GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY (Registered Charity: 2689631 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity numkr. 268963 TRUSTEES REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2025 Contents Pagels) Trustees, Report Report of the Auditors Statement of Financial Activities 10 Balan Sheet Statement of Cash Flows 12 Notes to the accounts 13-18
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 TRUSTEES. REPORT For the year ended 5 April 2025 The Trustees have pleasure in presenting their annual P)rt together with the financial statements for the year ended S April 2025. The financial statement5 have been prepared in accordance with the accounting policies set out In note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities". Statement of Recommended Pracb"ce applicable lo charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The accounts are prepared through the au5pw of the Chapter Office, Weskninster Abbey. at no cost to the Charity. Structure, governance and rn¥n•gement The Garfield Weston Trust for Westminster Abbey fThe Trust°} was created as an expendable endowment by a Deed of Trust dated 19 November 1974. Under the terms of the Trust Deed, as varied by a Charty Commission Scheme dated 17 July 1998. the Trustee Body consists of four r¢ominaled Trnslees and up to four c¢X)Pted Trustees. The nominated Trustees musl be appointed, tsvo by Ihe Garfeld Weston Foundation and two by The Dean and Chapter of Weslminsler. Each co-opted Trustee must be appointed by a resolution of the TfU$tees, and each appointment of a nominated or c(popted Trustee must be made for four years. Trustees are given informal training as part ol their induction lo the charity. This training involves explaining the Trustees responsibilitres, as noted on page five lo the financial statemen15, the role they are expected lo take and the involverrent in the charity that this entsils. The Trustees and their advisor al the date of this report are detailed below.. Trustees Appointed by the Garfield Weston Foundation Sir Guy H Weston Mr George G Weston Appointed by the Dean & Chapter of Westminster Mr Paul Baumann CBE LVO The Very Reverend Dr David Hoyle KCVO MBE Page 1
GARFIELD WESTON TRUST FOR WESTMINSTER ABBE Chartty number.. 268963 TRUSTEES, REPORT Icontinued) For the year ended 5 April 2025 Oblectlves and activfties for the publlc benefft The Charity was established with ar, expendable endowment lo assist the Dean and Chapter of Westminster with the renewal, resloralion and maintenance of the fabric of The Collegiate Church of St Peter in Westminster Iweslminsler Abbeyl- Westminster Abbey is totally seK-supporting financially. It receives no assistance from the Church Commissioners. or from the GovernmenL The capital. in the lorni of equrty in Associated British Food5 pl¢, was given by the Weston family for this sole purpose and the family's generosity is reflected in the Charty's equity holding of Associated British Foods plc, the family business. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's objectives and in planning fvture 8clivities and settlng the granl making polw. The live key elements of the Westminster Abbey's mission are.. To offer daily divine Worship to Almighty God and sourCe the Church in this vocation.. To serve the S0VeIgn.. To proclaim the Gospel to the nation and Commonweallh, celebrating the distincttve witness of the Christian faith and engaging with public life". To provide a sate, welcoming and inspiring environment for all who come to the Abbey., To care for the precious resources entrusted lo us: our people. buildings. heTitage and money, The Trustees believe that financially assisting the maintenance of Westminster Abbey's fabri¢ is a key requirement in providing the Abbey's public benefft and in sats'sfying this part of the Abbey's mission, Trusteg8' re5ponslbllltlM In relallon to the flnanclal Statements The Trustees are sponsIble for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice) including FRS 102, the Financial Reporting Standard applicable lo th? UK and Republic of Ireland. Flnanclal rnvlow and achlevements of the year Al the end of the year, the total resources of the Tru$1 amunled to £23,352,65212024.' £27,499,909). Investment income for the Trust increased from £676,578 to £1.014,119. The nel income of £945,173 before losses on investments of £5.092,430 for the year contrasts with net income of £674,135 before gains on investments of £5.056,565 in 2024. The Trustees agreed to fund work identified in Westminster Abbey's Quinquennial review of the condition of the Abbey's buildings and precincts. subieGt to receipt of grant applications for completed works. Grants from the Trust are made in retrospect upon presentation of statements for completed work. It is the nature of the work that expenditure is variable and does not always coincide with the Trust's fi'nancial year. Page 2
