Charity number.. 1148663 THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RPG CROUCH CHAPMAN LLP Chartered Accountants 40 Gracechurch Street London EC3V OBT
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION CONTENTS Poge Reference and administrative details of the Charity, ils Trustees and advisers Trustees, report Independent auditors. report on the financial statements Statement of financial activities 7-10 Balance sheet Statement of cash flows 13 Notes lo the financial statements 14-27
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION REFERENCE AND ADMINISTi4TIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees The Lady Wollson of maryletrA) OBE. Chair lan 8urman Sir lan Gilmore Antoinette Jackson Professor Roger lfj.rty (ap)Inted 11 September 20241 Edwarcl Jackson lapF4Jinted 5 October 20241 Charity register& number 1148663 Prinapal office Flat 3 74 Portland PL9 Lon¢kJn W181NR Independent aLsditors RPG Crouch Chapman LLP Chariered Accountant & Regi$tgred Audrtors 40 Gocechur(* Street Loidon EC3V OBT Bankers C. Hoare & Company 37 Fleet Street London EC4P 40G Soliators Laytons LLP Yamwi¢ke 11121 carK Street London EC4N SAT Investment advisew5 Cazenove Caprtal Management 1 London Wall Place London EC2Y can8¢rd Genuity Wealth managenI 88 Wood Street London EC2V 7QR Page I
THE LORD LEONARD ANO LADY ESTELLE WOLFSON FOUNOATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 202S The Trustees present their annual reyorl logeiher with the audited financial slalemenls of the Charity for the 1 April 2024 to 31 March 2025. Ob"ectsves and activities Policies and objeclives The charity s objects are to further such exclusively charitable purposes calculated to 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 Iruslees see fil. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity IPB2)'. b. Strategies for achieving obieclives The objectives of the charity through its grant making, are the advancement of medical and wellbeing projects. The trustees have complied with Section 4 of the 2011 Charities Act. having due regard for the Charity Commission's guidance on public benefil when reviewing the charity's aims and objectives when setting grant making policy and in making awards_ The charity continues lo pursue these objectives through investment in highly regarded projects across the range of the charity's acbvilies. usually through the provision of the need of equipment and facililaling wellbeing 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. Activities undertaken to achieve objectives The charity achieves its obiectives by making grants Details of these can be found in note 8 to the rinancial statements which contains a list of projects supported. d. Main activities undertaken to further the Charity's purposes for the public benefit The trustees hold a diverse inveslmenl portfolio. management of which is split between Cazenove Capital Management and Canaccord Genuily Wealth Managetnenl. Income and gains from these investments are used lo fund the charity's grant making activities. Achievements and erformance a. Main achievements ol the Charity The charity received investment income lolalling £768.944 during the year. Grants of £1,120.650 were made as detailed in note 8 to the financial slatements. b. Fundraising activities and income generation The charity does noi raise funos from external sources. Page 2
THE LORD LEONARD AND LADY ESTELLE VIOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Icontinuedl Inveslmenl policy and perfomiance The charity is managed on the basis of existing in perpeluity and as a result has the objective of maintaining the portfolio's real purchasing power after inflation over time. During the year the porfolio realised net losses of £79.278. The market value al the balance sheet date was £30,492,739. Financial review a. Going concem After making appropriate enquiries, the Truslees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue lo adopt the going concern basis in preparing the financial slatements. Further details regarding the adoption ol the going concern basis can be found in the accounting policies. b. Reserves policy Total reserves decreased by £913.012 to £29.824.338. all represented by unrestricted funds. It is the policy of Ihe charity that reserves should be maintained al a level Ihal allows the Current level of grants awarded lo increase In line with Inflalion. To Ihis end the trustees intend to increase the value of the charity each year. however this is not always possible due to fluctuations in investment values. c. Material investments policy The trustees do not permit investments in companies engaged in manufacturing tobacco products or armarnents. d. Principal funding The principal source of funding is the income and gains from Ihe charity's inveslmenls. e. Financial summary During the year the charity made a deficit of £913 01212024. £2.462.865 surplus). Funds held al the balance sheet date amounted lo £29.824.33812024". £30.737.3501. Iricoming resources amounted lo £768,944 12024. £622,2111. outgoing resources amounted to £1,602,678 12024. £994.5641 and losses on investments amour51ed lo £79.27812024.. £2.835.218 gains). All amounts represent general funds as the charity does not hold any restricted funds. Funds under management have increased from £30,908,524 at the balance sheet dale lo £31.723.241 as at 30 June 2025. Page 3
