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2024-12-31-accounts

Trustees’ Report and Financial Statements

Year Ended 31 December 2024

Registered Charity in England and Wales No. 267618

Contents Statement from Westminster Foundation Director 3 Trustees’ 2024 Annual Report 4 Independent Auditors’ Report 30 Statement of Financial Activities 34 Balance Sheet 35 Statement of Cash Flows 36 Notes to the Financial Statements 37

Westminster Foundation – Trustee Report and Financial Statements 2024

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Statement from Kate Brown, Westminster Foundation Director

The Westminster Foundation's work, representing the charitable interests of The Duke of Westminster and Grosvenor businesses, is increasingly vital in facing societal challenges.

The charitable sector continues to face increasing acute and chronic challenges. As these challenges have grown, so too have the pressures on the charities the Westminster Foundation supports. Many are struggling financially and operationally, as demand for their services rise and the need to offer services free at the point of access increases. The demand for grants far exceeds availability, making long-term planning and investment in services increasingly challenging.

Recognising this shifting landscape, throughout 2024 we undertook a strategy review to ensure our funding approach remains relevant and effective. We conducted extensive consultation with our grantees to refine our strategy, ensuring it meets their evolving needs, gathering valuable insights that have helped us inform our strategic direction going forward.

For the Foundation, the best way to halt the vicious cycle of intergenerational inequalities is to develop long-term support for young people and the institutions and systems surrounding them, with which they are able to fulfil their potential. We recognise that we are in a hugely privileged position to support a growing portfolio of impactful charities. These organisations are experts in their field and spend time understanding the needs of children and young people as they develop, what effective solutions look like, and the communities in which they deliver. Our strategic approach, as evidenced by over 240 grants worth over £7 million awarded in 2024, aims to create lasting change and ensure our communities' long-term resilience.

Alongside our strategy review, 2024 marked a year of significant progress and achievement. We celebrated the 50[th] anniversary of the Westminster Foundation and one year since the opening of Fivefields, the collaborative and flexible co-working space in Belgravia, London created in partnership with Grosvenor and flexible workspace operator, x+why.

Fivefields, designed specifically for charities supporting children and young people is now thriving at full capacity with over 25 charity members. This milestone represents a significant step forward in our mission to support charities and comes at a much- needed time, offering hope and optimism for the future. Additionally, we’ve made great strides in amplifying youth voice, which is a key pillar of our work and will help shape our future direction.

The Westminster Foundation will continue to provide structure, opportunities, and support for vulnerable children and young people in Chester, Westminster, and the rural communities to which we are strongly committed. Our efforts focus not only on addressing societal challenges but also on making a tangible impact in the lives of those we serve. By refining our strategy, we reaffirm our commitment to building a future where every child, regardless of background, can thrive.

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Trustees’ 2024 Annual Report

Who We Are

The Westminster Foundation is an independent grant maker and registered charity representing the charitable interests of The Duke of Westminster and Grosvenor businesses.

We provide long-term sustainable help to organisations working with vulnerable children and young people and the support around them. The Foundation focuses its grants on early intervention work that inspires children and young people aged 0-25, giving them opportunities to thrive, build confidence and raise their aspirations.

Our early intervention focus is critical to young people's health, security, and fulfilment. We seek guidance from local and national experts to help us work at the heart of systemic issues that perpetuate intergenerational inequalities.

We help create opportunities to improve wellbeing, education, inspiration, and trust and instil confidence so that no child or young person is alone when facing a challenging situation.

For children and young people experiencing disadvantage, the journey from birth to 25 years old can all too often be precarious. This journey can adversely affect both physical and mental wellbeing. Through our funding, the Westminster Foundation supports organisations that provide opportunities to young people, families, and the communities around them. The Foundation collaborates with those we trust and who care about the same issues. Together, we can tackle the drivers and consequences of intergenerational inequality. Ultimately, we want children and young people to have every chance to build the resilience and capabilities to lead happy and healthy lives.

What We Fund

Charities registered with the Charity Commission or organisations with exclusively charitable objectives based in Westminster, Chester, rural Cheshire, rural Lancashire, rural Sutherland, and those delivering programmes nationally to rural areas of the UK.

Community organisations (e.g., schools, colleges and youth hubs) who understand the local need and have the capacity to support their young people over time.

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Our Thematic Funding

More details about our funding criteria are here: https://westminsterfoundation.org.uk/grants Where We Fund

We are primarily a place-based funder operating in Westminster, Chester and rural communities in the UK. We also support national and international organisations that play a role in preventing longterm systemic problems for children and young people.

While different in many ways, these communities face similar challenges, including a lack of opportunity, support and direction for many vulnerable young residents. We also support rural communities, especially in Lancashire and Sutherland, where the Grosvenor Estate operates. Young people here can experience physical and social isolation, poor access to services or disconnection from support for their mental health and wellbeing.

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Chester

While the region is broadly comparable to England's average levels of social and economic deprivation, there are pockets of severe disadvantage, for example, in Lache and Blacon, where many of our grantees address issues of limited high-quality youth services or safe spaces. These localities track higher than the national average on financial vulnerability.

Westminster

Despite the impression of Westminster as a prosperous borough, it contains concentrated areas with poor living standards, worklessness and material, educational and economic deprivation. The borough tracks higher than the national average for impoverished children and young people (0-19).

Rural

Over 9 million people in England live in rural spaces. Residents of rural areas experience unique challenges, sometimes 'hidden' from mainstream social and political discussion, including the most significant variation in life expectancy across England's social gradient.

Among rural communities, young people may experience limited social mobility driven by a lack of meaningful opportunities and poor access to appropriate support.

They may also disproportionately experience digital exclusion, which curbs their access to information on education, employment and leisure opportunities.

International

While the Foundation focuses on supporting organisations working with children and young people in Westminster, Chester, and rural communities around the UK, we also award grants via recommendations from Grosvenor's International Operating Companies' Philanthropy Committees.

Each international grant is proactive and strategically aligns with our priorities around early intervention for 0-25-year-olds.

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Achievements

Achievements & Performance

During 2024, the Westminster Foundation committed £7.1m in 245 grants (2023: £6.1m in 253 grants), broken down by type and number below:

broken down by type and number below:
Grant Type 2024
£		 2024
No. Grants		 2023
£		 2023
No. Grants
PartnershipGrants * 3,105,494 31 2,718,542 26
Small Grants 435,864 45 423,898 45
Covid-19 Response 125,000 2 100,000 1
Cost of livingcrisis 50,000 2 388,918 25
CharityOffice Portfolio 1,068,106 29 269,182 9
Grosvenor Giving 1,001,207 42 1,281,807 45
Discretionary 532,466 5 305,000 4
Other 143,851 39 173,811 45
Total – Unrestricted Funds 6,461,988 195 5,661,158 200
Anne Duchess of Westminster’s
Fund		 672,627 50 440,072 53
Total 7,134,615 245 6,101,230 253
Average Grant Size 29,121 24,116

Details of grants awarded under the Foundation’s main grant schemes are detailed below and on pages 8 to 21. These grants, which align with our funding guidelines, are predominantly allocated within the UK and extend to overseas projects as per our overseas funding guidelines.

Partnership Grants

Partnership Grants are strategic investments, typically £100,000 per annum over five years.

These grants involve working collaboratively with organisations, positioning them as field experts so the Westminster Foundation may better understand issues, improve learning and influence systemic change. As the grant name implies, these organisations are our partners - we support their crucial work every day and sit alongside them, providing the assistance they need.

Our long-term approach enables partnership grantees to plan their services and staffing and provide sustainable interventions for their beneficiaries. The Westminster Foundation’s trustees proactively identify and award Partnership Grants. Hence, the programme is not open to applications or unsolicited appeals.

We awarded 31 Partnership Grants totalling £3,105,494 in 2024.

