GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY {Reglstsred Charlty: 2689631 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number 2685 TRUSTEES REPORT AND FINANCIAL STATEhlENTS For the year ended 5 April 2024 Contsnts Page(s) Trustees, Report Report of the Auditors Statement of Finanoal Activitie8 10 Balance Sheet 11 statement of Cash Flow8 12 Notes to the accounts 13-16
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Gharity number.. 268963 TRUSTEES, REPORT For the year ended 5 April 2024 The Trustees have pleasu in presenting their annual rewt together wtth the financial statements for the year ended 5 April 2024. The financial statements have teen prepared in accordance wilh the accounting policies set out in note 1 to the accounts and comply with the charitys trust deed. the Charities Act 2011 and Accounts'ng and Reporting by Chanties.. Statement of Recommended Practice applicable to charities preparing th8ir accounts in xcordance with the Financk31 Retwybng Standard applble in the UK and Republlc of Ireland IFRS 1021. The accounts are prepared through the auspices of the Chapter Office. Westminster Abbey, al no cost to the Charty. Structure, govemanco and management The Gatheld Weston Trust for Westrninster Abtey (The Tfusf> was ueated as an expendab endowment by a Deed of Trust dated 19 November 1974. Under the terffo of the Trust Deed. as varied by a Chanty CommissK)n Schemé dated 17 July 1998, the Trustee Body $1$ts of four nominated Trustees and up to four co-opted Trustees. The nominated Twstees must be appointed, by the Gathekl Weston Foundation and by The Dean and Chapter ol Westminster. Each ctropted Trnstee must be appointed by a resolution of the Trustees, and each appointment of a nominated or e(kopted Trustee must bé mada for four years. Trustees are given informal training as part of their induction to the charlty. This tralnln9 Involve8 explaining the Trnstees resnsIbIlIt5, as noted on page five to Ihe financial Statements. the rolè they 8re expected to take and the involvemenl in the charity that this entails. The Trustees 8fKI their advisor at the dats of this report are detailed below.. Appointed by the Garfleld Weston Foundatlon Sir Guy H Weston Mr George G Weston Appolnted by the Dean & Chapter of Wesknlnster Mr Paul 8aumann C8E LVO The Very Reverend Dr David Hoyle KCVO MBE Page 1
GARFIELD WESTON TRUST FOR WESTMINSTER ABBE Charity number. 268963 TRUSTEES, REPORT (continuod) For the year ended 5 April 2024 ObjectiVg8 and a1vItIeS forthe publk bonofft The Charty was estsblished with an expendable endowTnent to assist the Dean and Chapter of Westminster wtth the renewal, restoration and maintenance of the fabric of The Collegie Church of St Peter in Westrnlnster Iweskninster Abbey). Westminster Abbey totslly self4UPPOrting financially. It recelves no assistance from the Church CommissK)ners. or frixn the Govemment. The ¢apital, in the form of equity in As8ouated British F(Mxls plc, was given by the Weston family for thls sole purpose and the family's genero&ty is rellected in the Charrty's equity holding of Associated British Foods plc, the family business. The Trustees confi that they have referred to the guidan contsined in the Charity Commisslon's general guidance on public benefit when reviewng the Trusvs obje¢lives and in planning fuluTe actsvities and setting the grant making policy. Weslminster Abbey's missÉon Is.. To offer daily divine Worship to Amighty God and resouyce the Church In thls vocatlon,. To serve the Soveren.. To proclaim the Gospel to the nation and Commonweath, cebbr8ting the di8tinctiv8 wlln88s of the Christian faith and engaging with the public squa-, To provlde a safe, welcoming and inspiring environment for all who come to tho Abbey; To act as responsible stewards of the many gfft8 wlth whlch we are blessed. The Trustees bellev8 that financialty assisting th8 maintanance ofwesknlnster Abbey's fabric is a key requirement in providing the Abbey's publlc benefft and in sabsfying this part of the Abbey's mission. Tru•ts••' ro8pon8lbllltl•8 In r•latlon to th• ilnan¢lal •tatsm•nt8 The Trustees are responsible for preparing a Tru8te8s' annual report and financial statements In accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102. the