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-