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Organisation Grant
Amount		 Purpose of Grant
Action Tutoring
Action Tutoring partners with primary
and secondary state schools to deliver
tutoring programmes for pupils facing
socioeconomic disadvantage and at
risk of leaving school without reaching
national exam standards.		 £100,000 Funding to support Action Tutoring programmes in
Westminster and Chester unlock the potential of
children and young people facing disadvantage
through high-quality trained volunteer tutors who
empower pupils to make meaningful academic
progress, opening doors to future opportunities.
All Child
Helps children and young people build
the relationships and skills they need
to get on track socially, emotionally
and
academically
to
thrive
in
adulthood.		 £100,000 Funding for three Link Workers in Westminster and
therefore the support for over 100 at-risk young
people in the borough. Link Workers are highly
qualified professionals, employed by All Child but
embedded full-time in the school setting.
Chance to Shine
Chance to Shine is a national charity
that works in schools and inner-city
areas to provide children and young
people the opportunity to play, learn
and developthrough cricket.		 £100,000 Funding for primary and secondary school children
and young people in Westminster and Chester to
play, learn and develop through cricket while
fostering positive wellbeing.
Chance UK
A London-based charity offering 1-1
mentoring for children aged 8-13 years
across
Westminster
and
group
mentoring in the North and South of
the borough.		 £100,000 Funding to launch a tailored service to support
Westminster-based
children
and
families
to
overcome challenges and build resilience and
strength for tougher times.
Cheshire Dance
Cheshire Dance is a charity which
champions the value of dance and its
development in Cheshire.		 £97,193 Funding to deliver the Nexus Dance programme in
Chester. The programme aims to bring dance
opportunities to children and young people of all
abilities and backgrounds to enjoy the physical,
creative and social benefits and live healthier and
happier lives.
Chester FC Community Trust
Delivers high-quality projects and
activities
across
four
community
themes: coaching; education; health;
and social inclusion.		 £80,000 Funding towards the appointment of Community
Outreach
workers,
project
delivery
and
establishment of a Sports BTEC qualification.
Chester Schools Together (CST)
CST is a partnership between schools
that brings together students for a
variety
of
exciting
learning
experiences.		 £88,248 The aim of the partnership is to allow students to
work together on engaging and collaborative
projects, helping them to develop their creative,
learning and teamwork skills. The programme
provides stimulating professional development for
staff and promotes mutual respect across the
different schools, fosters a sense of belonging and
pride in Chester and encourages links with other city
institutions for the education and benefit of all.

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8

Organisation Grant
Amount		 Purpose of Grant
Chester Zoo
Chester Zoo is the most visited zoo in
the UK and a conservation and
education
charity
committed
to
preventing extinction.		 £104,262 Funding to support young people (7-25 years) in
Chester to learn about conservation, experience the
wellbeing benefits of connection to nature, lead
positive change in their communities, and broaden
career aspirations. The charity specifically targets
young people from disadvantaged backgrounds by
identifying schools with a high proportion (>25%) of
pupil premium students and working with teachers
to engageyoung people most in need.
Coach Core Foundation
Coach Core delivers inclusive and
impactful
sports
coaching
apprenticeships that develops the
talents of young people and provides
them with a range of vital skills for
sport,work and life.		 £65,142 Funding will enable 100 apprentices (16-24 year old’s
across Cheshire and Lancashire who traditionally
may experience barriers, discrimination, & lack of
opportunities) to start meaningful careers, re-engage
with education & increase activity levels across
Cheshire and Lancashire.
Future Frontiers
An award-winning education charity,
who work with schools and businesses
across the UK to provide a programme
of coaching and access to professional
role models to young people aged 14-
16.		 £100,000 Funding to empower disadvantaged young people in
Westminster to access fulfilling employment and
break away from poverty through personalised
career coaching and guidance.
Future Men
Practice-led services that encourage
boys and men to explore, celebrate
and build on the characteristics that
contribute topositive masculinity.		 £100,000 Funding for development of the charity’s services for
young people in Westminster and for core costs of
the charity to improve monitoring and evaluation,
staff
training
and
development,
and
communications.
Jamie’s Farm
Jamie’s Farm enables disadvantaged
young people at risk of school
exclusion
to
thrive
academically,
socially and emotionally through a
unique residential experience and
rigorous
follow-up
programme,
combining
farming,
family
and
therapy.		 £100,000 Funding for 30 residential visits from schools and
alternative provisions in WF’s target areas, enabling
Jamie’s Farm to deliver key elements of their
strategic plan, specifically improving the monitoring
and evaluation of programmes to further improve
the impact on all visiting young people.
Koala North West
Provides children and their families
with tailored practical and emotional
support that improves wellbeing,
reduces isolation and supports both
children and caregivers to thrive.		 £100,000 Funding for parents to promote early language
development and identify and support children with
speech, language and communication needs to
ensure children are well-nourished, loved and
receive quality interactivity in the first two years.
London Early Years Foundation
Fosters long-term social impact using a
progressive
and
research-based
nursery education, underpinned by
strengthening social and cultural
capital.		 £150,000 Funding for the Doubling Down programme, which
increases the Government-funded hours of early
childhood education and care (ECEC) for its most
vulnerable children from 15 hours per week up to 30
hours per week.

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Organisation Grant
Amount		 Purpose of Grant
Magic Breakfast
Offers breakfasts and expert advice to
tackle morning hunger in schools
across England and Scotland.		 £95,011 Funding for breakfast provision for disadvantaged
schools in Westminster, Chester and Lancashire.
Without a nutritious breakfast, children suffer the
debilitating physiological effects of hunger and are
less able to make the most of their education.
Passion for Learning
Promotes
and
supports
the
enrichment, education and mental
wellbeing of school age children to
motivate, empower and enable them
to fulfil theirpotential.		 £100,000 Funding towards the core costs and delivery of
Enrichment Clubs in the Chester area, which assist
children with overcoming social and emotional
challenges to learning and literacy.
Sported Foundation
Sported is a charity which delivers
expertise, resources and vital support
to clubs and groups that use sport and
physical activity to make a positive
impact
on
young
people
and
communities throughout the UK.		 £134,460 Funding for a wide-ranging programme to support
and encourage grass roots organisations to offer
accessible sport and physical activities in Lancashire
and Northern Scotland.
Storyhouse
A cultural and community centre in
Chester that provides young people
with real-life experience and supports
them in gaining new skills, building
friendships
and
achieving
qualifications.		 £100,000 Funding for the Young Leaders Programme working
with 14–25-year-olds to help them develop
transferrable job skills and to raise their aspirations
through a structured volunteering and leadership
training course. An access fund has been created to
enable young people with financial barriers to attend
youth theatre sessions across all agegroups.
Street League
Works with young people aged 14-30
using sport to tackle poverty and give
young people the opportunities to
succeed in life and the workplace.		 £84,148 Funding for identifying young people at risk of
unemployment in Westminster, and support them
into high quality employment, training or education.
Funding also supports young people in employment
with opportunities to develop and progress in their
careers.
The Change Foundation
An award-winning charity that uses
sport
to
change
the
lives
of
marginalised young people.		 £88,699 Funding for initiatives aiming to reduce knife crime
and improve mental health among secondary school
students in Westminster through sport-based
education and mentoring.
The Floating Classroom
Beauchamp
Lodge
Settlement
operates the Floating Classroom on
the Grand Union and Regent’s Canal.
From a purpose-built boat, they teach
a programme of hands-on science,
environment and history lessons to
school children from across London.		 £99,480 Funding to connect CYP to their local environment,
deepening their sense of place and empowering
them to become active stewards of the natural world
in their neighbourhoods.

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Organisation Grant
Amount		 Purpose of Grant
UK Youth
Impacts young lives by unlocking youth
work as a catalyst for change. UK Youth
work in partnership to build a cross-
sector movement, creating a society
that understands, champions, and
delivers effective youth work for all.		 £333,333 Funding for capacity building, training, and support
from UK Youth to approximately 15 youth clubs that
support youth mental health in rural settings that
historically lack such provision.
We Mind The Gap
Aim to bridge the gap between young
people
aged
16-25
years,
disadvantaged by their circumstances,
and the wider community in the North
West,
including
North
Wales,
Cheshire,Merseyside & Manchester.		 £99,304 Funding for the WeInspire programme to offer
holistic support to pupils and their parents in Chester
and Cheshire West. This will improve confidence,
social anxiety and resilience, with the long term aims
to improve attendance, restore trust in schools and
nurture a feeling of belonging.
Westminster Children’s University
Works in partnership with schools to
develop a love of learning in children,
through encouraging and celebrating
participation
in
extra-curricular
activities outside of school.		 £108,000 Funding for the expansion of the initiative across
Westminster Schools. The organisation supports
resilience and positive mental health in young people
through extra-curricular activities.
Westminster
Youth
Club
Collaboration
The Avenues, The Feathers and St
Andrew’s
Club
are
established
community-based
youth
clubs
providing a sense of belonging, fun and
informal education to nearly 2,000
young people.		 £200,000 Alongside core costs, funding is for the three youth
clubs to form a partnership, along with the Young
Westminster Foundation, to enhance outreach work
and the evaluation of youth club provision.
Young Enterprise
A national charity specialising in
enterprise education and financial
education for school age children.		 £155,430 Funding for the development of Young Enterprise in-
class primary school pilot, growth of core
programmes for 11–18-year-olds and to equip
schools with the knowledge to take responsibility for
embedding financial and enterprise education across
the curriculum. The delivery of programmes covers
Chester,rural Lancashire and Westminster.
Young Minds
Support families across the UK,
advising and supporting them to
understand their child’s behaviour and
secure the right help.		 £40,000 Funding to research, develop, pilot, and scale the
organisations’ work with trusted adults supporting
young people aged 3-21 years. This work hopes to
understand the circumstances and experiences that
impact the mental health of children and young
people; recognise the signs of mental distress; and
respond effectivelywhen ayoung person needs help.
Youth Federation
Brings together young people in need
with
people
prepared
to
help,
providing support for youth groups
and connecting youth professionals
with training programmes.		 £82,784 Funding for The Pledge Partnership, which enables
businesses to work together with educators to
provide every young person living, studying and/or
working in Cheshire and Warrington with everything
they need to succeed in the world of work.

