2022-03-31-accounts

Charlty Reglstrntlon No. 1156077 Company Reglstration no.. 08927040 THE WOLFSON FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Trustees, Report Adminislralive Details Structure, Governan￿ and Management Objectives and Activities Achievements and Perfomance Piincipal Risks and Uncertainties Financial Review Plans for the FLrture Trustees, Responsibilities Independent Auditors, Report Slalemenl of Financial Aclwib"es 17 Summary Income and Expenditure Account 18 Balance Sheet 19 Cash Flow Statement 20 Notes lo the Finanryal Slatemenls 21

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 ADMINISTRATIVE DETAILS Tmslee Directors fand Mefflbetsj Dame Janel Wolfson de Botton DBE (Chairman) Hon Mrs Laura Wolfson Townsley Allegra Bemian lappoinled October 2021) Sir David Cannadine FBA FSA FRSL Dame Hermione Lee DBE FRSL FBA Mrs Rebecca Marks Lord Mccoll CBE MS FRCS Irelired June 20211 Sir Michael Pepper FRS FREng Sir Peter Ralcliffe MD FRCP FRS Dame Jean Thomas DBE FRS Lord Turnberg MD FRCP Charles Woltson Townsley Direclorale Paul Ram5botlom OBE MA MSI- Chief Executive land Company Secretary) Referenc& and administralrve details Registered office". 8 Queen Anne Slreel London, W1G 9LD Regisle¥ed charity No.. 1156077 Company Registration No= 08927040 Professional SeThices 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 Aiidilors UHY Hacker Yourbg LLP Quadrant House 4 Thomas More Square London E1W 1YW Princ¥KI Inveslnpnl Maiiagers Cazenove Capital 1 London Wall Place, London Wall, London EC2Y SAU Lvebsite www.wolfson.or [w￿er @wdtsonfdn

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The financial slalemenls have been prepared in accordance wlh the accounting policies sel out in the notes lo the accounts and compty wlh the Charity's governing documenl, the Charities Act 2011 and Accounting and Reporting by Cljanties." Slalen7enl of Recommended Practice.. Accounting and Reporting by Charilies p￿pa￿ng their accounts in acCO￿anCe with the Financial Reporting Sland&KI applicable in tlle UK and RepublK of Ireland (FRS 102) (effective l January 2015). STRUCTURE, GOVERNANCE AND ￿NAGEMENT The charity is a company limited by guarantee registered in England and Wales (company number 089270401. The Iruslees 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 Ihrough Memoiandum ar)d Articles dated 6 March 2014. The assets of the previous charilable tru51, established by a Trusl Deed dated 1 July 1955, were transferred lo the new company which also look over the existing activities and functions of the now redundanl charitable trust Iregislered tharity 206495}. Al the end of the year. the Board of Trustees comprised six academic trustees, drawn from the fields of the arts and humanities, mediune and soence. four family trustees, and one trustee with sp6cific fin8n¢ial expertise. Appointments lo the Board are made by the trustees. and the Nominations and Governance Committee advise on the balance and composition of the Board as well a5 individual apptsinlmenls. The Committee also advises on the composition and remil of expert pane5slcommillees as well as any felaled govern8nce mallers. The Board of trustees meets ￿l¢e each year. The Board decAdes mattels of stialegy and overall policy, determines the priorities and allocations for grant programmes, sets budgets and aulhorises grant awards. 11 is served by a number of panels and commillees. which make recommendations on grant- making, audit & risk management and investment poliaes. Panels comprise specialists in particular fields. as well as trustees. The induclic>n process for newly-appointed trustees and panel members comprises meetings ¥Mlh the chief executive and Board members, and Covers governan￿, investment and granl-making policies {as well as the opportunity lo allend training sessions organised by the Association of Charitable Foundations and similar organisalionsl. Documentation provided for new Iruslees includes copies ol the governing documents, relevant minutes. a history of the Foundation and recent annual reports and accounts. A full list ol members ol the committees and expert panels is availablè on the Foundation's website,. htt s..1A￿W.WoI1S0n .uklabouV -committee4nem Lord M¢Coll retired as a Iruslee in June 2021. Over many years he made an outstanding contribvlion lo the work ol the Foundation. Rlsk a$s8ssment The Iruslees have reviewed the major stialegic. oper81ional and financial risks which impact on the work of the Foundation and, on professional advice. noled that systems have been established to miligale the exposure lo them. The Iruslees regularly review this matter and lake action r&quired arising from the assossmenl and recommendations of Ihe Risk & Audit Committee. The ongoing consequence5 01 the Covid-19 pandemic remained a significant consideration. both in terms of the Foundation's own operations and on the various sectors Ihal the Foundalion funds.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Beyond the ongoing effect ol the pandemic. the trustses consider the main areas of risk for the Foundation lo be as IDIIows-. {11 Inveslm8nl risk. The trustees, supporte(l ty a dedicated Investment Committee which meets regularly, take a long-lerm approach lo their investment strategy and aim to deliver the investment objective within an acceptable level of risk. During Ihe year, a new Investment Committee chair (Micky Breuer-weill was appointed, and Ihe Committee was bolstered by the recruilmenl of additional members. {21 The ￿putatiOnal risk of making awards lo inappropriale wipients. The Iruslees are advised in their decision-makirrfJ by dedicated panels of experts. by independent peer reviewers and by a professional team of staff. In addition, visits are made by staff and Irusiees to projects lalbeil ol course Ihis has been curt8iled during the pandemic period). Granls are paid in arrears on receipt ol evidence of appropriate expenditure. A framework for monitoring and evaluation has been established. Full details of all expert panels are available on the website. Confllcts of Interests Under the Foundation's formal conflict of interest policy a trustee holding an aclNe post Iwhelher honorary or otherwise) al an applicant organisation lakes no part in the decision on whether lo make an award. Similarly ¢ommilleelpanel members wlh a conflict of interest lake no part in making recommendatsons relating to organisalions in which they {or relatives or business partners) have an involvement. A register ol interests is maintained by the Foundation's offi￿. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The key obieclive ol the Foundation is to contribute lo the health. resilience and variety of our society through sUPPOrt for education (defined in ils broadest sensel. The Foundation woiks in the ffields ol science, health. heritage, humanities and the arts. The trustees have complied with section 17151 of the 2011 Charities Act, having due regard foi the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objedives, when formulab.ng strategy and in making awards. One measure of public benefit generated by the Foundation is contained in the list of projects supported Isee note 161. In a wider sense, public benefit considerab"on5 also inform oui frnmework formoni1017ng and evalualion (see below). Our founders recogni5ed that the creation and sharirvJ of kn￿edge are the building blocks of a healthy society. This princiF4e continues lo inform and underpin Wolfson's 8Ktivilies and we therefore have a strong and renewed focus on education and research. The Wolfson Foundation's Strategic Framewo￿ coveis the period 2020 to 2024. As an endowed charity we are able lo lake a long-lerm peispective.. remaining loyal to our core values wh11e responding lo emerging needs and opportunities. We believe that our independence and long.lerm lime horizon are strengths strengths that allow us lo work flexibly and creatively whatever the political, economic or culiural conlext. Our strategic framework is available lo download from the Foundation's website.. htt s..1￿.w01Ison.0r .uklabouVslrate l. The framework stales that Ive don't know v4hal the next five years will bring, and so our framework needs lo be flexible. Bui we do know that research and educalion will remain of critical importance to British society- and that philanthropy wll need lo play an important rDle.' That slalemenl has been particularly pertinent across the period of the pandemic (see also Response lo the pandemic). The oiganisalions that we fund indicate there is a real a(fvanlage to a mixed economy of funding from a vaTiety of sources. In particular. support from philanthropic OTganisalions like Wolfson allows them lo pursue their ambitions in ways that would be much more difficult through other sour￿$ ol funding.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Wolfson brand is intended lo be recognised as a mark of excellence. Whilst 'excellence', of necessity. is defined by expert panels somewhal differently under each of the funding themes and programmes, the intentson is lo support outstanding projec15 that are exem ￿ar5 within their particular area. 'Excellence' is defined broadly enough lo indude organisalions and activities that are pioneering or promising as well as those Ihal are more established. The aim is that Wolfson grants have a benefit beyond their financ*al value. helping iecipienls lo raise additional fvnds and to highlight the importance of their work. The impact of the Foundalion'5 lunding is monitored through biannual reports on piojects provided by recipients during the lifetime of a grant, by visits undertaken by staff and Iruslee5 and by a Iramewo for monitoring and evaliiation. Each lunding theme has a $18led senes 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 colleded should be proportionate- and provide only the detail necessary for those evaluating the proiecl as well as for assessing the general programme area. We aim lo be a thoughtful, listening and responsive fvnder. While we receive infomial feedback on a constant basis, we commissioned an ApplKant Pe￿pIlOn SuNey in 2019 (which is available on our websilel and we will repeal the exercise in 2022. Exiemal Teports are also periodically commissioned lo review the effectiveness of parbcular programme areas. The Wollson Foundation is a signatory lo Ihe Funder Commitrnenl on Climate Change Ihll s.'Ilfundercommilmentdima chan e.or Response to th¢ pandemlc The Foundation had just launched ils new strategic framework when the first UK lockdown was announced in March 2020. The Wolfson office moved seamlessly lo working as a virtual office and has Continued in this way, in accordance wilh goveinment guidance. across much of the lollowing two financial years. In the last quarter of the firbancial year a significant refurbishment was undertaken lo the Foundation's offices. One of the mokn"valions was to make the office more suitable for the world of hybrid working. The ini1181 funding reswnse lo the pandemic was noted in last year's report. including the payment ol some £46 million in grants Ilhe highest annual figufe xross the Foundation's history). In each of the sectors in which Wolfson funds the impact of Covid-19 has presented significant challenges and pressufes. The Foundation continued lo take part in 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 speafic areas of experb'se. During the year, the Foundation retained the flexibility to make grants on a rapid response basis where applicants identified an urgenl need related lo the pandemic. The Foundation also awarded a number ol exceptional awards responding lo the longer-term challenges related lo Covid-19. This indudes support for a joint initiative befvleen the Anna Freud Centre and Mind for a new remote delivery sewvice offering young people in secondary schools free. immediate mental health support. The Foundabon, in partnership with MQ, supported a programme of research investigating the subject of posl£ovid cognitive impaimient (or'brain fog'l.

TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 Grantwmaklng process and pollcy Trustees make awards twice each year and s￿ 8iJvised by expert panels comprising Iruslees and specialists, wh￿h meet before the main 8oard meetings. Four particular fa¢lors influence Iruslees in iheir decision-making. First, Injslees aim lo support, promote and encourage excellence (both exiskn.ng a￿j polenliall. High qu81ity granl-making based on rigorous. expert peei review is therefore central lo all activities. Secondly, attempts are made. particularly through the Work of expert panels and in discussion with applicants and other funders, lo identify and support importanl areas that are under-lunded. Thirdty, applicants are encouraged to use Wolfson funds as a Catalyst, so that the Foundation's funding can lever addilional support. Fourthty, collaboration is actsvely sought with other expert bodies and funders. Wellcome, Art Fund and the Royal Society are just IhTee examples of organisalion5 wlh whom the Foundation collaborates on joint funding programmes. The Foundation has tradib"onally had an emphasis on capital infraslruclure laccounling for some 85% of funding in a standard yearl. In particular, the Foundation prioritises supporting infraslruclure that allows lalenl and excellence lo flourish, helps organisa￿onS lo make a significant, strategic change in their activity, and makes an organisation more sustainable. In iargeled areas land generally in partneiship wilh other expert organisalionsl, the Foundation also lunds talented people through bursar￿$, scholarships and meril awards. This recognises the fact that buildings and equipment are On￿ effecbve alongside the work of talented people. A focus on excellence does not mean lurKlirKJ exclusively large or metropolitan organisalions. As the list of awards demonslrales Inole 161. the Foundatson remains determined lo ensure that funding is distributed across the United Kingdom. Funding is grouped around three areas". Saence.. Health- and Heritage. Humanities & the Arts. The funding is adrninislered through a number of programmes, as outlined in note 16 land described in detail on the Foundation's website). Emphasis on the crealion, preservation and dissemination of knowledge means that education and research, in the broadest sense, are the overarching themes that encompass almost all of the Fovndabon's actNity. Up lo hvo thirds of the lolal grant expenditure is allocated lo higher education inslilulions. Applications are generally assessed by independent. expert remewers, and applicants are given an opportunity lo respond lo queries raised during the review process. The Foundation aims lo be Clear and transparent in all of ils activities {and the Foundation's chief executive recently chaired the Association ol Charitable Foundalions working group on Transparency & Engagemenll. The Foundation also alms to add value to indiwduals and organis81ions receiving funding through our networks and communications. In line with the FourKlalion's communication strategy, media arid social ne￿OrkIng was used lo highlight excellence and help make connections. Although the FourKlalion does not work directly with thildren or vulnerable adults il does provide funding lo other organisalions that work wlh Ihese populations. The FoUndat￿n seeks to ensure, through proportionate and reasonable due diligence, that grantee organisations lake their responsibility seriously and that safeguards are in place in these charities to piolecl vulnerable people from abuse. FurthermDre, the Foundation seeks to ascertain that applicants have clear procedufes for reporting concerns.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE In luifilmenl of the policies oullineof above. grants were pledged lotalling £37.74 million, and cash payments of grants were made lolalling £26.98 million. The yearfs granl-giving wa5 successful in that, on the advice of external experts. quality projects in the Foundalion's prioiity areas were fijnded. Given the nature ol the capital investments le5peci81ty when funding infrastructure underpinniryJ high- quality research) il is too early lo assess the long-term benefits of projects funded during this particular financial year. An evaluation of programmes is. h¢ywever, undertaken on a rolling basis, usually by themed area and often in conjunction with an indeper)denl. external advisor {see also Objeclives & Activities). Results inform lulure funding, and where relevant, reports may be published on our website. This year marked the 101h anniversary of the major funcling 1£20 million lo UCLI ihal Created the Leonard Wolfson Experimental Neurology Centre - and this gave opportunity to reflect on the impact of the Centre and lo celebrate ils achievements. The long-lerm outcome of supporbng high quality bul often neglected areas of research is often difficult lo predict. An example ol this (also r￿ted in last year's report) is Wolfson's ftjnding of the UK'8 infectious disease infraslruelure in the years leading up to the Covid-19 pandemic. Our joint programme with the Royal Society lo support laboratory refurt>ishmenl infraslruclure had as ils theme 'infeclious disease. during 2015, 2016 and 2017. This meant that (despite clearly not knowing what lay ahead) many of the lop UK infectious diseases laboraloiies had been relurbished just before the pandemic. Similarly. the Jenner Inslilule in Oxford also received major inlraslruclure Support Iiom Wolfson which, alongside a portfolio ol funding from a variety of sources. helped ensure that researchers in the Inslilule were ready and able lo work on the creation of the Oxford Astrazeneca Covid.19 vaccine. 111 Sclence This area continues lo receive the highest proportion of the Foun(lation's ftjnding, particularly for research infr8slruclure (new buildings, refurbishment and equipmenll. A key part ol our strategy is close dialogue with universities and other research-intensive OTganisalions, to identify projects that take into account the inslilulion's 51ralegic priorities and their own assessment of their research slrengths. Funding is primarily allocated on the grounds of excel￿n￿ and not through a prescriptive emphasis on particular theme or topic. We anliapale. however. that we wll continue lo fund projects relating lo some of the great contemporary research challenges, including for example climate Change, m8nlal health and neuiodegerbeTative diseases. Excellence in this context is define<l as inlernalionalty competitive research of the highest quality or with the polenlial ID be of the highest quality. Funding spans l)oth 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 unprediclablel impact. In 2019, the Foundation announce(I the outcome of a major initialive lo support menlal health research, and has continued lo tske a strong interest in this area. The largest award during the year was for the University of BirmirKJham lo create a new Wolfson Research Unil in Youth Mental Health.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Gwen the importance of climate change, il is perhaps unsurprising that- among other exciting projects across biomedical and physical sciences - much of the Foundation's funding was broadly linked lo this area. This included the field of plant sciences Ihrough a contribution lo the creation of a major new plant science complex in Norwch, bringing together the Sainsbury Laboraiory and the John Innes Cenlre. The Founofalion also supported Plymouth Marine Laboratory lo acquire remote autonomous in51rumenls used to study the impact ol the oceans on global climate. Al the University of Cambridge, the Foundation supported lesl facilit￿S foi zero cartK)n propulsion and power technologies within the refurbished Whillle Laboratory. An intriguing project al Loughborough University created a ngvel en9ineered slope simulator lo investigate the cause of earthwork failures often devasling in their impact and occurring more fiequenuy in extreme weather condibons. During the year. the Foundation committe(J an additional £4 million lo our joint programme with the Royal Society. The programme has tsyo funding streams. Firsl. il enables UK research inslilulions lo recruit leading inlern8litsnal researchers to their organisation with five-year funding", secondly, the Visiting Fellowships scheme allows inlernalional researthers and their host organisalions lo develop ongoing Collaborative research links over a 1-2 year limelrame. The Wolfson funding is matched by government through the Department for Business. Energy and Industrial Strategy. The programme underlines the ongoing Importan￿ of recruity'ng international quality researchers lo the UK. Science education, starting al school bul continuing across all ages, remains an important part of the Foundation's interests in this aiea. Wolfson continued ils funding of capital infraslruclure projects lo improve Ihe teaching of STEM al Schools and sixth form college5. An example during the year wa5 the relurbishmenl of three saence laboratories at Y5gol Brynrefail in the village of Llanrug in North Wales. Concern for improved public engagement with suence not least so that public debates are underpinned by a reasonable level of saenlific understanding is a long-standing interest of Wolfson. The key locus of the Fovndalion is on funding museums and galleries wlh a scientific or technological focus. This included, for example, support for new galleries al the Discovery Point Museum in Dundee, lelling the story of Scoll ar)d the Discovery and drawing out wder links wlh Anlarctsc culture and the environment and conlempoiary dimate science. 121 Herltage. humanltle5 and the arts Funding under this theme recogni5es the UK'S slrenglh in these areas. and the importance of the heritage and cultural sectors for educab'on in the widest sense, to the economy. for the enri¢hmenl of society and lo our wellbeing as individuals. 11 supports and encourages excellence across the cultural and academic spheres.. 81 museums and galleries. historic siles. perfoming arts organisations and universities. Following the success of the exceptional Covid-19 Support Fund in 2020. the majority of funding in this area relurned lo support for capital projects. Museums and galleries remained the largest area of support under this Iheme. Capitsl projects were supported with a spread across the UK including. for example, for a new maritime museum and archive centre in Derry-Londonderry, Northem Ireland and for the reftjrbishmenl of Gallery 29 al the National Gallery. An impressive array of historic buildings received fvnding ranging from the glories Df Exeter Cathedral to the industrial heritage ol Newport Tiansporter Bridge in South Wales. Funding was also provided for consetvalion work al several dozen church buildings through the ongoing partnershlp programme with the National Churches Trust. These grants to churches - historically significant and often of striking beauty- lake the Foundation's funding inlo many rural and often isolated communities.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Foundation renewed ils support for the academic humanilies with funding split be￿een capital inlrastruclure and support for talented indivtduals. Over recent years, the largest allocation of ftjnding has been Ihe programme funding doctoral research at nine inslitiJlKJns across the UK the Wollson Poslgraduale Scholarships in the Humanities. The aim ol the programme is to bolster the humanities al UK universities al a lime of pre55ure on funding by SUPPKJrting Ihe most promising research sludenls, many of whom will go on lo make a significant impact in their field. The Foundation renewed ils partnership with the British Academy to support research at a later career 5tsge through the provision of Wolfson Researth Professorships. Among other capital awards. Queen's Univeisty Belfast received funding foi their Seamus Heaney Cenlre.. a centre for creative writing that incorporates research. leaching, exhibition space, maslerclasses and workshops. as well as public evenis and a poetry summei school. Alongside investment in specific projects. the Foundation continued to highlight the importance of the arts and humanities lo British soryety. The Wolfson History Prize is a book prize that has been awarded annually since 1972 and ihe which has developed as an independent voice championing history ancl history writing. The winner (drawn from six shoruisled books that Combined excellence in research with readabililyl was Sudhir Hazareesingh for his book. Black Spartacus.. The Epic ts-fe of Toussaint Louv8rtur8. The judges commented that it is an "erudite and eleganl biography ol a courageous leader which tells a gripping story with a message that resonates slrongty in our own lime." In 2022, the piize Celebrates Ils 501h anniversary and more about the programme events planned will appear in next year's report. The slfong support for performing arts dvring the year pardy reflects the ongoing challenges that the sector has faced during the pandemic. A vaTiety of projects funded included the major redevelopment of Thealr Cwd in Flinlshire and the King's Theatre in Edinburgh. As with the academi¢ humanities, the Foundation has an interest in the development of young lalenl and we renewed our programme ol support al nine UK music conservaloires. This programme funds inslruments for untlergraduales and scholarships for secondary school age musicians. 131 Health The funding under this theme recogrbi5es the Cfitically importanl work done by chariligs large and small in communities across the UK. There is an important rol¢ for avil society lo play alongside slalulory services. Our hjnding is focussed on four slfands.. palliative care and hospices., the needs of older people,. support for mental health.. and independent living for people with disabilities. Excellence in this context is defined by the quality of the care and service provided lo beneficiaries. AE with the heritage and arts progr8mmes, fvnding in this 8rea largely returned to capital infiaslru¢lure support following the success of the Covi&19 Support Fund. A wide range ol impressive projects receivecl support. One example is Hamara (meaning 'our' in Uidul where the Foundalion provided support lo help lo creale a facility in Leeds run ar)d led by adults with learning disabilities. PRINCIPAL RISKS AND UNCERTAINTIES The prinapal risks and uncertainties have been sel oul in the Trustee's Report under the section "Risk Assessment. on page 3.

