Charity Registration No. 1156077 Company Registration no: 08927040
THE WOLFSON FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE WOLFSON FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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CONTENTS
| Trustees’ Report | |
|---|---|
| Administrative Details | 2 |
| Structure, Governance and Management | 3 |
| Objectives and Activities | 4 |
| Achievements and Performance | 7 |
| Principal Risks and Uncertainties | 10 |
| Financial Review | 10 |
| Plans for the Future | 11 |
| Trustees’ Responsibilities | 12 |
| Independent Auditors’ Report | 13 |
| Statement of Financial Activities | 17 |
| Summary Income and Expenditure Account | 18 |
| Balance Sheet | 19 |
| Cash Flow Statement | 20 |
| Notes to the Financial Statements | 21 |
THE WOLFSON FOUNDATION
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
ADMINISTRATIVE DETAILS
Trustee Directors (and Members) Dame Janet Wolfson de Botton DBE (Chairman) Hon Mrs Laura Wolfson Townsley Sir David Cannadine FBA FSA FRSL Dame Hermione Lee DBE FRSL FBA Mrs Rebecca Marks Lord McColl CBE MS FRCS (retired June 2021) Sir Michael Pepper FRS FREng Sir Peter Ratcliffe MD FRCP FRS Dame Jean Thomas DBE FRS Lord Turnberg MD FRCP Charles Wolfson Townsley
Directorate
Paul Ramsbottom OBE MA MSt – Chief Executive (and Company Secretary)
Reference and administrative details Registered office:
Registered charity No: Company Registration No:
8 Queen Anne Street London, W1G 9LD 1156077 08927040
Professional Services
Bankers Barclays Bank plc Charities Team Level 27, 1 Churchill Place London E14 5HP
Solicitors Payne Hicks Beach 10 New Square Lincoln’s Inn London WC2A 3QG
Auditors UHY Hacker Young LLP Quadrant House 4 Thomas More Square London E1W 1YW
Principal Investment Managers Cazenove Capital 1 London Wall Place, London Wall, London EC2Y 5AU
Website www.wolfson.org.uk
Twitter @wolfsonfdn
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TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee registered in England and Wales (company number 08927040). The trustees who served during the year, and who are also the Directors for the purpose of company law, are detailed on page 2.
The charitable company was established through Memorandum and Articles dated 6 March 2014. The assets of the previous charitable trust, established by a Trust Deed dated 1 July 1955, were transferred to the new company which also took over the existing activities and functions of the now redundant charitable trust (registered charity 206495).
At the end of the year, the Board of Trustees comprised seven academic trustees - drawn from the fields of the arts and humanities, medicine and science - and four family trustees.
Appointments to the Board are made by the trustees, and the Nominations and Governance Committee advise on the balance and composition of the Board as well as individual appointments. The Committee also advises on the composition and remit of expert panels/committees as well as any related governance matters.
The Board of trustees meets twice each year. The Board decides matters of strategy and overall policy, determines the priorities and allocations for grant programmes, sets budgets and authorises grant awards. It is served by a number of panels and committees, which make recommendations on grantmaking, audit & risk management and investment policies. Panels comprise specialists in particular fields, as well as trustees.
The induction process for newly-appointed trustees and panel members comprises meetings with the chief executive and Board members, and covers governance, investment and grant-making policies (as well as the opportunity to attend training sessions organised by the Association of Charitable Foundations and similar organisations). Documentation provided for new trustees includes copies of the governing documents, relevant minutes, a history of the Foundation and recent annual reports and accounts.
A full list of members of the committees and expert panels is available on the Foundation’s website: https://www.wolfson.org.uk/about/panel-committee-membership/.
Risk assessment
The trustees have reviewed the major strategic, operational and financial risks which impact on the work of the Foundation and, on professional advice, noted that systems have been established to mitigate the exposure to them. The trustees regularly review this matter and take action required arising from the assessment and recommendations of the Risk & Audit Committee. Clearly during the year in question, the impact of the Covid-19 pandemic was a significant consideration, both in terms of the Foundation’s own operations and on the various sectors that the Foundation funds. This was an issue under constant consideration – and each of the expert panels, as well as the Board, considered detailed papers on this subject.
Beyond the ongoing effect of the pandemic, the trustees consider the two main areas of risk for the Foundation to be as follows:
(1) Investment risk. The trustees, supported by a dedicated Investment Committee which meets regularly, take a long-term approach to their investment strategy and aim to deliver the investment objective within an acceptable level of risk. A comprehensive review of investment management, undertaken at the request of trustees by the Investment Committee with the assistance of independent experts, was concluded in 2018.
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
(2) The reputational risk of making awards to inappropriate recipients. The trustees are advised in their decision-making by dedicated panels of experts, by independent peer reviewers and by a professional team of staff. In addition, visits are made by staff and trustees to projects (albeit of course this has been curtailed during the pandemic period). Grants are paid in arrears on receipt of evidence of appropriate expenditure. A framework for monitoring and evaluation has been established. Full details of all expert panels are available on the website.
Conflicts of interests
Under the Foundation’s formal conflict of interest policy a trustee holding an active post (whether honorary or otherwise) at an applicant organisation takes no part in the decision on whether to make an award. Similarly committee/panel members with a conflict of interest take no part in making recommendations relating to organisations in which they (or relatives or business partners) have an involvement. A register of interests is maintained by the Foundation’s office.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The key objective of the Foundation is to contribute to the health, resilience and variety of our society through support for education (defined in its broadest sense). The Foundation works in the fields of science, health, heritage, humanities and the arts. The trustees have complied with section 4 of the 2006 Charities Act, having due regard for the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives, when formulating strategy and in making awards. One measure of public benefit generated by the Foundation is contained in the list of projects supported (see note 15). In a wider sense, public benefit considerations also inform our framework for monitoring and evaluation (see below).
Our founders recognised that the creation and sharing of knowledge are the building blocks of a healthy society. This principle continues to inform and underpin Wolfson’s activities and we therefore have a strong and renewed focus on education and research.
During 2019, we commissioned an independent applicant and grantee perception survey. The results emphasised the continuing and perhaps increasing need for support from philanthropic sources – a need which has only been exacerbated by the pandemic. The specific comments from that survey have helped to frame our Strategic Framework, which was launched in January 2020. As an endowed charity we are able to take a long-term perspective – remaining loyal to our core values while responding to emerging needs and opportunities. We believe that our independence and long-term time horizon are strengths — strengths that allow us to work flexibly and creatively whatever the political, economic or cultural context.
Our strategic framework covers the period from 2020 to 2024, and is available to download from the Foundation’s website: https://www.wolfson.org.uk/about/strategy/ . The framework states that “we don’t know what the next five years will bring, and so our framework needs to be flexible. But we do know that research and education will remain of critical importance to British society – and that philanthropy will need to play an important role.” That statement was particularly pertinent as the Foundation endeavoured to respond creatively to the crisis in British society caused by Covid-19 (see Response to the pandemic) .
The organisations that we fund indicate there is a real advantage to a mixed economy of funding from a variety of sources. In particular, support from philanthropic organisations like Wolfson allows them to pursue their ambitions in ways that would be much more difficult through other sources of funding.
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Wolfson brand is intended to be recognised as a mark of excellence. Whilst ‘excellence’, of necessity, is defined by expert panels somewhat differently under each of the funding themes and programmes, the intention is to support outstanding projects that are exemplars within their particular area. ‘Excellence’ is defined broadly enough to include organisations and activities that are pioneering or promising as well as those that are more established. The aim is that Wolfson grants have a benefit beyond their financial value, helping recipients to raise additional funds and to highlight the importance of their work.
The impact of the Foundation’s funding is monitored through biannual reports on projects provided by recipients during the lifetime of a grant, by visits undertaken by staff and trustees and by a framework for monitoring and evaluation . Each funding theme has a stated series of aims which provides a framework, both for evaluation and monitoring. The intention is that the burden on award holders should be as light as possible, and that the information collected should be proportionate – and provide only the detail necessary for those evaluating the project as well as for assessing the general programme area.
Alongside the Applicant Perception Survey commissioned in 2019 (and available on our website), external reports are also periodically commissioned to review the effectiveness of particular programme areas.
During the year the Foundation signed up to the Funder Commitment on Climate Change (https://fundercommitmentclimatechange.org/).
Response to the pandemic
The Foundation was in the first quarter of its new strategic framework when the first UK lockdown was announced in March 2020. The Wolfson office moved seamlessly to working as a virtual office and has continued in this way throughout the financial year. Much of the activity during the year in question has been responding creatively and flexibly to a rapidly changing situation.
During the year (and in large part in response to the pandemic) some £46 million was paid in grants. This is the highest annual figure in the Foundation’s 66 year history.
Across each of the sectors in which Wolfson funds the impact of Covid-19 presents ongoing significant challenges and pressures. During the year, the Foundation took part in many conversations about these challenges and the funding responses from government and philanthropy. Each of the expert panels provided detailed advice for the Board about the impact of the pandemic in their specific areas of expertise.
The Foundation introduced significant flexibility across all existing grants throughout the year (including in many cases converting capital grants into unrestricted funding with immediate payment).
During the back half of 2020, funding programmes were divided into two streams:
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(a) Awards for educational organisations (i.e. universities and schools), through the standard capital infrastructure funding.
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(b) A Covid-19 Support Fund for carefully targeted designated organisations funded by Wolfson over the past few years. This allocated some £10 million on an unrestricted basis – and using a relatively light touch process – supporting organisations as they adapted to the changing context. The awards were for (i) health & disability charities and (ii) cultural organisations (museums, galleries, heritage, performing arts & public engagement with science organisations).
The response to the flexibility and additional funding was extremely positive. A full list of all grants made is listed at note 15.
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In addition, trustees agreed some emergency awards, including for a new programme to support individual artists and musicians (in partnership with other funders); a fund to support care workers through the Care Workers’ Charity (which the Charity are using for a mental health support programme for care workers and their families affected by the Covid-19 crisis); and one-off unrestricted grants to sector support bodies (the Association of Charitable Foundations and the National Council of Voluntary Organisations).
Grant-making process and policy
Trustees make awards twice each year and are advised by expert panels comprising trustees and specialists, which meet before the main Board meetings.
