Charity number: 1148663 THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 RPG CROUCH CHAPMAN LLP Chartered Accountants 5th Floor. 14-16 Dowgate Hill London EC4R 2SU
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATIOP4 CONTENTS Pago Reference and administrative details of the Charity. its Truslees and advisers Trustees. report Indèpendent auditorfs report on the financial statements Statement of financial acbvilies 7-10 Balance sheet 12 Notes to the financial statements 13-22
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees The Lady Woltson of Marylebone. Chair lan Burman The Lord Darzi of Denham OM KBE PC Sir lan Gilmore Anloinette Jackson Charity registered number 1148663 Principal office Flat 3 74 Portland Place London W1B 1NR Independent auditor RPG Crouch Chapman LLP Chartered Accountants 5th Floor 14 - 16 Dowgale Hill London EC4R 2SU Bankers C. Hoare & Company 37 Fleet Street London EC4P 4DG Solicitors Laytons LLP 3rd Floor. Pinners Hall 10&108 Old Broad Street London EC2N 1 ER Investment advisers Cazenove Capital Management 12 Moorgate London EC2R 6DA Canaccord Genuity Wealth Management 41 Lolhbury London EC2R 7AE Page 1
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together with the audited financial slalements of the Charity for the 1 April 2021 to 31 March 2022. Ob'ectives and activities a. Policies and objectives The charity's objects are to further such exclusively charitable purposes calculated lo promote the advancement of research and education for the public benefit of preventative medicine or surgery and fesearch related Iherelo wilh enhancement into wellbeing as the trustees see fit. In setting obje¢b"ves and planning for activrties, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit". running a charity IPB2)'. b. Strategies for achieving objectives The objectives of the charity through its grant making, are the advancement of medical and wellbeing projects_ The trustees have complied with Section 4 of the 2011 Charibes Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives when setting grant making policy and in making awards. The charity continues lo pursue these objectives through investrnent in highly regarded projects across thè range of the charity's activities. usually through the provision of the need of equipment and facilitating wellbeing as a part of preventative medicine. The charity has always considered the use of its fijnds as a catalyst so that funding can lever additional support from other bodies. c. Activities undertaken to achieve objectives The charity achieves Ils objectives by making grants. Details of these can be found in note 6 to the financial statements which contains a list of projects supported. d. Main activities undertaken to further the Charrty's purposes for the public benefit The tfuslees hold a diverse investment portfolio. management of whith is split belween Cazenove Capital Management and Canaccord Genuity Wealth Management. Income and gains from these investments are used to fund Ihe charity's grant making activities. Achievements and erformance a. Main achievements of the Charity The charity received investment income lolalling £416,562 during the year. Grants of £1,321,211 were made as detailed in note 6 to Ihe financial statements. The charity's grant making continues to be Impacted by Covid-19. Many recipients of grants awarded have had lo delay the projects the charity had agreed to fund. The accounts have been prepared on the basis that these proiects will be undertaken in the current year however some of these rray be deferred to later years. One reapient was unable to undertake such a project and as a result a grant of £75,000 was rescinded. Page 2
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Achievements and performance (conh"nued) b. Fundraising acts'vities and income generation The charity does not raise funds from external SoUes. Investment policy and perfomiance The charity is managed on the basis of existing in perpetuity and as a result has the objective of maintaining the portfolio's real purchasing power after inflation over lime. During the ye8r the porfolio realised net gains of £1.112,214. The market value 21 the balance sheet date was £30,702.445. Financial review Going concern After making appropriate enquiTies. the Trustees have a asOnable expectation thal the Charity has adequate resources lo continue In operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial stslements. Further details regarding the adoption of the going concem basis can be found in the accounts.ng policies. b. Reserves policy Total reserves decreased by £168.561 to £30,357.185. all represented by unrestricted funds. It is the policy of the chanty that reserves should be maintained al a level that allows the current level of grants awarded to increase in line with inflalion_ To this end the trustees intend to increase the value of the charity each year, however this is not always possible due to fluctuations in investment values. Material investments policy The Iruslees do nol pemiit investments in companies engaged in manufacturing tobacco products or armaments. d. Principal funding The principal sourco ol funding is the income and gains from the chanty's investrnents. e_ Financial summary During the year the charity made a deficit of £168.561 12021. £6,371.163 surplus). Funds held al the balance sheet date amounted lo £30,357,18512021.. £30.525.7461. Incoming resources amounted to £416.56212021.' £444,538). outgoing resources amounted to £1.697,33712021'. £485,105) and gains on inveslmenls amounted to £1,112,214 12021." £6.411.7301. All amounts represent general funds as the charity does not hold any restricted funds. Funds under management havè fallen from £32.218.858 at the balance sheet date to £30,183,487 as at 30 June 2022 Pa9e 3
