2023-04-05-accounts

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY (Rogl8tered Charlty: 2689631 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 TRUSTEES REPORT AND FIfrIAMCIAL STATEMEIITS For the year ended 5 April 2023 Contonts Page(s) Trustees, Report Report of the Auditors Statement of Financlal Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the accounts 13-16

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 TRUSTEES, REPORT For the year ended 5 April 2023 The Trustees have pleasure in presenting their annual rery)rt together with the financkil statements for the year ended 5 April 2023. The finanGial statements have been prepared In xcordance with the accounting poliC￿S set out in note 1 to the accounls and compty with the charlty's trust deed. the CharitEs Act 2011 and Accounting and Reporting by Charib'es.. Statement of Recommended Prath applicable lo charities p￿parIng their accounts in aCCo￿ance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}. The accounts are prepared through the auspices of the Chapter Office, Westminst8r Abbey, at no cost to the Charity. Structurn, govomance and managemont The Garfield Weston Trust for Westminster Abbey {'The Trusfi was ¢reated a5 an expendable endowment by a Deed of Trust dated 19 November 1974. Under the lems of the Trust Deed, as varied by a Charity Commission Scheme dated 17 July 1998, the Trustee Body consists of four nominated Trustees and up to four co-opted Trustees. The nominated Trustees must be appointed, tsvo by the Garfield Weston Foundalion and tsvo by The Dean and Chapter of Westminster. Each ctropted Trustee must be appointed by a resolution of the Trltstees. and each appointment of a nominated or COaOPted Trustee must be made for four years. Trustees are given infornal training as part of their inductlon to the charfty. This Iralnlng Snvolves explaining the Trustees responsibilities, as noted on page fve to the financial statements, the role they are expected to take and the InvofveThnt in the Charity that this 8ntaits. The Trustees and their advisor at the date of this Terth are detailed below.. Appoinied by tho Garfield Weslon Foundation Str Guy H Weston Mr George G Weston Appointed by the Dean and Chapter of INesth)Inster Mr Paul Baumann C8E LVO The Very Reverend Dr Davld Hoyle KCVO MBE Page 1

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Char'ty number 268963 TRUSTEES, REPORT l¢ontinued) For the year ended 5 April 2023 ObJ•ctlves and actlviti88 for th¢ publlc benefft The Charity was established with an expendable endowment to assist the Dean and Chapter of Westminster with the renewal, restoration and maintenance of the fabric of The Collegiate Church of St Peter in Westminster (Weslminster Abbey). Weslminster Abtey is totally self-SUPPOrting financially. It receives no assistance from the Church Commissioners, or from the Govemment. The capitsl, in the fomi of equty in Assc¢iated British Foclls plc. was given by the Weston faTnily for this sole purpose and the family's 9enerosty is reflecled in the Charity's equity holding of Associated British Foods plc, the famity business. The Trustee8 confirm that they havo réfèrred to the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewing the Trusts obiecbves and in planning future activities and setting thè grant making policy. Westminster Abbey's mlssion Is.. To offer daity divine Worship lo Amighty GCKI and resource the ChU￿h in this vocation., To serve the Sovereign., To proclaim the Gospel to the nation and Commonwealth. celebrating the distinctive wllness of the Chrstian fallh and engaging with the public square.. To provide a safe, welcoming and inspiring environment for all who come lo thg Abbey. To act as responsible stewards of the many gffts with whth we are blessed. The Trustees believe that financially assisting Ihe maintenance of Westminster Abbey's fabric is a key requirement in providing the Abbey's public benefit and in sats'sfying this part of the Abbey's mission. Tru8teo8' re8pon8lbllltlas In rnlatlon to the financlal statements The Trustees are responsible for preparing a Trustees. annual report and financial statements in accordancè with appllcable law and United Kingdom Accounting Standards (United Klngdcm Generally Accepted Accounting Practice) including FRS 102, the Financial ReF)Orting Standard applicabla lo the UK and Republlc of I￿land. Flnanclal rnvlow and a¢hlovwn•nts of th• y•ar At the end of the year, the total resource8 of the Trust a￿￿￿nted to £21.789.209 {2022: £18,501.841). Investment gains of £3.228,621 were made during the year. Investrnent income for the Trust increased from £444,278 10 £484,679. The net income of £38,747 before gaing on investments of £3.228.621 for the year contrasts with net income of £376.287 before losses on investments of£8.705.392 in 2022. The Trusl8•s agreed lo fund work identiW in Westmln$ter Abbey'$ Qulnquennial revlew of the condition of th& Abboy's bulldings and pre¢lncts, $ubie¢t to recelpt of grant appllcation$ for completed works. Grants from the Trust are made In retrospect upon presentation of statements for completed work. It Is thè nature of the work that expenditure is variable and does not ahvays coincide wrth the Trust's financial year. Page 2

