2024-08-31-accounts

Registered Charity Number 229579 THE CHARMES OF JOHN ANO FRANCES WEST FOR PENSIONERS TRUSTEE'S REPORT AND HNANCIAL STATEME1￿s FOR THE YEAR ENDED 31 AUGUST 2024

The Charities of John and Fran¢es West for Pensioners Trustee's Report Year Ended 31 August 2024 Christ's Hospital, the corporate TTUStee body of the Chartties of John and Fran￿S West for Pensioners (the Chartyl, presents its Rewrt and audrted Finanaal Statements for the year ended 31 August 2024. These compfy wth the goveming documenls of the Charity, the Chartties Act 2011 and A(￿oUnting and Reporting by charit￿S.. Statement of Recommended Practice applicable to chartties preparing their accounts in accordance V￿th Financial Reporting Standard applicable in the UK and Republic of I￿land (FRS1021. Status The Charty ￿a$ conslituled by a Tfust Deed datal 1724 as atrtnded by Schemes of the Charity Commission dated 19[￿. 1970, 2005, 2008 and 2016. The Charity is registered under nunknr 229579. Charitai4e Objects The object of the Charity 15 the relief of financial need, hardship or distress amongst persons of 60 years or above {preference being given to members of John and Fran￿S West's family) by any appropriate means. induding pens￿nS or grants. Connected Chatllles Effeclive 1 September 2017. by a Charity Commission Scheme d*ed 29 August 2017, Christ's Hosprtal became the Trustee of the Charty and a number of linked Charit￿S. including Chrisfs Hospital Foundation. During the year Christ'5 Hospital {registered charity number 11200901 provided administralion services to the Charity and receNed a management fee. Members of the Board of Directors of the Twsiee, known as the Council of Christ's Hospital. are listed on page 4. Grant Maklng Policy The TTUStee's polw is lo make graftls lo indiwduals and blc¢k grant5 lo organisations where they satisfy the criteria set out in the charitable objects. AJI grants are subjecl to means lesling and regular monitoring by the Trustee. Indmduals vtho qualfy for ongoing financial support I'pensioneTS'} are assessed in Apn'l and October of each year. PensFoners are granted funding for a term ofthree years and. providing they remain e1￿Ible. appty forfurther grants on expiry crf thal tem. Publlc Beneftt The Charities Act 2011 requires charities to demonstrate that their aims are cleady for the public benefrt. In Considering public benefrt, the Trustee has grwen due regard to public benefft guidance issued by the Charty Commission. Al applications from polenlial benefiuaries of the Charity are assessed in order to ensure Ihal the reSryJ￿s of the Chanty a￿ used lo benefit those in greatest need.

Review of Charitable A¢llvlties Objectlves, achievements and perforniance for 2023124 During the year 12 new pensione￿ We￿ el￿ted and 65 penstoners ￿￿ed. Al the year-end there We￿ 209 recipients of pensions12022123: 214). The future commliment for pensions to these indi￿dUalS. overthe next three yea￿. Icrtals £232.2￿1. Folkjwing a remew the Charivs grants prcw3ramme with UK Berkshire and Age UK Horsham, a decision was taken to exterKI the Charivs reath to fijnd senior V￿l￿being dasses at Bluecoat Swts for less mobile indi￿dUal5 &x￿.ng to get back ￿t0 exercise. Objecfjves for 2024125 The Trustee will continue to review the effectiveness of its grants prograrnme wth Age UK Berkshire and Horsham. Management wll work with Bluecoat Sports to ensure that funding for senior welkbeing dasses is directed appropriatety. Recruitmen( Induction and Training of Council Members When new Counal Members are appointed by the Trustee, they are required to attend a briefing on the govemance structure of the Chafity and an outline of Iheir responsibilities in compliance with Ihe Charty Commission's publication CC3, Yhe Essential Trustee". They are issued with a "Trustee Pack" which indudes details of the Trusl, the Annual Financial Slatements and CC3. Arrangements are made for them to attend such training courses as may be appropriate and further training and development is offered Individual￿ or to the Counal as a whole as required. Council Members cary out these responsibilities through meetings and, as necessary, temporary working groups to examine and make recommendations on specific mters. Flnancial Results The funds in whith the Charity invests do not distribute ￿l￿dends, so the financtal results are measured in terrr6 of investment gr(fi￿h on ftjnds invested. In the year to 31 August 2024, the portfolio's risk assets saw a conb'nued recovery ryih wlient economic gro￿ and moderating infiion, principalty stemming fr(yn dedining eneffJy pii(x. ￿adIng lo improved financial assel perfonnance wth a total retum of 14.2%12023'. 2.8%). Absnlute ￿tUrn, tyedrt and global equ￿.eS managers posted the strongest perfOrn￿n￿ ts the portfolio during the year. Overall total funds held by the Charity increased to £7.845.000 frcffi £7,046,000. Investment Pollcy The Trustee's investrnenl powers ￿e gov￿1&1 ty the Trust Deed. In Chxober 2iJ)8, ¢X)nsent was gNen by Ihe Charty commi￿on for the investments to be managed on the basis of total retum. Investments are managed w7th the objedrrfe of maximising trrtal relum (income plus capital gr￿￿h) subject to a mo(lerate of risk. The Trustee's wlicy is to preserve the real value of the investments and the assets of the Charty are invesled across a range of diversrfied assel classes. The Trustee is athsed in its policy and decision-making process by its Investment Commttee. In order to incease the eX￿ted return ofthe portfolio, the Investment Committee authorised an allocation to prrrfate debt during the year. Re$eThes Policy The Trustee's policy is to maintain or enhan￿ in real tenns the value of the Charity's Endowment. Under the Total Return policy. amounts required for the grants programme each year are transferred from the Unapplied Total Return to Unrestricted Funds. Because the

