Charity Registration No. 314178
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 12 |
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) Prof M O'Neill Charity number 314178 Registered office Ulster University Cromore Road COLERAINE Co Londonderry BT52 1SA Independent examiner IDS Chartered Accountants LLP 23/25 Queen Street COLERAINE Co Londonderry BT52 1BG Fund managers LGT Wealth Management Limited Capital Square 58 Morrison Street EDINBURGH EH3 8BP Greenbank Investments 30 Gresham Street LONDON EC2V 7QN
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The object of the Trust is the promotion of education and research at Ulster University throughout its campuses. The Trustees welcome and encourage applications from schools, faculties, administrative departments and the students� union for funding. The Trustees make awards from the Fund to suitable projects, while giving due regard to the following: to promote and enhance education and research, promote the University and its involvement with the surrounding community, widen participation for prospective students, and to support current students at the University.
The Trustees ask project leads to set out how their project will meet the GWT objectives and how the project will deliver impactful results in a meaningful and timely manner.
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Over recent years the Trust has funded several innovative projects, for example: 25@25 Leadership programme: Leading Northern Ireland�s Future Generative AI (Artificial Intelligence) Conference & Workshops
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Empowering Inclusive Movement Showcasing and Empowering Women in STEM Strategies to Tackle Mental Illness and Suicidality among Students.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The Trust�s ability to support worthy projects from staff and students is totally reliant on income accrued from the investment fund which is managed by LGT Wealth Management Limited.
The income from the fund for the year amounted to £71,577 (2024 - £77,220). The amount awarded to projects was £79,035 unspent funds returned from projects were £3,391.
Financial review
The results for the year are set out on page 6. The Trust returned net expenditure of £(194,383) (2024 net income of 208,971). At 5 April 2025 the total funds of the charity amounted to £2,820,501 (2024 - £3,014,884), comprised solely of general unrestricted funds.
Reserves policy
The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately twelve months of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs.
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Investment policy
The Fund is managed and implemented by an investment manager who is a signatory to the UN Principles for Responsible Investment, as a sign of best practice in this area. The Trust prefers investments where active stewardship is applied to ensure the companies invested in protect the environment and promote diversity within the organization.
The Trust excludes direct investment in oil companies. It also has no investment in companies making more than 5% of their revenues from thermal coal, oil sands, shale oil and shale gas.
The Trust avoids investment in companies where more than 5% of their revenue is derived from gambling, tobacco production and tobacco supply. It also avoids investments in companies that derive more than 3% of their turnover from Adult Entertainment and companies that derive more than 5% of turnover from armaments.
The Trust avoids investment that may expose the charity to moderate, severe or very severe child labour breaches. It also avoids investments in companies with severe or very severe land use, biodiversity or toxic spill breaches.
In June 2024, the Trust sent invitations to tender for the role of Investment Managers for the Garfield Weston Trust (GWT). In addition to the letter, the 1968 Deed and Investment Policy Statement were attached. Following a Board review of the received tender applications, Greenbank Investment Managers were appointed in November 2024.
Risk management
The Board of Trustees have reviewed the key risks facing the charity and have procedures to manage those risks.
Plans for future periods
The Trust will continue to seek opportunities to 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 constituted under a Trust Deed dated 24 September 1968. The Trust was established for charitable purposes by an initial gift from Willard Garfield Weston.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr E Mullan
Mr J Bedford Mrs H Quigley Dr R I Peters Gallagher OBE (Chairperson) Mr J Hunter (Resigned 27 September 2024) Prof M O'Neill
The total membership must not exceed eight. The Chair is a former Honorary Treasurer of the University and a former member of the University Council.
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
The trustees' report was approved by the Board of Trustees.
