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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

Registered number: 03540878 Charity number: 1069589

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE

(A Company Limited by Guarantee)

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1 - 2
Trustees' Report	3 - 19
Trustees' Responsibilities Statement	20
Independent Auditor's Report on the Financial Statements	21 - 24
Statement of Financial Activities	25
Income and Expenditure Account	26
Balance Sheet	27 - 28
Statement of Cash Flows	29
Notes to the Financial Statements	30 - 50

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WOOLF INSTITUTE

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Trustees	Dr J Carleton Paget
	Lord Carlile of Berriew
	Simon Dangoor
	Lady Brenda Marjorie Hale, Vice Chair
	Dr E Kessler MBE, Founder Director
	S A Randeree CBE (retired 4 June 2024)
	Rt Rev Tim J Stevens, Chair
	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 Dr E Harris 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 Investment Managers Evelyn Partners 45 Gresham Street London EC2V 7BG

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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; Rev David Robertson, Free Church Moderator; Rabbi Baroness Julia Neuberger; Rabbi Joseph Dweck, Spanish & Portuguese Jews' Congregation President The Rt Hon The Lord Woolf PC CH

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WOOLF INSTITUTE

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees are pleased to present their annual Trustees’ Report, together with the financial statements of the charity for the year ending 31 August 2024, which are prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes.

The Trustees confirm that the annual report and financial statements of the charitable company comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019, effective 1 January 2019).

As the charity qualifies as small under section 383, 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 engagement 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 contributes 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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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

CHAIR’S REPORT

Many contemporary events affect the current work and planning of the Woolf Institute’s programmes in seeking to inform and stimulate public understanding of inter-faith relations in line with our 5 year plan.

With two new trustees joining us in September 2024, the Board is renewing its commitment to supporting, resourcing and encouraging the excellent work of the executive team in driving forward the demanding task of promoting a more peaceful and cohesive society.

In particular the Institute continues to respond constructively to the painful experiences of Jewish and Muslim communities in the UK and beyond by resourcing research and events under the title: “How to continue talking”. This will lead to the development of examples and guidance for carrying out meaningful interfaith relationships and dialogue when international conflict threatens trust and effective communication.

In response to the evidence of growing disquiet over the speed of immigration the Institute sponsored a major inquiry “From arrival to integration” arguing that agreement is possible to secure a new deal for refugees in the UK.

A new programme of research is being developed to build on the recent Diversity Study produced by the Institute to ensure that research programmes are properly contextualised and focussed on impact.

A wide range of research projects are continuing to undergird and inform the public engagement on the Institute across a range of issues with a focus on the Institute being a “safe space” for sensitive conversations as well as a “brave space” for influencing public understanding and policy-making. We do this confident in the conviction that promoting healthy relations between religion and society is a challenge and an opportunity more important today than ever before.

The Rt Revd Tim Stevens CBE (Chair of Trustees)

Date: 12 March 2025

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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:

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.
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

The 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 communities, 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 761971.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

2023 - 2024: A Year in Review

TEACHING & PUBLIC ENGAGEMENT

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

As part of its mission in collaboration with the University of Cambridge and the Cambridge Theological Federation (CTF), Woolf Institute staff delivered teaching including undergraduate supervisions, running the Muslim-Jewish Relations MPhil programme at the Faculty of Asian and Middle Eastern Studies (FAMES), developing and delivering the interfaith teaching of the CTF, and engaging with students from the CTF to organise its annual Holocaust Memorial Day Commemoration.

A promotional visit to Brigham Young University brought opportunities to present and talk in classes, appear on a podcast for BYU radio, meet alumni and attend BYU Law’s Religion and Law Symposium, which attracted law makers and faith leaders from all over the world. The University’s students then made up the majority of the cohort at the Summer School and the annual 9-week online course, Representations of Jewish-Christian Relations in Literature.

The cultivation of several new connections, partnerships and memberships with organisations such as Interfaith Connection Cambridge, Cambridgeshire Migration Forum, Cambridge Citizens, Engage Academy and Belong has provided ever increasing opportunities to disseminate research and engage with policy makers, academics, charities, civil society organisations and businesses to work together on integration and social cohesion. Some of these included students from the Cambridge Muslim College, the Lead Director of the Religious Education Hubs for England and Wales, Citizens UK, the Producer of BBC factual content, Together for Humanity, Culham St Gabriel’s, Film and TV Charity and Crawley Interfaith Group.

Sessions of Religious Diversity in End of Life Care training continue, and have been updated for the coming year, as have the Living in Harmony school resources.

Other teaching included training in Conflict Transformation, guest lecturing (online) for a Boston University course on Israel-Palestine.

Public policy engagements continued, particularly in relation to The Commission on the Integration of Refugees, whose final report was launched in March 2024 in several events in London and Cambridge, and continues to be disseminated to and discussed with policy-makers.

Full details of Public Engagement programmes can be found at https://www.woolf.cam.ac.uk/community-engagement.

RESEARCH

Research is at the heart of everything we do at the Institute. Ongoing research projects during 2023-24 were:

Woolf Diversity Study
Forgiveness & Future-Building
Faith in Mental Health
Living in Harmony / Public Engagement
Anglo-Jewish Music-Making
Documentary History of Jewish-Christian Relations
Commission on the Integration of Refugees
How to Continue Talking

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Late Judaeo-Arabic Mercantile Correspondence in the Cairo Genizah
Qur’an and Bible
Wisdom and Greatness in One Place
Antisemitism Online

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 2023-24:

Dr Lucy Peacock joined us in August as our new Senior Research Fellow from the Centre for Trust, Peace and Social Relations, Coventry University, at which she served four years as a Research Fellow following the completion of her PhD exploring interfaith relations in British schools. Lucy's research interests include the role of religion in higher education, the experiences of minoritised religious groups and tackling religion-related hate crime and prejudice. Lucy has a background in monitoring and evaluation in the interfaith sector and has expertise in qualitative and quantitative methods.

Lucy's role at the Institute is to oversee our pipeline of research funding, working with the Directors to develop a research plan that meets the strategic aims of the Institute, and ensuring that research impact is measured in a robust and objective way. Alongside this, Lucy is conducting a mixed methods research project exploring religion-related intergroup conflict, interfaith engagement and social identities in higher education. She has started to draw up ideas for a number of research projects, including a follow-up study for the Commission for the Integration of refugees.

