WESTON PROVIDENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CONTENTS PAGE REFERENCE AND ADMINISTRATION INFORMATION OF THE FUND TRUSTEES, REPORT INVESTMENT REPORT FOR THE YEAR ENDED 5 APRIL 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WESTON PROVIDENT FUND STATEMENT OF FINANCIAL ACtIVlTIES FOR THE YEAR ENDED 5 APRIL 2024 li BALANCE SHEEr 12 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 13 NOTES TO THE FINANCIAL STATEMENTS 14 WESTON PROVIDENT FUND REFERENCE AND ADMINISTRATION INFORMATION OF THE FUND Charity Number: 283311 Addyess.. 50151 Russell 5quaTe London WCIB 4JU Tru5tees'. John Bason, Chair of the rneetlngs (resigned 12 July 20231 Sue Whalley, Chair of the meetings lappointEd 12 july 20231 Kari RodBers Helen Byme Nigel FawcetE (appointed 8 November 20231 Secretary to the Trustees= Peter Morris Audltor.. Ernst & Young LLP City Gate St James, Boulevard Newcastle uporb Tyne NEI 4JD Banker: Bank of Scotland Citymark ISO FountainbTidEe Edinbuigh EH3 9PE Investment Manager.. Fidelity Investment servi￿ Limited Kingswood Fields Millfidd Lane Tadworth Surrey KT20 6RP Sollcltor: Herbert Smith Freehilts LLP Exchange House Primrose Street London EC2A 2EG Eversheds Suthefland Ilniemationall LLP lappointed 8 November 20231 One Wood Street London EC2V 7WS WESTON PROVIDENT FUND TRUSTEES. REPORT The Trustees present their Annual Report along with the financi31 statements of the Weston Provident Fund (the "FEtnd"I for the year ended 5 April 2024. The financial statements have been prepared in accord3nce with the accounting policies Set out on page 14 and comply wtth the Fund's TTust Deed. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland published October 2019. Objectives and activities The Fund w3s established with the purpose to relieve poverty among employee5, lormer employees and dependants of such employees of UK COTnpènies of the Assodated Brit15h Foods Group IABFI. Achlevements and performan Every year since 1981. the TTU5tees have provided grants to pensioners in the defined benefst section and retired members from the defined contiibutions section of the Assoaated Brltish Foods Pension Scheme who fulfil certain crit21ia together with a small number ol elderly i¥)su￿¢d pensioners. The Trustees have continued the practice of r￿￿t year5 to award grants to pensioner5 over 65 years of age who have worked fDr an A8F company in the UK foi 13 years or more lor the dependants of such pensioners). For thè Oecembe¥ 2009 grants and those in subsequent yeats. the Trustees have requested each potential benefiaaTy to submit a statement of means before being considered for a grant. Grants were not awarded to indtviduals who did not provide a Statement of mean5 nor to those that the Trustee5 did not consider to be lÈvlnE in poverty. Applications for special grants at any time of the year continue to be considered on an individual basi5. The Trustees intend to continue with this grant4naking policy for the foreseeable future. The total amount paid out in grants each December and May are decided by the Trustees after considering the amount of income earned by the Fund'5 investments. Arising Irom the 2023 Brant exercise a total of 995 grants were issued12022= 1,0991 lolalling £984,60012022.. EI,105,8001. In December 2023 all grants were for £700 IDecember 2022.. £7001 and in May 2024 all grants werè for £300 Imay 2023.. £3(K>l. Gran15 have been paid diiect to the recipients. bank accounts. There were 9 special grants paid during the year totalling Eig.54012023= 33 Èrants totalling £17,6581. The Trustees have continued to raise awareness of the Fund within the A8F HR community. This has rneant more peopl@ who are in financlal need have been dlrected to towards the Fund for help. Following the cost of living crisis. the Trustees have also di5CUS5ed the Support that c3rJ be provided to people who find themselves in financial need through no fault of thelr own. Additional slgnposting to other organisations that provide information and supporl has a150 been incorporated into communications sent to grènt applicants. None of the Trustee5, nor any connected person. has evei received any grant, benefit or remuneration from the Fund lalthough Trustees may be relmbur5ed from the Fund for travel