GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY (Reglstortd ChaTIty: 268963) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 TRUSTEES REPORT AND FINANCIAL STATEMEKrs For the year Onded S April 2022 Contsnts Pagels) Trustees, Report Report of the Auditors Statement of Financial Activities 10 Balance Sheet 11 Statement of Cash Flows 12 Notes to the acLounts 13-16
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY Charity number. 268963 TRUSTEES, REPORT For the year ended 5 April 2022 The Trustees have pkasure in presenting their annual feFQrt together wilh the finanrial ststements for the year ended 5 April 2022. The financial statements have been prepared in aord8re with the oOUtrng poIleS set out in note 1 to the accounts and comply the charity's trust deed. Ihe Charit5 Act 2011 and A£¢ounting and Reporting by chants.. Ststement of Recommended Praotic£ applicable to chanties prep8ring Iheir accounts in accordance wrth the Financial Reporting Stsndard appluble in the UK and Republic of Ireland IFRS 1021. The accounts are prepared through the auspw of the Chapler Office. Westrninster Abbey, at no cost to the Charty. Structure, govorn•nco and manag•m•nt The Garfield Weston Trust Westmingter Abbey I'The Trusf) was created as an expendab endowment by a Deed of Trust dated 19 November 1974. Under the terms of the Trust Deed. as varied by a Charity COmmwi Scheme dated 17 July 1998, the Trustee Body consists of four nominated Trustees and up lo four c¢>opted Tru$tee$. The nominated Trustees must be appointed., by the Garf*ld Weston FoundatKJn and by The Dean and Chapter of Westminster. Each ccpopted Tnjslee must be appointed by a resOlutn of the Trustees, and each appointment of a nominated or a)vOPted Tru8tee must be made for four years. Twstees are given informal training as part of their inducti)n to the charrty. This training involves explaining the Trustees respjnsibilities, as noted on page fve to the financial $latements, the role they are expected to lake and the involvement in the chanty that thi$ entails. The TNSteès and their 8dwsor at the date of this rep(xt are detsiled bek.. Appointed by Ihe Garfd Weston FoundatK)n &'r Guy H Weston Mr Georye G Weston Appointed by Ihe Oean and Chapter of Westminster Mr Paul Baumann CBE The Very Reverend Dr David Hoyle MBE Page 1
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity numb&r'. 268963 TRUSTEES, REPORT lcontlnued) For the year ended 5 April 2022 ObJo¢tlvM and a¢tlvltle8 for the publlc b•ndll The Charity was established wrth an expendable endovnnent to assist the Dean and Chapter of Westminster with the renewal, restoration and maintenance of the fabn¢ of The Col*iate Church of Sl Peter in Westminster (Westminster Abbey) Westrninster Abbey is totally self-supporting financially. 11 receives no assistance from the Church ComMissMal$. or frcffi the l>)vemmenl. The capitsl. in the fofm of equty in Associated Biitish Foods plc. was given by the Weslon family for this Sole purpose and the family's generosty is reflected in the Charrty's &4uity holding of Assowted British Foods plc. the family business. The Trustees confirm that they have referred lo the guidance contained in the Charity ComMi10n.8 general guidance on PutlC benefit when reviewing the Trusfs objectNes and in planning future activities ond setting the grant making policy. Westminster Abbey's mtssion is.. To offer daily dNine W0h1p to Almvjhty God and resource the Church in this vo¢atM)n; To serve Ihe SovereKJn', To prodaim the Gospel to the nation and Commonwealth, Cabrating the distinctive witnes6 of the Christy'an faith and engaging wilh the public square., To provide a safe, welcoming and inspinrwJ environment for all who Irne to the Abb8y', To acl as responsible stew8rds of the many 9ffts wth whth we are bl8s8ed. Prior to the COVID-19 pandemic, nearty 2 mSllh)n people enjoyed worshipplng In and vi81ting the Abbey every year. The Trustees believe that financllY assisting the rnaintenance of Westrninster Abbey's fabnc is a kay requirement in pro¥ing the AbY'S publK benefit and in satisfying thi8 part ol the Abbey's mission. TnMt•w' r••pon•lbllftl•• In r•lath)n to th• fin•n¢l•l •t•l•m•nl• The TNstees are sponsible for pPartng a Trustees. annual port and financial statements in accordance with applicable kw and Unrted Kingdom Accounb'ng Standards (United Kingdom Generally Accepted AccountFng Practttl including FRS 102. the Financial