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Structure ovemance and mana emenl Constitution The charity was established by the will of the late Lord Wolfson who died on 20 May 2010. The governing instrument was constiluled by his will which was proved on 8 September 2011 as amended by a Trustees. Resolution of 20 August 2012. The Lord Leonard and Lady Estelle Wolfson Foundation is a registered charily, number 1148663, and is consliluled under a Trust deed. The principal obiect of the charity is to provide grants in furtherance of preventative medicine and the enhancement of wellbeing. b. Methods of appointrnent or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Organisalional structure and decision-making wlicies The Trustees usually make awards twice each year and awards are made during the year with all Trustees being involved. As well as assessing the merits of the applicants. proposals and the congruence with the chanty's aims and pnorities. appraisal critena include'.- The allticipated outcome of the project including public benefil Financial viability Value for money Adequate provision for ongoing costs and maintenance. The Trustees have generally not been able 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 govemance. investment and grant making policies. e. Pay policy for key management personnel The trustees of the charity are considered lo be key management personnel and are not remunerated for their roles in this capacity. Other employed key management personnel receive a fixed salary, which is benchmarked aganst similar organisalions in and around London. Key management remuneration is fixed by the Trustees. The Trustee board take the final decision on salary increases for all staff. Pagè 4
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES, REPORT ICONTINUEOI FOR THE YEAR ENDED 31 MARCH 2025 Structure. governance and management Iconlinuedl f. Financial risk management The Trustees have assessed the major risks lo 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 lo the major risks. The charity has no operational risks. Its risks are related to investment strategy and it guards against these risks by delegating decisions lo its investment managers. The Trustees are confident that they have a reasonable diversification of Investments as a result providing some protection against risk. Plans for future periods The Trustees intend lo launch a number of new grant making initiatives during the current year. Statement of Trustees, responsibilities The Trustees are responsible for Preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. The law applicable to charilies in England & Wales requires the Tnjstees lo prepare financial statements for each financial which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and applicat10n of resources. including ils Income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently.. obsèrve the methods and principles of the Charilies SORP IFRS 1021", make judgments and accounting eslimales Ihat are reasonable and Pfudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material dapartures disclosed and explained In the financial statements.. prepare the financial statements on Ihe 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 lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time 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) RegLJlalions 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 prevenb.on and detection of fraud and other irregularities. Disclosure of information to auditors Each of Ihe persons who are Trustees at the lime when this Truslees. report is approved has confirmed that: so far as Ihat Trustee is aware. there is no relevant audit Information of which the charitvs auditors are unaware. and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Page 5
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Auditors The auoitors. RPG Crouch Chapman LLP. have indicalod their willingness to continue in office. The designated Trustees will propose a motion feappointing the auditors al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by- lan Bunnan Trustee Page 6
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE LORD LEQNARD AND LADY ESTELLE WOLFSON FOUNDATION Opinion We have audited the financial slalements of The Lord Leonard and Lady Estelle Wolfson Foundation Ilhe 'charity'l for the year ended 31 March 2025 which comprise the Statement Df financial aclivilies, the Balance sheet. the Statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepled Accounting Practice). The financial slalements have been prepared in accordance with Accounting and Reporting by Charilies preparing their accounts In accordance wth the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities" Slalement of Recommended Practice issued on 1 April 2005 which is referred lo 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 stslements-. give a true and fair view of the slate of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended.. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit In accoroance with International Standaras on Audiling IUKI IISAS IUKII 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 slalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provi(Je a basis for our opinion. Conclusions relating to going concem In auditing the financial slatemenls. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed. we have not identified any material uncertairities relating lo events or conditions that. Individually or Collectively. may cast Significant doubt on the Charity's ability lo continue as a going concern for a period of at least Iwelve month5 froffl when the financial statements are authonsed for issue. Our responsib11ilies and the responsibilities of the Trustees with respect to going concem 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 ICONTINUEDI Other information The other Infom)ation comprises the infomialion included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicilly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other Information is materially inconsistent with the financial slalemenls or our knowledge obtained In the course of the audit, or otherwise appears lo be matenally misstated. If we identify such material inconsistencies or apparent material misslalemenls. we are required lo determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the wot* we have perfome(J. we conclude that there is a material misstalemenl of this other information, we are required lo report that facl. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if. in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements.. or sufficient accounting records have not been kept., or the financial statements are not in agreement wilh the accounting records and returns", or we have not received all ihe information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. responsibilities slalement. the Trustees are responsible for the preparation of the financial SleMen1S which give a true 2nd fair view. an¢J for such Iniernal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial stslemenls, the Trustees are responsible for assessing the charity's ability to continue as a going concem, disclosirTrg. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operations, or have no realistic altemative bul to do so. Page 8
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LORD LEONARD ANO LADY ESTELLE WOLFSON FOUNDATION ICONTINUEDI Auditors, responsibilities for the audil of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accor(Jan¢e with the Act and relevant 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 misslalemenl. whether due lo fraud or error, and lo issue an Auditors. report that includes our opinion. Reasonable assurance is 2 high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalement when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. lo detect material misstatements In respect of irregularities. including fraud_ The extent to which our procedures are capable of detecting irregularities, Including fraud is detailed below. We gained an understanding of the legal and regulatory framework applicable lo the charity and the industry in which il operate5. and considered the risk of acts by the charity which were Contrary lo applicable laws and regulations, including fraud. These included, bul were not limited lo, compliance with the Charities Act 2011 and FRS102. We designed audit procedures to respond lo the risk, recognising that the risk of not detecting a material misstalemenl due to fraLid is higher than the risk of not detecting one resultiTtg from error, as fraud may involve deliberate concealment. We focused on laws and regulations that could give rise lo a Material misstatement in the financial slalemenis. Oul lesls Included, bul were not limited to." agreement of the financial statement disclosures to undedying supporting documentation." enquiries of rnanagemenl.. review of minutes of board meetings throughout the period.. and obtaining an understanding of the control environment in monitoring compliance with laws and regulations. There are inherent limitations in the audit procedures described above and the further removed noncompliance 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 a(Jdressed the risk of management override of internal controls. including lesling ioumals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstalemenl due lo fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webslte at- www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, feport. Page g
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION ICONTINUEDI Use of our report This report is made solely lo the charity's trustees. a5 a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo Ihe charity's IrLJStees those mallers we are required lo slate lo them in an Auditors, report and for no other purpose. To the fullest exlenl 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 fomied_ pi (a ( RPG Crouch Chapman LLP Chartered Accountant & Registered Auditors 40 Gracechurch Street London EC3V OBT Date= IGir RPG Croljch Chapman LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. pa 10