GARFIELD WESTON TRUST FOR WESTMINSTER A8BEf Charity numtw. 268963 TRUSTEES, REPORT Iconlinuedl For the year ended 5 April 2023 Over the last years, the Trust has provided the foilowing grants for works identified, Flnanclal year endlng OS April Grants 1£) 2021 2022 2023 Total 2.138.885 65,492 443,600 2,847,977 Grant applications from Westminster Abbay lotalling £443,600 were rrode by the Trustees in 2022-23. These were made in relation to major projects o)vered by the work being Supervised by the Abbey's Clerk of the Works and his team for the Quinquennial proJe¢ts. The wot1(s covered repairs to St Margaret's tower and repair work to the Deanery. These requests wefe granted by the Trustees and paid out in the year. The primary equity holdings supporbng the Trusfs end¢)wments made slgnificanl recovery on the prfor year. This was despite inflationary pressures, wlth strong perfoman¢e reported ty the underlying company supporting the investment holding. Geopolitical uncertainty Gaused by Russia's war and continued inflationary pressures through 2022 led to rising interest rates. This resulted in continued action by policyrnak8rs, and rising interest rates had a delrimenlal impaGI on the Tru5Vs limited unrestricted asset holdings in bonds. Improvements in the global market conditions through early 2023 were not suffiaenl lo reversè this trend. The Trustees do not consider there to be cause to amend either the Investment or Risk management policies al this tlm8. Fundralslng As the Charity's income is solely generated through investrnents. the Charity makes no us8 of fundraising and has not engaged with professbonal fundraisers. Re8•r¥•8 Poll¢y The level of the resepées is detemined by the long-term materfal need for the restoratlon work of Westminster Abbey and the commtrnent of the Trustee8 to finance defined works in the coming years. Inv88tment Pollcy The Snveslment objective of the charity is to maintain the real value of its capital, at the same tlm& maxlmising income, thus providing adequately for the restoration wot1( to which the charity is committed. The Trustees intend that the real value of the Trust's capital be enhanced through holding stock for the long term and for the medium- term funding requi￿rnents holding a diversified portfolio of equitles and bonds. Investrnents a￿ reviewed by Trustees at their [r￿etingS, and the Trustees have appointed Brewin Dolphin as investment advisors. Over the past 10 year5 the share pri￿ of Associated Bnbsh ForJJs has increased from 1,861 pence to 1.945 pence (as al the balance sheet date), an increase of 4.5%. Over the equivabent perir#J, the SE 100 has in¢￿8Sed by 22.6%. Page 3

GARFIELD WESTON TRUST FOR WESTMINSTER ABBE Charity number. 268963 TRUSTEES, REPORT (continued) For the year ended 5 April 2023 Rlsk Management The Trustees have assessed the major risks to which Ihe charity is exposed and are satisfied that systems are in place to mitigate the charity's exposure to these risks. The Tnjstees consider variability of inVes￿nt returns on the Expendable Discretionary Endowment to congtilute the charity's major financial risk. and recent extreme volatility in world stock mafkels has highlighted this risk. The Trustees appreciate the risks related lo holding the majority of the Trust's Investments in one parbcular stock. The Trustees are confident In the fijture perf0m￿nCe of this investment and believe it will provide appropriate retums over the bnger term. Future Plans and Objectiv The key obieclNes of the Trustees are to maximise retum$ to support Westminst8r Abbey in carying out required resloralion work. Golng Concorn The Trust has a negligible cost base, no employees and an income solely derived from the performance of its investments. ￿lIe the Tnjstees are aculety aware of the exwsure to market volatility and in particular the impact on its non-dNersified investment strategy, the investment valuations are still sufficlont to enable the Tnjst to meet its charitabb obpcbves. The Trustees consider th& Trust to have adequate resource to remain in operation for the foreseeable future and therefore continue to adopt the going concem basis in the p￿parats.0n of the financial ststemenls. Page 4