Dr James Sunderland, new Research Fellow on the How to Continue Talking project, has commenced research and ethnographic interviews with participants to collect data for the project which aims to examine the damage done to interfaith in the UK by the events in Israel-Palestine since October 7th 2023, as well as proposing solutions that would allow interfaith meetings and encounters to continue or resume after significant disruption.

Dr Julian Hargreaves, with support by David Izamoje, Clara Branco and Claire Mathys, has now completed the report for the Woolf Diversity Study which was launched in 2024. Our Chair of Trustees, The Rt Revd Tim Stevens wrote introductory comments and Emeritus Professor of Psychology (Oxford) Miles Hewstone provided the Foreword. In similar fashion to the first diversity study in 2020, over 10,000 adults living in England and Wales were surveyed on aspects of current British society such as diversity, change, local trust, local priorities and local engagement. The report includes key findings and recommendations.

The Faith in Mental Health report has been completed, consolidating evidence collected from fieldwork and pinpointing emerging themes which formulate recommendations for NHS bodies, voluntary mental health services, and grassroots organisations on how to enhance collaboration in offering suitable services for Muslim communities. The public engagement stage of the project includes community workshops, the production and dissemination of a fact sheet, and a roundtable event which was held with key policy advisors, representatives from the NHS, academic researchers, and community organisations to share emerging insights from the study; to engage researchers, policymakers, and practitioners in better understanding the enablers and barriers to mental health support for Muslim communities; and to consider opportunities to influence and improve policies and provision both nationally and locally.

The final report for the Forgiveness and Future-Building project was completed in February 2024. The project focused on three post-conflict societies and although these societies have significant variation in terms of their political and religious backgrounds, we hoped to uncover i) whether, despite such variation, there are patterns surrounding forgiveness and ii) how these commonalities can be applied to generating and sustaining legacy. The first of these post-conflict societies was Bosnia; the second Northern Ireland. Throughout, findings in these two societies allowed the determination of implications for the third post-conflict society, South Sudan, the world's newest country. The overarching goal of this project was to provide materials for constructive practical application for policymakers and mid-level religious and community leaders.

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The Commission on the Integration of Refugees collected and collated evidence, including concluding local engagement hearings with events in Cardiff and Belfast. Evidence was received from an independent survey of 755 asylum seekers and refugees convened by Neighbourly Lab. In collaboration with a team at the LSE, an economic model was developed to test the Commission’s recommendations before the final report was launched on 20 March at the Houses of Parliament with recommendations addressing issues such as the devolution of the asylum and refugee resettlement systems to local level and access to employment.

The A Documentary History of Jewish-Christian Relations project, led by Dr Ed Kessler has been published, with a launch planned for the new year.

Other continuing projects:

Jewish Music-Making in Victorian England (Dr Danielle Padley)
Late Judaeo-Arabic Mercantile Correspondence in the Cairo Genizah (Prof. Geoffrey Khan and Dr EstherMirian Wagner)
Qur'an and Bible (Rick Sopher and Esther-Mirian Wagner)

COMMUNICATIONS

Media Engagement

Following the attacks in Gaza, Dr Ed Kessler went on over 15 BBC radio interviews to talk about how to prevent the Middle Eastern crisis affecting Muslim-Jewish relations in Britain. Continuing over the year, this has seen appearances on ‘Interfaith: Can We Still Talk?’, BBC Beyond Belief and ‘Israel-Gaza: How the Conflict Divided Britain and the US’, The Rest is Politics. Dr Kessler has also consulted on the BBC1 program Growing Up Jewish.

During Mental Health Awareness Week 2023, Jamilla Hekmoun contributed to BBC Radio Wales' All Things Considered program, discussing Muslim mental health. She’s also featured on the Voice of Islam radio show, The Mindful Muslim Podcast ‘Men’s Mental Health and the Cost of Living Crisis’, Thought for the Day (on Ramadan), BBC Wales, and ‘Muslim Mental Health’, BBC Sunday show. She contributed to ‘Tackling Underrepresentation of Women in British Muslim Charities’, The Forum Magazine, and ‘NHS mental health services failing Muslims’ and ‘‘Muslims Miss Out on Mental Health Help When Therapists Fail to Understand Faith’, BMJ.

The Commission on the Integration of Refugees has seen Commissioners Guli Francis-Dehqani featured in an op-ed in The Guardian entitled ‘Proper jobs, English classes and a refugee minister – this is how to fix Britain’s asylum system’ and Jenny Philmore, focusing on teaching English to refugees upon arrival and work earlier, BBC Midlands Today.

Maroc Diplomatique reported on Dr Kessler’s visit to meet with Hakim Hajoui, the Ambassador of Morocco to the United Kingdom.

Dr Emma Harris wrote the article ‘A quarter of a century of interfaith dialogue’ and continued to write her column ‘An Interfaith Perspective’ for the Essex Jewish News.

Other radio and podcast appearances included Dr Esther-Miriam Wagner, ‘Why Ramadan Attracts Non-Muslims Around the World’, Deutsche Welle, DW German radio, and Dr Elizabeth Phillips, ‘American Christian Zionism, John Howard, Yoder, Oliver O’Donovan and Political Theology, Theology in the Raw podcast.

Social media

The Institute has continued its focus on developing video content for dissemination boosting the number of social media posts in the year, resulting in an increase in engagement of 5.14% on the prior year and the number of people seeing posts on Facebook, Instagram and LinkedIn alone passing 93,000 (88,749 prior year).

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Podcast

Having made its 150th episode and with weekly download figures plateauing at around 800-900, the team has taken the opportunity to review and evaluate the Naked Reflections series. Commercial rental of the studio space, and collaborations with well known podcasts are also being looked into as a strategy.

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 to conferences. 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.