THE LORD LEONARD AND LADY ESTELLE bVOLFSON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Total funds funds 2025 2025 Total funds 2024 Note Income from.. Investments 768.944 768,944 622,211 Total income 768.944 768.944 622.211 Expenditure on- Raising funds Charitable aclivities 92.914 1,509.764 92.914 1,509.764 90,154 904.410 Total expenditure 1,602,678 1,602,678 994,564 Net expenditure before net Ilossesllgains on Invèstments Net Ilossesllgains on investments 1833.7341 179.2781 1833.7341 179,2781 1372.3531 2,835,218 Net movement in funds 1913.0121 1913.0121 2.462.865 Raconclliation of funds.. Total funds brought fomiard Nel movement in ftjnds 30.737,350 30,737,350 28,274.485 1913,0121 1913,0121 2,462,865 Total funds carried forward 29.824,338 29,824,338 30,737,350 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 10 27 form part of these financial slatemenls. Page 11
THE LORD LEONARD ANO LADY ESTELLE bVOLFSON FOUNOATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investments 12 3.502 31.600,046 13 30.492,739 30.492,739 31,603,548 Current assets Debtors 14 48.507 540.476 Cash al bank and in hand 731,547 588,983 731,547 Current liabilities Creditors.. amounts falling due within one year 15 (837,351) 1,110,744) Net current liabilities {248.3681 1379, 1971 Total assats 10$$ ¢urrent liabilities 30.244.371 31,224,351 Creditors.. amounts falling due after more than one year 16 1420,033) 1487,0011 Net assets excluding pension assèt 29.824.338 30.737.350 Total net asstrts 29.824,338 30.737.350 Charity funds Restricted funds Unrestricted funds 29.824.338 30.737.350 Total funds 29.824.338 30.737.350 The financial statements were approved and authorised for issue by the Trustees 2nd signed on their behalf by.. The Lady Wolfson of Mary Trustee Date.. lan Burman Trustee 4 Aol) The notes on pages 14 to 27 form part of these financial statements. Page 12
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Nel cash used In operating activilies 11.988.044) {1,113.9991 Cash flows from investing activities Dividends. interests and rents from investments Proceeds from sale of investments Purchase of inveslmenls 768,944 622,211 13.364.044 8,290,498 12,336,015) 17,906,320) Net cash provided by investing aclivities 1.796.973 1,006,389 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 1191,0711 1107,6101 731.547 839,157 Cash and cash equivalents at the end of the year 540.476 731.547 The notes on pages 14 to 27 form part of these financial statements Page 13
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information The Lord Leonard and Lady Eslelle Wolfson Foundation is a registered charity, number 1148663. and is constituted under a Trust deed. Accounting policies 2.1 Basis of re aration of financial statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 2nd Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'lrue and fairf view and have departed from Ihe Charities IAccounls and Reportsl Regulations 2008 only lo the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Char11ies". Sialement of Recommended Practice effective from 1 April 2005 which has since been withijrawn. The Lord Leonard and Lady Estelle Wolfson Foundation meets the definition of a public benefit entity under FRS 102_ Assets and liabilities are Initially recDgnised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The financial statements have been prepared in GBP and all amounts have been founded to the nearest £. 2.2 Income All income is recognised once the Charity has entitlefflent to the income. Il Is probable Ihat the Income will be received and the amounl of income receivable 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 enditure Expenditure is recogni5ed once Ihere is a legal or constructive obligation lo transfer economic benefit to a third party. il is probable that a transfer of economic benefits will be Tequired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attribLtlable 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 allributable lo a single activity a apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basi5 of lime 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 2025 Accounting policies (continued} 2.3 Ex endilure continued Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and indudes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is inCued on directly undertaking the activities which fEJrther the Charity s objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is wndilional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel al the year end are noled as a commitment, bul not accrued as èxpenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Intere51 on funds held on deposit is included when reivable and the amount can be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tan ible fixed assets and de reciation Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All eosls *ncurTed to bring a tangible fixed asset into ils intended working condition should be Included In the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives. Depreciation is provided on the following basis-. Fixtures and fittings 20Vo per annum straight line 2.6 Investments Fixed assel investments a a form of financial instrument and are initially recognised at their transaction cost and subseouenlly measured al fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case Il is measured al cost less impairment. Investment gains and losses. whelher realised or unrealised, are combined and presented as 'GainsllLosses} on investments. in the Statement of financial activities. 2.7 Debtors Trade and other iieblors are recognised al the selllemenl amount after any Ira¢Je discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Page15
