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2022-08-31-accounts

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

Registered number: 03540878 Charity number: 1069589

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 18
Trustees' Responsibilities Statement 19
Independent Auditor's Report on the Financial Statements 20 - 23
Statement of Financial Activities 24
Income and Expenditure Account 25
Balance Sheet 26 - 27
Statement of Cash Flows 28
Notes to the Financial Statements 29 - 48

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022

Trustees Lord Blair of Boughton
B Brenninkmeijer-Schuerholz, Vice Chair
Dr J Carleton Paget
Lord Carlile of Berriew
Simon Dangoor
Rev Dr M Forward (resigned 13 September 2022)
Lady Brenda Marjorie Hale
Dr E Kessler MBE, Founder Director
S A Randeree CBE, Chair
Rt Rev Tim J Stevens
Edward J Williams
Jeremy Woolf
Sarah Yamani
Company registered
number
03540878
Charity registered
number
1069589
Registered office
Woolf Institute
Madingley Road
Cambridge
CB3 0UB
Company secretary
A Rhys-Davies
Independent auditor
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Maling
Kent
ME19 4JQ
Solicitors
Evelyn Partners
45 Gresham Street
London
EC2V 7BG

Page 1

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Royal Patron HRH The Princess Royal Honorary Vice- Rev. Dominic Fenton, Lord Hameed of Hampstead, Mr John Pickering Presidents Interfaith Patrons Baroness Elizabeth Butler-Sloss GBE, Dr Richard Stone CBE Patrons HRH Prince Hassan bin Talal of Jordan, The Most Revd and Rt. Hon. Justin Welby, Archbishop of Canterbury, Chief Rabbi Mirvis, Chief Rabbi of the United Hebrew Congregations of the Commonwealth, Cardinal Vincent Nichols, Archbishop of Westminster, Archbishop Gregorios, Archbishop of Thyateira and Great Britain, Rev David Robertson, Free Church Moderator, Rabbi Baroness Julia Neuberger, Rabbi Joseph Dweck, Spanish & Portuguese Jews' Congregation, Lord Sacks of Aldgate President The Rt Hon The Lord Woolf PC CH

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 September 2021 to 31 August 2022. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report and Directors' Report required of larger companies under the Companies Act 2006 are not required.

The Woolf Institute Overview

The Woolf Institute was founded by Dr Edward Kessler and Revd Professor Martin Forward in 1998. Their aim was to provide an academic framework and space in which people could tackle issues of religious difference constructively.

Beginning as the Centre for Jewish-Christian Relations, the Institute later expanded to include the Centre for the Study of Muslim-Jewish Relations - the first and only centre in Europe dedicated to fostering a better understanding of relations between Muslims and Jews, and the Centre for Policy and Public Education. In 2010, these Centres were amalgamated under the designation "Woolf Institute", in honour of Harry, Lord Woolf, former Lord Chief Justice of England and Wales.

Today, the Woolf Institute is a global leader in the academic study of relations between Jews, Christians and Muslims, recognised around the world for the excellence of its research, teaching, policy and public education programmes. The aim of the Institute’s work is to connect the multi-disciplinary study of relations with broader practical and theoretical questions, including the importance of trust in everyday life, the role of religion in international diplomacy and improving end of life care in local hospices. We strive, in our research and outreach, to demonstrate how greater understanding of commonality and difference can inform and enhance the wider public good.

Linked to the University of Cambridge though our membership of the Cambridge Theological Federation, and in collaboration with the Cambridge Commonwealth, European and International Trust, the Institute offers the Woolf Institute Cambridge Scholarship for MPhil and PhD scholars and contributed to teaching the MPhil in Middle Eastern Studies: Muslim-Jewish Relations at the University of Cambridge.

The Woolf Institute also brings its expertise to a global audience by offering a range of online courses and summer schools which address the relationship between religion and society.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

CHAIR’S REPORT

I would firstly like to acknowledge and to thank my fellow trustees for their help and support over the past year. It has been a tumultuous period for many in the UK and beyond, as we have seen the slow emergence from the COVID-19 Pandemic, political turmoil due to the Russia-Ukraine war, cost of living crisis and unstable political landscapes in the United Kingdom. However, despite the challenges presented both politically and socially in the past year, and thanks to the support and guidance of the Board, the Institute has continued to flourish in this fiscal year. Their work towards establishing tolerance and understanding on a global scale has become more urgent than ever, as we see the human cost of intolerance across the globe. I have no doubt that the work of the Woolf Institute will be instrumental in ensuring we are adequately equipped to support, and understand how to assist faith communities in the coming years.

The Woolf Institute continues to pursue a robust scholarly study of both the historical encounter between Jews, Christians and Muslims to better understand and guide our society and inform and shape a more tolerant, respectful and collective future together.

The Institute successfully brings together professionals and community leaders, both secular and religious, through a variety of academic and practice-based courses that provide a framework within which people can establish common ground and constructively tackle differences. The Institute has a multi-disciplinary track record of academic research, in-house and online teaching and innovative public outreach programmes. Working closely with the University of Cambridge, it is the Institute’s combination of scholarship of the highest order with broad-based public education that makes it distinctive and a global leader in addressing one of the most pressing challenges of our time: improving the relationship between religion and society.

It was Autumn 2021 before the Institute’s Board were once again able to meet face-to-face, something which we recognised as being quite a profound experience despite the required wearing of masks and the attention to social distancing.

During the pandemic, the Institute’s projects and teaching continued uninterrupted using online technology, which I believe to be a sign of the Institute’s resilience and capacity to be both flexible and imaginative.

I would like to say a particular thank you to everyone who has supported our work in this time of uncertainty - it has been appreciated more than ever. Huge thanks also are due to my fellow Trustees and to our incredible team of colleagues, researchers and students who work tirelessly together to give their support and guidance to faith communities across the UK.

Shabir Randeree CBE Chair, Woolf Institute March 2023

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Purposes and Aims

The Trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the Charity should undertake for public benefit. The Charity’s purposes as set out in the objects contained in the company’s Articles of Association are:

  1. The advancement of education by the promotion of the study and understanding of the beliefs, practices and histories of the Jewish, Christian and Muslim faiths; and ways of improving mutual understanding and respect among Jews, Christians and Muslims.

  2. The promotion of good relations between Jewish, Christian and Muslim communities (in particular by providing facilities whereby members of these faiths can work together in discussion and investigate areas of mutual concern).

