Charity numbor: 1148663 THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RPG CROUCH CHAPWN LLP Chartered Accountants 40 GracecJ)urch Street London EC3V OBT
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION CONTENTS Page Reference and administrab've details of the Charily, its Trustees and advisers Trustees, report Indeper)denl auditors. report on the financial statements ststement of financial activities 7-10 Balance sheet Statement of cash fl¢)ws 13 Notes to the financial statements 14-27
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, s TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees The Lady Woltson of Marylebone, Chair lan Bumian The Lord Darzi of Denham OM KBE PC (resigned 26 March 2024) Sir lan Gilmore Anloinette Jackson Charity registered number 1148663 Principal office Flat 3 74 Portland Place London W1B 1NR Independent auditors RPG Crouch Chapman LLP Chartered Accountant & Regislered Auditors 40 Gracechurch Street London EC3V OBT 8ankers C. Hoare & Company 37 Fleet Street London EC4P 4DG Solicitr)rs Laytons LLP 3rd Floor, Pinners Hall 10&108 Old Broad Street London EC2N 1ER Inveslment 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 2024 The Trustees present their annual report together with the audited financial statements of the Charity for th8 1 April 2023 to 31 March 2024. Ob'ectives and aclivities a. Policies and objectives The charitys 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 research related thereto with enhancement into wellbeing as the trustees see fil. In setting objectives and planning for activities, the Trustees have given du8 consideration to general guidance published by the Charity Commission relating to public benefit, including Ihe guidance 'Public benefit.. running a charity {PB21'. b. Strategies for achieving objectives The objectives of the chartty through its grant making, are the advancement of medical and wellb8ing projects. The trustees have complied with Section 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 when setting grant making policy and in making awards. The charity continues to pursue these objectives through investment in highly regarded projects across the range of the charity's activities, usually through the provision of the need of equipment and facililating w811being as a part of preventative medicine. The charity has always considered the use of its funds as a catalyst so that funding can lever additional support from other bodies. c. Activities undertaken to achieve objectives The charity achieves its objectives by making grants. Details of these can be found in note 8 to the financtal statements which contains a list of wojects supported. d. Main activities undertaken to further the Charlty's purp)ses for the public benofrt The trustees hold 8 diverse investmenl portfolio. management of which is split between Cazenove Capital Management and Canaccord Genuity Wealth Management. Income and gains from Ihese investments are used to fund the charivs grant making aclivilies. Achievements and erfomiance Main achievements ofthe Charity Tho charity received investment income totalling £622,211 during the year. Grants of £556.269 were rnade as detailed in note 8 to the financial slalements. b. Fundraising activities and income generation The charity does not raise funds from extemal sources. Page 2
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICOMTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforrnance {conlinuedl Investrnent policy and performanc8 The charity is managed on the basis of existing in perpetuity and a5 a result has the objecb've of maintaining the portfolio's real purchasing power after inflatson over time. During the year the porfolio realised net gains of £2,835,218. The market value at the balance sheet date was £31,600,046. Financial revlew a. Going concern After making appropriate enqulries, the Trustees have a reasonable expectation that the Charity has adequal8 r8sourc8S to continu8 in operational 8xist8nc8 for the foreseeable future. For this reason, they continue to adopt the going cor)cern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves pollcy Tolal reserves increased by £2,462,865 to £30,737,350, all represented by unrestricted funds. It is the policy of the charity that reserves should be maintained at a level that allows the current level of grants awarded to increase in line with inflation. To this end the trustees intend to increase the value of the charity each year, however this is not aayS possible due lo fluctuations in investment values. ¢. Material investments policy The trustees do not pemiit investments in companies engaged in manufacturing tobacco products or armaments. d. Principal funding The principal source of funding is the income and gains from the charity's investments. Financial summary During the year the charity made a surplus of £2.462.865 12023.. £2.082,700 deficit). Funds held at the balance sheet dale amounted to £30,737,350 (2023.. £28,274,485). Incoming resources amounted to £622.211 {2023'. £454.796). outgoing resourGes amounted to £994.564 {2D23: £1.146.4361 and gains on investments amounted to £2.835.218 12023: £1,391,060 losses). All amounts represent general funds as Ihe charity does not hold any restricted funds. Funds under management have decreased from £32,062,659 at the balancé she8t date to £32,053,737 as at 30 June 2024. Paga 3