Mr E Mullan Trustee
Dr R I Peters Gallagher OBE (Chairperson) Trustee
17 June 2025
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
I report to the trustees on my examination of the financial statements of Garfield Weston Trust For Ulster University (the trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Alison Wallace IDS Chartered Accountants LLP
23/25 Queen Street COLERAINE Co Londonderry BT52 1BG
Dated: 17 June 2025
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 71,577 | 77,220 |
| Total income | 71,577 | 77,220 | |
| Expenditure on: | |||
| Raising funds | 4 | 23,054 | 19,486 |
| Charitable activities | 5 | 76,964 | 71,225 |
| Total expenditure | 100,018 | 90,711 | |
| Net (losses)/gains on investments | 8 | (165,942) | 222,462 |
| Net income/(expenditure) and movement in funds | (194,383) | 208,971 | |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2024 | 3,014,884 | 2,805,913 | |
| Fund balances at 5 April 2025 | 2,820,501 | 3,014,884 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investments 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities The funds of the trust Unrestricted funds |
£ 355,449 (78,284) |
2025 £ 2,543,336 277,165 2,820,501 2,820,501 2,820,501 |
£ 94,575 (1,320) |
2024 £ 2,921,629 93,255 |
|---|---|---|---|---|
| 3,014,884 | ||||
| 3,014,884 | ||||
| 3,014,884 |
The financial statements were approved by the trustees on 17 June 2025
Mr E Mullan Trustee
Dr R I Peters Gallagher OBE (Chairperson) Trustee
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
Garfield Weston Trust For Ulster University is a registered charity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's deed, the Charities Act 2011, FRS 102 �The Financial Reporting Standard applicable in the UK and Republic of Ireland� (�FRS 102�) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income represents amounts received in respect of dividends and interest.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Funding provided through 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 the 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 subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
- 1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust�s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the trust�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 may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income from listed investments | 46,894 | 53,177 |
| Interest receivable | 24,683 | 24,043 |
| 71,577 | 77,220 |
4 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Fund management fees | 23,054 | 19,486 |
| 23,054 | 19,486 |
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
5 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| activities | activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Engineering in Built Environment | - | (8,000) | |
| Geo Topics: Environmental Insights for School Teachers | - | (2,565) | |
| Generatiive AI Workshops, summer school and conferenc | - | 20,000 | |
| Introducing Children to STEM | - | 17,000 | |
| Ulster Gene Editing Academy | (809) | 10,470 | |
| Strategies to tackle mental illness and suicidality among students | (2,582) | 13,000 | |
| Connections 2024 | - | 20,000 | |
| Cybersecurity | 19,161 | - | |
| Ulster Molecular Biology | 12,954 | - | |
| Empowering Inclusive Movement | 8,470 | - | |
| GWT Revilalise | 17,000 | - | |
| Show & Empower Women in STEM | 21,450 | - | |
| 75,644 | 69,905 | ||
| Share of support and governance costs (see note 6) | |||
| Governance | 1,320 | 1,320 | |
| 76,964 | 71,225 | ||
| Analysis by fund | |||
| Unrestricted funds | 76,964 | 71,225 | |
| 6 | Support costs allocated to activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Governance costs | 1,320 | 1,320 | |
| Analysed between: | |||
| Charitable activities | 1,320 | 1,320 |
7 Trustees
None of the trustees (or 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.
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
8 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Gain/(loss) on sale of investments | 5,883 | (21,694) |
| Unrealised (loss)/gain on investments | (171,825) | 244,156 |
| (165,942) | 222,462 |
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Valuation | |
| At 6 April 2024 | 2,921,629 |
| Additions | 507,015 |
| Disposals | (719,366) |
| Realised investment gains | 5,883 |
| Unrealised investment losses | (171,825) |
| At 5 April 2025 | 2,543,336 |
| Carrying amount | |
| At 05 April 2025 | 2,543,336 |
| At 05 April 2024 | 2,921,629 |
Historical book cost of fixed asset investments as at 5 April 2025 £1,954,623 (2024 £2,161,073).
11 Creditors: amounts falling due within one year
| Ulster University Accruals and deferred income |
2025 £ 76,964 1,320 78,284 |
2024 £ - 1,320 |
|---|---|---|
| 1,320 |
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GARFIELD WESTON TRUST FOR ULSTER UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
12 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds |
At 6 April 2024 Incoming resources Resources expended Gains and losses £ £ £ £ 3,014,884 71,577 (100,018) (165,942) At 6 April 2023 Incoming resources Resources expended Gains and losses £ £ £ £ 2,805,913 77,220 (90,711) 222,462 |
At 5 April 2025 £ 2,820,501 |
|---|---|---|
| At 5 April 2024 £ 3,014,884 |
13 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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