Events included:

18 September: Cambridge Interfaith Connection: Beginnings, panel, Dr Elizabeth Phillips.
12 October: Universal Civil Marriage and the Importance of Religious Rites, lecture, Prof. Rebecca Probert, Dr Rajnaara Akhtar, Dr Samia Bano, Frank Cranmer, Prof. Stephen Gilmore, Jean-Francois Mignot.
30 October: Reading Group: Qur'an and Bible, webinar, convened by Rick Sopher and chaired by Dr EstherMiriam Wagner, speaker Prof. Jacob Wright (Emory).
31 October: Woolf Institute Research Afternoon and dinner with Lord Walney.
8 November: Opening of the Ibn Arabi Library.
8 November: Ibn Arabi Lecture: Faith in the Museum by Neil MacGregor, Lecture, Neil MacGregor.
13 November: How to Keep Talking, panel, Ibrahim Mogra, Jess Phillips, Shahida Rahman, Dr Ed Kessler, Rick Sopher, Amir Ohadi and Dr Elizabeth Phillips.
15 November: Iranian Christians? Religious Diversity in Late Antiquity. Prof. Richard Payne.
16 November: Student Interfaith Mixer, student event, Seherish Abrar and Flora Moffie.
20 November: Patrons Tour to Leicester.
21 November: Approaching the Early Medieval Iberian Economy from the ground up, Webinar, Joint with the Society for the Medieval Mediterranean, Drs Sara Prata, Nerea Fernández Cadenas, Linda Gosner and Damián Fernández.
11 December: Chanukah Lighting at the Woolf, public event, Flora Moffie.
11 December: Reading Group: Qur'an and Bible, webinar, convened by Rick Sopher and chaired by Dr Esther-Miriam Wagner with guest speaker Prof. Shari Lowin.
15-16 January: CTF Conference 2024: Perspectives on Judaism and Islam, Conference, Dr Elizabeth Phillips.
22 January: The Medieval Mediterranean: Local and Global Perspectives, Dionisius A. Agius Prize Winners, Webinar, Joint with the Society for the Medieval Mediterranean, Prof James Morton and Prof Abigail Krasner Balbale, chaired by Dr Antonella Liuzzo Scorpo.
30 January: CTF Holocaust Memorial Day Commemoration 2024, Dr Elizabeth Phillips together with Students from across the CTF.
5 February: Reading Group: Qur'an and Bible, webinar, convened by Rick Sopher and chaired by Dr EstherMiriam Wagner.
6 February: William Kessler Essay Prize Award Ceremony, student event, joint won by Ruth Foster, MPhil student in Modern European History at the University of Cambridge and Mariam Habib BA student in Politics at the LSE (London School of Economics and Political Science).
6 February: Interfaith Connection Cambridge: 'To repair the world...', public event, Dr Elizabeth Phillips, A gathering open to all faith communities in Cambridge exploring themes from diverse faiths about how we live in the world today.

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7-8 February: Conference: Milestones & Turning Points, Conference, Dr Danielle Padley.
19 February: The Medieval Mediterranean: Local and Global Perspectives, Al-Masaq Prize Winners, webinar, Joint with the Society for the Medieval Mediterranean, Angela Isoldi, Dr Alice Croq and Dr EstherMiriam Wagner.
21 February: A conversation with Loay Alshareef, Special event of the Qur’an and Bible Reading Group, convened by Rick Sopher and chaired by Dr Esther-Miriam Wagner.
4 March: London Research Day, Dr Esther-Miriam Wagner.
5 March: Exploring the Relationship between Humans and AI, St Edmund’s College Research Salon, Dr Esther-Miriam Wagner.
19 March: Weaving Trust, Cambridge Citizens.
25 March: The Medieval Mediterranean: Local and Global Perspective on Trade and Industry in the Late Medieval Mediterranean, Dr Fabrizio Ansani and Pere Badia Arroyo, joint webinar with the Society for the Medieval Mediterranean, Dr Esther-Miriam Wagner.
27 March: Interfaith Iftar, public event, Flora Moffie and Seherish Abrar.
7 April: A Tribute Concert in Memory of Mark and Sharon Harris, concert, Dr Emma Harris.
29 April: Reading Group: Qur’an and Bible, webinar, guest speaker Dr Imran M Usmani, ‘The Crucifixion of Jesus in Islam’, Rick Sopher, Dr Esther-Miriam Wagner.
1 May: The Bloom Review One Year On: Multi-Faith Perspectives, joint conference with Wesley House, Dr Elizabeth Phillips.
2 May: Religion after Babel: Four Observations about Faith in a Time of Fragmentation, Jonathan Haidt, public event, Dr Esther-Miriam Wagner.
14 May: Report and Findings of the Commission on the Integration of Refugees, public event, Dr Ed Kessler.
14 May: Interfaith Connection Cambridge: ‘Giving’, public event, Dr Elizabeth Phillips.
1 June: Ibn Arabi Symposium: ‘Light within Darkness, the Infinite Dimensions of Love’, public event, Muhyiddin Ibn ‘Arabi Society.
4 June: Annual Garden Party.
6 June: Qur’an and Bible Reading Group, webinar, guest speaker Prof. Abdullah Galadari and response by Prof. Tamara Shkenazi, Rick Sopher, Dr Esther-Miriam Wagner.
1-2 July: Encounter event and Q&A with Sheikh Dr Mohammed al-Issa.
8-19 July: Woolf Institute Summer School.
23-24 July: Teacher training course, Solutions not Sides.
19-23 August: Solutions not Sides Summer School.
7 July: Afghan cultural awareness session for the Cambridge Refugee Resettlement Group.

Additional Conferences, Talks, Seminars and Panels

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

Dr Esther-Miriam Wagner

“The Cairo Geniza and Interfaith Relations in Medieval Egypt”, Lecture at BYU Provo, 29 September 2023.
Historical Sociolinguistics Network Annual Conference, Zurich 5-7 June 2024.
Chairing of various sessions at the Biennial Conference of Society for the Medieval Mediterranean, Edinburgh 24-27 June 2024.
‘Muslim-Jewish-Christian Relations in Theory and Praxis’, Im Zeichen Abrahams (a gathering of the main German interfaith initiatives), Tutzing 4-5 July 2024.
Opening of the ISGAP Oxford Summer School on Antisemitism, St Catherine’s College Oxford 28 July 2024.
Abrahamic Faiths Workshop, Christchurch College Oxford 31 July-1 August 2024.