THE LORD LEONARD AND LNDY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 StruGlure ovemance and mana ement Constitutson The charity was established by the will of ihe late Lord Wolfson who died on 20 May 2010. The governing instrument was constituted by his will which was proved on 8 September 2011 as amended by a Trustees, Resolution of 20 August 2012_ The Lord Leonard and Lady Estelle Wolfson Foundation is a registered charity, number 1148663, and is consliluted under a Trust deed. The principal object of the charity is to provide grants in furtheran of preventative medicine and the enhancement of wellbeing. b. Methods of appointment or election of Trustees The management of the Chanty is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Organisational structure and decision-making policies The Trustees usually make awards iwice each year and awards are made during the year with all Trustees being involved. As well as assessing the merits of the applicants, proposals and the congruence with the chanty's aims and priorities, appraisal criteria include'.- The anticipaled outcome of the project including public benefit Financial viability Value for money Adequate provision for ongoing costs and maintenan. The Trustees have generally not been able lo meet in person during the year under review. This has impacted utbon the awarding of grants. d. Policies adopted for the induction and training of Trustees The induction prO5S for new trustees covers govemance, investment and grant making policies. Pay policy for key management personnel The trustees of the charity are considered to be key management personnel and are not remunerated for their roles in this capacity. Other employed key management personriel receive a fixed salary, which is benchmafked aganst similar organisatsons in and around London. Key management remuneration is fixed by the Trustees. The Trustee board lake the final decision on salary increases for all staff. Page 4
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure, govemance and management (continued) f. Financial risk management The Trustees have assessed the major risks lo which the Charity Is exposed, in particular those related lo the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The charity has no operational risks. Its risks are related to investment strategy and il guards against these risks by delegating decisions lo its investment managers. The Trustees are confident that they have a reasonable diversrficabon of investments as a 5tt providing some protectson against risk. Plans for future periods The Trustees Intend to launch a number of new grant making initiatives during the current year. Statement of Trustees, responsibilities The Trustees are responsible for preparing the Tnjstees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Accounting Praclice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the Ch8rily 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 Ihe methods and principles of the Charities SORP IFRS 1021", make judgments and accounting eslimales that are reasonable and prudent., state whether appli¢able UK Accounting Standards IFRS 1021 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 il is inappropriate lo 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 Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Trust deed. 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. Disclosure of information to audiior Each of the persons who are Trustees al the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit infomialion of which the charity's auditor is unaware. and that Trustee has laken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit infomation and to establish that the charity's auditor is aware of that information. Page 5
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Auditor The auditor. RPG Crouch Chapman LLP. have indicated their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditor al a meeting of the Trustees. Approved by order of the members of the board of Trustees on 11 July 2022 and signed on their behalf by.. lan Burman Page 6
THE LORD LEONARO AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION Opinion We have audited the financial statements of The Lord Leonard and Lady Estelle Wolfson Foundation Ithe 'charity'l for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framewort that has been applied in their preparation is applicable law and United Kingdom Ac(x)unting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom GerFerally Accepled Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities". Statement of Recommended Practsce Issued on 1 April 2005 which is referred lo in the extant fegulalions but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 March 2022 and of its incoming resources and application of reSourS for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We condu¢led our audit in accordance with International Starbdards on Auditing (UK) (ISAS IUKII and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other elhic81 responsibilities in accordance with Ihese 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 Tru5tees' use of the going concem basis of accounting in the preparation of the fiTban¢ial slatements is appropriate. Based on the work we have perfomed. we have not idenlified any material uncertainties relating lo events or conditions that, individLJally or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least hvelve months from when the financial statements are aulhorise(J for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described In the relevant sectsons of this report. Page 7
