Ch•rlty number: 1148e63 THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2026
THE LORD LEONARD & LADY e8TELLE WOLF80N FOUNDATION CONTENTS Pa98 R•fovenc• and admlnlstratlv• d•tall• of th• Charfty. It• Tru•t•o• •nd advlsers TnMloes' report TN•t•M' Mpon•lbllftlM •tat•m•nt Independ•nt audltor•' roport on th• flnanclal •tst&m•nt• Statsrn•nt of flnanclal acdvld 7-10 11 Bal•nc• •h••t 12 8tatsm•nt ol ca•h Ilow• 13 Not•• to th• Ilndndal ¥t•tsm•nt• 14-27
ThE LORD LEONARD & LADY ESTELLE WOLF8ON FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISER3 FOR ThE YEAR ENDED 31 MARCH 2025 The Lady Wdfson of Marylebona, OBE lan Bumian Slr lan Gllmoro Anknnette Jack¥on Profe8$c Rogèr Kl E(ard Jxk8on Charlty rogl8t•r•d number 1148883 Prlnclpal offk• Flat 3 74 Portland PIKe London W181NR Inve•tmont •dvl••r• Caz8nov• C8pltal Manag•mfjnl 1 London Wall Plac? London EC2Y SAU Canaccord Gonuly Vleath Mww•mant 88 Wood Street London EC2V 7QR Ind•p•nd•nt •udltor Zaev Leonard Isenlor Statutory Audltor) For and on behall of Horris & Trotter LLP Ch•rterod A¢¢ountants & Statul¢)ry Aud0 101 New CaverKlhh Streot 181 Floor South London W1VBXH Bankor• C. Hoare & Co 37 Fleet Str¢¢t London EC4P40G 8ollcltorn Layton8 LLP Yamwkke 119-121 Cannon Stre•t London EC4N5AT Page 1
THE LORD LEONARD & LADY ESTELLE WOLF8ON FOUNDATION TRU5TEES' RepoRT FOR THE YEAR ENDED 31 MARCH 2026 The Trustees pre8enl their annual report togelher wilh the audited financial 8t8lements of the Charity for the year 1 April 2025 to 31 March 2026. ObJ8ctlv•8 and actlvlll *. Poll¢1 •nd obJ•ctlvo• Thè chèrty's Oblecte8 are to further Such exclusivdy charltable purpose8 calculated to promote the advancement of reseorch and educallon for the public bgnefft of pffjvenlallve medkne or surgery and re8efjh related thereto with enh8nc6monl Into wellbelrvJ ai th• Irusteas sea fil. In Setting obiectlve8 arsd planning for a¢tiwlle$, the Tru8tees have given due consld8ralion to general guhdan¢e publl8hed by tha Charlty Commission relating lo public bonofft, In¢luding the guidance 'Publi¢ bénefit running a charity {PB21'. b. 8trnt•g1•• for achlevlng obJ•¢tlv6• Th• obpdv88 of th• charity through Ils gront maklng. are the advancelnt of m•dl¢al and wellbelng FYol•¢ts. The Iru8teas have compNed wlth Section 4 of the 2011 Charitles Act. havlng due regard for tho Ch8dly Comm168lon'8 guklon¢è on publlc benefit when revlawlng the ¢hadly'6 8lm8 and obioctlves whan setting grant makln9 pollcy and In makkng award8. The charity Continu to purnue IheBO otyectlv88 through investment In highly regarded projec18 acr08S the range of the charlty'8 XtNttles, u8ually thrwgh tho provl6knn of equlpmenl and faclltt8tlng wellbelrMJ 88 a p8rt of preventativè Med1n¢. Th8 charlly ha8 ahv8y8 con81d8red Ihe u88 of fund8 a6 a cataty8t $0 that fundlrwJ can lever additional •upport from other bodle8. c. Actlvltlu und•rtakan to •chl•v• obl•ctlv The chanty xhhvgs it¥ i)bjeclives by maklng grants. Oelalls of the80 can be found in note 8 to the financl81 statements which contaln8 a Ibl ol proJe¢t6 supported. d. Maln actl¥ltl•s undertakgn to furthor th• Charfty'• purpo•e• for th• publlc bgnofit The Irusl¢e8 hold a dlverse inve8tment portfolio, m8n8gamént of which 18 8pIIi bthe6n Cazonove C8ptt81 Man4ement and Canaccord Genuty Weath Management. Income and galn8 from Ihe8e investmerth are u50d to fund the ¢harity'8 grant making activitie6. Achl•vements and performanc• . Maln achl•v•m•nts of th• Charfty The dlarfty recelved inve81ment income totalllng £617.$88 during the yegr. Grants of £1.264.850 wer8 mde 88 detailed in note S to the financial 8tatem8nts. Page 2
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Achlevem•nt8 and porfonnance Icontlnuadl b. Fundral8lng actlvltles and InGoffle g•nerallon The chaiity doè& not ral8e funds from extern818our¢. c. lnveslmt pollGy and p•rformanc• Th• chafity li managed on the ba618 of 8xi8ting In parpaiulty and a8 a result ha8 tho obj'ective of maintaining tho portfollo's real purch881ng powar after innalion ovor lkn•. Durlng th8 year the portlollo r¢ali8ed Mt profrt 01 £2,575,900. The mArket value at the bdsnco sh•8t date was £32,040,532. Fund8 undor manag•m•nt have increalad from £32,040,532 at the balance sheet dote lo £35,595,078 a• ot 14 Augu8t 2026. Flnanclal Mvl•w •. Golng conc•m Aftèr making approprlate enqulrles, thé Trustees have 8 re88onable expe¢lallon that the Charlty haj adequate r68ource8 to continue In ¢Jperational exl8ton¢a for the foresaeable future. For Ihl# ra88on, they conllnua to adopt the golng con¢om ba818 In preparing the financial statements. Furth¢r delall8 rogarding th• adoptlon of the gdng concern b•818 ¢an b6 found In tho accounting policies. b. R•••rv•• poll¢y Total ra8•rves In¢rea8ed by £1,424,296 to £31,248,834, all repro8entod by unr88tricted funds. It18 Ihe polky of th? charity th ros8Ne• lhould be maintained at a thl tho1 allow8 the ¢urrent18val of grants awarded