The Woolf Institute aims to strengthen the ethical framework needed for meaningful political, economic and social work, as well as improve public and voluntary sector services through education, outreach and community engagement.

The Institute’s aims and objectives are set out in a five-year strategy document covering 2020-2025, which are in line with the Charity’s overall purposes and aims. The five-year strategy is reviewed at regular intervals (at least annually) by Trustees. Activities undertaken during the year align with the five-year strategy.

Ensuring our work delivers our aims

The Woolf Institute reviews its aims, objectives and activities at the end of the financial year, focusing on outcomes of its work in the previous 12 months. The review helps to ensure aims, objectives and activities remained focused on the stated purposes. The Charity Commission’s general guidance on public benefit has been referred to when reviewing aims and objectives, and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

TThe purpose of the Woolf Institute is to serve the public good through tackling issues of religious difference with a focus on relationships between Jews, Christians and Muslims. The Woolf Institute’s vision is one in which collaborative discussion and constructive engagement foster tolerance and understanding between those of all faiths and none, overcoming prejudice and intolerance. It combines research, teaching and outreach activities that enhance understanding of key concepts of public life: community and identity, personal responsibility and social solidarity. As an independent institute working closely with the University of Cambridge and other universities, it has the expertise and flexibility necessary to combine theory, research and practice while offering world-class scholarship in a rich learning environment.

Who used and benefited from our services?

Our objectives and funding allow for research and outreach projects, online courses, face to face and online teaching and lectures involving communities and individuals both in the UK and abroad. Further information about our main activities and who benefits directly from our services is explained in the analysis of performance and achievements below. The impact of our work goes far beyond those we help directly. Most individuals that we train or engage with return to their com-munities, workplaces, homes or places of worship and relay their positive experiences to others. These individuals include teachers, faith leaders and others who have the ability to widen the Institute’s reach.

All of the Woolf Institute’s charitable activities focus on improving relations between religion and society through education and are undertaken to further its charitable purposes for public benefit. To learn more about the Woolf Institute, visit our website at https://www.woolf.cam.ac.uk or telephone 01223 761974.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

2021 - 2022: A Year in Review TEACHING & PUBLIC EDUCATION

Woolf Institute staff delivered teaching as well as undergraduate and doctoral supervisions as part of its mission in collaboration with the University of Cambridge and the Cambridge Theological Federation (CTF).

The Institute continued to host various collaborative webinar series and other online lectures and events which provided our audiences with the opportunity to hear (and ask questions) about current academic research being conducted at the Institute.

Online courses were delivered to students from around the globe, including ‘Representations of Jewish Christian Relations’ which provides participants with the opportunity to engage with various texts from English Literature through the lens of inter-faith studies, to understand the narrative of deep-seated prejudices and to recognise the value of dialogue to dispel these views.

Full descriptions of all online courses can be found at https://www.woolf.cam.ac.uk/study/online-courses.

During the year, the Institute appointed a Public Engagement Fellow, Dr Elizabeth (Beth) Phillips, to oversee the Institute’s public education and outreach portfolio. The implementation of the Public Engagement strategy the Dr Phillips has designed is ongoing, aiming towards the development of a coherent, strategic, and sustainable portfolio of public engagement programmes. The work of sustainability will include: 1) questions surrounding approach to public dissemination of research outputs and identification of target audiences, 2) questions the surrounding staffing of programmes so that they have longevity beyond the researchers’ time in the Institute, and 3) external funding for some aspects of engagement, particularly so that free programmes can be offered as public contributions where most needed, alongside monetising other aspects of engagement, where public contributions could become a stream of income for the Institute.

Dr Emma Harris and Dr Katherine O’Lone, supported by Ruwaida Randeree, have conducted two Diversity in End of Life Care online sessions for: (1) healthcare professionals at Strathcarron Hospice (Denny) and (2) CTF students undertaking the MA in Chaplaincy and Pastoral Care. Following the first session, Strathcarron Hospice have asked whether the Institute will conduct the same session for their local hospital and care homes, and also offer a series of sessions.

The Living in Harmony Project conducts interactive and engaging educational workshops at schools across the country, with additional workshops being scheduled for the upcoming year including preparations for a teacher training workshop.

The Institute welcomed the return of students to the annual Summer School, this year entitled ‘Religion and Society from the Medieval to the Modern’, with the majority joining from Brigham Young University (BYU).

Full details of outreach can be found at https://www.woolf.cam.ac.uk/outreach.

RESEARCH

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Full descriptions of current and past research projects can be found at: https://www.woolf.cam.ac.uk/research

Related to the above research projects, the following is of particular note for the period 2021/22:

COMMUNICATIONS

Media engagement

We are now working successfully with our media communications partners Jersey Road PR who have secured features on BBC TV and ITV, seeing Dr Katherine O’Lone and PhD students Mohammed Ahmed and Dunya Habash appearing on separate episodes of the Sunday Morning Live programme (the BBC TV’s flagship weekly religious programme), and an article by Dr Esther-Miriam Wagner on Forgiveness being published in the Credo section of The Times.

Social media & podcast statistics

Social media

The Institute continues to focus on building engagement online to help facilitate its charitable objectives, disseminate research, share links to free information and events, and encourage discussion around important interfaith topics. Data collected this year suggests that the Institute’s following continues to increase across all social media platforms.

As of August 2022, there were:

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Podcast

Reflecting on recent science news stories and current events, authoritative thinkers unpack the implications for society in the Naked Reflections podcast series. The total number of downloads to August 2022 is 18,500.

Listen to the series at: https://www.thenakedscientists.com/podcasts/naked-reflections.

EVENTS

The Woolf Institute hosted a variety of events throughout the academic year from collaborative webinar series to book launches. Online webinars are simultaneously screened live on Facebook and Zoom, and are available later as videos on YouTube, providing a variety of ways for the Institute’s community to engage with important topics. One popular annual event known affectionately as 'Academic Speed-Dating’, Research Day provides the opportunity for researchers and students associated with the Institute to present their work in five-minute presentations. The aim is to give a short, accessible insight into the breath of all our research in a single day, and is one of the Institute’s most popular annual events. Research Day was held at the Institute in the K C Shasha Suite on 4th November. There were twelve speakers in total, each granted five minutes to give a brief presentation, followed by a Q&A session for audience members to engage with the topics presented. The event was live-streamed globally and garnered views from a diverse audience. All presentations were digitally uploaded, and can be streamed via the Institute’s YouTube channel.

