Roglstered C￿rtty Number 229m
THE CHARMES OF JOHN AND
FRANCES ¥knEsf FOR PENSIONE98
TRU8TEfs REPOFYf AND FINANCIAL
STATEMENfs FOR THE YEAR ENDED
31 AUGusf 2023

The Charitie8 of John and Frances West for Pensioners
Trustee's Report
Year Ended 31 August 2023
Christ's Hospltal. the corporate Trustee body of the char￿eS of John and Frances West for
Pensioners (the Charity), presents its Report 2nd audited Financial Statements for the year
ended 31 August 2023. These compty wlth the governing documents of thé Charity, the
Charitles Act 2011 and Accounting and Reporting by Charities.. Ststement of Recommended
Practicè applicable to Charities preparing their accounts in accordance wrth Financial
Reporting Standard appIl￿ble in the UK and Republic of Ireland IFRS102).
ststus
The Charty￿S constituted by a Trust Deed daled 1724 as amended by Schemes oflhe Charty
Commission daled 1906, 1970, 2005, 2008 and 2016. The Charity is Tegistered under number
229579.
Charllable Objects
The object of the Charty Is the rellef of flnanclal need, hardship or distress amongst persons
of 60 years or at)ove (preference being given to members of John and Frances West's family)
by any appropriate means, including pensions or grants,
Connectsd Charftla•
Effective 1 September 2017, by a Charty Commission Stheme dated 29 August 2017, Christ's
Hospltal became the Trustee of the Charity and a number of linked charities. including Chrisfs
Hospital Foundation.
During the year Christ'5 Hospital (registered charity number 11200901 provided administration
services to the Charity and received a management fee.
Members of the 808rd of Dlrectors of the Trustee, known as the Council of Chri8t'8 Hospital,
are listed on page 4.
Grant Maklng Pollcy
The Trustee's policy is to make grants lo indivlduals and block grants to organisations where
they satisfy the criteria set out in the charitable objects. All grants are sublecl to means lesling
and regular monitoring by the Trustee. Individuals qualfy for ongoing financial support
I'pensioners.) are 8ssessed in April and October of each year. Pensioners are grarrted funding
for a term of three years and, providing Ihey remain eligit4e, may appty ft)rfurthergrants on expiry
of that tenn.
Public 8eneflt
The Charities Act 2011 requires charitles to demonstrate that their aims are clearty for the
public benefrt. In considering public benefit, the Trustee has gwen due regard lo public benefil
guidan￿ issued by Ihe Charrty Commission. All applications from polential beneficiaries of
the Charity are a$se$sed in order lo ensure that the resources of the Charity are used to
benefit those in greatest need.

Revlew of Charftable Actlvltles
Objectives, achlevements and perfomance for 2022123
During Ihe year 8 new pens*)ners were eleded and 71 pensioners re*lected. At the year-end
there were 214 reapients of pensions (2021122.. 2361. The future commitment for pensions lo
these indlvlduals, over the next three years, totsb £203,360.
Due to the volatilty of Investment markets during the year, the rewew of th8 8ffectiveness ofthe
Charty's grarrts programme with Age UK Berkshire and Age UK Horsham has been carried
fovwaid to 2023124.
Objectlves for 2023124
The Trustee will review the effectiveness of its grants programme with Age UK Berkshire and
Horsham and assess whether similar prograrnmes may be an effecuve way of extending the
Charity's reach.
Recrultjnent, Inductlon and Tralnlng of Councll Members
When new Council Members are appointed by the Trustee, they are requlred to attend a
briefing on the governance slructure of the Charity and an outline of their responsibilrties In
compliance with the Clarity Commission's publicatlon CC3, 'The Essentlal Trustee.. They are
Issued with a 'Trustee Pack" whlch includes details of the Trusl, the Annual Flnancial
Statements and CC3. Arrangements are made for them to attend such training courses as
may be appropriate and further training and development is offered individually or to the
Council as a wholg as required.
Council Members carry out these responsibilities through meetings and. as necessary.
temporary working groups to examine and make recommendations on specific matters.
Flnanclal Re¥ult8
The funds in whith the Charty invests do not distribute diwdends, so th8 financi81 resuhs are
measured in lerms of inveslment growth on funds invested. In the year to 31 August 2023, the
rtfolio's risk ass81s saw a partial recovery from 2022 ￿11$1 ts govemment l)ond and intsllon
linked l)ond positions continued thelr dedine due lo rising Inflation and interest rates across most
of the developed markets, resuming in a posilive total retum o12.8¥012022'. negative retum of
11.20/0). Overall total funds held by the Charty decreased to £7,046,000 from £7,072,000.
Investment Pollcy
The Trustee's investment pmrs are govemed by the Trust Oeed. In october 2008, consent
was given by the Charfy Commissicn f(K the investmenls to be managed on the basis of Ii)tal
return. Investsments are managed wilh the objeciive of maximi$ing total retum (income plu5
capital growth) subject to a moderate level of risk. The Trustee's Follcy is lo preserve the real
value of the investments and the assets of the Charty are invested across a range of diversified
asset classe5. TheTruslee is advised in its polw and decL8ion•making proces5 by ils Investment
Committ*.
Reserves Policy
The Trustee's policy Is to m8intain or enhance in real teTrns the value of the Charity's
Endowment. Under the Total Relum policy, amounts required for the grants programme each
year are transferred from the Unapplied Total Return to Unrestricted Funds. Because the
Charity is an endowed charity, with a signrficant level of Unapplied Total Return. the level of
Free Reserves has less signrficance Ihan in an unendowed charity. Significant volatility on