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Small Grants

Our Small Grants Programme is open to applications throughout the year.

Smaller grants—up to £10,000—are typically one-off funding agreements that aim to bolster and develop children’s and young people’s activities, support them in building confidence, and raise their aspirations.

We restrict our Small Grants Programme to Chester, Westminster, rural Cheshire West, Lancashire, and Sutherland geographies. Prospective small grantees complete an online application process, which our Small Grants Panel reviews quarterly.

When supporting salaries, the Small Grants Panel may award additional, multi-year support up to £20,000 per annum for longer-term initiatives for children and young people.

We awarded 45 Small Grants totalling £435,864 in 2024; grants of £15,000 or greater appear below:

Organisation Name Grant
Amount		 Purpose of Grant
Healthbox CIC £18,515 Contribution towards salary of schools’ worker to
deliver range of wellbeing programmes.
Theatre Porto £20,000 Salary costs towards delivery of art-based wellbeing
community programme.

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Anne Duchess of Westminster Fund Grants

The Anne Duchess of Westminster's Fund (ADWF) is a charitable fund administered and distributed by the Westminster Foundation. It supports charities where its founder, Anne, Duchess of Westminster, the widow of the 2nd Duke of Westminster, Bend'Or, lived and had an interest.

Specifically, ADWF's priority themes are mental health and wellbeing, community projects in disadvantaged areas, isolation and loneliness, learning, training and employment and ill health and disability. ADWF grants are geographically limited to the Scottish Highlands or within a 25-mile radius of Chester. The ADWF also helps equine-related charities anywhere in the UK. These grants, for up to £10,000, are for project costs and small capital programmes.

ADWF awarded 50 grants totalling £672,627 in 2024; grants of £10,000 or more appear below:

Organisation Name Grant Amount Purpose of Grant
All Together Now £10,000 Towards production and delivery costs
of specialist newspaper providing news
and information for disabled and older
people.
Autism in Racing £10,000 Funding towards ten autism friendly
race days at UK racecourses.
Brent Centre for Young People -
Highlands		 £10,000 Funding towards psychotherapeutic
support foryoung people.
Caithness KLICS £10,000 Salary costs of the charity’s manager.
Cheshire West Voluntary Action
(CWVA)		 £20,000 For distribution of micro grants by
CWVA to small grass roots community
groups aligned with ADWF’s grant
strategy.
Chester & District Samaritans £10,000 Towards urgent property repairs at the
charity’spremises in Chester.
CLIC Sargent Cancer Care £10,000 Salary costs of the charity’s Highlands
Social Worker.
Clwyd Special Riding School £10,000 Salary costs of the Centre's Equine
Manager.
Dame Kelly Holmes Trust £10,000 Funding towards ‘On Track to Achieve’
programme which provides wellbeing
mentoring for disadvantaged young
people.
Elsie Normington Foundation £10,000 Compassion Fund funding to support
families who are unable to access the
play facilities, sessions and overnight
accommodation at the Haven Centre.
Equine
Assisted
Services
Partnership		 £10,000 Funding towards the development of
the Partnership’s new website.
Henshaws Society for Blind People £10,000 Funding
towards
‘I
Can
Do
It’
programme in Merseyside.
Highland Hospice £20,000 Towards salary costs of the staff
operating the Hospice’s 24/7 Palliative
Care Helpline.

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Organisation Name Grant Amount Purpose of Grant
Horseworld Trust £10,000 Salary costs for Discovery programme -
equine assisted learning for young
people at risk of beingNEET.
James Place £10,000 Salary costs of suicide prevention
therapists at the charity's Liverpool
centre.
Jamie’s Farm £19,056 Towards salary costs of Jamie’s Farm
Lewes’ Horse Specialist for twoyears.
Jamie’s Farm £100,000 Towards the development of equine
facilities for therapeutic horse work at
Lower Shockerwick Farm (spend out
grant).
Kyle of Sutherland Hub £10,000 Salary costs for community hub offering
free communityfacilities and activities.
Newmarket Pony Academy (via
British Racing School)		 £10,000 Supporting children’s mental health
and educational retention through the
Academy’s After-School Club.
Nightingale House Hospice £10,000 Towards the Hospice’s new Assisted
BathingService.
Open Door £10,000 Salary costs of Bloom Venue Manager.
Priority Youth Project £10,000 Towards core costs including salaries of
youth and communityworkers.
Shy Lowen Horse & Pony Sanctuary £10,000 Towards the purchase of a new trailer,
for the storage of manure and removal
to a local compostingcentre.
Stick’n’Step £10,000 Funding
towards
the
‘Conductive
Education’ project, which helps reduce
the dependency of children and young
people on others.
Teenage Cancer Trust £10,000 Towards the ‘Youth Empowerment
Programme’ aimed at improving the
experience, recovery and survival of
young cancer patients in Merseyside
and Cheshire.
The Girls Network £10,000 Salary costs of Merseyside Network
Manager.
The Pantry for Blacon £10,000 Towards the ‘Eat Well and Spend Less’
project,
empowering
adults
in
disadvantaged areas.
The Teapot Trust £10,000 Towards
the
Colourful
Journeys
programme, offering art therapy for
children with long-term conditions in
the Highlands of Scotland.
Theatr Clwyd Trust £100,000 Towards the creation of a multi-
function education studio for delivery
of the Theatr’s creative engagement
programme(spend outgrant).
Watermill Foundation £10,000 Towards the delivery costs of the
outreachprogramme in the Highlands.

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Organisation Name Grant Amount Purpose of Grant
Wirral Mencap £10,000 Salary
costs of
Programmes
Co-
ordinator.

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Charity Office Portfolio

For over three decades, the Foundation has provided rental grants to numerous charities occupying office space primarily in Belgravia, close to London Victoria Station, which historically comprised the Grosvenor Estate’s charity office portfolio.

The Duke of Westminster saw an opportunity to combine Grosvenor’s significant property expertise and resources with the Westminster Foundation’s philanthropic leadership. Thus, Fivefields, a flexible co-purpose workspace explicitly designed for charities and social impact organisations, was curated and started to welcome members in October 2023. In line with the Foundation’s strategic focus, charities occupying space are organisations that support children and young people, with the Foundation providing grant funding. Further information can be found at www.fivefields.community

In 2024, we awarded 29 charity office portfolio grants totalling £1,068,106, with grants more than £20,000 listed below. The grants below all relate to Fivefields.

Organisation Name Grant Amount Purpose of Grant
Action Tutoring £77,112 Action Tutoring unlocks the potential of
children
and
young
people
facing
disadvantage through high-quality trained
volunteer tutors who empower pupils to
make
meaningful
academic
progress,
openingdoors to future opportunities.
Anthem Schools Trust £21,516 Anthem Schools Trust operates primary and
secondary schools in East Midlands, London,
and Thames Valley, focusing on school
improvement, student success, and values
like integrity,collaboration,and excellence.
Creative Mentors Network £35,738 Creative Mentor Network supports 16–25-
year-olds
from
lower
socioeconomic
backgrounds to develop creative careers
through
mentoring,
education,
and
opportunities,
while
training
industry
professionals to be inclusive mentors and
leaders.
Depaul International £54,000 Depaul International is a global charity
working to end homelessness, providing
shelter, food, support, and advocacy to
vulnerablepeople across eight countries.
DFN Project Search £22,032 DFN Project Search provides one-year
transition to work programme for young
adults with a learning disability or autism
spectrum conditions,or both.
Fair Education Alliance £32,400 The Fair Education Alliance is a coalition of
300
organisations
tackling
educational
inequity, aiming to ensure no child’s success
is
limited
by
their
socioeconomic
background.
Go Live Theatre Projects £59,367 Go Live Theatre Projects uses theatre to
create inspiring experiences for young
people, especially those from vulnerable
backgrounds and with special educational
needs,fostering joy, passion,and creativity.