and Subsisten￿ expenses in attendinE meetings). Financial revlew Donations to the Fund have been made from time to lime by the Trustees of the Garfield Westorb Foundation. Except for 38,665 ordinary shares in Associaled Brit15h Foods plc which are held dirertly by the Fund and cash balances kept wlth Bank of Scotland, the accumulated investments of the Fund are managed by the Funds Investment Manager. Historically, income from the investments was returned to the Fund's Trustees in order for them to pay grants and pension5 as well as the ongoing expenses of administering the Fund. However, since February 2020 the Trustees have reinvested the investment income and will dislnvest the Tequired funds to coveT Èrant paymenis when Teqiitred. The assets are invested in an income generating blended fund with Fidelity, the Fidelity Multi Asset Income Fund. The fvnd has a Strategic allocation of approximately 40% in Income Assets, 30% in Hybrid Assets and 30% in Growth Assets. WESTON PROVIDENT FUND TRusfEES' REPORT Icontlnuedl All donations, tOEether with the accumulated capital appreciation. are held withln the Expendable Endowment which will normally be tTeated as capital fund5 but may, at the discretion of the Trustees. be applied as income in furtherance of the objectives of the Fund. All accumulated investment income over and above the r05t of benefits and expenditure is treated a5 Unrestricted Funds. From the ori@Inal donations of £6.Im the Fund has eamed Income of £27.9m slnce 1981 whlth has been used as shown In the diagram below: £-1.47m relwna1 £3.33m n¥gstrn8nt rn8nagement and other expEDses 11.96% ter*fts paKI .30% As at 5 April 2024. the Unrestricted Funds amounted to £L430.661 compared to the investment Income for theyear of £1,032,202. The Trustees continue to monitor the accumulated surplus of income over expenditure. Plans ft)r fvture perlods The Trustees continue to monitor the Cfiteri3 they use to detennine to whom grants should be paid. They are also monitoring the Investment returns, particularly in view of the currenteconomic dimate. to ensurethatthe Fund has sufficient reSour￿5t0 continue grants at similar levels in future. The Trustees consider expenditure on grant payment5 OVU the year against the level of Income generated by the Investment rÈturns. There are no materlal uncertainties about the Fund's ability to continue as a going concem. There are no 'entitlement to benefits. payable from WPF so from a value of the Fund perspective, if this falls as a result of rising Snflation Ifollowing global confllcts and governrnent policy). the Trustee5 would still be in a position to meet the fairty modest number of adhoc grant requests that are received. The numbei and value of pensioner grants that are paid in December and May are decided annually. This Is established by consldering the number of recipients who have qualified (based on their responsè to a statement of means) and the funds available for distribution. The Fund manager share5 monthly reports with the Trustees so investment fund performance is monitored between the meeting dates. Structurè* governance and management The Fund was established by TnJ5t Deed in June 1981 and 15 reglstered as tharlty number 283311. New Trustees are provlded with training from a comblnation of the Secretary. the ABF Group Pensions Flnance Team. Fldelity and the Fund's legal advisers. Update5 on relevant legislative and regulatory changes are nonnally provided by the Secretary who draw5 on a nurnber of sources, Includlng the Charlty Commission website and matters advised by the Funrf5 auditor and legal advisers. The Trustees also con51der the use of web-based tralnlng and extèrnal courses where these may be cost effertive. In terms of day to day management. allTrusteesareconsulted on applications forfinanaal assistan￿. All large ad-hoc grants requlle two or more Trustees to be in agreement before payment 15 made wlth small grants beingapproved bythe Secretaryto theTrustees and the Group Pensions 0Srector. WESTON PROVIDENT FUND TRUST£ES' REPORT Iconunuedl Reference and administrative details The names ol the iurrent Trustees are listed Dn page 2. The power to appoÉnt or remove any of the Trustees is vested in the Chair of Associated British