Other events included:

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Page 9

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Additional Conferences, Talks, Seminars and Panels

Research staff and students attended and presented at various events. Highlights include:

Dr Esther-Miriam Wagner

Dr Emma Harris

Dr Elizabeth Phillips

Dr Julian Hargreaves

Dr Katherine O’Lone

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Dr Danielle Padley

PUBLICATIONS

During the academic year, Institute researchers’ numerous publications appeared. Highlights include:

POLICY

Work carried out at the Woolf Institute and published by former Research Fellow Dr Patrick Nash featured extensively in the report of the Law Commission on Muslim marriage in Britain.

Dr Julian Hargreaves presented findings from the completed Transmission and Trust project to the National Institute of Clinical Excellence (NICE) Race Equality Network.

Preparation commenced for The Commission on the Integration of Refugees, launched on 29th September 2022 seeking to i) improve both the refugee experience and the public experience of refugees and ii) offering practical, human-rights led and economically costed long term solutions.

FINANCIAL REVIEW

At the year-end, the Woolf Institute had net assets of £8,581,312 (2020-21: £7,800,240). The overall surplus for the year is £781,072 (2020-2021: £23,029 deficit). In October 2021, £19,789 was drawn down from the Endowment Fund (QW648) in line with the planned annual 4% withdrawal to fund the Willie and Jo Kessler Studentship. Accommodation income this year was £102,436 (2020-21: £110,913) including study bedroom lettings, conference space hire and annual service charge. Commercial conferencing is yet to return to prepandemic levels, but it is hoped that a new collaboration with Westminster College will increase capacity. At the end of the financial year the Woolf Institute had £6,769,867 (2020-21: £6,997,969) available in unrestricted funds, together with restricted funds of £544,522 (2020-21: £262,153) and expendable endowment funds of £1,266,923 (2020-21: £540,118).

RESERVES POLICY

It is the policy of the Charity that cash reserves be maintained at a level equivalent to between three and sixmonths’ expenditure, £240,000 - £480,000 (or £80,000 per month). The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's activities while consideration is given to ways in which additional funds may be raised.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The Charity had free reserves of £131,032 (2020-21: £285,178). Free reserves are unrestricted funds available for spending and are calculated by taking the total unrestricted funds of a charity and deducting any balances not available for spending (such as fixed assets and investments). Analysis of the Institute’s operating processes has taken place resulting in a number of initiatives intended to improve the Institutes free reserves position for the 2022/2023 financial year. These include appointment of a Fundraising Consultant, renewed engagement with donors and internal focus on development, introducing a Friends Scheme encouraging regular donations to the Institute, improved public relations support and engagement and a refocus on the way in which research is disseminated and success measured.

PRINCIPAL FUNDING SOURCES

As well as academic and non-academic grants, the running costs of the Institute are also supported by fundraising events such as fundraising dinners and from the continuing support of trusts and individuals. Many supporters have generously agreed to provide on-going support for a number of years. The resources expended in the year were in accordance with the key objectives of the Institute.

INVESTMENT POLICY

There are no specific investment powers. The Trustees have delegated investment of the expend-able endowment funds to professional investment managers, Evelyn Partners (formally Smith and Williamson) Fund Managers. A total returns approach has been adopted with a cautious phased approach to investment given the current market fluctuations and uncertainties.

Following the investment advice from Evelyn Partners Fund Managers, the Institute follows a diversified funds based solution, rather than segregated accounts with individual securities managed by a discretionary manager. The table below shows the preferred asset allocation though this may fluctuate during investment periods as the Institute Fund Managers respond to market variations.

Strategy Allocation (%)
UK Equities 30.00
Overseas equities 25.00
Bonds 20.00
Property 7.50
Hedge fund / Other 7.50
Cash 10.00

PLANS FOR FUTURE PERIODS

Research, teaching, outreach and policy will continue to provide the bulk of the Woolf Institute’s work. Greater emphasis will be placed on generating research income through innovative academic projects and public education. The five-year strategy, developed by the Management Team in consultation with the Trustees and other stakeholders, covering the period 2020 – 2025 is under continual review. Whilst the Charity’s work has been wide-reaching and impactful, it was felt that more emphasis was needed on dissemination and translation of research findings through the Institute’s public education and outreach activities, in order to tackle growing polarisation in society. The Woolf Institute’s unique position is its combination of academic excellence and timely translation of its research results into the public realm.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

RISK MANAGEMENT

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees have a risk management strategy which comprises:

The risk areas, consequences and mitigations are outlined on the following table:

