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