lo incrna80 in Ilne wikh #iflalion. To this end the trustees intend lo increa88 th• value of the charty each yaar. however this is nat My5 pos¥lble due lo fluctuatsons in investment values. c. M•t•rS•l Inv•th•nt• pollcy Tho trusts88 do not pam1 Inv88tments in cryan$ gaged In manufacturing tobaG¢o produds or 8mlarrls. d. Prfnclpal fundlng The principal 60urce of lunding IB tha Income and gains from tho ¢harity'8 Investments. •. Financlal •ummary Durlng the year the charrty made a surplus of £1,424.29612025: £913,012 deficrt). Fund8 held at the b81ence sheet dale amounted to £31.248,634 12025: £29,824,338). Incoming resources Ounted to £817,S881202S.. £768.9441, outgoing resour¢es amunted lo £1,769,192 (2025.. £1.602.678) and profil on investments amounted to £2,575,900 {2025.' £79,278 10559¥). All amounts represent general funds a8 the charty does rKi hokl any re8blcted funds. Page 3
THE LORD LEONARO & LADY E8TELLE WOLFSON FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 structur•, gov•m•nc• and maTr•g•mont . Consthutlon The charity wa5 estsblishod by the wll of the late Lord VVolf8on who died on 20 May 2010. The goveming instrument was con8tituled by his will which was proved on 8 September 2011 88 amended by a Trust18, Resolutbn of 20 AugU8t 2012. The Lotd Leonard and Lady E8ts11è Wolf80n Foundatlon 18 a reg18t¢red charlty, number 1148e63, aTrJ bB con8tiluted under a Tru8t deed. The Pflncipal objectlva of the charity 18 to provkle gront8 In furtheranco of proventall madicine and th• •nhan¢6m6nt of wellb•lng. b. M•thod• of •ppolntrn•nt or ol•ctlon of Trnil• Th8 management of th6 Chodly l• tho re•pon•ibilty of tho TfU6t••8 who are èlected and Cptsd under the tom)6 01 th• Trust deod. ¢. (gIn1•allOnI •tructurn and do¢l•lon4naklnq pollcl The Tru8toe8 u$ualty make awards ch ye8r and award8 are durlng the year wlth all Tru8to08 belng Involved. A8 wall 88 asse88lng the merits of the applicants. proposa18 and th8 congruorKg with the charW8 alm8 arKI wkrlt188, apprak8al crll•rl• dUd•.. Tho anticipated outcome of the project includkw publ1¢ benefit Flnancl81 vlabllhy Value for money Adequate provljion for ongoing ¢08ts and malntenancè. Tho Truste88 have genwalty I1 boen ablo to meot In por80n durlng the year und•r r•vlww. Thls h88 Impa¢ted upon the awardlng of grant•. d. Pollcl•J •doptod lor th? Inducllon •nd tr•lnlTrg ol Tru•t•o• The Inducti( proras8 lor nw truste88 ¢ovorn govarn8nce, inveBtrn8nt and grant making policiM. •. Pay poll¢y for koy m•n•g•m•nl p•rnonnel The tru81ee8 of chgrity are ¢ongidered lo be key management peT8onnel and are not remunerated for thelr rdes In th18 capacity. Other employed key manogemont personnel receive a ffixed salary, whKh b8 benchmarked against Bimilar organi6allon8 in and around London. Kèy manapment femunwation IB fryod by th• Tru•tee8. The Trustee board tske tho final dedslon C salary increases for all staff. Pagg 4
THE LORD LEONARD & LADY E8TeLLE WOLF80N FOUNDATION TRUSTEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 IAARCH 2026 Structur•. govornanc• and maMg•m•nt Icontlnuedl f. Fln•nclal rlsk mina9am•nt The Trustees have o8se888d tho major risks to whlch the Charity 18 exposed. In particular thoso relAted to the owrations and finarKo8 of tha charlty. and are S•fEd that 8y8tem8 arKI procedure8 are tn place to mltlgate •XP08ure to th• major ri8ks. The charlty h88 no operational ri8k8. 118 ri8k8 are rolal¢d to investrnent strategy and it guard$ against the$6 risks by delegatlng decl8lon8 lo It8 Inv88tment managors. The Trustees are confident that they have a reasonab dlversificatlon of Investments 88 4 r6sult providing som• protodlon 8gain8t risk. Plan• lor fulur• porlod Th? Tru8lee• In1wl to launch a numbor of grant making inltiatlve8 durfng the currgnt y•ar. D1•clT• of Inform•tlon to audltor• Each of tha pernonj who ar• Tru8toeJ at the tlme wh•n thlB TruÈtee8' report 18 approved has confiml that.. Bo far a¥ that Truolea is aware, thote is no rale¥Ant wjdit infomation of whkh the charty'8 audltor8 a unaware, and that Tnjstoo has token all the 8lepB that ought to have been taken as a Trustee in order to bo awar• ol any relevant audit Infom)atlon and lo •stab116h that the charity'8 audilorB are aware of Ihal inftJMtIon. Audltorn The auditorn, Zaov Leonard (Sen[ Slutory Audllor), ho¥e Indi¢ated their vAllIngrS to contlnu8 In office. The d88Ignat TruBtae• wll propom • motlon r•appolntlng the audttorn at a mo8tlng of tha Tru8ts08. Approved by order of tho momber• of the board 0fTrust5 Vnd 8neA on their bohaw by: lan Burnian rustoo) Date.. Pa9e 5
