WESTON PROVIDENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 CONTENTS PAGE REFERENCE AND ADMINISTRATION INFORMATION OF THE FUND TRUSTEES, REPORT INVESTMENT REPORT FOR THE YEAR ENDED 5 APRIL 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF WESTON PROVIDENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 li BALANCE SHEET 12 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 13 NOTES TO THE FINANCIAL STATEMENTS 14 WESTON PROVIDENT FUND REFERENCE ANDADMIN15TRATION INFORMATION OF THE FUND Charlty Number.. 283311 Address: 50151 Russell Square London WCIB 4JU Tru5tees'. John B3son, chairman David Yiend Iresigned 24 May 2Q211 Kari Rodgers Helen Byrne Secretary to the Trustees.. Karen Bennett AudÉtor'. Ernst & Young LLP Apex plaza Forbury Road Re8ding RGI IYE Banker.. Bank of Scotland citymark 150 Fountainbridge Edinburgh EH3 9PE Investment Manager: Fidelity Investment Seiviees Limited Kingswood Fields Millfield Lane Tadwoith Surrey KT20 6RP Sollcitor.. Herbert Smlth Freehllls LLP Exchange House Primrose Street London EC2A 2EG WEsfoN PROVIDENT FLIND TRUSTEES, REPORT The Trustees present their Annual Report along with the finanelal statements of the Fund for the year ended 5 April 2021. The financial statements have been prepared in accordance with the a¢counting policies set out on paEe 14 and comply with the Fund's Trust Deed, the Charities Act 2011 and Accc>unting and Reporting by Charities.. St2tement of Recommended Practice applicable to charities preparinÉ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland published October 2019. Objectives and activities The Weston Provident Fund (the 'Fund"I was established with the purpose to relieve poverty amon8 employees, former eThployee5 and dependants of suth employees of UK companie5 of the AsSOC13ted Brit15h Foods Group IABFI. Achlevements and performance Every yeai since 1981, the Tru5toes have provlded grants lo pensloners in the defined bonefit section and retired members from the deflned contributlons section of the Asstsclated British Foods Pension Scheme who fulfil certaln criteria together with a small number of elderly Insured pensioners. The Trust@es have continued Ihe prartlcÈ of recent years to tsrget grant5 for pensioners over 65 years of age whrj have worked for an ABF company in the UK for 13 years or more lor the dependants Of such pensioners). For the December 2￿9 grants and those in sub5equBnt years, the Tiustees have requested each potential beneficiary to submit a statement of mean5 before being considered for a grant, Grants were not awarded to individuals who did not provide a Statement of means nor to those that the Trustees did not con51der to be living in poverty. Applications for special £rants at any time ol the year continue to be considered on an individual basis. The Trustees intend tD continue with this giant-making policy for the foroseeable future. The total athount paid out in grants each December and May are decided by the Trustees after havlng regard to the amount of income earned by the Fund's inve5tmpnts. Arising from the December 2020 grant exercise a total of 1,214 grants were i%sued IDecen)ber 2019.. 1,1671 totalling £1,193.600 (December 2019.. £924,500). In December 2020 all gronts were foi £600 IDecember 2019.. £6001 and in May 2021 all grEnt5 were for £300 Imay 2020.. £3001. Most grants have been paid direct to the recipients, bank accounts. There were 20 special grants paid during the year totalling £91,45012020- 4 grants totalling £12.3501. As well as grants, the Fund continues to pay monthly pensions. The number of people in receipt of pensions from the Fund at the year end was 212020.. 11. The Trustees have continued tts raise awareness of the Fund within thè ABF HR communily. This ha5 meant more people who are in flnanctal need have been directed to towards the Fund for help. The Trustees have al50 discussed the support that can be provided to people who find themselves in financial need at no fault Of their own due to the impact of th& Covid-19 pandemic. None of the Trust@es, nor an¥ connected person, has ever recelved any grant, benefit or remuneration from the Fund (although Tru51ee5 may be reimbursed frorr the Fund for travel and subsistence expenses in attending meetir3851. Financial revlew Donations to the Fund have been made from time to time by the Trustee5 