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 TRUSTEES, REPORT {continued) For the year ended 5 April 2023 Lggal and Admin18trntive Infomiation Contaet name and telephone numb•r Paul Baumann CBE LVO 020 7222 5152 Regl8tered Offi¢• IAWon Centre 10 Grosvenor Street London W1 K 4QY Bank8r8 Barclays Bank PIC 1 Churchill Place Canary ￿hart London E14 SHP Invostmont managov8 Brewin Dolphin 12 smithr￿ld Street London EC1A 9BD 8ollcltor• Chades Russell Spe8chtys 5 Fetter Lane London EC4A 1 RS Audttorn Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Page 5

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 TRUSTEES. REPORT (continu￿) For the year ended 5 April 2023 Statement of TTUStts8' Re6ponsibilitie8 The law applicable to charities in England and Wales requires the charity twstees to prepare financial statements for each year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources, of the chafty for that period. In preparing the finanual statements, the Trustees ate required to.. select suitable accounling policies and then appty them consistenty" obseNe the methods and principles in the applicable Chariiies SORP., make judgements and estimates that are reasonable and pruden( Slate whether applicable accountin9 Standards have been followed, subject io any material departures that must be disclosed and explained in the financial statements., prepare thè flnanclal statements on the going concem basls unless rt is inappropriala to presun that the charity will continue in business. The Tnjstees arè fèspongible for keeping proper accounting records which disclose with reasonable accuracy 8t 8ny tim8 the financial position of the charity and to enable them lo ensure that the financlal 81alemenls compty with the Charities Act 2011, the applicable Charities (Accounts and Report$} Regulations and the provisions of the Trust deed. They ar8 also ￿sponsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other IrregulaTltie8. Approved by Ihe Trusteas and signed on their behaff by.. Paul Baumann CBE LVO PaJe 6

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Oplnlon We have audited the financial statements ofGatheld Weston Trust for Westrninster Abbey for the period ended 5 April 2023 which comprise the Ststement of Financial Activities, Balance Sheet, ststement of Cash Flows and notes to the finanual statements, includin9 S￿nifICant 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 Reporbng Standard apP1b￿ble in the UK and Reputs1￿ of Ireland {United lQngdom Generally Accepted Accounting Pfacticel. In our opinion the financial statements.. give a true and fair view of the stale of the charity's affair5 as at 05 April 2023 and of its irwme and expenditure, for the period then ended; have been propedy prepared in a¢¢ordance wilh Unrted Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requlrements of the Charities Act 2011. Bas18 for oplnlon We conducted our audit in accordance with Intemaltonal Standards on Audits'ng {UKI (ISAS {UKII and applicable law. Our responsibilities under those standards are fvrther described in the Audltorfs responsibilities for the audit of the financial stateThnts section of our report. We are independent of the charity in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Eth￿1 Slandard. and we have fulfilled our other ethical responsibilili8s in a￿OrdanCe with these requirements. We b&lieve that the audit eviden¢& we have obtained is sufficient and appropriate to provide a basis for our opinoon. Con¢lu¥lon8 ralatlng to golng concern In audiling the financial statements. we have Conduded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we hav8 performed, we have not identified any material uncertainties relating lo events or conditions that, individualty OT collectNely, may cast S￿nIficant doubl on the charity's ability to continue as a going concem for a pericrtj of at least twelve months from when the financlal statements are authorised for issue. Our responsibilities and the responslbilitie5 of Ihe trustees with respect to going concem are de5Gribed in the relevant sections of this repo Oth•r Infomiation The trustees are responsible for the olher infomiation contained within the annual report. The other information comprises the inf0m￿tion included In the annual reFrtyt, other than the financial statements and our auditorfs report thereon. Our opinion on the financial stalements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to the other information and, in doing so, consider whether the other information 1$ materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty misstated. If we identify such material in(xJllststencies or apparent materFal misstaterTEnts, we are required to determine whether this gNes rise to a material misstatement in the financial statements themsefves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to rèport that fact. Page 7

