WESTON PROVIDENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 CONTENTS PAGE REFERENCE AND ADMINISTRATION INFORMATION OF THE FUND TRUSTEES, REPORT INVESTMENT REPORT FOR THE YEAR ENDED 5 APRIL 2025 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 FINANCIALACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 li BALANCE SHEET 12 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025 13 NOTES TO THE FINANCIAL STATEMENT5 14 WESTON PROVIDENT FUND REFERENCEANDADMINISTRATION INFORMATION OFTHE FUND Charlty Number: 283311 Addre55'. 50151 Russell Square London WCIB 4JU Trustees- Sue Whalley (Chaiil Kari Rodgers Helen Byrne Nlgel Fawcetl Setretaryto the Trustees.. Peter Morrls Audltor: Ernst & Young LLP City Gate St Jamg5' Boulevard Nèwcastle upon Tyne NE141D Bankèr.. Bank of Scotland Cltymark 150 Fountainbridge Edinburgh EH3 9PE Investment Manager.. F1dellty Investment Services Limited Kingswood Field5 Millfield Lane Tadworth Surrey KT20 6RP Sollcltor,. Eversheds Sutherland Ilnternatlonall LLP Iresigned 22 October 20241 0￿e Wood Street London EC2V 7WS Hempsr*ns LLP (appointed 22 October 20241 Thlrd Floor 3 Dorset Rise Londo EC4Y 8EN WESTON PROVIDENT FUND TRUSTEES. REPORT The Trustees present their ArtNual Report along wlth the financia5 statements of the Weston Provident Fund Ithe "Fund"I for the year ended 5 April 2025. The financlal statements have been prepared in accordance with the accounting policle5 set out on page 14 and ctsmply with the Fund's Trust Deed, the Charltles Act 2011 and Accountlng and ReportlnE by Chxrlties: Statement of Recommended Practice appllcable to charitles preparing thel¥ accounts In accordance with the Flnancial Reportlng Standard applicable in the UK and Republlc of Ireland publlshed October 2019. Objedivès and actlvltles The Fund was established wlth the purpose to relieve poverty among employees, former employèes and dependanls of such employees of UK companie5 of the A550ciated Brltish Foods Group IABFI. Achievements and performan¢e EveTV year since 1981, thé Trustee5 have provlded grants to pensioners In the defined benefit secti(Trn and ret1red members from the defined contrlbutions section of the Associated British Foods Pension Scheme who fulfil certain crlteria. Thè Trustees have ontinued the pr3Ctice of recent years to award grants lo pensloner5 over 65 years of age who have worked for an ABF company in the UK for 13 years or more lor the dependants of such pensitsnersl. The Trustèes have re4ue5ted each potential beneficlary to Submit a statement of mean5 before being considered lor a grant. Grants were nL)t awarded to indlvlduals who did not provlde a statement of means nor to those that the Truslees did not consider to be living in povertv. Applications for special grants at any tlme of the year continue to be considéred on an individual basis. The Trustees intènd to continue with thls grant-maklng policy for the foreseeable future. The total amount pald out in grants each December and May are decided by the Trustees after considering the amount of Income earnéd by the Fund'5 investments. Arising from the 2024 grant exercise a total of 942 grant5 were issued12023'. 9951 totalling £994,20Q12023'. £984,600). In December 2024 all grants were for £80CI IDecember 2023: £7001 and in May 2025 all grant5 were fo¥ £250 (May 2024.. £3001. Grant5 have been pald direct to the recipients, bank account5. There were 12 special grants paid durlnE the year totalling £26,76612024: 9 g￿ntS totallln8 £19.$401. The Trustees have continued to raise awareness of the Fund within thè ABF HR communlty. This ha5 meant more people who are In financlal need have been direded to toward5 the Fund frir help. Following ihe cost of 5ivlng crisls, the Trustees have also discussèd the support that can be provided fo people who flnd themselves In financlal need through no fault of thelr own. Additional signp05ting to other organisation5 that provide Informatlon and suppoit has also been incorporated Into communirations sent to grant applicants. Not)è of the Trustees, nor any ¢onnected per50n, ha5 ever received any grant, benefit or remuneration from the Fund (although Trustees may be relmbursed from the Fund for travel and subsistènce expenses in attending meeting51. Financlal revlew Donations to ihe Fund have bèen made from tlme to time by the Trustees of the Gaifield Weston Foundatlon. Excèpt for 38,665 ordinary shares in Associated Brit15h Foods plc whlch are held dlrèctly by the Fund and cash balances kepl with Bank of Scotland, the