of the Garfield Weston Foundation. Except for 38,665 ordinary shares in Associated Britlsh Food5 plc which are held dlrectly by the Fund and cash balance5 kept with Bank of Scotland, the accumulated investments of the Fund 3re managed by the Fund's Investment Manager. Historically, income from thè investments was returned to the Fund's Trustees in order for them to pay grant5 and pension5 as well as the ongoing expenses of admlnistering the Fund. However, since February 2020 the Trustee h35 reir)ve5ted the Invè5trnent Income and wlll disinvest the required funds to cover grant payments when required. The assets are invested in 3n income generatlng blended fund wÈth Fidelity. the Fidelity Multi Asset Income Fund. The fund has a strategic allocatlon (>f approximately 40Yd in Income Assets, 30% in Hybrid Assets and 30Yo in Grtrwth Assets. WESTON PROVIDENT FUND TRUSTEES, REPORT Icontlnuedl All don3tions, together with the accumulated capltal appreciation, are held within the Expendable Endowment which will normally be treated a5 Capltal funds but may, at the discretion of the Trustee5, be applied as income in furtherance of the objectives of the Fund. All accumulated investment income over and above the cost of benefits and expenditure is treated as Unrestricted Funds. From the original donations of £6.Im the Fund has earned income of £24.7m since 1981 whlch has been used as shown in the diagram below= £-0.73m retained £3.10tn Investment man8getnÈnl and other expenses £22.43m benefits paid 90.47% As at 5 April 2021, the Unrestricted Funds arnounted to £721,074 compared to the Investment income for the year of £990,163. The Trustees continue to monitor the accumulated surplus of income over expenditure. Plans for future perlods The Trustees continue to monitor the criteria they use to determine to whom grants should be paid. They are also monitoring the investment returns, particularly in view of the current economicclimate, to ensure that the Fund has sufficient resources to continue 8raNt5 at similar levels in future. The Trustees consider expenditure on grant payments over the year against the level of income generated by the investment return5. There are no material uncertainties about the Fund'5 ability to continue as a going concern. There are no 'entitlement to benefits, payable from WPF so from a value of the Fund perspective, if this falls a5 a result of Covid-19 the Trustees would 5tlll be in a position to meet the f3irly rnodest number of adhoc grant requests that are received. The level of pensioner grants that are now paid in December and May are declded on annually. This 15 established on the number of recipient5 who have qualified based on their response to a statement of means and also the fund5 available for distribution. The Fund manager shares monthly reports on the value of the fund with the Trustees so fund performance is visible between the meeting dates. Structure, governance and management The Fund was established by Trust Deed in June 1981 and is registered as charity number 283311. DurlnE the year David Yiend resigned frorn the board. There are no plans for a replacement to be appointed. Training was provided to all new Trustees pre Covid-19 lockdown in the form of on-site meetings with the SecTetaryof the Fund and theA8F Group Pen5ion5 Finance Team who produce the Annual Report and Accounts. Vlrtual on-line Investment training has been provlded to the Trustees by Fidelity. Update5 on relevant legislative and regulatory changes are norrnally provided by the Secretary who draws on a numbeT of sources, including the ChaTlty Commission website 3nd rnatters advised by the Fund's auditor. The Trustees also consider the use of web- based training and external courses where these may be cost effective. Trustees Tecelve periodic investment updates and formally meetwith the Investment Manager twice a year to appropriately forecast the level of investment income to be generated. In term5 of day to day management, all Trustees are communlcated with regard to applications for financial asslstance. All large ad- hoc grant5 require two or mole Trustees to be in agre@ment before payment is made with small grants being approved by the Secretary to the Trustees and the Pensions Dlreetor. WESTON PROVIDENT FUND TRUSTEES, REPORT lcontinuedl Reference and admlnistrative