global investment markets in the year has meant that investment gains were not yet SLrfficient
to cover the costs of the charity for the year, this has resulted in a slvJhl decrease in the value
of the Unapplied Total Return to £5,598,000 (2a22'. £5,624,000).
Fundraising
The Charty does not undertake fundralsing and is therefore not registered w￿h the Fundraising
Regulator.
Prlnclpal Rlsks and Uncertainty
The Trustee considers that the rnost significant Tisk faced bythe Charfty is lower than expected
Investment returns, resutting in reductlons in the funds available to benefiuaTies. Thi5 risk Is
actively managed Ihrough Ihe establishment of an appropriate investment polry monitored by
the Investment Committee of the Trustee.
Forecasts and cash flows covering the next 36 months have been prepared including a
scenario that considers the impact of a significanl dedine in investment retums. Results of
this analysis indicate that the cash reserv8s and liqukl Investments of the Charity are adequate
to meel ils obligation5 as they fall due.
statement of the Tru•ts•'• Flnanclal Re•poMlblllll••
The Trustee is responsible for preparing the Report of the Charilies of John and Frances West
for Pensioners and the financlal slalements in accordance wilh applicable law and regulations.
Charity law requires Ihe Trustee lo prepare financial statements for each flnanclal year in
accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Stsndard81 and appllcable law.
Under charity law the Trustee must nol approve the financial statements unless It 18 satisfied
that they give a true and fair view of the slate of affairs of the Charty and of ils net incoming
or outgoing re50UTces for that periixl. In preparing Ihese financial statements, the Trustee is
required to..
select suitable accounting policies and then 8ppty Ihem consislenlly.,
• make judgements and estimates that are reasonable and Prudent.,
state whether applicable accounting standards have been folbwed, subject lo any material
departures dlsclosed and explained In the financial statements.. and
prepare the financial statements on the going concern basis unless It is inappropriate to
presume that the Charity ￿11 continuè to operate.
The Trustee 15 responsible for ensuring Ihal Ihe Charlty keeps proper accounting records that
8re Suff￿lent lo show and explain the Charity's transactions and dlsclose with reasonable
accuracy at any time the financial posttion of the Charity and to enable the Truslee to ensure
that the financial statements comply wlth the Charities Act 2011. The Trustee is a150
responsible for safeguarding the assels of the Charity and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
Audltor
Crowe U.K. LLP has expressed Its willingnegs to continue as auditor for the next financial
year.