Risk Area Consequences Mitigation
Board of
Trustees skills
and
experience
gaps.		 Charity loses full
oversight and
development
opportunities.		 Updated Articles of Association, including tenure, have been
approved. Keep Trustee skills under review. Nominations
committee to assist in recruiting trustees who fill skill gaps.
Insufficient
trustee
numbers.		 Charity is no longer
quorate, proceedings
are invalid.		 Potential suitable trustees regularly identified and introduced
to the Institute’s work. List of potential trustees maintained
via the Nominations Committee, and individuals regularly
engaged with relevant proposals and upcoming projects.
One trustee is
too powerful.		 Charity loses ability to
function democratically.		 Ensure key Institute functions are equally and appropriately
distributed between all members of the senior management
team. Ensure strategic decisions at board level are not
solely driven by one trustee. No individual control over any
element of Governance, HR, Finance, Development, or
Research project development.
Pressure on
key staff.		 Charity loses
momentum as key staff
lose energy and
capacity.		 Positive management. Regular staff resource review.
Introduce support mechanisms where possible.
Related Party
Transactions
e.g. contracts
with the
Institute		 Charity is unduly
influenced by related
parties. Charity suffers
reputational damage.		 Contracts regularly tendered and reviewed. Only value for
money contractors appointed through tender returns
analysis. Related Party connections to be established before
appointment.
Projects make
financial loss.		 Charity engages in loss
making research &
public education
affecting financial
viability.		 Research Committee to appraise all potential projects and
associated costs. Reject high risk projects. Evaluate projects
retrospectively to identify losses. Update Research
Committee appraisal criteria to avoid future loss-making
projects. Research projects approved meet Institutes current
strategy and full funding will be available before projects
commence. Accept some of the risk as necessary to fulfil the
Institute’s purpose.
Project
pipeline
failures.		 Failure to attract
sufficient support for
projects leads to
reduced output, funding
and profile.		 Research Committee has been established. Ensure
appropriate planning lead time. Grant funding diversification.
Work on contacts and partnerships. Use agreed PR
management strategy.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Partner
problems.		 Charity engages in
projects with partners,
clients or funders who
do not share values so
affecting reputation &
academic standing.		 Conduct due diligence. Prepare contingency PR plan.
Competition. Charity loses impact &
business to rivals
affecting reputation &
resources.		 Regularly scan horizon and make contact with funders.
Diversify funding base. Raise charity's profile.
Health &
Safety
Disaster
Recovery.		 Incident/s suggests
charity has inadequate
H&S procedures, with
consequent HSE
involvement and action
affecting reputation &
senior staff priorities.		 Maintain written procedures, Brief staff, secure senior staff
commitment, Monitor & test Take professional advice.
Disaster
Recovery.		 Charity loses premises
&/or IT and so unable to
function for a period
affecting op
performance.		 Update disaster recovery plan for new building. Brief staff
and contractors. Test recovery systems.
Third Party
Usage.		 Failure to meet statutory
requirements for lettings
leads to closure of this
business and
reputational damage.		 Check contracts with lawyers; follow advice from H&S
professionals. Seek advice from Westminster College when
appropriate.
Follow university model processes.
Events Staff resources
insufficient to deliver
academic and public
events programme
leading to reputational
damage.		 Early pre-planning. Prioritise staff resources.
Income
Shortfall.		 Expenditure always
exceeds income leading
to heavily depleted
reserves, reduced
activity and eventually to
closure.		 Seek support from Development Council. Implement strategy
in “A case for support”. Draw on existing, well established
donor base, and diversify where possible. Implement
fundraising and grant application strategy. Further diversify
funding sources. Progress the endowment appeal to
strengthen finances. Strengthen staff resource for grant &
fundraising. Manage in-year financial performance, review
and reduce expenditure if expenditure exceeds income.
New activities delayed if no clear funding plan. Ensure new
projects meet the Institutes current strategy.
Loan
Repayments.		 Insufficient unrestricted
funds to meet loan
repayments leading to
continuing deficit
funding and eventual
closure.		 Engage Development Council. Ensure fundraising attracts
unrestricted donations. Make paying back loan first call – the
remainder to go to reserves. Extend repayment period. Seek
other easements with lenders, if necessary.
Insufficient
resources to
run building.		 Insufficient funds to staff
and exploit facilities in
new building.		 Strengthen resources and assets available to the
development office. Implement fundraising strategy.
Wherever possible, extend outsourcing.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Investment
policies.		 Investments
mismanaged, under-
perform or too risky
affecting income &
reputation.		 Finance and Audit Committee to regularly review investment
performance, agree appropriate risk levels, and amend
strategy where appropriate.
Adverse
Publicity		 Charity criticised for
research, policies,
reports or actions, or for
accepting donations
from dubious sources,
so affecting its
reputation, academic
standing & donor
confidence.		 Close senior supervision. Engage Ethics Committee. Close
contacts with grant givers & academic partners. Due
diligence on donations, research and outreach partners
before acceptance of gifts or commencing work together & if
necessary avoidance. PR monitoring and response. Identify,
train and rehearse with relevant spokesperson(s).
Poor Public
Profile.		 Charity loses impact &
donor support through
low profile.		 PR strategy to be regularly reviewed and adapted to meet
Institutional goals. Coordination of staff through PR
consultancy and professional instruction of staff when
engaging with media. Public impact, outreach and PR
considered for all projects.
Cyber Risk. Charity is hacked or
systems compromised
and sensitive
information or money
released or lost
affecting its reputation,
academic standing &
donor confidence.		 Ensure all staff are sufficiently trained. Maintain weekly
systems/server back-ups and review approval processes.
Consider increased payment firewalls. Test the system
regularly.
Reportable
Incidents		 Charity does not adhere
to duty to report
incidents to the Charity
Commission resulting in
the Charity being
investigated leading to
penalty, loss of donor
confidence and
reputation		 Ensure all senior staff are aware of what constitutes a
reportable incident and correct reporting procedure. Maintain
register to record all incidents along with a regularly updated
list of current reportable incidents
Reg. failures. Charity found not to
comply with statutory or
reg. requirement,
including data protection
regulations, leading to
penalty, censure & loss
of donor & staff
confidence.		 Ensure adequate written policies meet all requirements and
are disseminated and understood by staff. Undertake
independent assessments to ensure regulatory compliance.
Reg. failures. Charity found not to
comply with statutory
requirements for
COVID-19 protection in
the workplace, leading
to penalty, loss of donor
& staff confidence.		 Ensure robust safety policies meet all national and statutory
requirements and are disseminated and understood by staff.
Undertake independent assessments to ensure regulatory
compliance.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Financial
stability		 Financial stability of the
Institute falters due to
rising energy costs
and/or global issues
affecting energy
supplies.		 Regularly review and revise fundraising strategy and take
advantage of government support and cost-saving
opportunities where possible. Consult with maintenance
contractors to identify areas to keep costs down or reduce
reliance on national grid. Utilise solar panels and consult
with trustees to identify any schemes the Institute may be
eligible for.
Financial
stability		 Financial stability of the
Institute falters due to
cost-of-living increases
impacting on salaries,
transport and
accommodation costs
and inflationary rises
affecting the Institutes
loan.		 Ensure the Institute continues to make use of government
funded initiatives to reduce costs and retain staff. Conduct
regular financial review together with the Institute’s lender
CAF Bank and consult with the Board regarding the finance
strategy.

GOVERNING DOCUMENT

The Woolf Institute was established by charity deed on 26th November 1996 with the Charity Commission for England and Wales (No. 1059772), under the original title, Centre for Jewish-Christian Relations. It then merged with a Charitable Company limited by Guarantee (No. 1069589) and, with the approval of the Charity Commission, was incorporated at Companies House on 18th May 1998 (No. 3540878). The change of name to the Woolf Institute was approved by Companies House on 29th June 2010.

APPOINTMENT OF TRUSTEES AND DIRECTORS INTERESTS

The directors of the company are also charity Trustees for the purpose of charity law and under the company’s’ Articles are known as members of the Board. As set out in the Articles of Association, the Chair of the Trustees is nominated by the Board.

The method of recruitment and appointment of Trustees is carried out by the Board of Trustees. There is no restriction on the maximum number of Trustees that can be appointed. The minimum number is three. None of the Trustees has any beneficial interest in the company. All the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. During the year, no Trustee held the title to any property belonging to the Charity. No other names were used by the charity during this period.