10 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 FINANCIAL REVIEW The Iruslee5 have prepared accounts in aLtordance with current stslutory requirements, the FRS 102 Statement of Recommendecl Practice - Accounting and Reporting by Charities and the Companies Act 2006. The Foundation's lolal return on the lund's assets in 2021r22 was £95.3 million {2020121'. £223.1 million) of which income nel of fees was £18.6 million 12020r21". £17.2 millionl and gains were £72.7 million 12020121.. £205.9 million). The portfolio of investments and cash held on deposit had a lolal value of £1,010.4 million al 31 March 202212021". £950.3 million). The portfolio continued lo enjoy very positive relurns through 2021 but lost value wi the final quarter ol the financial year {Ihe first three months of 2022} reflecting falling markets. Returns are applied lo the Charitable aims of the FourKlalion as describ￿1 elsewhere in this report. Grants awarded during the year nel of ￿linqUIshmentS weie £37.5 million 12020121.. £35.7 million). Paymen15 10 8wardees in the year tolalled £27 million12020121." £46 million) - the unusually high figure in the prior year being due to the awaid of emergency grants in Ihal year in the light ol the pandemic. The trustees hold deposits, gills and other bonds lo cover the Foundation's current commitments. All of the Foundation's nel assets were held in unrestricted ftjnds as the tfuslees have power to distribute both income and capital. The Foundabon has shared objectives and joint adminislralion wtlh the WL)Ifson Family Charitable Trust, registered charity number 228382. al 8 Queen Anne Street, London, W1G 9LD. Investment policy and performance The Foundation is managed on the basis of existing in pefpeluty and hence the Foundation has the objective of maintaining the Portfolio's real purchasing power after inflation ovei lime. The Iruslees allocate funding on 8 total relum liather than income) basis. The long-lerm investment objeclive is an average annual lolal return of UK CPI + 4% l¢hanged from UK RPI + 4% in the year ended 31 March 20201. The Iruslees aim lo distribute al least 4% 01 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 inveslmenl horizon. Policie5 and investment allocations are coniinLJally reviewed by the Investment Committee and trustees. Tfuslees review the investment slrale9y wlh the Investment Comtllillee and fund managers Isignalories to Ihe UN Prinuples for Responsible Investmenll. in order lo ensure lhal111 Ihe Foundation can achieve or outperform ils lar9el return in the long term.. and121 inveslrnent decisions made by our fund managers are taken in a socially responsible manner and in accordan¢e with Wo1150n's core principles. Responsible inveslmonl underpins the investment strategy in accordance with the Foundaknon's responsible investment poI￿y. ar￿ Iwstees have a policy of not investing directly in tobacco companies or fossil fuel extfaclors. The Inveslmenl Committee is responsible lo the trustees for inveslmenl policy and mDniloring thg portfolio. Committee membeis are available lo report lo the trustees al Board meetings. Tru51ees and the Risk and Audit Committee review the tem)s ofthe Investment Committee mandate. The Foundation's entire portfolio has been restructured in the last three years in line wth the Iruslees, investment objective. The perfomiance of the portfolio is monitored by the Iruslees and the Investment Commillee, ReseNes pollcy The total value of the inv8slmenl portfolio al 31 March 2022 was £1.010,4 million, as detailed above, with lolal net funds of the Foundation slanding al £927.5 million. all represented by an expendable endowment fund. Included in this balance is accrued grant expendrture which has been committed already but which is not due for payment until future years.

