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 appl￿ble 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 res￿nsIbIlIt￿5, 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 a￿1vItIeS 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 Collegi*e 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 Sovere￿n..
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 I￿land.
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 Abbe￿9 Quinquennial review of the
condltion of the Abbey's buildiThJs and precincts, $ubje¢t to receipt of grant ap￿￿tionS 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 fina￿la1 year 202>24.
The primary equty holdin9s supporb'n9 the Trusfs endOYm￿nts have 0)ntinL￿1 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 profesS￿nal hjndraisers.
R￿erVeS 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 prOv￿1n9 adequately for the restor*'on tr) wh￿h 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 trI￿ds. 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 r￿kS 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 fu￿re 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 m*n•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 ￿)1￿10$ and then appty them consistenlly,
observe the methods and princip* in the ap￿￿ble Charities SORP:
make judgements arKI estimates that are reasonabbg and p￿￿ent
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$ines6.
The Trustees are responsible for keeping proper accounting re￿rdS which disclose with ￿8$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 be1￿1r 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?t￿n. 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 Infomat￿n gtven in the finan¢ial Statements is in￿nSIStent 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 a￿eMatiVe 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 h￿h 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 conside￿d 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 be￿een our audit team members.
We then designed and perfOrn￿l audrt pri)cedU￿5 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)n￿dered the oppO￿niti.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 CoMmi￿N)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
prC￿edureS lo respjnd to these risks includ&J enquiries of management and the trustees about their
own identr'fication and assessment of the risks of ir￿ul0nties, 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 L￿dy, in accordance Part 4 of the
Charities IAccounls and ReF￿s) 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 Ix*Jy, 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 for8ppolth￿rt 8$ 8ud*or 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 ir￿e 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 investm￿ts
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 r￿teS
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
I￿land (FR8 1021 and Ihe Charities AGt 2011.
Ttte Trust consbtutes a put￿lC 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 chU￿h 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[r￿tion 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 reqL*ired and the
amount of the obligation can b8 measured relkqbty.
Atl expenditure is accounted ft)r on an wuals ba$is.
Grants payable are payments madè to Weslminster Abbey in the furtherance of the charitable
objects of the Trust and ar8 rets)gnised the earlierof notyfi¢ation to the recipient of the grant award
or payment ￿Ing made.
Costs of rn18lng funds
Th8 costs of generating funds consist of invesknent management costs and certaln legal fees.
Flxod a88•t Invo8tments
Investments are a fom of bask finaniial In¥trumont and are initially recognised at theirtransaction
value and subsequenlty measured at their fair value as at the balance sheet date using the closing
quoted market price. The bKI prte has been used for the PUTwses of valuation. As the
Investments are IiquKI the drffe￿nc• beknn MKI and bid prlce considered to be immaterial in
the context of the total portfolio. The statement of financial activi￿ Includes the net gains and
loss88 arising on revaluation and di$posa15 throughout the year.
The Trust doe8 not aquire wt opllons, der1V8tp￿ or otrw compl&x financlal In8trum8nts.
The main fO￿n 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 Foc*Js 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 i88L￿d (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 adMinistrat￿n 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•
EX￿ndable
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￿ p￿pared under the auspi￿ of The Dean and Chaptsr of
Westrminster.
Page 16