Foods plc. Having no employee5 of its own. Ihe Fund is administered on behalf of the Twste@s by the ABF Group Perb5ions Department at 50151 Russell Square, London, WCIB 4JU. Puljllc benefit "Public benefit. is the legal requirement that every organisation set up for charitable aims must be able to demonstrate that its aims are for the benefit of the pub5ic. The Fund has the aitn of relieving poverty which the Trustee5 discharge principally by provlding grants to pensioners who are in need of financ431 assistan￿. In recognition of the fatt that beneficiaries are not just in financial need during the winter months, Ihe Trustees make two payments per year, the largest being paid in December lollowed by another one in the Spring. Benefit is 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 requlrement there are no geographical or other restrictions. The Trustees confirm that ihey have referred to the guidance contained in the ChaTÈty Commission's general guidance on public benefit when reviewing the Funiys aims and objectÉves and in planning future activities and setting the grant making policy for the vear. In January 2011 the AttOTney-General referred to the Charity Tribunal the question of whether employer-related charities sud) as the Fund satisfy the public beneflt test. The Tiibunal d?cision confirmed the charitable 5tattss of approximately 1,500 registered charities thatwere established for the relielof poverty amongst beneficiarie5 who are defined by reference toa person, organisatior) or employer. FDr the Fund this means it can now continue to pursue ils objetttves without Fear of fallÈng foul of the public benefit requirement set out in the Act. Risk mana8ement The Trustees have identif1ed the operational and financial risks which the Fund face5 in a Risk Management Review and have established controls intended to mitigate those ri5k5. The Risk Management Rewew ts revisited at least annually. The principal risks identified, 3nd steps taken to mltlEate these risks by the Trustees are= Reduction or loss of capilal monthly inveslment reports are issued to the Trustees for review Insufficient income bank reconciliations and ￿5hf10W monitorin& together with accumulated investment income calculations Ineligible or fraudulent claimant5-all grant claims are investigated and antEual grants are paid tLTr existing pensioners whom are subject to ID and rnortality check> Unnotified deaths of benefiaaries-mortality thecks are completed False or mi51e3dinB accounlS- account5 are prepared in accordance with internal controls, the flnancial framework ISORPI and are subject to an external independent audit Trustee changes On 12 luty 2023 John Bason resigned as the Chair of the meetings and as a Trustee and Sue Whalley was appointed as his replacement. On 8 November 2023 Nigel Fawcett was appointed as a Tmstee. WESTON PROVIDENT FUND INVESTMENT REPORT FOR THE YEAR ENDED 5 APRIL 2024 UK Market Revlew Equity markets rose modestly ovei Ihe first half of the year as mod@ratinB inflationary pressures raised expectatlons for le55 restrictive monetary policie5. Global equities. as measured by the MSCI World Index, ended higher over the 12 months. However, gains were limited as elevated inflation led major central banks to continue to raise interest rates, though at a slower pace. Concerns alound the debt ceiling and a rating downgrade for government debt in the US also kept investors cautious. Equitles came under pressure Fn October amid expectation5 of 'higher for longerf interest rates and geopolitical tensions in the Middle East. Nevcrthele5s, equities rallied stronglyfrom November onwards as major developed rnaiket ￿ntral banks left policy rates unchanged. H@31thy economic data and easing inflation raised hopes for a soft landing in theglobal economy and supported prospecE5 of Interest rate cuts in 2024. Against this backdrop. the US, Japan and Europe ex UK equilies led the gains. Emerging markets also ended highef but lagged developed markets, due to sluggish economic growth irE China. At a sector level, information technology and telecomrnullication companies rose strongly as the artificial intelligence theme 5UPPOTted investor sentiment. Global fixed income Th3ikets generated mixed returns over the