Financial ReFth'ng Standard applicable to the UK ar Republic of Iland. Flnanclal revlow and h1•y•m•nts of the y¢•r At the end of the year, the totsl resources of the Trust amounted to £27.499,909 {2023.. £21,769,209). Investment gains of £5,056.565 were made during the year. Invèstrnent income for the Twst increased from £484,679 10 £676,578. The net income of £674,135 b8fore gains on investments of £5.056,565 for the year contrasts wth net income of £39,747 before gains on investsnents of£3.228,621 in 2023. The Trustees agreed to fund work identified in Weslminster Abbe9 Quinquennial review of the condltion of the Abbey's buildiThJs and precincts, $ubje¢t to receipt of grant aptionS for completed works. Grants from the Trust are made in retrospect uFon presentation of statements for completed work. It is the nature of the work that expenditure is vanable and does not always coincide wrth the TTUSt's financial year. Page 2
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY charity number. 268963 TRUSTEES. REPORT {¢ontinuod) For the year ended 5 Apnl 2024 Over the last three years, the Trust has the foll¢)wing grants for works identified, Flnanclal year endlng 05 Aprfl Grants ( 2022 2023 2024 Total 65.492 443,600 509,092 No grant applications were madé to thé Tru8t in th8 finala1 year 202>24. The primary equty holdin9s supporb'n9 the Trusfs endOYmnts have 0)ntinL1 to make Significant recovery retum to valuation last seen b8fore the onset of the pandemic in earfy 2020. Strong performance in revenue growth and margin were rermjrted by ABF. The Trn8tee8 do not consider there to be cause to amend either trle Investrrnnt or Risk Management policie5 al this lime. Fundrnl•lng As the Charity's Income Is solely generated through investrn8nts, the Charlty makes no use of fundraising and has not engaged with profesSnal hjndraisers. RerVeS Pollcy The level of the reseNes is d8t6rmined by the long-temi mateflal need for the restoration work of Westrninster Abbey and the commiknont of the Trustees to finance defined works in the coming years. Inv•8lmthrt Pollcy The Investment objective of the charity is to maintain the real value of it5 capital, at the same time maxlmlslng income, thus prOv1n9 adequately for the restor*'on tr) whh the charity is commltted. The Trustees intend that the real value of th8 Trusvs captsl be enhanced through hokling Stock for the long term and for the medium- tem funding requirements holding a diversrfied portfolio of equities and trIds. Investments are reviewed by Trustees at thw'r meetings, and the Truslees have appointed Brewin t)olphin as investment advisors. Page 3
GARFIELD WESTON TRUST FOR WESTPAINsfER ABBEY Charity number.. 268963 TRUSTEES, REPORT Iconllnued) For the year ended 5 April 2024 Rlsk Managément The Trustees have assessed the major rkS to the charity is exposed and are satisfied that systems are in ace to miti'gate the ¢hanty's exposure to these risks. Th8 Trustees consider variabilty of investrnenl retums on the Expendable Discreb'onary Endowment to ¢onstitul8 the charity's major financial risk. and recent extreme volab'lity in wortd Stock markets has highlighted this risk. The Trustees appreciate the risks related to holding the majority of the Trust's Investments in one particular stock. The Trustees are confKlent in the fure performan¢* of this Investment arKI believe rt will provmle appropriate retums over the longer term. Futuro Pl•n8 and ObJectlve8 The key objectives of the Twstees are to maximise relums to support Westsninsler Abbey in carrying out required restoration work. Golng Conc•rn Tha Trust has 8 negligibl8 Cost ba88, no ernployees and an income solely derived from the performance of its investments. While the Trustees are acutely aware of the exposure to market volatility and in particular the impa¢t on its non-diverslfied investrnent strategy, the investment valuatlon$ are Stlll sufficlent lo enable the Twst to meat ils charitable obj'ectives. The Tw8t88s conslder the Trust to have adequate resource to remain in oparath)n for the for6888able lutur• and thorefore continuè to adopt th? going concém basis in the preparation of th& financial statements. Pa3e 4
