Charlty Registration No. 314178 GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY CONTENTS Page Legal and administrative information Trustees, report Independent examiner's report Statement of financial activlties Balance sheet Notes lo the financial statements 8-13
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr E Mullan Mr J Bedford Mrs H Quigley Dr R I Peters Gallagher OBE (Chairperson) MrJ Hunter Prof M O'Neill Charity number 314178 Registered office Ulster University Cromore Road COLERAINE Co Londonderry BT52 1SA Independent examiner IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG Fund managers LGT Wealth Management Limited Capital Square 58 Morri50n Street EC)INBURGH EH3 8BP
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I lo the financial slalemen15 and comply with the trust's deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accofdance with the Financial Reporting Standafd applicable in the UK and Republic of Ireland IFRS 1021" {effeclive 1 January 20191. Objective3 and activities The object of the Trust 15 the promotion of edu¢alion and research al Ulster Universily throughout ils four campuses. The Trustees welcome and encourage applications from faculties, adminislralive departments and the students. union for funding. The Trustees make awards from the Fund to suitable projects, while giving due regard lo the following.. The extent to which the project. programme or event will assist the University and ils aspirations lo promote realivily and innovation through teaching, learning and research; The extent to which the project. programme or event will contribute lo the economic, social and cultural development of the community benefiting from the project.. and The exlenl to which the project. programme or event will assi51 the University in widening access lo Higher Education. The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what activities Ihe trust should undertake. Achievements and perfomiance The Trust's ability lo support worthy projects from staff and sludenls is totally reliant on income accrued frorn the investment fund which is managed by LGT Wealth Management Limited. The income from the fund for the year amounted to £77,220 12023 £71,712). The amount awarded to projects was £80,470 and unspent funds returned from projects were £10,565. Flnancial review The results for thè year are set out on page 6. The Trust relumed nel income of £208,971 12023 nel expenditure ol £302,150). Al 5 April 2024 the lolal funds of the charity amounted to £3,014,88412023 _ £2.805,913). comprised solely of general unreslricled funds. Reserves policy The Trustees aim lo Inainlain free reserves in unrestricted funds al a level which equates lo approximately twelve months of unreslricled charitable expenditure. The Trustees consider that this level will provide sufficient funds lo respond lo applications for grants and ensure that there ara sufficient funds available to cover support and governance costs. Investment policy The Fund is managed and implemented by an inve51menl manager who is a signatory lo the UN Principles for Responsible Inveslmenl. as a sign of best practice in this area, The Trust prefers investments where active stewardship is applied lo ensure th8 companies invested in protect the environment and promot8 diver511y within the Drganization. The Trust excludes direct investment in oil companies. 11 also has no investment in companies making more than 50/0 of Ihelr revenues from thermal coal, oil sands. shale oil and shale gas. The Trust avoids investment in companies where more than 50/0 of their revenue is derived from gambling. tobacco production and tobacco supply. 11 also avoids investmen15 in companies that derive more than 30/0 of their turnover from Adult Entertainment and companies that derive more than 5'/D of turnover from armaments. The Trust avoids investment that may expose the charity lo moderate, severe or very severe child labour breaches. 11 also avoids Investments in companies with severe or very severe land use, biodiversity or toxic spill breaches.
