| CONTENTS | PAGE | ||
|---|---|---|---|
| REFERENCE AND ADMINISTRATION INFORMATION |
OF THE FUND | ||
| TRUSTEES' REPORT | |||
| INVESTMENT REPORT FOR THE YEAR ENDED | 5 APRIL 2023 | ||
| STATEMENT OF TRUSTEES' RESPONSIBILITIES | IN RESPECT QF THE TRUSTEES' ANNUAL | REPORT AND | |
| FINANCIAL STATEMENTS | 7 | ||
| INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WESTON PROVIDENT FUND |
|||
| STATEMENT QF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 | |||
| BALANCE SHEET | |||
| STATEMENT OF CASH FLOWS FOR THE YEAR | ENDED | 5 APRIL 2023 | |
| NOTES TO THE FINANCIAL STATEMENTS | 14 |
| Charity Number: | Charity Number: | 283311 | ||||
|---|---|---|---|---|---|---|
| Address: | 50/51 Russell Square | |||||
| London WC1B 4JU | ||||||
| Trustees: | John Bason, Chair ofthe meetings | (resigned 12 | July 2023) | |||
| Sue Whalley, Chair |
ofthe meetings | (appointed | 12July 2023) | |||
| Kari Rodgers | ||||||
| Helen Byrne |
||||||
| Secretary | to the Trustees: | Karen Bennett (resigned | 7July 2022) | |||
| Peter Morris (appointed | 7 July 2022) | |||||
| Auditor: | Ernst R Young LLP | |||||
| R+ | ||||||
| 2 Blagrave Street | ||||||
| Reading | ||||||
| RG1 1AZ | ||||||
| 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 | |||
| 2023 | 2023 | 2023 | 2022 | ||||
| f | f | ||||||
| INCOME AND ENDOWMENTS | |||||||
| Investment income |
1,083,377 | 1,083,377 | 973,826 | ||||
| Total incoming resources |
1,083,377 | 1,083,377 | 973,826 | ||||
| EXPENDITURE | |||||||
| Costs ofgenerating funds |
|||||||
| Investment management |
costs | 76„995 | 76,995 | 88,170 | |||
| Expenditure on charitable |
activities | ||||||
| Annual grants to individuals |
1,172,218 | 1,172,218 | 1,247,061 | ||||
| Special grants to individuals | 21,618 | 21,618 | 47,101 | ||||
| Pensions to individuals | 509 | 509 | 1,125 | ||||
| Cost ofgrant making | 1,194,345 | 1,194,345 | 1,295,287 | ||||
| Total Expenditure | 1,271,340 | 1,271,340 | 1,383,457 | ||||
| Net expenditure and net movement funds before gains on investments |
in | (187,963) | (187,963) | (409,631) | |||
| Net gains on investments | (2,497,306) | (2,497,306) | (1,034,348) | ||||
| Net movement in funds |
(187,963) | (2,497,3061 | (2,685,269) | (1,443,979) | |||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds brought forward |
1,211,095 | 20,787,370 | 21,998,465 | 23,442,444 | |||
| Transfer between sections | 392,337 | (392,337) | |||||
| Total funds carried forward | 1,415,469 | 17,897,727 | 19,313,196 | 21,998,465 |
| Fixed assets | |||
|---|---|---|---|
| Investments | |||
| Current assets | |||
| Debtors | |||
| Cash at bank | |||
| Liabiliti es | |||
| Creditors: amounts | falling due within one year | 10 | |
| Net current assets/(liabilities) | |||
| Total assets less current | liabilities | ||
| The funds ofthe Fund | |||
| Unrestricted | |||
| Expendable | endowment |
| 2023 | 2022 |
|---|---|
| f | f |
| 19,151,536 | 22,066,851 |
| 384,445 | 230,933 |
| 194,846 | 143,225 |
| 579,291 | 374,158 |
| (417,631) | (442,544) |
| 161,660 | (68,386) |
| 19,313,196 | 21,998,465 |
| 1,415,469 | 1,211,095 |
| 17„897,727 | 20,787,370 |
| 19,313,196 | 21,998,465 |
| Note | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| f | ||||||||
| Cash flows from operating | activities: | Table 1 | (1,294,996) | (1,391,178) | ||||
| Net cash provided by/(used |
in) operating | activities | ||||||
| Cash flows from investing | activities | |||||||
| Dividends and interest |
from investments | 396,776 | 64,673 | |||||
| Proceeds from sale of investments | 1,350,360 | 24,576,114 | ||||||
| Purchase of investments | (400,519) | (23,186,106) | ||||||
| Net cash provided by/(used |
in) investing | activities | 1,346,617 | 1,454,681 | ||||
| Change in cash and cash equivalents |
in the | year | 51,621 | 63,503 | ||||
| Cash and cash equivalents | at the beginning | ofthe year | 143,225 | 79,722 | ||||
| Cash and cash equivalents | at the end | of | the | year | Table 2 | 194,846 | 143,225 | |
| able 1:Reconciliation of net movement |
in | funds to net | cash flow from operating | activities | ||||
| 2023 | 2022 | |||||||
| f | ||||||||
| Net movement in funds |
(2,685,269) | (1,443,979) | ||||||
| Deduct interest income shown in investing |
activities | (1,083,377) | (973,826) | |||||
