Charlty fiUMr: 1148663 THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 RPG CROUCH CHAPMAN LLP Chartered Accountants 5th Floor. 1ty16 Dowgate Hill London EC4R 2SU
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION CONTENTS Pago Referenc8 and administratrve detsils of the Charity, its Trustees and advisers Trustées, report Independent auditorfs report on Ihe finanal statements Statement of financial activities 7-10 11 Balance sheet 12 Notes to the financial statements 13-23
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARifi. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees The Lady Wollson of Marylebone, Chair lan Bumian The Lord Darn of Oenham OM KBE PC Sir lan Gilmore Antoinette Jackson Charity registered number 1148663 Prlncipal office Flat 3 74 Portland Place London W1B 1NR Ind6p8ndent auditor RPG Crouch Chapman LLP Chartered Accountsnts 5th Floor 14 - 16 Dowgate Hill London EC4R 2SU Bankers C. Hoare & Company 37 Fleet Street London EC4P 4DG solitOrs Layions LLP 3rd Floor. Pinners Hall 105-108 Old Broad Street London EC2N 1ER Invastment advisers Cazenove Capital Management 12 Moorgate London EC2R 6DA Canaccord Genuity Wealth Management 41 Lothbury London EC2R 7AE Page 1
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report together wilh the audited financial statemants of tha Charity for the 1 April 2022 to 31 March 2023. 'ec16ves and activities 8. Policl8s and objectives The charivs objects are to fvrther such exclusively charitable purposes calculated lo promote th8 advancement of research and education for the public benefit of preventative medicine or surgery and research related thereto wAh enhancement into wellbeing as th8 trustees se8 fit. In settlng oblectlves and plannirwJ for activities, the Truste8s have given due consideratlon to general guidance published by the Chanty Commission relating to public benefit. including the guidan¢& 'Public benefit= running a charity {PB21'. b. Strate918s for achiewng objectiV8S The objectives of the charlty through its grant making, are advancement of medical and wellbeing projects. The trustoes have complied with Seclion 4 of the 2011 Charities Act. having due regard for the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives whan setting grant m8kin9 policy and in making awards. The charity continues to pursue these objectives through investment in highly reg8rd8d projects across the range of the charity's activities. usually through the provision of th8 need of equipment and facllit81ing wellbeing as a part of preventative medicine. The charlty has always considéred the use of its funds as a cataw so that fvnding rAn lever addlonal support from olher bodies. c. Activities undertaken to achieve objeclsves The charity achieves its objedives by making grants. Details of these can be frjund in note 6 to the flnancial stslements which contains a list of projects SUPFK)rted. d. Maln activltle3 undertaken to further the Charity5 pufFX)ses for the publlc beneflt The trustees hold a diverse inveslment portfolio. managemenl of which is splrt between Cazenove Capital Management and Canaccord Genuty Wealth Management. Income and gains from these investments are used to fund the charivs grant rnaking activrties. Achievements and rfomianc8 a. Main achievements of th8 Charity The charity received investment income totalling £454,796 durlng the year. Grants of £761,493 were mada as detai18d in note 6 to the financial ststements. The charlvs grant making continues to be impacaed by CovhJ-19. Many recipients of grants awarded have had to delay the projects the chartty had agreed to fund. The accounts have been prepared on the basis that these projects will be undertaken in the current year however some of these may be deferred to later years. Two recipients were unable to undertake such projects and as a result a grants of £77,333 were resclnded. Page 2
ThE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT {CONnNiIEO) FOR THE YEAR ENDED 31 MARCH 2023 Achievaments and perfomiance (continued) b. Fundraising ath'vities and income gemrdtion The charity does not raise funds from extemal sovrces. . Investment policy and performance The charty is managed on the basis of existing in perpetuity and as a result has the objective of maintaining the portfolio's real purchasing p(ywer after inflation over time. Durlng the year the porfolio realised net losses of £1.391,060. The market value at the balanco sheet date wa8 £29,149,006. FinancSal revlew . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that thè Charity has adequate resources to continu8 in operational existsnce for the foreseeable future. For this reason, they continu8 to adopt the going concem basis in preparing the financial statements. Further detalls regardlng th8 adoption of the going con¢em basis can be found in the aco)unting pollcles. b. R8s8rves policy Total reserves dacreased by £2,082.700 to £28.274.485, all represented by unrestricted funds. It is the policy of the charity that r8sorves should be maintaird at a level that allows the Current level of grants awarded to increase in line with inflatif. To this end the trustees intend to increase the value of the charity each year, however this is not always possible due to fluctuati¢XS in investment values. c. Material investments policy The trustees do not pemiit investments in companies engaged in manufacturing tobacco products or armaments. d. Prinapal fundlng The principal source of funding is the income and gains from the tharitys investments. Financial Summary During the year the charity made a deficit of £2.082.70012022.' £168,561 J. Funds held at the balance sheet date amounted to £28,274,485 (2022: £30,357,185). Incomiro resources amounted to £454,796 {2022'. £416.5621. outgoing resources amounted to £1.146,436 (2022.. £1.697.337) and losses on inveslments amounted to £1,391,060 (2022: £1.112.214 gains). All amounts represent general funds as the charity does not hold any restricted funds. Funds under management have increas8d from £29.945.439 at the balan sheet date to £30.043.432 as at 30 June 2023. Page 3