Chanty is an endowed chanty. with a significant level of Unapplied Total Return. the level of Free Rese￿e$ has less slgnrflcan￿ than in an unendowed chanty. Stronger performance of global investment markets in the year, as outlined earlier in this report, has reSU￿ed in an increase in the value of the Unapplied Total Retum to £6,397,000 {2023'. £5.598.0001. Fundraising The Charity does not undertake fundraisir¥J and is therefLYe not rgJisIe￿d with the Fundraising Regulat(K. Prlncipal Risks and Uncertai The Trustee considers that the most signrficant risk faced by the Charity is lower than expected investmenl returns, resulting in reductions in the funds available to beneficiaries. This risk is actively managed through the establishment of an appropriate investment policy monitored by the Investment Committee of the Tnjstee. Forecasts and cash flows covering the next 36 months have been prepared induding scenario that considers the impact of a signrficant dedine in investment returns. Results of this anatysis indicate that the cash reserves and liquid investments of the Charity are adequate to meet its obligations as they fall due. Statement of the Trustee's Financial Responsibilities The Trustee Is responsible for preparing the Report ofthe Charities of John and Frances Wesl for Pensioners and the finanual statemenls in accordan￿ with appIl￿ble law and regulations. Charty law requires the Trustee to prepare financial statements for each financial year in accordance with Unrted Kingdom Generally Accepted Accounling Practice (United Kingdom Accounting Stsndards) and applicable law. Under chafity law Ihe Trustee must not approve the finanaal statements unless it is satisfied that they give a true and fair view of the state of affairs of the Chanty and of its net incoming or outgoing resources for that peric•J. In preparing these financial statements. the Trustee is required to.. • select suitable accounting policies and then apKty them consistentty. make judgements and eslimates that are reasonable and prudent.. state whether applicable accounting 5tandaTds have been followed. subjed to any material departures disclosed and eX￿ained in the financial statements.. and prepare the financial ststements on the going COn￿M basis unless it is inappropriate to presume that the Charity wll continue to operate. The Trustee is responsible for ensuring thal the CharÉty keeps proper a￿nting records that are Sufficient to show and explain the Charity's transaclions and disdose with reasonable accuracy al any lime the finanaal position of the Chanty and to enable the Trustee to ensure that the finanual statements compty with the Chafibes Act 2011. The Trustee is also responsible for safeguarding the assets of the Chartty and her￿e for taking reasonable steps for the prevention and detection of fraud and other irregulartties. Auditor Crowe U.K. LLP has expressed tts V•ryllingness to conlinue as auditor for the next financial year.