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Risk management The Board of Trustees have reviewed the key risks facing Ihe charity and have procedures lo manage those risks. Plans for future periods The Trust will continue lo seek opportunities lo financially support suitable educational and research projects within the University's campuses. structure, governance and management The Trust is a registered charity, number 314178 and is constiluled under a Trust Deed dated 24 September 1988. The Trust was established for charitable purposes by an initial gift from Willard Garfield Weston. The trustees who served during the year and up lo the dale of signature of the financial slalements were.. Mr E Mullan Mr J Bedford Mrs H Quigley Dr R I Peters Gallagher OBE (Chairperson) Mr J Hunter Prof M O'Neill The lolal membership musl not exceed eight. The Chair is a formei Honorary Treasurer of the University and a former member of the University Council. statement of trustees. responsibilities The Iruslees are responsible for preparin9 the Trustees, Reporl and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law appli¢able to charities in England and Wales requires the trustees lo prepare financial slalements for each financial year which give a true and fair view of the slate of affair5 of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these financial slatemenls, the trustees are required lo.. select 5Ultable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. stale whether applicable accounting standards have been followed. subje¢l to any material departure5 disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accountin9 records that disc105e with reasonable accuracy al any lime the financial position of the trust and enable them lo ensure that the financial slalemenls comply with the Charities Acl 2011, the Gharily (Accounts and Reports} Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The Iruslees, report was approved by the Board of Trustees. eamon mullan R I Peters Gallagher Dr R I Peters Gallagher 08E (Chairperson) Trustee Mr E Mullan Trustee 25 June 2024
ids. GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY chartered occovntants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY I report lo the trustees on my examination of the financial statements of Garfeld Weston Trust For U15ter University Ilhe Irustl for the year ended 5 April 2024. Responsibilities and basis of report As the trustees ol the trust you are responsible for the PTeparation of the financial statements i n accordance with the requirements of the Charities Act 2011 Ilhe 2011 Acll. I report in respè¢l of my examination of the Irusl's financial slalemenls carried out under section 145 of the 2011 Act. In carrying out rny examination I have followed all the applicable Directions given by the Charity Commission nder section 34515){bl of the 2011 Act. Independent examiner's statement Your attention is drawn lo the fact that the charity has Pfepared financial slalemenls in accordance wllh Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicabla in the UK and Republi¢ of Ireland IFRS 102) in preference lo the Accounting and Reporting by Charities,. Slalement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has now been wilhdiawn. l understand that this has been done in order for financial statements lo provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no mallers have Come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the trust as required by section 130 of the 2011 Acl,. or the financial slalemenls do not accord with those records.. or the financial slalements do not comply with the applicable requirements concerning the form and conlenl ol accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalernenls lo be reached. Alison Wallace Alison Wallace IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG Dated.. 25 June 2024
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from.. Investments 77,220 71,712 Total income 77.220 71.712 Expenditure on.. Raising funds Charitable activities 19,486 71,225 19.339 41,320 Totsl expenditure 90.711 60,659 Nel gainslllosses} on investments 222,462 1313,203) Net incomellexpenditurel and movement in funds 208,971 1302,150) Rèconciliatlon of funds: Wund balantss at 6 April 2023 2.805,913 3,108,063 Fund balances at 5 April 2024 3.014,884 2,805,913 The slalemenl of financial activitiès includes all gains and losses recognised in the year. All income arnd expenditure derive from continuing activities.
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY BALANCE SHEET AS AT5APRIL 2024 2024 2023 Notes Fixed assets Investments 10 2.921,629 2,815,902 Current assets Debtors Cash al bank and in hand 11 949 30.382 94,575 94,575 31.331 Creditors: amounts falling due withln one year 12 11,3201 (41,320> Net Current a8setsl{liabilitiesl 93,255 19,9891 Total assets less current liabilities 3,014,884 2,805,913 The funds of the trust Unreslricled funds 3.014.884 2,805,913 3,014.884 2,805,913 The financial slalements were approved by the Iruslees on 25 Jun8 2024 eamon mullan R I Peters Gallagher Dr R I Peters Gallagher OBE (Chairperson) Trustee M, E Mullan Trustee
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policles Charity information Garfield Weston Trust For Ulster University Is a reg15tered charity. 1.1 Accountlng convention The financial slalemenls have been prepared in accordance with the Irusl's deed. the Charities Ad 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 and the Charities SORP "Accounting and Fieporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" ieffeclive 1 January 2019}. The trust Is a Public Benefit Enlily as c5efined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities not lo prepare a Slalement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial slatemenls are rounded lo the nearest £. 1.2 Going concern Al the lime of approving the financial slalemenls. the Iruslees have a reasonable expectation that the trust has adequale resources to continue in operational existence for the foreseeable future. Thus the Iruslees continue lo adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Iruslees in furtherance of their charitable objectives. 1.4 Income Income represents amounts received in respect of dividends and interest. 1.5 Expènditure Expendilure is recognised on an accruals basis as a liability is incurred. Funding provided throug h contractual agreements and performance related grants are recognised as goods and Services are supplied. Other grant payments are recognised when a constructive obligation arises that results in th8 payment being unavoidable. Costs of raising funds are those costs incurred in trading activities that raise funds. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs. and are subseqLJently measured al fair value al each reporting dale. Changes in laii value are re¢ognised in nel incomel{expendilurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents in¢lude cash in hand, deposits held at call with banks. other short-lerm liquid investrnents with original malurilies of Ihree months or less, and bank overdrafts.