ReFJOrting Standard applicable lo the UK and Republic of lffjland. Flnanelil r•vl•w and achlov•m•nl• of the ymr At the end of the year, the total resources of the Trust amounted to £18,501.841 (2021.. £26.830,946). Investment losses of £8,705,392 re m•Je during the year. Investrnent income for the Trust increased from £30.695 10 £444,278. The net income of £376,287 before losses on Ki¥e5tments of £8.705.392 for the year c4x¢trasts wlth nèt expendrture 01 £2,112,653 before gains on investments of £7,830.736 in 2021. The Trustees agreed to fund identified in Westrninster Abbey's Quinquennial review of the condityon of the Abbey's buikJing$ and pnCts. subject to receipt of grant appltiOnS for ojnpleted works. Grants from the Trust are made in retrospect presentation of statements for completed work. It is the nature of the work that expenditure ts variable and does not ahvay5 coincide with the Trusys finanejal year. Page 2
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Chanty number. 268963 TRUSTEES, REPORT l¢ontlnuod) For the year ended 5 April 2022 Over the last three years, the Tnt has wovpJed the followng grants for woths identified, Flnanclal year ondlng 05 Aprll Grants {£) 2020 2021 2022 Total 3.115,256 2,138,885 65,492 5,319,633 Grant applications from Westminster Abw totalling £65,492 were m•Je to the Trustses in 2021-22. These were made in reLgts'on lo major projects vered by the work being carried out by the Abbey's Clerk of the Works and his team for the Quinquennial projects. The works Covered repairs to St Margaret's lower and repair work to th8 Deanery. Those requests wer8 granted by the Trustees and paid out in the year. The COVID-19 pandemic has a gnrfnt impact across ec4)nomth and financial market performance. Recovery in some market sectors was short INed owing to infl8tK)nary pressur88 appearing followng an unprecedented level of fiscal and monetary poliw stimulLS$. Inflabonary pressures were further exacert>aled by thè geoFolitical uncertainty caused by Russia's war in Ukraine and the risk that this could force policymakers to Interven8 in an attempt to 8tabillse InllatKinary pssure at the expense of global growth. The perfomance of the Trust's investment hoklings are obseryed to t¢ similar to that seen across the markel for other food pluCerS. The Trustees do not believe that this gives cause to amend either the Investsnent or Risk management policies at this time. Fundrnl•lng As the Chafity's income is solely generated through investrnents. the Charity makes no use of fundraising and has not engaged wrlh professional fundraisers. R•8•rv•8 Poll¢y The level of the reserves is detemiined by the long-term matenal need for the restoratson work of Westrninster Abbey and the commitsnent of the Trustees to finance defined works in the coming years. InvMtm•nt Pollcy The investment objective of the chanty bs to maintain the 01 value of ts capitsl, at the same time maximising irwme. thus providing adequately for the restOFab'on work to the charity is committed. The Trustees intend that the real value of the Tfusys caprtal be enhan¢ed through holding St(k for the long term and ft)r the medium lerrn funding requirnents holding a diversthed wrtlolio of equities and bonds. Investments are reviewed by Trustees at their meets'ngs, and the Trustees have appointed Brewin tlolphin as investrnent advisors. Including the changes in recent market conditsons. over the past 10 years the share price of ociated British Food5 has inc8$ed 1,205 pence to 1.643 pence (as at the balance sheet date} an increase of 36%. Over the •]uivaknl period. the SE 1(M) has increased by 15%. Page 3
GARFIELD WESTON TRUST FOR WESTMINSTER ABBE Chartty number. 268963 TRUSTEES, REPORT Icontlnued> For tr*e year ended S April 2022 Rl•k M•nag•mont The Trustees have assessed the major risks to which the charity is exposed and are sats'sfied that systems a in place lo mitigale the charity's exposure lo these risks. The Trustees consider variability of investment retums on the Expendable Discr8b'onary Endowment to constitute the charsly's major financial risk, and recent extrem8 volab.lity in wortd stock markets has highlighted this risk. The Trustees appreciate the risks related to holding the maionty of the Trust's investments in one particular stock. The Trustees are confid8nl in the future perfomanc• of this investment and believe it will provKle appropriate reknms over the lon9er tem. Future