Four particular factors influence trustees in their decision-making. First, trustees aim to support, promote and encourage excellence (both existing and potential). High quality grant-making based on rigorous, expert peer review is therefore central to all activities. Secondly, attempts are made, particularly through the work of expert panels and in discussion with applicants and other funders, to identify and support important areas that are under-funded. Thirdly, applicants are encouraged to use Wolfson funds as a catalyst, so that the Foundation’s funding can lever additional support. Fourthly, collaboration is actively sought with other expert bodies and funders. Wellcome, Art Fund and the Royal Society are just three examples of organisations with whom the Foundation collaborates on joint funding programmes.
The Foundation has traditionally had an emphasis on capital infrastructure (accounting for some 85% of funding in a standard year). In particular, the Foundation prioritises supporting infrastructure that allows talent and excellence to flourish, helps organisations to make a significant, strategic change in their activity, and makes an organisation more sustainable.
In targeted areas (and generally in partnership with other expert organisations), the Foundation also funds talented people through bursaries, scholarships and merit awards. This recognises the fact that buildings and equipment are only effective alongside the work of talented people.
A focus on excellence does not mean funding exclusively large or metropolitan organisations. As the list of awards demonstrates (note 15), the Foundation has continued to expand its regional strategy, aimed at ensuring that excellent organisations receive funding wherever they are based in the United Kingdom.
Funding is grouped around three areas: Science; Health; and Heritage, Humanities & the Arts. The funding is administered through a number of programmes, as outlined in note 15 (and described in detail on the Foundation’s website). Emphasis on the creation, preservation and dissemination of knowledge means that education and research, in the broadest sense, are the overarching themes that encompass almost all of the Foundation’s activity. Up to two thirds of the total grant expenditure is allocated to higher education institutions.
Applications are generally assessed by independent, expert reviewers, and applicants are given an opportunity to respond to queries raised during the review process. The Foundation aims to be clear and transparent in all of its activities (and the Foundation’s chief executive recently chaired the Association of Charitable Foundations working group on Transparency & Engagement).
The Foundation also aims to add value to individuals and organisations receiving funding through our networks and communications. In line with the Foundation’s communication strategy, media and social networking was used to highlight excellence and help make connections.
Although the Foundation does not work directly with children or vulnerable adults it does provide funding to other organisations that work with these populations. The Foundation seeks to ensure, through proportionate and reasonable due diligence, that grantee organisations take their responsibility seriously and that safeguards are in place in these charities to protect vulnerable people from abuse.
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Furthermore, the Foundation seeks to ascertain that applicants have clear procedures for reporting concerns.
STRATEGIC REPORT
ACHIEVEMENTS AND PERFORMANCE
In fulfilment of the policies outlined above, grants were pledged totalling £36.4 million, and cash payments of grants were made totalling £46 million. The year’s grant-giving was successful in that, on the advice of external experts, quality projects in the Foundation’s priority areas were funded. The unrestricted funding provided through the Covid-19 Support Fund has been invaluable to many organisations in supporting them through the difficult months of the pandemic, and allowing them to plan for an uncertain future.
Given the nature of the capital investments (especially when funding infrastructure underpinning highquality research) it is too early to assess the long-term benefits of projects funded during this particular financial year.
An evaluation of projects funded in previous years is, however, undertaken, usually by themed programme area and often in conjunction with an independent, external advisor (see also last paragraph under Objectives & Activities) . Results inform future funding, and where relevant, reports may be published on our website.
One example of the impact of funding in previous years is the fact that much of the UK research relating to Covid-19 took part in Wolfson-funded facilities. The joint programme with the Royal Society to support laboratory refurbishment infrastructure had its theme as “infectious disease” during 2015, 2016 and 2017. This meant that many of the top UK infectious diseases laboratories had been refurbished just before the pandemic. Additionally, the Jenner Institute in Oxford had received major infrastructure support; researchers in the Institute were instrumental in the creation of the Oxford Astrazeneca Covid-19 vaccine.
During this financial year, the Foundation’s total grant-making since 1955 passed the milestone of £1 billion. The real value of these awards (taking into account inflation) is estimated to be over £2 billion.
(1) Science
This area continues to receive the highest proportion of the Foundation’s funding, particularly for research infrastructure (new buildings, refurbishment and equipment). A key part of our strategy is close dialogue with universities and other research-intensive organisations, to identify projects that take into account the institution’s strategic priorities and their own assessment of their research strengths. Funding is primarily allocated on the grounds of excellence and not through a prescriptive emphasis on a particular theme or topic. We anticipate, however, that we will continue to fund projects relating to some of the great contemporary research challenges, including for example climate change and neurodegenerative diseases as well as Covid-19 and infectious diseases.
Excellence in this context is defined as internationally competitive research of the highest quality or with the potential to be of the highest quality. Funding spans both biological and physical sciences, and we recognise the importance of both fundamental and applied research. The Foundation believes that supporting the most outstanding science is likely in the long term to result in significant (if often unpredictable) impact.
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
Although research institutions were facing unprecedented pressures during the year, it was felt that the most useful support that could be provided by the Foundation was a continued focus on research infrastructure (which is likely to be harder to fund over the next few years) along the principles outlined above. Some projects focussed specifically on infectious diseases and Covid-19 – notably a new Centre for Epidemic Preparedness and Response at the London School of Hygiene & Tropical Medicine. The Foundation, however, deliberately did not divert funds to this area – conscious of ongoing and important needs in other areas. An award of £2 million, for example, supported a new research wing within a cancer research and treatment centre at the Royal Marsden.
A first major award was made to Plymouth’s Marine Biological Association to support their Marine Microbiome Centre of Excellence, continuing an ongoing trend of funding research which relates to climate change and its impacts. Rural health is a somewhat neglected area for research (albeit not unconnected to wider considerations including climate change), and the University of Lincoln received £1 million toward the creation of an International Institute for Rural Health.
In addition to further investments in biomedicine, other awards focussed on different elements of research related to the physical sciences, including the University of Glasgow for a new quantum and nanotechnology facility.
Over many years, the Wolfson Foundation has enjoyed a fruitful partnership with the Royal Society, and the Royal Society Wolfson Fellowship was renewed during the year. The programme has two funding streams. First, it enables UK research institutions to recruit leading international researchers to their organisation with five-year funding; secondly, the Visiting Fellowships scheme allows international researchers and their host organisations to develop ongoing collaborative research links over a 1-2 year timeframe. The Wolfson funding is matched by government through the Department for Business, Energy and Industrial Strategy. The programme underlines the ongoing importance of recruiting international quality researchers to the UK.
Science education, starting at school but continuing across all ages, remains an important part of the Foundation's interests in this area. Wolfson continued its funding of capital infrastructure projects to improve the teaching of STEM at schools and sixth form colleges. One example is funding of £99,300 to refurbish science laboratories and a prep room at St Ives School in Cornwall.
Concern for improved public engagement with science, so that public debates are underpinned by a reasonable level of scientific understanding, is a long standing interest of Wolfson – and the importance of this area has been highlighted by various debates about Covid-19 and vaccination. The key focus of the Foundation is on funding museums and galleries with a scientific or technological focus. Recognising the impact of prolonged lockdown on such visitor attractions, the Foundation made two unrestricted grants - to the National Space Centre in Leicester and the Thackray Medical Museum in Leeds.
(2) Heritage, humanities and the arts
Funding under this theme recognises the UK’s strength in these areas, and the importance of the heritage and cultural sectors to the economy to the enrichment of society and to our wellbeing as individuals. It supports and encourages excellence across the cultural and academic spheres: at museums and galleries, historic sites, performing arts organisations and universities.
The cultural sector has been particularly badly affected by the lockdown and closures of the year, albeit generalisations are difficult in that the impact of the pandemic on organisations has varied significantly. The office has been heavily involved in conversations with individual organisations, sector bodies, government and other funders (including in the building up to the announcement of the government’s Culture Recovery Fund in summer 2020).
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The majority of funding allocated during the year was unrestricted and provided through the exceptional Covid-19 Support Fund. The programme focussed on organisations that had received capital funding from Wolfson over the past six funding rounds (i.e. 2017-19). Although the application process was extremely light touch, grants were awarded on the basis of a rigorous review of organisational finance and the impact of Covid-19 on operations.
Additionally, a small number of capital infrastructure awards were also made during the year – including, for example, toward the major refurbishments of Paisley Museum in Renfrewshire and the V&A Museum of Childhood in London’s Bethnal Green. The Foundation also continued its support for historic buildings, including for listed churches across the UK in partnership with the National Churches Trust.
Over recent years, the largest allocation of funding for research within the humanities has been the programme funding doctoral research at nine institutions across the UK – the Wolfson Postgraduate Scholarships in the Humanities. The aim is to bolster the humanities at UK universities at a time of pressure on funding by supporting the most promising research students, many of whom may go on to make a significant impact in their field. An additional element of flexibility was included this year, allowing universities to use a proportion of the funds for hardship support.
The Foundation also continued to support the arts, from secondary education through to the UK’s leading theatres and performance venues. The largest school award this year was for the BRIT School for Performing Arts and Technology in Croydon for the refurbishment of their musical theatre facilities.
One of the hallmarks of the year has been increased collaboration between funders. One direct result of the pandemic has been a programme to support individual artists, with the Wolfson Foundation funding in partnership with Jerwood Arts, Esmée Fairbairn Foundation and the Linbury Trust. The Foundation also renewed and extended existing partnerships. A partnership with the Theatres Trust, supporting theatres to improve the environmental sustainability of their buildings has been funded for a further three years. The long-term partnership with National Archives and Pilgrim Trust to support cataloguing of archives is also being continued for a further three years – with Wolfson contributing toward a total fund of £1 million.
Alongside investment in specific projects, the Foundation continued to highlight the importance of the arts and humanities to British society. The Wolfson History Prize is a book prize that has been awarded annually since 1972 and the Prize has developed as an independent voice championing history and history writing. The winner (drawn from six shortlisted books that combined excellence in research with readability) was David Abulafia for his book The Boundless Sea. The judges of the Prize commended a “sweeping global survey” which “through immense and impeccable research helps us to understand humanity’s relationship with the waters on which our future depends”.
For the first time, the Prize was awarded at a virtual ceremony but, notwithstanding some of the challenges of running a book prize during lockdown, the publicity again continued its upward trend.
(3) Health
The funding under this theme recognises the critically important work done by charities — large and small — in communities across the UK. There is an important role for civil society to play alongside statutory services. Our funding is focussed on three strands: palliative care and hospices; the needs of older people; and independent living for people with disabilities. Excellence in this context is defined by the quality of the care and service provided to beneficiaries.
