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REGISTERED COMPANY NUMBER: 02430752
REGISTERED CHARITY NUMBER: 328386




















Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

The Willow Trust

The Willow Trust






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6

Notes to the Financial Statements 7 to 13

The Willow Trust (Registered number: 02430752)

Report of the Trustees
for the Year Ended 31 December 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal object of the charity is to provide, without charge, days on the water on fully accessible, purpose-built boats, for adults and children with physical and/or learning disabilities and for those who are seriously ill. This provides a therapeutic, recuperative, and recreational resource.

This is achieved by the operation of two broad beamed canal boats on the Gloucester-Sharpness Canal. Each boat is certified as a passenger Vessel by the Maritime and Coastguard Agency. On a daily basis, on each boat, there is a full-time skipper who is assisted by a minimum of three volunteer crew. The volunteers, who attend regular training sessions of varying levels, are drawn from a pool of around 80 people.

Public benefit
The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. The trustees consider that they have acted in the public benefit.

ACHIEVEMENT AND PERFORMANCE
Each boat typically takes up to 30 guests. In this year, some 7,000 guests and their carers enjoyed the trips, all totally free of charge.

FINANCIAL REVIEW
Financial position
The financial results for the year show a deficit of income over expenditure of £14,172 (2023: surplus of £97,890) after investment gains of £7,410. The directors are satisfied with the financial position, which they consider is adequately disclosed in the attached accounts.

Total funds are £852,130, of which £2,250 are held as tangible fixed assets for the charity's use.

Principal funding sources
The charity generates its income from donations. These donations come from local businesses, charitable trusts, local clubs and societies and the general public. It also generates funds from the sale of souvenirs etc.

Investment policy and objectives
Funds are placed with our bank in an interest-bearing account. The charity does utilise other investment opportunities as they arise, but any investment must have the full support of the board of trustees, after taking professional advice.

Reserves policy
Early in the charity's financial year commitments are given to beneficiaries wishing to enjoy time on one of the charity's boats. Such is the demand that commitments extend one full season at the very least, leaving unsatisfied demand to be accommodated as soon as it is possible to do so the following season.

The Trustee's policy is to maintain (if and wherever possible) sufficient reserves to meet the operational costs of the charity for a minimum of two years to underpin its commitment to beneficiaries.

The Trustee's considered and informed policy takes fully into account various factors. Not the least (based upon experience and fixed overhead costs) the actual operational costs of the charity relative to the potential new income of the charity which, predominantly, is insecure and unpredictable.

The charity's income may vary considerably from year to year due to unforeseen changes, for example in the value of legacies received and in the income from the value of the investments.

As part of the desire to remain fully operational the Trustees are aware that Marine Insurance is based only on the current value and not the full replacement costs of the boats. In the event of loss and the need for replacement there would therefore be a shortfall, which would be met from the Trust's reserves.

Also, though with less emphasis upon meeting future operational costs, the Trustees consider prudent some reserves to meet potential capital outlay i.e.: replacement and/or modification of the boats to Maritime and Coastguard Agency regulation standards newly imposed from time to time.

Total funds are £852,129, of which £2,250 are held as tangible fixed assets for the charity's use and designated funds of £400,000. Free reserves, being total funds excluding tangible fixed assets and designated funds, total £449,879.

The Willow Trust (Registered number: 02430752)

Report of the Trustees
for the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity, which is a registered charity (registered Number:328386) is governed by the company's Memorandum and Articles of Association (incorporated 9th October 1989 as amended by Special Resolution 24 October 1989)

Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the management Committee. Under the requirements of the Memorandum and Articles the members of the Management Committee are elected to serve for a maximum of three years after which they must stand down and offer themselves for re-election at the next Annual General Meeting. Members may stand for a maximum of three terms up to the age of 76.

As a need led charity, the trustees are selected to offer a wide range of skills and experience that are of benefit to the charity.

Organisational structure
Directors/trustees meet every quarter and are responsible for the policy and strategy of the charity.

The CEO reports to the trustee's meetings and has delegated responsibility for the day to day running of the charity.

Induction and training of new trustees
The induction process for trustees included an initial meeting with the Chairman and education on the powers and responsibilities of the trustees, Trustees are provided with a briefing pack which includes a brief history of the trust, a copy of the Trust deed, copies of the minutes of the trustees' meetings and copies of the previous year's annual report and accounts.

The trustees review the skill requirements for the Trustee Board periodically and undertake an annual review of their collective and individual performance and contribution to the Trust.

Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02430752 (Not specified/Other)

Registered Charity number
328386

Registered office
11a Whiteway Court
Whiteway
Cirencester
Glos
GL7 7BA

Trustees
J Davidson
S Fisher
V Marsh
C Merry
A Shufflebotham (appointed 8.1.25)
G Turvey
M Vesey

Company Secretary
S Wolfe Murray

Independent Examiner
Sharla Dandy
Monahans
Oakley House
Tetbury Road
Cirencester
Glos
GL7 1US

The Willow Trust (Registered number: 02430752)

Report of the Trustees
for the Year Ended 31 December 2024


Approved by order of the board of trustees on 29 April 2025 and signed on its behalf by:





S Fisher - Trustee

Independent Examiner's Report to the Trustees of
The Willow Trust

Independent examiner's report to the trustees of The Willow Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Sharla Dandy

Monahans
Oakley House
Tetbury Road
Cirencester
Glos
GL7 1US

7 May 2025

The Willow Trust

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 December 2024

2024 2023
Unrestricted Designated Total Total
fund fund funds funds
as restated
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 170,031 - 170,031 289,453

Other trading activities 4 22,399 - 22,399 15,538
Investment income 5 33,977 - 33,977 28,789
Total 226,407 - 226,407 333,780

EXPENDITURE ON
Raising funds 6 52,805 - 52,805 61,647

Charitable activities 7
Canal boat activities 195,184 - 195,184 180,751
Total 247,989 - 247,989 242,398

Net gains on investments 7,410 - 7,410 6,508

NET INCOME/(EXPENDITURE) (14,172 ) - (14,172 ) 97,890


RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 375,214 400,000 775,214 683,832
Prior year adjustment 14 91,087 - 91,087 84,579
As restated 466,301 400,000 866,301 768,411

TOTAL FUNDS CARRIED FORWARD 452,129 400,000 852,129 866,301

The Willow Trust (Registered number: 02430752)

Balance Sheet
31 December 2024

2024 2023
Unrestricted Designated Total Total
fund fund funds funds
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 15 2,250 - 2,250 4,787
Investments 16 198,497 - 198,497 191,087
200,747 - 200,747 195,874

CURRENT ASSETS
Debtors 17 5,241 - 5,241 3,554
Cash at bank 252,519 400,000 652,519 667,833
257,760 400,000 657,760 671,387

CREDITORS
Amounts falling due within one year 18 (6,378 ) - (6,378 ) (960 )

NET CURRENT ASSETS 251,382 400,000 651,382 670,427

TOTAL ASSETS LESS CURRENT LIABILITIES 452,129 400,000 852,129 866,301

NET ASSETS 452,129 400,000 852,129 866,301
FUNDS 19
Unrestricted funds 852,129 866,301
TOTAL FUNDS 852,129 866,301

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 29 April 2025 and were signed on its behalf by:





S Fisher - Trustee

The Willow Trust

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

The Willow Trust is a charitable company limited by guarantee, without share capital, incorporated in England and Wales. The registered office address, nature of the charity's operations and principal activities can be found in the Trustees' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

There are no significant areas of judgements or key sources of estimation uncertainty.

Going concern
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Legal status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Income from trading activity is accounted for when earned.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is calculated to write off the cost of a tangible fixed asset over the expected useful life of the asset as follows:
Boat and equipment - 5% on cost
Motor vehicles - 20% on cost
Other equipment - 20% on cost

Investments
Investments are valued at market value at 31st December.

Current assets
Amounts owing to the charity at 31st December in respect of fees, rents or other income are shown as debtors less provisions for amounts that may prove uncollectable.


The Willow Trust

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Current liabilities
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

3. DONATIONS AND LEGACIES
2024 2023
as restated
£    £   
Donations and legacies 170,031 289,453

4. OTHER TRADING ACTIVITIES
2024 2023
as restated
£    £   
Souvenir sales 7,593 7,362
Fundraising events 14,806 8,176
22,399 15,538

5. INVESTMENT INCOME
2024 2023
as restated
£    £   
Deposit account interest and dividends 33,977 28,789


The Willow Trust

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. RAISING FUNDS

Raising donations and legacies
2024 2023
as restated
£    £   
Staff costs 46,770 45,719
Event expenses 1,581 9,913
Cost of souvenirs 3,360 2,225
Sundry expenses 1,094 3,790
52,805 61,647

7. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 8) note 9) Totals
£    £    £   
Canal boat activities 157,020 38,164 195,184

8. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
as restated
£    £   
Staff costs 112,252 104,861
Repairs to equipment 12,643 15,550
Boat running expenses 10,666 10,405
Sundry expenses 21,459 17,137
157,020 147,953

9. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Canal boat activities 34,487 2,537 1,140 38,164

Support costs, included in the above, are as follows:
2024 2023
as restated
Canal
boat Total
activities activities
£    £   
Wages 28,064 24,189
Rent and utilities 5,740 3,054
Sundry expenses 683 1,634
Depreciation of tangible fixed assets 2,537 2,961
Independent examiners fee 1,140 960
38,164 32,798


The Willow Trust

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
as restated
£    £   
Depreciation - owned assets 2,537 2,961
Independent examination 1,140 960

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.


12. STAFF COSTS
2024 2023
as restated
£    £   
Wages and salaries 170,446 159,264
Social security costs 12,758 11,850
Other pension costs 3,882 3,655
187,086 174,769

The average monthly number of employees during the year was as follows:

2024 2023
as restated
Direct charitable activities 3 3
Fundraising, publicity and admin 1 1
4 4

No employees received emoluments in excess of £60,000.

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Designated Total
fund fund funds
as restated
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 289,453 - 289,453

Other trading activities 15,538 - 15,538
Investment income 28,789 - 28,789
Total 333,780 - 333,780

EXPENDITURE ON
Raising funds 61,647 - 61,647

Charitable activities
Canal boat activities 180,751 - 180,751
Total 242,398 - 242,398

The Willow Trust

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Designated Total
fund fund funds
as restated
£    £    £   

Net gains on investments 6,508 - 6,508

NET INCOME 97,890 - 97,890


RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported 283,832 400,000 683,832
Prior year adjustment 84,579 - 84,579
As restated 368,411 400,000 768,411

TOTAL FUNDS CARRIED FORWARD 466,301 400,000 866,301

14. PRIOR YEAR ADJUSTMENT

The investments had previously been stated at cost. However market values for the investments exist and therefore the financial statements have been restated to reflect the investments at market value. The impact is an increase in reserves and investments of £84,579 at 1 January 2023, and an additional increase in investments and reserves of £6,508 at 31 December 2023.

15. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2024 502,669
Disposals (9,955 )
At 31 December 2024 492,714
DEPRECIATION
At 1 January 2024 497,882
Charge for year 2,537
Eliminated on disposal (9,955 )
At 31 December 2024 490,464
NET BOOK VALUE
At 31 December 2024 2,250
At 31 December 2023 4,787


The Willow Trust

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 January 2024 191,087
Revaluations 7,410
At 31 December 2024 198,497
NET BOOK VALUE
At 31 December 2024 198,497
At 31 December 2023 191,087

There were no investment assets outside the UK.

Cost or valuation at 31 December 2024 is represented by:

Listed
investments
£   
Valuation in 2024 7,411
Valuation in 2023 6,508
Valuation in 2022 84,578
Cost 100,000
198,497

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Prepayments 5,241 3,554

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Social security and other taxes 5,177 -
Accrued expenses 1,201 960
6,378 960

19. MOVEMENT IN FUNDS
Prior Net
year movement At
At 1.1.24 adjustment in funds 31.12.24
£    £    £    £   
Unrestricted funds
General fund 375,214 91,087 (14,172 ) 452,129
Designated fund 400,000 - - 400,000
775,214 91,087 (14,172 ) 852,129
TOTAL FUNDS 775,214 91,087 (14,172 ) 852,129

The Willow Trust

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 226,407 (247,989 ) 7,410 (14,172 )

TOTAL FUNDS 226,407 (247,989 ) 7,410 (14,172 )


Comparatives for movement in funds

Prior Net
year movement At
At 1.1.23 adjustment in funds 31.12.23
£    £    £    £   
Unrestricted funds
General fund 283,832 84,579 97,890 466,301
Designated fund 400,000 - - 400,000
683,832 84,579 97,890 866,301
TOTAL FUNDS 683,832 84,579 97,890 866,301

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 333,780 (242,398 ) 6,508 97,890

TOTAL FUNDS 333,780 (242,398 ) 6,508 97,890

£400,000 designated funds are mentioned in the "Reserves Policy", whereby the Trustees undertake to maintain sufficient reserves to meet the operational costs of the charity for a minimum of 2 years to underpin its commitment to beneficiaries. The funds are also in place to meet any shortfall in the event of needing to replace a boat.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024.