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 klARCH 2023 Structure vamance and mana ement a. Constitution The charity was established by the V11 of the late Lord Woltson vtho died on 20 May 2010. Th8 governing instrument was constituted by his will whbch was proved on 8 September 2011 as amended by a Trustees. Resolution of 20 Augusl 2012. The Lord Leonard and Lady Estelle Wolfson Foundation ts a registered charity, number 1148663, and is conslitut8d under a Trust deed. The principal object of the chanty is to provKle grants in futh8ranc8 of préventative medicine and the énhancement of wellbeing. b. Methods of appointsnenl or election of Trustees The management of the Charity is the responsibilty of the Trustèes are elected and COvOPt8d under the terms of the Trusl deed. c. Organisational structure and decisiorFmaking policies The Trustees usually make awards twice each year and awards are made during the year with all Trustee8 being involved. As well as assessing the merits of the applicants. proposals 8nd the congru6nc8 with the charitys aims and pn(yities. appraisal cril6ri8 includo.'- The antieipated outcome of the projed induding public benéfit Financi81 viability Value for money Adequats provision for ongoing costs and maintenance. The Trustees have generalty not been ab to meet in person during the year under review. This has impacled upon the awarding of gTants. d. Pollcle$ adopted for the induction and training of TNstees The Inductlon process for new trustees covers govemanc£, investment and granl maklng pollciès. e. Pay pollcy for key management personnel The trustees of the charity are considered to be key management personnel and are not remunerated for their roles in Ihis capacity. Other employed key management personnel re1ve a fixed salary, which is benthmarked aganst similar organisats'ons in and around London. Key management remuneration is fixed by the Trustees. The Trustee board take the final decSslon on salary increasés for all staff. Paga 4
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT {CONnNVED) FOR THE YEAR ENDED 31 MARCH 2023 Structurè, governance and management (continued) f. Financial risk management The Trus188s have assessed the major risks to vthich the Charity is exposed. in particular those related to the operations and finances of the Charity. and are satisfied that systems and procedures are in place to mitlgate exposure lo the major rlsks. The charity has no oporat)nal risks. Ils risks ar8 related to investment strategy and it guards against these rlsks by delegating decisions to its investment managers. The Trustees are confident that they have a reasonable dlv8rslficatlon of Inv8Stm8nts as a result providing some protectlon against risk. Plans for future periods The Trustees intend to launch a number of now grant making initiatives during the current year. ststement of Trustees, responsibilittes The Trustees ar8 responsible for prepariro the TfUStees' report and finandal statem8nts in accordance with applicable law and United Kingdom Accounting Stsndards (Unlted Klngdom Generally Accepted Accounting Practsce). The law applicabl8 to charsb'es in England & Wales requires the Trustees to prepare financial statemenls for each financial vthich give a true and fair view of Ihe state of affairs of the Charity and of its incomlng resourc8s and applicabon of resources. including its income and expenditure, for that period. In preparing these finanual ststements, the Trustees are required to: select suitable accounting pdbcies and then apply them consistendy,. observe the methods and principles of the Charities SORP (FRS 1021: make judgments and accounting estimates that are reasonable and prudent", state whether applicable UK Accounling Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial ststements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustses are responsible for keeping adequate accounb'ng records that are sufficient to show and explain the Charity's transactions and disclose ¥th reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial slatements comply with the Chanties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and lh8 pfovisK)ns of the Trusl deed. They are also responsible for safeguarding the aw3ets of the Charity and hence for tsklng raasonablo steps for the prevention and detection of fraud and other irregularities. Disdosure of infomiation to auditor Each of the persons are Trustees at the time when this Trustees. report is approved has confimied that: so far as that Trustee is aware. there is no relevant audit information of vthich the charitys auditor is unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charitys auditor is aware of that infomation. Page 5
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Auditor The auditor, RPG Crouch Chapman LLP. have indicated their viillingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meets'ng of the Truste8S. Approved by order of th8 m8mbers of the board of Trustees and signed on their b8half by: lan Bunnan Trust88 Date.. ZS Page 6
