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2022-04-05-accounts

REFERENCE AND ADMINISTRATION
INFORMATION
OF THE FUND
TRUSTEES' REPORT
INVESTMENT REPORT FOR THE YEAR ENDED 5 APRIL 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND
FINANCIAL STATEMENTS 7
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WESTON PROVIDENT FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
BALANCE SHEET 12
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022 13
NOTES TO THE FINANCIAL STATEMENTS 14

Charity Number: Charity Number: 283311
Address: 50/51 Russell Square
London WC1B4JU
Trustees: John Bason, Chairman
David Yiend (resigned 24 May 2021)
Kari Rodgers
Helen Byrne
Secretary to the Trustees; Karen Bennett (resigned 7 July 2022)
Peter Morris (appointed 7July 2022)
Auditor: Ernst 8 Young
LLP
Apex Plaza
Forbury
Road
Reading RG1 1YE
Banker: Bank ofScotland
Citymark
150Fountainbridge
Edinburgh
EH3 9PE
Investment Manager: Fidelity Investment Services Limited
Kingswood
Fields
Millfield
Lane
Tadworth
Surrey KT20 6RP
Solicitor: Herbert Smith Freehills LLP
Exchange House
Primrose Street
London
EC2A 2EG

Unrestricted Expendable Total Total
Note Funds Endowment Funds Funds
2022 2022 2022 2021
E E E E
INCOME AND ENDOWMENTS
Investment
income		 973,826 973,826 990,163
Total incoming
resources		 973,826 973,826 990,163
EXPENDITURE
Costs ofgenerating
funds
Investment
management		 costs 88,170 88,170 87,090
Expenditure
on charitable		 activities
Annual
grants to individuals		 1,247,061 1,247,061 1,266,930
Special grants to individuals 47,101 47,101 93,250
Pensions to individuals 1,125 1,125 3,083
Cost ofgrant making 1,295,287 1,295,287 1,363,263
Total Expenditure 1,383,457 1,383,457 1,450,353
Net expenditure
and net movement
funds before gains on investments		 in (409,631) (409,631) (460,190)
Net gains on investments 7 (13,467) (1,020,881) (1,034,348) 2,742,725
Net movement
in funds		 (423,098) (lp020,881) (1,443,979) 2,282,535
RECONCILIATION
OF FUNDS
Total funds brought
forward		 721,074 22,721,370 23,442,444 21,159,909
Transfer between
sections		 913,119 (913,119)
Total funds carried forward 1,211,095 20,787,370 21,998,465 23,442,444

At 5 April 2022
Note 2022 2021
E E
Fixed assets
Investments 22,066,851 23,740,195
Current
assets
Debtors 230,933 73,309
Cash at bank 143,225 79,722
374,158 153,031
Liabilities
Creditors: amounts falling due within one year 10 (442,544) (450,782)
Net current
(liabilities)/		 assets (68,386) (297,751)
Total assets less current liabilities 21,998,465 23,442,444
The funds ofthe Fund
Unrestricted 1,211,095 721,074
Expendable endowment 20,787,370 22,721,370
21,998,465 23,442,444

Note 2022 2021
E E
Cash flows from operating
activities:		 Table 1 (1,391,178) (1,314,849)
Net cash provided
by/(used
in) operating		 activities
Cash flows from investing
activities
Dividends
and interest from investments		 64,673 991,482
Proceeds from sale ofinvestments 24,576,114 875,669
Purchase ofinvestments (23,186,106) (1,015,705)
Net cash provided
by/(used
in) investing		 activities 1,454,681 851,446
Change
in cash and cash equivalents		 in the year 63,503 (463,403)
Cash and cash equivalents
at the beginning		 ofthe year 79,722 543,125
Cash and cash equivalents
at the end		 of the year Table 2 143,225 79,722
able 1:Reconciliation
of net movement		 in funds to net cash flow from operating activities
2022 2021
E E
Net movement
in funds		 (1,443,979) 2,282,535
Deduct interest income shown
in investing		 activities (973,826) (990,163)
Deduct gains/add
back losses on investments		 1,034,348 (2,742,725)
(Increase)/decrease
in debtors		 518 (122)
(Decrease)/increase
in creditors		 (8,239) 135,626
Net cash used in operating
activities		 (1,391,178) (1,314,849)
able 2:Analysis ofcash and cash equivalents
2022 2021
E E
Notice deposits
(less than 3 months)		 143,225 79,722
Total cash and cash equivalents 143,225 79,722