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Dr Emma Harris

Abrahamic Faiths Workshop, Christchurch College Oxford 31 July-1 August 2024.

Dr Elizabeth Philips

Dr Phillips attended (online) the conference, Christian Theology and the Dialogue with Islam, which reflected on the Building Bridges Seminar (in which Dr Phillips has participated for several years) and the Theologisches Forum Christentum-Islam (Bern), two long-standing theological dialogue initiatives.
Dr Phillips spoke in the House of Commons on 16 November, addressing a delegation from Indonesia on the topic of ‘Interfaith Works: Living Examples’. The West Java Government initiative English for Ulama, which is supported by the British Council and British Embassy Jakarta, worked in partnership with the Minhaj Welfare Foundation, a UK faith-based charity organisation, to organise the event informing Indonesian government and faith leaders about interfaith work in the UK.
Dr Phillips was invited to attend the BBC Religion 2023 Showcase on 20 November, for a review of the highlights of Religion and Ethics programming of the BBC over the past year, a preview of upcoming content in 2024, and a discussion of faith programming, hosted at New Broadcasting House.
Book launch: Catholic Social Thought and Prison Ministry: Resourcing Theory and Practice. Cambridge 29 April 2024.
‘Christian Texts on Speaking and Acting Convincingly in the Public Square’, at Building Bridges MuslimChristian dialogue, Airlie Center (hosted by Georgetown University), 24-28 June 2024.
‘The Significance of “the Holy Land” in Christianity’, at the Solutions Not Sides Summer School, Cambridge, 20 August 2024.

Jamilla Hekmoun

‘Muslim men’s mental health’. Webinar on behalf of the Lantern Initiative, 6 January 2024
‘Muslim Mental Health – then and now’, Seminar at Centre for Islamic Studies, Cambridge, 8 February 2024. https://www.cis.cam.ac.uk/activities/lectures-workshops/cis-public-talks/

Seherish Abrar

Muslim Mental Health – then and now’, Seminar at Centre for Islamic Studies, Cambridge, 8 February 2024. https://www.cis.cam.ac.uk/activities/lectures-workshops/cis-public-talks/

Dr Danielle Padley

‘Jewish Music-Makers: Community Music and Musical Communities in Victorian England’, Royal Musical Association Conference, University of Nottingham, 14-16 September 2023.

Hina Khalid

Co-organiser of online colloquium in April 2024, entitled ‘Interreligious Interactions in South Asia’. Details can be found here: https://www.interfaith.cam.ac.uk/interreligious-interactions-south-asia.

Dr Katherine O'Lone

“Using AI to model conflict and cooperation” at Centre for the Resolution of Intractable Conflict (CRIC)10 year anniversary conference, Harris Manchester College, Oxford, 18-20th September 2023.
“Modelling stability in the Western Balkans” at UN Albania, Western Balkans Youth Forum Conference, Tirana, Albania, 24-26 October, 2023.

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PUBLICATIONS

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

O’Lone, K., & Lane, J.E. Using Multi-agent AI to Predict Drivers of Conflict and Cooperation in Northern Ireland. New England Journal of Public Policy.
UNDP Human Development Report, 2024: Shults, F.L., Lane, J.E., & O’Lone, K. Simulating Sustainable Societies: Uncertainty, Complexity, and Multi-Agent Artificial Intelligence Modeling. UNDP 2024 Human Development Report.
Seherish Abrar & Dr Julian Hargreaves. 2024. “Mental Health Services for Muslim Communities in England and Wales: Developing a More Collaborative Approach”. Mental Health, Religion and Culture 26:9 925-940.
Dr Esther-Miriam Wagner (editor). 2023. Issue 35iii of al-Masaq, Journal of the Society for the Medieval Mediterranean (focusing on Shared Sacred Spaces between Abrahamic communities).
Dr Esther-Miriam Wagner. 2024. Issue 36i of al-Masaq, Journal of the Medieval Mediterranean.
Dr Elizabeth Phillips and Férdia Stone-Davis (eds). 2024. Catholic Social Thought and Prison Ministry: Resourcing Theory and Practice. Routledge.
‘From Arrival to Integration: Building Communities for Refugees and for Britain’, report from the Commission on the Integration of Refugee, March 2024.
Dr Esther-Miriam Wagner. 2024. Issue 36ii of al-Masaq, Journal of the Medieval Mediterranean.

FINANCIAL REVIEW

At the year-end, the Woolf Institute had net assets of £8,998,032 (2022-23: £8,657,369). The overall surplus for the year is £340,663 (2022-2023: £76,057). In September 2023, £51,970 was drawn down from the Expendable Endowment Fund (QW648) in line with the planned annual 4% withdrawal to fund the Willie and Jo Kessler Studentship, the Willie Kessler essay prize, the Ibn Arabi Lecture Series and the Sultan Azlan Shah Foundation Visiting Fellow.

Investment Property Income this year was £175,153 (2022-23 £145,134) including study bedroom and office lettings, conference income and annual service charge. Under a new collaboration, the team at Westminster College are now managing conference and events bookings for the Institute. Unrestricted donations and fundraising were at a similar level to the prior year, despite not holding a Patrons Tour, and costs were saved in areas such as PR and marketing as a result of bringing work back in house.

At the end of the financial year the Woolf Institute had £6,753,157 (2022-23: £6,785,279) available in unrestricted funds, together with restricted funds of £509,418 (2022-23: £572,373) and expendable endowment funds of £1,735,457 (2022-23: £1,299,717).

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.

The Charity had free reserves of £158,138 (2022-23: £159,165). 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).

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL FUNDING SOURCES

As well as academic and non-academic grants, the running costs of the Institute are 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 expendable endowment funds to investment managers, Evelyn Partners. 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, the Institute is following a funds-based solution using funds approved by the Charity Commissioners, rather than a segregated account with individual securities managed by a discretionary manager. The table below shows the preferred asset allocation.

Strategy	%
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, public education and building use. 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. A new strategy will be drafted in 2025 for 2026-2030. The Woolf Institute’s unique position remains its combination of academic excellence and timely translation of its research results into the public realm.