The Councll of Chrlst's Hospltal
Christ's Hospital is the Trustee of the Charity. The Board of Directors of the Trustee, known
as The Counril of Chrisf s Hosprtal. who served in offlce during Ihe year and subsequenty
are:
Christopher Steane, MA, LLB, Treasurer and Chairman
Nlck Atkinson, MA, FCCA
Jamel Banda. CC, BA (Honsl (from 28 March 2023)
Nick Bensted-smith, Bsc, JP, CC
Judy Evans, MA, MBBS, FRCSIEd) Plast
Marianne Fredericks
Diana Garnham BA. MA, LLD, DSC
Thomas Garnier, Bsc
Prem Goyal, OBE, JP (to 31 August 2023)
Robert Judson, FRAeS, FCMI, MIOD, RAF(Retd> (to 31 August 2023)
Miriam McKay. BA
James Maclean, BSclHonsl Ito 31 March 20231
Robert Palmer, BA, MA (from 1 September 2023)
Neil Maidmenl, MA, FCII
Pamela Roberts, FRSA, FRHists, Jp
Jenny Williams, BSclHons), PGCE
John Yeomans, MA, FIET, CEng

Prlnclpal Offl¢e and Profe88lonal Advisers
Prlnclpal Office
Audltor
The Avenue
Chrlst's Hoswtal
Horsham
West Sussex RH13 OLJ
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 7JW
Sollcltor
8Jnknr
Mills & Reeve LLP
Botanlc House
100 Hills Road
Cambridge
C82 1PH
Barclays Bank plc
2 Carfax
Horsham
West Sussex RH12 1DN
Invutment Advlser
Partners Capltal LLP
5 Young Street
London W8 5EH
Approved by The Council of Christ's Hospital on 30 November 2023 and slgned on its behair
Christoph
Steane
Treasurer and Chairman ofthe Coundl of Chrlst's Hosy'tal
30 November 2023

Independent Auditor's Reporttothe Trustees of the Charltles of John and Frances West
lor Pensloners
Oplnion
We have audited the financial slalemenls of the Charilies of John and Frances West for
Pensioners (the Charity.) the year 31 August 2023 which comprise the Stalement of
Financial Activities, Balances Sheet and notes lo the finanaal statements, induding significant
accounting poliues. The financial reporting framework that has been applied in Iheir
preparation is applicab￿ 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 Ihe financial statements:
give a true and fair vlew of the state of the Charity's affairs as at 31 August 2023 and
of its income and expenditure, for the year then ended;
have been propedy prep8red in accordance with United Klngdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Stsndard5 on Auditing (UK) IISAS
(UK)) and applicable law. Our responsibilities under those standards are fvrther described in
the Audilols responsibllrties f￿ the audit of the financial statements section of our report. We
ar8 independent of the Charity In accordance ￿th the ethical requlremenls that are relevant
to oui audit of the financial statements in Ihe UK, including the FRC'S Ethical SlandaTd, and
we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that th8 audrt evidence we hav8 obtained is sufficient and appropriate to provide a
basls for our opinion.
Conclualons relatlng to golno concem
In auditing the financial slalements, we have concluded that the Trustee's use of the going
concèrn basis of accounting in the preparation of the financial slalements is approprlate.
Based on the work we have perfonned. wé hav8 not identified any material uncertainties
relating lo events or conditions that, indivldually or collectively, may casl significant doubt on
the Charity's ability to continue as a going concem for a period of at least Iwelve monlhs from
when the financial statements ara authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concem are
described in the relevant sections of this report.
Other Inforniatlon
The Trusteè are responsible for the other Infomallon contained vhlhSn the annual report. The
other infoTmats'on comprises the informalion included in the annual report, other than the
financial statements and our auditols report thereon. Our opinion on the financial statements
does not cover the other infomation and. except to the extenl otherwise explicitty slated in
our report, we do not express any form of assurance condusion thereon.
Our responsibility is to read the other information and, in doing 50, Consider whether the olher
infornialion is materially inconsislent wth the financial stalements or our knowledge obtained
in the audit or otheN4ise appears to be materially misslated. If we identfy such material
inconsistencies or apparent material misstatements, we are required to determine whether
this gives ri$e lo a material rnisstatement in the finanual statements themselves. If, based on
the work we have perfomed, we Conclude thal there is a material misstalement of this other
infomiation, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities