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION Opinion We hav8 audited the financial ststements of The Lord Leonard and Lady Estell8 Wolfson Foundation (Ihe 'charity') for the year ended 31 March 2023 bthich comprise the Statement of financial aclivities, the Balance sheet, the Statement of ¢ash flows and the related notes, including a summary of significant aocounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Ac(xiunts'ng Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted AcGswnb'ng Prathcel. The financial slatement5 have been prepared in accordance with Accounting and Reportlng by Charities preparing their aCLnts in accordance wilh the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulats'ons 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 Acunting Prathce effectiv8 for reporbng per$ beginning on or after 1 January 2015. In our opinion the financlal ststements.. give a true and falr eW of the stale of the charitls affairs as at 31 Marth 2023 and of Its incoming resources and application of resources for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accountlng Practlce., and have been prepared in accordance with the requirements of thè Charitles Act 2011. Basls for opinion We condud8d our audit in accordance with Intemational Stsnd8rds on Auditlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described In the Audilar's responsibilities for the audit of Ihe financial statements section of our report. We are independent of the chanty in accordance wrth the ethical requirements thal are relevant lo our au¢lt of the financlal statements in the Unrted Kingdom, induding the Financial ReFQrting Council's Ethical Standard, and we have fulfilled our other ethical responsibiliti'es in acrdanCe wth these rUIrements. We believe that the audil evidence V have obtained is sufficient and appropnate to provlde a basis for our opinion. Conclusions relating lo going concem In auditing the finanual statements. we have concluded that the Tnjstees, use of the going concem basis of accounting in the preparats'on of the financial statements is appropriate. Based on the work we have perfomed. we have not identtfied any material uncertainties relating to events or conditSons thal. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least Iwefve months from when the financial 5tatemenls are authorised for issue. Our responsibilities and the responslbililies of the Trustees with respect to going concern are described in th8 relevant sedions of Ihis reFKJrt. Page 7
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDAnoN INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD M4D LADY ESTELLE WOLFSON FOUNDATION (CONTINUED) In our evaluation of the Trustees. conclusions. consKlered the risks associated with the charlty's business model, including the effects arising from macrooconomic uncertainties such as COVID-19 and analysed those risks might affect the tharitys financkgl resources or ability to continue operations over the period of Iwelve months from the date when the financlal statemenls are authorised for issue. In accordance with the ab)ve. we have nothing to report in these respects. However, as we cannot predict all future evènts or conditions and as subsequent events may result In outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditorfs report is not a guarantee that the charity will continue in operation. Other information The oth8r infomiation comprises the infomiab'on Included in the Annual report other than tho finan¢iaS ststements and our Auditorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opInn on the financial siatements does not cover the other information and, exp1 to the extent otheNis8 explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infomation is malerially inc4)nsistent wrth the financial siatomenls or our knowledge obtained in the course of the audit. or olhenfvise appears to be materially misstsled. If we identify such material inconsistencies or apparent maierial misstatements, we aré required to detemine whether this gives nse to a material misstatemènt in the financial slatements thèmselves. If, based on the work we have perfomed, we conclude that there is a material missl8lement of this other Information, we are required to report that fact. W8 have nolhlng to report In thls regard. Capablllty of th• audlt to detect Irrngularltlo8 Including fraud We gained an und8rstsnding of the legal and regulatory framework applicable to the charity and the industry in which it operales, and considered the risk of acts by the charity which were contrary to applicable laws and regulations. including fraud. These include(I, but were not limited to, compllance with the Charities Act 2011 and FRS102. We designad audit proc8dures to respond to thè risk, reco9nising that the risk of nol delecting a material misslatement due to fraud is higher than the risk of not deteding ono resulting from error, as fraud may involve deliberate concealment. We focused on laws and regulations that could give rise to a materbal rnisstatement In the financlal slatements. Our tests included, but were not limited to: ' agreement of the financial statement disck)sures to underlying supporting docum8ntation; • enquiries of management., ' review of minutes of board meetings throughout the period; and obtaining an underStarIng of the control environment in monitoring compliance vrith 18WS and regulations. There are inherent limrtations in tho audit procedures described above and the furlher removed nonccthpliance with 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 the risk of management override of internal controls, induding lesting journals and evaluatsng whether there was evidence of bias by the Trustees that presented a risk of material misstatement due to fraud.