Plan• and ObJoCtIv The key objectives of the Trustees are to maximi8e retums lo support Wesbninster Abbey in Carrying out required restorats'on vth. Golng Cone•m The Cov119 pandemk resulled in great uncertainty in the wider macr08conoM environment. Tha TNsleès acknowledge that for many other entities Ihi$ Ulled in greater concem and consideration of being able to OP8rale on a going concem basis. The Trust has negligible cost ba8e, no employee¥ and an InMe base Solely derived from the perfomance of rts investments. Whik the Trustees are acutely awaw of the exposu to market volatilty and in partlar the impact on its non-diversified investment strategy. the inveslmenl Valuatn$ are still sUffiCnt to enab the Tnjsl to meet its charitable objecb'ves. The Twstees consider the Trust to have adequate resource to remain in operats'on for the for8s8eable IlJture and therefore contr'nue to adopt the going concem basis in the preparation of the financial Statements. Page 4
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 TRUSTEE3' REPORT Icontinu•d) For the year ended 5 April 2022 L•gal and Admlnlstrntlv• Information Contact nam• and tdfrphono numbor Paul Baumann CBE 020 7222 5152 10 Grosvenor Street London W1K 4QY 8ank•rn BarcLgy$ Bank P 1 ChUh111 Place Canary Wharf London E14 5HP Invmtmont m•nag•rn Brewn t)olphin 12 Smithfield Streel London EC1A 9BD 8oll¢ltorn Charfes Russell Spe8chlys 5 Fetter Lane Lcth EC4A 1 RS Audltorn Cr(Me U.IQ LLP 55 Ludgate Hill London EC4M 7J¥V Page 5
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY Charity numb8r.' 268 TRUSTEES, REPORT l¢ontlnued) For the year ended S April 2022 Slatomont of Trustee8' Respon8lbllltl•s The law applicable to chanlies in England and Wales wuires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming $Our and applution of resources. of the Charity for that P8n'od. In preparing the finanoal statements. thè Tnjstees a required to.. select surtabkn a¢Unting poIleS and then apply them conststently; observe the meth¢)ds and prirKiples in the applicable Chanties SORP,. make judgements and estimates that are reasonablè and prudenL stale whether applicable accounb.ng stsndards have been ft)Ilowed, subject lo any material departures that musl be disdosed and explained in the finaal statements,. prepare the financial ststements on the going con¢em basis unle88 rt is inappropnate lo presume thal the charity will conb.nue irt business. The Trustees are responsible for keeplng proper accounting records whlch dlsclo$e with reasonable accuracy al any lime the financial posrtion of the Charity and to enab them to ensure that the financial stalements comply with the Charib'es Act 2011. the applble Charibes (Accounts and Report81 Regulations and the provisions of the Tru$tdeed. They are also r8spJnsible for safeguarding the assets of the charty and takin9 reasonab Steps for the preventn and detect of fraud and olh8r Irregularit$. Approved by the Trustees and sned on their behalf by: Paul Baumanll CBE 08te'. 2Dz3 Page 6
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDrroRS' REPOFrf TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Oplnlon We have audited the financwl ststements ot Garfld Weston Twst for Weskninster Abbey for the peftod ended 5 April 2022 which comw'se the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the finanaal statements. including signffiegnl accounting policies. The financial reporting framew that has been ap in their preparation is applicable law and United Kingdom Accounts'ng Stsndards. including Financ1 Reporting Standard 102 The Financial Rep)rting Standard applicable in the UK and Republ of 1laftd (Unrted Kingdom Generally Accepted Accounting Prathcl. In our opinion the finanaal slatem8nts". give a tfue and fair VMY of the state of the charity's afvrs as at 5 April 2022 and of its income and expèndrture, lor the period then ended.. have been properfy prepared in accordance Unlted 'ngdoM Generally Attepted AuntIng Pracknce., and havo been prepared In axwdan¢e with the requirements of th8 Chanties Act 2011. Ba818 for oplnlon We conducted our audit in acurdance Internatmal Standards on Auditsng IUKI {ISAs (UK}> and applicable law. Our resFonsibilib'e$ under those stsndards are further described in the Auditols r8sponsibililies for the audit of the ffinancial slatements sectK)n of our report. We are independent of the charity in accordance wth the ethKal qUIrernents that ar8 