(Accounts and Reports) RegLtlations 2008 requires us to report to you rf, in our opinion:
the infomation given in the financial slalements is inconsistent in any material respect
with the Truslee5' report.. or
sufficient and proper accounting records have not been kept by the Charity,. or
the financial statements are not in agreement wf(h the accounting records and Tetums.,
or
we have nol receNed all the inforrnation and explanations we require for our audh.
Responslblllties of Trusteeg
As explained more fully in the Ststement of the Trustee's Financial Responsibilities {set OLrt
on page 3), the Trustee are responsible for the preparation of the financial statements and for
being satisfied that they gNe a true and fair view, and for such internal control as the Trustee
del8rmine is necessary lo enable the preparation of financial statements that are free from
material misstatement, whether due to fT8ud or error.
In preparing the financial statemènts, the Trustee are responsible for assessing the Charty's
abillty to continue as a going concem, disclosing, as applicable, matters related to going
concem and using the going concern basis of accounting unless the Trustee either intend to
liquidale the Charty or to cease operations, ￿ have no realistic altemativ8 bul to do so.
Audltor's responslbllltles for the audlt of th• flnincial statements
We have been appointed as auditor under section 151 of the Charities Act 2011, and report
in accordance with the Acts and r818vant regulations made or having effect thereunder.
Our oblectives are to obtain reasonable assurance about whether the financial statements as
whole are free from material misstatemenl, whether due to fraud or error, and to issue an
auditor's report that indudes our opinlon. Reasonable assurance is a high level of assurance,
but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always delect
material misstatem8nt when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these flnancial slalemenls.
Details of the extent to which the audit was conBldered capable of delecting irregularities,
Including fraud and non-compliance with laws and r8gulalion3 are set out below.
A further description of our responsibilrties for the audit of the financial statements is located
on the Fin8ncial Reporting Council's website at.. wThw.frc.
This
description forms part of our auditots report.
Extsnt to whlch the audlt was considered capable of detectlng Irregularities, Sncludlng
fraud
Irregularities, including fraud, are instances ol non-compliance wlth laws and regulations. We
identified and assessed the Tisks of material misstatement of the financi81 st8tements from
irreoularities, whelher du8 to fraud or error, and discussed these be￿een our audrt team
members. We then designed and performed audit procedures responsive lo those risk5,
including obtaining audil evidence sufficient and appropriate to provide a basis for our opinion.
We obtsined an understanding ofthe leg81 and regulatory framework5 withln which the Charity
operates, focusing on those laws and regulations that have a direct effect on the detemiination
of material amounts and disdosures in the financial slalements. The laws and regulation5 we
considered in this context were the Charities Act 2011 together Wlth the Charities SORP IFRS
102). We a55e55ed the required compliance with these laws and regulations as part of our
audit procedures on the related financial statement rtems.
In addition, we considered provisions of other laws and regulations that do not have a direct
effect on the financial statements bLrt compliance wth which might be fundamental to the
Charitys ability to operate or to avoid a material penalty. We 81so considered the opportunitie5
and incentives that may exist within the Charity and the group for fraud. The laws and
regulats'on5 we considered in this context for the UK operations were General Data Protection
Regulation and health and safety legislation.

Audtling standards limit the required audit procedures to identfy non-compliance with these
laws and regulations to enquiry of the Trustee and other management and Inspection of
regulatory and legal correspondence, if any.
We identified the greatest risk of malerial impact on the financial stalements from irregularities.
including fraud, to be within the liming of recognltion of income, valuation of inveslmenls and
the override of controls by management. Our audil procedures to respond to these risks
included enquiries of management, and the Trustee about their own identification and
assessment of the risks of irregularities, sample testing on the posting of journals, anatytical
rewew and sample lesting of income, vouching year end valuations to third paty data,
revi8wing accounting estimates for biases partj'cularty in relation to investment valuations,
reviewing regulalory correspondence with the Charity Commission, and reading minutes of
meetings of those charged wth goveTll8nce.
Owing to the inherent limitations of an audlt, there is an unavoidable risk that we may not have
detected some material misstatements in the finanaal slalements, even though we have
properly planned and perfomed our audit in accordance with auditing standards. For example,
the further removed non-compliance with laws and regulations (irregularities) is from the
event5 and transactions reflected in the financial statements, the less likety the inherentty
limiled procedures required by auditing standards would identify it. In addition, as with any
audit, there remained a higher risk of noTrdelection of irregularitj'es. as th85e may involve
collusion, forgery, intentional omission5, misrepresentations, or the ov8rride of internal
controls. We are not responsible for preventing non-compliance and cannot be expected to
delect non-compliance with all laws and regulation8.
U•e of our report
This report is made solaly to the Charfty's Trustee. as a body, in accordance with Part 4 ofthe
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so
that we might slate to Ihe Charity's Trustee those matters we are required to state lo them In
an auditorfs 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 Charty and the Charty's Trustee as
body, for our audtt work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Slatutory Auditor
London
Date 14 Decemb8r 2023
Crowe U.IQ LLP tliglble for app)Intment as auditor of Ihts Charfty by yirtue ol its eligiblity for appointrrenl
auditor of a company und•T aèdon 1212 of the Companie$ Act 2006.