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 TRUSTEES. REPORT (conllnued) For the year ended 5 April 2024 Legal and Admlnl8tr8tlvo Infornmtlon Contsct nome and telephone number Paul Baumann CBE LVO 020 7222 5152 Regi8t•rnd oifi¢• Weston Centre 10 Grosvenor Street London W1K 4QY Bank•rn Bardays Bank PIC 1 Churchill Plac Canary Wharf London E14 5HP Inv8•tm8nt mn•gorn Brewin Dolphin 12 Smithfield Street London ECIA 9BD Soll¢ltor• Chartes Russell Speechlys 5 Fetter Lane London EC4A 1 RS Audftor• Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW
GARFIELD WESTON TRUST FOR WESTIIINSTER ABBEY Charity number.. 268963 TRUSTEES, REPORT (contlnued) For the year ended 5 April 2024 Statement of Trustees, Responsibllftles The law applicable lo charrties in England and Wales requires the Chanty trustees to prepare financlal statements for each year which give a true and fair view of the state of affairs of the ch8rity and of the incoming r8sourc8s and applicatKin of resources. of the charity for that perKJd. In preparing the financial statements. the Trustees ate required to.. Sélect suitable accounting )110$ and then appty them consistenlly, observe the methods and princip* in the apble Charities SORP: make judgements arKI estimates that are reasonabbg and pent State whether applicable accounting standards have been followed, subject to any matertal departures that myst be dis¢b8ed and explained in the financial ststements,. prepare the financial statements on the going ¢oncem basis unless11 Is inapproprfate to presume that the chanty will continue in bu$ines6. The Trustees are responsible for keeping proper accounting rerdS which disclose with 8$onable accuracy at any lime the financial kx)silion of the ¢h8rity and to enable them to ensu that the financial slatements comply with tha Charities Act 2011, the applicable Chariknes {Accounts and Reports) Regulations and the provisions of the Trustdeed. They are also responsible for safeguarding the 88sets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Ap roved by Trust888 and 8Lqned on their be11r ty. Paul B ann CBE LVO Date.. 31 January 2025 Page 6
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Opinion We have audited the financial statements of Garfiekl Weston Trust forwestminster Abbey for the year ended 5 April 2024 which comprise the Statement of Financial Activities, Balance Sheet, Stslemenl of Cash Flows and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparats'on is applicable law and United Kingdom Accounting Standards, including Financial ReFK)rting Siandard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (United Kingdom Generally Accepted Accounting Practscel. In our opinion the financial ststements: give a true and fair view of the stale of the ¢hanty's affairs as at 5 April 2024 and of ils income and expenditure, for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the quIrernents of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described In the Auditor's responsibilities for the audit of the financial statements section of our report. We a independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical Tesponsibililies in accordance wrth these requirements. We believe that the audit evidence we have obtsined 15 Sufficient and appropriate lo provide a basis for our opinion. Conclu8lon8 relatlng to golng con¢em In auditing the financial stalemenls, we have conclLsded that th8 trustee's use of the going concern basis of accounting in the preparation of the financial stslements 1$ appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectsvely, may cast significant doubt on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities ané the responsibilrties of the tnjstees wth respect to going concem are descrlbed in the relevant sections of this pOrt. Other Informatlon The trustees are responsible for Ihe other inforrnalion contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditols report Ihereon. Our opinion on the financial stalernents does not cover the other Information and. except lo the exlenl otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materi811y inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially rnisstaled. If we identify such materia1 inconsistencies or apparent material misstalemenls, we are required lo detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perforTned, we conclude that there is a material misstatement of this other lnfomi?tn. we are required to report that fact Page 7
