Charlty fiUM￿r: 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 finan￿al 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
soli￿tOrs
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
addl￿onal 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 maintair￿d 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 V￿11 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 re￿1ve 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 aCL￿nts 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 Ac￿unting 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 ac￿rdanCe wth these r￿UIrements. 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 opIn￿n on the financial siatements does not cover the other
information and, ex￿p1 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 underStar￿Ing 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. vA￿ther 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 asSUrar￿e 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) Ac￿UntIng 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 a￿rUed 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 r￿ed 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
A￿oUnting 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 r￿1 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 fU￿re. 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
un￿stricted 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 instituti￿S
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 un￿Stricted, 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