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION ICONTINUEDI In our evaluation of the Iruslees conciusions, we considered the risks a550cialed with the charity's business model. Including the effects arising from macroeconomic uncertainties such as COVID-19 and analysed how those risks mighl affect the charity's financial resour$ or ability lo continue operations over the period of twelve months from the dale when the financial slalemenls are aulhorised for issue. In accordance with the above. we have nothing lo report in these respects. However, as we cannot predict 211 future events or condits.ons and as subsequent events may result in outcomes that are inconsislent with judgements that were reasonable al the tirne they were made, the absence of reference to a material uncertainty in this audilorfs report is not a guarantee that the charity will continue in operab.on Other infomiation The other information comprises the informab.on induded 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 lo read the other infomatiorn and. in doing so, consider whether the other infomation is materially inconsislenl with the financial statements or our knowledge obtained In the course of the audit. or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent malerial misstatements, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed. we conclude Ihat there is 2 material misslatement of this other information. we are required lo report that fact. We have nothing to reFW)rt in this regard. Capability of the audit to detect irregularities including fraud We gained an understanding of the legal and regulatory framework applicable lo the charity and the industry in which il operates, and considered the risk of acts by the charity which were contrary lo applicable laws and regulations. Including fraud. These included. but were not limited to, compliance with Companies Act 2006, the Charities Act 2011 and FRS102. We designed audit procedures to respond to the risk. recognising thal the risk of not detecting a material misslaternent due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, bul were not liffliled to.. agreement of the financial statement disclosures lo underlying supporting documentation., enquiries of management". review of minutes of board meetings throughout the period.. and obtaining an understanding of the control envifonment in monitoring compliance with laws and regulations. There are inherent limitalions in the audit procedures described above and the further removed noncompliance wilh laws and regulations is from the events and transactions reflected in the financial statements. the less likely we would become aware of it. We also addressed Ihe risk of management override of internal controls. including lesling iouma15 and evaluating whether there was evidence of bias by the directors Ihat represented a risk of material misstatement due to fraud. Page 8
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSQN FOUNDATION ICONTINUEDI Matters on which we are require(J to report by exception We have nothing to report in respect of the following matters where the Charities {Accounls and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Truslees, report is inconsistent in any material respect with the financial statements.. or sufficient accounting recor(Is have not been kept-, Of the financial statements are not in agreement with the accounting records and retums- or we have nol received all the infornialion and explanalions we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees dolermine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either Intend to liquidate the charity or lo cease operations, or have no realistic altemative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulabons made or having eftect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalement, whether due to fraud or error. and to issue an Auditor's report that includes our opinion. Reasonable a55uranGe is a high level of assurance. L)ui is not a guaraniee that an audit conducted in accordance wilh ISAS IUK) wll always delecl a material misstatement when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or In the aggregate. they could reasonably be expected to influenTr the economic decisions of users taken on the basis of these financial ststements. A further description of our responsibilib.es for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.or .uklaudilorsres onsibilitses. This description forms part of our Auditor's report. Page 9
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION ICONTINUEDI Use of our report This report is made solely lo the charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees Ih05e matters we are required to stale lo them in an Auditorfs 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 charity and ils trustees. as a body, for our audit work, for this report, or for the opinions we have fomied. Lip RPG Crouch Chapman LLP Chartered Accountanls 5th Floor 14 - 16 Dowgate Hill London EC4R 2SU 12 July 2022 RPG Crouch Chapman LLP are eligible to act as auditors in tems of section 1212 of the Companies Act 2006. Page 10
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Investments 416,562 416,562 444,538 Total income Expenditurè on.. Raising funds Charitable aclivitie5 416,562 416,562 444,538 86,988 1.610,349 86,988 1.610,349 78,776 406.329 Total expendlture 1.697,337 1,697.337 485,105 Net expenditure befart net gains on investments {1,280,7751 {1,280,775) 1.112,214 1,112,214 140,5671 6,411,730 Net gains on investmenls Net movement in funds Reconciliation of funds.. Total funds brought forward Nel movement in funds 1168,5611 1168.561} 6,371.163 30,525,746 30.525.746 24,154,583 (168.5611 1168,5611 6,371,163 Total fund$ carried forward 30.357.185 30.357,185 30,525,746 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 22 fom part of these firiancial statements. Page 11