Westminster Foundation – Trustee Report and Financial Statements 2024

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Organisation Name Grant Amount Purpose of Grant
Heritage of London Trust £45,411 Heritage
of
London
Trust
undertakes
restoration projects across London whilst
engaging young people through its Proud
Places programme inspiring them to improve
life chances and skills.
London Wildlife Trust £85,596 The London Wildlife Trust is dedicated to
protecting the capital’s wildlife and wild
spaces,
engaging
London’s
diverse
communities through access to nature
reserves, campaigning, volunteering, and
education.
Lord Taverners £114,480 The Lord Taverners provides inclusive and
impactful cricket programmes, empowering
young people with disabilities and from
disadvantaged communities to develop the
knowledge, skills, capabilities and confidence
required to overcome the challenges of
inequality, raise their aspirations and reach
theirpotential.
Peer Power Youth £27,432 Peer Power Youth works to heal trauma and
adversity through caring relationships. They
support young people in areas such as
wellbeing,
training,
education,
and
professional experience.
Reach Out Youth £52,200 ReachOut is a national mentoring and
education charity that supports young people
in under-resourced areas to develop socio-
emotional skills, confidence, and character
through after-school mentoring projects.
Speakers Trust £37,869 Speakers Trust trains young people to
improve
their
public
speaking
&
communication skills, empowering them to
confidently
share
their
voices
and
perspectives, and fostering a stronger, more
inclusive society.
The Brilliant Club £101,671 The Brilliant Club mobilizes PhD tutors to
support students from less advantaged
backgrounds,
helping
them
access
competitive universities and succeed through
academic
support,
mentoring,
and
enrichmentprogrammes.
UK Youth £131,331 UK Youth is a leading charity that supports
over 9,000youth organisations across the UK.
Unfold £21,398 Unfold supports families and young people in
Westminster through mentoring, specialized
programs,and empowerment initiatives.
Youth Futures Foundation £62,427 Youth
Futures
Foundation
ensures
marginalised young people secure and thrive
in good work, providing evidence, tools, and
programmes to inform policy and practice,
transforming
the
youth
employment
landscape.

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17

Other Support

Whether grants last months or years, we believe organisations should feel more confident and capable at the end of the grant. To this end, we focus on understanding and supporting grantees' learning and development.

While we currently provide some learning and development opportunities (training, toolkits and resources) in response to the needs highlighted by charities, in 2025, we will work with external partners to broaden this offer to our grant holders.

During our grant application process, we define a potential grantee's capabilities across three areas:

Organisations requiring capacity-building in any of these areas before their grant award receive feedback on areas for growth. We know that having these discussions as early in the grant relationship as possible improves the transparency of our expectations of grantees and strengthens the relationship between us and our grant recipients.

The Foundation also delivers grantee training that improves long-term sustainability, funding prospects and impact. These topics include:

The 'Reports & Resources' section of our website contains useful information available for future or current grantees.

Meeting and Event Space

The Foundation works closely with the Grosvenor Family Office and Grosvenor Group to support charities outside of monetary support.

Throughout the course of 2024, the Foundation assisted in hosting 31 events.

The Eaton Estate hosted 22 events mainly fundraising events organised by charities funded by the Foundation or close to the Foundation’s aspirations. The Eaton Estate team also organises and facilitates the Eaton Hall Charity Garden Open Days and Christmas Carol Concerts. Open Day proceeds directly benefited SPACE Cheshire, the host charity for this year.

The Grosvenor Office in London hosted a further 9 events in 2024, all board meetings for organisations supported by the Foundation.

Staff Match Funding

Through Grosvenor's Staff Match Funding Scheme, staff fundraise through participation in events to support UK charities. While our grant support has eligibility criteria, we agreed to support Grosvenor employees' efforts for any UK-registered charity.

The total donated in 2024 was £11,010 (2023: £14,245).

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Grosvenor Giving

Grosvenor Group's charitable giving is predominantly via the Westminster Foundation, with each Grosvenor Operating Company (OpCo) donating a proportion of its opening equity each year to us.

Each regional OpCo has a staff Philanthropy Committee that recommends charitable causes to the Foundation's trustees for their independent consideration. These nominations align with each OpCo's area of operation and the Foundation's grant-making strategy.

The Foundation provides each Philanthropy Committee with guidelines to ensure their grant recommendations meet the Foundation's criteria and that potential grant recipients satisfy the necessary due diligence. It is not possible to apply directly for funds.

In 2024, 42 grants recommended by OpCos were awarded totalling £1,001,207. Grants of £20,000 or more appear below:

more appear below:
Organisation Name Location Grant
Amount		 Purpose of Grant
All Stars Project Inc San Francisco,
USA		 £20,148 The All-Stars Project engages with young people
through its Development School for Youth,
connecting first-generation, college bound
students
with
corporations
to
facilitate
experience andjob readiness training.
Arts Emergency Westminster,
UK		 £45,000 Creative mentoring in Westminster to address
the lack of opportunities that marginalised
young people face in accessing the creative
industries.
B.O.L.T
Charitable
Foundation		 Toronto,
Canada		 £44,360 A 12-week training course in construction for
young people in low-income communities.
Capitol
Hill
Arts
Workshop		 Washington
DC, USA		 £24,557 Youth
programmes
offering
arts
classes,
workshops, and camps for ages 3-18, fostering
creativity,community,and inclusivity.
Caxton
Youth
Organisation		 Westminster,
UK		 £20,000 Climate change education programme for
disabled youth, offering workshops, day trips,
and gardening projects to improve mental
health,
employment
prospects,
and
environmental engagement.
Construction
Youth
Trust		 Westminster,
UK		 £50,000 Westminster work experience programme,
taking young people out of the classroom
environment
and
immersing
them
in
transformative world-of-work experiences they
would not otherwise have access to.
Family
Service
of
Greater Vancouver		 Vancouver,
Canada		 £28,487 Providing critical support to over 1,000 at-risk
youth through food, shelter, life skills training,
and mental health services.
Farms for City Children UK £20,000 Residential visits to farms where children can
engage with the environment and farming,
building friendships and confidence.
Friends of the Children San Francisco,
USA		 £23,960 Projects supporting children and their families
experiencing institutional racism, homelessness,
domestic
violence,
parental
incarceration
and/or substance abuse.

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Organisation Name Location Grant
Amount		 Purpose of Grant
Groundwork UK £30,000 Creating greener spaces for children in
Westminster,
enhancing
environmental
awareness,
biodiversity,
and
community
engagement through co-designed projects and
volunteer efforts.
Homeless
Prenatal
Programme		 San Francisco,
USA		 £39,814 Support of general operations including case
management and counselling.
Kidscape Westminster,
UK		 £32,566 Training Westminster children to become
bullying awareness champions in their school or
youthgroup.
Into University Westminster,
UK		 £25,000 Supporting
600
Westminster
youth
with
academic support, mentoring, and enrichment,
improving soft skills, future goals, and higher
educationprogression.
Mayors
Fund
for
London		 Westminster,
UK		 £79,713 Kitchen Social – project addressing the food
insecurity and social isolation outside of term
time.
PREA Foundation San Francisco,
Vancouver,
Washington
DC		 £39,059 Funding to support the High School Real Estate
Career Exploration Programme and the Urban
Property
Alliance
Property
Management
Pathway Programme to advance diversity in the
industry.
Raising the Roof Greater
Toronto,
Canada		 £56,357 Funding towards the Reside initiative – where
vacant properties are renovated into affordable
homes for young people and their families at risk
of homelessness.
The Felix Project Westminster,
UK		 £30,000 Rescuing and distributing surplus food in
Westminster, providing 125,000 meals to 7,000
vulnerable people, supporting food security and
communityservices.
The Guardsmen San Francisco,
USA		 £33,105 Providing summer camp experiences for 1,500
low-income children in the San Francisco Bay
Area
to
develop
skills,
confidence
and
leadership.
Unfold Westminster,
UK		 £49,472 Broadening Horizons - mentoring for young
people referred bystatutoryservices.

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Discretionary Grants

In exceptional circumstances, the Foundation’s trustees award grants not directly aligned with our strategic priorities. The trustees award these funds at their discretion, so organisations cannot apply directly.