accumulated inve5twents of the Fund are managed by the Fund's Investment Manager. Historically, income from the Investments was returned to the Fund's Trustees in order for them to pay grant5 and pensions a5 well as the ongoing expenses of administering the Fund. However, since February 2020 the Trustees have relnvested the investment income and will dlsinvest the required funds to covèr grant paymeftts when requlred. The assets are invested in an income 8eneratlng blended fund with Fidellty, the Fldellty Multi Asset Income Fund. The fund h35 a stlategic allocation of approximately 41YYts in Income A55et5, 30Yo in Hybrid Assets and 30% In Growth Assets. WESTON PROVIDENT FUND TRUSTEES, REPORT Icontlnuedl All donations, together with the accumulated capltal appreciatlon, are held withln the Expendable Endowrnent which wlll normally be treated as capital fund5 but may, at the di5cretlon of the Trustees, be applled as income in furtherance of the objectives of the Fund. All accumulated investment Income over and above the cost of benefits and expenditure is treated as Unrestricted Funds. From thè orl@Snal donations of £6.Im the Fund has earned Income of £28.9m since 1981 whlch has been used as Shown In the diagram below.. £-1.59m relalned £3.41 m Inveslm8nl ManageM￿t and other expenses 11.77% -5.51% £27.11 m benef118 pald 93.74% As at 5 April 2025, the Unrestricted Funds amounted to £1,501,312 eompared to the Investment Income for the yèar of £1,056,373. The Trustees continue to monltor the accumulated surplus of Income over expenditUTe. Plans for future perlods The Trustees continue to monitor the crlteria they use to deterrnlne to whom grants should be paid. They are also monltoring the inve5trnent returns, particularly in view of the current economic climate, to ensure that the Fund has sufficlent resources to continue grant5 at slmilar leve15 in future. The Trustees consider expenditure on grant payments over the year agalnst the level of Income generated by the Investment returns. There are no material uncertaintie5 about the Fund's abllity to continue as a goin8 concern. There are no 'entitlement to benefits, payable from the Fund so from a value of the Fund perspective, If thi5 fa115 as a result of rising Inflation IfoT example, followlng global conflicts and government policyl, the Trustees would still be in a posltion to meet the fairly rnodest number of adhoc grant requests that are received. The number and value of pensioner grants that are paid in De￿mber and May are decided annually. This Is establlshed by con5iderlng the number of recipients who have qualifled (based on their response to a statement of meansl and the funds available for distTibutlon. The Fund's investment manager shares monthly reports with the Trustees so investment fund performance15 monitored between the meeting dates. Structure. governan¢e and management The Fund was established by Trust Deed in lune 1981 and Is now governed by a revised trust deed dated 28 February 2025. The thanges to the trust deed reflect administrative amendments and does not change the objects of the chailty. It is re815tered as tharlty number 283311. New Trustees are provided wlth trainlng from a combinatlon of the Secretary, the ABF Group Pensions Flnance Team. the Fund'5 Investment manager and the Fund's 5egal advisers. Updates on relevant leglslative and regulatory changes are normally provlded by the Secretary who draws on a number of sources, including the Charity Commission website and matters advised by the Fund'5 auditor and legal advlsers. The Trustees a150 conslder the use of web-ba5ed tralnlng and Èxternal course5 where these may be cost effectlve. In term5 of day to day management, all Trustees are consulted on applicatlons for financial assistance. All ad-hoc grant5 requlre two or more Trustees to be in agreement before payment 15 made. The Secretary to the Trustees and the Group PÈnslons Director have delegated authority to approve small grants where required. WESTON PROVIDENT FUND TRUSTEES, REPORT Icontlnuedl Reference and admlnistrative detalls The names Df the current Trustees are listed on page 2. The power to appolnt or remove any of the Trustee5 15 vested in the Chief Executive Officer of Associ3tÈd 8rltlsh Foods plc IABFI. Having no èmployees of it5 own, the Fund is admlnislered on behalf of the Truslees by the ABF Group Pensions Department at 50151 Hussell Square, London, WCIB 4JU. Publlc bèneflt "Publ1¢ benefit" is the legal requiiement that every organisation set up for