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY We have nothing to report in this regard. Matter8 on whlch we are requlred to report by exceptlon We have nothing to report in respect of the folEovAng matte[5 in rela'on to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinKJn: the Infomatn gtven in the finan¢ial Statements is innSIStent in any material respect with the trustees, report,. or Sufficient and proper accounting records have not been kept by the charity., or the financial statements are nol in agreement with the w)untiThJ records and rèturns., or we have not received all the infomation and explanations require for our audit. Rg8pon•lbllltl•8 of tru•te•* As explained more fully In the trustees. respon5ibilrties statement set out on page 6, the trustees are re5ponslble for the preparation of the finanoal ststements and for being sats'sfied that they give a tru8 and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material ml8StatemenC thether due to fraud Of error. In preparing the financial statements, ihe Iruslees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters rekgted to going concem and using the g(Hng concern basis of accounting unless the trustees either intend to liquidate the chaiity or to cease oper8tions, or have no realistic aeMatiVe but to do so. Audltor'• rMpon8lbllltlo• for the audli of the financlal •tat•m•nts We have been appointed as auditor under section 151 of the Charili8s Act 2011, arKI feFQrt In accordance with the Acts and relevanl regulatK>ns made OT having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal statements a$ a whole are free from matsrial misstatement, whether due to fraud or error, and to issue an audilor's report that includes our opinion. Reasonable assurance is a hh level of assurance, is [t a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consided material if. individually or in the aggffjgal&, they could reasonably be exF¢Cted to Infiuence the ewnorn decisions of users taken on the basis of these financial statements. Detsils of the extent to which the audit was considered capable of detecting irregularitie5, including fraud and non•¢ompliance with laws 8nd regulations are set out below. A fiJrther descriptM)n of our responsibilities for the audrf( of the financial stat8ments Is Ir)caled on the Financial Reporting Council's websrte al: www.frc.OT .uklaudilorsres onsibilitses. This descriptKJn fom18 Part of our auditorfs report. Extent to whlch tho audlt w•• con8ldered ¢apable of detectlng IrregularAles, Includlng fraud Irregularities, including fraud. are instances of non-cornpliance laws and regulations. We itlentified and assessed the Tisks of matefial misstatement of the financial statements from irregularities. whether due to fraud or error. and di%cussed these beeen our audit team members. We then designed and perfOrnl audrt pri)cedU5 responsive to those risks, including obtsining audit evidence sufficient and appropriate to provKJe a basis for our opinion. We obtained an understsnding of the legal and regulatory frameworks within which the charity operates, focusing on those lawB and regutation$ that have a direct effect on the determination of material 8mounts and disdosures in the finanaal ststements. The laws and regulats'ons we considered Page 8
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY in this contexi were the Charities Act 2011 togelher the Charities SORP IFRS102) 2019. We assessed the required compliance with these and regul'ons as part of our audit pwdures on the related financial statement rtems. In additlon, we consklered provisions of other and regul8tions that do not have a direct effect on the financlal statements but ¢omplian¢e with whi¢h mKJht be fundamentsl lo the charty's ability to operate or to avoKI a m8terial penally. We also cA)ndered the oppOniti.e5 and incentives that may exist within the charity for fraud. The laws and regulations considered in this context for the UK operations were the Chanty CoMmiN)n regulations. Auditsng stsndards limil the required audit procedures to Klentfy non-compliance