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 2.8 Cash al bank and in hand Cash at bank and in hand indudes cash and short-tem) highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities and rovisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, an(J the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of Ihe amounts required to settle the obligation. Where the effect of the lime value of money is material. the provision is based on the present vallte of those amounts. discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Sialement of financial activitie5 as a fInaTr c051. 2. 1 OFinancial Instruments The Charity only has financial assets and financial liabilities of a kind that quality as basic financial instruments. Basic financial instruments are Initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.11 Furid accountin General funds are un$tcle(l fund5 which are available for use al the discretion of the Trustees In furtherance of the gèneral objecb.ves of the Charity and which have not been designated for other purposes. Investment income. gains and losses are allocaled lo the appropriate fund. 2.12Cash ftow exem lion The accounts do not include a cash flow slatement as the charity, as a small reporting entity, is exempt from the requirement to produce such a statement. Page 16
THE LORD LEONARD ANO LADY ESTELLE bVOLFSQN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Crilical accounting estimates and areas of iuiygmeni Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions-. The Charity makes estimates and assumpbons conceming the future. The resulting accounting estimates and assumptsons will. by definition. seldom equal Ihe relaled actual resulls. However, the Iruslees are of the opinion that there are no estimates and assumptions that have a significant risk of causing a material adiuslmenl to Ihe carrying amounts of assets and liabilities within the next financial year. Critical areas of judgment.. The trLtstess apply their reasonable judgement when making decisions regarding the approval and rescinding of grants. Such decisions are made on a case-by-case basis after careful consideration of the applicants. and grantee's circumstances. Investment income Unrestricted Total funds funds 2025 2025 Income from local listed investments Investment income - l¢xal cash 761,301 7,643 761,301 7,643 768,944 768,944 Unrestricle(J Total funds funds 2024 2024 Income from local listed investments Investment income - local cash 601,681 20,530 601,681 20.530 622.211 622.211 Page 17
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment management costs Unrestricted Total funds funds 2025 2025 Investment management fees 92.914 92.914 Unrestricted Total funds funds 2024 2024 Investment management fees 90,154 90,154 Analysis of expenditure on charitable activities Summa Unrestricted funds 2025 Total 2025 Medical rosearch 882.252 627,512 882,252 627,512 Wellbeing 1.509.764 1,509,764 Urnreslricted funds Total 2024 2024 Medical research Wellbeing 387.827 516.583 387.827 516.583 904,410 904,410 Page 18
THE LORD LEONARD AND LADY ESTELLe YrfOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Grant funding of Support activities costs 2025 2025 Total funds 2025 Medical research Wellbeing 532,050 588,600 350.202 38.912 882,252 627.512 .120.650 389,114 1.509.764 Grant funding ofsupport activities costs 2024 Total funds 2024 2024 Medical research Wellbeing 74.500 481.769 313.327 34.814 387.827 516,583 556.269 348.141 904.410 Analysis of support costs Medical research 2025 Total Wellbeing funds 2025 2025 Staff costs Depreciation General office and adrninistralive expenses Governance costs 198.114 3,152 101,957 46,979 22.013 350 220.127 3,502 113,286 52,199 11.329 5.220 350.202 38,912 389,114 Page 19
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expendilure by activib.es Icontinuedl Analysis of support costs (continued) Medical research 2024 Total Wellbeing funds 2024 2024 Staff costs Depreciation General office and administrative expenses Governance costs 188,352 3,152 80,451 41.372 20,928 350 209,280 3,502 89,390 45,969 8,939 4,597 313.327 34,814 348.141 pa 20