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 IAARCH 2026 Tho Tru8lee$ arg responsibl• for preparing the Trustees, report and the financial ststemenls in acrdance with appli¢abb law and United Kingdom AGGounting Stsnd8rd8 (United Klng(knm Genèrally Accepted Accounting Practlcel. The law appllcablg to charllleo bn EnglAnd & Walgs requir04 tha Trustees to propare financi81 ¥tatem•nt8 for each flnanclal year which give a true ond fair view of state of 8ffairs of the Charity and of rt$ incoming re50ur¢o8 and application of re80ur¢es, Including its income and expermllture. for that perlod. In preparlng th08e finandal statèments. th8 Tru81ees ore required lo: 8eknt Sutsble 8¢counting polic1•8 and then apply them C51818n11y. obseryo the mathod8 princlp108 olthe Charltle8 SORP IFRS 102): make judgments and accntIng estimates that are rea80nable and prudent., state whether applicabl? UK Accounting Standard8 IFRS 1021 have been followed, 8ublect to any material departures dl¥¢lo8ed and explained in th8 financlal 8tatemenl8,' prepare the financial 8tatémonts on tho golng concern bMIB unless it is inapproprfate to pr88umo ihal th• Chortly will continue in busin088. The TruBtee8 are r86pon8lble for keeplng adequato a¢counllng recordB that are Sufficient to 8hrM and explaln the Charltls tran8actionB and dl8c1088 wlth rea8on8bl• ac¢ura¢y at any time the fin8n¢ial position of the Charity and •nable them to ensure that tho finan¢lal statements compty with the Charitie8 Act 2011. the Chadty (AccounlB and Rep8} Regulations 2008 arKI thè provi8ions of the Tru81 deed. They are al80 re8ponolble for •afeguarding t a58éts of the Cherfty and han for takln9 rea80nable 8l•pi for the preventlon and dectIOn of arKI oth•r irrogukqrfll•8. Apwovad by ordor of the momber• olihe board of Tru8t•08 and Id on its behalf by: lan Burman ITfu8t¢o1 08te'. Pagg 6
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OP THE LORD LEONARD & LADY ESTELLE WOLF80N FOUNDATION Oplnlon We have alted the financial ¥taternenl$ of The Lord Leonard & Lady Estello WoSf80n Foundation {the'charity'l for the year ended 31 March 2026 whlch comprfse the Statemerrt of financial acllvttles, the Balance 8he8t. the Statement of ca8h Ib)w8 and the reL31ed not, including a summary of signrfKant accountlng polkle8. The financial reportlng frameworf( that has been applifjd in their Pfeparalion Is applicable law and United Klngdom Accounting Standards, in¢luding Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK Ropublic of Ir8lanrt {Uniled KIngdC Generalty Ac¢epled Accounting PraclKo1. The financial slalements have been prepared In accordarKe with A¢counting and Reporting by Charities PTep8rlng tholr 8Kounl8 In acciKdanGe wlth the Flnancial Reporting Standards apPIable In thé UK and Republic ol Ireland {FRS 102) in prefer8nco lo tho Accounting and Reportlng by Ch8fltig8'. Slalemenl of Recommendod Pra¢tlce 16$uod on 1 April 2005 whl¢h l• referred lo in the oxtant regulatsons but ha8 be wilhdr•vn. This has been done in order for the account$ lo provide a true and falr vlow in accordance with tho Gen•rally Accepted Accounting Practlco effectlve for r8POrting p•riod6 beglnnlng on or after 1 January 2015. In our oplnion the flnancial 8tatements.' givo a true and fair vmv of the state of tha ¢harily'8 affair8 88 0131 March 2026 arKI of Ils Incomlng r08ou1 and appIallon of resourc88 for thè year then ended. have been properfy prepared In aGL¥Jrd8n¢? wlth Unlted Kingdom Generally Accepted Accounting Pracll¢e', and have been prepwed In accordanco wllh th8 rnqulrement8 of the Chadtie8 Act 2011. Bas for oplnlon We conducted our audll In 8c¢ordan¢e with International Standard8 on Auditing (UK) IISA8 {UKII and appllcable . Our responsibilit188 under those otsndards are further described in the Audilof8' responsibllkies for the aud of the flnanclal statements 8ection of OUT report. We ara Independent of the Gharily in accordance with the elhul requirements that a levant to our audit of the financial statemen18 In the Unilgd Kingdcmn. includlng the Financlal Reporting Council's EthiGal Standord. and we have fulfilled our other elhlcal responsibilit$ in accordanGe with these requlrements. Vve b81ieve that the audlt ewdence w8 have obtsined 18 8ufficient and appr¢Jpriate to provpaa a basis for our oplnl3n. ConGluslon• r•latlng to uolng conc•rn In audRing th& financlal 8talements. we h8V8 concluded th* the Tru8tee8' use of the golng ¢on¢gm ba$18 of 8¢¢ounling in the preparation of tho financlal statements is appropriate. Based on the w• havg pgrformed. we have not identffied any materlal uncertainties ralating to events or conditions that. individually or cowectivety. may cast 81gnMlcant doubt on the ¢harily's ability lo continue as a going ccrtem for a per of at loa81 fvlelve rnonlhs from when the financial statements are authorised for Issue. Our r8sponsibilities and the ra8ponslbllities of the Trustees wilh rospect to going concem are des¢fibed in the relevant sections of this report. Pago 7