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOVNOATION ICONllNUED) Matters on which we are required to report by excepb'on We have nothirvJ lo tK)rt in Spect of the follo*ing matters where the Charlties (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the infomiation given in the Trustees. report is ino)nsistent in any material r88pect with the financial statements., or sufficient accounting records have not been kepL or the flnancial statements are not in agreement with the accountlng records and retums: or we have not received all the infomialion and explanations we require for our audit. Responslbilitles of Irustees As explained moré fully in the Truslees, responsibilities statement. th8 Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees detamiine is necessary to enable the preparatson of financial statements that are free from material misstatement. vAther due to fraud or em)r. In preparfng the financlal statements. the Tru518es are resp)nsible for assessing the Charity's ability to contlnue as a going concern. disdosing, as applicable, matters related to going concem and using the golng concem basls of accounts'ng unless the Trustees eithér intend to liquidate the charlty or to cease operations, or have no r88lists"c altemative but to (S) so. Auditor's re8pon&bilities for the audit of the finaniial slalements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations rnadé or having effect théreundar. Our oblectlv88 are to obtain reasonable assurance about whether the ffinan¢ial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditor's r8POrt that includes our opinion. Reasonable asSUrare is a high level of assurance, but is not a guarantee that an audit c¢Jnducted in accordance with ISAS (UK) will ahvays detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material rf, individually or in ihe aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial stalements is localed on the Financial R8POrting C(xJncil's website at: bW•VW.frc.o .uklaudtiorsres onsibilitses. This description forms part of our Auditorfs 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 FOUNDAnON (CONTINUED) Use of our report This report is made solely to the charivs trustees. as a body. in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitvs trustees those matters we are required to state to them in an Auditols r8POrt and for no other purpose. To the fullest extent pernitted by law. we do not accept or assume responsibility to anyone other than the chanty arKI rts trustees. as a b(, for our audll work. for thls report. or for the opinions we have fonned. Pcb i* lic RPG Crouch Chapman LLP Chartered Accountants 5th Flt)or 14 - 16 Dowgaté Hill London EC4R 2SU Date: RPG Crouch Chapman LLP are eligible lo act as auditors in tems of sectK)n 1212 of the Companles Act 2006. Page 10
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 MARCH 2023 Unrestri¢ted Total funds funds 2023 2023 Total funds 2022 Note Incom• from: Investrnents 454,796 454,796 416,562 Total Incom• 454,796 454.796 416,562 Expandlture on: Raising funds Charitab18 actlvities 87,887 1.058.549 87.887 1,058,549 86,988 1,610,349 Total •xp•ndltur• 1.146,436 1.146.436 1,697,337 Not exwndttur• b•for• n•1 I10g¥esVg•lni on Investments Net Ilossesygains on investments (691,640) {691.6401 (1,280,775) (1,391,060) (1,391,060) 1,112,214 N•t fflov•m•nt In fvnds (2.082.700) (2,082,700) (168,561) R•conclllatlon olfvnd#: Total funds brought fopward Nèt movement in funds 30,357,185 30,357,185 30,525,746 12.082,700) (2,082.700) 1168,5611 Total cafrlgd 1orward 28.274,485 28,274.485 30,357,185 The Ststoment of finaneial activth'es includes all gains arKI1088es recognised In the year. The notes on pages 13 to 23 fomi part of these financial statements. Page 11
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Flxod assets Tangible assets Inveslments 12 11,510 30.702,445 13 29,149,0( 29.156.010 30.713,955 Currnnt amets Cash at bank and in hand 839,157 1.525,332 839,157 1.525.332 Creditors.. amounts falling du8 wtlhin one year 14 (786.998) (799,502) N•t current •ssrt# 52.159 725,830 Totsl a¥88t8 1898 curront Ilabllltl 29.208.169 31,439,785 Creditors: amounts falling due after more than one year 15 (933.684) (1,082,600) 30,357,185 Not •••ot• •xcludlng p•n•lon ••••t 28,274.485 Total nol a•••ts 28,274,485 30,357,185 Charlty fund$ Restricted funds Unrestricted funds 28.274,485 30,357,185 Totsl fund# 28,274,485 30.357,185 The financbal Jtatemenl¥ were approved and author18ed for188ug by tha Tru8t•o9 and signad on tholr behair y Wolfson of Maryla l•n Burman Trustee Trustee Date". 2£, The notes on pages 1 0 23 fom part of these financial statements. Page 12