yehi. At the outset, financial turmoll appeared to seltle down with volatility subsiding. However, thi5 was short-lived as sentiment weakened again due lo concerns over geopolitical risk5 considering the unfolding conflict in Isiael and Gaza. Furthemiore, resilient economic data and sticky inflation prints led investors to expect highgr for longer interest rates. and in turn sovereign bonds sold off. Towards the end of 2023, global bond5 rebounded sharply in anticip3tion of a change in monetary policy. The yehr 2024 had an optimistic start but the stance changed towards the end of the year when markets realised that they may hove become too hopeful of a rdte cut by the US Federal Reserve in March. This was followed by a 5hlft in market sentiment led by a succe55ion of hawkish development5. Overall, central banks kept the interest rates at historically high leve15 and yields shifted upwards. Itl the corporate credit space, credit spread5 lightened broadly, with hiEh yield bonds outperforrning investment Èrade bonds. Investment Pollcy The target asset allocation for the Fund is 40% in Income Assets. 30% in Hybrid Assets and 30% in Growth Asset5. Broad-ba5ed, trend-llke growth and favourable fitkancial condKtions combined to create a supportive backdiop for risk assets. Investment Pèrformance The portfolio returned 4.6% over the year. The Fund does not have a benchmark. rather it has an objectlve to deliver a sustainable income stream of 4-6% p.a. over a market cycle. with low volatility and capital preservation, whÉch was achseved by the Fund. Due to the withdrawal of two large lump sums to cover grants and expenses. the rapital value of the Fund decreased from £18.4m to £18.Im ovef the year. Income received over the year totalled £1,032,202. (source for all performance data= Fidellty Internatlonall WEsfoN PROVIDENT FUND STATEMENT OF TRUSTEES. RESPONSIBILMES IN RESPECT OF THE TRUSTEEY ANNLIAi REPORT AND FINANCIAL STATEMENTS The Trustee5 ale responsible for preparing the Trustees. Annual Report and the finandal statement5 in accordance with applicable law and regulations. The law applicable to charitie5 In England and Wales require5 the Trustees to prepare finandal ststements for each flnancial yèar. Under the law the Trustees have prepared the financial stalements In accordance wlth United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Prarticel indudinE FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Under charity law the Trustees must not approve the financial statements unless they ère satisfied that they give a true and fairview of the state of affair5 of the Fund of net income or expenditure and application of resources of the Fund for that period. In preparing these flnancial statèments, theTrustees are required to: Select svitable accounting pollcles and then apply them conslstently. Make judgments and estimates that are reasonable and prudent- State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements; and Prepare the financialstatement50n thegoingcon￿rn basis unless Etis inappropiiateto presumethat the Fund will continue In operation. The Trustees are re5ponsiblefor keepingadequate acttjuntlng records thatare suffiaentto show and eyplain the Fund's transactlons and disclose wlth reasonable accuracy at any time the finanti31 position of the Fund and enable them to ensure that the financlal statements complywith the Charltles Act 2011, the Chaiity IAccounts and Reports) Regulation5 2(X18 and the provisSons of the Trust Deed. They are also responsible for safeguarding the &￿ts of the Fund and hen￿ for taknng reasonable steps for the prevention and detection of fraud and other irregularitles. Dlsclosure of Inforniatlon to the AudStor The Trustees who held office at the date ofapproval of theTrustee< reportconfirmthat, wfarastheyare awarethere Is no relevant audit information of which the Funds auditor is unaware. Each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselve5 aware of any relevant audtt information and to e5tabli5h that the Fund's auditor is aware of that information. Auditor Ernst & Young LLP will continue In office as audltor of the Fund for the next finandal year. The flnanclal statemÈnts were approved by theTrustees on Chair of the Trusteorf 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 for the year ended 5 April 2024 which comprise 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 2024 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 to 31 October 2025. 