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDAnoN (CONTINUED Other lThformallon Thè other Infom)alion ¢ompri888 the infomialion Included irs the Annual report other than tho finarKial ststemenls and our AuditOf8' report Ihereon. The Trustses Ore responslble for the other infomBtbn contained wkhin the Annual report. Our cpinlon on the financial statements dotss not cover the other infomation and, except lo the extent othepwlse explicitty staled in our report, we do not 6xpr88s any fonn of 888urance condusion thereon. Our re6ponsibilty 18 to rèad the other InfOrmat)n and, in dolng ao, consid8r whether the other inf0mtiOn is m8t•rialty inconsi81ent with the flnancial stalemenl8 or our knowledge obtslned in the of the 8udlt. or othepwise appeors to b6 materially m1881aled. If we Ident 8uch m81efial iriconsi81encie8 or •pparent m8teii&l mls8lalemenl8. we arn required to determ[ whether th1$ gives rise to a mal8ri81 misstatement in th• finandal 81alements Ihem8efve8. If. b88ed on the work we have rfOrmed, wa conclude that ther618 o moterlAI mi88tat8m8nt of thi8 othei infomalion. wa ara required lo r6port that fact. We hav6 n¢)thlno to rnport in this fogard. Matt•rn on whl¢h r•qulr•d to r•port by •xcepllon We have nolhlng to report In respoct of the follovlng mgtter8 whern the Charit108 {Accounl6 and Report8) Regulallon8 2008 requireB u$ lo report lo you if, in our opinion,. the Infonnatlon glven In the Tru8teoB' report l• Incons161ont in ony matsrial respect wh the financlal 8t8tements'. or Sufficient a¢¢ounllng recoT(15 hav• not been kept.. OT the financlal 8talamgnl$ are not in agrefjfnonl with the accounting reco8 and retum$' or we hAve not recelved All the Infornwllon and 0xplanaOn9 w• r•quim for our audh. R•sponslbllttlM of tru•t• A8 explained more fulty In thè Trustee8' respon8ibllltl88 Statement. the Trust$ are re8ponJbh for the preparatK)n of tho finandal 8tatemenls whi¢h givo a true and fair vlaw, and for Such Internal control os the Trustee8 detemiin• is na¢e$88ry to enabb tho pr¢paralon of finandal 8tatement8 that aro frea Ircm matedal misstatement. whether due lo fraud or error. In preparing the financ1 statements, the Tru8tee8 are responslble for a88e88ing the rharlty8 ability lo continue •¥ a going concem, di$clo8lng, as appli¢obl6, matter8 related to going concem and using the going concem basis of accounting unle88 the Tru$lee8 either Irtsnd lo liquldate the chgrity or lo ¢ea8e operations, or havo no real¢ dlemaliva but to do 80. Paga 8
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE LORO LEONARD & LADY ESTELLE WOLFSON FOUNDATION ICONTINUEDI Audllor•' rnsponslbllltles for th• audlt of th• Ilnancl•l •tat•m•nt• We have been appointed as audltor under aectlon 144 of the Chaibti68 Act 2011 and report In accotdan¢e with the Act and relevant regulallon8 made or havky affect Ihereunder. Our obh¢llve8 are to obtaln r&aBonablg 88surance about whothor tha financki18latomtrnts as a whole aro fre from material ml$$t8lement, whether duo to fraud or 8rror, aj to issue an Auditors, report that includ88 our oplnion. Reasonabla assurance is a high level of a$suranc8. but 18 not a guar8ntee that an audit Conducted in accordance with ISA¥ IUKI will afrway8 delect a moleri•l mlsslalement when il exlsts. Misstatements can arlse from fraj or error and are consldered material if, individually or In the aggregate, Ihoy could reasonab b8 expected to Inftuence the economlc decislons of u80rs lakon on the ba818 of those financlal 81atemenl$. Irregu18rltl08. Includlng fraud, are InStsn of non•compliance with18W8 8nd r8gulationB. We de$lgn procedure8 In Ilne with our r8spon8iblllt, outlined 8bove, to dglecl material mis51gtgm$nts In respect of irregularille8. Including fraud. Tha extent to whlch our procedurol aro ¢apoblo of detecllng Irr•gularhles, Includln9 frAud l& detailed bel.. We gained an understanding of the legal and rggulatory framework applicable lo the chorily and the InduBlry In whkh 11 operalos, •fKI ¢onsiderod the risk of acts by the charity which were Gontrary to applKablè law8 and regulations, Including fraud. Tho18 Includ•d, but were not Ilmhed to, ¢ompllanGe wrth tho Charttlej Act 20110nd FRS102. Wa d68lgned 8udlt procedufe• to ro8pond to the rf$k, recogn181ng that tha rlsk of not detecllng 8 matefl•l. m188t8temenl due lo traud18 hh•f than the risk of not detécllng one resulting from error, as froud may inwJlve dellberatg Mncealmenl. We focu8ed on I$ and regulallonj that could glve li•• to a material ml881alement In the flnancbal statementi. Our toll8 lrtludod, but wer¢ not MIled to . 8graement of the financial statement d18¢106um lo undertying supporting dccumentstion ' enquiries of management., . review of minutes of board meating8 throughout the pèrlod.. and • obtaining an undor•larKling ol thg ¢ontrol enwronm•nt In mon6torlng complIare wllh18w8 and regulallons. There a inherent IlmitatK)n8 in the audit procedures d68ulbed above and the further removed noncomplianco wlth laws and ragul8llon8 18 from the events 8nd Iran8aclion8 reflected in the financial 8tatem8nts, the less likely we would become aware of 11. We also addressed the risk of management override of internal conlrd¥, In¢ludlng testing jourrbals and evaluating whether there was evidence of bia8 by the Tru8tee8 that repre80nted risk of rnalerial misstatement due lo fraud. A further de8cripts.on of our re8pon8ibilllie8 for the audit of the financl818tatements is h)cated on the Finanaal Raportlng Council'8 website al: www.frc.o klaudltorsres onsibilrties. This description lo8 part of our Audllor8' report. Paga 9