In 2024, the Discretionary Grants allocation granted the following payments over £50,000:

Organisation
Name		 Grant
Amount		 Purpose of Grant
Army
Benelovent
Fund		 £180,000 Contribution towards the cost of renting office space in central
London for six years. The charity gives a lifetime of support to
soldiers and veterans from the British Army, and their
immediate families when theyare in need.
Community
Foundation
for
Merseyside		 £100,000 Contribution to the Liverpool ONE Foundation, which awards
grants for community projects that promote positive mental
health and wellbeingforyoung people in Liverpool.
Game and Wildlife
Conservation Trust		 £225,000 Contribution towards the organisation’s work on advising
farmers and landowners on how they can improve wildlife
habitat and lobby for agricultural and conservation policies using
scientific research.

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Legal and Administrative Information

Name, Principal Office and Charity Registration Number

The full name of the charity is The Westminster Foundation, and its principal operating address is: 70 Grosvenor Street, London, W1K 3JP.

The Foundation is registered with the Charity Commission (No: 267618) and full details of our current activities are available at: www.westminsterfoundation.org.uk

Trustees

Director

Auditor

UHY Hacker Young Thames House Roman Square Sittingbourne ME10 4BJ

Solicitors

Boodle Hatfield 240 Blackfriars Road London SE1 8NW

Bankers

The Royal Bank of Scotland plc Parklands 3 De Havilland Way Horwich Bolton BL6 4YU

Fund Managers

CCLA Investment Management Limited One Angel Lane London EC4R 3AB

CG Asset Management 20 King Street London EC2V 8EG

Lansdowne Partners 65 Curzon Street London W1J 8PE

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Structure, Governance & Management

Constitution

The Westminster Foundation represents the charitable interests of The Duke of Westminster and Grosvenor businesses.

The Fifth Duke of Westminster created the Foundation by a trust deed dated 6 February 1974, and on 6 April 1987, the trustees of the Gerald Grosvenor Foundation (a separate charity formed by the Fourth Duke of Westminster) transferred all their assets to The Westminster Foundation.

The Foundation receives regular donations from Grosvenor Group Limited and, on occasion, from members of the Grosvenor Family. Grosvenor Group Limited is an international property development and investment group, largely owned by trusts for the benefit of current and future members of the Grosvenor Family, which is headed by The Duke of Westminster.

Method of Election of Trustees

Under the terms of the trust deed, the incumbent Duke of Westminster (being the 7th Duke of Westminster) has the authority to appoint new trustees but guidance from the Westminster Foundation’s senior management team and the support of the Foundation’s existing trustees is sought prior to any appointment. Trustee appointments are for a five-year term for a maximum two term period, unless otherwise requested by the Duke of Westminster.

The induction process for any new trustee comprises a series of briefing meetings with the current trustees, director and senior management team covering the grantmaking process, investments, risk, governance and the trustees’ legal obligations under charity law. In addition, a comprehensive trustee information pack is provided. To date, trustees have been recruited with their specific skills and experience in mind, although further training is undertaken where necessary.

The number of trustees shall not be fewer than two but no more than seven.

Organisation

The Foundation’s trustees meet regularly to consider what grants they will make, any feedback they have received from the charities they support, the current and future financial position of the Foundation, risk and longer-term strategy. The trustees held four formal meetings in 2024.

Partnership Grants are selected on a proactive basis, to organisations working within the Foundation’s strategy. The trustees occasionally make additional discretionary grants to known and well researched charities.

The Foundation has a Small Grants Panel, which meets quarterly to review applications up to £10,000. The trustees have delegated responsibility for decision making on appeals of up to £20,000 to this panel that comprises the director and a small team of suitably qualified individuals employed by the Grosvenor Family Office; such decisions are made within the trustees’ governance framework and funding themes. These decisions are then ratified at the next trustee meeting.

There is a separate grants panel which also meets quarterly, which has delegated responsibility for grantmaking for the restricted Anne Duchess of Westminster’s Fund. The panel includes two of the former trustees of the Anne Duchess of Westminster’s Charity as well as representatives from the above Small Grants Panel.

Each regional OpCo within Grosvenor Group has its own staff Philanthropy Committee, which puts forward grant recommendations to the trustees for consideration at the Foundation meetings. It is not possible to apply directly for overseas funding to the Foundation. These committees meet throughout the year to consider charities for support that align with the Foundation’s strategy and

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23

grantmaking policy. The committees are supported by members of the Westminster Foundation team and provided with guidelines to support with grantmaking criteria and due diligence.

The Foundation’s investment strategy, asset allocation and distribution policy are reviewed each year by the trustees.

The Foundation’s team makes every effort to follow best practice in the charity sector with reference to guidance from the Charity Commission and other sector bodies and is a member of the Association of Charitable Foundations (ACF). The ACF is a UK-wide support organisation for grantmaking trusts and foundations. It provides guidance on good practice, changes in charity law and regulations and acts as an authoritative lobby on behalf of its members with the Government and Charity Commission. The Foundation also has regard to the seven principles of good governance and best practice that are set out in the Charity Governance Code.

Key Management Personnel

The trustees are responsible for the strategy and direction of the Foundation. All trustees give their time freely and no trustee remuneration or expenses were paid in the year.

Day-to-day responsibility for the running of the Foundation is delegated to a small team of suitably qualified individuals employed by the Grosvenor Family Office (and contracted to the Foundation by way of an annual service agreement). The Foundation does not employ any staff directly.

The Grosvenor Family Office charges a management fee based on the employment costs and associated overheads the Foundation would bear were the team to be employed directly, plus a notional rental charge for office premises based on that levied for Fivefields. The fee is reviewed annually and is benchmarked to ensure it is reasonable compared to other grant making Foundations.

Arrangements between the Foundation and Grosvenor Family Office are formalised by a Services Agreement, which sets out the services the Grosvenor Family Office will perform for the Foundation, the terms upon which the services are performed and includes provision for performance review and ultimately termination if the services provided are not of sufficient quality. The Agreement further includes provisions governing conflicts of interest, providing that any conflict of interest should be raised with the independent trustees. The Agreement is reviewed each year.

Risk Management

The Foundation team maintains a ‘risk register’ which records the principal risks identified by the team, the likelihood of occurrence, the significance of the risk and any mitigating controls that are in place. It also seeks to identify any actions and resources required to manage these risks further. The risk register is presented to the trustees annually with any changes that are deemed significant reported to the trustees throughout the year.

The principal risks are considered to be:

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24

x+why develop a dedicated safeguarding action plan where progress throughout the year can be monitored.

Safeguarding

Although the Foundation does not generally work directly with children or at-risk adults it does provide funding to organisations that work with vulnerable groups. It also occasionally hosts events attended by children and at-risk adults who are beneficiaries of the organisations supported by the Foundation. The Foundation has a Safeguarding Policy (available on its website) which was reviewed in May 2023, that outlines the duties and responsibilities of the Foundation to the children and at-risk adults that benefit from its support. This policy is reviewed, approved and endorsed by the Foundation trustees every 18 months, to ensure that it reflects statutory responsibilities, government guidance and best practice for the Foundation.

In addition to the safeguarding policy, all Foundation staff and trustees receive appropriate and proportionate safeguarding training.

Conflicts of Interest

Under the Foundation’s conflict of interest policy, a trustee will take no part in the decision on whether to award a grant to an organisation in which they have an involvement. There is ongoing monitoring of possible conflicts of interest.

Objects, Aims and Activities for the Public Benefit

Objects

The assets of the Foundation are held in trust for such exclusively charitable objects as the trustees shall, in their absolute discretion, determine.

The trustees can accept additional monies or assets to hold in trust for such particular object or objects as the donor of such assets specifies in writing at the time and with which the trustees agree.

Aims

The charity operates for the public benefit primarily as a grantmaking foundation that aims principally to address social welfare issues. It concentrates mainly on certain geographic areas of the UK that are of relevance to the Grosvenor family or their business interests.

Support is given mainly by grants to UK registered charities that serve UK beneficiaries. On occasion, the Foundation may support organisations that are exempt or excepted from registration with the Charity Commission, or projects where the grant is for an exclusively charitable purpose (as a matter of the law of England and Wales). The Foundation does not fund individuals, holiday charities, medical conditions or research related to medical conditions, animal welfare charities and overtly political projects; details of the current funding programmes and eligibility guidelines are given on the website.

Internationally, the Foundation supports charities in regions where Grosvenor Group operate including the United States and Canada as recommended by local Grosvenor offices and approved by the Foundations’ trustees.

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Grant making policy

The Foundation undertook a strategic review in 2019, with the new strategy approved by the trustees in September 2019.

As a result, the Foundation now targets its grant programmes to organisations which support children and young people.