charilable alms must be able to demonstrate that its airns are for the beneflt of the publ1¢. The Fund has thé aim of relieving poverty which the Trustees discharge principally by providing grants to pensioners who are in need of flnancial assIstan￿. In recognition of the fact that beneficiaiiÈs are not just in flnancial nèed during the winter months, the TrustÈes make two payments per year, the largest being paid In December followed by another paymeni in the SprinE. Beneflt is provided to a section of thÈ public. being individuals who have worked for or are a dependant Df someone who has worked for a UK company withln the ABF Group of companiès. Apart from this requirement there are no geographical or other restrictions. The Trustees confilm that they have referred to the Charity Commission's gener81 guidan￿ tsn publlc benefit when reviewin8 the Fund's aims and objectives, in plannlng future activlties and setting the grant making pollcy for the year. In January 2011 the Attorney-General referred to the Charlty Tribunal the questlon of whÈther employer-related charities such as the Fund satisfy the public benefit test. The Trlbunal decislon confirmed the charltable statu5 Of approximalely 1,500 registered charities that wère established for the relief of povèrty amongsi beneficlarles who ale defined by reftrente to a per50n, orgJnlsation or employer. For the Fund this means It can now contlnue to pursue its oblertives without falllng loul of the publlc benefit requlrement set out in the Act. Rlsk management The Trustees have identlfied the operational and financial risks which the Fund faces in a Rlsk Management Review and have established controls intended to mltlgate thosÈ rlsks. The Risk Management Review Is revlsited at least annually. The princlpal Ti%k% identified, and steps taken to mltlgate these risks by the Trustees are: Investment managers not performing in line wlth expectatlons - Manager performan￿ is monitored regularty and the Trustees meet wSth the investment managers bi-annually. Fund expendlture exceeds income across succe55ive years erodlng capital andlor requlrit7g an addltional Company contribution - Funding posltion is monltored bi-annually and considered when deciding on Criteria and grant amounts for the forthcomlng year. Le8islat1ve and/or regulatory change5 requiring changes to be made to governancei grant actlvity, admlnistration andlor funding requirements- Trustees are provided with regular update5 Dn legislative issues. Business Contlnuity planning e.g., administration records corrupted, destroyed or unable to access le.8. dueto cyber attack) Effectiveness of disaster recovery plan 15 monitored annually. Appropriate backup sy5terns are In place and have been tested. Restrlcted accèss to Recor(ts. Adm1nistrative error resultlng in incorrect payment of grants - Ensu￿ sufficient controls are in place to prevent error5 occurfinE In annual grants proce55. Additional cotttrols in place for manual processes. WESTON PROVIDENT FUND INVESTMEMf REPORT FOR THEYEAR ENDED5 APRIL2025 UK Market Review Global equitiès saw negative returns In sterling terms over the year to 5 April 2025. A combination of US Federal Government spending cuts and concerns over tarlffs and their impact on inflation and economic growth dampened Investor sentiment. Markets gaSned over the first half of the year as signs of easing Inflation and favourable US èconomic data supported prospects of monetary pollcy easing. However, gains were limited in this pÈrlod owing to elevated geopolitical unceTtainties and the Bank of Japan IBoJl's deci510EI to Increase Interest rates, whSch led to a rapid unwinding of carry trades. Over the second half of the year, markets remained volatlle with returns divEfElng across re@ions. The outcome of the US presldential electlon. a potential resolutlon to the Ukralne crisis and supportive policy stance in China boosted invèstor sentiment. However, concerns around trade tariffs and their potential impact on inflation and growth in the US, along wlth the US Federal Reserve (Fedl's cautious stance on interest rate cuts in 2025, kept markets in chetk. At a regional level, most key Blobal marketg ended lower. WhSle the UK ended the year in posltive territory and lèd the gains, Japan and the US recorded negative returns amid Intensified concer¢)s that us tfade politles would tonstrain global economic activity. At a sector level, utllities and financials gained the most, whlle energy and materials lost grciund. Ovèrall, returns in