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 Fund’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 (FRS102)’. - We understood how the Fund is complying with those frameworks by making enquiries of the Trustees. We corroborated our enquiries through our review of Trustees’ minutes. - 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 understanding the controls that the Fund has established to address risks identified, or that otherwise 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 non-compliance with such laws and regulations. Our procedures involved making enquiries of the Trustees for their awareness of any non-compliance with these laws and regulations and review of Trustees’ minutes. 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. Statutory Auditor Newcastle upon Tyne 24 October 2024 Ernst & Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 10 WESTON PROVIDENTFUND STATEMENT OF FINANCIAL AcTIV￿lEs FOR THE YEAR ENDED 5 APRIL 2024 Unrestrfcteil Funds 2024 Expendable Endowment 2024 Total Funds 2024 Total Funds 2023 Note INCOMEAND ENDOWMENTS Investmènt income 1,032,202 I,D32,202 1.083,377 Total incoming resources 1,032.202 1,032,202 1,083,377 EXPENDITURE Costs of generat5nB funds 1nvestment management costs 71,288 71,288 76,995 Expenditu￿ on charitable activities Annual grants to individuals Special grants to individua15 Pensions to individuals 1,063.259 19,540 1,063,259 19,54C) 1,172,218 21,618 509 Cost of grant maklng 1,082.799 1,082,799 1,194,345 Total Expenditure 1.154,087 1,154,087 1,271,340 Net expendlture and net movement in funds before losses on Investments 1121,8851 1187,9631 1121,8851 Net losses on investments 136,2851 136,2851 12,497,306) Net movement in funds 1121,8851 136.2851 1158.170) 12,685,269) RECONCILIATION OF FUNDS Total funds brought forward 1,415,469 17,897.727 19,313,196 21,998,465 Transfer bètween sections 137,077 1137,0771 Total funds carried forward 1.430,661 17,724.365 19.155.026 19.313,196 The notes on pages 14 to 17 fonm part of these financial stslements. The Fund has na recognised gains or losses other ihan the net movement in fund5 for the year. The net expenditure and resulting net movement in funds arise fvom continuing operations. The transfer between section5 relates to the rebalance of the Expendable Endowment and Unrestricted Fund% held at year end. WESTON PROVIDENT FUND BALANCE SHEET At 5 Aprll 2024 Note 2024 2023 Fixed assets Investments 19.LK)3,845 19,151,536 Current assets Debtors Cash at bank 412,935 107.546 520,481 384,445 194,846 579,291 Llabilltles Creditors: amounts falling duewlthin one year io 1369,31))) 1417,6311 Net cvrrent assets 151,181 161.660 Total assets less current liabilities li 19,155,026 19,313,196 The fijnds of the Fund Unrestrlcted Expendable endowment li li 1,430,661 17,724,365 19,155,026 1.415.469 17,897,727 19.313,196 Authorised for issue by the Trustees on and slgned on its behalf by Chair of the Tru#ees Seuetary to the TIu5tees The notes on pages 14 to 17 form part of these financial statements. 12 WESTON PROVIDENT FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 St*ement of cash flows Note 2024 2023 Cash flows from operating activitles: Table I 11,2ts2,2921 11,294,996) Net cash provided byllused inl opeTating activities Cash flows from investing activities Dividends and interest from investments Proceeds frtsm sale of investments Purch3se of inve5trllent5 Net cash provided byllused inl investing activhtles 431,694 1,109.742 1426,4441 1.114,992 396,776 1,35Q,360 1400.5191 1,346,617 Change in cash and cash equivalents in the year Cash and cash equivalent5 at the begÉnning of the year Cash and ￿5h equivalents oi the end of the year I87.3￿] 194.846 107,546 51,621 143,225 194.846 Table 2 Table I: Re¢onclliation of net movement in lund5 to net cash flow from operating activities 2024 2023 Net movement in funds Deduct interest income shown in investing artivitles Add back10sses ots investments Decrea5È In debtor5 Decrease in creditors Net cash used in ope¥ating activlties 