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION INDEPENDENT AUDITOR8. REPORT TO THE MEMBERS OF THE LORD LEONARD & LADY ESTELLE WOLF80N FOUNDATION (CONTINUED) Use ol our roport Thi6 rewt 1$ made solely to thè chadV8 trustees. as a b(yJy. In accordance with Part 4 of the Charmles (Accounts and ReportB) ReguLqlions 2008. Our audm work has been undertaken 80 that we mi9ht state to the ¢harillB tN8tees those matter8 we are required to stole to them in an Auditors, raport and for no other purp)80. To the fullest extent pernmted by law. we do not accopl or assume responsibility lo anyon8 other than the harity and tru8tee8, a6 8 by. for our audit work, for th* report, or for tha (Jpinn5 wo have fom)8d. Z••v L•on•rd18onSor 8tstutory Audllorl For and on b•haM of Herrls & Trotter LLP Charteted A¢countsnl$ & Slolutory Audltors 101 New Cavendish Stre•t 1st Flwr Sc London W11MXH D81e'. Harri8 & Trotter LLP are eligible to act a6 audltorn under the Charitios Act 2011. Pag8 10
THE LORD LEONARD & LADY ESTELLE bifiLFSON FOUNDATK)N STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 31 MARCH 2026 Unro8trfcted funds 2026 Totsl lund• 2026 Total funds 2025 Incom• from: Inv88lment8 817,688 617.688 768.944 Total Incom• 817.688 617,088 768.944 ExndItra on: Ralsing funds Charitable activllio• 95,773 1,673,419 9S,773 1,873,419 92,914 I,9, 764 Total •xp•ndltur• 1,769,192 1,769,192 1,602,678 Nat •xp•ndlturn b•for• not g•Inl0•1) on Invo•tm•nts Net g41n(le1> on Inv88tm#nt• (1,161,604) 11,101.8041 2,676,900 2.076.900 (833, 734) (79.278) W•t mov•m•nt In fund• 1,424,296 1 A24,296 (913,Of2) R•conclllatlon of fund•: Total lund8 brought forward Nel movemonl in fvnds 29,824.338 1,424,296 29,824,338 1 N24,196 30, 737.3 (913,012) Tot41 lund• carrl•d forward 31,248.634 31,248,634 29,824,338 The Statement of ffinanclal actfvltloB Includ88 811 galn8 8nd108808 regnISed In the year. The noteB Dn pagej 14 to 27 form part of t0 finan¢lal 8tatThnt8. Page 11
THE LORD LÉONARD & LADY E8TELLE WOLF80N FOUNDATION BALANCE SHEET AS AT 31 MARCH 2028 2026 2025 Flx•d aats Inve8trnent• 12 32,IMO,632 30.492. 739 32.1)40.532 30,492. 739 Currnnt M••t• Deblorn Cash at bank and In hand 13 32.298 48.507 540,476 261.376 588,983 Curr•n¢ ltsblllti Credttor8: amounts falllng duo wlthln on• year 14 {684,210) (837.351) N•t curr•Tht Il•bllltl (322,8341 (248,368J Total amets currnnl Ilabllltl4• 31,717,698 30.244,3TI CreditoTB: amwnt• falllng du• ofter m Ihan Or year 15 1469,0641 (420,033) Nrt u••ts •xcludlng p•n•lon a•••t 31,248,634 29,824,338 Total not •s••ts 31,248.634 29,824,338 Ch•rlty fund• Unr98trkted lund8 17 31.248,634 29,824,338 Totsl lund• 31,248,634 29,824,338 Th8fina ial 8tatement8 wore app and authorised for issuo by th• Tru8taes end svJned on their behaK by.. Tho Lady WoNgon ol MArylebone. OBE (Chair of TtU8tee8) Date.. lan BurnMn ITru6to0) iat 2ca Th¢ notes on Pag 14 to 2 fOn part oftho80 finorthl statement8. Page 12
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026 2026 2025 Cash IIow8 fm operatlng actlvltlos Nel ¢a8h used in op8rating activltles 11.957.091) (1,988.044) Ca•h flow• fffjm Invmtlng actlvttl•• DIV4rbd$ and Intèmst Proceed$ from sala of inva8tment8 Purchase of inv88tments Profil on di8posal of share• 617,688 768,944 11,650,607 13,364,044 (11.115.544) (12,336,015) 493,1)44 N•t Ga•h pMvld•d by Invmtlng actfvltl•• 1,846,695 1,796,973 Ch•ng• In c••h and c••h •qulvalent• In th• y•ar Ca8h and c48h Wu1valtI at tha beginning of the y•ar 1311,3961 {191,071 640,476 731,547 C••h and ca•h •qulval?nt• •t th• •nd of th• y••r 229,080 540.476 The note• on pall 1410 27 form part ofthèB6 flnancial statements Pagé 13
THE LORD LEONARD & LADY E8TELLE WOLFSON FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2026 Goneral lnformatlon Th? Lord Laonard arKI Wy E6tellg Wolfson Foundation l• a regi8tered charlty. numbor 1148663. and Is nstituted under a Tfu8t dead. Accountlng pollclo• 2.1 Ba¥1• of pv•parotlan of Ilnancl•l •tstemont• The flnanclal 8t8lwnents have bo¢n preparod in accordance wbth tho Chartties SORP IFRS 102) - Ac¢ountlng and ReptIng by charit.. Stslemènt of Recommanded PractlGe app1kab to ¢harftlg8 pr8p8ring their accountj In accordance wKh the Flnanclal Reporting Sland8rd applicable In the UK nd Republlc of Irdand IFRS 102) {effectlve 1 JAnuary 20191, the Financi81 Reportiw Standard oppIKobkn In the UK and Republic of Ireland IFRS 1021 ond tho Chariti88 Act 2011. Tho finonclal statemonts havo boen prepared to give a Iru• and fair view and have departed from the Chariti08 {A¢¢ounts and Reports) R&aulation8 2008 onty to the extont requlred to provkle a 'lrue arKI fail view. This departure ha8 Involved folk)wino the CharltieB SORP IFRS 102) publlshed In O¢tober 2019 rather than the Ac¢ounting and Reportlng by Charities.. Statement of RoGommendod Pr8¢tlce effectlva from 1 Aprll 2005 whlch ha8 81nce been wllhdrawn. The Lord Leonard & Lady Eotdlo Vlomwn Foundatlon meet8 tho definltlon of a wbllc b•n•fit ant under FRS 102. AsBet8 and liabil51• aro Inilialty r•cogn169d at hlslorkal ¢08t or tran8aCtion value unle80 otherwl8e slated in thè r•lMnl accounting pollcy. 