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General infonnation The Lord Leonard and Lady Estelle Woifson Foundation is a registered chanty. number 1148663. and is constituted under a Trust d8ed. Accounting polldes aralion of financial statements 2.1 B sis of The financaal statements have been prepared in accordance wrth the Charities SORP (FRS 102) AcUntIng and Reporting by Charlties.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financkal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}, the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) and the Chanties Act 2011. The financial statements have been prepared to give a 'true and faie view and have departèd from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to wovlde a 'true and fairf view. This depar1U has involved following the Charlties SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effeclive from 1 April 2005 which has since be8n withdrawn. The Lord Leonard and Lady Estelle Wolfson Foundation meets the definition of a publlc benefit entity under FRS 102. Assets and liabilities are initially recognisèd at historical cost or transaction value unless othèrwise stated in the relevant accountiro pollcy. The financial stsiem8nts have been prepared in GBP arKI all amounts have been rounded to the nearest £. 2.2 Income l incom8 Is recognised once th8 Chanty has entitlement to th8 In(x)me, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tsx recoverable in relation to investment income is recognised al the tlme the Investrnent Income is receivable. 2.3 Ex Expanditure is rècognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable thal a transfer of economic benefits will be required in settlement and Ihe amount of th8 obligation can be measured reliably. Expenditure is classified by adivity. The costs of each activity aro made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs allributable 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 activty are apporboned between those ath"vities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges all¢xaied on the portion of the assefs use. Page 13
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 Accounting p)licies (continued) 2.3 Ex nditure contin Expenditure on raising funds indudes all expenditure incurred by the Charity to raise funds for its charitable purposes and indudes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further Ihe Charitys objectives, as well as any associated support costs. Grants payable are charged In the year vthen the offer is made except In th¢)$8 cases wher8 Ihe offer is conditional, such grants being recognised as expenditure when the condltions attaching are fulfilled. Grants offered subject to conditbons which have not been met at the year end are noted as a commitment, but not arUed as expenditure. All expenditure is inclusNe of Irrecoverable VAT. L4 Intere Int8r88t on funds hekl on deposit is induded when receivabl8 and thg amount can b8 measured reliably by the Charity,. this is normally upon notlficatlon of the Intérast pald or payable by the Insulutlon with whom the funds are deposited. eivable Tangible fixed assets cosling £5.CK)O or more a capitalised antl recognised when future economlc beneflt8 are probable and the cost or valu8 of the asset can be measured reliably. Tangible fixed assets are inttialty recognlsed at cost. After recognition. under the cost model, tangible red assets are measured at cost less accumulated depreciation and any accumulated Impairment losses. AJI costs incurred to bring a tangible fixed asset Into its intended working condition should be included in the measurement of Cost. Depredglion is charged so as lo allocate the cost of tangible fixed a888ts léss Iheir residu81 value over their 8stsmated useful lives, . Depr8c4ation is provided on the following basis: Fixtures and fittings - 20% per annum strabght line 2.6 Investments Fixed asset investsments are a fomi of financial instrument and a initially recognised at their transaction cost and subsequenliy measured at fair value at the Balance sheet date, unless the value cannot be measured reliabty in whth case il is measured at cost less impaimient. Investment gains and losses. whether realised or unr8alisèd. are combined and presented as 'Gainsl(Losses) on investments. in the Statem8nt of financial acttvities. Page 14