Grantmaking Programmes in 2024

By inspiring children and young people (0-25) early in life with opportunities to thrive, building confidence and raising aspiration (through role models and by helping schools, families and communities to support them), the Foundation aims to play a role in preventing long-term systemic problems in rural and urban communities. Our priority is to award grants that benefit young people facing deprivation or intergenerational inequality.

The grantmaking policy and criteria for funding is set out on the Foundation’s website. Budgets are agreed by the trustees at the start of each year. The trustees also provided support in the year to a small number of charities outside this theme via a Discretionary Programme.

Statement on Public Benefit

The trustees have paid due regard to the guidance produced by the Charity Commission when reviewing the Foundation’s aims and objectives and are satisfied that the charitable activities and projects funded through its grantmaking programmes and other activities are of direct benefit to the public. While it is not the trustees’ responsibility to supervise the delivery of public benefit by the charities which the Foundation supports, they do consider this when reviewing funding applications and by monitoring funded projects through a process of visits and reports, as well as informal referencing via our networks of other funders. The public benefit created by the Foundation’s grantmaking is demonstrated in this report via the examples of grants that have been made, and individual case studies for many of our grantees which are available to read on our website.

Financial Review

Total income, largely comprising donations from Grosvenor Group Limited and investment income, decreased by £0.2m to £3.9m (2023: £4.1m). The donation from Grosvenor Group decreased by £1.2m as the Group agreed to redirect some of their giving in the year away from the Foundation. Investment income increased by £1m. The Foundation does not fundraise from the public.

Expenditure on charitable activities increased by £1.3m to £8.3m (2023: £7.0m) due to an increase in grant making of £1.0m to £7.1m (2023: £6.1m) and £0.2m additional support costs.

Page 7 summarises the number and value of grants awarded under our individual grant programmes in 2024 and 2023. The increase in grant making was largely due to an increase in partnership grants of £0.4m, £0.8m higher rental grants which was due to increased occupancy of Fivefields with all private offices being let by the end of 2024 following the opening in the final quarter of 2023.

Support costs of £1.1m increased by £0.2m (2023: £0.9m). Support costs include the Grosvenor Family Office fee of £1.0m (2023: £0.7m), legal, audit and consultancy fees, subscriptions and training. The increased Grosvenor Family Office fee reflected the continued strengthening of the team during the year to create capacity to improve operating procedures and develop our youth voice and funder plus offers.

Net gains on investments for the year were £12.1m (2023: £13.9m), with further detail provided in the section below on investment policy and performance.

The restricted Anne Duchess of Westminster’s Fund (ADWF) which is included in the above figures, received £0.2m investment income and awarded £0.7m in grants in the year. The investment portfolio increased by £0.6m so as a result total funds increased by £0.1m to £8.5m (2023: £8.4m).

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Investment Policy and Performance

The trustees have wide investment powers, and the investment policies adopted are intended to provide long-term stability and liquidity sufficient for the financing of the Foundation’s ongoing grant making and to maintain the real value of the portfolio.

The trustees’ overall investment objective is to seek total return on an inflation-adjusted basis of at least 3.5% per annum over the long term, to align with the aim of distributing 3.5% of the value of the investment portfolio per annum (using a five-year average to smooth out annual fluctuations). By using an averaging methodology, the annual level of distributions is not hugely distorted by fluctuations in both the stock market and from the impact of significant investment or disinvestment from the portfolio.

The trustees reviewed and restructured their investment holdings during 2022. Since then, the Foundation has held positions in CCLA’s Charities Investment Fund, CG Asset Management’s Absolute Return Fund and Lansdowne Partners Developed Markets Long Only Fund. The trustees agreed that a balanced portfolio of three highly liquid funds, with complementary investment approaches would give reasonable diversification in an uncertain macroeconomic environment, whilst offering an overall asset allocation that should meet the Foundation’s long-term return target. This assessment is kept under review and considered at the quarterly trustee meetings. The trustees also reviewed the Investment Policy Statement during the year and will review this annually going forward.

The portfolio returned 10.1% for 2024 compared to the target return of 6.1% (CPI + 3.5%), with all three managers generating positive performance.

Investments are held in accumulation units with disinvestment as required to fund the Foundation’s unrestricted charitable activities. The restricted ADWF holds income units where available, with quarterly dividends being used to fund grant making and disinvestment from capital as needed.

Disinvestment for charitable activities of £5.2m for the main portfolio and £1.1m for ADWF was funded from holdings with a greater equity weighting, having generated higher returns in the year. Budgeted disinvestment for 2024 for unrestricted spending was £6.2m - actual disinvestment was less due to timing of grant payments. ADWF redemptions were to derisk the portfolio considering the planned spend out of the Fund.

After disinvestment, the value of the Foundation’s unrestricted holdings increased by £8.1m (5.7%) to £149.8m at the end of 2023 (2023: £141.7m). The restricted ADWF decreased by £0.5m (6.3%) to £7.5m (2023: £8.0m).

The trustees invite the investment managers to present at one of their meetings each year, and as well as discussing asset allocation, performance, and outlook, consider their approach to responsible investment. The trustees are satisfied that the three investment managers have suitable policies in place regarding stock selection to ensure compliance with ESG guidelines but continue to keep this under review and plan to consider this in more depth during 2025.

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Reserves Policy

The majority of the Foundation’s funds are unrestricted and may be used in furtherance of its charitable objects. Under the Trust Deed, the trustees are able to distribute both income and capital. The risk associated with not having adequate reserve balances is therefore considered to be low.

Quarterly cashflow forecasts are prepared to ensure that sufficient cash balances are held to fund grant making and support costs. As the three funds the Foundation is invested in have different liquidity profiles, the cashflow forecast is an important tool in ensuring instructions to divest funds are given on a timely basis.

The trustees consider the cumulative impact of awarding partnership grants (which are generally for a five-year period) when setting the annual distribution policy. Although the Foundation’s accounting policy is to account for multi-year grants in the year they are paid, future commitments are monitored for cashflow purposes and when setting the annual budget.

At the balance sheet date, the trustees are satisfied that the current level of available funds meets the Foundation’s requirements. Unrestricted funds on 31 December 2024 were £150.8m (2023: £143.1m).

The restricted income fund balance of £8.5m on 31 December 2024 is held for distribution in future years in accordance with the terms of the gift. Grantmaking is funded from investment income and disinvestment from the portfolio as required.

Plans for Future Periods

The strategic review conducted in 2019 identified early intervention as a focus for the Foundation’s resources to be used efficiently and effectively.

This is a long-term strategy which will focus the Foundation’s primary giving on young people and families as the Foundation strives to make a positive contribution to breaking the cycle of intergenerational poverty that exists by providing young people with opportunities early in life.

Five years on from the implementation of this strategy, the Foundation is currently reflecting on the relevance of its grant-making themes and the effectiveness of grantees’ work across our portfolio. This process of reflection will result in refreshing the strategy and will involve engaging thematic and lived experience experts in an ongoing discussion. This refreshed strategy will be communicated and implemented through the course of 2025.

The trustees announced in April 2024 that the Anne Duchess of Westminster’s Fund will permanently close its grant programme from 31[st] March 2025 and the entirety of the Fund will be spent out thereafter. This decision is born out of a thorough evaluation of the Fund’s mission and the most impactful way to utilise its resources for greater good.

Going Concern

The trustees consider that as the majority of assets are held for the long-term, there are no material uncertainties about the Foundation’s ability to continue as a going concern. As a result, the going concern basis of accounting remains appropriate.

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Auditor

A resolution for the reappointment of UHY Hacker Young as the Foundation’s auditor will be proposed at a future trustee meeting.

Statement of Disclosure to the Auditor

As far as the trustees are aware:

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

The law applicable to charities in England and 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 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 trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved and authorised for issue by the trustees on 9 June 2025 and signed on their behalf by:

The Duke of Westminster

Chair of Trustees

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Independent Auditors’ Report to the Trustees of the Westminster Foundation

Opinion

We have audited the financial statements of The Westminster Foundation (“the Foundation”) for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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:

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 auditors’ responsibilities for the audit of the financial statements section of our report.

We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 trustees’ 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 Foundation’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. The other information comprises the information included in the annual report, other than the financial statements and our auditors’ 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.

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In connection with 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 course of 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 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.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, 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 the trustees 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 Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Financial Statements

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 auditors’ 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 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 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.

How the audit was considered capable of detecting irregularities, including fraud:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

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We assessed the susceptibility of the Foundation’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsiblities. The description forms part of our auditors’ report.

