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 rese￿e$ 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 chIld￿n with Can￿r.
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 pOV￿rS 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
In￿rne 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
OU￿ard
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.