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 AoUnting policies (n'nUedI 2.7 Ca h at bank and in hand Cash at bank and in hand includes cash atKI short-lerm hlghly IiquKI investments wilh a short maturity of three months or less from the date of acquisition or opening of the deposit or Similar account. 2.8 Liabilities and rovisions Liabilities are recognised when there is an oblKJation 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 amunt of the settlement can bé estimated r8liably. Liabilities are recognised at the amount that the Charity anticipates it will pay to setue the debt or the amount il has received as advanced payments for the goods or sérvlces it must provide. Provisions are measured at the best estimale 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 r8cogni58d in the ststement of finano818ctivities as a ffinanco cost. inancial Inst men The Charlty cnty has flnandal assets and financlal liabilitlès of a kind that qualify as baslc financial instruments. Basic flnancial instruments are initially recognised at transaction value and subsequenlly rneasured at their settlement value with the exception of bank loans which are subsequently measured at arTh)rtised cost using the 6ff&ctive interest method. General funds are unrestn'cted funds which are available for use at the dlscretlOD of the Tru$teo8 in furtherance of tho gonèral objècti¥ of the Chaiity 8nd v4hleh have r1 been deslgnated for other purposes. Investment incom8, gains and losses are allocated to the appropriate fijnd. 2.11Cash flow exem tion The accounts do not indude a cash flow statement as the charlty. as a small reporting èntity, is exempt from the requirement to prc*duce such a ststement. 15
ThE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 Critical accounting estimates and areas of judgrnent Estimates and judgments are continually evaluated and are based on historical experience and other factors. induding expedats'ons of future events that are b81i8ved to be reasonable under the circumstan. CriUcal accounting eslimates and asSumpti(s. The Charity makes estimates and assumptions concemlng the fUre. The resulting acwunilng estimates and assurnptions wll, by definib'on. seldom equal the related actual results. Howev8r, the trustees are of the opinion that thère are no estimates and assumptions that have a slgnificant risk of causing a material adjustment to the carying amounts of assets and Ilabilitl8S thln the next flnancial year. Critical areas of judgment: The trustees appty thelr re880n8ble judgment when making decisions regarding the approval and rescinding of grants. Suth decisions are made on a case-by-case basis after careful conslderation of the applicants. arKI grantee's circumstanc8S. Investment Income Unrestrlctad Total funds funds 2023 2023 Income from local listed inveslments Investment income - local cash 443,345 11.451 443,345 11,451 454,796 454.796 Unrestricted Total funds fvnds 2022 2022 Income from local Ilsted investments Investment income- local cash 416.444 118 416,444 118 416,562 416,562 Page 16
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment management (x)sts Unrestricted Total funds funds 2023 2023 Investment management fees 87,887 87,887 Unrestricted Total funds funds 2022 2022 Investment managemènt fa8s 86.988 86,988 Datailed analysis of grants Unrestricied Totsl funds fvnds 2023 2023 édical research Cancer Research Alcohol Health Ajliance Jewish Car Norwood Great Omiond Street Hospital 3 grants of less than £S,OC Grants resclnded 432,000 432,000 200,000 200,000 17,000 17,000 11,000 11,o¢XI 10,000 10.000 5.800 5,800 {33,333} (33.333) 642,467 642.467 in rants to insti The Wallace Collection Oxford Philhamionic Orchestrd Anne Frank Trust Belt Halochem 10 grants of less than £5,1)00 Grants rescinded 66.900 20.000 5.975 5,000 15,608 {44,000) 69,483 49,543 Wellb8ing-" grants to individuals 761,493 761.493 Page17
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 unstricted Totsl funds funds 2022 2022 Medic Greal Ormond Street Hospital UCL Hosprtal Royal Society of M8dicin8 Nightingale Hammerson 4 grants of less than £5.000 1,000,000 1,OC(I,000 150,000 150,000 45,000 45.000 25.000 25,000 11,250 11,250 1,231,250 1.231,250 Natural History Museum Royal Academy of Art 7 grants of less than £5,000 Grants r8scind8d 100.000 49,650 15,311 (75,000) 89,961 1,321,211 1,321,211 Analysis of expenditure on charitable activities Summa Unrestricted funds 2023 Total 2023 Medlcal research Wellbeing 909,819 148.730 909,819 148.730 1.058,549 1,058,549 UnrestriL#ed funds Total 2022 2022 Medical research Wellbeing 1,491,475 1.491.475 118,874 118,874 1,610,349 1,610,349 P*J8 18