The Chavltles of John and Frances Welt for Pensloners
Statement of Financlal Actlvltlos
Yèar Ended 31 August 2023
ETrJthvment G￿er
Funth
Fun
2023
Tot•1
2022
Total
INCOMING RESOURCES
Inco￿n9 r•*oU￿0* fr¢mo•n•r•t•d l￿dI
￿Ccfft•
TOT￿ IMCQME W40 ENOO%IIIENT8
ExPEND￿vRE ON:
R•l•lno Fund•
h￿tr￿•nt rn•r4&m•ntco•ts
1311
(35)
Charltabh act￿1￿•¥
Grants payabk•
Operatin9 Ca•t•
11921
1351
11•2)
1351
(155)
(32)
TOT￿ EXPENDrruRE
NET IOUTaoiNOI FUN03 FROM OPERATION8
BEFORE TR1•48FERS P14D INVESTMENT
G￿N5 I ILOSSESI
1311
12271
1222)
G•ln• IILoM••l on Inv•thnt•
Tr•n•l•r b•iw•on fund•
1811)
NET MOIEMENT 14 FVND8
1261
R•concilatlon of fvnd•.'
TCAAI funth brought fward 1 Swemt
7,072
7m2
4105
TOT￿ FUNDS ￿RIED FORW*RD
T,OT2
The notes on pages 12 to 17 fomi part of these financial statements.

The Charities of John and Frances West for Pensioners
Balance Sheet
At 31 August 2023
EThl¢Mnent Gwer
Fund&
Funds
2023
Total
2022
F￿eD ￿SErs
53
7. 159
CURRENT *3S￿8
t)ebtor&
Cash at ba￿ ¥nd In hwd
17
185
202
17
124
143
202
¢ReorroRS
Duewthkn on? y
11741
11741
(IN)
IIET CURRENT ￿SET8 Ilu*BL￿IEal
28
TOT￿ ￿SET8 LE88 CURRENT UABIUTIES
81
7,1zr
7,14
CREOITOR8
Dy¢ Bfter more than otKI y••r
(70)
TOTPL NET ￿sET3 AT 31 AUQU8T
7,046
T,072
Endrywm￿t Furd•
Genero1 Fwds
7,072
7,072
The notes on pages 12 to 17 fomi part of these financial slatem8nts.
These finan￿al statements were approved by the Councll of Christ's Hospltal on
30 November 2023 and signed on its behaw by..
Christopher
leane
Treasurer and Chairman of the Council of Christ's Hospital
30 November 2023
-10-

The Chariti08 of John and Frances We$t for Pensioners
Cash Flow
Year Ended 31 August 2023
)c*
2023
2022
NÉT CA8H IOUTFLOWJ FROM OPERATING PLTMTIQS
12311
f210)
C*SH FLO￿ FROM INVESTING XTiwfiES
Proceeds frcm sale of wM15trnent Mcurrt
Purchase of investrnent •eBurits•
742
14601
(594)
NET CISH INFLOWFROM hllVESTING *£TMnE8
292
192
HMIGE IN CASH Pt4D CA8H EQuIv￿ENTs POR THE PERIOD
(18)
CA•h b•lw¢• at 18•pt•n*•r
124
142
W4D C*3H EauN￿ENTS AT THE END OF THE YEAq
186
124
R•conclllatlon
Net loutgolngl rnsour
Tea8e I IdecNiel In ¢r•drtor8
Decreue In debtorn
12S81
(222)
(16J
28
N•t fA•h louffiowj from OP•Mtlng •¢tlvlU••
231
210
The notes on pages 12 to 17 fomi part of these financial statements.
-11-