The pressures for health and disability charities during the pandemic have been significant and loosely been based around three factors: (a) a challenge to income streams, particularly for organisations heavily reliant on community fundraising and/or retail. For many charities (and particularly the larger ones) this has necessitated action to reduce overheads; (b) In many cases, the scale of the need of beneficiaries has increased; (c) in most cases, the operational model of the charity has needed to change to adapt to Covid regulations.
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
In response to these challenges, the majority of funding this year was allocated on an unrestricted basis – including through the dedicated Covid-19 Support Fund. In identifying the list of potential applicants, the office looked closely at how the pandemic and lockdown had affected the sector, and how other funders, including government, had responded. Twenty-one national charities were selected which had received more than one grant from Wolfson during the last decade (and in many cases they have been supported for considerably longer). These included a balance of different themes/priority groups (e.g. physical and sensory disability, learning disability, mental health, support for older people, residential provision and care homes). Alongside these national organisations, the Foundation funded the majority of hospices in receipt of capital funding over the four grant rounds in 2018 and 2019: the 18 hospices supported are distributed across all administrative regions of England and Wales.
As well as these exceptional awards, a large number of capital infrastructure grants were also made, including for example to special schools across the UK.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties have been set out in the Trustee’s Report under the section “Risk Assessment” on page 3.
FINANCIAL REVIEW
The trustees have prepared accounts in accordance with current statutory requirements, the FRS 102 Statement of Recommended Practice - Accounting and Reporting by Charities and the Companies Act 2006. The Foundation’s total return on the fund’s assets in 2020/21 was £223.1 million (2019/20: negative return of £28.4 million) of which income net of fees was £17.2 million (2019/20: £19.6 million) and gains were £205.9 million (2019/20: losses of £48.0 million). The portfolio of investments and cash held on deposit had a total value of £950.3 million at 31 March 2021 (2020: £772.2 million). After large losses in the first quarter of the 2020 calendar year due to the reaction of markets to the pandemic, the portfolio enjoyed very positive returns in the last nine months of 2020 due to a strong rally in markets and good strategic positioning of the Foundation’s portfolio.
Returns are applied to the charitable aims of the Foundation as described elsewhere in this report. Grants awarded during the year net of relinquishments were £35.7 million (2019/20: £33.0 million, plus £10.0 million for an exceptional mental health research initiative). Payments to awardees in the year totalled £46 million (2019/20: £29.9 million) – much of the increase being due to the award of emergency grants in the light of the pandemic. The trustees hold deposits, gilts and other bonds to cover the Foundation’s current commitments.
All of the Foundation’s net assets were held in unrestricted funds as the trustees have power to distribute both income and capital. The Foundation has shared objectives and joint administration with the Wolfson Family Charitable Trust, registered charity number 228382, at 8 Queen Anne Street, London, W1G 9LD.
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
Investment policy and performance
The Foundation is managed on the basis of existing in perpetuity and hence the Foundation has the objective of maintaining the portfolio’s real purchasing power after inflation over time. The trustees allocate funding on a total return (rather than income) basis.
The long-term investment objective is an average annual total return of UK CPI + 4% (changed recently from UK RPI + 4%). The trustees aim to distribute at least 4% of the fund on an annual basis. The calculation of the distribution is based on the average portfolio value over the last five years.
The asset allocation within the portfolio is arranged accordingly, taking advantage of the Foundation’s long-term investment horizon. Policies and investment allocations are continually reviewed by the Investment Committee and trustees. Trustees review the investment strategy with the Investment Committee and fund managers (signatories to the UN Principles for Responsible Investment), in order to ensure that (1) the Foundation can achieve or outperform its target return in the long term; and (2) investment decisions made by our fund managers are taken in a socially responsible manner and in accordance with Wolfson’s core principles. Responsible investment underpins the investment strategy in accordance with the Foundation’s responsible investment policy, and trustees have a policy of not investing directly in tobacco companies or fossil fuel extractors.
The Investment Committee is responsible to the trustees for investment policy and monitoring the portfolio. Committee members are available to report to the trustees at Board meetings. Trustees and the Risk and Audit Committee review the terms of the Investment Committee mandate.
The Foundation’s entire portfolio has been restructured in the last three years in line with the trustees’ investment objective. The performance of the portfolio is monitored by the trustees and the Investment Committee.
Reserves policy
The total net funds of the Foundation as at 31 March 2021 stood at £875.0 million, all represented by an expendable endowment fund, the gross value of which was £950.3 million as stated above.
Included in this balance is accrued grant expenditure which has been committed already but which is not due for payment until future years.
As stated above, in the Investments policy and performance section, the trustees aim to distribute some 4% of the fund on an annual basis in grants and other expenditure. The trustees consider it prudent to have liquid assets within investments to cover a significant proportion of planned expenditure. They have agreed that at least £50 million should be retained in a combination of cash and short-dated gilts.
As at 31 March 2021, cash and gilts in the portfolio totalled £95.5 million (10% of the total). Accordingly, the trustees consider that reserves are available at a level which enables them to plan with confidence for the future.
PLANS FOR THE FUTURE
As noted above, the trustees have introduced a new strategic framework for the years 2020 to 2024 (to be reviewed in 2022).
After the exceptional funding of 2020-21, all of the Foundation’s capital infrastructure funding programmes have now reopened. The Foundation will continue to look for opportunities to support organisations in their response to the ongoing challenges caused by Covid-19.
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TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The trustees (who are also the Directors of the Wolfson Foundation for the purposes of company law) are responsible for preparing the Strategic Report, Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate records which disclose with reasonable accuracy the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the charitable company’s assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT OF DISCLOSURE TO AUDITORS
So far as the trustees are aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the trustees believe they have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Approved by the trustees on 9 December 2021 and signed on their behalf by:
Dame Janet Wolfson de Botton DBE Chairman
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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION
Opinion
We have audited the financial statements of the Wolfson Foundation (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)’.
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (FRC’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 is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statement is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
14
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
-
the information given in the strategic report and the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the trustees' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
15
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected 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, to 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:
Based on our understanding of the charitable company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the valuation of the charity’s investments, inflated revenue and the charitable company’s net income for the year.
Audit procedures performed to assess the valuation of the charitable company’s investments included: confirmation of the valuation of investment balances from the investment managers and a review of the most recent Service Organisation Controls Reports in relation to those investments. We obtained the most recent audited financial statements for the assets under management by Oxford University Endowment Management Limited and the various assets managed by JP Morgan to confirm that there were no indictors of impairment and that they were prepared on a going concern basis.
To assess inflated revenue and the charitable company’s net income for the year audit procedures performed included: a review of the financial statement disclosures to underlying supporting documentation, review of correspondence with legal advisors, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.
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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
16
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION
Use of our report
This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Subarna Banerjee (Senior Statutory Auditor) for and on behalf of UHY Hacker Young, Statutory Auditor London
13 December 2021
……………….
17
THE WOLFSON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 |
|||
|---|---|---|---|
| 2021 | 2020 | ||
| Notes | £'000 | £'000 | |
| Income from: | |||
| Investments | 3 | 18,798 | 21,171 |
| __ | __ | ||
| Total income | 18,798 | 21,171 | |
| ======= | ======= | ||
| Expenditure on: | |||
| Raising funds (investment management fees) | 1,650 | 1,552 | |
| __ | __ | ||
| Charitable activities: | |||
| Science | 15,363 | 14,066 | |
| Arts and humanities | 7,804 | 8,672 | |
| Education | 6,734 | 6,577 | |
| Health | 7,073 | 5,095 | |
| Exceptional mental health initiative | - | 10,000 | |
| __ | __ | ||
| Charitable activities | 4 | 36,974 | 44,410 |
| __ | __ | ||
| Total charitable activities | 36,974 | 44,410 | |
| __ | __ | ||
| Total expenditure | 38,624 | 45,962 | |
| ======= | ======= | ||
| Other recognised gains and losses | |||
| Realised or unrealised gains or losses on disposal | and revaluation of: | ||
| investment assets | 9 | 204,503 | (40,162) |
| foreign exchange | 1,414 | (7,887) | |
| __ | __ | ||
| Total recognised gains and losses | 205,917 | (48,049) | |
| ======= | ======= | ||
| Net movement in funds | 186,091 | (72,840) | |
| Reconciliation of funds | |||
| Total funds brought forward | 688,947 | 761,787 | |
| __ | __ | ||
| Total funds carried forward | 875,038 | 688,947 | |
| ======= | ======= |
The realised and unrealised gains of £204,503,224 (2020: losses of £40,162,428) reflect a large increase in market values following the falls in the last quarter of 2019-20. The realised gain on disposal, by reference to the original costs of the investments, was £31,048,277 (2020: £5,439,596).
All recognised gains and losses have been included in the Statement of Financial Activities and the amounts included are derived entirely from the ordinary activities of the charitable company.