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of expenditure by acknvities Grant funding of Support activrties costs 2023 Total funds 2023 2023 M8dical r8S88rch W8llb8irKJ 642.467 119,026 267.352 29.704 909.819 148.730 761.493 297,056 1,058,549 Grant funding acts'vities 2022 ofsupport cosls Total funds 2022 2022 M&dlcal résearch W811being 1,231,250 89,961 260,225 1,491,475 28.913 118.874 1.321,211 289,138 1,610,349 Analysls of support costs Medical research Total Wellbeing funds 2023 2023 2023 Staff costs Depreciation General office and administrative expenses Govemance costs 179.756 4.056 50.485 33,055 19,972 450 5,609 3,673 199.728 4,506 56,094 36,728 267.352 29.704 297.056 Page 19
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure by activiti85 {continued> Anatysis of support costs {continued) Medical Totsl research Wellbéing funds 2022 2022 Staff costs Depreciation General office and administrativ8 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 Auditors r8muneratbon 2023 2022 Fee5 payable to tho Charivs auditt)r for the audit of the Chaiivs annual accounts 11,340 10,800 Fees payable lo the Charitys auditor in respect of.. All non-audit Services not induded above 18,900 18,000 10. Staff costs 2023 2022 Wages and salaries Social security costs 181.074 18,654 175,Crf)O 17,711 199,728 192,711 The average number of persons employed by the Chanty during the year was as follows.. 2023 2022 No. Administration Page 20
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2023 10. Staff costs (continued) Tha number of employees vthose emF4oyee benefits {exduding empk)yer pension coslsl exceeded £60.000 was: 2023 2022 In the band £130.001- £140.000 In tho band £140,001- £150,000 Apart from th8 trustees, key management comprises the charitys administration staff. Totsl key management r8munoration in the y&3r amounted to £181,074 (2022.. £175,000). 11. Trustees, remuneration and exp8ns8S DurirKJ the year, no Trustees received any rémuneratlon or other b8n8ffts {2022 - £NIL). DurirvJ the year ended 31 March 2023. expensès totalling £1.572 relmbursed or paid diredly to 2 TTUSte8s (2022 - £630 to 2 Trustees). 12. Tangible fixed assets Flxtures and fittlngs st r valuation At 1 April 2022 22,530 At 31 March 2023 22,530 At 1 Aprll 2022 Charge for the year 11,020 4,506 At 31 March 2023 15,526 At 31 Marth 2023 7,004 At 31 March 2022 11.510 Page 21
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. FrAed asset investments Listéd investments c t or valuation At 1 April 2022 Addilions Dlsposals Revaluatior 30,702,445 10.564.259 .11,109,351) (1.008,347) At 31 March 2023 29,149,006 N8t At 31 March 2023 29,149,006 At 31 March 2022 30.702,445 14. Creditors: Amounts falling due wilhin one year 2023 2022 Other taxation and soclal securlty Accruals and defefred income Grants accrued - indlvidual Grants accrued - institutional 6,916 60,723 7.343 712.016 6,627 51,345 741.530 786,998 799,502 1 S. Creditors: Amounts falling due afler more than one year 2023 2022 Accrued grants payable to institutiS 933.684 1,082,800 22
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2023 16. Financial instruments 2023 2022 Financial a Financial assets measured at fair value through income and expenditure 29,149,006 30.702,445 Flnandal assets measured at fair value through Income and expenditur8 comprise the charity's Investment portfollo. 17. Funds The charity only has unStricted, general funds. All amounts included in these accounts therefrore represent unrestricted. general funds. 18. Rèlated party transactions Legal and professional fees indude an amount of £5,979 (2022.. £5.4111 paid to Laytons LLP, a Limited Liability Partnership of which l. Buman is a member. £4,119 {2022: £NIL) was oulstanding at the balance sheet date. Slr lan Gilmore Is also Chalr of Alcohol Health Alliance whlth was in receipt of a grant of £200.000 in (2022.. £NILI of which £200,000 (2022.. £NIL) was outstsnding at the balance sheet date. In 2022 £60,000 was outstanding in respect of a grant voted in 2020. This was paid durlng the year under review. PaJ& 23