11 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 As slated 8bove, in the Investmgnls policy and perfomiance section, the Iruslees aim lo distribute Some 40h ol the fvnd on an annual basis in grants and other expenditure. The trustees consider il prudent lo have liquid assets within investments lo cover a significant proportion ol planned expenditure. They have agreed that al least £50 mill￿n should be reta￿ned in a combination ol cash and short-dated gills. As at 31 M8rch 2022, cash and gills in the portlolio lotalled £95.7 million (9.SD/o of the lolall. Accordingly, the Iruslees consider that {eSe￿e$ are avaibable al a level which enables them to plan with confiden¢e for the future. PLANS FOR THE FUTURE A5 noted above. the Wolfson Foundation is part way through the period of the new strategic framework for the years 2020 10 2024. After the exceptional fundiny of 2020-21. all of the Foundation's capital infraslruclure funding programmes have now reopened. The Foundation will launch a new Sustainability Fund in 2022. Tke Fund responds lo the pressures on many organisations, core ￿ndIng alongside the need lo make buildings more energy efficient. It is designed lo enhance the sustsinability of buildings, improve energy efficiency and reduce ongoing costs by carrying out refijrbishmenl and maintenance works. Next year marks the Sokn 8nniversary of the Woltson History Prize. and a range of activities are planned for the year. TRUSTEES. RESPONSIBILIT5ES IN RELATION TO THE FINANCIAL STATEMENTS The Iruslees Iwho are also the Difeclors of the Wdtson Foundation for the purwses of company lawl are responsible for preparing the Strategic Report. Truslee5' Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom General￿ Accepted AccLbunling Practscel. Company law requires the Ifuslees lo prepare financial slalemenls for eaeh financial period whith give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources. including the income arKI expenditure, of the charitable company for that period. In preparing these financial slalements, the trustee5 are required lo- select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP". make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards and statements of recommended practice have been IDllowed. subje¢l to any material departures disclosed and explained in the financial slalemenls., and prepare the financAal statements on the going concern basis unless il is inappropriale to presume that the charitable company will continuo in operation. The Iruslees are responsible for keeping adequate records which disc105e with reasonable accuracy the financial position of the charitable company and enable Ihem lo ensure that the financial slalemenls cornply with the Companies Act 2006. They aTe also responsible lor safeguarding the charitable company's assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularits"es.

12 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF OISCLOSURE TO AUDITORS So far as the trustees are aware, there is no relevant audit informalion of which the company's auditors are unaware. Additional￿, the Iruslees believe they have taken all Ihe necessary steps that they ought lo have taken as Iruslees in order to make themselves aware of any relevant audit infomiation and lo establish that the company's auditors are aware of that infornialion. Approved by the trustees on 7 December 2022 and signed on their behalf by.. ame Janet Wolfson de tton DBE Chaiim8n

UIIY Ha(ker Ywng LLP (￿aLlront House 4 TtrKxnas v.ore Sq L¢xthi E1W IYW 13 Hackeryoung (haltered Accounianis INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Oplnlon We have audited the financial slalements of the Woltson Founijation {ihe 'charilable company'l for the year ended 31 Maich 2022 which comprise the Statement of Financial Aclivilies, the Summary Income and Expendilure Account. the Balance Sheet. the Slalemenl of Cash Flows and the notes lo the financial slalemenls, including a summary of significant accounting policEs. 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 Reporbng Slandard applicable in the UK and Republic of Ireland Iuniled ￿ngdoM Generalty Accepted Accounbng Praclicel,. In our opinion Ihe financial slalemenls.. give a true and fair view of the stale of the charitable company's affairs as al 31 March 2022 and of ils incoming resources and application of resources. including ils income and expenditurè, for the year then ended.. have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordarLe with the requirements of the Companies Act 2006. Bosls for oplnion We conducted our audit in accordance wth International Standards on Auditing IUKI {ISAs IUWI and applicable law. Our responsibilrties under those slandards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accor(tance with the ethical requirements that are relevant lo our audit Df the rinancial statements in the UK, irbcluding the Financial Reporting Council's IFRC'S) Ethical Standard. and we have fulfilled our other ethical responsibilrties in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial slalemenls, we have conduded Ihal the trustees, use of the going concem basis ol accountin9 in the preparation of the finanual slalemenl is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condition5 that, individually or collectively, may casl significant doubl on the chariiable company's ability lo continue as a going concern for a period of at least hyetve months from when the financial slalemenls are aulhorssed lor issue. Our responsibilities and the responsibilities of the Iruslee5 With respect lo golng concem ale described in the relevant sections of this report.