The Charities of John and Frances West for Pensloners
Nots8 to the Financial Statements
Year Ended 31 August 2023
Accountlng Pollcles
Basls of Preparation and assessment of golng concern
The financial statements have been prepared in attordance ¥Mth the Charities SQRP IFRS 102)
applicable to charilies preparing their accounls in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102), the Charlties Act 2011 and the
Statement of Reccmmended Practi￿ applicab￿ to charities preparing their accounts in
accordan(￿ with the Financial Reporting Standard applicable In the UK and Republic of Ireland
IFRS 102)- effective 1 Januwy 2019.
The financial statements have been prepared to give a 'true and faif view and have departed
from the Chartik8s (Accnunts and Reports) Regulations 2008 onty to the extent required to provide
a'true and fairvlew. This departure has invofved folk)wing Accounting and Reporting by Charities
preparing their accounts In accordan￿ vith the Financial Reporting Standard applicable in the
UK and Republic of Ire￿n0 IFRS 1021 issued on 16 Juty 2015 rather than Ihe Accounting and
Reporting by Chanties.. Statement of Recommended Pracalce effecllve from 1 April 2005 whrh
has since been wthdrawn. The Charities ofJohn and Frances Wesl for Pensloners I the Charrty'l
is registered with the Charity Commission in England and Wales under chaty number 229579
d constitutes a public benefit entty as defined by FRS 102. The Prindpal Offu of the Charty
Is set out on page 5.
The most SP3nfflcant areas of adjustnwnt and key a8sumptions that affect rt8ffts in the acuunts
relate to eslimaling the liabilty from muti￿year grant comnNtment5 (see note 1.4 and notes 8 and
9 for more infomation). The most slgnrficant areas of unwtainty that affect the carrying value of
assets held by the Charity are the level of investn*nl retum and the performance of inveslrnent
markets (see the Investrnent PoliGy and Principal Risks sections of the Tnjstee's report for m¢xe
Information).
The fvnctional currency of Ihe Chanty is considered to be pounds sterling because that is the
currency of the primary economic envlronment in which it operates. Forecasts and cash flows
covering the next 36 monlhs have been prepared including a scenario Ihat consider5 the
impact of a significant decline in inveslmenl returns. Results of this analysis indicale that the
cash reserves and liquid inveslments of the Chanty are adequate to meel its obligations as
they fall due. Accordingly, the Trustee believes that the Charity's financial resources are
Suff￿8￿t lo ensure the Charty wll continue as a going concem for Ihe foreseeable future, being
at least 12 rnonlhs from Ihe date of approval of the financlal statements and have the￿fore
epared the finanaal statements on a going concem basis.
Income
InLy)me is accounted forvthen receivable.
Expendlturè
Resources expended are ac£ounted for on an accru81s basis.
1.4 Grants
Provision is made for future grants committed during the current and prevlous years.
-12-

The Charltles of John and Frances West for Pensioners
Notes to the Finan¢lal Statements
Year Ended 31 August 2023
Flxed asset Investrnents
Investments, for ￿1¢h there is a quoted markè( ar8 valued at the bi&price ruling at the Balan
Shéet date. Investments which are held in fvnds which themselves invest in publicly quoted
securrties are shown on the Balance Sheet in accordance ￿th the inf0mia￿on provided by the
fund manager5. Other investments, comprising illiquid assets, are included at the most recent
audited quarterly reports provided by thé fund managers.
Reallsed Investment gains are calculated by referenc& to dwiosal proceeds and either boc4(
value or cost rf purchased in th8 year. Al gains and losses are included in the Statement of
Financial Activities.
1.8 Flnanclal In•truments
Financi81 instruments are Inillally recognised at transaction value and subsequentty measured
at amortised cost wilh the exception of investments which are valued as described above.
Financial assets held at amortised cost comprise cash at bank and in hand. Cash at bank and
in hand 15 defined as all Cash held in instant access bank current and deposit accounts and
used as working caprtal. Financial liabilities held at amortised cost comprise all creditors.
Assets and liabilities held in foreign currency are trandated to pounds steriing at the balance
sheet date at an appropriate exchange rate.
Total return •ccounllng
The Charty Commission pemiitted the Charity lo adopt the us8 of totsl retum in relation lo rts
pe￿na￿ent endowment on 3 October 2006. The power pemrts the Trustee lo invest the
pemianent endowment to maximise total Teturn and to make available an appropriate wtion of
the total TetUTn to fund expenditure each year.
The TNslee has used the value of the pernanent general endowment al 31 July 1g95,
£1,448,000, to represent the 'Preserv8d Value, of the original gfft. This is the minimum
permissible level of the endovmient which is to be used to Produce the invJme for the Chartty
and which itsell cannot be spent.
Taxatlon
The Charty's actNities are exempt frorn income and Corporation tsx. The Charity is not registered
for Value Added Tax. VAT is indude(i with the itern of expenditure to which it relates.
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The Charities of John and Frances West for Pfrnsloners
Notes to the Financial Statsments
Year Ended 31 August 2023
2023
2022
2. Expfrndlture on raising funds
£0008
InbEstment management costs
31
35
3. Grants payable
£OOOs
Grants pald and payth to..
Individuals
Organi8atk>n8
2023
2022
167
25
155
192
155
4. Operatlng co•t•
£OOOJ
Administratlon fee payable to Chrf8fs Hosp￿1
Jdit fee
2023
2022
32
30
32
2023
2022
S. Oalns I IloBse8) on Invegtrnnt•
£0005
Realised and unrealised gains l (losses)
811
-1