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY We have nothing to report in this regard. Matters on which we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to rewrt to you rf. in our opinion.. the informallon given in lh8 financial ststements b5 inconsistent in any malerial respect with the twstees, report", or sufficient and proper accounting records have nol been kept by the charity., or the financial statements are not in agreement with the accounting records and retums; or we have not re¢eived all the inf0m￿tion and explanatr'ons we require for our audit. Responslbllltles of tru8t8•s As explained more fully in the trustees, responsibiStties statement set out on page 6. the trustees are responsible for the preparation of thè financial statements and for being satisfied that they give a true and fair vlew, and for such intemal 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 stalements, the twstee8 are responsible for a88es8ing the charity's ablllty lo ntinue as a going concern, disclosing. as appltsble. matters related to going concem and using the going concern basis of accounting unless the Iruslees ether intend to INuidate the charity or to cease operations, or have no realistic alternative bul to do so. Audltor'8 r•8ponsSbllltI￿ for th• audlt of the financlal 8tatemonts We have been apFoinled as auditor under section 151 of the Chaiities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our oblectfves ar8 to obtaln reasonable assuran¢• about whether the financlal statements 85 a whole are free from material misstatement, whether due to fraud or error. and lo issue an auditor's report that Includes our opinion. Reasonable a$$uran¢e is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK} will afrways detect a material misststement when It exists. Misslalernents can aTise from fraud or error and are considered material if, indlvidually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. Det8ils of the extent to whkh the audit was considered capable of detecting irregularitles, Including fraud and non-compliance with laws and regulations are set out bebw. A further description of our responsibilitses for the audit of the financial statements is thated on the Financial Reporting Council's website at.. ￿.tr¢ o klauditorsre nsi ililies. This description forms part of our auditorfs report. Extont to whlch the audlt wag considered capable of detKtSng irrogularitlos, Ineludlng fraud Irregularitles, including fraud, are instances of ni)nacompl1an￿ with laws and regulations. Wa identified and assessed the risks of ￿￿terIal misstrdtement of the financial statements from irregularities. whether due to fraud or error, and discussed these be￿en our audit team members. We then designed and performed audit procedures responsNe to those risks. including obtaining aud evidence sufficient and appropri*e to provide a basis for our opinion. We obtained an understandlng of the legal and regulatory frameworks within which the charity operates. focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statenEnts. The Saws and regulations we consKlgred Page 8

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 with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were the Charity Commission regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the non-statutory financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

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

Crowe U.K. LLP Statutory Auditor London

Date: 2 February 2024

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 200&

Page 9

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charty number.. 268963 STATEMENT OF FINANCIAL ACTi￿nEs For the year ended 5 April 2023 Expendable Discretlonary Endowmont funds Unrastrlcted funds Total 2023 Total 2022 Note Income and endowmerrts Investment income Dividends equities Interest on cash deposits Total InGome and ondowmonts 480.630 4,049 484,679 480,630 4.049 444,C69 209 4B4.679 444,278 Expendltur• Costs of ralslng funds Investmont management fees Expèndlture on charltabl• actlvltl88 Grants made under the scheme Total oxpgndlture {2.332) 12,3321 (2.4991 {443,6001 (446.932) (443.600) 1445,932) 165,4921 (67,9911 Net In¢ome l (•xpondlturn) before galns and 1088es on nve8tments 38,747 38,747 376,287 Nel galn8 on Inv•8tm•nts Realised Ilossesl I gains on investments 1641 11,811) (1.811) Unrealisod Ilossesl I gains on investments 18,705,328) {22,878} 3,253,310 3,230.432 (24,689 3,253,310 3,228,621 18,706,392) Net movement in funds Reconclllation of funds Fund balances brought forward Fund balances carrfed forward 14,058 3,253,310 3,267,368 18,329,106) 802,540 816,$98 17,699.301 20.952,611 18,501,841 21.769,209 26,830,946 18,501,841 All recognised gains and losses in the year and the previous year have been included in the Statement of Financial Activities. The results for the year and the p￿v￿)uS year as set out above have been derived entirely from continuing operations. Page 10

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 BALANCE SHEET As at 5 April 2023 Expendable Dlscr•tionary Endowmont Funds Unrestrlcted Funds Total 2023 Totsl 2022 Nots Flx•d a•8ets Investments 360.608 20.952.611 21,313.219 18,084,742 360,608 20.952,611 21.313.219 18,084,742 Current assets Cash 81 bank.. Current account 420,078 36,458 456,536 420,078 36,458 456,536 379,349 38,366 417.715 Capitsl aGcount Current LlabllStlo8 Credllors.. Amounts falling due wllhln one year Not ¢urygnt a880ts (5481 {546) {616} 455,990 455,990 417,099 Nat auets 816,598 20,962,611 21,769209 18,501,841 Rapr•••nted by: Exp•ndablo endowment fund8 Unre8trl¢t•d funds 20,952,611 20,952,611 17,899,301 816,598 816,598 816,598 21,769,209 802,540 Total fund8 20,9S2,611 18,601,841 The financial statsments and accompanying notes on pages 13 to 16 were approved by the Trustees, authorised for issue and signed on their behalf by.. Paul nn CBE LVO Date. Page 11