GARFIELD WESTON TRUST FOR WESTMINSTER ABBE Charty number.. 268963 TRUSTEES. REPORT (continued) For the year ended 5 April 2025 Over the last three years, Ihe TTU5t ha5 provided the following grants for woths identified. Financial year ending 05 April Grants {£) 2023 2024 2025 Total 443.600 66.495 510,095 Ouring the year a grant application IDr £66.495 was approved to enable the abbey lo offset preliminary maintenance costs incurred lo date in respect of properties within the Abbey s preoin¢ts. No grants were issued in 2023-24. The primary equity holdings supportt'ng the Trust's endowments continue lo be exposed lo broader market volatility, however continue lo provide signrfKanl dividend tUrn lo enable the Trust to meet grant claims as they are made by the Abbey. The Trustees do not consider the to be cause to affnd either the Investment or Risk Management policies at this lime. Fundral8Sng As the Charity's income is 501ely genera16d through investments, the Charity makes no use of fundraising and has not engaged with professional fundraisers Ra88rv88 Poll¢y The level of the reserves is determined by the long-lerm material need for the restoration work of Westminster Abbey and the commitment of the Trustees to finance defined works in the coming years. Investment Poll¢y The investment objective of the charity is lo maintain the real value of its capital, at the same time maximising income, thus providing aoequalety for the restoration work to whi¢h the charity 18 committed. The Trustee$ intend that the real value of the Trusvs capital be enhanced through holding Stock for the long term and for the mediurn- term funding requirements holding a divefsified portfolio of equities nd bonds. Investments are reviewed by Tru¥tees at their meetings, and Ihe Trustees have appointed Brewin Dolphin as investment advisors. Page 3
GARFIELD WESTON TRUST FOR WESTMINSTER ABBE Charity number.. 268963 TRUSTEES. REPORT {continued) For the year ended 5 April 2025 R18k Managernent The Trustees have assessed the major risk$ to which the charity is exposed and a satisfied that systems are in place to miligale the charity's exposure lo these risks. The Trustees consider variability of investment returns on the Expendable Discretionary Endowment to constitute the Gharity's major financial risk. and recent extreme volatility in world stock markets has highlighted this ll5k. The Trustees appreciate the risks related to holding the majority of the Trust's investments in one particular stock. The Trustees are confident in the ftjture perfomiance of this investment and believe it will provide appropnate retums over the longer term. Future Plans and Oblectlves The key objectives of the Trustees are to rnaxirnise returns to support Westminster Abbey in carryin9 out required restoration work. Golng Concorn The Trust ha5 a negligible cost base. no employees and an income solely derived from the performance of its investments. lIe the Trustees are acutely aware of the exposure lo market volalilily and in particular the impact on ils non-diveTsified investment strategy, the investment valuations are Still sufficient lo enable the Trust to meet rt5 charitable objective5. The Trustees consider the Trust to have adequate resource lo remain in operation for the foreseeabl& future and theffl0 Continue to adopt the going concem basis in the preparation of the finanGial slalemenls. Page 4
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 TRUSTEES. REPORT (continued) For the year ended 5 April 2025 Legal and Admlnistrative Infomiation Contact narne and telephone number Paul Baumann CBE LVO 020 7222 5152 Reglstered Offlco Weston Centre 10 Grosvenor Street London W1 K 4QY Bankers Barclays 8ank PIC 1 Churchill Place Canary Wharf London E14 SHP Investment managers Brewin Dolphin 12 Smilhfield Street London EC1A 98D Sollcltors Charfes Russell Speechtys 5 Fetter Lane London EC4A 1 RS Audltorn Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Page 5