sterllng terms were undermined by Its appreciation against thè US dollar and the euro. Global fixed Income markets delivered po51tlve retsErns despSte significant volatility, driven by shifting monetary policy expectations, inflation un￿rtaintY and escalating geopolitlcal tension5. US Treasuries outperformed German 8und5 and UK Gilts, bènefiting from safe havén flows amid global instability. Early headwinds in mld-2024, due to strong economic data and sticky inflation, delayed expected rate cuts. However, a broad rally in soverelgn bonds followed as macro indlcators 50ftened and major cèntral banks the US Federal Reserve IFèdl, the Europebn Central bank IECBI, and the Bank of England18DEI began cuttlng rates in response to slowing growth. The Fed initiated ea51ng in September 2024, with further cuts in November and December, while the ECB delivered consistent 25-basis-polnt cutsfromjune 2024 to Aprll 2025. The BOE cut ¥3te5 three tlmes bui paused in April amld renewed inflation toncerns. Late 2024 brought stronger-than*xpected us data, promptlng markets to reasses5 future easing, pushing yields higher. The start of 2025 was marked by BTowing rlsk averslon, triggered by geopolitical instability and escalating trade tensions. The Trump administratlon's imposition of tarlffs on Canada and Mexico In early 2025, followed by further levies targetlnE Chlne5e indust¥ial imports and 5emlconductors In April, stoked fears of a Tenewed global tTade conflict. These measures were met with retallatory actions from China, amplifying market uncertainty. As a result, US Treasuries benefited from safe-haven flows, with yields dèclining despite a resilient econotllic backdrop. In contrast, German Bund yl@Ids rose into early 2025, drlven by Germany's proposed suspension of its debt brake and the announcement of a ÉSOO billion Ilscal inltlative, 518nalling a major pollcy shift. The unexpected escalation of conflict around liberation Day trlggered a further fllght-to-safèty rally in global sovereign bonds, particularly in core markels like US Trèasuries and GeTman Bund5, 3s1nvestors sought prcTrtectioN from helghtened geopolitical uncertainty. Corporate bonds, including investment grade and hlgh yield, p05ted posStive returns. though credlt spreads widened globally on hlgher risk premiums. Investment Policy The target asset allocation for the Fund IS 40% In Income Assets, 30% in Hybrid Assets and 30% in Growth Assets. Broad-based, trend-llke growth and favourable fin3nclal condition5 comblned to treate a supportive backdrop foi rÉ5k assets. Investment Performan The purtlolio returned~2.6% over the year. The Fund do￿ not have a benchmark, rather it has an objectlve to deliver a sustalnable income stream of 4-6Y¢ p.a. over a market cycle, with low volatilily and capltal prèservation. Due to the withdrawal of two large 5Um5 to cover grants and expenses, the capital value ol the Fund decreased from £18.Im to £17.7m over the year. Income received ovèr the year totalled £1,056,373. ISQu￿ for all performancp data.. Fldelity Internatloaall WESTON PROVIDENT FUND STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPEC( OFThE TRUSTEES, ANNUAL REPORT AhlD FINANCIAL STATEMENTS The Trustees are responslble for prèparlng the Trustees, Annual Report and the financial statements in atcordance wlth applicable law alld regulatlons. The law appllcable to charltles in England ar)d Wales requlres the Trustees to prepaTP financial statements for each flnancial year. Under the law the Trusrees have prepared the financial statements in accordance wlth Unlted Kingdom Accountin8 Standard5 (United Kingdom Generally Accepted Accounting Practicel IncludSng FRS 102 The Financial Reporting Stsndard applicab5e In the UK and Republic of Ireland,. Under charlty13W the Trustees must not approve the financlal statement5 unless they are sat15fied that they give a true and fa1r vlew of the state of affair5 of the Fund and of net Income or expendlture and appllcation of re50urce5 of the Fund for that perlod. In preparlng these financial statements, the Trustees are required io.. Select suitable accounting policie5 and then apply thern conslstèntlyl Make Judgments and estimates that are reasonable and prudent,. State whether applicable accounting standards have bèen followed, sublert to any materlal departuies dlsclosed and explained in the financial slatements,. and Preparethe financlal statements on thegoing coll￿rn basis unless It Is Inappropriate to presumÈthat the Fund wlll continue in operatlon. TheTrustees