2.2 Golng con¢•m 8880d on their a68688monl of tho fvmlve months from tho dale on whlch tho b8Lqnce sheet W8 81gn6d. the Trustees 8re of the ownion th8t thé charity a golng concem 88 the charlly IK)Id8 81gnifint cash reserves and tho accounts havo thereforn boèn prepared on the goin9 concern ba•ii. 2.3 Incom• All In¢om8 1$ r09n188d onc• tho Charlty ha• ontitloment to th8 Inccthe, It Is wobablo tho1 Incom• wlll be N•d and Iha arnOt of Incom• receivable can be measured rellably. Inwm lax r•coverabl& In relauon to Inve8trnont incc4ne 18 tecoani80d at the lim• tho Investment Komè rec•WIl¢. 2A ExpMdltur• Expendlture is recogni¥gd once there is a legal or con6tructive obligation to Iran5far econo1¢ benefft to a third party, il 1$ probable that 8 transfer of economlc beneffts will be ffjquired in gettlerrnnt and the arrnunl of the ijbligation can be measured reliabty. Expenditure 18 classified by tlvlty. The Costs of each activity are made up of the total of direct ¢osls and shared costs. Including support costs involved In undertaking each actNity. Direct costs attribulable lo 8 single activty are ailocaled directly to that activ. Shared co$1$ which contrlbute lo more than one 8¢tivty and 8UPPOrt cogts which are not attributable to a single 8CtNity are apportned betrn those activiti8s on a basis ¢onsistent with the use of re8ources. Central staff costs are althated on the b851$ of time spent. and depo¢iatlon charges alk¢aled on the porth)n of the auel's use. Page 14
THE LORD LEONARD & LADY ESTELLE WOLF80N FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2026 AGGountlng poll¢l•8 (contlnu•d) 2A Exp•ndltur• (contlnu•dl Expèndllure on ral8lng lunds includes all expenditure incurred by Ihe Charlty to rai8• furKI8 for it8 charbtable pu0$88 and Includ88 GO518 of all fundraising activities event8 and non4haritabio trnding. Expenditure on ¢h8ritobio artlvitla818 Incufred on directly undertaklng the oCtDif<I whkh furthef I Charity's cbj'edives, a8 well al any asKlated support co8tB. Grant8 p8yabh we chargpAI In tho yr whon the offer IB made except In those caBO8 where th offer 18 condiuonal, such grants bolng re¢ognised a8 &xponditur• lthon tho condllion• attachlng are fulfilt•d. Grts offere•J subject to condltians whiGh ha not beon rr*t al the year •nd aro noted 48 commitmonl, but not accru•d a8 8xp•ndlture. AU experKlSture18 Inclu61vo of lff•cov8rabl• VAT. 2A Int•r••t r•cfrlv•b Inlerejt on fund8 hold on depo8it 18 included when receivablo and the amount can be mea8ur&l r•llabty by tho Charlty; thls 16 nomwlly upon notlfl¢•tlc4) ol the Interest pald Of pay8blo by the In•titullon wlth whom the fundi are d•po8R•d. 2.6 Inv••tm•nl• FIx0d omat Inv••tmont• are • fonn of fin¢al Instrument and are Inltlalty r•¢ognl•od at Ih•ir tr8n•a¢tlon cost and 8ub8equentty measured al falr value at the Balance sheet d8t•, unle80 the value cannot be m8a¥ur¢d rell•bty In whl¢h ca88 It18 measured at ¢08t le Impalmianl. Inv081Thnt galn8 and 108se8. whelhei mli8ed or unr•8118ed, sre comblned and presented a$ 'G8lnWILo•w$) on Inve8tmenl•' In the Statomgnt offlnoneI a¢tIVtt. 17 D•btor• Trade and 0r debtorn we recognl•ed 8t tho 68tt18ment amount aftar any trodo dl8counl 0reAl. Prepaymgnts ore VAlu8d at the amount w•pak1 not ofany trad• dl8counts due. 2A Cmh at bank and In hand Ca8h at bank and In hand Includ08 ca8h and Short-tenn hlghty IK4uld Inve8thwits wlth o short moturty of thr80 month8 or les8 from the date of aqu181Uon or openlng of tho dopo8lt or 8lmllar account. Page 15
THE LORD LeoNARD & LADY E8TELLE WOLFSON FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcl81 (¢ontlnued) 2.9 U•bllltlH and provl•lon• Liabilit1•$ aw fecogni8ed when thére19 8n obllgatkn at the B81ance sheet dat6 as a result of a past event, il 18 probable that 8 transfer of econom b8n•fft wlll ba required in 8ettlgment. and the amount of the Settlwnenl bo 88tlmated rellably. LlabiMtie8 are r8cognl8•d at the wnount that the Charity anlklpat88 il will pay to Settle tho debt or tho omount 11 ho8 r•caived 81 •thAnced paymants for the g¢Jods or 8•NIco$ It musl provide. Provision8 are measured al tho be81 e81im8te of the amount$ rnquired to settlo the obligallon. Wh6 th& &ffo¢t of time value of money i# mat¢d81. the provi81on 16 baBed on thg pro$ent value of those amounts, d18¢0unl8d at the prevtax d18count rate that reflects the ri8k8 8pecrfic to th8 Ilabillty. Thè unwlThdlng of tha dl8¢ount18 rocognlwl In the Statemerrt of finandal a111•$ as a financ• Ct. 2.10 Fln•nc141 In•lrum•nt• The Charity onty ho8 financlal a88et8 and financial IlabSlltM of 8 kind thet qualfy a8 ba8lc financlal In8lrumanl8. B981c financlal Inllruments are Snltlally recogn188d al Iran8acalon value and •ubBequently mea8ured al thelr 80ttlemenl value whh the exceplp)n of bonk loan8 whl¢h or• subBequ•ntty m68Burnd ot amDrtl8od coat u8lng th• Off•¢t intemt melhoj. 