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charty number.. 268963 TRUSTEES. REPORT (continued For the year ended 5 April 2025 Statement of Trustees, Responslbllities The law applicable lo charities in England and Wales requires the charity trustees to prepare financial ststemenls for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. of the charity for that period. In preparing the financial statements, the Tnjstees are reqUId to.. select suitable accounting policies and then apply them consistenUy- observe the methods and principles in the applicable Charities SORP.. make judgements and estsmates that are reasonable and prudent.. stale whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements: prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper a¢¢ounling records whlch disclose with reasonable accuracy al any lime the financial position of the Gharity and lo enable them lo ensure that the financial statements comply with the Charities Act 2011, the applicable Charities IAcGounls and Reports) Regulations and the provision5 of the Trust deed. They are also responsible for safeguarding the assets ol the chanty and taking reasonable steps for the pventiOn and detection of fraud and other irregularities. Approved by the Trustees and signed on their behaw by- mann CBE LVO Dale.. 23 January 2026 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 Garfield Weston Twst for Westminster Abbey for the year ended 5 April 2025 which comprise the Statement of Financial Aclivilies, Balance Sheet, Ststement of Cash Flows and notes to the financial stslement5, 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 Reporting Standard 102 The Financial Reporting Standard applicable in the UK and RepubliG ol Ireland {United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the Gharity's affairs as al S April 2025 and of its income and expenditure. for the year then ended., have been properly prepared in accordance with United lQngdorn Genefally Accepted Accounting Practice.. and have been prepad in accordance with the requirements of the Charities Act 2011. Ba818 lor oplnlon We conducted our audit in a¢¢ordance wrth International Stsndards on Auditing IUKI (ISA$ IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibi5ilies for the audit of the financial statements sects.on of oyr report. We are independent of the charity in accordance with the ethical requirements Ihal are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in a¢cordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclu81on8 relatlng lo golng concem In auditing the financial slatemenls, we have concluded that the trustee's use of the going Concern basis of aGcounling in Ihe preparatbon ol the financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least months from when the financial statements are authorised for issue. Our re5ponsibililies and the SpOnsibl1((leS of the trustees wf(h respect to going concem are described in the relevant sections of this report. other Information The trustees are responsible for the other infomialion contained within the annual report. Th& other information comprises the infomation included in the annual report, other than the financial slalemenls and our auditor'5 report thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explieitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislenl with the financial statements or cur knowledge obtained in the audit or otherwise appears to be malerialty mi55tated. If we identsfy such material inconsistencies or apparent material misstatements, we are required lo detemiine whether this gives rise to a material misslatemenl in the financial statements themselves. If. based on the work we have performed, we conclude that there is a malenal misstatement of this other information. we are requiied to report that fact. Page 7
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY We have nothing to report in this regard. Matters on whlch we aro required to report by exception We have nothing lo report in respect of the following matter5 in relation to which the Charities {Ac¢ounls and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the finanGial 5taternents is inconsistenl in any material respect with the trustees, report,. or sufficiertl and proper accounting records have not been kept by the charity," or the financial statements are not in agreement with the accounting records and returns- or we have not received all the Informatson and explanations we require for OUT audit. Responsibllitles of trustees As explained more fully in the trustees. responsibilities Statement sel out on page 6, the trustees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal 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 pParIng the financial slalemenls, the trustees 8re responsible fof assessing the charity's ability lo continue as a going concern, disclosing. as applicable, matters related