18
THE WOLFSON FOUNDATION
SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 |
||
|---|---|---|
| 2021 | 2020 | |
| £’000 | £'000 | |
| Income | ||
| Incoming resources | 18,798 | 21,171 |
| Gain / (Loss) on investments | 205,917 | (48,049) |
| __ | __ | |
| Net gains / (losses) on investments | 224,715 | (26,878) |
| __ | __ | |
| Expenditure | ||
| Resources expended | 38,624 | 45,962 |
| __ | __ | |
| Total expenditure | 38,624 | 45,962 |
| __ | __ | |
| Net movement in funds | 186,091 | (72,840) |
| ======== | ======== |
19
THE WOLFSON FOUNDATION
BALANCE SHEET AS AT 31 MARCH 2021
| BALANCE SHEET AS AT 31 MARCH 2021 |
|||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Notes | £’000 | £’000 | £’000 | £’000 | |
| Fixed assets | |||||
| Investments | 9 | 882,045 | 723,830 | ||
| Current assets | |||||
| Investments | 9 | 68,297 | 48,350 | ||
| Debtors | 10 | 1,527 | 1,396 | ||
| Cash at bank | 203 | 233 | |||
| __ | __ | ||||
| 70,027 | 49,979 | ||||
| Creditors: amounts falling due | |||||
| within one year | 11 | (38,303) | (37,895) | ||
| __ | __ | ||||
| Net current assets | 31,724 | 12,084 | |||
| __ | __ | ||||
| Total assets less current liabilities | Total assets less current liabilities | 913,769 | 735,914 | ||
| Creditors: amounts falling due | |||||
| after one year | 12 | (38,731) | (46,967) | ||
| __ | __ | ||||
| Total net assets | 875,038 | 688,947 | |||
| ======= | ======= | ||||
| Funds | |||||
| Expendable endowment fund | 875,038 | 688,947 | |||
| ======= | ======= |
The financial statements on pages 17 to 47 were approved by the Trustees on 9 December 2021 and were signed on their behalf by:
Dame Janet Wolfson de Botton DBE Chairman
Paul Ramsbottom Chief Executive
Company registration no 08927040
20
THE WOLFSON FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 |
|||
|---|---|---|---|
| 2021 | 2020 | ||
| Notes | £’000 | £’000 | |
| Cash used in operating activities | 13 | (45,168) | (40,529) |
| __ | __ | ||
| Cash flows from investing activities | |||
| Dividends, interest and distributions from investments | 3 | 18,798 | 21,171 |
| Purchase of investments | 9 | (274,359) | (279,809) |
| Proceeds from sale of investments | 9 | 320,646 | 278,601 |
| (Increase)/decrease in current asset investments | (19,947) | 20,720 | |
| __ | __ | ||
| Net cash provided by investing activities | 45,138 | 40,683 | |
| __ | __ | ||
| Change in cash at bank in the year | (30) | 154 | |
| Cash at bank brought forward | 233 | 79 | |
| __ | __ | ||
| Cash at bank carried forward | 203 | 233 | |
| ======= | ======== |
21
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies The particular accounting policies adopted by the trustees are set out below:
(a) Basis of preparation
The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)); the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
The most significant areas of judgement and key assumptions that affect items in the accounts relate to estimating the liability from multi-year grant commitments (see note 8 for more information), and the level of investment returns and the performance of investments. The most significant areas of uncertainty that affect the carrying value of assets held by the Foundation are the level of investment returns and the performance of investments.
The financial statements have been prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £’000.
(b) Going concern
The trustees consider that as the finances are based on a long-term endowment there are no material uncertainties about the Foundation’s ability to continue as a going concern. This is further reflected in the positive results for the period.
(c) Investment income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
(d) Resources expended
Expenditure is included on an accruals basis.
Grant awards and other liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
(e) Allocation of management and administration expenses Management and administration expenses are allocated first between charitable activity and governance. Support costs are apportioned evenly amongst the four grant making categories. The allocation of management and administration expenses is analysed in note 4.
(f) Governance costs Governance costs comprise all costs involving the public accountability of the charitable company and its compliance with regulation and good practice. These costs primarily include costs related to statutory audit, accountancy and legal fees.
22
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
(g) Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the expendable endowment fund.
(h) Investment assets
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price where available. Where this is not available, for example with private equity investments, industry-standard valuation methods are applied. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Short dated gilts and cash balances are managed as part of a portfolio of investment assets and are included as current assets.
(i) Gains and losses on investments
Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (or the purchase date cost if acquired during the year). Unrealised gains and losses on investments are calculated as the difference between the closing mid-market value at the year end and opening mid-market value (or purchase date cost if acquired during the year).
Realised and unrealised gains and losses on investments are not separated in the statement of financial activities and are recognised in the statement of financial activities as they arise.
2. Maintaining the Foundation for the longer term
In order to achieve a proper balance between the interests of current and future beneficiaries, the trustees have determined that they are aiming to preserve the value of the expendable endowment fund broadly in real terms, and that investment returns in excess of the amount required to preserve the real value of the fund may be expended in furtherance of the Foundation’s objectives.
The net value of the fund is the residual sum, dependent upon the amounts and timing of both income and expenditure.
and expenditure. |
|||||
|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| RPI at the Foundation's year end | 106.1 | 109.6 | 112.9 | ||
| CPI at the Foundation’s year end | 113.5 | 114.6 |
From April 2019, CPI has been applied to the adjusted RPI figure at this date, as the formal investment target changed near the year ended 31 March 2019 from RPI + 4% to CPI + 4%.
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| £'000 | £'000 | £’000 | £’000 | £’000 | |
| Actual expendable endowment fund | 774,515 |
739,218 | 761,787 | 688,947 | 877,038 |
| Target expendable endowment fund | 685,577 |
708,489 | 729,698 | 740,609 | 748,111 |
| _ | _ | _ | _ | _ | |
| Increase in fund in real | |||||
| terms relative to March 2016 | 88,938 | 30,729 | 32,089 | (51,662) | 128,927 |
| ======= | ======= | ======= | ======= | ====== |
23
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Investment income
| Total Total | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £’000 | £’000 | |||
| Dividends | - | UK companies, unit trusts and OEICS | 972 | 1,008 |
| Interest | - | UK securities, unit trusts and OEICS | 80 | 369 |
| Interest | - | UK cash deposits | 1 | 168 |
| Dividends | - | Foreign securities, unit trusts and OEICS | 4,465 | 5,543 |
| Interest | - | Foreign securities, unit trusts, OEICS and Eurobonds | 1,110 | 2,480 |
| Distribution | - | Oxford University Endowment Management Limited | 12,170 | 11,603 |
| __ | ______ | |||
| 18,798 | 21,171 | |||
| ======= | ===== |
3.1 Investment performance
In setting the objectives against which the performance of the investment managers is measured, the Trustees are primarily concerned with the total return on investments, namely the sum of investment income (note 1(c) above) and gains and losses on investments (note 1(i) above).
Although these constituent elements are required to be shown separately in the statement of financial activities, no importance attaches to how much of the total return is represented by investment income and how much is represented by gains or losses on investments, and the investment managers are not set separate targets for these amounts. This approach is termed a total return approach.
The long-term investment objective was until March 2019 an average annual total return of UK RPI + 4%. This target was changed to UK CPI + 4%, and this has been reflected in calculations from the previous financial year.
A summary of investment performance over the last five years is set out below.
3.2 Changes in the investment portfolio
| 2017 | |||||||
|---|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | -2021 | ||
| £'000 | £'000 | £'000 | £'000 | £'000 | £’000 | ||
| Opening value of investments | A | 744,955 | 844,687 | 806,308 | 831,407 | 772,180 | 744,955 |
| __ | __ | __ | __ | __ | __ | ||
| Investment income | 19,631 | 18,998 | 23,650 | 21,171 | 18,798 | 102,248 | |
| Investment gains/(losses) | 112,201 | (21,028) | 38,568 |
(48,049) | 205,917 |
287,609 | |
| Investment management fees | (875) | (963) |
(912) |
(1,552) |
(1,650) |
(5,952) |
|
| __ | __ | __ | __ | __ | __ | ||
| Total return | B | 130,957 | (2,993) | 61,306 |
(28,430) | 223,065 |
383,905 |
| Amounts withdrawn from | |||||||
| portfolio (note (i)) | (31,225) | (35,386) |
(36,207) |
(30,797) |
(44,903) |
(178,518) | |
| __ | __ | __ | __ | __ | __ | ||
| Closing value of investments | 844,687 | 806,308 | 831,407 | 772,180 | 950,342 | 950,342 | |
| ======= | ======= | ======= | ======= | ======= | ======= |
(i) These amounts are on a "cash basis" - being the monies withdrawn from the investment portfolio in the period in order to pay grants and disburse other expenditure.
24
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Investment income (continued)
3.3 Investment returns compared to the Foundation's objective
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2017-|
|2017|2018|2019|2020|2021|2021|
|average|
|Actual return % (B/A)|17.58%|(0.35%)|7.60%|(3.42%)|28.89%|10.06%|
|Target return % (RPI + 4%)|C|7.30%|7.62%|6.99%|
|Target return % (CPI + 4%)|C|-|-|-|5.50%|5.01%|6.48%|
|_ _ _ _ _ _|
|Return in excess of / (below)|
|target %|10.28%|(7.97%)|0.61%|(8.92%)|23.88%|3.58%|
|======= ======= ======= ======= ======= =======|
|2017|2018|2019|2020|2021|Total|
|£'000|£'000|£’000|£’000|£’000|£'000|
|Actual return £'000|B|130,958|(2,993)|61,306|(28,430) 223,065|383,905|
|Target return £'000 (C x A)|54,360|64,355|56,390|45,689|38,709|259,502|
|_ _ _ _ _ _|
|Return in excess of/(below)|
|target £'000|76,598|(67,348)|4,916|(74,119) 184,356|124,403|
|======= ======= ======= ======= ======= =======|
|4.|Grant making activities|
|Grants Allocated|
|awarded expenses|Total|Total|
|(net)|(Note 5)|2021|2020|
|£’000|£’000|£’000|£’000|
|Science|15,049|314|15,363|14,066|
|Arts and humanities|7,490|314|7,804|8,672|
|Education|6,420|314|6,734|6,577|
|Health|6,760|313|7,073|5,095|
|Exceptional mental health research initiative|-|-|-|10,000|
|_ _ _ _|
|35,719|1,255|36,974|44,410|
|======= ======= ======= =======|
----- End of picture text -----
The total management and administration expenses are apportioned evenly amongst the four grant making activities.
Significant aspects of the grant activity during the year are described on pages 7 to 10 of the Trustees’ report.
25
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. Grant making activities (continued)
4.1 Charitable expenditure
The Trustees aim to distribute approximately 4% of the fund, including administrative costs, on an annual basis. The value used to calculate the normal target distribution is the average of the last five years’ investment portfolio value.
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2017|
|2017|2018|2019|2020|2021|- 2021|
|£'000|£'000|£’000|£'000|£’000|£’000|
|Actual charitable expenditure (i)|31,048|32,305|38,737|44,410|36,974|183,474|
|Target charitable expenditure|30,743|31,673|31,965|32,302|33,639|160,322|
|_ _ _ _ __|_|
|Expenditure in excess|
|of/(below) target|305|632|6,772|12,108|3,335|23,152|
|======= ======= ======= ======= ======= =======|
----- End of picture text -----
(i) These amounts are on an "accruals basis", meaning that grants are included in the year of award, as described in note 1(d).
5. Management and administration expenses
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Grant|Total|Total|
|Governance|making|2021|2020|
|Costs activities|(Note 4)|
|£'000|£'000|£'000|£'000|
|Consultancy costs|28|57|85|74|
|Auditors' remuneration|- audit services|13|-|13|13|
|- other services|52|-|52|53|
|Legal fees|47|-|47|10|
|Staff costs|-|664|664|671|
|Rent and service charges|-|203|203|232|
|Other expenses|-|191|191|346|
|_ __|_|_|
|140|1,115|1,255|1,399|
|======|======|======|======|
----- End of picture text -----
The governance costs comprise costs of running the Foundation and planning for future developments, including audit and legal advice for the Trustees and costs of complying with constitutional and statutory requirements, such as Trustees’ meetings and the preparation of accounts and satisfying public accountability.