INDUCTION AND TRAINING OF TRUSTEES

The Trustees are already qualified by being involved in, or supportive of, interfaith activities or by being professional religious clerics or academics. The induction process is by presentation of in-formation packs provided by the Charity and meetings dedicated to explaining the Charity's ethos and aims.

PAY OF KEY MANAGEMENT PERSONNEL

The pay of key management personnel is set having regard to Cambridge University and Cambridge Theological Federation analogues. In previous years, these personnel, in line with all permanent staff, received a cost of living increase of 2.5%; this was cut back as a financial measure due to the COVID-19 pandemic. No key management personnel received remuneration more than £70,000 in the year.

Page 16

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

ORGANISATIONAL STRUCTURE

The Institute’s organisational structure comprises a Management Team of four consisting of the Executive Director, Director of Studies, Director of Research and Director of Services and Administration.

Dr Elizabeth Phillips was appointed as the Institute’s Public Engagement Fellow in April 2022, to lead strategic and operational oversight of the Institute’s public education and outreach. She works closely with the Director of Studies and the Executive Director to make the academic expertise of Woolf staff and researchers accessible to large audiences.

Day to day management responsibility of the organisation has been delegated by the Board of Trustees to the Executive Director. The Executive Director regularly reports to the Chair and the Board of Trustees.

PARTNERSHIPS AND COLLABORATIONS

Since inception, the Woolf Institute has been an Associate Member of the Cambridge Theological Federation and has an Academic Agreement with St Edmund’s College, Cambridge, signed in 2014. The Woolf Institute also collaborates with the University of Cambridge’s Prince Alwaleed Bin Talal Centre for Islamic Studies, the Cambridge Commonwealth, European and International Trust and the Faculty of Asian and Middle Eastern Studies, as well as contributing to the provision of the University of Cambridge’s undergraduate and postgraduate teaching programmes.

International academic cooperation has been a vital part of the Institute’s academic outreach and cooperation for over a decade.

FINANCIAL SUPPORT THROUGH GRANTS AND DONATIONS

The Woolf Institute greatly appreciates the gifts and grants that it receives in support of its activities from individuals, private companies, public bodies, trusts and foundations. We sincerely thank all of our donors who have supported the Institute through significant grants and donations in 2021/22.

FUNDRAISING PRACTICES

The Woolf Institute did not employ any professional fundraisers or commercial participators to carry out fundraising on its behalf during 2021/22. Fundraising was carried out by employees of the Woolf Institute, including the Founder and Executive Directors.

Donations were sought from grant-making trusts and foundations, organisations and individuals in meetings, correspondence, mailings and via its website. Some events were also arranged which sought to secure funding for the work of the Woolf Institute and to thank and steward its donors. The Woolf Institute is registered with the Fundraising Regulator and committed to the Code of Fundraising Practice. There were no breaches of the code, nor any complaints received by the Charity about its fundraising activities during this period. In addition to working according to the Code of Fundraising Practice, the Woolf Institute aims to ensure that its fundraising complies with its own Ethical, Health and Safety, Safeguarding and Data Protection policies and other relevant policies as they are introduced or updated. The Institute’s intention is always to ensure that fundraising is carried out to the highest possible standards given the resources available.

FUNDRAISING

The Woolf Institute has transitioned to a diversified fundraising model which offers a balance between fundraising for in-year commitments, grant agreements (multi-year project funding) and funding of long-term activities. This model provides greater financial security and the ability to generate a modest income from invested funds, and increase low level regular income to meet normal monthly cash flow demands experiences by organisations of all sizes.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The effects of the COVID-19 pandemic have been and will continue to be felt in the Institute’s fundraising activities and results, alongside the impact of Brexit until at least 2023. Despite this, it is expected that philanthropic income, whether for short-term expenditure or long-term investment for annual income generation, will remain the Institute’s primary source of income and it's hoped that it will be possible to grow formal research grant income. Supporter and alumni communications have been reviewed and a new streamlined communications strategy has been implemented in order to increase engagement and readership.

The database and mailing activities, through all channels, are maintained in line with GDPR regulations and associated requirements. The e-newsletters typically include 4 news items from across the range of the Institute’s activities and always include a link to update contact preferences. E-newsletters alternate monthly between a targeted message and a wide-ranging e-newsletter. They receive positive feedback and are a useful tool in introducing new people to the nature and breadth of the Woolf Institute.

In order to allow for better returns on deployment of resources, fundraising activities are focused on targeted appeals made to individuals, groups of donors and prospective donors through meetings and communications donors and prospective donors are encouraged to take part in existing parts of the Institute’s events programme that form an integral part of delivering the Institute’s mission, such as the Living in Harmony concerts, the annual Research Day, seminars and training sessions. These give the individuals involved a more in-depth understanding of the Institute’s work, the opportunity to meet staff and beneficiaries and to see the work in action and allow the Institute to best deploy its limited fundraising resources for appropriate returns.

Approved by order of the members of the board of Trustees and signed on their behalf by:

S A Randeree CBE (Chair of Trustees) Date: 23 March 2023

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022

The Trustees (who are also the directors of the Charity for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

S A Randeree CBE (Chair of Trustees) Date: 23 March 2023

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOOLF INSTITUTE

OPINION

I have audited the financial statements of Woolf Institute (the 'charity') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:

BASIS FOR OPINION

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of my report. I am independent of the charitable company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, I have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOOLF INSTITUTE (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and my Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

I have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In my opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of my knowledge and understanding of the charitable company and its environment obtained in the course of the audit, I have not identified material misstatements in the Trustees' Report.

I have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires me to report to you if, in my opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 21

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOOLF INSTITUTE (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

Page 22

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOOLF INSTITUTE (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of my Auditor's Report.

USE OF MY REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the charitable company's members those matters I am required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for my audit work, for this report, or for the opinions I have formed.