1158,1701 11,032,202) 36.285 126 148.3311 11,202,292) 12.685,2691 11,083,3771 2,497,306 1,257 124,9131 11,294,9961 Table 2: Analysis of cash and cash equivalents 2024 2023 Notice depD51ts (less than 3 months) Total cash and cash equivalents 107,546 107,546 194,846 194,846 13 WESTON PROVIDENT FUND NOTESTOTHE FINANCIALSTATEMENTS BASIS OF PREPARATION These financtal Statements have been prepared under the historical cost convention 3s modified by the inclusion of iNve5tments at maiket value. The finanual statements have been prepared in accordance with the Statement of Recommended Practice. Accounting and Reporting by Charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFR5 102Y i55ued October 2019 and the Financial Reporting standard applicable in the applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. ACCOUNTING POUCIES lal Funds All capital @ain5 and losses. reallsed and unrealised, are allocated to the Expendable Endowment and all investment Income, grants. pensions ènd administration expenses are allocated to the Unrestricted funds. Gift5 to the Fund, should they occur, would be allocated to the Expendable Endowment lunless at any time the donor had given other instructlons}- Ibl Valuation of Investments Investments are Included in the Balance Sheet at their bid-rnarket value or official closing price at the year end. The valuation of holdings In pooled investment vehides is provsded by the investment manager. Icl Income and expendI￿re All income and expenditure is dealt with On an accrua15 basis_ Single or multi-yearEfdnts are accounted for when either the qualified recipieni has a reasonable expectation that they will receive a grant and the Trustees have agreed to pav the grant without condititsn, or the recipient has a reasonable expectation that they will receÈve a grarst and any condition attaching to the ￿ant is outside of the control of the Fund. Support costs have been allocated between governance and other support costs. Governance costs compii5e all costs involvingthe public accountability of the Fund and its compliance with regulation and good practice. These costs include cosis related to Statutory audit and I￿31 fees togeiher with an apporlionment of overhead and support costs. Governance and support costs relating to charttable activities have mainly been apportioned to annu31 Efdnts to individuals with è cost apportloned to special grant5 as a fee per payment and pensions to individuals based as a fee per pet15ioner in p3yment at the year end. Idl Reallsed and unreallsed galns and1055es Reallsed gains and losses on the disposal of investments are recognised in the Statement of Financial Activitie5 on the basis of the difference belween Sale proceeds and historital cost. Unie31ised gains and losses arise from the revaluation of invp5tments to year end market values. lel Reserves The Trustees do not ha¥e a poliry for maintaining reserves. Amounts held within the Expendable Endowment which will normally be treated as capltal funds but may, at ihe discretion of the Trustees. be applied as income in furtherance of the objectives of the Fund. All accumulated investment income over and above the c05t of benefit5 and expenditure is treated as Unrestritied Funds. The net curient liabilitÉes of the fund wlll from time to time be negative. The pooled investments held by the fund are highly Ilquid and therefore the Trusteés can withdraw funds where nece55ary in order to rnake payments. In Going cohtern The Trustees have considered the Fund's abilrty to continue as a gotng concern for the period to 31 October 2025. In doing so the. Trustees have tonsidered ihe discretion they have to make payments out of the Fund and the irhve5tmentS held wlthin the Fund. As a result, the Trustees ale satlsfied that the Fund's accounts should ¢ontinue to be Prepared on a going concern basis. 