The costs relating to grant making activity represent costs incurred in assessing applications, administration of the grants awarded and post-grant monitoring. No staff costs are allocated to governance costs as the amount of related activity is immaterial compared to the grant making activity.
26
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Trustees’ remuneration
No fees are paid to trustees for their services as Board Members. As allowed by the Memorandum and Articles, consultancy fees of £35,000 (2020: £37,500) were paid to academic trustees in connection with the work they undertook in advising on applications to the Foundation – capped at £5,000 pa each to Sir David Cannadine, Dame Hermione Lee, Lord McColl, Dame Jean Thomas, Sir Michael Pepper, Sir Peter Ratcliffe and Lord Turnberg. Trustees who are family members did not receive any remuneration.
Expenses amounting in total to £4,732 (2020: £23,196) were paid in respect of all 11 (2020: 12) Trustees for trustee indemnity insurance and sundry costs.
7. Staff costs
The Foundation employs 11 full time and part time staff. The average number of full time equivalent staff in the year approximates to 9 (2020: 10).
| 2021 | 2020 | |
|---|---|---|
| £’000 | £’000 | |
| Salaries | 548 | 553 |
| Social security costs | 61 | 62 |
| Pension & other benefit costs | 55 | 56 |
| _ | _ | |
| 664 | 671 | |
| ====== | ====== |
One employee received emoluments between £120,000 and £130,000. One employee received emoluments between £70,000 and £80,000. One employee received emoluments between £80,000 and £90,000.
The total employment benefits, including employer pension contributions of the key management personnel, were £283,800 (2020: £276,023). This total does not include consultancy fees paid to trustees (please see note 6 above).
27
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Grants awarded for future payment
Grants awarded by the Trustees for future payment at 31 March 2021 total £72,118,253 (2020: £84,420,024) as follows:
£84,420,024) as follows: |
|||||
|---|---|---|---|---|---|
| Grants | Grants | Grants | |||
| At | awarded |
relinquished | paid | At | |
| 31 March | during the | during the | during the | 31 March | |
| 2020 | year |
year | year | 2021 | |
| £’000 | £’000 |
£’000 | £'000 | £’000 | |
| Wolfson Neurology Initiative | 392 | - |
- | (392) | - |
| Science | 43,679 | 15,747 |
(698) | (14,871) |
43,857 |
| Arts and humanities | 25,425 | 7,600 |
(110) | (14,477) |
18,438 |
| Education | 10,138 | 6,241 |
179 | (6,702) | 9,856 |
| Health | 4,791 | 6,810 |
(50) | (9,584) |
1,967 |
| __ | __ | __ | __ | __ | |
| 84,425 | 36,398 |
(679) | (46,026) |
74,118 |
|
| ======= | ======= |
======= | ======= | ======= | |
| Due within one year (note 11) | 37,458 | 35,387 | |||
| Due after more than one year (note 12) | 46,967 |
38,731 | |||
| __ | __ | ||||
| 84,425 | 74,118 | ||||
| ======= | ======= |
A summary of grants awarded during the year is set out in note 15.
9. Investments
Fixed asset investments
| 9. Investments Fixed asset investments |
|||||
|---|---|---|---|---|---|
| Market | Market | ||||
| value | Purchase | Sale | Gains / | value | |
| 2020 | costs | proceeds | (losses) | 2021 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Equities | 525,785 | 170,138 | (209,725) | 192,505 | 678,703 |
| Fixed Income | 63,923 | 29,032 | (41,472) | 15,544 | 67,027 |
| Absolute Return | 100 | - | - | - | 100 |
| Real Assets | 117,021 | 30,227 | (37,370) | (885) | 108,993 |
| Gilts and Others | 17,000 | 44,962 | (32,079) | (2,661) | 27,222 |
| _ | _ | _ | _ | ______ | |
| 723,830 | 274,359 | (320,646) | 204,503 | 882,045 | |
| _ | _ | _ | _ | ______ | |
| Current asset investments | |||||
| Cash held including strong box | 48,350 | 68,297 | |||
| _ | _ | ||||
| Total investment assets | 772,180 | 950,342 | |||
| ====== | ====== |
28
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. Investments (continued)
The historical cost of these investments as at 31 March 2021 is £811,477,251 (2020: £806,449,623).
10. Debtors
| 10. Debtors |
||
|---|---|---|
| 2021 | 2020 | |
| £’000 | £’000 | |
| Accrued income | 1,522 | 1,395 |
| Sundry debtors | 5 | 1 |
| __ | _ | |
| 1,527 | 1,396 | |
| ======= | ======= | |
| 11. Creditors: amounts falling due within one year |
||
| 2021 | 2020 | |
| £’000 | £’000 | |
| Grants payable (note 8) | 35,387 | 37,458 |
| Other creditors | 2,531 | - |
| Accrued investment management fees | 353 | 358 |
| Accrued expenses of administration | 23 | 38 |
| Sundry creditors | 9 | 41 |
| _ __ | ||
| 38,303 | 37,895 | |
| ======= | ======= | |
| 12. Creditors: amounts falling due after one year |
||
| 2021 | 2020 | |
| £’000 | £’000 | |
| Grants payable (note 8) | 38,731 | 46,967 |
| ======= | ======= | |
| 13. Reconciliation of net income/(expenditure) to net cash flow from operating activities |
||
| 2021 | 2020 | |
| £’000 | £’000 | |
| Net income/(expenditure) for the reporting period | 186,091 | (72,840) |
| (Gains)/losses on investments | (204,503) | 39,715 |
| Dividends, interest and distributions from investments | (18,798) | (21,171) |
| (Increase)/Decrease in debtors | (130) | 450 |
| (Decrease)/increase in creditors | (7,828) | 13,317 |
| _ _ | ||
| Net cash outflow from operating activities | (45,168) | (40,529) |
| ======== | ======= |
29
THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. Joint administration
The charitable company has shared objectives and joint administration with the Wolfson Family Charitable Trust, registered charity number 228382, at 8 Queen Anne Street, London W1G 9LD.
15. Grants awarded during the period
Science and Medicine
| Science and Medicine | |
|---|---|
| Science and Medicine\Scientific Research | |
| £ | |
| Royal Marsden Cancer Charity, London SW3 | 2,000,000 |
| - Collaborative research wing within new cancer research and treatment centre | |
| Marine Biological Association, Plymouth | 1,350,000 |
| - Marine Microbiome Centre of Excellence | |
| Royal Veterinary College, Hatfield, Hertfordshire | 1,250,000 |
| - Teaching and Research Centre | |
| King's College London WC2 | 1,000,000 |
| - Centre for Children and Young People's Mental Health | |
| London School of Hygiene & Tropical Medicine, WC1 | 1,000,000 |
| - Research facilities within Centre for Epidemic Preparedness and Response | |
| UCLH Charity, London NW1 | 1,000,000 |
| - Research facilities in new specialist cancer hospital | |
| University of Glasgow | 1,000,000 |
| - Quantum and nanotechnology facility | |
| University of Lincoln | 1,000,000 |
| - International Institute for Rural Health | |
| University of Bristol | 750,000 |
| - Infectious Diseases Laboratory Suite | |
| University of Leeds | 750,000 |
| - High-Speed and High-Resolution Imaging Facility | |
| Young Epilepsy, Lingfield, Surrey | 497,000 |
| - OP-MEG sensors and related IT equipment within Health Diagnostic Suite | |
| University of Kent, Canterbury | 250,000 |
| - Imaging Centre for the Life Sciences | |
| Anthony Nolan, London NW3 | 240,000 |
| - DNA Sequencing System | |
| 12,087,000 | |
| Joint grants with the Wolfson Family Charitable Trust: Israeli Universities | |
| Awards for equipment for metabolomics research were made to the following universities: | |
| Hebrew University of Jerusalem, Israel | 330,000 |
| (joint grant with the Wolfson Family Charitable Trust totalling £550,000) | |
| Technion - Israel Institute of Technology, Haifa, Israel | 276,000 |
| (joint grant with the Wolfson Family Charitable Trust totalling £460,000) |
30
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Weizmann Institute of Science, Rehovot, Israel | 276,000 |
|---|---|
| (joint grant with the Wolfson Family Charitable Trust totalling £460,000) | |
| Tel-Aviv University, Israel | 234,600 |
| (joint grant with the Wolfson Family Charitable Trust totalling £391,000) | |
| Ben-Gurion University, Beer Sheva, Israel | 195,000 |
| (joint grant with the Wolfson Family Charitable Trust totalling £325,000) | |
| Bar-Ilan University, Ramat Gan, Israel | 188,400 |
| (joint grant with the Wolfson Family Charitable Trust totalling £314,000) | |
| 1,500,000 | |
| Exceptional Awards | |
| Council for At-Risk Academics, London SE1 | 150,000 |
| - CARA Fellowships Programme | |
| University College London, WC1 | 10,000 |
| - The UCL Lori Houlihan Glioblastoma Fund |
Partnership Programme
During the year, the following programme was renewed. The programme has two elements – the Royal Society Wolfson Fellowship enables UK universities and not-for-profit research institutions to recruit leading international researchers to their organisation via five-year funding, while the Royal Society Wolfson Visiting Fellowships enables leading international researchers and their host organisations to develop ongoing collaborative research links, share ideas and practice over a 1-2 year timeframe. The Wolfson funding is matched by government through the Department for Business, Energy and Industrial Strategy.
| Royal Society Wolfson Fellowships | 2,000,000 |
|---|---|
| Total Science and Medicine: |
15,747,000 |
| (Total number of grants: 22) |
31
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Education
| Medical Education and Public Engagement with Science | |
|---|---|
| Manchester Foundation Trust Charity | 250,000 |
| - New facility for the National Breast Imaging Academy | |
| National Space Centre, Leicester | 235,000 |
| - Exhibition, workshop and live presentation facility (award converted to unrestricted | |
| funding in response to Covid-19 pandemic) |
485,000
Wolfson Intercalated Awards Programme
These awards are administered by the Royal College of Physicians and support selected medical students to take a year out of their medical training for an additional research-based degree.
| Awards were made to: | |
|---|---|
| University College London, WC1 | 20,000 |
| University of Manchester | 20,000 |
| Barts and the London, Queen Mary, University of London E1 | 15,000 |
| Cardiff University | 15,000 |
| Newcastle University | 15,000 |
| St George's, University of London SW17 | 15,000 |
| University of Birmingham | 15,000 |
| University of Leeds | 15,000 |
| University of Sheffield | 15,000 |
| University of Liverpool | 13,000 |
| University of East Anglia | 10,000 |
| University of Glasgow | 10,000 |
| University of St Andrews | 10,000 |
| Hull York Medical School | 5,000 |
| Keele University | 5,000 |
| University of Aberdeen | 5,000 |
| University of Bristol | 5,000 |
| University of Southampton | 5,000 |
| 213,000 |
32
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Arts and Humanities (Educational Institutions)
| Arts and Humanities (Educational Institutions) | |
|---|---|
| Trinity Laban Conservatoire of Music and Dance, London SE10 | 200,000 |
| -Refurbishment of King Charles Court | |
| Historic England, Portsmouth | 150,000 |
| - X-radiography equipment at Fort Cumberland, Portsmouth | |
| SOAS, London WC1H | 150,000 |
| - Digitisation hub and collection care facility for library | |
| Clare College, Cambridge | 100,000 |
| - Refurbishment of Old Court | |
| Emmanuel College, Cambridge | 100,000 |
| - New teaching and learning facilities | |
| 700,000 |
Wolfson Postgraduate Scholarships in the Humanities
This programme focuses on postgraduate research in the broad areas of Languages, Literature and History.
