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