details The names of the current Trustees are listed on page 2. The power to appoint or remove any of the Trustees is vested in the Chairman of A550Clated Hritish Foods plc. Having no employees of its own, the Fund is administered on behalf of the Trustees by the ABF Group Pension5 Department at 50151 Russell Square. London, WCI8 41U. Publlc benefii 'Public benefit" IS the legal requirernent that every organisation set up for charitable aims must be able to demonstrate that Its aims re for the benefit of the public. The Fund h3S the aim of relleving poverty which the Trustee5 discharge principally by providing Brants to poor elderly people at a time of the year when the Trustees consider that the extra money will be of most as515tance. In recognition of the fa¢t thai beneficlaries are not just in financi31 need durin8 the winter months, the Trustees have aereed to make two payrnents per year, the largest being paid in Decernbei followed by another one in the Spring. Benefit 55 provided to a section of the public, being individua15 who have worked for or are a dependant of someone who has worked for a UK company within the Associated British Foods Group. Apart from this requirement ther@ are no geographical or other restrictions. The Trustees confirm that they have referred to the guidance contained in the Chdrity Commission's eeneral Euidance on public benefit when reviewing the Fund's aims and Objectiv￿ and in planning future actlvities and setting the grant making policy for the year. In January 2011 the Attorney-General referred to the Charity Tribunal the question ol whether employer-related charitles such as the Fund satisfy the public benefit test. The Tribunal decision confirmed the charitable status of approximately 1,500 registered charities that were established for the Felief of poverty amongst benefi'ciarles who are defined by reference to a persot), organisation or employer. For the Fund this means it can now contlnue to pursue its objectives without fear of falling foul of the public benefit requirement set out in the Act. Rlsk management The Tiustee5 have identified the operational and financial risks which the Fund facès ir> a Risk Managernent Review and have established controls Intended to rnitigate those risks. The Risk Management ReviEw is revi51ted at least annually. The prinupal risks identifled, and Steps taken to mitigate these risks by the Trustees are.. Reduction or loss of capital- mc)nthly Investment reports are Issued tc> the Trustees for review Insufficient income bank reconciliations and cashflow monitorin& together with accumulated investment income calculations Ineli8ible or f¥audulent claimants- all grant claims are investigated and annual grants are paid to existing pensioners whom are subject to ID and mortality checks Unrlotified deaths of benefi£ia¥ies- mortality checks are completed F31se or misleadin8 accounts- accounts are pr2pared in accordance with internal controls, the financial framework ISORPI and are subject to an @xternal independent audit WESTON PROVIDENTFUND INVESTMENT REPORT FOR THE YEAR ENDED 5 APRIL 2021 UK Market Review Global equities, as meastsred by the MSCI World Index. performed positively over the year. After the Covid-19 dTiven crisis In early 2020, equities rallied amid large-5cale policy measure5 unveiled globally to mitigate the economic Impact of the pandemic. The resumption in economi£ activity amid the easing of lockdown Measures across countries and positive news 2round Covid-19 vaccines and treatments also supported investor sentlment. Notably, encouraging vatcine trials and the subsequent rollout of vaccinatlon pro8rammes to combat the viru5 globally In the second hall of thp. year fuElled optimism towards the ongoing economic recov@ry. However, vaylous wave5 of rising infèctions and the re-imposition of targeted mobilily restrictions in many regions, as well as concerns over new, more InfectiOU5 Covid-19 strains kept markets volatile. Against this global backdrop4 all key regional equity market5 ended higher. From a sector perspective, consumer discretionary. materials and infc>rmation techntrlogy were amonB the leading performers. Global bond markets gEnerated mixed retums over the year, with corporate bonds outperforming government bonds. After witne55ing the most aggressive sell-off in risk assets with