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure ovemance and mana ement a. Constitution The charity was eslablished by the will of the late Lord Woltson who died on 20 May 2010. The goveming 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 Woltson Foundation is a registered charity, number 1148663, and is constituted under a Trust éeed. The prindpal object of the charity is lo provide granls in furtherance of preventative medicine and the enhancement ofwellbeing. b. Methods of appolntrnent or election of Trustees The management of the Charfiy Is the responslbllity of the Trustees who are elected and COryOPted under the terms of the Trust deed. c. Organisational structure and decision-making policies The Trustees usually make awards twice each year and awards are made during the year with all Truslees being involved. As well as assessing the merils of the applicants, proposals and the congruence with the charSty'S aims and prsorities, appraisal criteria include'.- The anticipated outcome of the project including public benefit Financial viability Value for money Adequate provision for ongoing costs and maintenance. Th8 Trustees have generally not b8en ab18 to meet in person during the year under review. This has impacted upon the awarding of grants. d. Policies adopted for the induction and training of Trustees The induction process for new trustees covers governance, investrnent and grant maklng policies. e. Pay policy for key management personnel The trustees of the charity are considered to be key management personnel and are nol remunerated for their roles in this capacity. Other employed key management personnel receive a fixed salary. which is benchmarked aganst similar organisations in and around London. Key management remuneration is fixed by the Trustees. The TNstee board take the final decision on salary increases for all staff. Pag8 4
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUMDATION TRUSTEES. REPORT ICOMTINUEDI FOR ThE YEAR ENDED 31 MARCH 2024 Structure, governance and management {continued} f. Financial risk management The Trustees have assessed the major risks to which 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 mitigate exposure to the major risks. The charity has no operatK)nal risks. Its risks are related to investment slralegy and it guards against these rlsks by delegating decSsions to tts investsment managers. The Trustees are confident that they have a r8asonable div8r5ification of investment5 as a resum providing some protection against risk. Plans for future periclls The Trustees intend lo launch a number of new grant making initiatives during the current year. Statement of Trustees, responsibiltiies The Trustees are responsible for preparing the Trustees. report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of Ihe state of affairs of the Charity and of its incoming resources and application of resourc8s, including its income and expenditure. for that period. In preparing Ih8se fir)ancial statements. the Truste8s are required to.. select suitable accounting policies and then apply them Lx)nsislently- observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting eslimales that are reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any lirne the financial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011. the Charity (Accounts and Reports) 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 audltors Each of the persons who are Trustees al the time when this Trustees, report is approved has confimied that: so far as that Trustee is aware, there is no relevant audlt Infomiation of which th8 charivs auditors are unaware, and thal Trustee has tsken all Ihe st8ps thal ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitVs auditors are aware of that infomiation. Page 5
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Auditors The auditors, RPG Crouch Chaprnan LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: ian Bunnan Trustee Date.. 22 July 2024 Pag8 6
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION IMDEPENDENT AUDITORS. 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 Ith8 'charity'l for the year ended 31 March 2024 which comprise the Statement of linancial aclivilies, the Balan sheet. th8 Statement of cash flows and the related notes. Including a summary of significant accounting policies. The financial reporting framework that has been applied in th&ir preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Stalldard 102 'The FinanGial Reporting Standard applicable in the UK and Rapubllc of Ireland, (United Kingdom Generally Accepte¢J Accounling Practice}. The financial slalements 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 {FRS 1021 in preference to the Acc£sunting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is r8ferred to in the extant regulations 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 stsle of the charity's affairs as al 31 March 2024 and of its incoming resources and application of resources for the year then ended. have been properly pr8pared in accordanc8 Wlth United Kingdom Gen8rally Accepled Accounting Practice,. and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducled our audit in accordance with Internallonal Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, 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 to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Condusions relating to going conGem In auditing the financial statements, we have concluded that the Trustees, use of Ihe going concem basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have perfomied. w8 have not identified any material uncertaintles relating to events or conditions that, individually or collectively, may cast significant doubt on th8 charity's ability to continue as a going concern for a peiiod of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of th8 TNstees with respect to going concern are described in the relevant sections of this report. Page 7