The Council of Chrisvs Hospltal Christ's Hospital is the Trustee of the Chartty. The Board of Directors of the Trustee, known as The Council of Chrisvs Hospital, who served in Off￿ during the year and subsequently are.. Christopher Steane. MA, LL8. Treasurer and Chair (to 4 October 2024) Miriam McKay, BA Treasurer and Chair (from 5 October 2024) Nick Atkinson, MA, FCCA Jamel Banda, CC, BA (Hons) Ajexander Barr, MA, ACSI (from 13 March 2024) Nick Bensled-smrth, BSC, JP, CC Judy Evans. MA, MBBS. FRCSIEd) Plast Marianne Fredericks Diana Gamham B& MA. LLD, Dsc Thomas Garnier, Bsc Neil Maidmenl, MA, FCII Robert Palmer, BA, MA Pamela Roberts, FRSA, FRHistS, JP (to 18 Awil 2024) Jenny Williams, BSclHons), PGCE John Yeomans. MA. FIET. CEng

Prlncipal Offl¢e and Professional Advlsers Principal Office Auditor The Avenue Chnsl's Hospital Horsham West Sussex RH13 OLJ Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Solicitor Banker Mills & Reeve LLP Botsnic House 100 Hills Road Cambridge CB2 1PH Barclays Bank plc 2 Carfax Horsham West Sussex RH12 1 DN Investment Adviser Partners Ca￿tal LLP 5 Young Street London W8 5EH Approved ty The Counal of Christ's Hosprtal on 5th December 2024 and signed on its behalf Miriam McKay Treasurer and Chairman of the Council of Chrisys HO$￿ts 5 December 2024

Independent Auditor’s Report to the Trustees of the Charities of John and Frances West for Pensioners

Opinion

We have audited the financial statements of the Charities of John and Frances West for Pensioners (‘the charity’) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow and notes to the financial statements, including significant 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 31 August 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; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve 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 information

The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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

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{Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the finanaal statements is In￿nsIstenI in any malerial respect with Ihe Trustees, report,. or sufficient and proper accounting re¢￿d$ have not been kept by the Charity.. c the financial statements are not in agreement wth the accounting records and returns; or we have not re￿IVed all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fvlly in the Statement of the Trustee's Financial Responsibilities {set out on page 3), the Twslee is 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 Ihe Trustee delermine is necessary to enable the p￿ParatiOn of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial slalements, the TTUStee is responsible for assessing the Charity's abilty to continue as a going concem. disclosing, as applicable, matters relaled to going concem and using Ihe going concem basis of a￿)untIng unle55 the Trustee either intends to liquidate the Charity or to cease operations. or has no realistic altemative but to do so. Audltorfs responsibilities for the audit of the flnancial statements We have been appointed as auditor under seclion 151 of the char￿eS Act 2011. and report in accordance wrth the Acts and relevant regulations made or having effect thereunder. Our objectives a￿ to obtain reasonable assuran￿ about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error. and to issue an auditorfs Teport that indudes our opinion. Reasonable assurance is a h￿h level of assurance, bul is nol a guarantee that an audit conducted in accordance wth ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or erTor and are considered material rf, individually or in the aggregate, they could reasonabty be expected to infiuence the economic decIs￿nS of users taken on the basis of these financial statemenls. Details of the extent lo vhbith the audit was considered capable of detecting wregularities. including fraud and non-compliance laws and regulations are sel oul below. A further descriplion of our responsibilrties for the audr( of the finanaal statements is located on the Financial Reporting Council's Web￿te at.. www.frc.or .uklaudilorsres onsibilities. This description forms part of OUT audit(¢s reFort. Extent to whlch the audlt was considered capable of detectlng Irregularities, including fraud Irregulartlies, induding fraud. are instances of n￿-Complian￿ wtth laws and regulations. We identified and assessed the risks of matenal misstatement of the financial statements from i￿egUlarities. whether due to fraud ￿ error. and discussed these belween our audit team member5. We then designed and perf0m￿l audtt procedures responsive lo those risks, including obtaining audit eviden￿ sufficient and appropriate to provide a basis for our opinion. We obtained an understanding ofthe legal and regulatory frameWo￿S within which the Charity operates, focusing on those laws and regulations thal have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Chartties Act 2011 toJether viilh the Charities SORP IFRS 1021. We assessed the required compliance these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered promsions of other kws and regulations that do not have a direct effect on the financial statements but Complian￿ V￿th which might be fundamental to the Charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charty and the group for fraud. The laws and regulations we considered in this context for the UK q)erations were General Data Protection Regulation and health and safety legislation.