| Add back losses on investments | 2,497,306 | '1,034,348 | ||||||
| Decrease in debtors | 1,257 | 518 | ||||||
| Decrease in creditors |
(24,913) | (8,239) | ||||||
| Net cash used in operating | activities | (1,294,996) | (1,391,178) |
| Table 2:Analysis | of cash and cash equivalents | ||
|---|---|---|---|
| 2023 | 2022 | ||
| f | f | ||
| Notice deposits | (less than 3 months) | 194,846 | 143„225 |
| Total cash and | cash equivalents | 194,846 |
| PROVIDENT FUND (continued) |
||||
|---|---|---|---|---|
| INVESTMENT INCOME | 2023 f |
2022 f |
||
| Dividends from directly held |
UK equities | 16„897 | 15,659 | |
| Income from Multi Asset | Fund | 1,066,480 | 958,167 | |
| Interest on cash deposits | ||||
| 1,083,377 | 973,826 | |||
| INVESTMENT MANAGEMENT | COSTS | 2023 f |
2022 f |
|
| Investment management |
fees | 76,995 | 88,170 |
| The breakdown of |
support costs and how these were allocated between | support costs and how these were allocated between | support costs and how these were allocated between | support costs and how these were allocated between | governance | and other support costs for the year ended | and other support costs for the year ended | and other support costs for the year ended |
|---|---|---|---|---|---|---|---|---|
| 5 April 2023 is shown | in | the table | below: | |||||
| Total allocated | Governance | Other support | ||||||
| related | costs | |||||||
| f | f | f | ||||||
| Bank charges | 271 | 271 | ||||||
| Administration | costs | 50,000 | 15,000 | 35,000 | ||||
| Communications | 6,450 | 6,450 | ||||||
| Computer | consultancy | 5,490 | 5,490 | |||||
| 62,211 | 15,000 | |||||||
| Governance | Costs | 2023 | 2022 f |
|||||
| Audit fees | 8,146 | 8,000 | ||||||
| Information | Commissioner | charges | 35 | 111 | ||||
| Legal fees | 1,893 | |||||||
| Accounting | and | secretarial | (above) | 15,000 | 15,000 | |||
| 23,181 | 25,004 |
| EXPEN | DITURE ON CHARITIABLE ACTIVITES | |||
|---|---|---|---|---|
| Support and |
||||
| Breakdown ofcosts 2023 | Grant funded | governance | ||
| activities | costs | Total | ||
| E | f | f | ||
| Annual | grants to individuals | 1,105,800 | 66,418 | 1,172,218 |
| Special | grants to individuals | 17,658 | 3,960 | 21,618 |
| Pensions to individuals | 495 | 14 | 509 | |
| 1,123,953 | 70,392 | 1,194,345 | ||
| Support and |
||||
| Breakdown ofcosts 2022 | Grant funded | governance | ||
| activities | costs | Total | ||
| 'E | E | f | ||
| Annual | grants to individuals | 1,179,900 | 67,161 | 1,247,061 |
| Special | grants to individuals | 44,671 | 2,430 | 4?,101 |
| Pensions to individuals | 1,111 | 14 | 1,125 | |
| 1,225,682 | 69,605 | 1,295,287 |
| Market | Realised and | Market | ||||
|---|---|---|---|---|---|---|
| Value | Sales | Unrealised | Value | |||
| 2022 | Purchases | Proceeds | Gains and | 2023 | ||
| Losses | ||||||
| f | f | f | f | |||
| Fidelity | Multi Asset Fund | 21,431,584 | 932,351 | (1,350,360) | (2,614,073) | 18,399,502 |
| UK Equities (directly held) | 635,267 | 116,767 | 752,034 | |||
| 22,066,851 | 932,351 | (1,350,360) | (2,497,306) | 19,151,536 |
| DEBTORS | 2023 | 2022 | ||
|---|---|---|---|---|
| f | ||||
| Accrued investment | income | 379,879 | 225,110 | |
| Rebate due from investment | manager | 4,566 | 5,774 | |
| Other debtors | 49 | |||
| 384,445 | 230,933 | |||
| CASH AT BANK | 2023 | 2022 | ||
| f | ||||
| Current account | 194,846 | 143,225 |
| CREDITORS: amounts | falling due within one year | 2023 | 2022 f |
|---|---|---|---|
| Accrued expenses | 80,831 | 91,564 | |
| Accrued grants | 336,800 | 350,980 | |
| 417,631 | 442,544 |
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | ANALYSIS OF NET ASSETS BETWEEN FUNDS | Net Current | ||
|---|---|---|---|---|
| Assets/ | Total | |||
| Investments | (Liabilities) | 2023 | ||
| E | E | E | ||
| Unrestricted | funds | 1,253,809 | 161,660 | 1,415,469 |
| Expendable | Endowment | 17,897,727 | 17,897,727 | |
| 19,151,536 | 161,660 | 19„313,196 | ||
| Net Current | ||||
| Assets/ | Total | |||
| Investments | (Liabilities) | 2022 | ||
| f | E | |||
| 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 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| f | E | |||
| Within | charitable | activities | 35,000 | 35,000 |
| Within | governance | costs | 15,000 | 15,000 |
| 50,000 | 50,000 |