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:

An annual review of the principal risks and uncertainties that the Charity faces (reviewed more regularly if there are significant changes to risks posed);
The establishment of policies, systems and procedures to mitigate those risks identified in the annual review;
The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

WOOLF INSTITUTE RISK REGISTER

Risk Area	Consequences	Mitigation
Board of Trustees skills and experience gaps	Charity loses full oversight and development opportunities.	Articles of Association include tenure to ensure rotation of Trustees. Trustee skills under constant review by Nominations Committee to assist in recruiting trustees who fill skills gap.
Insufficient trustee numbers	Charity is no longer quorate, proceedings are invalid.	Potential suitable trustees regularly identified and introduced to the Institute’s work through events and activities, and through the Noms Com. An up-to-date list of suitable trustees retained for when a trustee indicates their retirement.
One trustee is too powerful	Charity loses ability to function democratically.	Key Institute functions are equally and appropriately distributed between all members of the senior management team. Strategic decisions are taken at board level and not solely driven by one trustee. No individual control over any element of Governance, HR, Finance, Development or Research project development.
Pressure on, or loss of, key staff	Charity loses momentum as key staff lose energy and capacity or leave due to the current conflict in the Middle East.	Positive management. Regular staff resources reviewed and support mechanisms introduced 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 appointments made.
Projects make financial loss	Charity engages in loss making research and public education affecting financial viability.	Research projects approved meet Institute’s current strategy and full funding will be available before projects commence. Finance Team monitor project expenditure during the year and highlight any issues to the Management Team.
Project pipeline failures	Failure to attract sufficient support for projects leads to reduced output, funding and profile.	Project pipeline progress is regularly reviewed by the Development Team and grant funding options investigated. Work continually ongoing to broaden contacts and partnerships. Annual PR strategy in place to ensure Woolf brand widely recognised.
Partner problems	Charity engages in projects with partners, clients or funders who do not share values so affecting reputation & academic standing.	Due diligence is conducted on all potential partnerships or funders and a risk analysis undertaken to identify any potential reputational issues. Any partnerships which are beneficial but may carry some risk, are carefully managed and a PR plan is prepared for use in the event of any negative press/feedback.
Competition	Charity loses impact and business to rivals affecting reputation and resources.	Donors are regularly engaged, and the Management Team maintain a view of other organisations undertaking similar work. A PR strategy is in place to raise the charity’s profile, and a strong focus on robust researched outputs is maintained.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Health & Safety Incidents, including physical damage to Institute’s building	Incident/s suggests charity has inadequate H&S procedures, with consequent HSE involvement and action affecting reputation and senior staff priorities. Risk of vandalism to the property due to the current conflict in the Middle East.	Maintain written procedures, brief staff, secure senior staff commitment. Monitor and test. Professional advice sought where necessary and experienced contractors retained to ensure statutory compliance is maintained. Hyline Security maintain a physical presence during out-of-office hours. Additional support colleagues present at various events.
Disaster Recovery	Charity loses premises and/or IT and so unable to function for a period affecting op performance.	Keep disaster recovery plan up to date. 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 and utilise partners to manage gaps where necessary. Carefully manage number of events and timings to ensure staff availability.
Income Shortfall	Expenditure always exceeds income leading to heavily depleted reserves, reduced activity and eventually to closure.	Annual budgeting and forecasting to be completed and spending monitored by the Finance Team against budget. Monthly accounts shared with the Finance Committee and quarterly with the Board providing regular opportunities to identify funding gaps. Regularly review and improve project budgeting to ensure costs covered. Broaden donor base, promote endowment appeal, identify new funding organisations and reduce expenditure where possible through regular tendering. Plan for future spending to ensure large, unexpected outlays are minimised.
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 a priority. Extend repayment period if necessary and seek other easements with lenders.
Insufficient resources to run building	Insufficient funds to staff and exploit facilities in the building.	Strengthen resources and assets available to the Development Team to ensure sustainable income. Wherever possible, extend outsourcing and increase partnering opportunities to maximise resources and minimise costs.
Investment policies	Investments mismanaged, under- perform or too risky affecting income & reputation.	F&A Committee to regularly review investment performance, agree appropriate risk levels and amend strategy where appropriate.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Financial stability	Financial stability of the Institute falters due to rising energy costs and/or global issues affecting energy supplies.	Regularly review/revise fundraising strategy; 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 for which the Institute may be eligible.
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 Institute’s 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.
Loss of Income and funding	Strike action disrupts planned events and activities resulting in cancellations and refunds. In addition, loss of funding due to the current conflict in the Middle East.	Regularly monitor Union activity and try to plan events that do not coincide with any known upcoming strike action. Ensure event attendees are aware of any likely disruption mitigating the need to refund. Regularly monitor funding sources.
Fraud or error	Charity succumbs to fraud or error leading to financial loss, reputational risk, loss of staff morale, regulatory action or impact on funding.	Regularly review financial control procedures; set authorisation limits and controls; inform colleagues about phishing emails; review security of assets and identify insurable risks.
Adverse Publicity	Charity criticised for research, policies, reports or actions, or for accepting donations from dubious sources, so affecting its reputation, academic standing and donor confidence. In addition, adverse publicity due to the current conflict in the Middle East.	Close Management Team supervision to identify any aspects of the Institute that may cause adverse publicity. The Research Council, Ethics Committee and retained accountants will be consulted on any matters which may increase risk to the Institute. Due diligence undertaken on donations, research and outreach partners before acceptance of gifts or commencing work together and, if necessary, avoidance. PR monitoring and response. Management Team issue PR statements as required with support from Trustees and liaise with Social Media Manager to ensure media posts remain sensitive to current global conflicts.
Poor Public Profile	Charity loses impact and donor support through low profile or the current conflict in the Middle East.	Annual PR strategy through PR consultants 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.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Cyber Risk	Charity is hacked or systems compromised, and sensitive information or money released or lost affecting its reputation, academic standing and 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.
Regulation failures	Charity found not to comply with statutory or regulation requirement, including data protection regulations, leading to penalty, censure and loss of donor and staff confidence.	Ensure adequate written policies meet all requirements and are disseminated and understood by staff. Undertake independent assessments to ensure regulatory compliance.