Michael Hewett (Senior Statutory Auditor) for and on behalf of

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 23 March 2023

Page 23

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Note
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies
4
Charitable activities
5
Investments
6
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
7,8
Charitable activities
9
TOTAL
EXPENDITURE
Net gains/(losses) on
investments
14
NET
(EXPENDITURE)/IN
COME
Transfers between
funds
19
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED
FORWARD		 Unrestricted
funds
2022
£
169,928
139,504
108,942
418,374
10,084
612,284
622,368
(24,108)
(228,102)
-
(228,102)
6,997,969
(228,102)
6,769,867		 Restricted
funds
2022
£
744,942
-
-
744,942
16,313
466,049
482,362
-
262,580
19,789
282,369
262,153
282,369
544,522		 Endowment
funds
2022
£
875,000
-
14,034
889,034
2,541
18
2,559
(139,881)
746,594
(19,789)
726,805
540,118
726,805
1,266,923		 Total
funds
2022
£
1,789,870
139,504
122,976
2,052,350
28,938
1,078,351
1,107,289
(163,989)
781,072
-
781,072
7,800,240
781,072
8,581,312		 Total
funds
2021
£
716,765
129,365
132,073
978,203
39,379
1,082,163
1,121,542
120,310
(23,029)
-
(23,029)
7,823,269
(23,029)
7,800,240

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 29 to 48 form part of these financial statements.

Page 24

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022

Income
(Losses)/gains on investments
GROSS INCOME IN THE REPORTING PERIOD
Less: Total expenditure
NET INCOME/(EXPENDITURE) FOR THE REPORTING PERIOD
The notes on pages 29 to 48 form part of these financial statements.		 Total funds
2022
£
1,163,316
(24,108)
1,139,208
(1,104,730)
34,478		 Total funds
2021
£
878,203
120,310
998,513
(1,120,138)
(121,625)

Page 25

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee) REGISTERED NUMBER: 03540878

BALANCE SHEET AS AT 31 AUGUST 2022

Note
FIXED ASSETS
Tangible assets
12
Investments
14
Investment property
13
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
17
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 140,321
342,740
483,061
(200,937)		 2022
£
7,276,345
1,588,816
745,200
9,610,361
282,124
9,892,485
(1,311,173)
8,581,312
1,266,923
544,522
6,769,867
8,581,312		 121,350
141,418
262,768
(149,717)		 2021
£
7,422,762
900,586
745,200
9,068,548
113,051
9,181,599
(1,381,359)
7,800,240
540,118
262,153
6,997,969
7,800,240

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 26

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee) REGISTERED NUMBER: 03540878

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

S A Randeree CBE

(Chair of Trustees) Date: 23 March 2023

The notes on pages 29 to 48 form part of these financial statements.

Page 27

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash transferred from/(to) investment portfolio
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowing
Loan interest payable
NET CASH USED IN FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		 2022
£
980,676
122,976
(1,068)
(852,691)
(730,783)
(30,654)
(17,917)
(48,571)
201,322
141,418
342,740		 2021
£
(196,016)
132,073
(1,962)
132,640
262,751
(26,664)
(18,742)
(45,406)
21,329
120,089
141,418

The notes on pages 29 to 48 form part of these financial statements

Page 28

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. GENERAL INFORMATION

The Company is a company limited by guarantee. The members of the Company are the trustees as named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company. The registered office of the Company is Woolf Institute, Madingley Road, Cambridge, CB3 0UB.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Woolf Institute meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 GOING CONCERN

During the year, the impact of global inflationary pressures as a result of the turbulent economic environment has meant that the charity has faced some financial pressures. The charity continues to return to pre-COVID activities carefully and in a measured way.

In light of the circumstances, the Trustees have prepared and approved budgets and cash flow projections up until 31 May 2024. These include assumptions of improved income from the previous year. The charity has an expendable endowments fund which could be drawn down on if required to cover the cash deficit. The Trustees are therefore comfortable that the charity can continue to meet its liabilities as they fall due and continue to adopt the going concern basis in preparing the financial statements.

The balance sheet shows net current assets of £282,124 at 31 August 2022.

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Page 29

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

(A Company Limited by Guarantee)

WOOLF INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME (CONTINUED)

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donation income is recognised when received or before receipt if it becomes reasonably certain that the donation will be received and the value of the income can be reliably measured.

Where rent is received in advance by the Charity under long term lease, the deferred income is discounted to present value and the credit is recognised as donation income. The unwinding of this discount is recognised within interest payable and similar charges.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 30

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.5 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Long-term leasehold property - Straight line over between 25 and 125 years
Fixtures and fittings - Straight line over between 5 and 10 years
Computer equipment - Straight line over 3 years

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investment property is carried at fair value determined annually by the Trustees based on advice received. Fair values are derived from the rental yields in year 1 against the cost of the building, with the value adjusted proportionately with current rental yields, taking into account inflation. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

2.8 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 31

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

(A Company Limited by Guarantee)

WOOLF INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.10 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.13 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.14 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent an expendable endowments held to fund projects specified by each donor.

Investment income, gains and losses are allocated to the appropriate fund.

Page 32

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Tangible fixed assets are recognised at cost, less accumulated depreciation. Depreciation is charged over the estimated useful life of the asset to its estimated residual value. The estimated useful life of the property is split between the components of the buildings, between 25 and 125 years.

Deferred income due in more than 1 year is discounted at a market rate of interest identified as 3%, this rate is deemed to be the likely borrowing rate the charity could get on a commercial basis.

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2022
£
Donations
169,928
Grants
-
169,928
TOTAL 2021
238,268		 Restricted
funds
2022
£
118,814
626,128
744,942
478,497		 Endowment
funds
2022
£
875,000
-
875,000
-		 Total
funds
2022
£
1,163,742
626,128
1,789,870
716,765		 Total
funds
2021
£
666,618
50,147
716,765

Page 33

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2022
£
Course and grant income
139,504
TOTAL 2021
29,365		 Endowment
funds
2022
£
-
100,000		 Total
funds
2022
£
139,504
129,365		 Total
funds
2021
£
129,365

6. INVESTMENT INCOME

Unrestricted
funds
2022
£
Accommodation income
102,436
Dividend and distributions
6,385
Interest
121
108,942
TOTAL 2021
132,073		 Endowment
funds
2022
£
-
14,034
-
14,034
-		 Total
funds
2022
£
102,436
20,419
121
122,976
132,073		 Total
funds
2021
£
100,913
31,151
9
132,073

Page 34

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

7.
EXPENDITURE ON RAISING FUNDS
COSTS OF RAISING VOLUNTARY INCOME
Unrestricted
funds
2022
Restricted
funds
2022
£
£
General fundraising expenses
1,314
16,313
TOTAL 2021
9,290
27,119
FUNDRAISING TRADING EXPENSES
Unrestricted
funds
2022
£
Fundraising events expenses
7,626
TOTAL 2021
-		 Total
funds
2022
£
17,627
36,409
Total
funds
2022
£
7,626
-		 Total
funds
2021
£
36,409
Total
funds
2021
£
-
8.
INVESTMENT MANAGEMENT COSTS
Unrestricted
funds
2022
£
Investment management fee
1,144
TOTAL 2021
1,566		 Endowment
funds
2022
£
2,541
1,404		 Total
funds
2022
£
3,685
2,970		 Total
funds
2021
£
2,970

Page 35

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Educational Programmes
TOTAL 2021		 Direct
costs
2022
£
545,184
358,245		 Support
costs
2022
£
533,167
723,918		 Total
funds
2022
£
1,078,351
1,082,163		 Total
funds
2021
£
1,082,163

Total expenditure on charitable activities attributable to restricted funds is £380,188 (2021: £337,718).