relevant lo our audit of the financial statements in the UK, including the FRC'S Ethul Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit 8vidonce we have obtained is suffKienl and approprbate lo provKle a basi$ for our opinK)n. Con¢lu•lon• relatlng to golng conc•m In audibng the financial statements, w8 have conduded that the trustee's use of the going concèm basi8 of accounb'ng in the preparation ol the financKg1 ststements is appropriate. Based on the work V• have perfomied, have not identifd any material uncertaifitios relating lo events or conditn$ that. indivUallY or colle¢tNely. may cast signrfunt doubl on the chanty's ability to continue as a going nCern for a perioj of at least hvefve months from when the financial statements are authori8ed for issue. OUT responsibilits'es arKI the rospytsibilitw of the trustees with respect to going concem are described in the relevant sections of thk8 reporL Othor Inforni•tlon The trustees are responsible fof the other infom18tx)n contained within the annual report. The other information comprises the infomalion included in the annual rewrt. other than th8 financial statements and our audrtofs report thereon. Our opinion on the financial statements does not cover the other informatr'on and, except to the extent otherwise expl stated in our report, we do not express any ft)nn of assurance conclusion Ihefeon. Our SponsIbl11ty is to read the other informaln and, in doirwj so, consider whether the other Infomiab'on Is materially inconsistent vjith the financial statements or our knowledge obtained in Ihe audit or otherwise appears to be materially misstated. If we Klentsfy such material ino)nsi$ten¢ies or apparent material misstatements. are required to detemin8 whether this gives rise lo a material misststemenl in the financi81 statements themsefves. If. based on the work we have perfomed, we conclude that the 1$ a material misstatement ofthis other infomation. w8 are rUired to re that fact. Page 7
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY
INDEPENDENT AUDifoRS' REpoirr TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR
WESTMINSTER ABBEY
We have nothing to repjrt in this regard.
Mattern ¢)n whlch we are requlr•d to r•port by •xe•ptlon
We have nothing to reFQrt in resFect of the folk)wng matters in lation to whth the Charities
(Accounts and Reports} RegulalM)ns 2008 requires us to P)rt to you if, in our opinion."
th8 information given in the financial ststements is inconsistent in any material respect with the
trustees, reFQrt,' or
sufficient and proper 8ccounb.ng records have not been kept by the charity; or
the finanaal stslements are rtot in agreement with the accounts'ng records and tUrns. or
we have not received all the infonnatr.on and explanat$ VIP require for ¢)ur audil.
RPOn•1b1llllo• of tN•to
As explained more fully in the tnjstees, responsibilities statement sel out on page 6. the trustees are
responsible for the preparatn of the finanal statements and for being satisffied that they give a true
and fair view, and for such internal control as the trustees detemine is necessary to enable the
preparation of financial statements that are free from material misslatwYl. whether due to fraud or
errol.
In preparing the finandal statements, the truslees are reswnsible for assessing the charity's ability to
conbnue as a goin9 concern, discb)sing. as applicable. matters related to going concem and using th
going concem basis of accounting unless the trustees either intend to Ilquidaie the charity or to 8$0
operations. or have no realisbc attemative but to do so.
Audltorf8 rn•pon•lbllltl•8 for the •udlt of th• Ilnanclll •tai•m•nts
We have been appointed as auditor under seth.on 151 of the Charities Act 2011. and report In
accordance witti the Acts and relevant regulatn$ made or having effect theunder.
Our objectives are to obtain reasonable assurance about whether the financial statements 88 a whole
are free from material misstatement, whether due to fraud or error. and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high Ve1 of assurance. but is not a guarantee
that an audit conducted in accordance wth ISAS IUKI wll aK¥ays detect a material misstatement when
it exists. Misstatements can anse from fraud or error and are wnsbjered matenal rf. individually or in
the aggregate, they could reasonably be oxpecied to Influen the ecor10m deci8ions of u8ers taken
on the basis of these financial staternents.