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policles (Continued) 1.8 Financlal instruments The trust has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls. and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party lo the conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or lo realise the asset and settle Ihe liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried at arnortised cost using the effective interest method unless the arrangement con51ilules a financing transaction. where the Iransaclion is measured al the present value of Ihe future receipts discounted al a markel rale of interest, Financial assets classified as receivable within one year are not amortised. Baslc flnancial Ilabilities Basic financial liabilities, including creditors and bank loans are ini11311y recognised al transaction price unless the afrangemenl conslilules a financing transaction, where the debt instrument is measured al the present valLJe of the future payments discounted at a market rale ol interest. Financial liabilities classified a5 payable within one year are not amortised. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payrnenl is due within one year or less. If not. they are presented as non-currenl liabilities. Trade credilors are recognised initialty al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of linancial liabilities Financial liabilities are derecognised when the trust's conlraclual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Irusl's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnay differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Interest recelvable 53,177 24.043 56.976 14,736 77.220 71.712 Raising funds Unrestricted Unrestricted funds funds 2024 2023 FuT)d management fees 19.486 19.339 19.486 19,339 Charitable activitios 2024 2023 25 @ 25 Leading Northern Ireland's Future Engineering in Built Environment Geo Topics.. Environmental Insights for School Teachers Generative Al Workshops, summer School and conference Introducing Children lo STEM Ulster Gene Editing Academy Strategies to tackle mental illness and suicidalily among students Connections 2024 40.000 (8.000) 12.565) 20.000 17.000 10.470 13.000 20.000 69.905 40.000 Share of governance costs (see note ei 1,320 1,320 71,225 41,320 10-
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support costs allocated to activities 2024 2023 Governance costs 1,320 1,320 Analysed between: CharilabSe activities 1,320 1,320 Trustees None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the trust during the year and neither were they reimbursed expenses during the year. Net gainslllosses} on investments Unrestricted Unrestricted funds funds 2024 2023 (Lossllgain on sale of investmen15 Unrealised gainl{loss) on investments (21.6941 244.156 118.605 (431,8081 222.462 (313,2031 Taxation The charity is exempl from tax on income and gains falling Wlthin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied lo ils charitable objects. 11
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Fixed asset investments Listed investments Valuation Al 6 April 2023 Additions Realised investment losses Unrealised investment gains Disposals 2.815.902 745,217 121.6941 244,156 (861.952) Al 5 April 2024 2.921,629 Carrying amount Al 05 April 2024 2,921,629 Al 05 April 2023 2,815,902 11 Debtors 2024 2023 Amounts falling due within one year: Olher debtors 949 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,320 41,320 13 Unrestrrcted funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 6 April 2023 Incoming resources Resources expended Gains and losses At 5 April 2024 General funds 2,805,913 77.220 (90,711) 222,462 3,014,884 12
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Unrestrlcted funds (Continued) Previous yoar- At 6 Aprll 2022 Incoming resources Resources expended Gains and 1098es At S April 2023 General funds 3,108.063 71,712 160.659) (313.2031 2,805.913 14 Related party transactions There were no disclosable related party transactions during the year {2023 ~ none). 13-