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 a￿ayS 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, ex￿pt 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 Infor￿ation and. in doing
so, consider whether the other infomiation is materially inconsistent with the financial slalements or
our knO￿edge 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 ex￿ptiOn
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 cOn￿M and using
the going con￿rn 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 Gra￿ChUrCh 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 sha￿d 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 bet￿een 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
G￿nIS 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