lo going ooncern and using the going concern basis of accounting unless the ITuslees either intend to liquidate the charity or to Cease operations, or have no realistic allernalive bul lo do so. Auditorf8 responslbllltles for tho audlt of the flnaTr¢l•l statements We have been appointed as auditor under section 151 of the Charities Act 2011. and report In accordance with the Acts and relevant regulations made or having effe¢l Ihereund8r. Our objectivè8 are lo obtain Teasonable assurance about whéther the financial statèments as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in a¢cordan¢e with ISAS IUKI will aayS detect a material misstatement when il exists. Misslatemenls can ar15e from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finanGial slatemenls. Details of the extent to which the au(Jrt was considered capable of detecting irregulariknes, including fraud and non-compliance with laws and regulations a set out below. A further descript50n of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting Council's website at.. www. .uklauditorsres ibilrties. This description forms part of our auditor's report. Extent to whlch the audit was consldered capable of detectlng Irrggularitles. Including fraud Irregularities, including fraud, are ins18nces of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these beeen our audit team members. We then designed and perfomed au¢Jil procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations 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 context were the Charities Act 2011 logether with the Charities SORP IFRS10212019. 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 regulation5 that do not have a direct effect on the financial slateThnts bul compliance with which might be fvndarnental to the charity's ability to operate or to avoid a material penaty. We also COnsered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in thi5 context for the UK operations were the Charity Commission gUlations. 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 le9al correspondence, if any. We identified the greatest risk of material impact on the non-slatulory financial statements from irregularities. including fraud, lo be within the override of ¢onlrols by management. Our audit procedures to respond to these risks included enquiries of management and the trustee5 about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting eslimales for biases. reviewing regulatory Corspondence. and reading minutes ot meetings of those Charged with governance. Owing lo the inherent limitations of an audit, the is an unavoidable risk that we may not have detected some material misstalemenls in the financial stalemenls. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further rernoved non-compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial slalemenls, the less likely the inhefenuy limited procedures required by auditin9 standards would identify IL In addition, as with any audit, there remained a higher risk of non- detection of irregularities, as these may Involve collusion, forgery, intentional omissions, rnisrepresentalions, or the overnde of internal controls. We are not responsible for prevenb'ng non- compliance and cannot be expecle(J to detect non-compliance with all laws and regulations. U80 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 Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the chanty's Iruslees as a body, for our audrt work. for this report, or for the opinions we have formed. Crowe U.K. LLP statutory Auditor London Date= 2 February 2026 Cr¢x¥e U.K LLP el¥ible for appointmeni as audrtor of the charity by rtP of ts ekgibilty for appointrnent a$ athliior of 8 ompany undor sectien 1212 of C¢mpan*$ Act 2Cth. Page 9
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 April 2025 Expendable Dlscretlonary Endowrnent fund8 Unrestricted funds Total 2025 Totsl 2024 Note Income and endovmients Investment income Dividends - equities Interest on cash deposits Total Income and endowments 981,407 32,712 981.407 659,005 17,573 676,578 32,712 1,014.119 1,014,119 Expendlture Costg of ralslng fund8 Investment management fees Expendlture on charltable actlvltle8 12.451) 12.451 } 12,4431 Grants made under the scheme (66.4951 {68,9461 {66.495) {68,9461 Total gxponditure 12,4431 Net Income l {expendlture) before galn8 and losses on nvestments 945,173 945,173 674,135 Realised (losses) I gains on investments 129,8061 129,8061 12,6931 Unrealised Ilossesl I gains on investments 38,178 15.100,802) {5,062,624) 5,059,258 Ngt1108sesl I galns on Investments 8,372 15,100,802) 