UHY Hacker Young ILP q￿'è￿E Hwse 4 Thoma5 MoTe Sou¥e L(th E1W 1YW 14 Hackeryoung Charteredkcountsnts INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Other Information The other information comprises the infomialion indu(led in the annual report other than the financial $18lements and our auditor'5 report Ihereon. The trustees are re5pongble for the Diher information contained within the financial slalemenls. Our opinion on the financial statements does not cover the other inlDmialion and, except lo the exlenl otherwise explicitly slated in our reKK>rt, we clo not express any lorm of assurance conclusion thereon. Our responsibility is lo read the other infomalion and, in doing so. consider whether the other inlormation 15 materially inconsislenl with the financial ststemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslated. If we identify such material inconsislen¢ies or apparent material misslalements, we are iequired to deleimine whether there is 8 material mi￿latement in tt)e financial st8lemenls or a material missialemenl of the other information. If, based on the work we have performed, we condude that there is a material missiatemenl ol this other information, we are fequired lo report Ihal fact We have nothing to report in Ihis regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion. base(J on the work undertaken in the course of our audit.. the Information given in the strategic report and the trustees. report for the ff nancial year for which the financial slalemenls are prepared is consislenl wth the financial slalemenls., and the strategic report and the trustees. report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understsnding of charitable company and ils environment obtained in the course of the audit, we have not idenlified material misslalemenls in the slr8legi¢ report or the Iruslees, report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report lo 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 v1511ed by us., or the financial statements are r￿t in agreement with the accounting records and returns.. or certain disdosures of Iruslees. remunefalion specified by law are not made., OT we have not received all the infotmalion and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Iruslees, responsibilitie5 Statement, the ttustees are responsible foi th8 preparation ol the financial stslemenls and lor being satisfied that they give a true and fair view, and lor such internal control as the Iruslees determine is necessary to enable the preparation of financial slalemenls that are free from material misslatemenl. whether due ID fraud or error. In preparing the financial slatemenls, thg trustees are responsible for assessing the charitable company's ability to continue as a going ¢oncern. di5¢10sing, as applicable, mallers related lo going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realislic alternative bul lo do so.

15 UHY Hac*erYoun9 lip qL￿[all HWSè 4 Thtyw5 More Sware E1W 1YW Hackeryoung Chartered Accountants INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Audltor's responsibllltles for the audit of the flnanclal statemonts Our objectives are to obiain reasonable assurance about whether Ihe financial statements as a whole are Iree from material misstatement, whether due to fraud or erior, and to i55ue an auditof's report that includes our opinion. Reasonable assurance a high level of assurance, bul is nol a guarantee thal an udil conducted in accordance wilh ISAS IUKI wil a￿ayS detect a material misstatemenl when it exists. Misslalements can arise frorn fraud or error and are considered material if. individualw or in the aggregate, they could reasonably be expected lo influence the economic deasions of users taken on the basis ol these financial statements. Irregularities, includin9 fraud. are instances of notFcompliance with laws and regulations. We design prC￿EdureS in line with our responsiblities, outlined above, to delect material mi55tatemenls in respect ol irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below". Based on our understanding of the charitable cornpany and Ihe Industry in which il operates. we identified Ihal the principal risks of non-compliance with laws and regulations related lo the acls by the ohaiitable cornpany. which were contrary to applicable laws and regu￿tionS including Iraud, and we considered the extent to which non-cornpliance might have a malerial effect on Ihe financial statements. We also considered those law5 and regulalions that h8ve a dIr￿t impact on the prepaiation ol the finanaal statements such as the Companies Act 2006. We evaluated management's incentNes and opporlunities for fr8udulenl manipulation of the finanaal statements (including the risk of override of controls), and determined that Ihe principal iisks were related to the valuation of Ihe ch8riVs investments, inllated revenue and the chafilable company's nel income for the year. Audit prwedures performed lo assess the valuation ol the tharitable company's investments included= confirmation of the valualion ol investment balances from the investment managers arKI a review of the most recent Service Organisation Controls Reports in relation to those investments. We obtained the most recent audited financial slalements for the assets under managernent by Oxford University Endowrnenl Management Limited and Ihe various assels managed by JP Morgan to confirm that there were no Indictors of impairment and that they were prepared on a going concem basis. To assess inll8led revenue and the d)aritable companrfs net inc¥)me for the year audit proceduies performed included-. a review of the financial statement disdosur85 to undertying supporting documentation, ieview ol correspondence with legal advisors. enquiries of management and testing of Journals and evaluating whether there was evidence of bias by Ihe Iiuslees that represented a risk of material misslat8ment due to fraud. There are inhelenl limitations in the audit procedures described above and the further removed non- ompliance with laws and regulations is from Ihe events and transactions reflected in Ihe financial statements, the 18ss likeby we would become aware of it. Also, the iisk ol not detecting a material misslatetnent due lo fraud 15 higher than the risk of not deleoling one resu51ing from error, as fiaud may involve deliberate conc8almènt by, for example. forgery or intenlional mi5representatH)ns, or through collusion. A further description of our responsibililies for th8 audit of Ihe finanaal slalements is located on the Financial Reporting Council's website at.. hllp'.Ilwww.Irc.org.uklaudilorsfesponsibililies. This description forms part of our auditorfs report.

16 UHY Hackwyoung LLP Hackeryoung 4 Thows More Sware L￿dDn E1W 11W Charieid A(ti)untants INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION . Use ofour report This report is made solely lo the charitable company's Iru51ees. 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 slate lo the charitable companys Trustees those matters we are required to Stale lo them in an audilorfs report and for no other purpose. To the fullest extent permitted by law, we do nol accept or a55ume responsibility lo anyone other than the charitable company and ils Trustees as a body, for our audit work, for this feport, or for the opinions we have fomed. Subarna Baneoee (Senior tutory Auditor) for and on behalf of UHY Hacker Young, Stalulory Auditor London 9 December 2022

17 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 IMRCH 2022 2022 É'ooo 2021 £'ooo Notss Income from.. Investments 20,386 18,798 Total income 20,386 18,798 Expenditure on: Raising funds linvestrnent management fees) 1,789 1,650 Charitable ackn'v(ties'. Science Arts and humanib'es Education Health 17.328 7,663 9,268 4,509 15,363 7.804 6,734 7,073 Total charitable expenditure 38,768 36,974 Total charitable activities 38,768 36,974 Total expenditure 40,537 38,624 Other recognised galn5 and losses Nel realised and unrealised gains on disposal and revaluation ot Investment assets 10 Forelgn exchange 74.891 12,2411 204.503 1,414 Tolal recognised gains andlo&8es 72,650 205,917 N81 movement in funds 52,499 186.091 Reconclllallon of fund$ Total funds brought forward 875.038 688,947 Total funds ￿rried forward 927.537 875,038 The realised and unrealised gains of £72.650.202 {2￿21.. £205,917.4401 reffect a general increase In market values. The realised gain on disposal by refere￿e to the original costs of the listed investments was £42,902,56312021.. £31.048.277). All recognised gains and losses have been i￿luded in the Slalemenl of Financial Actiwlies arld the amounls induded are deiived entirely from the ordinary actiwlies of the charitable comparby.