Report on other Legal and Regulatory Requirements

Matters on which we are required to Report by Exception:

Under the Charities (Accounts and Reports) Regulations 2008 we are required to report in respect of the following matters if, in our opinion:

We have nothing to report in respect of these matters.

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Use of our Report

This report is made solely to the Foundation’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 Foundation’s trustees those matters we are required to state to them in an auditors’ 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 Foundation and the Foundation’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young Chartered Accountants and Statutory Auditors Thames House, Roman Square Sittingbourne, Kent ME10 4BJ

Date: 11 June 2025

UHY Hacker Young is eligible for appointment as auditor for the Foundation by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Statement of Financial Activities

Year Ended 31 December 2024

2024 2024 2024 2023
Unrestricted Restricted Total Funds Total Funds
Note Funds Income
Funds
£ £ £ £
Income and endowments
from:
Donations 8 1,922,960 - 1,922,960 3,070,909
Investments:
- Listed investments 1,758,029 191,837 1,949,866 977,548
- Bank interest receivable 26,768 - 26,768 25,039
Total income and
endowments		 3,707,757 191,837 3,899,594 4,073,496
Expenditure on:
Raising funds 9 (3,965) (559) (4,524) (2,001)
Charitable activities 11 (7,581,147) (693,975) (8,275,122) (6,970,824)
Total expenditure (7,585,112) (694,534) (8,279,646) (6,972,825)
Net gains on investments 10 11,501,021 582,399 12,083,420 13,868,928
Net income and movement
in funds		 7,623,666 79,702 7,703,368 10,969,599
Total funds brought forward
at 1 January		 143,142,250 8,403,348 151,545,598 140,575,999
Total funds carried forward
at 31 December		 12 150,765,916 8,483,050 159,248,966 151,545,598

All income and expenditure relate to continuing operations.

There were no recognised gains and losses for the current year or preceding year other than those shown above.

The notes on pages 37 to 49 form part of these financial statements.

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Balance Sheet as of 31 December 2024

Note £ 2024
£		 £ 2023
£
Fixed assets
Listed investments 3 157,283,036 149,746,110
Unlisted investments 4 10 10
157,283,046 149,746,120
Current assets
Debtors: amounts falling
due within one year		 5 23,054 22,447
Cash at bank and in hand 3,159,286 2,414,105
3,182,340 2,436,552
Current liabilities
Creditors: amounts falling
due within one year		 6 (921,571) (515,376)
Net current assets 2,260,769 1,921,176
Creditors: amounts falling
due after more than one 7 (294,849) (121,698)
year
Net assets 159,248,966 151,545,598
Representing:
Unrestricted Funds 150,765,916 143,142,250
Restricted Funds 8,483,050 8,403,348
Total Funds 12 159,248,966 151,545,598

The notes on pages 37 to 49 form part of these financial statements.

These financial statements of The Westminster Foundation were approved by the Board of Trustees and authorised for issue on 9 June 2025.

The Duke of Westminster

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Statement of Cash Flows: Year ended 31 December 2024

2024 2023
Note Total Funds Total Funds
£ £
Net cash flow used in operating activities 15 (5,777,340) (4,502,667)
Cash flows from investing
activities:
Interest received 26,768 25,039
Dividends received 191,229 137,882
Proceeds from sale of investments 6,304,524 3,822,002
Proceeds from loan repayment - 198,615
Net cash flows from investing activities 6,522,521 4,183,538
Net increase / (decrease) in cash and cash
equivalents		 745,181 (319,129)
Cash and cash equivalents at beginning
of year		 2,414,105 2,733,234
Cash and cash equivalents at end of
year		 3,159,286 2,414,105
Reconciliation to cash at bank and in
hand
Cash at bank and in hand 3,159,286 2,414,105

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

1. General Information

The Westminster Foundation is an unincorporated charity registered in England and Wales (charity number 267618), governed by its Trust Deed. Its principal and registered office is 70 Grosvenor Street, London, W1K 3JP.

2. Accounting Policies

(a) Basis of Accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared in sterling, being the functional currency of the Foundation, and have been rounded to the nearest pound.

The Foundation constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

(b) Going Concern Basis

The Foundation’s activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees’ Report which also describes the financial position of the Foundation including its cash, investments, distributions and reserves policy. Taking these into consideration and the fact that all funds are unrestricted, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Therefore, they consider there are no material uncertainties, and they continue to adopt the going concern basis of accounting in preparing the annual report and financial statements.

(c) Allocation of Cost

All the Foundation’s operating costs relate to management and administration included within section (f). The allocation of the support costs including governance costs is to charitable activities with investment management fees being applied to cost of raising funds.

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

(d) Investments

Listed investments are stated at market value as at the balance sheet date as provided by each investment manager. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities in net gains/(losses) on investments. The Foundation’s investments are held in collective investment schemes where the management fees are reflected in the fund valuation and are not paid directly to the manager other than on initial subscription.

Unlisted investments are valued at cost where fair value cannot be measured reliably.

(e) Income

Income is accounted for in the Statement of Financial Activities when the Foundation is legally entitled to the income, and the amount can be quantified with reasonable accuracy and is probable to be received. Donation income is recognised in the Statement of Financial Activities in the period that it is received. Income from investments is treated as receivable when the investment is quoted exdividend.

Other income is accounted for on an accruals basis.

(f) Expenditure

All expenditure is accounted for on an accruals basis. Expenditure on raising funds comprises investment management costs associated with managing the Foundation’s investments.

Charitable activities are reported as either grant making, other direct costs and support costs. Other direct costs comprise exchange differences on foreign currency transactions and bank charges on grant payments. Support costs include Grosvenor Family Office management charges, consultancy and training, subscriptions, website, branding, communication and event costs and audit and legal fees. Governance costs comprise all costs relating to the public accountability of the charity and its compliance with regulation and good practice. These costs include statutory audit and legal fees, together with an apportionment of the management fee from the Grosvenor Family Office.

Multi-year partnership and small grants awarded are accounted for in the year they are paid reflecting the Foundation’s grant terms and conditions. Release of subsequent years funding requires a report from grant recipients on how the grant has been used. No discount factors have been applied to the liabilities included in the balance sheet due to the effect being immaterial. Grants subject to future conditions which are not recognised as liabilities at the year-end are disclosed in note 11.

(g) Foreign Currency Translation

The functional currency is pounds sterling as the Foundation operates and receives income in the United Kingdom. Transactions denominated in foreign currencies are translated into sterling at the exchange rate ruling on the date the transaction is recorded. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate ruling at the balance sheet date. Translation differences are included in the Statement of Financial Activities.

(h) Taxation

On the basis that the activities fall within charitable purposes and the funds are applied only for these purposes, no provision for taxation is made.

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

(i) Fund Accounting

The Foundation maintains restricted and unrestricted funds. The majority of the Foundation’s funds are unrestricted and can be used in accordance with the Foundation’s charitable objects at the discretion of the trustees. There is a separate restricted income fund deriving from a gift, which is to be used in accordance with specific restrictions imposed by the donor.

(j) Financial Instruments

Financial assets and financial liabilities are recognised when the Foundation becomes a party to the contractual provisions of the instrument. Investment policies are described in note 2(d).

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors expected to be recovered within a year including accrued investment income are shown at their anticipated receipt value. Any material amounts expected to be recovered after more than a year are shown at the present value at the balance sheet date and adjustment made for the time value of money.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less. Creditors and provisions are recognised where the Foundation 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Other than already discussed in the accounting policies, the trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

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

3. Listed Investments

The portfolio is held in three collective investment schemes as analysed below. The carrying value at the year-end is a market valuation as of 31 December 2024 provided by each investment manager, with the domicile of holdings determined by the place of listing of the fund vehicles not of the underlying securities held therein.

2024 2023
£ £
UK collective investment
scheme 62,431,777 59,323,048
Irish collective investment
vehicles (ICAV/UCITS) 94,851,259 90,423,062
Total 157,283,036 149,746,110

The movement in the portfolio during the year is shown below:

2024 2023
£ £
Market value 1 January 149,746,110 138,907,258
Reinvestment of income &
management fee rebate		 1,936,059 1,004,897
Disposals at carrying value (5,596,304) (3,691,603)
Unrealised investment gains 11,197,171 13,525,558
Market value 31 December 157,283,036 149,746,110
Cost 31 December 118,936,883 120,998,395

4. Unlisted Investments held within the UK

2024 2023
£ £
Chester
Buildings		 &
 County Unionist 10 10

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

5. Debtors – amounts falling due within one year

2024 2023
£ £
Prepayments
income		 and accrued 23,054 22,447
Total 23,054 22,447

6. Creditors – amounts falling due within one year

2024 2023
£ £
Grant liabilities 897,587 495,888
Accruals and deferred
income 23,984 19,488
Total 921,571 515,376

7. Creditors – amounts falling due within one year

2024 2023
£ £
Grant liabilities 294,849 121,698
Total 294,849 121,698

Grant liabilities comprise grant payments due for 2024 and beyond, where a constructive obligation arose during or prior to 2024. Amounts due between two and five years are £234,849 (2023: £121,698). Amounts due after more than five years are £60,000 (2023: £nil).