2.11 Fund •ccountlng Goneral fund8 4r• unr08trf¢lod funds whlch are avallablg for uBe al tha di•cretlon of the Truste In furtherance of the general obleGtive8 of tha Charlty and whlch have ntx been de8Ognatad for other PUTPO8e8. Inve8tment Income. gains and Iossej are 8lbcot•d lo the 8ppropriale fund. Crllkal •c¢ountlng ••tlm•t•• and IT oljudgmenl E8ttmale8 and judgments are ¢ontlnually evaluated and ave based on hi8lorKal expari8nce and other 18¢tors. Including expect8llon8 of fvluro 6venl8 that are belwed to be reasonable urKleT Ihg ¢ircum8tance8. Cdlkal 8¢countlng e8tlmate8 arAd a8•umplfion$.' The charbty mak88 estimatss and 888umptlon8 concerning tho future. The resuliing aGcounllrKJ ¢stimalas and 868umpllon8 wlll. by definition, 6eldom •qual the related actual resutts. However, the Irusle6$ aro of the opinion that there are no 8Btimate6 and assumptions that havo a $KJnffint risk of rAusing a material adjustrnenl lo tho ¢aryiny arUnIS of assets and liabiliti wfthin the next financial year. Critical areas ofjudgment.. The Trustees appty their reasonable Judgement when making declslons regarding the approval artd rexinding of gran18. Such d8s1OnS aro made on a ca6W-case basis after careful corb5ideralion of the applicant6 and grantee's clrcumstancos. Pag& 16
THE LORD LeoNARD & LADY ESTELLE WOLF80N FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20 Investment Incom• Unrn81rlctod lund• 2026 Totsl nd• 2026 Incom8 from Ic¢BI Ilsled investrnents Invo8tm•nt In¢cffie- locAI cash 617.402 617,402 817,588 617,5B8 Unrgstii¢18d ftinds 2025 Total funds 2025 Inc( from k)cal118te•J investments Inv•otmenl InccAna- local cash 761.301 7,643 761,301 7,643 768,944 768,944 InvMtm•nt manag•m•nt co•t• Unrn•trl¢tod fund• 2028 Total fund¥ 2026 Inv88tmant management fees 95.773 95.T13 Unrestrfcted fvnds 2025 funds 2025 Invostment managemnt fee8 92.914 92.914 Page 17
THE LORD LEONARD & LADY ESTELLE WOLF80N FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Analy•l of expendlthre on charltable actlvltl68 8wnm•ry by typ• Unr•lcted Funds 2026 Tol*l 2026 MtdicAI res••r¢h 1.458.103 21D,318 1.4S8,103 21G,311 Wdlbdng 1,673,419 1.673.419 Unrnslrtcted Funds 2tt25 Tot81 2025 Medlcal mearch 882.252 627,512 882,252 627,512 Wdlbdrvj I,9, 764 1, 509, 764 Page 18
THE LORD LEONARD & LADY VJTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Anaty$h of •xp•ndllure by actlvlti Grnnt Fundlng OlAVIlla 2026 Support Co8t• T¢>l41 Funds 2026 M•(ti¢•l rnse•r¢h 1,090,391 174,459 367.712 40.857 1,468.103 21S,316 Wellbeivvj 1,264,850 408,569 1,673,419 Gffjnl FurKllng of ACtitI6$ 2025 Support Costs 2025 Tot81 Funds 2025 Medical ereh 532,050 588.6 35Q, 202 3a912 2,252 627,5f2 Wèllbelng 1, 120,6 389, 114 1,SJ9. 764 Analy•l• of $UPFat cost• M•dlul R••&arch 2028 W•llb•lng Total Fund 2026 Staff Cost8 Gorwal offl¢e and admlnlitrl4e ex1•% Grrnce co8t8 204,542 121.680 41,490 22.727 13,520 4.610 227,289 135,200 46,100 367.712 40,857 408.569 Awical Wellbelng R8sgarch 2025 Tot81 Fund 2025 2025 Staff C08t8 Depreciatbn Gwwal the and 8dministratiKe expenges Gomance costs 194114 3,152 101,957 44979 22,013 220, 127 11,329 4220 113.286 52, 199 350,202 38,912 389.114 Pag8 19
ThE LORD LEONARD & LADY ESTELLE YIOLFSON FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 D•talled analysls of grant• Unrestrlcted Fund# Fund• Methcal rn8earch 266,000 13,000 210,OC 144,OC4) 10,or 5,000 380,891 9,750 40,OC S,OCQ 7,750 1,090,391 fknt Offlnd tslr0 Ht>wxtAI Alcrtd Heatth AlllanGo Cancw Re8e•r¢h K18haffjn Heart C•ll• FourKlal Imperfal Jwlsh Care M4ke 8 Wlsh Foundation The Cayo FLwndJtion 3 Gran18 ol L888 th £5,OLK) 13,000 210.000 144.000 10,1)00 380.891 9,750 40,000 7,750 1,090,391 CST 25,000 5,OCQ 10,OCQ 8,000 80,OCQ 17.5CK) 28,959 25,000 5,000 10,000 8,000 80.000 17,600 28,959 Holo¢4u•t Edu¢41111 Trust Th• Roun(trU5 Th? Wallac• CollKtI 14 Grant• of1•J8 than £5,000 174,459 1.264,850 174.469 1,264.850 Pag8 20
THE LORD LEONARD & LADY E8TELLE YIOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2028 rktsiied analysls of grants {¢tIn) Lknrestricted FuTha8 2025 Totd Fund$ 2025 M¢d¢al re8e8rch 286,500 150.0 41,500 25,000 20,OCKJ 11,500 6.150 11,400 632,050 UCL Hospl Great Omwnd Stre& Chal Cancer Care Prostal• Cancer UK Care Cancfx Te8wGh 4 Grants of L•Bs than £5.0 150,0 41,5) 25,1) 20.1))D 11.5 8,150 11.400 $32.050 S¢l•nce Mus•um N•lur41 Hiil¢Yy Mu8eLTh Nallonal Galory NdOff Robblny Vlclorta arKI Alb•rt Mu•eum Ywlh Allyah ChICk Sho(1 WL4 11 GrAnt• ol le•s th £5,( 147,200 120,000 115,800 100.000 87.200 LS,000 5.000 5.000 23,400 147,200 120.000 115,81)0 100,000 87,200 6.000 5,000 5,000 23,400 $88,600 1,120,650 6B8,800 1,120.650 Page 21