Auditing standards limit the required audrt Procedures lo idenlify non-complian￿ with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence. rf any. We identtfied the greatesl risk of material impact on the financaal statements from irregularities. induding fraud, to be wrthin the timing of recognition of income. valuation of investment5 and the override of controls by management. Our audit procedu￿$ lo respond to these risks included enquiries of management, and the Trustee about their own identfficalion and assessrnent of the risks of irregularibes. sample testing on the posting of joumals, ar¢alytical review and sample testing of income, vouching year end valuations to third party data, reviewing accounting eslimates for biases partiujlarty in relation to investment valuations. reviewing regulalory correspondence wth the Charity Commission. and reading minutes of meetings ol those charged with govemance. Cxving to the inherent limilations of an audrt. there is an unavoidable risk thal we may not have detected some malerial misstatements in the ffinancial statements. even Ihough we have Properly planned and performed our audit in accordance with auditing standards. For example, Ihe further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial ststements, the less like￿ the inherent limrted pro￿ureS required by audtbng standards would idenlfy it. In addibon, as with any audit. there remained a higher risk of noTrdelection of irwularilies, as these may involve collusion, forgery, intentional omission5, misrepresentations, or the override of internal conlrols. We are not responsible for prevenling non-coMpl￿nCe and cannot be expected to delect noTrcompliance wtth all laws and regulations. Use of our report This Teport is made solely to the Charity's Trustee, as a trfyjy. in accordance wth Part 4 ofthe Charities (Accounls and Reports) Regulalions 2008. OUT audtt y￿￿k has been undertaken so that we might state to the Charity's Trustee those matters we are required to state to thern in an auditorfs report and for no other purpose. To the fullest exlent pemirtted by law, we do not a￿pt or assume ￿SponsIbl1ty to anyone olher than the Chanty and the Charity's Trustee as a body, for our audrt WOTk, for this report. or for the opinions we have fomied. Crowe U.K. LLP Statutory Auditor London Date 18 December 2024 Cr￿e U.K LLP 1$ e1bJi￿e for apwintrnent as awlitor ol the Chanty by vithe of its elvjknilty for appointrnent as audrtor ofa company under5eclion 1212 ofthe CoMpan￿ALl 2006.

The Charllles of John and Frances West for Pensloners ststement of Financial Activities Year Ended 31 August 2024 Fur FLThJs INCOMING RESOURCES IncoTryng resources from ￿ntrAted fwKI¥ kn￿trnent 1￿C￿e TOT￿ INCOME •4D ENDOWIAENTS EXPENDITURE ON: Ralslng Funds trnent mar￿geM￿l 134} (31) Charitsble activities 1¥3nts payat4e Costs (221) 1221} 1371 (192) (35) TOTPL EXPEhlDtfuRE (258) NET IOUTGOINGI FUNDS FROM OPERATIONS BEFORE TRW4SFERS IN¥ESTMENT GWNS 1341 125n {2￿) (2583 Galns on Investnwt Transler tset￿en funds 232 1257) MOIEIIENT IN FUNDS Reconciliation (rf funds: Totd fLmds foward 1 Septwnt 7,OT2 TOT￿ FUNDS CRRIED FORWAgD The notes on pages 12 to 17 fcffli part of these financial statements.

The Charities of John and Frances West for Pensioners Balance Sheet At 31 August 2024 123 Tot FLThts FLW)ds FIXEO A%8ETS Neslmerts 24 7.869 CURRENT PSSETS Debtor5 Cash at b3nk *¥J Ys 17 185 CREDITORS Due witth cfft 11831 (174J NET CURRENT ASSETS 67 28 TOT￿ AsseTS LESS CURRENT UIBIUTIES 91 7,127 CREDITORS Due after more than ¢Th ye 191) (81) TOT￿ NEf ASSETS AT 31 AUGUST 7,016 Enck)wment FIAS Genera Funds 7.046 7.046 The noles on pages 12 to 17 fom) part of these financial statements. These financial statements were approved by the Coun￿1 of Christ's Hospital on S December 2024 and signed on its behalf by: Miriam McKay Treasurer and Chaimian of the Council of Chrisl's Hospital 5 December 2024

The Charftles of John and Frances West for Pensionevs Cash Flow Year Ended 31 August 2024 2023 NET CASH IOUTFLOWJ FROM OPERATING KTMTIES (231) CASH FLOWS FROM IN￿rING XTWIES Proceeds Irom Sa￿ of investr￿ent secwit Purchase of Wl¥RStrnent $￿Yr￿e$ 4,920 14,6CQI 742 NET CASH INFLOWFROM INNESTING XTI%TfiES 320 292 CHANGE W4 CASH P•IO CASH EQUVIILENTS FOR THE PERIOD 15 61 Cash balance at 1 Septen*•r 124 CASH NJ4D CASH EQuIV￿£NTs AT THE END OF THE YEPR 185 Reeoneiliation Net loutgoingl resource kncrease Tr creditors lkncreasel Idecrease in debtas (258J 25 19 Net {04rtnowl fromoperatlng atllvlUe¥ 305 231 The notes on pages 12 to 17 form part of these financial statements. -11-