18 SUMMARY INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 2022 £'ooo 2021 £'ooo Income Incoming resources 20,386 18,798 Gain on investments 72,650 205,917 Nel gains on investments 93,036 224,715 Expendlture Resources expended 140,5371 138,6241 Total expendrture 140,537) 138,6241 Nel movement in funds 52,499 186,091

19 BALANCE SHEET AS AT 31 MARCH 2022 2022 £'ooo 2021 £'ooo Notes £'ooo £'ooo Fixed assets Investments Fixtures, fittings and equipment 10 1Q-) 939.710 273 883.716 939.983 883.716 CUr￿nt assets Investments Debtors Cash at bank 10 70.675 1.641 285 66,626 1,527 203 72.601 68,356 Creditors: amounts falling due wlthln one year 12 141.107) (38.3031 Net current assets 31,494 30,053 Total assets less current Ilabilities 971,477 913,769 Creditors: amounts falling due after one year 13 (43.940) (38.731) Total net assets 927.537 875,038 Funds Expendable endowment fijnd 927,537 875,038 The financial statements on pages 17 to 48 were approved by the Trustees on 7 December 2022 and were signed on their behalf by.. Q Q_Ilr_ Dame Janet Wolfson de Botton DBE Chairman Paul Ramsbottom Chief Executive Company registratlon no 08927040

20 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 2022 £'ooo 2021 £'ooo Notes Cash used In operating actlvltlgs 14 134.8791 145,1681 Cash flows from investing actlvlties Income from investments Purchase of investments Proceeds from sale of investments Increase in current asset investments Office relurbishmenl expenditure 20.386 18,798 1223,9481 1274,3591 242,845 320,646 14.0491 119,9471 12731 10 10 1(J') Net cash provlded by Investing actlvlties 34,961 45,138 Change In cash at bank In the year 82 1301 Cash at bank brought forward 203 233 Cash at bank carrled forward 285 203

21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng policles The particular accounb.ng policies adopted by the Iruslees are set out below.. lal Ba$1$ of preparatlon The financial statements have been prepared under Ihe historic cost convention, with the exception th81 investments are included al market value. The financial 51alemenls have been PTepafed in accordance wilh the Slalement of Recommended Practice.. Accounling ané Reporting by Charities preparin9 their accounts in accordance with the FinancFal Reporbng Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20151- (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). the Charities Ad 2011 and the Companies Acl 2006. The most signifitxnt areas ofjudgement and key assumptions that affect items in the accounts felate to eslimaling the liability from mulli-year grant commitments (see note 9 lor more info¥malionl, and the level of investment relums and the pert￿ManCe of investments. The most significant areas of uncertainly that affect the carrying value of assets held by the FounLfalion are the level of investment returns and the performance of investments. The financial slalemenls have been prepared in slerting. which is the functional currency of the Foundation. Monetary amounts in these finallaal stslemenls are rounded to the nearest £'OOO. Ibl Golng concern The trustees consider that as ihe finances are based on a long-temi endowment there are no material uncertainties about the Foundation's ability to continue as a going concern. This is further slrenglhened by the positive results for the peric*J. Icl Inv&stment income All income is recognised 0[￿ the charty has erb1.1￿ment to the income, il 1$ probable that the income will be feceived ancl the amount of income re￿1Vable can be measured rella￿y. {dl Resources expended Expenditure is induded on an accruals basis. Grant awards and other liabilities are recconised as expenditure as soon as there is a legal or conslruclive oblual'on committing the Foundation lo that expenditure. il is probable that selllemenl will be required and the amount of the obligab'on can be measufed reliabty. lel Allocatlon of management and admlnlstratlon expensgs Managernenl and adminislralion expenses ale allocated first be￿een charitable activity and governance. Support costs are appO￿.oned eventy amongst the four grant making categories. The allocation of management and adminislralion expenses is analysed in note 5. IQ Governance costs Governance costs comprise all costs involving the public accountability of the charitable company and ils compliance with regulation and good practice. These costs piimarily indude costs related lo slalulory audit, accountancy and legal fees.

22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 (gl Fore5gn exchange Monetary assets and liabilities denominated in foreign currencies are translated into slerling al Ihe rale5 of exchar¥Je ruling at the balan￿ sheet dale. Transactions in foreign currencies are recorded al the rale ruling al the dale of the transaction. All differences are taken lo the expendable endDwmenl fund. Ihl Investment assets Investments are a form of basic financial irbsttument and are inih'ally recognised al their Iransadion value and subsequently measured al their fair value as at the balance sheet dale using the closing quoted market price where available. Quol&d investments Quoled investments comprise publicty quoted, lisled securib'es including shares, bonds and units. Quoted investments are slated at fair value al Ihe balance sheet dale. The basis of fair value for quoted investments is equivalent lo the markel value, using the bid-price. Asset sales and purchases are recognised al the dale of trade. Unquoted investments Unquoted investments are valued at the best estimate of fair value and comprise of private equily which is valued extemalty by their fund managers and direct investments in unil trusts, the majority of which are made with co-inveslors. Management use the co-inveslor valuations as a key input lo (Jelemiine the fair value. The slalemenl of financi81 activities includes the nel gains and losses a¥ising on revaluation and disposals throughout the year. Cash and 'cash-like' securities with high liquidity are managed as part of a porlfolio of investment assets and are induded as current assets. Galns and lossos on Invastments Realised gains and losses on investments are calculated as the difference be￿een sale proceeds and opening market value {or the purchase dale cost if acquired during the yearl. Unrealised gains and losses on investments aTe ealculaled as the difference betsyeen the closing mid-markel value al the year end and opening mid-market value lor purchase date cost if acquired during the yearl. Realised and unrealised gains and losses on investments are not separated in the statement of financial activities and are recognised in the stslemenl of financial activities as they arise. Ul Flxtures. flttlngs and equlpmgnt This relates lo the refurbishment of the Woltson Foundation offices which was completed immed1alely prior lo the year-end al a total cost of £272.542. This exp8ndilure has be8n capilalised. 11 will be depreciated on a slraighl-line bass over a 10-year period {mat¢hing the period ol the Foundation's current lease of the property) with the first charge to be recognised in the Financial Slalemenls for the year ended 31 March 2023.