the spread of the Covid-19 pandemic in March 2020, risk sEntimer)t Yebounded sharply. The massive monet3ry and fiseal stimulus on a Elob31 scale helped reverse the credit spread widening. Credit spreads continued to tighten in 2021 amid growing optimism regarding an economic recovery and risin8 Covid-19 vaccinationk. In contrast, government bonds witnessed a year of two halves. Yields fell in the first hallas investors turned to safe haven asse15 arnid fears over the pandemic but rose in the second half Eiven the momentum in recovery. Slnce the start of 2Q21, both nominal and real yields, i.e. inllation-adjusted yields, have risen sharply. Inve5tor5 priced in a positive outlook on growth and inflètion, with most developed markEI economies expected to reopen and rebound strongly in 2021. Longer-teim US Treasury yields rose amid higher domestic fiscal stimulus and on hopes that vaccines would spark an economic recovery. Eurozone and UK government bond yields also rose, tracking US Treasuries higher. Investmènt Pollcy The target asset allocation for the Fund is 40% in Income Assets, 30Yo In Hybrid Assets and 30% in Growth Assets. Broad-based, trend-like growth and favourable flnancial condltlons ¢ombined to create a supportive backdrop for risky assets. Investment Performan The portfolio returned 16.7YD over the year. The Fund does not have a benchmark, rather It ha5 an objective tts deliver a sustainable income stream of 4-6% p.a. over a market cycle, with low volatility and capital preservation, which was achieved by th& Fund. The capital value of the Fund rose from £20.9m to E23.7m over the year and Income received tsver the year totalled £990,163. (Source fDr èll performance data.. Fidelity Internationall WESTON PROVIDENT FUND STATEMENT OF TRU5TEES' RESPONSIBILITIES IN RESPECT OF THE TRU5TEES' ANNUAL REPORT AND FINANCIAL STATEMENTS The Trustpes are responsible ftsr preparing the Tmstees, Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wale5 requires the Trustees to prepare financial statements for each financial year. Under the law the Trustee5 have prepared the financial statements in accordance with United KinÈdom Accounting Standard5 Iunitp.d Kingdom Generally Accept@d Aecounting Practice) including FRS 102'The Financièl Reporting Standard 3ppllcable in the UK and Republic of Sreland,. Under charity law the Trustees must not 3pprove the financial statements unless they are satisfied that they give a Irue and fair vlew of the state of affairs of the Fund and of net income or expenditure and application of re5ource5 of the Furhd for that period. In preparing these financial statements, the Trustees are required to= Select suitable accounting policies and then apply them consistently- Make judgments and estim8tes that are reasonhble and prudent- State whether applicable accountinE Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Piepare the financial statements on the going Concern basis unles5 It 15 inappropriate to pre%umethatthe Fund will contirkue in operation. The Trustees are responsible for keeping adequate accountlng records th3t are sufficient to show and explaln the Fund's tran5a¢tions and disc105e with reasonable accuracy at any time the firkancia1 position of the Fund and enable. thgm to ensure that the financial state.ments t(>mply with the Chaiiti25 Att 2011, the Charily IAccountS dnd Report51 RÈgulations 2008 and the provisions of the Trust Deed. They are also responsible for 5afeguardlng the a55ets of the Fund and hence for taking iea5Dnable steps for the prevention and detectlon of fraud and other irregularities. Dlsclosure of Informatlon to the Audltor The Trustee5 who held office at the date of approval of the TTUStee5' report confirm that, 50 far as they are aware thère is no relevant audit information of which the Fund's auditor 15 unaware. Each Trustee has taken all the sleps that they ought lo have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Fund's auditor is aware of that information. Audltor Ernst & Young LLP will continue in office a5 auditor of the Fund for the next financial year. The financial statement5 were approved by the Trustees on air of the Truste Secretary to the Trustees ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WESTON PROVIDENT FUND** ## **Opinion** We have audited the financial statements of Weston Provident Fund (the ‘Fund’) for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement Cash Flows and the related notes 1 to 12 _**,**_ including as summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”. In our opinion the financial statements: - give a true and fair view of the state of the Fund’s affairs as at 5 April 2021 and of its net expenditure and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Fund’s ability to continue as a going concern for a period of twelve months from date of approval of the financial statements. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Trustee’s ability to continue as a going concern. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 8 ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WESTON PROVIDENT FUND (CONTINUED)** Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** As explained more fully in the Trustees’ responsibilities statement set out on page 7, the Trustees are responsible for the preparation of the financial statements 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 preparing the financial statements, the Trustees are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements 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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise 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 financial statements. 9 ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WESTON PROVIDENT FUND (CONTINUED)** ## _**Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**_ Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. - We obtained an understanding of the legal and regulatory frameworks that are applicable to the Fund and determined that the most significant are the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, FRS102 The Financial Reporting standard applicable in the UK and Republic of Ireland” and the Statement of Recommended Practice: “Accounting and Reporting by Charities preparing their accounts in accordance with the The Financial Reporting standard applicable in the UK and Republic of Ireland. - We understood how the Fund is complying with those frameworks by making enquiries of the Trustees. We corroborated those enquiries through review of the minutes of Trustees’ meetings. - • We assessed the susceptibility of the Fund’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements and documenting the controls that the Fund has established to address risks identified, or that other wise seek to prevent, deter or detect fraud. In our assessment we considered the risk of management override. Our audit procedures included testing manual journals, including segregation of duties. - Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved making enquiries of the Trustees for their awarenessof any noncompliance with laws or regulations and review of minutes of meetings of the Trustees. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Fund's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Ernst & Young LLP Statutory Auditor Newcastle upon Tyne 28 January 2022 Ernst & Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 10 WESTON PROVIDENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 ilnreslricted Fund5 2021 Expendable Endowment 2021 Total Funds 2021 Total Funds 2020 Note INCOME AND ENDOWMENTS Investment income 990.163 990,163 993,630 Total incomlne 12sou¥ces 990,163 990,163 993,630 EXPENDITURE Cost5 of gEneratln8 funds Investment management Costs 87,090 87,090 88,358 Expenditure on charitable activlties Annual grants to individuals Special grants to IndSvlduals Pension5 to individuals 1,266,930 93,250 3.083 1,266,930 93,250 3.083 996,549 13,340 4,432 Cost of grant maklng 1,363,263 1,363,263 1,014,321 Total Expendlture 1,450.353 1,450,353 1,102,679 Net expendlture and net movement in funds before galns on investments 1460,1901 1460,1901 1109,0491 Net galns on Investments 27.792 2,714,933 2,742,725 12,507,265) Net movement In funds 1432,3981 2,714,933 2,282,535 12,616,314) RECONCILIATION OF FUNDS Total fund5 brought forward 302,475 20,857,434 21.159,909 23,776,223 Transfer between settlon5 850,997 1850,9971 Total funds carried forward 721,074 22,7ZI,370 23,442,444 21,159,909 The notes on pages 14 to 17 form part of these financial statements. The Fund has no recogni5ed gains or losses other than the net movement in funds for the year. The net