GWF Annual Report 2020

Annual Report Report and accounts of the Trustees · 2020 Nunc a mauris. Proin eget ligula. Nam cursus libero. Vestibulum velit orci, bibendum eget, molestie eu, sagittis non, leo. Nullam sed enim. Duis ac lorem. Lorem ipsum dolor sit amet, consectetuer adipiscingAnnual elit. Suspendisse Report potenti. Sed tincidunt varius arcu. Mauris vitae arcu sit amet quam condimentum pulvinar. Aenean Report and accounts of the Trustees Financial year to 5 April 2020 Reference and administrative information The Garfield Weston Foundation is a general grant-giving charity endowed by the late W Garfield Weston and members of his family, which is registered with the Central Register of Charities, registration number 230260. The Foundation is recognised by the Inland Revenue as an approved charity for tax purposes, the reference number being X96978. Principal Office Weston Centre 10 Grosvenor Street London W1K 4QY Trustees Guy H Weston, Chairman Anna Catrina Hobhouse Jana R Khayat Sophia M Weston Eliza L Mitchell Melissa Murdoch George G Weston Alannah Weston Geordie Dalglish Director Philippa Charles Secretary to the Trustees Janette Cattell Bankers Nunc a mauris.Coutts Proin & Co eget ligula. Nam cursus libero. 440 Strand Vestibulum velitLondon orci, WC2R bibendum 0QS eget, molestie eu, sagittis non, leo. Nullam sed enim. Duis ac lorem. Lorem ipsum dolor sit amet, Solicitors consectetuer adipiscingSlaughter and elit. May Suspendisse potenti. Sed tincidunt varius arcu. Mauris vitae1 Bunhill arcu Row sit amet quam condimentum pulvinar. Aenean London EC1Y 8YY Auditors UHY Hacker Young LLP Quadrant House 4 Thomas More Square London E1W 1YW Fund Managers Investec 30 Gresham Street London EC2V 7QN Goldman Sachs Asset Management International River Court, 120 Fleet Street London EC4A 2BE Garfield Weston Foundation 1 Record year donated over £88 million Over 2,100 grants made this year Rapid response to Over £13.3 million Launched first Covid-19, pre-launch granted to welfare evaluation of Weston of £1 million to the organisations Anniversary Fund National Emergencies with continuing Trust in partnership improvements as a with UK Community result of feedback Foundations 2 Report and accounts of the Trustees · 2020 +£4 Grants to youth charities up by £4 million on million previous year +24% more individual grants made to welfare organisations £3.5 granted to charities working with special needs million % Donations to youth and welfare charities increased +15 by 15% to over £22.4 million 382 community organisations supported Over £14.8 million granted to charities across the North of England Increase of 23% of donations to Wales Grants to health Commissioned charities increased independent research by 153% on on the Environment to previous year inform grant-making Garfield Weston Foundation 3 Chairman’s report the main charities’ journals. This ensures that the Trustees and staff are well placed to keep up to date with As the Chairman of developments in charity practice and regulations. In addition, the Trustees receive direct information in the Foundation, I have relation to important areas from both their secretary, who pleasure in introducing attends monthly meetings and is a practising lawyer with the Annual Report of expertise in the charities’ field, and from their auditors, the Trustees for the UHY Hacker Young LLP. year to 5 April 2020. The Trustees are directly responsible for the management of the Foundation and hold regular meetings in order to consider grant applications for £100,000 or more and to Accounting policies ratify smaller grants which have been made by Trustees since their previous meeting. Additional meetings are The financial statements have been prepared in included as required to deal with any time-sensitive accordance with the accounting policies set out in the funding requests, including this year to approve notes to the accounts and comply with the Foundation’s emergency funding for those severely affected by the governing document, the Charities Act 2011 and Covid-19 pandemic. The initial processing of grant Accounting and Reporting by Charities: Statement of applications is dealt with by an experienced team of staff, Recommended Practice applicable to charities preparing but every application is seen by at least one of the their accounts in accordance with the Financial Reporting Trustees who actively participate in meetings with and Standard applicable in the UK and Republic of Ireland visits to applicants. The Trustees also hold an annual published on 16 July 2014 (FRS102). meeting in order to adopt the Annual Report and Accounts and to carry out a formal review of the fulfilment of the Charity’s aims and objectives, policies and the Structure, governance and management investment performance over the year. Structure Risk