Three scholarships each for three years of doctoral study (to commence in 2021/22) have been awarded to the following universities. Several universities took up the Wolfson Foundation’s offer of converting part of their award to hardship funding in response to the challenges caused by Covid-19:
| University of Birmingham | 270,000 |
|---|---|
| University College London, WC1 | 270,000 |
| University of Cambridge | 270,000 |
| Durham University | 270,000 |
| University of Oxford | 270,000 |
| University of Southampton | 270,000 |
| University of St Andrews | 270,000 |
| University of Warwick | 270,000 |
| University of York | 270,000 |
| University of Sheffield (additional maternity payment) | 11,670 |
| 2,441,670 |
33
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Secondary Education: Capital Programme
STEM
| STEM | |
|---|---|
| Parkside Community School, Chesterfield, Derbyshire | 113,800 |
| - Conversion of a classroom and store to create two science laboratories and a prep | |
| room | |
| Burnley College, Lancashire | 106,500 |
| - Refurbishment of sixth form science laboratory | |
| Alexandra Park School, London N11 | 100,000 |
| - Construction of six new science laboratories, training suite and virtual reality lab | |
| Ferndown Upper School, Dorset | 100,000 |
| - Two computing classrooms within STEM learning hub | |
| St Ives School, Cornwall | 99,300 |
| - Refurbishment of two science laboratories and a prep room | |
| The Downs School, Newbury, Berkshire | 99,000 |
| - Refurbishment of design & technology facilities | |
| Presdales School, Ware, Hertfordshire | 90,000 |
| - Refurbishment of three science laboratories | |
| King Edward VI School Lichfield, Staffordshire | 80,000 |
| - Refurbishment of three science laboratories | |
| Altrincham Grammar School for Boys, Cheshire | 70,000 |
| - Refurbishment of two science laboratories | |
| Wycombe High School, High Wycombe, Buckinghamshire | 70,000 |
| - Refurbishment of two science laboratories | |
| St Thomas More Catholic High School, Crewe, Cheshire | 62,500 |
| - Refurbishment of six science laboratories | |
| Bishop Rawstorne Church of England Academy, Leyland, Lancashire | 60,000 |
| - Refurbishment of two science laboratories | |
| Sale Grammar School, Greater Manchester | 60,000 |
| - Refurbishment of two science laboratories and a prep room | |
| St Benedict's Catholic College, Colchester, Essex | 60,000 |
| - Refurbishment of science laboratories | |
| Tiffin School, Kingston upon Thames, Greater London | 60,000 |
| - Refurbishment of two science laboratories | |
| Tunbridge Wells Grammar School for Boys, Kent | 60,000 |
| - Equipment for three computer science laboratories | |
| Watford Grammar School for Boys, Hertfordshire | 60,000 |
| - Refurbishment of two chemistry laboratories | |
| Bournemouth School for Girls, Dorset | 54,000 |
| - Refurbishment of science laboratory and design & technology workshop | |
| Dixons Kings Academy, Bradford | 51,000 |
| - Conversion of science laboratory to create dual-purpose science & food technology | |
| classroom |
34
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
|
|---|---|
| The Ramsey Academy, Halstead, Essex | 50,000 |
| - Conversion of science workroom into science laboratory | |
| St Laurence School, Bath, Somerset | 50,000 |
| - Equipment for three science laboratories | |
| Dunblane High School, Stirling | 48,000 |
| - Equipment for technology facilities to create Innovation Hub | |
| Ripon Grammar School, North Yorkshire | 48,000 |
| - Refurbishment of food and nutrition classroom | |
| West London Free School, London W6 | 48,000 |
| - Equipment for science laboratory | |
| Lancaster Royal Grammar School | 45,000 |
| - Conversion of two classrooms into a science laboratory | |
| Chesterton Community College, Cambridge | 44,500 |
| - Refurbishment of science facilities | |
| Grey Court School, Richmond upon Thames, Greater London | 43,100 |
| - Conversion of toilets to create language lab and engineering lab | |
| Queen Elizabeth's Grammar Alford, Lincolnshire | 42,200 |
| - Refurbishment of a science laboratory | |
| Cardinal Pole Catholic School, London E9 | 40,000 |
| - Science equipment and refurbishment of design & technology facilities | |
| North Halifax Grammar School, West Yorkshire | 40,000 |
| - Equipment in refurbished design & technology facilities | |
| Lavington School, Devizes, Wiltshire | 37,000 |
| - Conversion of general classroom into science laboratory | |
| Les Quennevais School, Jersey, Channel Islands | 30,000 |
| - Two outdoor science classrooms | |
| Queen Elizabeth Grammar School, Penrith, Cumbria | 26,500 |
| - CAD/CAM equipment for design technology facilities | |
| Bournemouth School, Dorset | 25,000 |
| - Equipment for refurbished science laboratory | |
| Creative Arts | |
| BRIT School for Performing Arts and Technology, Croydon, Greater London | 150,000 |
| - Refurbishment of musical theatre facilities | |
| Longdean School, Hemel Hempstead, Hertfordshire | 50,000 |
| - iPads and specialist software for art, music and performing arts | |
| St Birinus School, Didcot, Oxfordshire | 30,000 |
| - New computer suite for media, film, photography, computer science and music | |
| Rushey Mead Academy, Leicester | 28,000 |
| - Lighting equipment for drama studio and theatre | |
| Cromwell Community College, Chatteris, Cambridgeshire | 19,500 |
| - Digital equipment and software for music technology lab |
2,350,900
35
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Exceptional Awards
| Exceptional Awards | |
|---|---|
| Trustees agreed the following exceptional awards to support policy response to the Covid-19 | |
| pandemic: | |
| Association of Charitable Foundations, London WC1 | 25,000 |
| National Council for Voluntary Organisations, London N1 | 25,000 |
Total Education
(Total number of grants: 76)
6,240,570
36
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Heritage, Humanities & the Arts
Covid-19 Support Fund
The following heritage and arts organisations received unrestricted funding under the Foundation’s Covid-19 Support Fund:
Covid-19 Support Fund: |
|
|---|---|
| National Theatre, London SE1 | 250,000 |
| Southbank Centre, London SE1 | 225,000 |
| Royal Shakespeare Company, Stratford-upon-Avon, Warwickshire | 200,000 |
| English National Ballet, London E14 | 175,000 |
| Hallé Concerts Society, Manchester | 170,000 |
| Derby Museums Trust | 150,000 |
| Charleston, Lewes, East Sussex | 145,000 |
| Wordsworth Trust, Grasmere, Cumbria | 145,000 |
| Yorkshire Sculpture Park, Wakefield | 145,000 |
| Leeds Theatre Trust (Leeds Playhouse) | 145,000 |
| Octagon Theatre Trust, Bolton, Greater Manchester | 140,000 |
| Lyric Hammersmith, London W12 | 140,000 |
| Hepworth Wakefield, West Yorkshire | 130,000 |
| Bristol Music Trust | 130,000 |
| Gladstone’s Library, Hawarden, Flintshire | 120,000 |
| Grand Opera House Belfast | 120,000 |
| Photographer’s Gallery, London W1 | 120,000 |
| Almeida Theatre, London N1 | 120,000 |
| Polka Theatre, London SW19 | 120,000 |
| Dorset County Museum, Dorchester | 120,000 |
| Thackray Museum of Medicine, Leeds | 120,000 |
| Colchester Mercury Theatre, Essex | 120,000 |
| Seven Stories – The National Centre for Children’s Books, Newcastle upon Tyne | 110,000 |
| Tron Theatre, Glasgow | 110,000 |
| Fruitmarket Gallery, Edinburgh | 110,000 |
| Watts Gallery, Guildford, Surrey | 110,000 |
| Historic Coventry Trust, West Midlands | 100,000 |
| Willow Tea Rooms Trust, Glasgow | 100,000 |
| RSA, London WC2 | 75,000 |
| Studio Voltaire, London SW4 | 65,000 |
| Gairloch & District Heritage Company, Ross-shire | 55,000 |
37
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
|
|---|---|
| Picton Castle Trust, Haverfordwest, Pembrokeshire | 55,000 |
| Wheal Martyn Trust, St Austell, Cornwall | 55,000 |
| Manchester Jewish Museum | 50,000 |
| David Parr House, Cambridge | 45,000 |
| Cogges Heritage Trust, Witney, Oxfordshire | 45,000 |
| Common Room of the Great North, Newcastle upon Tyne | 35,000 |
| Kennet and Avon Canal Trust, Devizes, Wiltshire | 35,000 |
| Cromwell Museum, Huntingdon, Cambridgeshire | 35,000 |
| Loch Lomond Steamship Company, Balloch, West Dunbartonshire | 35,000 |
| Patrons of Cowane’s Hospital Trust, Stirling | 25,000 |
| 4,500,000 | |
| Historic Buildings and Landscapes | |
| English Heritage, London EC2V | 150,000 |
| - Restoration and interpretation of Belsay Castle (award converted to unrestricted | |
| funding in response to Covid-19 pandemic) | |
| Braemar Community Limited, Aberdeenshire | 80,000 |
| - Repairs to Braemar Castle (award converted to unrestricted funding in response to | |
| Covid-19 pandemic) | |
| Leicester Cathedral | 70,000 |
| - Restoration | |
| Union Chapel Project, London N1 | 65,000 |
| - Restoration of the Sunday School building (award converted to unrestricted funding | |
| in response to Covid-19 pandemic) | |
| Anglesey Column Trust | 50,000 |
| - Restoration of Anglesey Column | |
| Brymbo Heritage Trust, Wrexham | 50,000 |
| - Restoration and interpretation of Brymbo Ironworks (award converted to unrestricted | |
| funding in response to Covid-19 pandemic) | |
| Glasgow City Council and Provan Hall Community Management Trust | 50,000 |
