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 S0Ve￿Ign..
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 aff￿nd 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 reqUI￿d 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 p￿ventiOn 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 prepa￿d 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 p￿ParIng 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 a￿ayS 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 be￿een 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 COns￿ered 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 Cor￿spondence. 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 ￿rt￿P 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
DI￿￿tIonary
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 lnvestrr￿nts
(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
C￿h 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 be￿een 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 rep￿Sented 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