GOVERNING DOCUMENT

The Woolf Institute was established by charity deed on 26 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 18 May 1998 (No. 3540878). The change of name to the Woolf Institute was approved by Companies House on 29 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 information packs provided by the Charity and meetings dedicated to explaining the Charity's ethos and aims.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 3%. 1 member of key management personnel received remuneration more than £70,000 in the year.

ORGANISATIONAL STRUCTURE

The Institute’s organisational structure during the year comprised a Management Team of three consisting of the Executive Director, Director of Grants Management and Alumni Relations, and Director of Education and Engagement.

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 2023-24.

FUNDRAISING PRACTICES

The Woolf Institute did not employ any professional fundraisers or commercial participators to carry out fundraising on its behalf during 2023-24. 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 and that vulnerable people are protected.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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.

Philanthropic income, whether for short-term expenditure or long-term investment for annual income generation, remains the Institute’s primary source of income. Due to the nature of its work the Institute hopes 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. 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:

Rt Rev Tim J Stevens (Chair of Trustees)

Date: 12 March 2025

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024

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 . 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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

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:

Rt Rev Tim J Stevens (Chair of Trustees)

Date: 12 March 2025

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOOLF INSTITUTE

OPINION

We have audited the financial statements of Woolf Institute (the 'charity') for the year ended 31 August 2024 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 our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we 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 we have performed, we 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.

Our 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: B33B0699-085A-41D8-838C-2CD5AE31EA21

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

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

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.

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

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

Our 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 our 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our 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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our knowledge and experience of the charity sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011 and the Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions;

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

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:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence with HMRC, the Charity Commission, relevant regulators and the charity’s legal advisors.

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 our 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 our Auditor's Report.

USE OF OUR 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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we 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: 13 March 2025

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Docusign Envelope ID: B33B0699-085A-41D8-838C-2CD5AE31EA21

WOOLF INSTITUTE

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

Note INCOME AND ENDOWMENTS FROM: Donations and legacies 4 Charitable activities 5 Investments 6 Other income 7 TOTAL INCOME AND ENDOWMENTS EXPENDITURE ON: Raising funds 8,9 Charitable activities TOTAL EXPENDITURE Net gains/(losses) on investments NET (EXPENDITURE) /INCOME Transfers between funds 20 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD	Unrestricted funds 2024 £ 222,789 147,391 125,451 916 496,547 24,356 594,572 618,928 51,317 (71,064) 38,942 (32,122) 6,785,279 (32,122) 6,753,157	Restricted funds 2024 £ 647,553 860 - - 648,413 36,756 687,640 724,396 - (75,983) 13,028 (62,955) 572,373 (62,955) 509,418	Endowment funds 2024 £ 300,000 - 16,235 - 316,235 5,331 - 5,331 176,806 487,710 (51,970) 435,740 1,299,717 435,740 1,735,457	Total funds 2024 £ 1,170,342 148,251 141,686 916 1,461,195 66,443 1,282,212 1,348,655 228,123 340,663 - 340,663 8,657,369 340,663 8,998,032	Total funds 2023 £ 1,253,123 235,548 134,576 667
					1,623,914
					103,093 1,489,508
					1,592,601
					44,744
					76,057 -
					76,057
					8,581,312 76,057
					8,657,369

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

The notes on pages 30 to 50 form part of these financial statements.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024

Income Gains/(losses) on investments GROSS INCOME IN THE REPORTING PERIOD Less: Total expenditure NET (EXPENDITURE)/INCOME FOR THE REPORTING PERIOD	Funds 2024 £ 1,144,960 51,317 1,196,277 (1,343,324) (147,047)	Funds 2023 £ 1,605,962 (1,632) 1,604,330 (1,588,305) 16,025

The notes on pages 30 to 50 form part of these financial statements.

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

BALANCE SHEET AS AT 31 AUGUST 2024

Note FIXED ASSETS Tangible assets 13 Investments 15 Investment property 14 CURRENT ASSETS Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year 18 TOTAL NET ASSETS CHARITY FUNDS Endowment funds 20 Restricted funds 20 Unrestricted funds 20 TOTAL FUNDS	80,171 163,263 243,434 (194,104)	2024 £ 7,029,788 2,283,693 765,000 10,078,481 49,330 10,127,811 (1,129,779) 8,998,032 1,735,457 509,418 6,753,157 8,998,032	114,136 199,737 313,873 (166,899)	2023 £ 7,146,422 1,818,599 745,200 9,710,221 146,974 9,857,195 (1,199,826) 8,657,369 1,299,717 572,373 6,785,279 8,657,369

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

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024

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.

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

Rt Rev Tim J Stevens

(Chair of Trustees)

Date: 12 March 2025

The notes on pages 30 to 50 form part of these financial statements.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided in operating activities 22 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 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 23 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 23	2024 £ 150,838 141,686 (13,918) (256,771) (129,003) (21,391) (36,918) (58,309) (36,474) 199,737 163,263	2023 £ 18,553 134,576 (6,523) (185,039) (56,986) (73,679) (30,891) (104,570) (143,003) 342,740 199,737

The notes on pages 30 to 50 form part of these financial statements

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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.

In light of the circumstances, the Trustees have prepared and approved budgets and cash flow projections up until 31 March 2026. These include assumptions of improved income from the previous year, although rising costs mean that the entity is forecast to make a deficit in the next financial 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 £49,330 at 31 August 2024.

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.

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(A Company Limited by Guarantee)

WOOLF INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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 5 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.

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(A Company Limited by Guarantee)

WOOLF INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 expendable endowments held to fund projects specified by each donor.