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION ICONTINVED) In our evaluation of the Trustees. conclusions, we considered the risks associated with the charity's business model, including the effects arising from macro-economic uncertainties such as COVID-19 and analysed how those risks might affect the charity's financial resources or ability to continue operations over the period of twelve months from the date when the financial stalements are aulhorised for issue. In accordance with Ihe above, we have nothing to report in these respects. However, as we cannot predict all future event5 or conditions and as subsequent events may result in outcomes that are inconsi51ent with judgements that were reasonable at the time they were made. the absence of reference to a material uncertainly in this auditorfs report is not a guarantee that the charity will continue in operation. Other information The other informallon comprlses Ihe Snformauon Included in the Annual report other than the financial stslements and our Auditors, report thereon. The Tru51ees are responsible for the other infomation conlained within the AnnLJal report. Our opinion on the financial statements does not cover the other information and, expt to the extent othernise explicrtly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other Inforation and. in doing so, consider whether the other infomiation is materially inconsistent with the financial slalements or our knOedge obtained in the course of the audit. or otherwise appears to be materialty misstated. If we idenlify such material inconsistencies or apparent material misstalements. we are required to delermine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are r8quired to report that fact. We have nothing to report in this regard. Capablllty of the audit lo dètect irrogularities including fraud We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operatgs, and considergd the risk of acts by the charity which were contrary to applicable laws and regulations. including fraud. These included, but were not limited to. compliance with the Charities Act 2011 and FRS102. We designed audil procedures to respond to the rtsk. recognising th81 the risk of not detecting a material misstatement 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, but were not limited to.. agreement of the financial statement disclosures to underlying supporting documentation., • enquiries of management.. view of minutes of board rneetings throughout the period,. and obtaining an understanding of the control environment in monitoring compliance wtth laws and regulalions. There are inherent limitations in the audit pmcedures described above and the further removed noncompliance with laws and regulations is from the events 2nd transactions reflected in the financial ststements, the less likely we would become aware of it. We also addressed the risk of management override of inlemal controls. including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. Pagè 8
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AVDITORS. REPORT TO THE MEPIBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION (CONTINUED} Matters on which we are required lo report by exptiOn We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you rf, in our opinion.. the information given in the Trusteès, report is inconsislent in any material respect with th8 financial statements. or sufficient accounting records have not been kept., or the financial slatements are not in agreernenl with the accounting records and retums,. or we have not received all the information 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 determine is necessary to enable the preparation of financial statements that are free from material misslatement, whether due to fraud or error. In preparing the financial sL9tements, the Trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable, matters relaled to going cOnM and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic aftemative but to do so. Auditors, 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 r818vant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit ¢onducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatements. A furlher description of our responsibilitie5 for the audit of the financial statements is locatfjd on the Financial Reporting Council's websrte at: www_frc.or .uklauditorsres onsibilities. This description forms part of our.Auditors' report. Pag8 9