3. INVESTMENT INCOME 2022 2021
f f
Dividends
from directly		 held UK equities 15,659
Income from Multi Asset
Interest on cash deposits		 Fund 958,167 989,715
448
973,826 990,163
4. INVESTIVIENT MANAGEMENT COSTS 2022 2021
E f
Investment
management		 fees 88,170 87,090
5 ALLOCATION
OF GOVERANCE AND SUPPORT COSTS
The breakdown
ofsupport
costs
5 April 2022 is shown
in the table		 and how these were allocated
below:		 between governance and other support costs for the year ended
Total allocated Governance Othersupport
related costs
f f f
Bank charges 232 232
Administration
costs		 50,000 15,000 35,000
Communications
Computer
consultancy		 4,104
5,265		 4,104
5,265
59,601 15,000 44,601
Governance
Costs		 2022 2021
f f
Audit fees
Information
Commissioner		 charges 8,000
111		 8,000
200
Lega I fees 1,893
Accounting
and secretarial		 (above) 15,000 15,000
25,004 23,200

EXPENDITURE ON CHARITIABLE ACTIVITES EXPENDITURE ON CHARITIABLE ACTIVITES EXPENDITURE ON CHARITIABLE ACTIVITES EXPENDITURE ON CHARITIABLE ACTIVITES EXPENDITURE ON CHARITIABLE ACTIVITES EXPENDITURE ON CHARITIABLE ACTIVITES
Support and
Breakdown
ofcosts		 2022 Grant funded governance
activities costs Total
f f f
Annual grants to individuals 1,179,900 67,161 1,247,061
Special grants to individuals 44,671 2,430 47,101
Pensions to individuals 1,111 14 1,125
1,225,682 69,605 1,295,287
Support and
Breakdown
ofcosts		 2021 Grantfunded governance
activities cos'ts Total
f f f
Annual grants to individuals 1,193,600 73,330 1,266,930
Special grants to individuals 91,450 1,800 93,250
Pensions to individuals 3,069 14 3,083
1,288,119 75,144 1,363,263
and governance
costs in the year to		 5 April 2022 include f50,000(2021:f50,000) in respect ofservices provided by the ABF
ensions Department (see note 12).
INVESTMENTS
Market Reahsed
and		 Market
Value Sales Unrealised Value
2021 Purchases Proceeds Gains and 2022
Losses
f f f f f
Fidelity Multi Asset Fund 22,792,515 23,937,118 (24,576,114) (721,935) 21,431,584
UK Equities (directly held) 947,680 (312,413) 635,267
23,740,195 23,937,118 (24,576,114) (1,034,348) 22,066,851
nge
in market value		 of investments comprises all increases and decreases in the market value of investments held at any
ing the year and includes profits and losses realised on sales ofinvestments
during the year.
sed
on		 page 6, the investment fund with Fidelity moved from the distribution
share class		 to the accumulation share class.
DEBTORS 2022 2021
f f
Accrued investment income 225,110 66,968
Rebate due from investment manager 5,774 6,341
Other debtors 49
230,933 73,309
CASH AT BANK 2022 2021
f f
Current account 143,225 79,722

10. CREDITORS: amounts falling due within one year 2022 2021
E E
Accrued expenses 91,564 86,182
Accrued grants 350,980 364,600
442,544 450,782
Accrued expenses at 5 April 2022 include f50,000 (2021; E50,000) in respect of services provided by the ABF Group Pensions
Department
for that		 year (see note 12).
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Net Current
Assets		 Total
2022
E f f
Unrestricted funds 1,279,481 (68,386) 1,211,095
Expendable Endowment 20,787,370 20,787,370
22,066,851 (68,386) 21,998,465
Net Current Total
Investments Assets 2021
E f E
Unrestricted funds 1,018,825 (297,751) 721,074
Expendable Endowment 22,721,370 22,721,370
23,740,195 (297,751) 23,442,444

2022 2021
E f
Within charitable activities 35,000 35,000
Within governance costs 15,000 15,000
50,000 50,000