are responslble for keeplng adequate accountlng records thatare sufflcient to show and explain the Fund'5 tran5action5 and dlsclose wlth reasonable accuracy at any tlme the financlal position of the Fund and enable them to ensure that the financial staternents Comply with the Charltles Act 2011, the Charity IAccDunts and Reportsl Regulations 2008 and the provisions of thè Trust Deèd. They are also responsible for safeBuaTdlng the assets of the Fund and hence for taking reasonable steps for the preventlon nd detection of fTaud and other Irregularltles. Dlsclosure of Infomiatlon to thÈ Audltor The Trustees who held office at the date ol approval of the Trustee5' ieport confirm that. so far a5 they are awareihere Is no relevant audlt information of which the Fund's audltor Is unaware. Each Trustee has taken all the Steps that they ought to have taken as Trustee in order to m3ke themselves aware of any relevant audit informalion and to e5tablSsh that the Fund's auditor Is aware of that Information. Audltor Ernst & Young LLP wlll contlnue in office as audltor of the Fund for the nexi financial year. The financlal statements weTe approved by the Trustees on 2* Oud4r Chalr of the Trustee 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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of 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 2025 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 the period to 31 October 2026. 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 Trustees’ 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. 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. 8 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF WESTON PROVIDENT FUND Icontlnuedl Matters on whl¢h we are requlred to report by exceptlon We have nothing to report in respect of the following matters where thè Charities IAccounts and Repo¥tsl Regulations 2008 requ1re us to report to you if, our opinlon.. the informatlon given in thè Trustee5' Annual Report is inconsistent In any materlal respect wlth the firianclal statement5; or sufficlent accountlng records have not been kept- or the financial statements arè not in agreement with the accounting records and returns. or we have not recèlved all the informatlon and explanatlcTrns we rèquire for our audit. Responsibilitles of Trustees A5 Explalned more fully in theTrustee5' responsibilltles Statement Set out on page 7, the Trustees are responslble for the preparatlon of the flnancial statement5 and for being satisfied that they glve a true and fair vlew, and for such internal control as the Trustee5 determine is necessary to enablÈ the preparation of f1nancial statements that are free frorn materlal misstatement, wheihei due to fraud or erior. In preparlng the financial statements, thè Trustees are responslble for assesslng the Fund's ability to continve as a golng concern, disclosln& as applicable, matters related to going concern and using the Boing concern ba515 of accountlng unless management either Intends to Ilquidate the Fund or to cease operations, or ha5 no realistic alternative but to do so. Audltor's responslbilitles for the audlt of the flnanclal statements We have been appolnted as audltor under sedion 144 of the Charitles Act 2011 and report in accordance with the Act and rèlevant regulatlons made or having effect thereunder. Our tsbje¢tlves are to obtsin reasonable a55urance about whether the financial 5tstements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audltor's report thai includes our oplnion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a materlal misstatement when it exlsts. Mi5St3tements can arise from fraud 01 error and are considered materlal If, indivldually or in the aggregate, they could reasonably be expected to influente the economit declsions of u5er5 taken on the basis of these flnancial statements. Explanatlon as to what extent the audlt was consldered capable of detectlng ITre8ularltles. inGludlng fraud Irregularities, Including fraud, are Instances Df non-compliance wlth laws and regulations. We de5iEn procedures In line wlth our responsibilitiÈs, outlined above, to detect irregularitles, includit)g fraud. The risk of not detecting a material mlsstatement due lo fraud Is higher than the rlsk of not detectlng one resultin@ from error, a5 fraud may Involve dellberate concealment by, for example, forgery oi intentional mlsrepresentatlOn5, or through Collusion. The extent to which our procedurès are capable of detecting Irregularitie5, Including