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION (CONTINUED) Use ofour 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 state lo the charitys trustees those matters we are required to state lo them in an Auditors. 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 its trustees. as a body, for our audit work, for this report, or for the opinions we have fomed. RQL LL (*- Qi RPG Crouch Chapman LLP Chartered Accountant & Registered Auditors 40 GraChUrCh Street London EC3V OBT 22 July 2024 RPG Crouch Chapman LLP are eligible to act as auditors in terms of section 1212 of the Companies Acl 2006. Pag& 10
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unr8strict8d Total funds lunds 2024 2024 Total funds 2023 Note Income fiom: Inveslments 622.211 622.211 454,796 Total income 622,211 622.211 454,796 Expènditure on: Raising fvnds Charitable activiliés 90,154 904,410 90,154 904.410 87.887 1,058,549 Total exp8nditure 994,564 994,564 1,146.436 Net gxpgndlturg beforo ngt galnsl(10ssos) on invastments 1372,3531 2,835,218 (372,353) {691,640) 2.835.218 (1,391.060) Net gainslllosses) on investments Net movement in funds 2,462,865 2,462,865 12,082.700> Re¢onciliation of funds". Total funds brought forward Net movement in )lJnds 28,274,485 28.274,485 30.357,185 2,462,865 2,462,865 12,082,700) Total funds cairigd fonvard 30.737.350 30,737,350 28.274,485 The Statement of financial activities indudes all gains and losses recognised in th8 year. The notes on pages 14 to 27 fomi part of these financial ststements. Pag811
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Inveslmenls 12 3.502 31,600,046 7,004 29.149.006 13 31,603,548 29,156,010 Current assgts Cash at bank and in hand 731,547 839,157 731.547 839.157 Creditors: amounts falling due within one year 14 {1,110.744) 1786.998) Net current Ilabllltles l ass•ts 1379.197) 52.159 Tolal a$sets1o$$ ourrgnt Ilabllllles 31,224,351 29.208.169 Creditors.. amounts falling due after more than one year 15 (487,001) {933,6841 Met assets ex¢ludlng penslon asset 30,737,350 28,274,485 Total nel a$$et8 30.737.350 28,274,485 Charlty funds Restricted funds Unrestricted funds 30.737,350 28.274,485 Totsl funds 30.737,350 28.274,485 The financial statements were approved and authorised for issue by the Trustees and signed on their beha 4odLIrffv The Lady Woltson ¢>f Marylebon Trustee Dale.. 22 July 2024 lan 8urman Trustee The notes on pages 14 to 27 form part ofth9se financial statements. Page 12
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 P4lARCH 2024 2024 2023 Cash flows from oporating activiti88 Net cash used in operating activities (1,113,999) {1.303.350) Cash flows from investing activiti89 Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments 622,211 454,796 8,290.498 10.726,638 {7,906,320110,564,259} Net cash provided by investing activltios 1.006,389 617,175 Cash Ilows from finan¢lng a¢tlvltles Net cash provlded by financin9 acttvitie8 Changè in ¢ash and cash equivalents in the year Cash and cash equivalents al the beginning of the year (107,610) (686.1751 839.157 1,525,332 Cash and cash equlvalènts at th• énd of the year 731,547 839,157 The notes on pages 14 to 27 fomi part of these financial slatements Page 13
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General informalion The Lord Leonard and Lady Estelle Woltson Foundalion is a registered charity, number 1148663, and is constiluled under a Trust deed. Accounting policies 2.1 Basis of re aration of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Ac(x)vnling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffective 1 January 2019). the Financial Reporting Standard applicable in the UK arKI Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a Irue and fair, view and have departed from Ihe Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fail view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Chartties.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Lord Leonard and Lady Estelle Woltson Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inFtially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The financial statemenls have been prepared in GBP and all amounts have been rounded to the nearest £. 2.2 Income l income is recognised once the Charity has entillement to the income, it is probabl8 that the in¢om8 will be received and the amount of income r8ceFvabl& can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.3 Ex endilure Expenditure is recognised once there is a legal or constructive obligation to Iransfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the oblig8tion can be measured reliably. Expenditure is classified by activity- The costs of each activty are made up of the total of direct costs and shad costs, induding support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are nol attributabl8 to a sing18 activity are apportioned beteen those activilies on a basis consistent with the use of resources. Central stsff cosls are allocated on the basis of tim8 spent, and depreciation charges allocated on the portion of the asset's use. Page 14