with these laws and regulations to enquiry of the Trust868 and other managerrtht and inspection of regulatory and gaI correspondenc8. if any. We identffied the greatest rtsk of material impact on the non4tatutory financial Statements from irregularities, including fraud. to be within the override of contr$ by management. Our audit prCedureS lo respjnd to these risks includ&J enquiries of management and the trustees about their own identr'fication and assessment of the risks of irul0nties, sample testing on the posting of journals, reviewing accounting estimales for bkqses, reviewing regulatory correspondence, and reading mlnules of meth'ngs of th080 charged with governarKe. Owing to the inherent limitations of an audit. there is an unavohdable risk that W8 may not have detected some malerial misstatements in the financial statements, even though we have propedy planned and perfomied our 8udit in 8ccordance with auditing standards. For examp18. thè further removed non4ompliance with laws and regulat#)ns lirregularitiesl is from the events and transactions reflected in the financial statements. the less likety the inherently limrted procedures r6quiffjd by auditing standards would identsfy IL In addition. as wth any audit, there maIned a higher rlsk of non- etection of irre9ularitie8. as these may involve collusion, forpry, intentional omisslons, misrepresentations, or the oveTride of internal controls. We are not responsible for preventlng non- Complian and cannot be expectsd to d8teLt non-compliance wlth all kws and regulatlons. of our report This report 18 madè solely to thè charitys trustee8. as a Ldy, in accordance Part 4 of the Charities IAccounls and ReFs) Regulations 2008. Our audrt work has been undertaken so that we might s18te to the charity's trustees those matters V•e are required to state lo them in an auditor's report and for no other purpose. To the full8St extent permrtted by law, we do not accept or a6sume responsibilty lo anyone other than the charity and the chanty's trustees as a IxJy, for our audit work, for this Teport, or for the opinv)ns we have fofmed. Crowe U.K. LLP Statutory Auditor London Date.. 5 February 2025 Crw U.K. LLP is elWJ1b forsppointrnentas audknroflhe cl it8 efvjthdly for8ppolthrt 8$ 8udor of• company under section 1212 oftt C¢ryan Pd2())6. P8ge 9
GARFIELD WESTON TRUST FOR WESTIAINSTER ABBEY Charty number. 268963 STATEMENT OF FINANCIAL ACTivrriES For the year ended 5 April 2024 Expèndable Dl8cretlonary Endowment Total 2024 Tolal 2023 Note fund• In¢omo and ondowm?nt• Inv•8tment incomo Dividends- equities Interest on cash deposits Total Income and endowments 659.(M)5 17,573 676.578 659,005 17,573 676,578 480,630 4.049 484,679 Exp•ndliur• Co8t• of ralslng fund• Investment management fees Expendltur• on charttabl• actlvltl (2,443) 12,443) 12,3321 Grants made under the scheme {443,6001 (446,932 Total •xp•ndltur• 12,443) Not Income I l•xpendltur•) bèfor• 9alns and l¢)1808 on Inv•8tm•nts 674,135 674138 38,747 Realised gains l (losses) on Investments (2,693) (2,693) 11,811) Unrnali98d (lows) I gain$ on investments 6.932 5,052,326 5.059,258 3,230,432 Net galns on Inve8tmfrnts 4,239 6,052,326 6,066,666 3,228,821 Not movement In funds 678J74 5.052,326 6.730,700 3,268,368 Reconclllallon of funds Fund balances brought forward Fund balances carried foThvard 816,598 1h94.972 20,952,611 26.004,937 21.769,209 27A99,909 18,501,841 21,769,209 All recognised gains arKI losses in the year and trte prevtous 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 continuirs operations. Page 10
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 BALANCE SHEEr As at 5 Apnl 2024 Expendable Dl8cretionary Endowment Funds Totsl 2024 Total 2023 d Fund• Flxed amets Investments 362.814 26.004.937 26,367,751 21,313,219 362,814 26.004,937 26.367.751 21,313,219 Curront 0880ts Cash 8t bank.. Current account 1,095.547 36,930 273 1,095,547 38,930 273 420,078 36,458 Capltal account Dèbtors 1,132,750 1,132,750 466,536 Current Ll•blllti Credhors.. Amounts falling du8 within one year Net curront a•80ts (5921 (5921 1546) 1,132,158 1.132,158 455,990 Nol 1894972 26.004937 27A99,909 21,789,209 Represont•d by: Expandabl• ondowmonl fund8 28,004,937 26,004,937 20,952,611 UnTe8trkted fund• 1,494,972 1,494,972 27,499,909 816.598 Total fund8 1,494,972 26,004.937 21,769,209 The financial statements and accompanying notes ¢)n pages 13 to 16 V**f8 approved by the Trustees, sed for issue and signed on their behalf by= aul Baumann CBE LVO Date: 31 January 2025 Page11