fraud 15 detailed below. However, the primary responsibi1Sty foi the prèvention and detection of fraud rests with both those charged with governance of the entlty and management. We obtalned an understanding of the legal and Tegulatory frameworks that are appIl￿ble to the Fund and determined that the most significant are the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008, FRS102 'The Financial Reporting Standard applicable in the UK and Republic Df1reland' and the Statement of Recommended Practlce. Accountlll8 and Reporting by Charlties preparing their accounts accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS1021' We understood how the Fund is complying with those framework5 by making enqulrles of the Trustees. We corTobooted our enquiries through our review Of the TrustÈÈs' meetin8 mtllvtes. We assessed the suseeptibility (Trf the Fund's financial statements to material rnlsstatement, including how fraud might occur by considering the key rlsks impacting the financial statements and dctumentin8 the controls that the Fund ha5 established to addre55 rlsks Identified, or that othenNise seek to prevent, deter or dÈtect fraud. In our assessment we considered thè risk of management override. Our audlt procedures included testlng manual journals, including 5egre@ation of duties. INDEPENDENY AUDITOR'S REPORT TOTHE TRu￿EE$ OF WESTON PROVIDENT FUNO Icontinued Based on this understandiTrRwe de5i8ned our audit procedurès to Identlfy norn-romplldnce wlth such laws and regulations. Qur procedures involved making enquiries of the TTUStees for their awareness of any non-compllance of13ws or reBulatlons and revi@w of Trustees, minutes. A further destrfptlon ot our respon5ibilltles for the audlt of the flnanclal statemenls is located on the Financial Repoiting Council'5 web51te at https://www.frLorg.uklauditorsresponsllJllStles. This des¢rlption forms part of our aLiditorfs report. Use of our report This report is made 501ely to the Trustees, as a body, In accordarncè wlih Part 4 of ihe Charities (Accovnts and Reports) Regulation5 20D8. Our audit work has been undertaken so that we mlght state to the Fund's Trustees thogÈ matre.rs wè alè requlred to 5tste lo them in an audiloi6' rppoit and for no other puryjose. lo the fullest extènt permitted by law, we do not accept or a&stJme responsibllity to anyone otherthan the Furd aTrd thtr FundsTru%tpes ￿ a body, forour auditwork, forthls repDrt, or forthe opinlons wo have formed. Statutory A￿dItor Newcastlè upon Tyne Date.. 29 October 2025 Ernst & Young LLP is eligible to act as an audltor In terms of sectltsn 1212 of the Companles Act 2(M)6 10 WESTON PROVIDENT FUND STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestrlcted Funds 2025 Expendable Endowmèrtt 2025 Total Funds 2025 Total Funds 2024 Note INCOME AND ENDOWMENTS Investment incomè 1,056,373 1,056,373 1,032.202 Total incomlng resources 1.056,373 1,056.373 1,032.202 EKPENDITURE Costs of generating funds Investment management costs 71,535 71,535 71,288 Expenditure on charitable actlvltles Annual grants to indlviduals Special grant5 to indlviduals 1,083.615 27,846 I,D83,615 27,846 1,063,259 19.540 Cost of grant makln 1,111,461 1,111.461 I,D82,799 Total Expenditure 1,182,996 1,182,996 1,154,087 Net èxpendlture and net movement In funds before losses on investments 1121,8851 1126,6231 1126,6231 Net losses on investments 1390,3011 1390,3011 136,285 Net movemertt In funds 1126.623} {390,301) 516,9241 1158.1701 RECONCIUATION OF FUNDS Total funds brought forward 1,430,661 17,724,365 19,155,026 19.313,196 Transfer between section5 197,274 1197,2741 Total funds carrled forward 1,501,312 17,136,790 18.638,102 19,155,026 The notes on pages 14 to 17 form part of these financial statements. ThÈ Fund has no recognlsed gains or losses Other than the net movement in funds for the year. The net expenditure and resu5tlng net rnovemenl in funds arlse from contlnuing opèratlons. The transfer between sectlons felates to the rebalarn￿ of the Expendable Endowment and Unrestricted Funds held at year end. WESTON PROVIDENT FUND BALANCE 5HErr At 5 Aprll 2025 Note 2025 2024 Flxed assets Investment5 18,416,270 19,003,845 Current assets Debtors Cash at bank 424,999 118,883 543,882 412,935 107,546 520,481 Creditor5- amounts fallln8 due wlthln one year io 1322,0501 1369,3001 Net current assets 221,832 151,181 Total assets less current liabilities li 18,638,102 19,155,026 The funds of the Fun Unrestrlcted Expendable endowrnent li li 1,501,312 17.136,790 18,638,102 1,430,661 17.724,365 19,155,026 Authorfsed for issue by the Trustees on and signed on its behalf bv i*oc*Joor lol Chalr of the Trustees Secretary to the Trustees The notes on page5 14 to 17 form part of these financial ststements. 