23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Key sources of estlmatlon uncertainty and slgnlflcantjudgements made In applylng the accounting pollcles The preparation of the financial SL￿eMentS requires the application of certain eslimales and judgements. The material areas of either estimalion or judgement are sel out below. Estimates and judgements are conb'nually evaluated and are based on historical experience and other faclois, including expectations of fijlure events that are believed lo be reasonable under the circumstances. Each of these areas are consideied by the Risk and Audit Committee based on information prepared by the Finance team. Unquoled inveslmenls Investments In unquoted investrllenls are valued al the best estimate of fair value. For these investments fair value is eslimaled using a range of methodologies including price ol recent investment and public comparables. Malntalnlng the Foundallon for the longer terni In order lo achieve a proper balance between the interests of cUf￿nt and future benefioaries. the Iruslee5 have determined that they are aiming lo preserve the value ol the expendable endowment fund broadly in real terms, and that inveslmenl returns in ex¢ess of the amount required to preserve the real value of the fund may be expended in furtherance of the Foundation's objectives. The nel value of the fund is the ￿SIdUal sum. dependent upon the amounts and liming of L￿th iwme and expenditure. 2020 2021 2022 2018 2019 RPI al the Foundation's year end CPI al the Foundation's year end 108.5 111.8 113.5 114.6 121.7 From April 2019, CPI has been applied to the adjusted RPI figure al this date. as the formal investment target changed near the year ended 31 March 2019 from RPI + 4Vo lo CPI + 4%. 2018 £'ooo 2019 £'ooo 2020 £'ooo 2021 £'ooo 2022 £'ooo Actual expendable endowment fund Target experKlable endowment fund 739,218 708,489 761,787 688,947 875,038 927,537 729.698 740,609 748,111 794,484 Increaselldecrease} in fund in real terms relalive lo March 2017 30,729 32.089 {51,6621 126,927 133,053 Investment Income Total 2022 £'ooo Total 2021 £'ooo Dividerbds Interest Interest Dividends Interest Distribution UK companies. unil trusts and OEICS UK securities, unil trusts and OEICS UK cash deposits Foreign securities. unil trusts and OEICS Foreign securities. unil Irusls, OEIGS and Eurobonds Oxford Unwersity Endowment Management Limited 1,326 10 972 80 5,091 986 12,969 4,465 1,110 12,170 20,386 18,798

24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 4.1 Investment performance In setting the objectives against which the performan￿ of the investment managers is measured, the Trustees are primarily concerned with the total return on invesbments, namely Ihe sum of investment income (note 1 (c) above) and gains and losses on investments Inole 1 lil above). Allhough these consliluent elements are required to be shown separately in the statement of financial aclivilies, no importance attaches to how much of Ihe 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 retuin approach. The long-term investment objective was until March 2019 an average annual total return of UK RPI + 40/0. This target was changed to UK CPI + 4Q/o. and this has been reflected in calculations from the previous financial year. A summary of investment perfomiance over the last five years is set out below. 4.2 Changes In the investment portfolio 2018 -2022 £'ooo 2018 £'ooo 2019 rooo 2020 £'ooo 2021 £'ooo 2022 £'ooo Opening value of investments A 844.687 806,308 831.407 772,180 950,342 844,687 Investment income Investment gainslllossesl Investment management lees 18.99B 121.02BI I￿3) 23,650 21.171 18.798 20,386 103.003 38.568 {48.049} 205.917 72.650 248,058 9121 11.552) 11,650) 11,7721 16,8491 Total relufn Amounts withdrawn from portfolio Inote lill 12.9931 61.306 128.4301 223,065 91,264 344,212 135.3861 {36.2071 130.7971 144,903) {31,2211 {178,5141 Closing value of investments 806.308 831.407 772.180 950,342 1,010,385 1,010.385 {1) 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 expendrture. 4.3 Investment returns compared to the Foundation's objectlve 2018- 2022 average 2018 2019 2020 2021 2022 Actual return Yo IBIAI {0.35%) 7.60% (3.42%) 28.89% 9.98Yo 8.23°h Target relum OA IRPI + 4Y•l 7.62% 6.9 Target relum % (CPI + 4%) 5.50% 5.01% 10.200 Relurn in excess of I Ibelow) target O 17.97%) 0.61% {8.92%1 23.880h (0.22'/41 1.17%

25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 4.3 Investment returns compared to the Foundation's objective (continued) 2019 2020 2021 2022 É'ooo £'ooo £'ooo 2018 £'ooo Total £'ooo Actual relum £'OOO Target return £'OOO (C x Al 12,993} 64,355 61.31% {28.430) 223,(X5 56.390 45,689 38,709 94,811 347,959 96,923 302,(￿5 Return in excess ofllbelow) target £'OOO 167.3481 4,916 174.1191 184.356 12.1121 45.694 Grant maklng activities Grants Allocated awarded gxpenses Inetl INote 61 £'ooo £'ooo Totsl 2022 £'ooo Total 2021 £'ooo Science Arts and humanities Education Health 17.015 7,350 8.955 4,197 313 313 313 312 17,328 7,663 9,268 4,509 15,363 7,804 6.734 7.073 37,517 1,251 38,768 36,974 The lolal management and administralion expenses are apportioned evenly amongst the four grant making activities. Significant aspects of the grant activty during the year are described on pages 7 to 9 of the Trustees, report. 5.1 Charitable expenditure The Trustees aim lo distribute approximately 4 % of Ihe fund, including administrative costs, on an annual basis. The value used to calculate Ihe normal target distribution is the average of the last five years, investment portfolio value. 2018 - 2022 £'ooo 2018 £'ooo 2019 £'ooo 2020 £'ooo 2021 £'ooo 2022 £'ooo Actual ch8ritsble expenditure (i} Target Charitable expenditure 32,305 31,673 38,737 31,965 44.410 32,302 36,974 31,996 38,768 191,194 33,639 161,576 Expenditure in excess ofl(belowl target 632 6.772 12.108 4,978 5,129 29,618 {1) These amounts are on an "accruals basis". meaning that grants are included in the year of award, as described in note 1 Id).

26 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Management and administration expenses Grant Governance making Costs activities £'ooo £'ooo Total 2022 (Note 51 £'ooo Total 2021 £'ooo Consultancy costs Auditors. remuneration 32 13 59 89 121 13 59 85 13 52 47 664 203 191 audit seThices - other seNices Legal fees Staff costs Rent and service charges Olhei expenses 732 123 732 123 198 111 1,140 1,251 1,255 The governance costs comprise costs of njnning the Foundation and planning for future developments, including audit and legal advice for the Trustees and costs of complying with conslitulional 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-grar)I monitoring. No staff costs are allocated lo governance costs as the amount of relaled activity is immaterial compared to the grant making activity. Trustees. remuneratlon No fees are paid to Irustees for their services as Board Members. As allowed by the Memorandum and Articles, consultancy fees of £30.000 (2021.. £35,000) were paid to academic trustees in connection with the work they undertook in advising on applications lo the Foundation capped al £5,000 pa each to Sir David Cannadine. Dame Hermione Lee. Sir Michael Pepper, Sir Peter Ratcliffe, Dame Jean Thomas. and Lord Tumberg. Trustees who are family members did not receive any remuneration. Expenses amounting in total to £6,535 {2021.. £4.732} were paid in respect of all 11 (2021.. 11) Trustees for trustee indemnity insurance and sundry costs.