8. Donations

2024 2023
£ £
Grosvenor Group Limited 1,871,473 3,044,360
Other donations 51,487 26,549
Total 1,922,960 3,070,909

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

9. Expenditure on raising funds

2024 2023
£ £
Investment
fees		 management 4,524 2,001
Total 4,524 2,001

10. Charitable Funds

(a) Description of Funds

The funds of the charity comprise the unrestricted fund and a restricted income fund - Anne Duchess of Westminster’s Fund (ADWF).

The majority of funds are unrestricted with grant making and support costs being funded by distributions from the investment portfolio and donations from Grosvenor Group and the Grosvenor family.

In March 2021, the Trustees of The Anne Duchess of Westminster’s Charity (ADWC) (former Charity Commission registration number 245177) gifted all their assets to the Westminster Foundation.

Under the terms of the transfer, the gift is to be held in a separate restricted fund (ADWF) and is managed by The Foundation’s Trustees and team members. ADWF supports charitable projects in the areas in which Anne Duchess of Westminster lived and had an interest.

The trustees announced in April 2024 that ADWF will permanently close its grant programme from 31[st] March 2025 and the entirely of the fund will be spent out thereafter.

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

(b) Summary of fund movements

For the year ended 31 December 2024

Balance
brought
forward		 Income Expenditure Net gains &
losses		 Balance carried
forward
£ £ £ £ £
Unrestricted
Funds		 143,142,250 3,707,757 (7,585,112) 11,501,021 150,765,916
Restricted
Income Funds		 8,403,348 191,837 (694,534) 582,399 8,483,050
Total Funds 151,545,598 3,899,594 (8,279,646) 12,083,420 159,248,966

For the year ended 31 December 2023

Balance
brought
forward		 Income Expenditure Net gains &
losses		 Balance carried
forward
£ £ £ £ £
Unrestricted
Funds		 132,603,687 3,936,989 (6,532,506) 13,134,080 143,142,250
Restricted
Income Funds		 7,972,312 136,507 (440,319) 734,848 8,403,348
Total Funds 140,575,999 4,073,496 (6,972,825) 13,868,928 151,545,598

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

11. Analysis of expenditure on charitable activities

Unrestricted Restricted Total 2024 Total 2023
Funds Funds
£ £ £ £
Grant making 6,461,988 672,627 7,134,615 6,101,230
Other direct costs 3,827 - 3,827 2,040
Support costs (page 45) 1,115,332 21,348 1,136,680 867,554
Charitable activities as per
Statement of Financial Activities		 7,581,147 693,975 8,275,122 6,970,824

Analysis of grant making activity

Unrestricted Restricted Total 2024 Total 2023
Funds Funds
£ £ £ £
Grant liabilities
as at 1 January		 584,391 33,195 617,586 1,201,220
Grants awarded
in the year		 6,461,988 672,627 7,134,615 6,101,230
Grants cancelled
in the year - - - -
Grant making as
above		 6,461,988 672,627 7,134,615 6,101,230
Grants paid in the
year		 (5,883,943) (675,822) (6,559,765) (6,684,864)
Grants liabilities
as at 31 1,162,436 30,000 1,192,436 617,586
December

The expected timing of payment of the above grant liabilities is set out in notes 6 and 7. Multi-year grants awarded but not recognised as liabilities in accordance with the Foundation’s accounting policy, total £9.5m (2023: £8.7m) of which £3.7m (2023: £4m) falls due within one year.

All grants are made to institutions. Pages 7 to 21 of the Trustees’ Report includes details of material grants awarded during the year.

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

Analysis of support costs

Unrestricted Restricted Total 2024 Total 2023
Funds Funds
£ £ £ £
Grosvenor Family Office
management fee		 980,690 - 980,690 701,559
Consultancy and training 68,750 7,258 76,008 28,574
Subscriptions 22,910 - 22,910 19,137
Website, branding,
communications & events		 20,412 954 21,366 30,137
Audit fee 12,020 - 12,020 10,800
Legal fees 8,010 12,840 20,850 74,280
Other 2,540 296 2,836 3,067
Total support costs as above 1,115,332 21,348 1,136,680 867,554
Prior year 867,363 191 867,554

Support costs include governance costs of £229,008 (2023: £225,392), of which audit fees represent £12,020 (2023: £10,800). The Grosvenor Family Office management fee has been apportioned 80%/20% to charitable activities and support costs respectively in the current and prior year.

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

12. Analysis of Assets and Liabilities between Funds

(a) 31 December 2024

Unrestricted Funds Restricted
Income Funds		 Total Funds
£ £ £
Listed investments 149,754,986 7,528,050 157,283,036
Unlisted investments 10 - 10
Debtors: amounts falling
due within one year		 - 23,054 23,054
Cash at bank and in
hand 2,190,501 968,785 3,159,286
Creditors: amounts
falling due within one (884,732) (36,839) (921,571)
year
Creditors: amounts
falling due after more (294,849) - (294,849)
than one year
Net assets 150,765,916 8,483,050 159,248,966

b) 31 December 2023

Unrestricted Funds Restricted
Income Funds		 Total Funds
£ £ £
Listed investments 141,699,900 8,046,210 149,746,110
Unlisted investments 10 - 10
Debtors: amounts falling
due within one year		 - 22,447 22,447
Cash at bank and in
hand 2,046,219 367,886 2,414,105
Creditors: amounts
falling due within one (482,181) (33,195) (515,376)
year
Creditors: amounts
falling due after more (121,698) - (121,698)
than one year
Net assets 143,142,250 8,403,348 151,545,598

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

13. Comparative Statement of Financial Activities

Unrestricted Restricted Total Funds
Funds Income Funds 2023
Note £ £ £
Income and endowments from:
Donations 8 3,070,909 - 3,070,909
Investments:
- Listed investments 841,041 136,507 977,548
- Bank interest receivable 25,039 - 25,039
Total income and endowments 3,936,989 136,507 4,073,496
Expenditure on:
Raising funds 9 (1,945) (56) (2,001)
Charitable activities 11 (6,530,561) (440,263) (6,970,824)
Total expenditure (6,532,506) (440,319) (6,972,825)
Net gains on investments 10 13,134,080 734,848 13,868,928
Net income and movement in
funds		 10,538,563 431,036 10,969,599
Total funds brought forward at 1
January		 132,603,687 7,972,312 140,575,999
Total funds carried forward at 31
December		 12 143,142,250 8,403,348 151,545,598

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

14. Related Party Transactions

During the years ended 31 December 2024 and 2023, the Foundation received donations from Grosvenor Group Limited as disclosed in note 8.

The Foundation paid fees totalling £980,690 (2023: £701,559) to a Grosvenor Trust, which is part of the Grosvenor Family Office.

The Foundation’s policy is for trustees, executives and advisers to declare their interest and exempt themselves from all relevant discussions and decisions which may involve a transaction with a related party or in which they may have a conflict of interest.

Grants of £nil (2023: £100,000) and £225,000 (2023: £75,000) respectively were awarded to The Country Trust and Game and Wildlife Conservation Trust (GWCT) during the year. The Duke of Westminster is the President of The Country Trust and a Vice President of GWCT. Other than as disclosed, no trustees are related to any charity awarded grant.

No trustee or persons connected with them received any remuneration or reimbursement of expenses during the year (2023: none). The Foundation paid travel expenses of £660 in the year, for two trustees to attend the Foundation’s 50[th] Anniversary Event held in Chester in October.

15. Reconciliation of Income to Cash Flow from Operating Activities

2024 2023
£ £
Net income for the year 7,703,368 10,969,599
Adjustments for:
Dividends and interest
from investments		 (1,976,634) (1,002,587)
Gains on investments (12,083,420) (13,868,928)
Increase / (decrease) in
creditors		 579,346 (600,751)
Net cashflow used in
operating activities		 (5,777,340) (4,502,667)

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

16. Financial Instruments

At 31 December, the Foundation held the following financial instruments:

2024 2023
£ £
Financial assets
Financial assets measured at
fair value through income and
expenditure		 157,283,036 149,746,110
Total 157,283,036 149,746,110

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