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
11￿121 ca￿rK￿ Street
London
EC4N SAT
Investment advisew5
Cazenove Caprtal Management
1 London Wall Place
London
EC2Y
can8¢￿rd Genuity Wealth manage￿￿nI
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 S￿leMen1S 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 be￿een 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 inCu￿ed 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 re￿ivable 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￿$t￿cle(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