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charty number. 268963 STATEMENT OF CASH FLOWS For the year erKled 5 April 2024 2024 2023 Reconclllatlon of n•t movement In funds to not cash flow from operntlng a¢fjvltl Net movement in funds Oedu¢t totsl ire shown in invesllng adivitss Losses 1 {Gainsl on investrnonts (Decreasé) I Inuease in crèdltors {Increasel l Decrease In debtors N•t ¢a8h u•ed In opor•tlng activit18• 5,730,700 3.267,368 (676,578) {484,679) (5,056,565) (3,228,621) 48 (701 (273) 12,6681 1446,0021 Co•h Ilows Irom Inv•stlnp actfvltl•8.' Interest 8nd dlvldands Proceeds from sales of investmts 876,578 2,031 484,679 63.112 162,968) 484.823 Purchsse of inve8tments N•t •h pmlded I lumd) by In¥tITr9 actlvltl8• 678,609 Ch•ngo In ¢a•h and ca•h equlval•nts In tho yoar Cash and cash equivalents brought forward ¢h •nd u•h •qulval•nt• earl1 lo¥1 675,941 456.536 1,132,477 38,821 417,715 456,538 Page 12
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEMEKrs For the year ended 5 April 2024 Accountlng pollcle• Basis of proparatlon and assttsment ol golng ¢oncwn The accounts are prepared on a goingo)n¢em basis. The financial statements and related rteS have been wepared under the histori¢al st conventK)n wilh items recognised al cost or transa"on Val unless otheTh¥lse stated u) the leVant note(s} to these accounts. The financial slatements have teen prepared in accordance with the Statement of Recommended Pra¢lice.' Accounting and RekTrJrting by Charities preparing their accounts in accordance with the Financial Reporting Standard 8pplicable in the UK and Republ of Ireland (FRS 1021 effective January 2019 the Financial Reporting Standard applicable in the United Kingdom and Republlc of Iland (FR8 1021 and Ihe Charities AGt 2011. Ttte Trust consbtutes a putlC benefft entity as defined by FRS 102. The Trustees wnsider that there are no material uncertaints'es about the Trusvs abil¢ty to contlnue as a going concern. With respect to the next repxts'ng perlod, 2024-25, the most $igniflc8nt areas of uncertainty that affect the carrying value of assets hekl by the Trust are the level of investment return and the perfomanc& of investment markets {see the investrnenl policy and rl$k management seth.ons of the Truste, annual report for more infomiationl. bl Fund8 8tructuro Expendabl• D18¢rotlon•ry Endowmnt fund• Thè charity has expendable end¢)wmenl funds in the fomi of equity in Ag8cKiated Britlsh FoDJ8 plc to assist the Dean and Chapter of Weslminster with the renewal, restoration and maintenance of the fabric of The Collegiate Church of St Peter in Westminster (Westminst8r Abbey). Unmtrlcted fvnd• These fund$ relate to other investrnents and dividends received from both th& expendable endowment and other investsnents and are exFended al the discrets'on of the Tru$le•$ for the renewal. restorats'on and maintenance of the fabric ol The Colleglate chUh of St Peter in We8trnin3tsr cIVe8trninster AbW}. Income r•cognltlon All income is recognised once the charity has entitlemenl to the Income, it Is probable that the Income will b& received and tho amount of Income receivable can be measured reliably. Intèrest on funds held on deposit ts Included en receivable and the amount can be measured reliably by the charity., this is nomally upon not[rtion of the interest paid or payable by the bank. Dividends are reccrfjntsed once the diwdend has been declared and notification has been CeIVed of the dividend due. This is nomidly upon notification by our investment advL8or of the dividend yleld of the investsnent portfolio. Page 13