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

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 have received on a commercial basis at the time the monies were received.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted funds 2024 £ Donations 207,561 Legacies 15,228 Grants - 222,789 TOTAL 2023 428,502	Restricted funds 2024 £ 295,458 - 352,095 647,553 824,621	Endowment funds 2024 £ 300,000 - - 300,000 -	Total funds 2024 £ 803,019 15,228 352,095 1,170,342 1,253,123	Total funds 2023 £ 935,950 - 317,173
				1,253,123

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds 2024 £ Course and grant income 147,391 TOTAL 2023 235,548	Restricted funds 2024 £ 860 -	Total funds 2024 £ 148,251 235,548	Total funds 2023 £ 235,548

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. INVESTMENT INCOME

Unrestricted funds 2024 £ Accommodation income 116,887 Dividend and distributions 4,504 Interest 4,060 125,451 TOTAL 2023 116,624	Endowment funds 2024 £ - 16,235 - 16,235 17,952	Total funds 2024 £ 116,887 20,739 4,060 141,686 134,576	Total funds 2023 £ 104,932 26,348 3,296
			134,576

7. OTHER INCOMING RESOURCES

Royalties TOTAL 2023	Unrestricted funds 2024 £ 916 667	Total funds 2024 £ 916 667	Total funds 2023 £ 667

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WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. EXPENDITURE ON RAISING FUNDS

COSTS OF RAISING VOLUNTARY INCOME

Unrestricted funds 2024 £ General fundraising expenses 21,820 TOTAL 2023 21,887 FUNDRAISING TRADING EXPENSES Unrestricted funds 2024 £ Fundraising events expenses 869 TOTAL 2023 1,884 INVESTMENT MANAGEMENT COSTS Unrestricted funds 2024 £ Investment management fee 1,667 TOTAL 2023 1,394	Restricted funds 2024 £ 2,667 18,667 Restricted funds 2024 £ 34,089 54,965 Endowment funds 2024 £ 5,331 4,296	Total funds 2024 £ 24,487 40,554 Total funds 2024 £ 34,958 56,849 Total funds 2024 £ 6,998 5,690	Total funds 2023 £ 40,554
			Total funds 2023 £ 56,849
			Total funds 2023 £ 5,690

9. INVESTMENT MANAGEMENT COSTS

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Educational Programmes TOTAL 2023	Direct costs 2024 £ 892,448 1,068,538	Support costs 2024 £ 389,764 420,970	Total funds 2024 £ 1,282,212 1,489,508	Total funds 2023 £ 1,489,508

Total expenditure on charitable activities attributable to restricted funds is £687,640 (2023: £776,415).

ANALYSIS OF DIRECT COSTS

Staff costs Bursaries costs Teaching costs Other public engagement costs Research and project costs Depreciation Interest payable	Total funds 2024 £ 305,380 55,624 26,152 5,261 381,128 81,985 36,918 892,448	Total funds 2023 £ 356,283 62,963 35,694 48,507 451,661 82,539 30,891
		1,068,538

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WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs Building costs Support costs Recharged project support costs Depreciation Finance costs Governance costs	Total funds 2024 £ 227,794 131,704 90,564 (148,955) 48,567 23,390 16,700 389,764	Total funds 2023 £ 273,071 107,847 118,622 (168,933) 48,895 26,446 15,022
		420,970

11. STAFF COSTS

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2024 £ 450,562 40,757 41,855 533,174	2023 £ 527,216 51,610 50,528

		629,354

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

Executive Academic Administration	2024 No. 3 4 3 10	2023 No. 3 6 4

		13

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WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

11. STAFF COSTS (CONTINUED)

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

		2024	2023
		No.	No.
In the band £70,001	- £80,000	1	1

Redundancy and termination payments during the year ended 31 August 2024 amounted to £43,873 (2023: £Nil). There were no outstanding liabilities as at 31 August 2024 (2023: £Nil).

Key management personnel of the Charity comprises the Trustees, the Executive Director, the Director of Grant Management and Alumni Relations, the Director of Research and the Director of Education and Engagement. The total employment benefits of key management personnel, including employer's pension contribution and employer's national insurance were £276,030 (2023: £264,701).

During the year, no Trustee (2023: no Trustee) received remuneration in respect of their role as Trustee.

During the year, no Trustee (2023: no Trustees) received reimbursement of expenses (2023: £Nil).

12. NET INCOME/(EXPENDITURE)

This is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets - owned by the Charity	130,552	131,050
Auditors' remuneration - audit	13,500	12,000
Auditors' remuneration - other services	3,200	3,022

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13. TANGIBLE FIXED ASSETS

COST OR VALUATION At 1 September 2023 Additions Disposals At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for the year On disposals At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 14. INVESTMENT PROPERTY	Freehold property £ 7,844,162 - - 7,844,162 736,756 120,294 - 857,050 6,987,112 7,107,406	Fixtures and fittings £ 175,537 - - 175,537 137,161 7,725 - 144,886 30,651 38,376	Computer equipment £ 10,888 13,918 (9,820) 14,986 10,248 2,533 (9,820) 2,961 12,025 640	Total £ 8,030,587 13,918 (9,820)
				8,034,685
				884,165 130,552 (9,820)
				1,004,897

				7,029,788
				7,146,422

VALUATION At 1 September 2023 Surplus on revaluation At 31 August 2024	Freehold investment property £ 745,200 19,800
	765,000

Investment property is carried at fair value determined annually by the Trustees based on advice received. Fair values are derived from a third party valuation during the year by a qualified professional.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. FIXED ASSET INVESTMENTS

COST OR VALUATION At 1 September 2023 Additions Disposals Revaluations Cash movement AT 31 AUGUST 2024	Listed investments £ 1,580,700 2,816,811 (2,329,072) 173,509 - 2,241,948	Cash at Brokers £ - - - - 41,745 41,745	Total £ 1,580,700 2,816,811 (2,329,072) 173,509 41,745 2,283,693

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.

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.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. DEBTORS

Trade debtors Other debtors Prepayments and accrued income	2024 £ 2,341 25,000 52,830 80,171	2023 £ 39,377 35,000 39,759

		114,136

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2024 £ 24,312 39,107 8,739 4,862 117,084 194,104	2023 £ 21,334 40,163 13,264 1,120 91,018

		166,899

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.