12 WESTON PROVIDENT FUND STATEMENTOFCASH FLOWS FOR THEYEAR ENDED5APRIL 2025 statement of cash flows Note Z025 2024 Cash flows from operatine activities.. Table I 11,230.1961 11,202,292) Net cash provided by/lu5ed Inl operating activitles Cash flows frorn investing activities Dividends and interest from investments Pro￿edS frorn Sale of investments Purchase of Investments Net cash provlded by/lused inl Investing actlvltles 455,407 1.224,688 1438,5621 1,241,533 431,694 1,109,742 1426,444 1,114,992 Change in cash and cash equivalènts in the year Cash and cash equivalents at the beglllning of the year Cash and cash equivaleNt5 at the end of the year 11,337 107,546 118,883 187,3001 194,846 107,546 Table 2 Table I,. Recondllatlon of net movement in funds to ftet cash flow from operatln8 a¢tlvltles 2025 2024 Net movement in funds Deduct interest income shown in investing activities Add back losses on investments Decrease in dèbtors Decrease in creditors Net cash used In operatlng activities 1516,9241 11,056.3731 390.301 50 147,2501 11,230,196) 1158,1701 11,032,202) 36,285 126 148,3311 11,202,292) Table 2.. Analysls of cash and Cash equlvalents 2025 2024 Notice deposits Iless than 3 month51 Total cash and cash equivalénts 118,883 118,883 107,546 107,546 13 **WESTON PROVIDENT FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **1. BASIS OF PREPARATION** These financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: ‘Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ issued October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **2. ACCOUNTING POLICIES** - (a) **Funds** All capital gains and losses, realised and unrealised, are allocated to the Expendable Endowment and all investment income, grants, pensions and administration expenses are allocated to the Unrestricted funds. Gifts to the Fund, should they occur, would be allocated to the Expendable Endowment (unless at any time the donor had given other instructions). - (b) **Valuation of investments** Investments are included in the Balance Sheet at their bid-market value or official closing price at the year end. The valuation of holdings in pooled investment vehicles is provided by the investment manager. - (c) **Income and expenditure** All income and expenditure is dealt with on an accruals basis. Single or multi-year grants are accounted for when either the qualified recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Fund. Support costs have been allocated between governance and other support costs. Governance costs comprise all costs involving the public accountability of the Fund and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Governance and support costs relating to charitable activities have mainly been apportioned to annual grants to individuals with a cost apportioned to special grants as a fee per payment. - (d) **Realised and unrealised gains and losses** Realised gains and losses on the disposal of investments are recognised in the Statement of Financial Activities on the basis of the difference between sale proceeds and historical cost. Unrealised gains and losses arise from the revaluation of investments to year end market values. - (e) **Reserves** The Trustees do not have a policy for maintaining reserves. Amounts held within the Expendable Endowment which will normally be treated as capital funds 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 cost of benefits and expenditure is treated as Unrestricted Funds. The net current liabilities of the fund will from time to time be negative. The pooled investments held by the fund are highly liquid and therefore the Trustees can withdraw funds where necessary in order to make payments. ## (f) **Going concern** The Trustees have considered the Fund’s ability to continue as a going concern for the period to 31 October 2026. In doing so the Trustees have considered the discretion they have to make payments out of the Fund and the investments held within the Fund. As a result, the Trustees are satisfied that the Fund's accounts should continue to be prepared on a going concern basis. 