The Charities of John and Frances West for Pensioners Notes to the Flnanclal Statements Year Ended 31 August 2024 A¢countlng Policies Basis of Preparallon and a$s￿ment of going concern The ffinanaal statements have t>een wepwed in ￿an￿ w7th the Charities SORP {FRS 1021 applicable to chaTTties preparing their aco)unts in a¢xordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, the CharrtEs Act 2011 and the Statement of Recommended pract5￿ appIl￿b￿ to charitss weparing their accourrts in accordance vthh the Finanual Re[￿￿tIng Slandwd applicab￿ in the UK and Republic of Ireland {FRS 1021- effeCtp￿ 1 January 2019. The finanaal statements have been prepared lo gNe a Irue and fairf VEW and have departed from the Charities (Accounts 2nd Reports) Regulations 2008 ontyto the extent required to provide 'true and fair viev¥. This departure has involved folknmng Accounts"ng and Rewrting by Chariiies preparing their accounts in accordan￿ vKth the Financial Repo￿"ng Slandard applicable in the UK and Republic of Ireland (FRS 102} issued on 16 Juty 2015 rather than the Accounting and ReF)Orting ty Charities.. Statement of Recornmended Prac11￿ effectNe from 1 April 2005 which has sincE been wthdra1￿. The Charibes ofJohn and Fran￿west for Pensioners llhe Charty.) is registered ￿￿th the Charffy ComMiss￿n in England aTrJ Wales under charity number 229579 and constitules a public benefrt entty as defined by FRS 102. The Principal offi￿ of the Charity is set oui on page 5. The most signfficant areas of adjustment and key assumptions that affect tiems in the a¢￿Unts relate to estimating the liabilty from muni-year granl commrtmerrts {see nole 1.4 and notes 8 and 9 for more information). The mosl signifi(>nt areas of uncertainty thal aff￿t the ￿rying value of assets held by the Charity are the levd of investrneDI ￿turn and the perfO￿nanCe of investment markets (see the Investrnent Polry and Prinopal Risks sections of the Trustee's reFKJt for more information). The functional currency of the Charity is Con￿ered to L* pounds sterling Ixcause that is the Currency of the primary econom￿ environment in vthich it OFerate5. Forecasts and cash flows covering the next 36 months have been prepared including a S￿nan0 that considers the impact of a signfficant decline in investmenl retums. Resulls of this analysis indicate Ihat the cash reserves and liquid inveslments of the Chanty are adequate lo meet its obligations as they fall due. Accordingly, the Trustee telieves that the Charity's financial resour￿$ are sufficient to ensure the Chanty will continue as a going con￿rn for the foreseeable fulure. ￿Ing at least 12 months from the date of appxoval of the financ4al statements and have therefore prepared the financial slaterwts ¢x a going {￿cern basi5. Incorne Ino)me is acojunted for ￿en recer¥able. Expenditure Resources expended are a(rounted ts on ￿ wuals basis. 1.4 Grants PrOVi￿On is made for fubjre grants ccrnitled during the Cufrent and prewous years. -12-

The Charities of John and Frances West for Pensioners Notes to the Financial Slalements Year Ended 31 August 2024 Fixed asset Invesljnents Investrnents, for vthth there is a quoted markeL ￿e walued al the b1&pri￿ ruling at the Balan Sheet date. Inveslments which are held in funds which themselves invest in publicly quoted securities are shown on the Balan￿ Sheet in a(￿OrdanCe wrth the infomiation provided by the fund managers. Other investments, comprising illiquid assets. are included at the most recent audited quarterty rep(￿ts provided by the fund managers. Realised investment gains are (3lculated by reference to dw(6al proc£eds and ebther tM)ok value or cost rf wrchased in the year. All gains and knsses are induded in the Statement of Financial Activities. 1.6 Financial instruments Financial instruments are inrtialw recognised at transaction value and Subsequent￿ measured at amortised cost w¢th the exception of investments vthich are valued as described above. Financial assets held at amortj.sed cosl comprise cash at bank and in hand. Cash at bank and in hand is defined as all cash held in instant access bank current and deposil accounts and used as working capital. Finanoal liabilrties held at amortised cost comprise all creditors. Assets and liabilities held in f￿eIgn currency are tran51aled to pounds steding at the balance sheet date at an appropriate exchange Tate. Total retum accounting The ChaTity Commission permitted the Charity to adopt Ihe use of totsl relum in relation to its peThanent end¢)wment on 3 October 2008. The pe￿ItS the Trustee to invest the pe￿nanent endum￿nI to maximise lotal retum and lo make availalk an appropTiate p(thi of the total retum to fiJnd expendrture each year. The Trustee has used the value of Ihe Femanent genetal endowment at 31 Juty 1995. £1,448,000. to represent the 'Preserved Value, of the original gfft. This is the minimum permissible level of the endob%Tnent which 15 to ￿ used to wcJucE the in¢iMne for Ihe Charity and which itsell cannot be spenL 1.8 Taxalion The Charty's xtivit￿S are exempt from inc￿￿ and c(wYatioD The Charity is not registered for Value Added Tax. VAT is induded ￿ the item of expenditu￿ to vthich il relates. -1>