15.092,4301 5,056,565 Net movement In funds 953,54S {5,100,8021 14.147.257) 5,730,700 Reconciliatlon of funds Fund balances brought forward Fund balances carried forward 1.494,972 2.448,517 26,004.937 20,904,135 27.499.909 21,769,209 23.352.652 27,499,909 All recognised gains and losses in the year and the previous year have been included in the Stslemenl of Financial Activities. The results for the yeor and the previous 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 2025 Expendable DItIonary Endowment Funds Unrestricted Funds Total 2025 Total 2024 Note Flxed assets Investments 394.541 20.904,135 21,298,676 26,367,751 394,541 20,904,135 21,298,676 26,367,751 Current a880ts C8sh at bank.. Current a¢counl 2,043,352 10,813 2,043,352 10,813 1,095,547 36,930 Capital account Debtor5 414 414 273 2.054.579 2,054,579 1,132,750 Currgnt Llabllltl•s Credilor5'. Amounts lalling due within one year Net current a88et8 1603) 16031 15921 2,053.976 2.053,978 1,132.158 Not ass•t8 2,448.517 20,904,135 23,3S2,652 27,499,909 Represented by: Expendable endowment fund8 20.904,135 20.904,135 26,004,937 Unrestrlcted funds 2,448.517 2,448,517 1,494,972 Total fund8 2,448,517 20,904,135 23,352,652 27,499.909 The financial statements and accompanying notes on pages 13 to 16 were approved by the Trustees, orised for issue and signed on their behalf by-. mann CBE LVO Date." 23 January 2026 Page 21
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number. 268963 STATEMENT OF CASH FLOWS For the year ended 5 April 2025 2025 2024 Reconclllatlon of net movernent in funds to net cash flow from operating activities Net movement in funds Dedu¢t lolal income shown in investing activities Losses I (Gains) on lnvestrrnts (Decrease) I Increase in creditors Ilncreasel l Decrease in debtors NBt cash u8Bd in opgratlng actlvltles (4.147,257) 11,014,119) 5.092,430 5,730.700 1676,5781 15,056,565) 48 11 11411 169,076) 12731 (2,6681 Cash flows from Inv•$tlng Ktlvftles.. Interest and dividends 1,014,119 676,578 Proceeds from sales of investments 119.887 2,031 Purchase of investments 1143.2421 990,764 Net ¢a8h provlded l {usedl by Invesllng actlvltles 678,609 Change In c88h and cash equlvalents In tho y•ar Cash and cash equivalents brought forward Ch and cash oqulvalgnts carrled forwanl 921,688 1,132,477 675,941 456,536 2,054,165 1,132,477 Page 12
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2025 Accountlng pollcles Basis of preparation and assessment of going concern The accounts are prepared on a going-concem basis. The financial statements and related notes have been prepared under the historical cost ¢onvention with items recognised at cost or transaction value unless otherwise slated in the relevant notelsl lo these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective January 2019 the Financial Repoth'ng Standard applicable in the United lQngdom and Republic of Ireland IFRS 1021 ané the Charities Act 2011. The Trust constitute5 a publiG benefft enb'ty as defined by FRS 102. The Tru51ee5 consider that the are no material uncertainties about the Trust's ability lo continue as a going concern. With respeet to the next reporting period, 2025-26. the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets Isee the Investment policy and risk management sections of the Trustees. annual report for more informalionl. b} Funds structur Expendable Dlscretlonary Endowrnent fvnd$ The charity has expendable endowment fvnds in the form of equity in Associated British Food8 plc lo assist the Dean and Chapter of Westminster with the renewal, restoration and rnaintenan¢e of the fabriG of The Collegiate Church of St Peter in Weslminsler (Westminster Abbey). Unrestrlcted funds These funds relate to other investments and dividends ceiVed from both the expendable endowment and other investments and are expended al the discretion of the Trustees for the renewal, re51oralion and maintenance of the fabric of The Collegiate Church ol St Peter in Westrninster (Weslminsler Abbey}, Income recognition All income is recognised once the charity has entitlernent to the income. it is prob8ble that the Income will be received and the amount of in¢ome e1Vable can be measured reliably. Interest on Thjnds hekl on deposlt is included when weivable and the amount can be measured reliably by the charity., this is normalty upon notification of the interest paid or payable by the bank. Dividend5 are recognised once th& dividend has been declared and notification has been received of the dividend due. This is nornially upon notification by our investment advisor of the dwidend yield of the inveslment portfolio. Page 13