| - Restoration of Provan Hall | |
| Coventry City Council, West Midlands | 25,000 |
| - Restoration of London Road Cemetery | |
| Cullen & Deskford Parish Church, Moray | 15,000 |
| - Restoration | |
| 555,000 |
38
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Libraries and Archives
| St Paul's Cathedral, London EC4M | 250,000 |
|---|---|
| - Restoration of library | |
| Durham County Council | 150,000 |
| - Exhibition space at Durham History Centre | |
| 400,000 | |
| Museums and Galleries | |
| Renfrewshire Leisure, Paisley | 200,000 |
| - Redevelopment of Paisley Museum | |
| V&A Museum of Childhood, London SW7 | 200,000 |
| -Redevelopment | |
| Story Museum, Oxford | 75,000 |
| - Redevelopment | |
| Towner Art Gallery, Eastbourrne, East Sussex | 75,000 |
| - Redevelopment of ground floor | |
| Art Fund, London N1C and Creative Folkestone, Kent | 40,000 |
| - Restoration of Prospect Cottage, Dungeness | |
| 590,000 |
Churches
Trustees agreed to fund repair work to the historic fabric of the following churches (all listed Grade I or II*) in partnership with the Church Buildings Council:
| Selby Abbey, North Yorkshire | 10,000 |
|---|---|
| St Andrew, Wellingham, Norfolk | 10,000 |
| St Mary, Walthamstow, London E17 | 10,000 |
| St Mary and St Eanswythe, Folkestone, Kent | 10,000 |
| St Peter, Birstall, West Yorkshire | 10,000 |
| All Saints, Hough-on-the-Hill, Lincolnshire | 7,000 |
| Holy Trinity, Stapleton, Bristol | 7,000 |
| St Cuthbert, Doveridge, Derbyshire | 7,000 |
| St John the Baptist, Eastnor, Herefordshire | 7,000 |
| St Mary, Dalinghoo, Suffolk | 7,000 |
| St Mary, Tuddenham, Suffolk | 7,000 |
39
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
|
|---|---|
| St Michael and St Paul, Alnwick, Northumberland | 7,000 |
| All Saints, Scottow, Norfolk | 5,000 |
| St Andrew, Oddington, Oxfordshire | 5,000 |
| St Laurence, Priddy, Somerset | 5,000 |
| St Laurence, Winslow, Buckinghamshire | 5,000 |
| St Lawrence, Bigbury, Devon | 5,000 |
| St Leonard, Flamstead, Hertfordshire | 5,000 |
| St Margaret of Antioch, Braceborough, Lincolnshire | 5,000 |
| St Mary, Goldsborough, North Yorkshire | 5,000 |
| St Mary and All Saints, Newton by Castle Acre, Norfolk | 5,000 |
| St Mary the Virgin, Willesborough, Kent | 5,000 |
| St Michael and All Angels, Great Comberton, Worcestershire | 5,000 |
| St Michael and All Angels with St Mark, Ashton on Ribble, Lancashire | 5,000 |
| St Oswald, Dean, Cumbria | 5,000 |
| St Peter, Oadby, Leicestershire | 5,000 |
| St Wilfrid, Barrow upon Trent, Derbyshire | 5,000 |
| The Transfiguration, Pyecombe, West Sussex | 5,000 |
| All Saints, Shillington, Hertfordshire | 3,000 |
| St Andrew, Wootton Rivers, Wiltshire | 3,000 |
| St Augustine, Rugeley, Staffordshire | 3,000 |
| St Bartholomew, Much Marcle, Herefordshire | 3,000 |
| St Mary, Chilham, Kent | 3,000 |
| St Michael, Bishop’s Stortford, Hertfordshire | 3,000 |
| St Michael, Brent Knoll, Somerset | 3,000 |
| 200,000 | |
| Music and Performing Arts | |
| Sadler’s Wells Trust, London EC1R | 100,000 |
| - Fit out of new theatre at Stratford, London E15 | |
| Sunderland Music Arts and Culture Trust and Sunderland Culture | 80,000 |
| - Seating wagon for Fire Station auditorium | |
| New Vic Theatre, Newcastle under Lyme, Staffordshire | 70,000 |
| - Auditorium stage replacement (award converted to unrestricted funding in response | |
| to Covid-19 pandemic) | |
| New Wolsey Theatre, Ipswich, Suffolk | 70,000 |
| -Refurbishment and new participation facility (award converted to unrestricted funding in response | |
| to Covid-19 pandemic) |
40
THE WOLFSON FOUNDATION
| NOTES TO THE FINANCIAL STATEMENTS | ||
|---|---|---|
| FOR THE YEAR ENDED 31 MARCH 2021 | ||
| North East Theatre Trust, Newcastle upon Tyne | 50,000 | |
| -Refurbishment of Live Theatre | ||
| 370,000 | ||
| Partnership Programmes | ||
| During the year, the following partnership programmes were renewed or initiated: | ||
| Theatres Trust, London WC2 | 375,000 | |
| - Renewal of funding for ‘Theatre Improvement Scheme’ for a further three | years, supporting capital | |
| projects at UK theatres to help them improve the environmental sustainability of their buildings | ||
| Pilgrim Trust, London SW1 | 300,000 | |
| - Renewal of funding for ‘Archived Revealed’ programme for a further three years, in partnership | ||
| with the Pilgrim Trust and the National Archives, supporting the cataloguing of UK archive | collections | |
| Exceptional Award | ||
| Jerwood Arts, London SE1 | 250,000 | |
| - To establish the ‘Live Work Fund’, in partnership with Jerwood Arts, Esmée Fairbairn Foundation | ||
| and The Linbury Trust, supporting individual artists to develop, continue and adapt their practice in | ||
| response to the impact of the Covid-19 pandemic | ||
| Wolfson History Prize | ||
| The Wolfson History Prize is awarded annually to promote and recognise outstanding history written | ||
| for a general audience. | ||
| The Prize was awarded in 2020 to: | ||
| David Abulafiafor_The Boundless Sea: A Human History of the Oceans_ | (Allen Lane) | 40,000 |
| The shortlisted authors for the Prize were: | ||
| John Bartonfor_A History of the Bible: The Book and Its Faiths_(Allen Lane) | 4,000 | |
| Toby Greenfor_A Fistful of Shells: West Africa from the Rise of the Slave Trade to the_ | 4,000 | |
| Age of Revolution(Allen Lane) | ||
| Prashant Kidambifor_Cricket Country: An Indian Odyssey in the Age of Empire_ | 4,000 | |
| (Oxford University Press) | ||
| Hallie Rubenholdfor_The Five: The Untold Lives of the Women Killed by Jack the Ripper_ | 4,000 | |
| (Doubleday) | ||
| Marion Turnerfor_Chaucer: A European Life_(Princeton University Press) | 4,000 | |
| 60,000 | ||
| Total Heritage, Humanities & the Arts | 7,600,000 | |
| (Total number of grants: 106) |
41
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Health and Disability
Covid-19 Support Fund
The following national charities received unrestricted funding under the Foundation’s Covid-19 Support Fund:
Support Fund: |
|
|---|---|
| Macmillan Cancer Support | 240,000 |
| Age UK | 230,000 |
| Alzheimer's Society | 210,000 |
| Marie Curie Cancer Care | 200,000 |
| Royal National Institute of Blind People (RNIB) | 200,000 |
| Sue Ryder | 200,000 |
| Leonard Cheshire Disability | 180,000 |
| Royal Mencap Society | 180,000 |
| National Autistic Society | 175,000 |
| Sense | 175,000 |
| MIND | 150,000 |
| Abbeyfield Society | 125,000 |
| HF Trust Ltd | 125,000 |
| Livability | 125,000 |
| Motor Neurone Disease Association (MNDA) | 125,000 |
| Samaritans | 125,000 |
| Camphill Village Trust | 100,000 |
| L’Arche | 100,000 |
| National Deaf Children's Society | 100,000 |
| Headway - The Brain Injury Association | 80,000 |
| Sense Scotland | 75,000 |
| 3,220,000 | |
| The following hospices received unrestricted funding under the Foundation’s Covid-19 Support Fund: | |
| St Christopher’s Hospice, London SE26 | 125,000 |
| St Margaret's Somerset Hospice, Taunton, Somerset | 120,000 |
| LOROS Hospice, Leicester | 115,000 |
| Thames Hospice, Maidenhead, Berkshire | 100,000 |
| Rowans Hospice, Waterlooville, Hampshire | 90,000 |
42
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
|
|---|---|
| Royal Trinity Hospice, London SW4 | 90,000 |
| Severn Hospice, Telford, Shropshire | 90,000 |
| Arthur Rank Hospice Charity, Cambridge | 85,000 |
| Hospice of St Francis, Berkhamsted, Hertfordshire | 80,000 |
| Nightingale House Hospice, Wrexham | 80,000 |
| Zoë's Place Trust, Liverpool | 80,000 |
| Demelza Hospice Care for Children, Sittingbourne, Kent | 75,000 |
| St Catherine's Hospice, Preston, Lancashire | 75,000 |
| Barnsley Hospice, South Yorkshire | 70,000 |
| Wigan and Leigh Hospice, Wigan | 70,000 |
| Dr Kershaw's Hospice, Oldham | 60,000 |
| St Kentigern Hospice, St Asaph, Denbighshire | 60,000 |
| Rowcroft Hospice, Torquay, Devon | 50,000 |
| 1,515,000 | |
| Disability, Mental Health and Older People | |
| Age UK Herne Bay and Whitstable, Kent | 80,000 |
| - Extension to day care centre | |
| Centrepoint, Manchester | 80,000 |
| - Refurbishment of Manchester support centre | |
| Ilkley Community Enterprise, West Yorkshire | 75,000 |
| - Refurbishment (award converted to unrestricted funding in response to Covid-19 | |
| pandemic) | |
| The Orchardville Society, Belfast | 75,000 |
| - Refurbishment (award converted to unrestricted funding in response to Covid-19 | |
| pandemic) | |
| Mission EmployAble, Surbiton, Greater London | 65,000 |
| - Training kitchen and public café | |
| Abbey Court School Trust, Rochester, Kent | 50,000 |
| - Outdoor classroom | |
| Step by Step School, Sharpthorne, West Sussex | 50,000 |
| - Barn conversion to create new teaching facility | |
| Stroud Court Community Trust, Gloucestershire | 50,000 |
| - Supported living accommodation | |
| Umbrella Derby and Derbyshire | 50,000 |
| - New centre (award converted to unrestricted funding in response to Covid-19 | |
| pandemic) | |
| Winchelsea School, Poole, Dorset | 50,000 |
| - Life skills base |
43
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
|
|---|---|
| Deafinitions, Goldthorpe, South Yorkshire | 48,000 |