expenditure and resulting net movernent in funds arise from continuing operations. The transfer between sections relates to the rebalance of the Expendable Endowrnent and Unrestricted Funds held at year end. WESTON PROVIDENTFUND BALANCE SHEET At 5 April 2021 Note 2021 2020 Fixed 35sets Investment5 23,740,195 2D,857,434 Current a55ets Debtors Cash at bank 73,309 79,722 153,031 74,506 543,125 617,631 Creditors.. amounts falling due within one year io 1450,7821 1315,1561 Net current Iliabilit£ésl/ assets 1297,7511 302,475 Total a55ets less current liabilitles li 23,442,444 21.159,909 The funds of the Fund Unrestricted Expendable endowment li li 721,074 22,721,370 23,442,444 302,475 2D,857,434 21,159,909 Authorised for issue by the Trustees on and signed on its behalf bv 1ll1lToTL Ir of the Tr ees secretary to the Trustees The notes on pages 14 to 17 form part of these financial Statements. 12 WESTON PROVIDENT FUND STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 Statement of cash flows Note 2021 2020 Cash flows from operating activities.. Table I 11,314,849) 1872,0051 Net cash provided byllus@d inl operatln8 activities Cash flows from investing activltle5 Dividends and interest from investments Proceeds from sale of investments Purch35e of investments Net cash provided byllused inl Investing activitles 991,482 875,669 11,015,705) 851,446 995,504 113,049 1148,6521 9S9,9QI Change in cash and cash equivalents in the year Cash and cash equivalents 3t the beginning of the year Cash and cash equivalents at the end of the year 1463,4031 543,125 79,722 87,8g6 455,229 543,125 Table 2 Table l.. Reconciliatlon of net movement In funds to nèt cash flow from operating actlvlties 2021 2020 Net Fmovement in funds Deduct interest income shown in investlng activlties Deduct gainsladd back losses on investments Iincreasel/decrease In debtors IDetreasel/increa5e in creditors NÈt cash used in operating activtties 2,282,535 Ig90,1631 12,742,725) 11221 135,626 11,314,849) 12,616,314) 1993,630 2,507,265 106 230,568 1872.005 Table 2.. Analysls of cash and cash equivalents 2021 2020 Notlce deposits (less than 3 months) Total ta5h and cash equivalents 79,722 79,722 543,125 543,125 13 WESTON PROVIDENT FUND NOTES TO THE FINANCIAL STATEMENTS BASIS OF PREPARATION These financial statements have been prepared under the historical cost convention a5 modified by the inclusion of investments at mark@t value. The financia5 Statements have been prepared in accordance with the Statement of Recommended Practice. Accounting and RepDrting by Charities p¥eparlng their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireled to special grants as a fee per payrnent and pensions to individuals based as a fee per pensioner in payment at the year end. Idl Reallsed and unTeallsed gains and losses Reali5ed gain5 and losses on the disposal of investmenis are recognised in the Statement of Financial Activlties on the basis of the difference bEtween sale prO￿edS and historical cost. Unrea115ed galns and losse5 3risè from the revaluation of investments to year end market values. lel Reserves The Trustees do not have a policy fDr maintaining rescrve5. Amount5 held within the Expendable Endowment which will normally be treated a5 Capltal funds but may, at the discretion of the Trustees, be applled ès income in fuithErance of the objectives of the Fund. All accumulated investment incorne over and above the cost of benefits and expenditure is treated as Unrestricted Funds. The net current liabilities of the fund will from time to time be negative. The pooled Investments held by the fund are hlghly liquid and therefore thE Trustees £3n withdraw funds where necessary in OTder to make payments. WESTON PROVIDENT FUND NOTES Icontinuedl INVESTMENT INCOME 2021 2020 Dividends frDm directly held UK equities Income from Multi Asset Fund Interest 011 cash deposit5 17,921 972,944 2,765 993,630 989,715 448 990.163 INVESTMENT MANAGEMENT COSTS 2021 2020 Investment management fees 87,090 88,358 ALLOCATION OF GOVERANCE AND SUPPORT COSTS The breakdown of supporr ¢ost5 and how these were alloc3ted betWEen governance and other support C05t5 for the year ended 5 Aprll 2021 is shown the table below.. Total allocated Governance related other support costs Bank charges Administration costs Comrnunications CompEtrter con5ultan¢y 183 50.000 9,644 