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 Oelailed analysis of grants Unrestricted Total funds funds 2025 2025 Medical research Norwood UCL Hospital Great Ormond Street Hospital Chai Cancer Care Prostsle Cancer UK Jewish Care Cancer Research 4 grants of less than £5,000 266.500 150,000 41,500 25,000 20.000 11,500 6,150 11,400 266.500 150,000 41,500 25,000 20,000 11,500 6,150 11,400 532.050 532,050 Wellbein rants to institutions Science Museum Natural History Museum National Gallery Nordoff Robbins Victoria and Albert Museum Youth Aliyah Chicken Shed UJIA 147.200 120,000 115,800 100,000 67,200 5.000 5.000 5.000 23.4QO 147.200 120,000 115,800 100,000 67,200 5,000 5.000 5,000 23.400 11 grants of less than £5.000 588.600 588.600 1.120.650 1.120.650 Page 21
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Unreslricled Total funds funds 2024 2024 Medical Research Chai Cancer Care Jewish Care 25,000 16,000 15,000 10,000 6,000 2.500 25.000 16,000 15,000 10,000 6,000 2,500 The Academy of Medical Science Norwood Great Ormond Slreet Hospital 1 grant of less than £5.000 74,500 74,500 Wellbein rants to inslitutsons National Portrait Gallery Tale Gallery CST Anne Frank Trust Airlec Air Ambulan Youth Aliyah The Roundhouse Trust Royal Opera House Bell Halochem 175,000 126.000 90,000 15.000 14,250 10.000 9,800 6,000 5,000 12.325 175,000 126.000 90,000 15,000 14,250 10,000 9,800 6,000 5,000 12,325 7 grants of less than £5,000 463,375 18.394 463,375 18,394 Wellbeing grants lo individuals 556.269 556.269 Auditors, remuneration 2025 2024 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 11,250 11.820 Fees payable to the Charity's auditor in respect of= All non-audit services not included above 18.750 19,440 Page 22
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Staff costs 2025 2024 Wages and salaries Social security costs 200,000 20,127 190,501 18,779 220,127 209,280 The average number of persons employed by the Charity during the year was as follows.. 2025 No. 2024 Adminislralion The nurnber of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2025 2024 No. In the band £150,001, - £160,000 Apart from the trustees, key management comprises the charity's adrninistration staff. Total key management remunerab'on in the year amounted to £200.00012024." £190,5011. 11. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits12024 - £NILI. During the year ended 31 March 2025, expenses totalling £622 were reimbursed or paid directly lo 2 Truslees12024 - £NILI. 12. Tangible fixed assets Fixtures and fillings Cost or valuation At 1 April 2024 17,509 At 31 March 2025 17,509 Page 23
THE LORD LEONARD AND LADY ESTELL£ WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangible fixed assets Icontinuedl Fixtures and fittings Oe reciation Al 1 April 2024 Charge for the year 14.007 3,502 At 31 March 2025 17,509 Nel book value At 31 March 2025 At 31 March 2024 3,502 13. Fixed asset inveslmenls Listed investments Cost or valuation Al 1 April 2024 Additions Disposals Revaluations 31,600,046 12,336,015 {13,444,0601 738 At 31 March 2025 30.492,739 Nel book value At 31 March 2025 30.492.739 At 31 March 2024 31.600.046 Page 24
THE LORD LEONARD AND LAOY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Debtors 2025 2024 Due within one Prepayments and accrued income ear 48,507 48,507 15. Credilors: Amounts falling due within one year 2025 2024 Other taxation and social security Accruals and deferred income Grants accrued inslilutional 7,509 64,334 65,219 773,017 1.038,016 837.351 1,110,744 16. Creditors." Amounts falling due after more than one year 2025 2024 Accrued grants payable lo inslitulions 420.033 487.001 17. Financial instruments 2025 2024 Financial assets Financial assets measured at fair value through income and expendilure 31.033.215 31,600,047 Financial assets measured at fair value through income and expenditure comprise the charity's investment portfolio. 18. Funds The charity only has unrestricted. general funds. All amounts induded in these accounts Iherefrore represent unrestricted. general funds. Page 25
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMeNTS FOR THE YEAR ENDED 31 MARCH 2025 19. Reconciliation of net movement in funds lo nel cash flow from operating activities 2025 2024 Net incomelexpenditure for the year las per Slatement of Financial Acliviliesl 1913.0121 2,462,865 Ad uslmenls for.. Depreciation charges Gainslllossesl on investments Dividends. interests and rents from investments Decreasellincreasel in debtors Decrease in credilors 3.502 3.502 79,278 12,835,218) 1768.9441 1622,2111 148.5071 1340.3611 1122.9371 Nel cash used in o eralin activities 11.988.044) 11,113.9991 20. Analysis of cash and cash equivalents 2025 2024 Cash in hand 540.476 731,547 Total cash and cash e uivalents 540.476 731,547 21. Analysis of changes in net debt Al 1 April 2024 At 31 March Cash flows 2025 Cash at bank and in hand 731,547 (191.0711 540,476 731.547 1191.0711 540.476 Page 26
THE LORD LEONARD AND LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Related paty transactions Legal and professional fees include an amount of £21,569 12024.. £14.2211 paid to Layions LLP. a Limited Liability Partnership of which l. Bum)an is a member. £10,16912024.' £NILI was oulslanding al the balance sheel date. Sir lan Gilmore is also Chair of Alcohol Health Alliance. No grants were voted in the year12024 £NILI however £67.00012024'. £134.0001 was outstanding at the balance sheet date in respeGt of a grants voted in prior years. Page 27