14 WESTON PROVIDENT FUND NOTES {contlnyedl INVESTMENT INCOME 2025 2024 Dividends from directly held UK equities Income from Multl Asset Fund 34,799 1,021,574 1,056,373 23,199 1,009,003 1.032,202 INVESTMENT MANAGEMENT cosrs 1025 2024 Investment management fees 71,535 71,288 ALLOCATION OF GOVERNANCE AND SUPPORT COSTS The brèakdown of support cost5 and how these were allocated beiween governance and other Support costs for the year ended 5 April 2025 15 shown in the t3ble below- other Support costs Total allocated GL)veinance related Bank charges Administration costs Communications Computer consultancy 405 50,000 15,3R5 5,294 71,084 405 35,0 15,385 5,294 56,084 1S,0(X) 15,000 Governance Costs 2025 2024 Audit fees Reglstratiort d)arges Legal fees Actounting and secrètarial labovel 10.016 35 9,360 15,000 34,411 9,694 311 2,664 15,000 27,669 The s(tpport costs are mostly attrlbutable to the provision of at)nual grants to Individuals with a fixed fee per individu31 and a fixed fee per payment allocated to special grants to indlvlduals retrospeetlvely. The Trustees have decided to meet all support and governance costs from Unrestrlcted funds and so no allocation or charge is made to restrictèd funds for any of these costs. 15 WESTON PROVIDEN FUND NOTES Icontlnuedl EXPENDITURE ON CHARITIABLE AcnviTES Support and governance costs Breakdown of costs 2025 Graytt funded Total Annual giants to indlvlduals Special grant5 to individua15 994,200 26,766 1,020,966 89,415 1,080 90,495 I,L)83,615 27,846 1,111,461 Support and governance Costs Breakdown of costs 2024 Grant funded actlvlties Total Annual Erants to Individua15 Special grants to Indlvlduals 984,600 19.540 1,004,140 78.659 1,063,259 19,540 1,082,799 78,659 Support and 8ovÈrn3nce costs in the year to 5 Aprll 2025 Include £50,00012024: £50,0001 in respect of services provided by the ABF Group Pensions Department Isee note 121. INVESTMENTS Market Value 2024 Realised and Unreallsed Galns and Losses Market Value 2025 Sales Pro￿ed5 Purchases Fidelbty Multi Asset Fund UK Equities (directly held) 18,070,472 933,373 19,003,845 1,027,414 11.224.688) 1207,2221 1183,0791 1390,3011 17,665,976 750,294 18,416,270 1,027.414 11,224,688) The change in market value of investment5 comprises all Increases and decreases In the market value of Investments held at any time during the year and Includes profits and lossès Te31ised on sales of investments during the year. DEBTORS 2025 2024 Accrued investment Income Rebate duè from Investment manager 420,609 4,390 424,999 408,495 4,440 412.935 CASH AT BANK 2025 2024 Current a￿OUnt 118,883 107,546 16 WESTON PROVIDENTFUND NOTES Ictsntlnuedl 10. CREDITORS: amounts falllng due wlthln one year 2025 2024 Accrued expenses A¢crued grants 81,450 240,600 322,050 81,21KJ 288,100 369,300 Accrued expenses at 5 April 202S includè £50,00012024'. £50,000) in respect of services provided by the ABF Group Pensions Department for that year Isee note 121. 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Asselsl (Llabllltlesl Total 2025 Investments Unrestricted fund5 Expendable Endowment 1,279,480 17,136,790 18.416,270 221,832 1,501,312 17.136,790 18,638,102 221,832 Nèt Current Assèts/ Total 2024 Investments UnrÈstrlctÈd funds Expendakile Endowment 1,279,480 17,724,365 19,003,845 151,181 1,430,661 17.724,365 19,155.026 151,181 As disclosed on page 4, amounts held wilhln the Expendable Endowment which will normally bè treated as capital fund5 but may. at the dlscretion of the TTUStees, be applied as income In furtherance of the objective5 of the Fund. All accumulated nve5tment Income over and above the cost of benefits and expendlture Is treated as Unrestricted Funds. 12. RELATED PARTYTRANSACTIONS In addition to the investments held with Fidelity, the Fund holds 38,66512024: 38,6651 shares In Assoclated Brit15h Foods plc, valued at £750,29412024'. £933,3731. Dividends received during the year from the Associated Brltlsh Foods share5 totalled £34,79912024.' £23,1991. None of the Trustees, nor any connected per50n, has ever re¢elved any grant. benefit or remuneration froTH the Fund 13lthough Trusteès may be reimbursed from the Fund for travel and sub515tence expenses In attending meetings as dèscrlbed in note Sl. The Fund has no ernployeps of Its own and is administered on behalf of the Trusteès by the ABF Group Pensions Department at 50151 Russell Square, Lolldon, WCIB 4JU. The Trustees have accrued E50,000 in these financial Statements as an estimate of the cost of services provided by the ABF Group Pensions Department for the year to 5 April 2025. These costs are Included In the financial statements as follows.. 2025 2024 Wlthin charitable activities Withln governance c95t5 35,000 15,000 50,OOCI 35,000 15,000 50,000 17