Garfield Weston Foundation
2007 Annual Report and Accounts

ACHIEVEMENTS AND PERFORMANCE

The Trustees are pleased to have been able to provide lead grants in particular to projects of national importance. In addition to the grant to Liverpool Museums, the grants to the Royal Shakespeare Company for the Stratford redevelopment, the Royal Botanic Gardens at Kew and Canterbury Cathedral illustrate the key role which the Foundation is able to play in supporting the nation’s artistic talent and heritage. By maintaining adequate reserves and controlling expenditure carefully throughout the year the Trustees were able, very close to the end of the financial year, to provide a much–needed grant towards the rescue of Horace Walpole’s 18th century gothic villa near Twickenham, Strawberry Hill House – one of World’s 100 Most Endangered Sites.

Investment performance
Once again, the Foundation’s principal investment in the Wittington Group has maintained a steady upward performance and the dividends paid by Wittington Investments Limited have increased by 10 per cent. The Trustees receive a report on an annual basis which includes a detailed consideration of the underlying activities of Associated British Foods, Fortnum and Mason and Heals. Further analysis of the investment assets can be found in Note 8 to the Financial Statements. A copy of Wittington Investments Limited’s accounts for the year to 16 September 2006 can be obtained from the Foundation’s office.

The Trustees’ portfolio of non-Wittington Group investments has continued to be managed by Rensburg Sheppards and Sarasin Chiswell. Based upon the agreed benchmark of RPI plus 3 per cent over a rolling three year period, the three yearly return to 5 April 2007/31 March 2007 is +50.8 per cent and +50.3 per cent respectively against a benchmark return of approximately +20.6 per cent. By contrast, the WM Index for Charities Constrained by Income produced a return over the same period of approximately +51.7 per cent. The Rensburg Sheppards/Savills’ Charities Property Fund continues to produce good returns amounting to +17.4 per cent for the year to 5 April 2007.