| - Training kitchen (award converted to unrestricted funding in response to Covid-19 | |
| pandemic) | |
| Greenacre School, Barnsley, South Yorkshire | 46,000 |
| - Outdoor learning area | |
| Bipolar UK, London SW1 | 40,000 |
| - Digital and IT equipment (award converted to unrestricted funding in response to | |
| Covid-19 pandemic) | |
| Lightburn Elderly Association Project, Glasgow | 40,000 |
| - Refurbishment of new premises (award converted to unrestricted funding in | |
| response to Covid-19 pandemic) | |
| Serve, Rushden, Northamptonshire | 40,000 |
| - Refurbishment of new premises (award converted to unrestricted funding in | |
| response to Covid-19 pandemic) | |
| Pace, Aylesbury, Buckinghamshire | 37,000 |
| - Refurbishment of bathroom facilities | |
| Bury College, Greater Manchester | 35,000 |
| - Accessible minibus | |
| Combe Pafford School, Torquay | 35,000 |
| - Horticultural teaching area and garden centre | |
| Share Community, London SW11 | 35,000 |
| - Refurbishment of training kitchen and toilets (award converted to unrestricted funding | |
| in response to Covid-19 pandemic) | |
| Boston College, Lincolnshire | 33,000 |
| - Kitchen refurbishment | |
| Walsall Society for the Blind, West Midlands | 30,000 |
| - Refurbishment of charity’s premises | |
| Where Next Association, Redditch, Worcestershire | 30,000 |
| - Work vehicles for horticultural placements (award converted to unrestricted funding | |
| in response to Covid-19 pandemic) | |
| Stockport & District Mind, Greater Manchester | 22,500 |
| - Upgrade of premises (award converted to unrestricted funding in response to | |
| Covid-19 pandemic) | |
| Positive Futures, Bangor, Northern Ireland | 20,000 |
| - Assistive technology (award converted to unrestricted funding in response to | |
| Covid-19 pandemic) | |
| Afghanistan and Central Asian Association, Feltham, Greater London | 20,000 |
| - Equipment for community café and sewing project (award converted to unrestricted | |
| funding in response to Covid-19 pandemic) | |
| Focus Birmingham | 20,000 |
| - New windows and door mechanisms to support improved infection control | |
| Raedwald Trust, Ipswich, Suffolk | 16,000 |
| - Telepresence robots | |
| Wirral Hospitals' School, Birkenhead | 15,000 |
| - Independent living space |
1,187,500
44
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Hospices/Palliative Care
| Ellenor, Gravesend, Kent | 125,000 |
|---|---|
| - Well-being centre (award converted to unrestricted funding in response to Covid-19 | |
| pandemic) | |
| Helen and Douglas House, Oxford | 100,000 |
| - Refurbishment of family accommodation (award converted to unrestricted funding | |
| in response to Covid-19 pandemic) | |
| Hope House Children’s Hospices, Oswestery, Shropshire | 100,000 |
| - Therapy pool (award converted to unrestricted funding in response to Covid-19 | |
| pandemic) | |
| St Joseph’s Hospice, London E8 | 100,000 |
| - Refurbishment of in-patient ward (award converted to unrestricted funding in | |
| response to Covid-19 pandemic) | |
| St Rocco’s Hospice, Warrington, Cheshire | 65,000 |
| - IT equipment upgrade (award converted to unrestricted funding in response to | |
| Covid-19 pandemic) | |
| Longfield Hospice Care, Minchinhampton, Gloucestershire | 50,000 |
| - Day services unit (award converted to unrestricted funding in response to | |
| Covid-19 pandemic) | |
| Wakefield Hospice, West Yorkshire | 47,190 |
| - Refurbishment of in-house laundry for improved infection control | |
| Myton Hospices, Warwick | 30,000 |
| - Refurbishment of inpatient unit at Warwick Myton Hospice to support improved | |
| infection control | |
| North London Hospice, N12 | 19,840 |
| - Antimicrobial curtains and bedding for inpatient unit | |
| 637,030 | |
| Exceptional Award | |
| The Care Workers' Charity, London SE11 | 250,000 |
| - To provide grants for care workers affected by the Covid-19 pandemic | |
| Total Health and Disability | 6,809,530 |
| (Total number of grants: 77) | |
| Total grants awarded | 36,397,100 |
| (Total number of grants: 281) | |
| Grants relinquished during the period | (678,248) |
| Total grants awarded (net) | 35,718,852 |
45
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Continuing Programmes
In addition to the 281 awards above, a further 33 awards totalling £2,261,757 were made in a number of programme areas where overall programme funds had been allocated in a previous financial year (and hence the individual awards below did not involve additional allocations of funds). Awards are noted in the year that they were ratified by trustees of the Wolfson Foundation.
Royal Society Wolfson Fellowship Awards (10 awards)
This programme is jointly funded with the Department for Business, Energy & Industrial Strategy, in partnership with the Royal Society. It is designed to enable UK universities and research institutions to recruit outstanding research leaders to the UK from overseas by offering long-term support and flexible funding to conduct high-quality research. The Wolfson contribution of £1,008,509 was allocated in a previous financial year.
Awards were made to the following academics:
Professor Antonio Badolato, School of Engineering, University of Glasgow
Professor Ross Cagan, Department of Cell, Developmental & Regenerative Biology, University of Glasgow
Dr Joan Geoghegan, Institute of Microbiology and Infection, University of Birmingham
Dr Delphine Gourdon, School of Engineering, University of Glasgow
Professor Jason Miller, Department of Pure Mathematics and Mathematical Statistics, University of Cambridge
Dr Mohsen Rahmani, Department of Engineering, Nottingham Trent University
Professor Daniel Rueckert, Department of Computing, Imperial College London, SW7
Professor Carola-Bibiane Schoenlieb, Department of Applied Mathematics & Theoretical Physics, University of Cambridge
Professor Manish Tiwari, Department of Mechanical Engineering, University College London WC1
Professor Zion Tse, Department of Electronic Engineering, University of York
National Trust (5 awards)
The programme with the National Trust was allocated £1,500,000 (over three years) in a previous financial year. The following awards were made towards conservation work at historic properties and gardens:
Blickling Hall, Norfolk (£33,000 )
- Conservation of the state bed
Cragside, Morpeth, Northumberland (£50,000 )
- Conservation of the Drawing Room
Fountains Abbey and Studley Royal Water Garden, Ripon, North Yorkshire ( £60,000 )
- Conservation of Roman Monument and restoration of Chinese Garden
Oxburgh Hall, Norfolk ( £300,000 )
- Repair and conservation of roof
Sizergh, Kendal, Cumbria ( £57,000 )
- Conservation of tapestry depicting the meeting of Anthony and Cleopatra
46
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Theatres Trust (5 awards)
The programme with the Theatres Trust, to fund repairs at smaller theatres, was allocated £315,000 (over 3 years) in a previous financial year. Grants during the year were focussed on projects that would improve the environmental sustainability of theatres and their performances.
Georgian Theatre Royal, Richmond, North Yorkshire (£20,000 )
- -Replacement boiler and building management system
Lyric Theatre, Belfast (£18,250 )
- -Upgrading building management system
Marlowe Theatre, Canterbury, Kent ( £20,000 )
- -Solar panel installation
Minerva Theatre (Chichester Festival Theatre), West Sussex (£19,998 )
- -Houselights upgrade
Northern Stage, Newcastle upon Tyne ( £20,000 )
- -Halogen to LED house lights
Art Fund (13 awards)
The programme with the Art Fund was allocated £1,800,000 (over three years) in a previous financial year.
A proportion of the funding ( £60,000 ) was allocated towards the New Collecting Awards, an initiative which funds talented curators to undertake collecting projects for their museums.
The following awards were made towards the acquisition of works of art:
Amgueddfa Cymru – National Museum Wales, Cardiff ( £50,000 )
- 21 views of north Wales by Paul Sandby (c1771-75)
Ashmolean Museum, Oxford ( £25,000 )
- One Hundred Views of New Tokyo by Kōshirō Onchi et al (1929-32)
Berwick Museum & Art Gallery, Northumberland ( £50,000 )
- Beach Scene by Laurence Stephen Lowry (c1960)
Birmingham Museums Trust ( £20,000 )
- Handsworth Songs by John Akomfrah (1986)
The British Library, London NW1 ( £25,000 )
- The Lucas Psalter by The Master of Edward IV (c1480)
The British Museum, London WC1 ( £50,000 )
- 103 block-ready drawings for an unpublished illustrated book Great Picture Book of Everything, by Katsushika Hokusai (1829)
Leicester Museums ( £45,000 )
- Egyptian Statue, c1193-1185
The National Gallery, London WC2 ( £100,000 )
- The Finding of Moses by Orazio Gentileschi (c1630-1639)
National Galleries of Scotland, Edinburgh ( £50,000 )
- Portrait of Girl in Grey by Gwen John (c1915-25)
Stanley Spencer Gallery, Cookham, Berkshire ( £75,000 )
- Self Portrait by Sir Stanley Spencer RA (1959)
47
THE WOLFSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Tate, London ( £20,000 )
- Three sketchbooks; Grey Book, Lion Book, Castle Book by Alfred Wallis (c1941-42)
The Whitworth, Manchester ( £30,000 )
- ODO NTI NA ME SU by Ibrahim Mahama (2013-18)