7,000 10,000 20,000 10,000 7,000 6,000 7,500 20.000 10,000 25,000 10.000 10,000 10.000 7,000 10,000 7,500 10,000 5,000 7,000 10,000 Grand Total 270,500 258,000 Care of Cancer Patients Abby's Heroes Anthony Nolan Axminster and Lyme Cancer Support 7.000 20,000 6,000 19-
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 10 Grants made to Institutions (conl) Care of Cancer Patients (con't) Blythe Hospice Care Braintrust Cancer Care Cancer Campaign in Suffolk Cancer Support UK Cancer United Cancer IAfjse CHECT (Childhood Eye Cancer Trust) Children Cancer & Leukaemia Grp Coping wlth Cancer North East Cyclists Fighting Cancer Eden-Ro8e Coppice Trust Evie's Gift HAHAV (Aberystwyth Hospice at Home Volunteers) Jo's Cervical Cancer Trust Lewis Foundatlon Lincoln City Foundation Llppy People Look Good Feel Better Longfield Community Hospice Momentum Mullberry Centre Mummy's Star Odyssey Olive Tree Cancer Support Pancreatic Cancer Action PASIC Paul's Cancer Support Peedie Retreat PRDA (Pelvic Radiation Disease Association Rotherham Cancer Centre Roy Castle Lung Cancer Foundation Ruddi's Retreat Sam's Diamonds Sara Lee Trust Sufft)Ik ArtSink St Vincent's Hospice Theodora Children's Charity IMfjUK Yeleni Therapy and Support 30,000 20.000 25,000 10,000 8.500 10,000 6,000 10,000 10,000 15,000 7,000 8,000 10,000 10.000 8,000 9,000 10,000 10,000 7,500 7,500 10,000 10,000 7,500 15,000 20.000 7,500 8,000 10,000 10,000 7,000 10,000 10,000 8.000 5,000 15,000 10,000 5,000 10,000 4,000 4,700 7,000 15,000 10,000 Grand Total 183.700 299,500 Total 921,200 813,500 -20-
THE WILLCHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 10 Grants made to Institutions (con't) Excaptlonal Grants Fund Ayrshire Cancer Support Grace Eyre Foundation Orchid Martlets Hospice Ltd Minstead Trust Minstead Lodge StAnn's Hospice Stanley Grange Thornage Hall 100,000 150,000 130,000 50,000 50,000 111,000 150,000 91,000 50,000 491,000 391,000 Grand Total 1.412,200 1,204,500 21
THE WILL CHARITABLE TRUST NOTES TO THE FINANCIALSTATEMENTS 11 Comparatlve Statement of Financlal Actlvltles Unrestrlcted Deslgnated Funds Funds Expendable Endowmant Total 2023 INCOME Income from investments 500,819 500,819 Total Income 500,819 500,819 EXPENDITURE ON Raising funds (26,484) (26,484) Charltable Actlvltles Grants made Support costs (induding governance costs) 813,500 391.000 1,204,500 142,595 142,595 Total Expendltur• 956,095 391,000 (26,484) 1,320.611 Net (expenditure)lincome before gains and losses on investments (455,276) (391,000) 26,484 (819.792) Other re¢ognised gains Net gains on investments (1,434,963> (1,434,963) NET {EXPENDITURE)IINCOME (455,276) (391,000) (1,408,479) (2,254,755) Transfer between funds 455,276 500,000 (955,276) NET MOVEMENT IN FUNDS 109,000 (2,383,755) (2,254,755) TOTAL FUNDS BROUGHT FORWARD 336,600 21,412,359 21,748,959 TOTAL FUNDS CARRIED FORWARD 445,600 19,048.604 19,494,204 There are no recognised gainsllosses other than those shown in the SOFA.