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polici8s {continued) 2.3 Ex ndtture continued Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charilable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitsble activities is incurred on diredy undertaking the activities which further the Chariws objectives, as well as any associated support costs. Grants payable aro charged in the year when the offer is made except in those cases where Ihe offer is conditional, such grants being recognised as expenditure wh8n the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expendilure. All expenditure is indusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is nomially upon notification of Ihe interest paid or payable by the institution with whom the funds are deposited. 2.5 Tan ible fixed assets and de reciation Tangible fixed assels costing £5,000 or more a 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 inibally recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated irnpaimient losses. All costs incurred to bring a tangible fi'xed asset into its intended working condition should be included in th8 measurement of cost. Depreciation is charged so as to allocate Ihe cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis- Fixtures and fitting5 20 % per annum straight line 2.6 Investments Fixed asset investments are a form of financial instrument and are initially refxignised at Iheir Iransactior) cost and subsequently m&asured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case il is measured 81 cost less impairment. Investment gains and losses, whether realised or unrealised. are combined 8nd presented as 'G8insl{Lossesl on investments, in the Staiement of financial activities. Paga 15
THE LORD LEONARD AND LPIIY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and rovisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in selllemenl. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the presenl value of those amounts, discounted at the pre-tax discA)unt rate that reflects the risks spectfic lo the liability. The unwinding of the discount is recognised in Ihe Stalemenl of financial aclivities as a finance cost. 2.9 Financial instruments The Charity only has financial assels and financial liabilities of a kind that quallfy as baslc financial instruments. Basic financial instruments are inttially recognised at transaction valu8 and subsequ8ntly measured at th8ir settlemenl value with the exception of bank loans which a subsequenlly measured at amortised cost using the effective Interest method. 2.10Fund accountin General funds are unrestricted funds which are available for use at Ihe discretion of the Trustees in furtherance of the general objectives of the Charity and which 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 flow statement as thè charity, as a small reporting entity. is exempt from the requirement to produce such a statemenl. Page 16
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, induding expectations of future events that are believed to be reasonable under the circumstsnces. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition. seldom equal the related actual results. However. the trustees are of the opinion that there are no eslimales and assumption5 that have a significant risk of causing a material adjustment lo the Gqrrying amounts of assets and liabilitios within the next finallcial year. Critical areas of judgment.. The trustees apply their reasonable judgment when making decisions regarding the approval and rescinding of grants. Such decisions are made on a case-by-ca5e basis after careful consideration of the applicants. and grantee's circumstsnces. Investment Income Unrestricted Total funds funds 2024 2024 Income from local lisled investments Investrnent incorne- local cash 601,681 20,530 601,681 20,530 622.211 622,211 Unrestrirted Totsl funds funds 2023 2023 Income from local listed investments Investment income - local cash 3,345 11.451 443,345 11,451 454,796 454,796 Page 17
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDAnON NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment management costs Unrestricted Total funds funds 2024 2024 Investment management fees 90,154 90,154 Unreslrict8d Total funds funds 2023 2023 Inveslment management fees 87,887 87,887 Analysis of expenditure on charitable activities Summa Unrestricted funds 2024 Total 2024 Medical research Wellbeing 387.827 516,583 387.827 516.583 904.410 904.410 Unrestricted funds Total 2023 2023 Medical research Wellbeing 909.819 148.730 909,819 148,730 1,058.549 1,058,549 Poge 18
ThE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Grant funding adivities 2024 of SupFX)rt cosls 2024 Total funds 2024 Medi¢81 research Wellbeing 74.500 481.769 313.327 34,814 387,827 516,583 556,269 348,141 904,410 Grant funding activf(ies ofsupport costs Total funds 2023 2023 2023 Medical r8search Wellbeing 642.467 119,026 267,352 29,704 909,819 148,730 761.493 297,056 1,058.549 Analysis of support costs Medical research 2024 Total Wellbeing funds 2024 2024 Staff costs Depreciation General office and administrative expenses Govemance costs 188,352 3,152 80,451 41,372 20,928 350 8,939 4,597 209,280 3,502 89,390 45.969 313,327 34,814 348,141 Page 19
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (conlinued) Analysis of support costs {conb'nued> Medical research Total Wellbelng funds 2023 2023 2023 Stsff 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 58,094 36.728 267,352 29,704 297,056 Pag8 20