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Investments 12 11,510 30.702,445 16,016 30,305.022 13 30.713.955 30,321,038 Current assets Cash al bank and in hand 1,525.332 1.302,987 1,525.332 1,302,987 Creditors.. amounts falling due wthin one year 14 1799.5021 1855.779) Net current assets 725.830 447.208 Total assèts less current liabilities 31.439.785 30.768,246 Creditors-. amounts falling due after more than one year 15 11.082.600) 1242,5001 Net asset$ excluding pension asset 30.357.185 30,525,746 Total net assets 30,357.185 30,525,746 Charity funds Restricted funds Unrestricted funds 30,357.185 30,525,746 Total funds 30.357.185 30,525,746 The financial statements were approved and authorised for issue by the Trustees on 11 July 2022 and on Iheir behalf by.. The Lady Wolfson of Marylèbone lan Bumian The notes on pages 13 to 22 fomi part of these financial statements. Page 12
THE LORD LEONARD ANO LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General information The Lord Leonard and Lady Estelle Wolfson Foundation is a registered charity, numbei 1148663, and is constituted under a Trust deed. Accounting policies 2.1 Basis of re aralion of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chanties Act 2011. The financial statements have been prepared lo give a 'lme and fairf view an(J have departe(i from the Charities IAccounls and Reportsl Regvlalions 2008 only lo the extent required lo provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in Odober 2019 rather than the Accounting and Reporting by Charities". Statement of Recommended Practice effective from 1 April 2005 which has sin been withdrawn. The Lord Leonard and Lady Estelle Woltson Foundation meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accA)unting policy. The financial statements have been prepared in GBP and all amounts have been rounded to the nearest £. 2.2 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. Income lax recoverable in relation lo inveslment income is recognised al the time the investment income is receivable. 2.3 Ex enditure Expenditure is recognised once there is a legal or conslruclive obligatson to transfer economic benefit to a third party, il 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 classifie(J by acts"vity. The costs of each activity are made up of Ihe total of direct costs and shared ¢gst5. 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 lo more than one activity and support costs which are not attribulable lo a single actsvity are apportioned beeen 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 allocaled 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 c051s of all fundraising actsvities events and non- charitable trading. Page 13
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounts'ng policies (continued) 2.3 Ex endilure continued Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer Is made except in those ¢ases where the offer Is conditional, such grants being recognised as expenditure when the condition5 attaching are fulfilled. Grants offered subject lo conditions which have nol been met at the year end are noted as a commitment, bul nol accrued as expenditure. All expenditure is indusive of IeCoVerable VAT. 2.4 Interest receivable Inleresl on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is nomally upon notificalion of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tan ible fixed assets and de recialion Tangible fixed assets cosling £5,000 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 impaimenl losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as 10 211ocale the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis-. Fixtures arid fittings 200/0 per annum straight line 2.6 Investments Fixed asset investment5 are a form of financial instrument and are initially recognised al 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 'Gainsl{Losse5} on investments. in the Statemenl of financial activities. 2.7 Cash al bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short rnaturity of three months or less from the date of acquisitson or opening of the deposit or similar account_ Page 14
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {conlinuedl 2.8 Liabilits"es and rovisions Liabilities are recognised when there is an obligalion al the Balan sheet dale as a result of a past event. il is probable that a transfer of economic benefit will be required in settlemeril. and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligab'on. 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-tsx discount rate that reflects the risks specific lo the liability. The unwinding of the d*snt is recognised in the Statement of financial activities as a finance cost. 2.9 Finanaal 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 wilh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.1 OFund accountin General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objeclives of the Charity and vthich have not been designated for other purposes. Investment income. gains and losses are allocated to the appropriate fund. 2.11Cash flow exem lion The accounts do not include a cash llow statement as the charity. as a small reporting entity, Is exempl from the requirement to Pr(KlU such a statement. Critical accountin estimates and areas of ud ment Estimates and jvdgmenls 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 eslimales and assumptions". The Charity makes eslimales and assumptions conceming the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. However, the Iruslees are of the opinion that there are no eslimales and assumption5 that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilits'es within the nexl financial yeaf. Page 15