Details ol the extent to which the audit was constdered Capab of detediro irrogularib'es, including
fraud and non
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY in this context were the Charities Act 2011 together wth the Charitses SQRP {FRS10212019. We assessed the required complianee with these laws and regulations as part of our audit procedures on the related financial statement items. n addition, we Considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with whh might be fundamental lo the charity's abilty lo operate or lo avoid a material penalty. We also considered the opportunities and incentive5 that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were the Charity Commission regulatv)n$. Auditing standards limit the required audrt prttedures lo fvJentify non<ompliance with these laws and regulations to enquiry of the Tnjstees and other management and inspect of regulatory and legal correspondence, rf any. We identified the greatest risk of material impact on the non-stalutory financial statements from irregularities. including fraud, to b8 Within the override of controls by management. Our audit procedures lo respond lo these risks in¢luded enquiries of management and ltte trustees about their own identification and assessment of the risks of irregulanlies, Samp leslin9 on the posting of journals, reviewing accounting estimates for biases, VIewIng regulatory correspondence, and reading minutes of meetings of those charged wth govemance. Owing to the inherent limilalK)n$ of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial stalemenls, even though we have propedy planned and performed our audit in accordance with audrting standards. For example, the further moved non-compliance with laws and regulations lirregulariliesl is from the events and Iran$a¢tions flected in the financial $talemenls. the less likely the inherently limited procedures required by auditing standard5 would idenbfy it. In addition, as wlh any audit. there remained a highèr risk of non- dele¢tion of irregularities, as these may involve collusion, forgery, Intentional omissions, misrepresenlation5, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non•¢ompliance with all laws and regulations. Uso of our report This reFQrt is made solely lo the charity's trustees, as a txxly, in accordance wth Part 4 of the Charities IAc¢ounl$ and Reports) Regulations 2008. Our audrt work has been undertaken so that we might slate lo the charity's trustees those matters we are requiretj to slate lo them in an auditor's report and for no other purpose. To thè fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trusta8s as a body, fof our audit work, for this report, or for the opinions we have fomied Crowe U.K. LLP Statutory Auditor London Date.. 1 st FebTuary 2023 CFowe U.K LLP ts elyible for appryntriient 1$ 4udttrK of the chaw by of its •lTrJibilty for appoinlrnertt as auditor of company und•r¥thon 1212 of th8 Compsnts Acl 26. Page 9
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 STATEMENT OF FINANCIAL ACTivmES For the year ended 5 April 2022 Expendable D18cretlonary Endowment fund• Total 2022 Totsl 2021 nd• Incomo and •nd¢>wm•nts Invostmont Income Dividends- equit Inte$t on ¢a$h deposits Total Incom• and •ndowm• 444,C69 30,378 317 444,278 444278 30,695 Exp•ndlthr• cts of rnl•lng fund• Investment mana9ement lees Exp•ndltur• on ¢harfl•bl• aclfvltl 12,4991 (2,4991 (4,463) Grants made under the scheme {65,492) 167,991) (65,492) 167.991 (2,138,885) 12,143,348) Total •xp•ndlturn N•t Incom• I l•xp•ndftur•) b•fore g•lns and lo••e• on Invo8tm•nt• 376,287 376,287 12,112,653) N•t galn• on IftY•8tmonts R8alised Ik)ss8s} I gains on inveslrnents {641 164) 126,473 Unrealised {Iosse81 I gains on investments {1,1081 {8,704.220) (8,705,328) 7,704,263 11.1721 18,704,220) (8,705,392) 7,830,736 Net mov•m•nt In funds 376.115 (8.704.220) 18,329,106 5,718,083 R•cOlI11t1On of lund• Fund balances brought forward Fund balances carried lorward 427.425 802,540 26,403,521 17,699,301 26.830.946 21.112,863 26,830,946 18,501,841 Al recognised gains aThJ bsses in tr* year and the previous year have been included in the Statement of Financial Activities. The results for the year and the previous year as set out above have been derived entirely from contlnulng operations. Page 10