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 STATEMENT OF CASH FLOWS For the year ended 5 April 2023 2023 2022 Reconcillation of net movement In funds to net cash flow trom operallng actlvltles Net movement In th￿r￿S 3.267,368 1484.6791 {3,228,621) 1701 1448,0021 {8.329,1051 (444.2781 8,705.392 {51 167,9961 Deducl total incom& shown in investing acbvitses IGalnsl l Losses on investments IDecreasel I Increase in creditors Net ¢a8h u8ed In opernllng actlvltlos Ca•h flo￿ fmm Invosttng Ktlvltl•s.' Interest and dividends Proceeds from sales of investrnents 484,679 444.278 63,112 162,968} 484,823 94,036 158,1041 480,210 Purchase of investments Not cash provld•d I lu•edl by Inv88tlng actlvllle8 Chango In ¢a8h and cash •qulval•nts In the yur Cash and Cash equivalents brought forward Cash and ¢a8h equfvalents carrl•d loNard 38,821 417,715 456,536 412,214 5.501 417,715 Page 12

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2023 Charity number.. 268963 Accounting policies Basls of Preparatlon and assessment of going Concern The accounts are prepared on a goin9-cor￿ern basis. The financial stalemerrts and related notes have been pr8pared under the historical cost convents'on with items recognised al Cost or transaction value unless otherwise stated in the relevant nows) to these a¢¢ounts. The financial ststernents have been pftpared in accordance with the Statement of Recommended Pra¢tice.' Accounting and Reporting by Charities preparing their a￿UnIS in a￿rdance wllh the Financial ReFK)rting Stsndard applkable in the UK and Republic of Ireland IFRS 1021 effective January 2019 the Financial Repo￿n9 Standard applicable in the United Kingdom and Republ￿ of Ireland IFRS 1021 and the Charities Act 2011. The Trust constitutes a public b8nefft entity as defined by FRS 102. The Trustees ¢onsider Ihat there are no material uncertainties about the Trust's ability lo conllnue as a going concern Wth respect to the next reporting period. 2023-24, the most significant a￿aS of uncertainty that affect the carrying value of assets held by the Trust are the level of investment relum and the performance of investment markets (see the investment policy and nsk maTiagement se¢lions of the Trustee$, annual report for Th)r& infonnalion). Fund8 8tructure Expendable Dl$¢r•tlonary Endowmont fuTrds The charity has expendable endowment funds in the fomi of equity in Associat8d 8ritlsh Foods plc lo assist the Dean and Chapter of Westminster with the renewal. restoration and maintenance of the fabric of The colleg￿te Chur¢h of St Peter in Westminster IWeslmln$ter Abbey). bl Unre8trlcted fund• These funds relate to other investments and dNidends recelved from both the expendable endowment and other investments and are expended al the discretion of the Trustees for the renewal, restoration and mainlenance of the frabric of The Collegiate Church of St Peter in Weslminsler Iwestminsler Abbey). In¢ome re¢ognftlon All income is recognised once the charity ha5 entitlemènt to the in¢om&, it is probable that tho income will be received and the amount of income recervable can be measured rellably. Interest on funds held on deposil 1$ included when receivab￿ and the amount can be measured reliably by the charity., this is normally upon nolrfication of the interest paid or payable by the bank. Divid8nds are recognised once the dividend has been declared and notification has been received of the dwidend due. This 1$ nonnalty upon r￿tIficatIon by our inveslmenl advisor of the dividend yield of the investrnent portfolio. Page 13