The Charities of John and France8 West for Ponsloner•
Notès to the Financial Ststements
Year Ended 31 August 2023
. Flxed P4S•t Inv••trnnt•
£OOOs
Securltles
bPorket valug at 1 Sept 2022
thi1K￿$ to th8 portfdio
Dlsp)sds from the p￿￿
Inveslment incorrn, r•alisad and unrealTsed galns I IIoBses}
2023
2tr22
7.159
450
(74¥
232
8, 162
IT86)
(811)
arket value 8t 31 A4usl 2023
7.099
7, 159
S•curltlo5 coThprth•:
The ￿@ster Pcrftrolio C Limited {m￿aged
P¥￿r$ Captsl LLP)
7,099
7, 159
valu& ol in¥estmth)ts kncludèj in thè abovo Was 88 f(IIthv8'.
£OOO•
hw8trnent 888et8 over8èal
7,099
7,099
At 31 ￿¥v$t 2tr23 8r#l 31 A￿USt 2022. tr*re were rb) listed InveBlmonts.
7. O•btor•
2023
2022
Trade debtors
17
19
17
19
& Cr•dltOrn- 4munt8 f￿lIng du• ¥￿h1th Oh• s••r
2023
2022
Grants payable
Tradè C￿[torS
129
25
174
154
-1

The Charities of John and Frances West for Pensloners
Notes to the Financial Statements
Year Ended 31 August 2023
9. Creditors falllng due after nK•re than on• yoar
£0005
2023
2022
Grants payatle. befv4een one and two yews
- betsveen Iwo and three years
69
12
13
76
10. Admlnistratlon and Tru•tse
Durfng the year Christ's Hospital (company number 06232556 and registered charity
number 11200901 pro¥ided ￿MInIStration seniic8s to the Charlty and r￿eNed
rnanag￿ent fe8.
The Trustee received no remuneration or relmbursad expenses in its capacity as
Trustee from the Charity during the year,
11. 8tatsTrwJnt of Total Return
2023
Total retum for the pthod
knvestment gains
h*stsnent management Gosts
Net total retum fc¢ the perits
hcation of lolal re￿r￿ ts the pericd
UnapF4ied totsl return t{￿Jght forward 1 Septembw 2022
Unapplied total retum camed forward 31 August 2023
311
201
1227)
5,624
5,598
Preserved value at 31 August 2023
Total EndovAThnt valuo at 31 Algust 2023
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The Charftles of John and Frances West for P6nsloners
Nots• to the Financial Statements
Year Ended 31 August 2023
12. Prlor Year Statement of Anancial Activttles- Comparatlve flgures by fLtnd type
EThJowmenl General
Fund$
Funds
Zozz
Total
INCOPAING RESOURCES
Inconmng resources from gen•rat•d funds
Investment incomts
TOTIL INCOME ENDOMIENTS
EXPENOITURE ON:
Raising Fund¥
Inveslmenl management Costs
{351
{351
Charitabl• •¢tlvltl••
ants payatlo
Operating costs
11551
1321
1155)
(321
TOTAL EXPENDITURE
(351
{187)
NET IOUTGOINGI FUNDS FROM OPERATIONS
BEFORE TRW4SFERS INVESTMENT
LOSSES
351
{18n
1222)
Lo•M• on Inve•tnwnts
Transfor b•tw••n fund
18111
11871
187
NET MO*EMENT IN FUNDS
1,033
1,033
Roconclllatlon of funds:
Total funds broutht foThvard 1 September
8.105
8,105
TOT￿ FUNDS CARRIED FORWARD
7.072
7,072
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