management and policies The operation of the Foundation is governed by a Trust The Trustees are satisfied that appropriate policies, Deed dated 10 October 1958. protection, systems and checks remain in place in order to mitigate exposure to major risks. The Director and At 5 April 2020, the Foundation owned 79.2% of Secretary review operational risks and policies on an Wittington Investments Limited, a company registered in ongoing basis and these are also formally considered by England. Wittington Investments is the ultimate holding the Trustees at their Annual Meeting. company of Associated British Foods plc, which is listed on the London Stock Exchange, Fortnum and Mason plc The principal risks relate to investment performance, and and Heal’s plc. Under the terms of the Trust Deed, the operational risks in terms of grant-making arising from investment in the Wittington Investments Limited group system malfunctions or fraudulent applications. There is of companies forms the permanent capital endowment of also a potential reputational risk for the charity in terms the Foundation and the Trustees may not dispose of of its relationship with the underlying trading activities of those investments except by a unanimous vote of all the companies held through Wittington Investments Limited. Trustees. Operational: The computer system and internal Governance and management procedures are regularly updated and reviewed and all In accordance with the Trust Deed, after the death of Mr grant applicants are screened by a skilled grants W Garfield Weston and his wife, their descendants management team which has been expanded in line with became Trustees. The number of Trustees is limited to the increase in donations. Appropriate processes, ten but must be at least five. If the number of Trustees guidelines and staff training have also been put in place drops below five, new Trustees fall to be appointed from to comply with the Foundation’s obligations under the amongst the lineal descendants of W Garfield Weston. Data Protection Act 2018 and to provide safeguarding for staff and applicants. The ability of the systems and Being family members, incoming Trustees are aware of processes to enable staff to work remotely from the office the aims and objectives of the Foundation and the has been tested during the Covid-19 lockdown period and manner in which the Trustees carry out their has proved to be robust. responsibilities. All of the Trustees are involved in other charitable entities either in the UK, the United States or Investments: The Trustees regularly review the Canada; either on the Boards, on advisory committees or performance of the underlying assets and their as volunteers. The Director is a member of the shareholding in the Wittington Investments Limited group Foundations’ Forum and the Foundation is a member of and receive reports directly from those who are managing the Association of Charitable Foundations and receives the businesses. The non-Wittington investments are also 4 Report and accounts of the Trustees · 2020 managed in accordance with a policy which balances risk Income and grant-making aims and with investment returns (see below). objectives Reputation: The direct involvement of members of the The Trust Deed contains broad charitable objects which Trustee board in the activities of the Wittington group also allow the Trustees, in their discretion, to pay or apply the enables them to be fully appraised of events which might income and, subject to the restrictions set out below, the give rise to unwelcome media attention and hence capital of the Trust Fund to or for the benefit of any reputational risks. charitable bodies, trusts, associations, institutions or organisations. Conflicts of interest: The Trustees have in place a detailed policy regarding conflicts of interest, both in Total income receipts for the year were over £84.7 million terms of their grant-making decisions, and also in terms (2019: £80 million). This has enabled the Trustees to of the fact that some of them are directors of Wittington increase their total grants to £88.1 million in support of group companies; this potential for conflict is carefully 2121 appeals (2019: £79 million in support of 2126 managed with proper procedures (including as regards appeals). The total outstanding forward commitments at the exercise of the Trustees’ voting powers at the the end of the financial year were just over £33.1 million, Wittington Investments Limited AGM and any other as compared with £26.1 million in 2019; this is primarily shareholder meetings) and the taking of independent due to two outstanding significant pledges to the National advice where necessary. Portrait Gallery (£6.5m) for a capital building project and Moorfields

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