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY Charty number.. 268963 BALANCE SHEET As at 5 April 2022 Expondable Dlscretlonary Endowmfjnt Fund• Total 2022 Totsl 2021 Fund• Flxod •uets Investments 385,441 17,699,301 18,084,742 26,826,066 385,441 17.699,301 18,084.742 26.826.066 Curront 8•8ets Cash at bank.. Cuffent account 379,349 38,366 417.715 379,349 38.366 Caprtal a¢o)unt 5.501 417.715 5.501 Current Llabllltl•• Creditors.. Amounts falling due within 0 yèar N•t Currnnt •8••ts (616) 16161 1621) 417,099 417.099 4.880 N•t ••8•ts 802.540 17,699,301 18,501,841 28,830,948 Ropr•8•ntod by: Expendabl• ondowm•nt fund• 17,699,301 17.699,301 26,403,521 Unrn•trlctod fvnd• 802,540 802,$40 802.540 427.425 Totsl fund• 17.899,301 18,501,841 28,830,946 The financial ststements and accompanying notes on pages 13 to 18 were approved by the Tnjstees, authorised for issue and gned on their tehall by.. Paul ann CBE Date, 3oLff 2£>22 Page11
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 STATEMENT OF CASH FLOWS FOT the year ended 5 April 2022 2022 2021 R•conclllatlon of n•t mov•m•nt in funds to not cash flow from operating actlviti Net movement in funds 18.329,105) 5.718,083 (444.278) (30.695) 8,705,392 (7.830.736) (s) 11.459) (67,996) (2,144.807) Deduct total income shown in invthng a£tivrties Lo8se81 {Gainsl on Investments (Decrease) I Increase in creditors Not c••h u••d In opratlng •ctlvltlo• Cash flows from Inv•stlnq actlvftl•s." Intsr&st and dividand8 Proceeds from sales of investments Purchase of investments 444.278 30.695 94,036 158,104) 480,120 2,312,235 1254,568) 2,088,362 N•t e••h provkl•d l (u••d) by Inv•stlng actlvltl•• Chang• In cash and cash wufvahnts In th• ymr Cash and cash equivalents brought forward Ca•h and c••h •qulv•l•nl• ¢•rrlod to1 412,214 5,501 (66A45) 61.946 417,716 5,501 Page 12
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2022 Accounting polici•s Ba¥18 of pr•par•tlon and a••um•nt of golng con The accounts a prepared on a goinconcern basis. The financial statements and related notes hove been prepared under the hrstoricAI cost conventK)n th items recognised at cost or transaction value unkss otherwise slated in the k¥ant notelsl to these xcounts. The financial statements have been prepared in xcnrdance wth the Statement of Recommended PraCte." Accounting and Reporting by ChantS preparing their accounts in aCrdance with the Finan¢ial Reporting Standard appluble in the UK and RepbIle of Ireland IFRS 1021 effective January 2019 the Finan¢sal Reporbng Standard appIrab in the United kn'ngdom and Republ of Ireland IFRS 1021 and the Chantses Act 2011. The Trust constitutes a public benefft entsty as defined by FRS 102. The Trustees CLnsider that there are no malenal Uncertaint atrf)ul the Trust's ability to continue as a going ContM. Wrth respect lo the Mxl rewrting period, 2022-23, the most significant areas of uncertainty that affect the earying value of assets held by the Trust are the Ve1 of investment relum and the pertonnance of investrnent markets (see the investment policy and risk management sections of the Trustees. annual report for more infOnnatnl. b) Funds •tructur• Expond•ble DOT0t10n1ry Endowm•rt fund• The chanty has expendable endowment funds in the form of equity in Associated British Foods plc to assist the Dean and Chapter of Westrninster with the renewal, resloralion and maintenance of the fabric of The CollegHt8 Church of Sl Peter in Westminster Iweskninstsr Abbey). Unrnstrlct•d fund• These funds relats lo other investrnents and dividends receNed from bJth thè exFendable endowment and 0th8r investrnents and ale expended at the discreth?n of the Trustees for the renewal, resloralion and maintenance of the la1¢ of The Collagiate Churd) of St Peter in Westminster Iwestminster Abbey). Incorn• rocognltlon All incorne is recogntsed once the charity has entitlement to in)Me, it is probable that the income wll received and the amount of income receivab can be measured liablY. Interest on fvnds held on dep)sit is includ+J when receivabl8 and the amount can be measured reliably by the charity.. this is rrMallY upon notrf¢cab'on of the interest pa or payable by the bank. DNidends are recognised once the dividend ha5 been declared and nobfi¢atson has been received of the dividend due. This is ntymally upon notth¢atK)n by our investrnenl advisor of the dividend yièld of tho investment portfolio. PwJe 13