THE LORD LEONARD AND LADY ESTELLE WOLFSOP4 FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Investment income Unrestricled ftjnds 2022 Total funds 2022 Income from local listed investments Investment income - local cash 416,444 118 416,444 118 416,562 416,562 Unrestricted funds 2021 Total funds 2021 Income from local listed investments Investment income - local cash 444,535 444.535 444.538 444.538 Investment management costs Unrestricted funds 2022 Total fL¢nds 2022 Investment management fees 86.988 86.988 Unrestricted funds 2021 Total funds 2021 Investment management fees 78,776 78,776 Page 16
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Detailed analysis of grants Unrestricted funds 2022 Total funds 2022 Medical research Great Ormond Street Hospital UCL Hospital Royal Society of Medicine Nightingale Hammerson 4 grants of less than £5,000 1,000,000 1,000,000 150,000 150,000 45,000 45,000 25,000 25,000 11.250 11,250 1.231,250 1,231,250 Vvellbein Natural History Museum Royal Academy of Art 7 grants of less than £5.000 Grants rescinded 100,000 100,000 49,650 49,650 15,311 15,311 {75,000) 175,0001 89,961 89,961 Totsl 2022 1,321.211 1,321,211 Unrestricted funds 2021 Tot81 ftjnds 2021 Medical research 2 grants of less than £5,000 4.500 4.500 4,500 4.500 Wellbein Science Museum Rays of Sunshine 6 grants of less than £5.000 120,000 30,000 17,000 120,000 30.000 17,000 167,000 167.000 Total 2021 171,500 171,500 Page 17
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 Analysis of expenditure on charitable aclivities Summa Unrestricted funds 2022 Total funds 2022 Medical fesearch Wellbeing 1.491.475 1,491.475 118.874 118,874 1,610,349 1,610,349 Unrestricted funds Total funds 2021 2021 Medical research Wellbeing 145,397 260.932 145.397 260.932 406.329 406,329 Analysis of expenditure by activities Grant fun¢Jing of activities Support costs 2022 Total funds 2022 2022 Medical research WellbeirTrg 1.231.250 89,961 260,225 1.491,475 28,913 118.874 1,321,211 289,138 1.610,349 Page 18
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities (continued) Grant functing of activities 2021 Support costs 2021 Tolal funds 2021 Medical research Wellbeing 4.500 167,000 140,897 93,932 145,397 260,932 171,500 234,829 406,329 Analysis of support costs Medical research Wellbeing 2022 2022 Total funds 2022 Staff costs Depreciation General office and administrative expenses Govemance costs 173.440 4.056 51,506 31,223 19,271 450 5.723 3.469 192.711 4.506 57,229 34.692 260,225 28,913 289,138 Medical research Wellbeing 2021 2021 Total funds 2021 Staff costs Depreciation General office and administralive expenses Govemance costs 105,532 2.703 11,591 21.071 70.355 1,802 7,727 14,048 175,887 4,505 19,318 35,119 140.897 93,932 234,829 Page 19
THE LORD LEONARD AND L4DY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Auditor's remuneration 2022 2021 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 10,800 10,800 Fees payable lo the Charity's auditor in respect of= All non-audil services not included above 18,000 18.000 10. staff costs 2022 2021 Wages and salaries Social security c051s 175,000 17,711 160.200 15.687 192.711 175,887 The average number of persons employed by the Chanty dunng the year was as follows= 2022 No. 2021 No. Administration The number of employees whose employee benefits lexduding employer pension c05tsl exceeded £60,000 was.. 2022 2021 No. In the band £120.001 £130,000 In the band £130,001 - £140,000 Apart from the trustees, key management comprises the charity's administration staff. Total key management remuneration in the year amounted to £175.00012021'. £160,200)- 11. Tnjstees, remunerats.on and expenses During the year, no Truslees received any remuneration or other benefits12021 - £NILI. Durir)g the year ended 31 March 2022, expenses tot811ing £630 were reimbursed or paid directly to 2 Trustees {2021- £3.478 to 1 Trustee). Page 20
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Tangible fixed a55etS Fixtures and fittings Cost or valuation Al 1 April 2021 22,530 Al 31 March 2022 22,530 De recialion Al 1 April 2021 Charge for the year 6,514 4,506 At 31 March 2022 11,020 Nel book value At 31 March 2022 11.510 At 31 March 2021 16.016 13. Fixed asset investmenls Listed investments Cost or valuation Al 1 April 2021 Additions Disposals Revaluations 30,305,022 8.768.834 19,494,924> 1,123.513 Al 31 March 2022 30.702.445 Net book value At 31 March 2022 30,702,445 At 31 March 2021 30,305,022 Page 21
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Creditors.. Amounts falling due within one year 2022 2021 Other taxabon and social secLtrity Accruals and deferred incorne Grants accrued institutional 6,627 51,345 741,530 5,989 52.064 797,726 799,502 855,779 15. Creditors.. Amounts falling due after more than one year 2022 2021 Accrued grants payable to instilutions 1,082,600 242.500 16. Financial instruments 2022 2021 Financial assets Financial assets measured al fair value through income and expenditure 30.702,445 30,305,022 Financial assets measured at fair value through income and expenditure comprise the charity's investrnent portfolio. 17. Funds The charity only has unreslricled. general funds. All amounts included in these accounls Iherefrore represent unrestricted, general funds. 18. Related paty transactions Legal and professional fees include an amount of £5.411 12021= £6.0001 paid to Laytons LLP, a Limited Liability Partnership of which l. Bumian is a member. £NIL 12021.. £2.4241 was outstanding at the balance sheel date. Sir lan Gilmore is also Chair of Alcohol Health Alliance which was in receipt of a grant of £180,000 in 2020 of which £60.000 12021.. £120.0001 was outstanding al the balance sheet date. Page 22