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Detailed analysis of grants Unrestricted Total funds funds 2024 2024 Medical research Chai Cancer Care Jewish Car8 The Academy of Medical Scien NoNood Great Ormond Street Hospital 1 grant of less than £5,000 25,000 16.000 15.000 10.000 6.000 2.500 25,000 16,000 15,000 10,000 6,000 2.500 74.500 74,500 Wellbein rants to institutions National Portrait Gallery Tate Gallery Historic Royal Palaces GST 175.000 126,0(K) 90.000 15.000 175,000 126,000 90,000 15,000 E li Airlec Air Ambulance YoLrth Aliyah Roudhouse Trust Royal Opera House Belt Halochem 7 grants of less than £5,000 14.250 10.000 9.800 6,000 5,000 12.325 14,250 10,000 9.800 6,000 5,000 12,325 463.375 18,394 463.375 18,394 Wellbeing:" grants to individuals 556,269 556.269 Page 21
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Totsl funds funds 2023 2023 Medical Research Cancer Research Alcohol Health Alliance Jewish Care Norwood Great Ormond Street Hospital 3 grants of less than £5,000 Grants rescind8d 432,000 200,000 17.000 11,000 10.000 5,800 (33.3331 432,000 200.000 17,000 11,000 10,000 5,800 (33,3331 642.467 642,467 Wellbein rants to institutions The Wallace Collection Oxford Philharmonic Orchestra Anne Frank Trust Belt Halochem 66.900 20,000 5,975 5.000 15,608 (44,0001 66,900 20.000 5,975 5,000 15,608 {44,000) 10 grants of less than £1.000 Grants $¢Inded 69,483 49,543 69,483 49.543 Wellbeing grants to individuals 761,493 761.493 Auditors, remuneration 2024 2023 Fees payable to the Charity's auditor for the audit of the Charitws annual accounls 11,820 11.340 Fees payable to the Charity's auditor in respect of= All non-audit services not included above 19,440 18,900 Page 22
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs 2024 2023 Wages and salaries Social security costs 190,501 18,779 181,074 18,654 209,280 199,728 The average number of persons employed by the Charity during the year was as follows.. 2024 2023 Administration The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was: 2024 2023 No. In the band £140.001 - £150,000 In the band £150.001. - £160,000 Apart from the trustees, key management comprises the charity's administration staff. Total key management remuneration in the year amounted to £190,501 (2023.. £181,074)- 11. Trustees, remuneration and expenses During the year. no Trustees received any r8muneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, expenses totalling £2.276 were reimbursed or paid directly lo 3 Trustees12023 - £NIL). 12. Tangible fixed assets Fixtures and fittings Cost or valuation At 1 April 2023 Disposals 22.530 15.021) At 31 March 2024 17,509 Page 23
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets (continued) Fixtures and rittings De reciation Al 1 April 2023 Charge for the year On disposals 15,526 3,502 (5,021) At 31 March 2024 14,007 Net book value At 31 March 2024 3,502 At 31 March 2023 7.004 13. Fixed asset inveslments Listed inv8Stments Cost or valuation At 1 April 2023 Additions 29,149,006 7,906,320 (8,305,837) 2,850,557 Disposals Revaluations At 31 March 2024 31,600,046 Net book value At 31 March 2024 31.600.046 At 31 March 2023 29.149,006 14. Creditors.. Amounts falling due within one year 2024 2023 0th8r taxalion and social securty 7,509 6,916 Pagè 24
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Creditors: Amounts falling due within one year (continued) 2024 2023 Accruals and deferred income GnIS accrued - individual Grants aGcrued - institutional 65.219 60,723 7,343 712.016 1,038.016 1.110,744 786,998 15. Creditors.. Amounts falling due after more than one year 2024 2023 Accrued grants payable to institutions 487,001 933,684 16. Financi81 instruments 2024 2023 Financial assets Financial assets measured al fair value through income and expenditure 31,600,047 29.149.006 Financial assets measured at fair value through income and expenditu comprise the charity's investsnent portfolio. 17. Funds The charity only has unrestricted, general funds. All amounts included in these accounts Iherefrore represenl unrestricted, general ftjnds. Page 25
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Reconciliation of net movement in fund5 to net cash flow from operating activities 2024 2023 Nel Incomelexpenditure for the period (as per Statement of Financial Activiliesl 2.462,865 (2.082.700) Ad'ustments for.. Depreualion chanJes Gainslllosses} on investments Dividends. inleresls and rents from investments Decrgas8 in creditors 3,502 4.506 12,835.2181 1.391,060 1622,211) 1454.796) {122,937) 1161.4201 Net cash used in o eratin activities (1,113.9991 (1.303,3501 19. Analysis of cash and cash equivalents 2024 2023 Cash in hand 731,547 839,157 Total cash and cash e uivalents 731.547 839.157 20. Analysis of changes in net debt At 1 April 2023 At 31 March Cash flows 2024 Cash at bank and in hand 839,157 1107.6101 731,547 839,157 {107.610) 731,547 Page 26
THE LORD LEONARD AND LAOY ESTELLE WOLFSON FOUNDAT1014 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Related paty transactions Lagal and Professional fees include an amount of £14,221 (2023: £5.979} paid to Laytons LLP, a Limited Liabilty Partnership of which l. Burman is a member. £NIL {2023- £4.119) was outstanding at the balance sheet date. Sir lan Gilmore is also Chair of Acohol Health Allian which was in receipt of a grant of £NIL 12023.. £200.0001 of which £134,00012023'. £200.000} was outslanding at the balance sheet date. Page 27