7,117 66,944 183 35,000 9,644 7,117 51,944 15,000 15,000 Governar)ce Costs 2021 2020 Audit fees Infcirwation Commissioner charges Legal foes Trustee meetlng expenses. Accounting and secretarial labovel 8.000 200 7,800 124 9,688 366 15,000 32,978 15.000 23,200 *Tru5tees were reirnbursed B lotal of nil12020.. two Trustees, E3661 from the Fund during the year for travèl and subslsten¢e i attending Trustee meetin85. The support costs are mostly attrlbutablp. to the provision of annual grants to individua15 Wjth a fixed fe8 per member and a fixed fee per payment allocated to pension5 and special gr(Int5 to individuals retrospectivèly. The Trustees have decided to meet all support and governance costs from Unrestricled funds and so no allocation or charge is made to restricted funds for any of these costs. 15 WESTON PROVIDENT FUND NOTES Icontinuedl EXPENDITURE ON CHARITIABLE ACTIVITES Support and governance costs Breakdown of costs 2021 Grant funded Tot85 Annual grants to indlviduals Special granis to individuals Pensions to indivsduals 1,193,600 73,330 1,800 14 75.144 1,266,930 93.250 3,083 1,363,263 3,069 1,288,119 Support and governance Costs Breakdown of costs 2020 Grant funded activities Tot31 Annual gr8nts to individuals Spècial grant5 tu ir)dividuals Penslons to indlviduals 924,500 12,350 4,418 941,268 72,049 990 14 73.053 996,549 13,340 4,432 1.014,321 Support and governance c05t5 In the year to 5 AprS12021 include £50,00012020,. £50,000) in respect of servlces provided by the ABF Group Pension5 Department (seé note 121. INVESTMENTS Market Value 2020 Realised and Unre31ised Galns and Losses Market Value 2021 Sales Proceeds Purchases Fidelity Mult5 Asset Fur¥d UK Equities Idirectly heldl 20,185,049 672.385 20,857,434 1,015,705 1875,6691 2,467,430 275,295 2,742,725 22,792,515 947,680 23,740,195 1.015,705 1875,6691 The thange in market value of Investment5 compri5e5 all increases and decreases in the market value of investments held at anv time during the year and includes profits and losse5 iealised on sales of investments during the year. DEBTORS 2021 Z020 Accrued investment income Rebate due from investment manager 66,968 6,341 73,3U9 68,287 6,219 74,506 CASH ATBANK 2021 2020 Current account 79,722 543,125 io. CREDITORS: amounts falllng due wlthih one year 2021 2020 Accrued expense5 Accrued grants 86,182 364,600 50.782 90,356 224,800 315,156 Accrued expense5 at 5 April 2021 include £50,00012020: £50,0001 In respect of seivice5 provided by the ABF Group PEnsions Department for that year Isee note 121. 16 WESTON PROVIDENT FUND NOTES IcontSnuedl 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assets Total 2021 Investments Unrestricted funds Expendable Endowrnent 1,018,825 22,721,370 23,740,195 1297,7511 721,074 22,721,370 23,442,444 1297,7511 Net Current Assets Total 2020 Investments Unrestricted funds Expendable Endowment 302.475 3Q2,475 20.857,434 21,159,909 20,857,434 20,857,434 302.475 As d15closed on page 4, amount5 held within the Expendable Endowment which will normally be treated a5 capital funds but may, at the discretion of the Trustees, bE applied as inctsme in furtherance of the objectives of thé Fund. All accumulated investment income over and above the cost of beneflts and expenditure is treated as Unrestricted funds. 12. RELATED PARTY TRANSACTIONS In addition to the investments held with Fidelity, the Fund holds 38,66512020.. 38,6651 share5 in AsSOClated Brltish Foods plc, valued at £947,68012020.. £672.3851. Dividends received durinÉ the ygar from the Assoclated Britisli Foods shares totalled £nll12020.- £17,921). None of the Trustees, nor any connected person, has ever received any grant. benefit or remuneration fiom the Fund (although Tru5tee5 are reimbursed from the Fund for travel and sub51Stence expenses in attending meeting5 a5 described in note 51. The Fund has no employ&es of its own and is adminislered on behalf Of the Tru5tee5 by the ABF Group Pensions Department at 50151 Russell Square, London, WCIB 4JU. The Trustees have accrued £50,000 in these financlal Statements a5 an estimate of ihe cost of services provided by the ABF Group Pensions Dep8rtthent for the yeaT to 5 April 2021. These costs are includod the financial statemenls 35 follows.. 2021 2020 Within tharitable activitles Within governance cost5 35,000 15.000 50,QOO 35,000 15,000 50,000 17