14 WESTON PROVIDENTFUND NOTES Icontinuedl INVESTMENTINCOME 20Z4 2023 Dividend5 from directly held UK equities Income from Multi Asset Fund 23,199 1,009,003 1,032.202 16,897 1,066.480 I,U83,377 INVESTMENT MANAGEMEKt cosrs 2024 2023 Investment management fees 71.288 76.995 ALLOCATION OF GOVERANCE AND SUPPORT COSTS The breakdown of Support C05ts and how these were allocated between governan￿ and other support costs for the year ended 5 April 20241$ shown in the table below.. Total allocated Goveinance related other support Costs Bank charges Administration cost5 CDmmunications Ctsmpute¥ consultancy 555 50,IK)O 8.024 7.411 65,990 555 35,000 8,024 7,411 50,990 15,000 15,000 Govemance Cost5 2024 2023 Audit fees Registration charges Legal fees Accounting and secretarial labovel 9.694 311 2,664 15,000 27,669 8,146 35 15.OQQ 23,181 The support costs are mostly attributable to the prowsion of annual grants to indwidua15 Wlth a fixed fee per individual and a fixed fee per payment allocated to pensions and special grants to individua15 ietrospectively. The Trustee5 have decided to meet all Support and governan￿ costs from Unrestricted funds and so no allocation or charge 15 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 2024 Grant funded activities TDtal Annual grants to individuaLs 5peeial grants to individuals Pensions to individua15 984,600 19,540 78,659 1,063,259 19.540 I,(X)4.141J 78.659 1.082,799 Suppoit and Eovernance costs Breakdown of cost$ 2023 Grant funded activities Total Annual grants to indiwduals Special grants to indivlduals Pension5 to Individuals 1.105,81X) 17,658 495 1,123.953 66,418 3,960 14 70.392 1,172.218 21,618 509 1.194,345 Support and governance costs in the year to 5 April 2024 indude £sO,￿￿(2023- £50.(MIOI in re5pert ofservices provided by the ABF Group Pensions Department15eÈ note 121. INVESTMENTS Market Value 2023 Realised and Unrealised Galns and Losse5 Market Value 2024 sales Pro￿edS Purchases Fidelity Multi Asset Fund UK Equities (directly heldl 18,399,502 752,034 19,151.536 998,336 11,109,742) 1217,6241 181,339 136,2851 18,070,472 933,373 19.OC>3,845 998,336 11.109,7421 The change in morf(et value of investments comprises all increases and decrease5 in the market volue of Investments held at any lime durtllg the year and includes profits and losses realised on sale5 of investments during the year. DEBTORS 2024 2023 Accrued Investment income Rebale due from Investment manag 408,495 4,440 412,935 379,879 4,566 384,445 CASH AT BANK 2024 2023 Current a¢¢ouni 107,546 194,846 WESTON PROVIDENT FUND NOTES Icontinuedl io. CREDITORS: amounts falling due withln one year 2024 2023 Accrued expenses Accrued grants 81,200 288.100 369.300 80,831 336,800 417,631 Accrued expenses at 5 Aprll 2024 include £50.(KK>12023.. £50.¢KKJI in respect of seTVitrS provided by the ABF Group Pensions Department foi that year Is@e nore 121. 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assetsl Total 2024 Investments Unre5tiicted funds Expendablè Endowment 1,279.480 17,724.365 1g,OD3,845 151,181 1.430,661 17,724,365 19,155,026 151.181 Net Current Assetsl Total 2023 Inveslments Unrestricted funds Expendable Endowment 1,253.809 17,897,727 19,151,536 161,660 1,415,469 17,897,727 19,313,196 161,660 A5 disclosed on page 4. amoLJnts held within the Expendable Endowment which will normally be treated as Capital funds but may, at the discletion of the Trustees, be applied as income in furtherance of the tsbjectÉves of the Fund. All accumulated investment income over and above the cost of benefils and expenditure is t￿ated as Unrestricted Funds. 12. RELATED PARTY TRANSAcfioNS In addition to the Investrnent5 held with Fidelity, the Fund hold5 38.66512023.. 38,6651 shares in Associated Brit15h Foods plc, valued at £933,37312023.. £752,034). Dividenits ieceived durin8 the year from the I￿50clated British Foods shares totalled £23,19912J23: £16,897). None of the Trustees, nor any connected person. has evei r￿1Ved any grant. benefit or remuneration from the Fund (although Trustees rnay be reimbursed from the Fund fortravel and subsistence expenses in attendÉnE meetings as described in note 51. The Fund has no employees of its own and Is administered on behalf of the Trustees by the ABF Group Pensions Department at $0151 Russell Square. London, WCIB 4JU. The Trustees have accrued £50,000 in these financial statements a5 an estimate of the cost of services provided by the ABF Group Pensions Department for the year to 5 April 2024. These costs are included in the flnancial statements as follows.. Z024 2023 Within charitable activlties Within governance costs 35,￿0 15,000 50.OOD 35,000 15,0 50,000 17