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity numb8r.' 268983 NOTES TO THE FINANCIAL STATEMENTS l¢ontlnuod) For the year ended S Awl 2022 d) Expenditure rocognltlon Liabilities are recognised as expenditure as soon as there rs a legal or constructive ObIa.0n c<)mmitb"ng th8 charity to that exFendrture, rt is probable that Settment will be required and the amount of the oblKJats"on can be measured reliabty. l exponditure is accounted for on an ac¢nLS basi5. Grants payable are payments made to Westrninstsr Abbey in the furtherance of the charitable obj¢cts of the Trust and are recognised the eart of notificalion to the recip1 of the grant award or payment being made. Co•ts of rnlslng funds The costs of generating funds consist of inStMent management costs and certain b9al fees. 91 Flx•d aM•t Inv•8tm•nts Investments a a lom ol bas financkl instrument and are initially recognised at their transaction value and subsequenlty measuffjd at their fair value as at the balance sheet dale using the closing quoted market price The bKI pnce has been used for the purposes of valuabon. As the Investments affj Iuld the difference betsveen and iy'd price is considered to be immaterial in the context of the total portfol. The statement of financial act1vit includes the net gains and losses ansing on revaluatn and disposals througlNiut the year. The Trust does not acqulre put opbons, derivat1 or other complex financi81 instruments. The main fom of finanaal risk faced by the chanty is that of volatslrty in equity mafkets and Investment markots duè to W•1 economic conditions, the athtude of investors to investrnent rlsk, and changes in sentsment ts)nceming equ"t$ and within particular sectors or sub sectors. h) R•g11•od g•lno •nd 10•8•8 All gains and losses are tsken to the Statement of Financial Aciivitses as they ariso. Reali8ed gain8 8nd109888 on investments are calculated as the dtffefence behveen sa proceeds and their opening carrying value or their wrcha8e value rf acquired subsequant ts the first day of the ffinancial year. Unrealised gains 8nd tosses are ¢8kulaled as the dIffenCe btheen the fair value at the year end and their carrying value. Realised and unreald investment galns and losses are o)mbined in the Ststement of Financial A¢lNItw. Page 14
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY Charity number. 268963 NOTES TO THE FINANCIAL STATEMENTS lconllnuod) For the year ended 5 April 2022 Gross dividends and int•r•¥t incom• 2022 2021 Asso¢wted Bn$h Fcty)ds plc Other list&J investments DNidends received 436,288 7,781 444.069 30,378 30,378 Interest received 317 30,695 444,278 In 2022, investment Inn of £444,27812021'. £30,695) was attn'butable to unrostricled funds. Inv••tm•nl m•n•g•mont fw• In 2022, in¥eslment managemenl and administration fees of £2,49912021.' £4,463) were attn'butable to unrestricted fund8. Grnnt• In 2022, grants of £65.492 were i88ued12021.' £2.138.885) from unrestricted funds. N•t galn• l {lo••••l on Inv••tm•nt• In 2022. n&t investment tossès of £1,172 recognised against unrestricted funds12021'. gains 01 £160,679). Unroali58d h)ss88 of £8,704,220 were recognised against the expendable endowment funds12021.' gains of £7,670,057). Tru•tsfr'• R•mun•r•lk)n No Trustees receNed any remuneration or expenses during the year {2021.' none). There are nil12021.' nil) staff employed by the Trust. The general admini$tratK*n ig undertaken by the employees of the Dean and Chapter of Westrningler Isee note 9) Pa9e 15
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEIAENTS (conllnu•d) For the year ended 5 April 2022 Flxod A$8Ot Investments 2022 2021 Opening maTkat value Unfealised Ih)ssesl I gains during the year Realised Ibsses) I gains during the year Sales Purchases Closlng market valu• 26.826,066 {8.705,3281 1641 194,036} 58,104 18,084,742 21,052,997 7,704,263 126,473 12.312,2361 254,568 2628.068 Historical o)st as at 5 April 346,303 383,379 Unrealised gains based on historical )st 17,738,439 26,422,687 Flxod a•••t InvMtrn•nts ¢omprf•• Il•t•d Inv••trn•nts as follo•. 1,077,255 Ordinary shares in Assoryaled British Foods plc Other listed investnents Total value of listed investmanls 17,699,301 385,441 18,084,742 26,403,521 422,545 26.826,066 Fund• Exp•ndabl• Dlscretlonary Endowm•nt lund• Unr••trbct•d fund• Totsl 2022 The fund8 are represented by the IlOWIng assets.. Fixed assets Nel current assets 385,441 417,099 802,540 17.699,301 18,084,742 417,099 18,501,841 17.699.301 R•lat•d party tr•n8•¢lk The audrt fee of £6.OIXJ12021.' £6,61XSI has bn fvnded by The Dean and Chapter of Westhiinster. and the accounts are prepared under the ausptes of The Dean and Chapter of Westrninster. All grants under note 4 have been mado to The Dean and Chapter of Westminster. Page 16