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION NOTE8 TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Audlt(n' r•munorntlon Thts 8udilor8' remuneration amounts to an wdllor fee of £11,250 (2025 - £11,2), and Accountancy fees of£18.750 {2025- £14750). 10. Staff costs 1026 2025 Waqe8 and salarfe$ Social Security Go818 208.000 2CiI.Crt 19.269 20.127 227.269 220. 127 The average number of pernons •mptyad by th• Chorlty durfng tho yearwa8 as follow8: 2026 No. 2025 No. Administration The number of employeOB who8e employee bgng1tt8 loxcludlng employer pen8lon c08t8) exceeded £80,000 was.. 2025 In the band £150,000- £160,0 Apart from the trustee8, Key Managernt comprlses the charity's adminl¥lr*lon 8t•ff. Totel key managemont remunerallon In the year amounted to £208,00012025'. £200,CKIO} 11. Tru8tM•' r•munaratlon and expense8 Durlng the year, no Tru8te88 received any remunoratlon or other benefits (2025- £NIL). During the year ended 31 Marth 2028, no Tm$tee expenses have be•n incuffed (2025- £NIL). Page 22
THE LORD LEONARD & LADY e8TELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 11 Flxed uset Investm•nts Llst•d InvMtm•nt• Co•t or viluallon At 1 Aprll 2025 Addlllon• Disposals Rovaluatio 30,492,739 11.115,544 111,850,607 2,082,857 At 31 March 2028 32,040,032 N•t book v•lu• At 31 March 2026 32,040,032 At 31 March 2025 30.492, T39 13. O•btor• 2026 2025 Due wfthln on• y•ar Prepayments and aGcru•d In¢¢rr 31296 48,507 32.296 4¢507 14. Crodltorn: Amounts falllng wlthln ¢)ne year 2028 2025 A¢¢ruals and deforred incor Grants a¢crued - institutional 53.114 531,098 64,334 773,017 684.210 897.351 Pag6 23
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 l& Creditorn: Amounts falllng du• aftor morn than on• y••r 2026 2025 Accrued grants payabkg to institutions 469,064 420,a93 16. FlnanGlal Instrum•ni• 2026 2025 Flnan¢hl A•••ts Financial ai80ts m•a•urnd ot falr valuo through incom& and expendllu 32,040,632 30.492, 739 Flnanclal 888ets meaiurad at falr valu• through incom• and expendlture coffprl•¢ the charW• invostmont portfolto. Page 24
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 17. Stst•mont of funds 8tat•m•nt of fund•- cuir•nt y•ar alance at 31 March 2026 Balanc• at I Aprfl 2020 Gainsl (Losses) Incom• Exp•ndltur• Unrnstrl¢tsd fund8 R•serv88 29,824,338 617,688 (1,789.1921 2.675.900 31348,834 18. 8ummary offundl Summary of fund• - curr•nt y•ar Balanc• •t 31 M•Kh B•l•nc• at 1 Aprll 2025 Oalnsl ILo•8M) Incom• Expondttur• General fund• 29A24,338 617,588 11,769,192> 2,676.900 31.248,834 19. Analyffjh of n•t a•••ts b•lw•en funds An•ly•h ol n•t a•••ts b•lw••n fund•- curr•nt y•ar Unre•trlct•d fund• 2026 Total nd• 2026 Flxed asset Investmen18 Current a88ets Creditors due wlthln one year Credit(>rs due in more than one year 32,040.532 32,040,532 261.378 281,376 1584.210) {S84,210) 1469,064) (469.064) Total 31.248.634 31.248,634 Pag& 25
THE LORD LEONARD & LADY ESTELLE WOLF80N FOUNDATION NOTES TO THE FINANCSAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 19. Anaty•l• of not a•80ts bo10n fvndB (conilnu•dl Analy818 of n•t a•••ts bthon funth . prlor y•ar Total funds 2025 2025 FLY8d a86et Invesknont• Current 888¢18 Credlorn dua whhln on• year Cr•d*orn due In morn than ono year 30.492,739 30,492, 739 584983 588.983 (837.351) (837.351) (420,033) (420,033) Totsl 29,824,338 29,824,33a 20. R•conclllatlon ol n•t mov•m•nt In lund• to n•t ca•h flow Irom op•ratlng •¢tlvltle• 2026 2025 Not Incomelaxpendltur• for tho y•ar lai p•r Statem1 of FInAn81 Ad1Vitl) 1N24198 (913.012) Adlu•tm•nts for: Deproclollon chorge8 (Galns) I Lo88 on Inv•BtmentB oldends. Intern818 from inve8tm8nt• Decre88el{Sncr8a88) In debtorn Decrea In cra(litor8 3,502 {2,676,900) 79,278 {817,588) (768.944) 16,209 (48,507) 1204.108) (340.381) N•t cmh u••d In op•ratln9 •Ctlvltl 11,957,091) (1.988,044) 21. Analy•l• of ¢a•h •nd ¢a•h •qulvalonts 2026 25 Ca8h In hand 229,080 510,476 Total 8h and ca•h •qufvalents 229,080 510.476 Pago 26
THE LORD LEONARD & LADY ESTELLE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 22. Analy818 of chang In n•t d?bt At 31 March 2026 2025 Cmh flowg Cash at bank and hand $40A78 1311,3961 229,080 540,476 1311,396> 229.OBO 23. R•l•t•d party trnn••ctlon• L•gal and prof888h)nal fe08 includa an amount of £14,354 (2025: £21.6691 paid to Layton8 LLP. Limited Liabilrty Partnernhip of which l. Burman is a member. £Nil12025.. £10,169) wa8 outstandlng at tho balance sheet date. Slr lan Gllmore 18 Chalr of Alcohol Ho8llh Alllarbco. £210.000 out8tandlng at th8 balance •he8t date In reBpecl of a grant voted In the current year. Page 27