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

18. 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	2024 £ 456,444 673,335 1,129,779 2024 £ 26,135 90,672 339,637	2023 £ 480,813 719,013

		1,199,826
		2023 £ 23,094
		80,524
		377,195

19. DEFERRED INCOME

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

Deferred income at 1 September 2023 Amounts released from previous periods DEFERRED INCOME AT 31 AUGUST 2024	2024 £ 763,360 (44,347) 719,013	2023 £ 806,416 (43,056)

		763,360

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WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICT- ED FUNDS General funds ENDOWMENT FUNDS Willie and Jo Kessler 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 2023 £ 6,785,279 350,181 6,766 89,018 320,901 532,851 1,299,717 572,373 - 572,373 8,657,369	Income £ 496,547 3,771 73 959 3,456 307,976 316,235 615,630 32,783 648,413 1,461,195	Expenditure £ (618,928) (1,224) (24) (311) (1,122) (2,650) (5,331) (677,611) (46,785) (724,396) (1,348,655)	Transfers in/out £ 38,942 (14,002) (271) (3,559) (12,831) (21,307) (51,970) (974) 14,002 13,028 -	Gains/ (Losses) £ 51,317 36,050 697 9,164 33,035 97,860 176,806 - - - 228,123	Balance at 31 August 2024 £ 6,753,157
						374,776 7,241 95,271 343,439 914,730
						1,735,457
						509,418 -
						509,418
						8,998,032

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. STATEMENT OF FUNDS (CONTINUED)

Willie and Jo Kessler Bursaries

This represents funds received as expendable endowment to provide bursaries for MPhil and PhD students.

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 University of Cambridge.

Transfers

For some Endowment funds there is a transfer into restricted funds in line with the 4% drawdown as stipulated in the fund regulations. For some restricted funds there is a transfer into general funds to reflect monies spent on these activities but not allocated to restricted expenditure in the year.

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WOOLF INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICT- ED FUNDS General funds ENDOWMENT FUNDS Willie and Jo Kessler 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 2022 £ 6,769,867 351,784 6,797 85,971 322,371 500,000 1,266,923 544,522 - 544,522 8,581,312	Income £ 781,341 5,928 115 1,449 5,432 5,028 17,952 806,638 17,983 824,621 1,623,914	Expenditure £ (738,258) (1,482) (29) (362) (1,358) (1,065) (4,296) (795,458) (54,589) (850,047) (1,592,601)	Transfers in/out £ (26,039) (14,071) (272) - (12,895) - (27,238) 16,671 36,606 53,277 -	Gains/ (Losses) £ (1,632) 8,022 155 1,960 7,351 28,888 46,376 - - - 44,744	Balance at 31 August 2023 £ 6,785,279
						350,181 6,766 89,018 320,901 532,851
						1,299,717
						572,373 -
						572,373
						8,657,369

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2024	2024	2024	2024
	£	£	£	£
Tangible fixed assets	7,029,788	-	-	7,029,788
Fixed asset investments	548,236	-	1,735,457	2,283,693
Investment property	765,000	-	-	765,000
Current assets	(265,984)	509,418	-	243,434
Creditors due within one year	(194,104)	-	-	(194,104)
Creditors due in more than one year	(1,129,779)	-	-	(1,129,779)
TOTAL	6,753,157	509,418	1,735,457	8,998,032
ANALYSIS OF NET ASSETS BETWEEN	FUNDS - PRIOR PERIOD
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2023	2023	2023	2023
	£	£	£	£
Tangible fixed assets	7,146,422	-	-	7,146,422
Fixed asset investments	518,882	-	1,299,717	1,818,599
Investment property	745,200	-	-	745,200
Current assets	(264,063)	577,936	-	313,873
Creditors due within one year	(161,336)	(5,563)	-	(166,899)
Creditors due in more than one year	(1,199,826)	-	-	(1,199,826)
TOTAL	6,785,279	572,373	1,299,717	8,657,369

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 22. ACTIVITIES

Net income for the period (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 Decrease in debtors Decrease in creditors Loan interest NET CASH PROVIDED BY OPERATING ACTIVITIES	2024 £ 340,663 130,552 (228,123) (141,686) - 33,184 (20,670) 36,918 150,838	2023 £ 76,057 131,050 (44,744) (134,576) 5,396 26,185 (71,706) 30,891 18,553

23. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand ANALYSIS OF CHANGES IN NET DEBT Cash at bank and in hand Debt due within 1 year Debt due after 1 year	At 1 September 2023 £ 199,737 (21,334) (480,813) (302,410)	Cash flows £ (36,474) 21,391 - (15,083)	2024 £ 163,263 Other non- cash changes £ - (24,369) 24,369 -	2023 £ 199,737 At 31 August 2023 £ 163,263 (24,312) (456,444) (317,493)

24. ANALYSIS OF CHANGES IN NET DEBT

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WOOLF INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

25. 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 £41,855 (2023 - £50,528). At the year end contributions not paid over to the scheme amounted to £3,589 (2023 - £Nil)

26. OPERATING LEASE COMMITMENTS

At 31 August 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years	2024 £ 1,662 3,740 5,402	2023 £ 1,662 5,402

		7,064

27. RELATED PARTY TRANSACTIONS

During the year, two Trust's (2023: three Trust's) over which Trustees of the Charity exert control made donations to the Charity totalling £592,216 (2023: £476,973).

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2024-08-31-accounts

WOOLF INSTITUTE

WOOLF INSTITUTE

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CONTENTS

WOOLF INSTITUTE

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

WOOLF INSTITUTE

(A Company Limited by Guarantee)

WOOLF INSTITUTE

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Woolf Institute Overview

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

CHAIR’S REPORT

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Purposes and Aims

Ensuring our work delivers our aims

The focus of our work

Who used and benefited from our services?

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

2023 - 2024: A Year in Review

TEACHING & PUBLIC ENGAGEMENT

RESEARCH

WOOLF INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

WOOLF INSTITUTE

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

COMMUNICATIONS

Media Engagement

Social media

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Podcast

EVENTS

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Additional Conferences, Talks, Seminars and Panels

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Dr Emma Harris

Dr Elizabeth Philips

Jamilla Hekmoun

Seherish Abrar

Dr Danielle Padley

Hina Khalid

Dr Katherine O'Lone

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

PUBLICATIONS

FINANCIAL REVIEW

RESERVES POLICY

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL FUNDING SOURCES

INVESTMENT POLICY

PLANS FOR FUTURE PERIODS

STRUCTURE, GOVERNANCE AND MANAGEMENT

RISK MANAGEMENT

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

WOOLF INSTITUTE RISK REGISTER

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

WOOLF INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

GOVERNING DOCUMENT

APPOINTMENT OF TRUSTEES AND DIRECTORS’ INTERESTS

INDUCTION AND TRAINING OF TRUSTEES