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEMENTS Icontlnued) For the year ended 5 April 2025 dl Expenditure recognition Liabilities are recognised as expenditure as soon a5 there is a legal or conslruct've obligation committtng the charity to that expenditure. il is probable that settlement will be required and the amount of the obligation can te measure(i reliably. All expenditure is accounted for on an xcruals basis. Grants payable are payments made to Westminster Abbey in the furtherance of the charitable objects ol the Tnjst and are recognised the earlier of notification to the re¢ipient of the grant award or payment being made. Costs of raising funds The costs of generating funds consi$l of investment managernent $t$ and certain legal fees. gl Flxed asset Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their tsir value as at the balance sheet date using the closing quoted market price. The bid price ha$ been used for the purposes of valLsalion. As the investments are liquid the difference beNveen mid and bid price 1$ considered to be immaterial in the context of the total portfolio. The ststemenl of financial activities includes the net gain5 and losses arising on revaluation and disposals throughout the year. The Trust does not acquire pul options. defivatives or olher complex financial Instruments. The main form ol financial risk faced by the charity is that of volatility in equity markets and inv95tmenl markets due to wider economi¢ ¢ondilions, the atb'lude of investors lo investment risk, and changes in senlirnent con¢erning equities and within particular sectors or sub sectors. h} Rea118ed galns and Ios¥o8 All gains and losses are taken to the Statement of Financial Activib'es as they arise. Realised gains and losses on investrrents are ¢al¢ulaled as the difference beeen sales proceeds and their opening carying value or their purchase value if acquired subsequent lo the first day of the financial year. Unreallsed gains and losses are calculated as the difference between the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of FinanGial AGlivities. Page 14
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity nurnber. 268963 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 5 April 2024 Gr088 dlvidends and interest Income 2025 2024 Associated British Foods plc Other listed investments Dividends reGeived 969.530 11.877 981.407 646,353 12,652 659,005 Interest received 32,712 1,014,119 17,573 676,578 In 2025, investment income of £1,014.11912024'. £676,578) was attributable to unre$lri¢ted funds. Invèstment managoment fee8 In 2025, investment management and administration fees of £2.451 {2024.' £2,443) were attributable lo unrestricted funds. Grants In 2025, grants totslling £66,495 were issued12024.' Nil) from unrestricted funds. Net galns l {1088081 on Inve8tments In 2025, net investment gains of £8,372 were recognised against unrestricted funds12024.' gains of £4,239>. Unrealised losses 01 £5.100,802 were recognised against the expendable endowment funds12024'. gains of £5.052,326>. Tru8tee'8 Rernunoratlon No Trustees received any ffjmuneration or expen$e$ dunng the year12024.' none). There are nil12024'. nil) 51aff employed by the Trust. The general adminlstralion is undertaken by the employees of the Dean and Chapter of Westminster (see note 91 Page15
GARFIELD WESTON TRUST FOR WESTMINSTER ABBEY Charity number.. 268963 NOTES TO THE FINANCIAL STATEMENTS (eontlnued) For the year ended 5 April 2025 Flxed Asset investments 2025 2024 Opening market value Unrealised Ilo$ses} I gains during the year Realised (losses) I gains ¢Juring the year Sales Purchases Closlng market value 26,367,751 {5,062,6241 129,8061 1119,8871 143,242 21,298,676 21,313,219 5,059,258 12,6931 12.0321 26.367,752 Hlstorical ¢ost as at 5 April 346,322 351.790 Unrealised gains based on hi$lon¢al cost 20.952.354 26,015,962 Flxed asset Investments comprfse 118ted Investments as follovrn: 1,077,255 Ordinary sha$ in Associated Brlb'sh Foods plc other listed investments Total value of listed investments 20,904,135 394,541 21,298,676 26,004,937 362.815 26,367,752 Fund8 Expendable Dl8cretlon8ry Endowmgnt fund8 Unrestrlcted funds Total 2025 The funds are repSented by the following assets.. Fixed assets Net Current assets 394,541 2.OS3,976 2,448.517 20.904,135 21,298,676 2,053,976 23,352,652 20.904,135 Related party tTan8actlons The audit fee of £7,30012024-. £7,080) has been funded by The Dean and Chapter of Westminster, and the accounts are prepared under the auspices of The Dean and Chapter of Westminster. Page 16