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 SoU￿es.
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 prO￿5S 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 ￿5￿tt 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 reSour￿S 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 be￿een 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 I￿eCoVerable 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*s￿￿nt 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