|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|