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 NOTES TO THE FINANCIAL STATEMEpifs (continued) For the year ended S April 2023 d) Expendfture recognition Liabilities are recognised as exFenditure as soon as there is a leg81 or constructive obligation committing the charity to that expenditure. rt is probable that settlement will be required and the amount of the obl￿atIon can be ff￿ured reliabty. All expenditure is accounted for on an acuuals basis. Grants payable ar8 payments made to Vlestminster Abbey in the fvtherance of the charitable oblecls of the Trust and are recognised the earlier of notification to the reCIp￿nI of the grant award or payment being made. Costs of raising fund8 The costs of generab'ng funds ￿￿sISt of investffent management cx)sts and certain legal fees. gl Flxèd asset Investments Investments are a form of basic financial instrument and are initolly recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using thè eloslng quoted market price. The bid pri￿ has been used for the purposes of valuation. As th8 investments are liquid the diffe￿nce behveen mid and bKI pri￿ is ￿nSIdered to be immatèrial In the context of the total portfolio. The statement of financial activiti6s includes the net gains and lo$$e$ arising on revaluat￿n and disposals throughout the year. The Trust does not acquire put options, dertvatives or other complex ffinan¢ial instruments. The main fomi of financial risk faced by the chanty is that of volatility in equity markets and investment markets due to ￿der ec(Jnomic conditions, the atltude of Investors lo investment sk, and changes in sentiment ¢onceming equities and within particular sectors or sub sectors. h) Reall8•d galn8 and 108Sa8 All gains and losses are taken to the Statement of Financial ActThfities as arise. Realised galns and Ios$8s on investrnents are calculated as the difference betsveen sales proceeds and their opening carrying value or their purchase value rf acqulred subsequent to the first day of the financial year. Un￿aliSed gains and losses are calculated as the difference between the fair value at the year end and their carying value. Realised and unrealised investmont gains and losses are combined In the Statement of Financial Activities. Page 14

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY NOTES TO THE FINANCIAL STATEMENTS (Contlnued) For the year ended 5 April 2023 Charty number. 268963 Gross dlvklonds and Interest Income 2023 2022 Associate(l British FoLhJ$ plc Other listed investments Dividends receiv&J 470,760 9,870 480.630 436,288 7,781 444,OS9 Interest received 4,049 484,879 209 444,278 In 2023, investment income of £484,679 {2022". £444,278) wa5 attributab￿ to unrestricted fijnds. Investment manag0ment f•88 In 2023, investsnent management and administration fees of £2,33212022.' £2.499) ware attribulable to unrestricted funds. Grants In 2023. grants of£443.600 were L8sued {2022'. £65,492) from unrestricted fvnds. N•t galn• I Iloues) on Invostmonts In 2023, net Snvestment losso$ of £24,689 were recognlsed against unTr$tricted funds (2022.. losses of £1,172}. Unrealised gains of £3,253,310 were recognised against the expendable endowment fund812022'. losses of £8,704.220). Tru8100'8 R•munorallon No Trustees received any remuneration or expensès during the year12022.' none). There are nil12022.' nil) staff employed by the Trust. The general administration Is undertakèn by the employees of the Dean and Chapter of Westminster {see note 91 Page 15

GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEMENTS (contlnuod For the yearended 5 April 2023 Fixed Asset Investments 2023 2022 Opening market value Unrealised (losses) I gains during the year Realised {Iosses) I gains during Ihe year Sales Purchases Closing market value 18.084,742 3.230.432 {1,8111 163,112) 62.968 21,313,219 26,826.066 {8,705,3281 1641 194,036) 58,104 18,084,742 Hlstorical cost as at 5 Aprll 359,124 346,303 Unrealised gains based on hlstorical cost 20,954,095 17,738.439 Flxod awt Inv•8tments compr18• Ilsted Inve8tments a• follow8: 1,077,255 Ordlnary shares in AS￿lated Bribsh FoTrJs Other listed investments Total value of listsd Investments 20,952,611 360.608 21.313.219 17,699.301 385,441 18.084,742 Fund8 Exp•ndabl• Dlscretlonary Endowment fund• Unrestrl¢tod fund8 Totsl 2023 The funds are represented ty the following assets.. Fixed as9ets Net Current assets 360.608 455,990 816,598 20,952,611 21,313,219 455,990 21,769.209 20,952,611 Related party transactlon8 The audit fee of £6.750 (2022.. £6,000) has been funded by The Dean and Chapter of Weslminster. and the a￿Unts a￿ prepared under the auspi￿ of The Dean and Chapter of Westminsler. Al grants under note 4 were made to The Dean and Chaptor of Westminster. P￿e 16