ANALYSIS OF DIRECT COSTS

Staff costs
Depreciation
Direct costs
Interest payable
TOTAL 2021		 Educational
Programmes
2022
£
317,443
87,054
122,770
17,917
545,184
358,245		 Total
funds
2022
£
317,443
87,054
122,770
17,917
545,184
358,245		 Total
funds
2021
£
141,217
76,284
122,002
18,742
358,245

Page 36

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS

Staff costs
Depreciation
Support costs
Governance costs
TOTAL 2021
10.
STAFF COSTS
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Activities
2022
£
174,270
60,113
282,744
16,040
533,167
723,918		 Total
funds
2022
£
174,270
60,113
282,744
16,040
533,167
723,918
2022
£
407,554
43,910
40,249
491,713		 Total
funds
2021
£
435,065
87,068
189,785
12,000
723,918
2021
£
496,273
35,922
44,087
576,282

The average number of persons employed by the Charity during the year was as follows:

Executive
Academic
Administration
Consultant		 2022
No.
4
4
3
-
11		 2021
No.
4
4
4
1
13

Page 37

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

10. STAFF COSTS (CONTINUED)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2022 2021
No. No.
In the band £60,001 - £70,000 1 1
In the band £70,001 - £80,000 1 -

Key management personnel of the Charity comprises the Trustees, the Executive Director, the Director of Development, the Director of Studies and Director of Services and Administration. The total employment benefits of key management personnel, including employer's pension contribution and employer's national insurance were £259,677 (2021: £259,957).

During the year, one Trustee received remuneration of £NIL. (2021: £21,013) in respect of his role as Founder Director.

During the year, one Trustee (2021: no Trustees) received reimbursement of expenses of £80 (2021: £NIL).

11. NET INCOME/(EXPENDITURE)

This is stated after charging:

2022 2021
£ £
Depreciation of tangible assets - owned by the Charity 147,167 150,164
Auditors' remuneration - audit 9,500 8,000
Auditors' remuneration - other services 6,540 17,188

Page 38

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2021
Additions
Disposals
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for the year
On disposals
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
13.
INVESTMENT PROPERTY		 Long-term
leasehold
property
£
7,844,162
-
-
7,844,162
496,128
120,334
-
616,462
7,227,700
7,348,034		 Fixtures and
fittings
£
175,031
-
-
175,031
103,453
26,004
-
129,457
45,574
71,578		 Computer
equipment
£
99,274
1,068
(72,895)
27,447
96,124
829
(72,577)
24,376
3,071
3,150		 Total
£
8,118,467
1,068
(72,895)
8,046,640
695,705
147,167
(72,577)
770,295
7,276,345
7,422,762
VALUATION
At 1 September 2021
At 31 August 2022		 Long term
leasehold
investment
property
£
745,200
745,200

Investment property is carried at fair value determined annually by the Trustees based on advice received. Fair values are derived from the rental yields in year 1 against the cost of the building, with the value adjusted proportionately with current rental yields, taking into account inflation.

Page 39

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

14. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 September 2021
Additions
Disposals
Revaluations
Cash movement
AT 31 AUGUST 2022		 Listed
investments
£
879,894
644,172
(316,736)
(145,831)
-
1,061,499		 Cash at
Brokers
£
-
-
-
-
527,317
527,317		 Total
£
879,894
644,172
(316,736)
(145,831)
527,317
1,588,816

All fixed asset investments are held in the UK.

INVESTMENT RISK

All investments are listed on recognised stock exchanges. Day-to-day management of the investments was delegated by the Trustees during the year to Evelyn Partners (formerly Smith & Williamson).

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open-ended investment companies are at bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in financial review and investment policy and performance sections of the Trustees' Annual Report.

The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Charity's investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.

Page 40

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

15. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
23,055
45,000
72,266
140,321		 2021
£
13,086
58,172
50,092
121,350

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
28,013
75,075
13,028
4,926
79,895
200,937		 2021
£
32,009
18,515
-
1,953
97,240
149,717

Bank loans due in more than one year are secured by a fixed charge over the Charity's assets. The loan is repayable over 20 years with interest being charged at 2.25% above the Bank of England base rate.

Page 41

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Accruals and deferred income
Included within the above are amounts falling due as follows:
BETWEEN ONE AND TWO YEARS
Bank loans
BETWEEN TWO AND FIVE YEARS
Bank loans
OVER FIVE YEARS
Bank loans		 2022
£
547,813
763,360
1,311,173
2022
£
29,128
95,872
422,813		 2021
£
574,943
806,416
1,381,359
2021
£
32,769
103,017
439,157

Bank loans due in more than one year are secured by a fixed charge over the Charity's assets. The loan is repayable over 20 years with interest being charged at 2.25% above the Bank of England base rate.

18. DEFERRED INCOME

Deferred income represents the balance of rental income received in advance from the investment property.