The Charitles of John and Frances West for Pensioner5 Notes to the Financlal Statements Year Ended 31 August 2024 2023 l Expenditure on raising funds InbEstrnent management costs 37 3. Grants paydble £OOOs Grants paid payable to: kndividuals Organisations 2024 2023 206 15 167 25 221 192 4. Operating ¢osts 2024 2023 Administration fee Foyable to CMSYS Fk)siyl Alldit fee 32 35 2024 2023 5. Gains on invesln*nts £OOOs Realised and unreased gains 1.090 232 -1

The Charities of John and Frances West for Pensloners Notes to the Financial Statements Year Ended 31 August 2024 6. Fixed knt Investn*nts £OOOs Securities arkel value at 1 Sept 2023 dditions to the porffclio Disposals from the portfdio InvestnEnt incor￿, realised and unrealised gain$ 2024 2023 7,159 (4920 1,090 (742) 232 fvIArket value at 31 A￿USt 2024 7,869 7,099 Securities coryrise: The Trkster Portfolio C Limiigj (managed by Partners Capitd LLP) 7,869 7,099 The net book value of investrnents includal in the aLw)ve was as follows.. £Ol)Os knvestment assets overseas 7,869 7,869 A 31 August 2024 and 31 Auust 2023. We￿ no listed investments. 7. Debtors 2024 2023 Trade debtOTS 17 50 17 8. Creditors- amovnts falling due ￿TthIn one ￿ar £OOOs 2024 2023 Grants payatr Trade creditors 141 42 149 25 183 174 -1

The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2024 9. Credltors falllng due after rnre than one ypar £OOOs 2024 2023 Grants payable- befvleen one and two years - betsveen ￿40 and three years 69 12 16 91 81 10. Adrninlstrallon and Trustee During the year Christ's Hosprtal (company number 06232556 and Tegistered charity number 11200901 promded adminiStrat￿)n Servi￿ to Ihe Charliy and re￿iVed a managemenl fee. The Trustee recer¥ed no remuneration ¢x reimbursed eypenses In its capauty as Trustee the Chanty during the year. 11. Statennt of Total Return Total retvm for the perKJ knvestsnent gains Investment managem￿1 CQsts Net total return for the per pplicatton of total retum for the perKxl Unapplied total retum brought forward 1 Wemkr 2023 Unapplied totsl retum catngj fonward 31 ￿gUSt 2024 1.090 {341 1.0 125n 5.598 6.397 Prese￿1 value at 31 August 2024 Total EndoMrnnt v4lu• al 31 I￿gUSt 2024

The Charities of John and Frances West for Pensioners Notes to the Financial SL*ements Year Ended 31 August 2024 12. Prlor Year Statement of financlal Artivities- Comparative figures by fund type En(kMiment General FuThJs Funds 2023 Total INCOMING RESOURCES Inco￿ng resources from generated funds Investment ￿cOme TOTAL INCOME ENDOVlfdENTS EXPENDITURE ON: Raising Fund8 knvestrnent mawent ca%ts 131> Charitable activities ants payatrAe Operating costs {1921 1351 (192) (35) TOTfvL EXPENDITURE (31) (2271 {258) {OUTGOING) FUNDS FROM OPERATIONS BEFORE TR￿sFERs INVESTMENT GPJNS (31) (22n (258) Gains on InvestYrEnts Transfer bet￿Pen funds 2Y2 232 1227) 227 NET MOVEMENT IN FUNDS (26) 126) Reconcilialion of funds: Totsl fvjnds br￿ght fonNard 1 Septemiv 7.072 7,072 TOTPL FUNDS CARRIED FORWPRD -17-