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity numkr. 268963 NOTES TO THE FINANCIAL STATEIAEKfs (contlnued) For the year ended 5 April 2024 dl Expendllure recognition Liabilities are recognised as expendtlure as soon as there is a legal or constructwe obllgatlon commrtting the charty to that expenditure, it is probable that settlement will be reqLired and the amount of the obligation can b8 measured relkqbty. Atl expenditure is accounted ft)r on an wuals ba$is. Grants payable are payments madè to Weslminster Abbey in the furtherance of the charitable objects of the Trust and ar8 rets)gnised the earlierof notyfi¢ation to the recipient of the grant award or payment Ing made. Costs of rn18lng funds Th8 costs of generating funds consist of invesknent management costs and certaln legal fees. Flxod a88•t Invo8tments Investments are a fom of bask finaniial In¥trumont and are initially recognised at theirtransaction value and subsequenlty measured at their fair value as at the balance sheet date using the closing quoted market price. The bKI prte has been used for the PUTwses of valuation. As the Investments are IiquKI the drffenc• beknn MKI and bid prlce considered to be immaterial in the context of the total portfolio. The statement of financial activi Includes the net gains and loss88 arising on revaluation and di$posa15 throughout the year. The Trust doe8 not aquire wt opllons, der1V8tp or otrw compl&x financlal In8trum8nts. The main fOn of financial risk faced by the ¢hanty is that of volalllity in equity markets and Investment maTkets due to wlder economt conditions. Ihe atiitude of Investors lo investment sk, and changes in sentim8nt conceming equities arKI within particular sectors or sub sector8. h) Reall8od galns and108 I gains and losses are taken to the Statement of Financial Activitres as they arise. Reall8ed galns and losses on investments are cakulated a8 the different behveen sale8 proceed$ and their opening carrying value or their purchase value if acquired subsequent to the flrst day ol the financlal year. Unrealised gains 8nd k)sses are ¢at¢ulaled as the drfference between the f8ir value at the year end and their carying value. Realised and unrealised investment gains and losses combined in the Statement of Financial ActivrtEs. Page 14
GARFIELD WESTON TRUST FOR WESThIINSTER ABBEY Charlty number. 268963 NOTES TO THE FINANCIAL STATEMEKfs Icontlnued) For the year ended S April 2024 Gross dlvldonds and int0rn8t Income 2024 2023 Associated British FocJs p Other listed investments Dividends received 646,353 12,652 659,005 470,760 9,870 480.630 Interest receNed 17,573 676.578 4,049 484,679 In 2024, Investment income of £676,57812023: £484,679) was attnbutable to unrestricted fund5. Inve8lm•nt mlnagemont foo8 In 2024, investment managem8rrt and administration fees ot £2,44312023'. £2,332) were attributsble to unrestrthd funds. Grants In 2024, no grants were i88Ld (2023: £443,600> from unrestricted funds. galn• I110•è8) on Inve•lm•nt• In 2024. net investrnent galn8 of £4,239 vme recognlsed agalnst unrestrtcted funds12023". losses of £24,689I, Unrealised gains of £5.052,326 were recognised against the expendable endowment funds12023.' gains of £3,253.310}. Tru•t,8 Remunoratlon No Trustee8 received any remunernuon or expenses durin9 the year12023.' none). There are nil12023.' nil) staff empfoyed by the Trust. The general adMinistratn is undertakan by the employees of the Dean and Chapter ofWe8tminster (see note 9) Page 15
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEMEKfs (conlinuod} For the year ended 5 Arrfil 2024 Flxed A88et Investments 2024 2023 Opening market value Unrealised (losses) I gains during the year Realised (losses) I gains during the year Sales Purchases CIo8lng m•rkot valu• 21,313,219 5,059,258 {2,6931 {2,0321 18,084,742 3,230,432 {1,811) 163,1121 62,968 21,313,219 26,367,752 HlstOFical cost as at 5 April 351.790 359,124 Unreallsed galns based on hlstorkal cost 26.015.962 20,954.095 Flxed a88•t InvMtm•th e¢>mprf•e Ilthd InvMtmeni• al follow8: 1,077,255 Ordlnary 8hares In ASSOCI Brilish Foods pk Other listsd Investments Total value of listed invéstments 26,004,937 362,815 26,367.752 20,952.611 360,608 21,313.219 Fund• EXndable Ol$¢r•tlonary Endowment fund• Total 2024 fund8 The funds are represented by the followlng assets.. Fixed assets Net current assets 362,814 1.132,158 1,49S,972 26,004,937 28,367,761 1,132,158 27,499,909 26,004,937 R•lat•d party transactlons The audrt fee of £7.08012023.. £6,750) has been funded by The Dean and Chapter of Westrninster, and the accounts a ppared under the auspi of The Dean and Chaptsr of Westrminster. Page 16