Deferred income at 1 September 2021
Amounts released from previous periods
DEFERRED INCOME AT 31 AUGUST 2022		 2022
£
849,364
(42,948)
806,416		 2021
£
889,948
(40,584)
849,364

Page 42

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2021
£
Income
£
UNRESTRICTED
FUNDS
General funds
6,997,969
418,374
ENDOWMENT
FUNDS
Willie and Jo
Kessler MPhil
Bursaries
431,687
6,620
Willie Kessler
Essay Prize
Winner
8,431
129
Ibn Arabi Annual
Lecture Series
100,000
1,534
Sultan Azlan Shah
Foundation
Visiting Fellows
-
380,751
Kessler Family
-
500,000
540,118
889,034
RESTRICTED
FUNDS
Research grants
and projects
262,153
741,959
Student bursaries
-
2,983
262,153
744,942
TOTAL OF
FUNDS
7,800,240
2,052,350		 STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2021
£
Income
£
UNRESTRICTED
FUNDS
General funds
6,997,969
418,374
ENDOWMENT
FUNDS
Willie and Jo
Kessler MPhil
Bursaries
431,687
6,620
Willie Kessler
Essay Prize
Winner
8,431
129
Ibn Arabi Annual
Lecture Series
100,000
1,534
Sultan Azlan Shah
Foundation
Visiting Fellows
-
380,751
Kessler Family
-
500,000
540,118
889,034
RESTRICTED
FUNDS
Research grants
and projects
262,153
741,959
Student bursaries
-
2,983
262,153
744,942
TOTAL OF
FUNDS
7,800,240
2,052,350		 Expenditure
£
(622,368)
(1,199)
(23)
(278)
(1,059)
-
(2,559)
(460,041)
(22,321)
(482,362)
(1,107,289)		 Transfers
in/out
£
-
(19,338)
(451)
-
-
-
(19,789)
451
19,338
19,789
-		 Gains/
(Losses)
£
(24,108)
(65,986)
(1,289)
(15,285)
(57,321)
-
(139,881)
-
-
-
(163,989)		 Balance at
31 August
2022
£
6,769,867
UNRESTRICTED
FUNDS
General funds
ENDOWMENT
FUNDS
Willie and Jo
Kessler MPhil
Bursaries
Willie Kessler
Essay Prize
Winner
Ibn Arabi Annual
Lecture Series
Sultan Azlan Shah
Foundation
Visiting Fellows
Kessler Family
RESTRICTED
FUNDS
Research grants
and projects
Student bursaries
TOTAL OF
FUNDS		 Balance at 1
September
2021
£
6,997,969
431,687
8,431
100,000
-
-
540,118
262,153
-
262,153
7,800,240
351,784
6,797
85,971
322,371
500,000
1,266,923
544,522
-
544,522
8,581,312

Page 43

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. STATEMENT OF FUNDS (CONTINUED)

Willie and Jo Kessler MPhil Bursaries

This represents funds received as expendable endowment to support students enrolled on the MPhil presently known as the MPhil in Middle Eastern Studies: Muslim - Jewish Relations.

Willie Kessler Essay Prize Winner

This represents funds received as expendable endowment to support the Willie Kessler Essay Prize.

Ibn Arabi Annual Lecture Series

This represents funds received as an expendable endowment to support the Ibn Arabi Annual Lecture Series.

Sultan Azlan Shah Foundation

This represents funds received as an expendable endowment to support visiting fellows.

Kessler Family

This represents funds received as an unrestricted expendable endowment.

Research grants and projects

This funds represents grants received for research projects.

Student bursaries

This fund represents donations received to support student bursaries for those wishing to study at the Institute.

Transfers

For some Endowment funds there is a transfer into restricted funds in line with the 4% drawdown on stipulated in the fund regulations.

Page 44

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
General funds
ENDOWMENT
FUNDS
Willie and Jo
Kessler MPhil
Bursaries
Ibn Arabi Annual
Lecture Series
RESTRICTED
FUNDS
Research grants
and projects
TOTAL OF
FUNDS		 Balance at
1 September
2020
£
6,975,477
396,407
-
396,407
451,385
7,823,269		 Income
£
416,853
-
100,000
100,000
461,350
978,203		 Expenditure
£
(460,586)
(1,404)
-
(1,404)
(659,552)
(1,121,542)		 Transfers
in/out
£
9,368
(18,338)
-
(18,338)
8,970
-		 Gains/
(Losses)
£
56,857
63,453
-
63,453
-
120,310		 Balance at
31 August
2021
£
6,997,969
440,118
100,000
540,118
262,153
7,800,240

Page 45

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2022
£
Tangible fixed assets
7,276,345
Fixed asset investments
321,893
Investment property
745,200
Current assets
(61,461)
Creditors due within one year
(200,937)
Creditors due in more than one year
(1,311,173)
TOTAL
6,769,867		 Restricted
funds
2022
£
-
-
-
544,522
-
-
544,522		 Endowment
funds
2022
£
-
1,266,923
-
-
-
-
1,266,923		 Total
funds
2022
£
7,276,345
1,588,816
745,200
483,061
(200,937)
(1,311,173)
8,581,312

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Unrestricted
funds
2021
£
7,422,762
460,468
745,200
(99,385)
(149,717)
(1,381,359)
6,997,969		 Restricted
funds
2021
£
-
-
-
262,153
-
-
262,153		 Endowment
funds
2021
£
-
440,118
-
100,000
-
-
540,118		 Total
funds
2021
£
7,422,762
900,586
745,200
262,768
(149,717)
(1,381,359)
7,800,240

Page 46

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 21. ACTIVITIES

Net income/expenditure for the year (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Depreciation charges
(Gains)/Losses on investments
Dividends, interests and rents from investments
Loss on the disposal of fixed assets
Increase in debtors
Increase/(decrease) in creditors
Loan interest
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		 2022
£
781,072
147,167
163,989
(122,976)
318
(18,971)
7,614
17,917
976,130		 2021
£
(23,029)
150,165
(120,310)
(132,073)
-
(51,402)
(37,587)
18,220
(196,016)
22.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
23.
ANALYSIS OF CHANGES IN NET DEBT		 2022
£
342,740		 2021
£
141,418
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
September
2021
£
141,418
(32,009)
(574,943)
(465,534)		 Cash flows
At 31
August 2022
£
£
201,322
342,740
3,996
(28,013)
27,130
(547,813)
232,448
(233,086)		 Cash flows
At 31
August 2022
£
£
201,322
342,740
3,996
(28,013)
27,130
(547,813)
232,448
(233,086)
(233,086)

Page 47

DocuSign Envelope ID: 68BF6E9D-F612-4DAD-91C3-D46BB097EA98

WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

24. PENSION COMMITMENTS

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £40,249 (2021 - £44,087). At the year end contributions not paid over to the scheme amounted to £129 (2021 - £NIL)

25. OPERATING LEASE COMMITMENTS

At 31 August 2022 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2022 2021
£ £
Not later than 1 year 427 1,708

26. RELATED PARTY TRANSACTIONS

During the year, one Trustee received remuneration of £NIL (2021: £21,013) in respect of his role as Founder Director.

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