27 NOTES TO THE FINANCIAL STATEMEhlTS FOR THE YEAR ENDEO 31 MARCH 2022 staff costs The Foundation employs 11 full-lime and part-time staff. The average number of full-time equivalent staff in the year approximates lo 1012021.- 9). 2022 £'ooo 2021 £'ooo Salaries Social security c051s Pension & other benefit costs 606 68 58 548 61 55 732 664 One employee received emoluments betsveen £110.000 and £120,000. Two employees received emoluments be￿en £70,000 and £80.000. The 10181 employment benefits. induding employer pension contribution5 of the key management personnel, were £290,832 12021.. £283,800). This lolal does Mt include consultancy fees paid lo Iruslees (please see note 7 above). Grants awarded for future payment Grants awarded by the Tru51ees for future payment at 31 March 2022 tolal £84,649,077 {2021'. £74,118,253) as follows.. Grants Grants Grants At awarded reSlnqulshed pald At 31 March durlng the durlng the during tho 31 March 2021 year year year 2022 £'ooo £'ooo £'ooo £'ooo £'ooo Science Arts and humanities Education Health 43,857 18,438 9.856 1.967 17.036 7,352 9,008 4.340 {211 {14,445} 46,427 (21 14,1771 21,611 1531 16,1941 12,617 {143) 12,1701 3,994 74.118 37,736 1219) (26,9861 84.649 Due within one year (note 121 35,387 Due after more than one yeaf {note 13} 38.731 40,709 43.940 74,118 84,649 A summary of grants awarded during the year is set out in note 16.

28 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2022 10. Investments Flxed asset Investm&nts Markel value Purchase 2021 cost$ £'ooo £'ooo Market value 2022 É'ooo Sale proceeds £'ooo Galns £'ooo Equities Fixed Income Absolute Return Real Assets Gilts and Others Investment in private equity funds The Oxford Endowment Fund Charitable Unit Trust 378,521 31.932 .100 90,276 12,850 35,799 115.114 34.906 (169,357) (35.523} 39,173 363,451 65 31,380 100 12.823 101,969 24.993 12,923 73.679 13.039 32,706 27.972 (14.169) 120.5701 13.0151 334.238 211 {211) 9,900 344,138 883.716 223.948 {242,845) 74,891 939.710 Curr&nt assol Inveslmonts Cash held including strong box 66,626 70,675 Total Investment assets 950,342 1,010,385 The historical cost of these investrnenls as at 31 March 2022 wa5 É845.902,00812021'. £811,477,251). The investment in the Oxfoid Endowment Fund is in a unil trust which comprises underlying investments in equities with property and credit providing allemalive drivers of retum as well as cash and bonds for Pfoleclion and liquidity- The split beNveen fixed assel investments and current asset investments in tho above note has been amended lo reflect the cash held within the charitable unaulhorised unit trust as fixed asset investments as lo better reflect the substance of the investmerbt. The bfoughl forward lolal investment assets remain th& same. 11. Debtors 2022 £'ooo 2021 £'ooo Accrued Income Sundry debtors 1,636 1,522 1,641 1,527

29 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2022 12. Credltors- amounts falllng due wlthln one year 2022 £'ooo 2021 £'ooo Grants payable Inole 9) Accrued inve51menl management lees Accrued expenses of adminislralion Sundry creditors Other creditors 40,709 35,387 35S 353 36 23 2,531 41,107 38,3Q3 13. Credltors: amounts falling due after one year 2022 £'ooo 2021 £'ooo Grants payable Inole 91 43.940 38,731 14. Reconclllatlon of net Incomg to net cash flow from operatlng acllvities 2022 £'ooo 2021 £'ooo Nel in¢oming resources Gains Dn investments Investment income Increase in debtors Increaselldecreasel in creditors 52,499 186,091 (74,891>1204.5031 (20,3861 118,7981 11141 (1301 8.013 17,8281 Nel eash outflow from operating activities 134,879} {45,1681 15. Jolnt admlnlstrallon The charitable company has shared objectives and joint administration with the Wolfson Family Charitable Trust, registered charity number 228382. al 8 Queen Anne Street. London W1 G 9LD.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Grants awarded durfng tho period Sclence and Mediclne Sclence and Medlclnelsclentiric Research University of Bimingham New facility for Wolfson Research Unil in Youth Mental Health The Sainsbury Laboratory and John Innes Centre, Nowch -Advanced Technology Centre in new planl s￿enceS complex University of Dundee -FilthouI of new Life Sciences Inrbovalion Hub 1.500,000 1.100.000 1.000.000 University of Southampton -A¢commodalion for the Centre for Electronics Froniiers 880,000 University of Cambridge -Tesl facilities for zero caibon propulsKJn and p(Y•ver lechnologies wthin refurbished Whillle Laboratory Unive¥sity of Edinburgh -Data-Enabled Clinical Tria15 Unit within Ihe new Usher Instilule building 750,000 750,000 University of Oxford -Equipmenl for new Therapy Acceleration Laboratory Plymouth Marine Laboratory -Remole. autonomous instruments supporting marine and dimale science research University of Aberdeen Field Cycling Imaging Suite 750.000 748,000 723,000 Cardiff University -Precision Inlerfefometry Suite and experimental equipment Liverpool School of Tropical Mediune -Containmenl laboratory with robol-assisted chemistry lacilibes Loughborough University -National Engineered Slope Simulator MQ.. Transforming Mental Health, London EC1 -Resear¢h programme on the impact of Long Covid on mentsl health University of Sheifield -Gene Therapy Irbnovalion and Manulacbjrifig Centre University oif Plymouth -mass speclromeler Keele University -Equipmenl for High-Performance Computing Facility Brunel University London -Phenotyping and Cell Sorting Laboratory 500.000 500,000 500.000 500.000 500.000 350,000 330.000 155,000 11,536,000

31 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Israell Unlversltles Awards for equipment lo support research in molecular engineering were made lo the following universities". Weizmann Institute of Science. Rehovol, Israel Q'oinl grant with the Wolfson Family Charitable Trust totalling £600.000) The Hebrew University of Jenjsalem, Israel O'oinl grant with the Wolfson Family Charitable Trust lolallirKJ £575,000} Bar-llan University, Ramal Gan. Israel tioinl grant with the Woltson Family Charitable Twsl totslling £425.0001 Technion- Israel Inslilule of Technology. Haifa, Israel Ooinl grant with the Wolfson Family Charitable Trust lolalling £425,000) Ben-Gurion University, Beer Sheva, Israel tsoinl grant with the Wolfson Family Charitable Tnjsl lolalling £250.000} Tel Aviv University, Israel tioinl grant with the Woltson Famity Charitable Trust tolalling £225,000) 360,000 345.000 255,000 255,000 150,000 135.000 1,500,000 Partnershlp Programme Royal Soaety Wolfson Fellowships (over ts¥o years) The programme has two elements11) the Royal Soc*ety Woltson Fellowship enables UK universities and nol-for-profil research inslrtulions lo recruit leading intemational researchers lo Iheir organisalion via five-year funding,'121 the Royal Society Wolfson Visiting Fellowship enables leading inleinalional researchers and their host organisalions 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. Total Sclence and Medlclne 4,000,000 17,036,000 (Total number of grants: 241 Publlc Engagement wlth Sclence The Natural History Museum, London SW7 -New outdoor learning centre National Rai￿aY Museum. York -Redevelopment of Locomotion Museum In Shildon. County Durham Dundee Industrial Heritage Ltd -Now galleries at Discovery Point Museum The Royal Horticultural Society. London SW1P -Resloration of the Old LaboTalory al RHS Wsley. SurTey 500,000 400,000 30CI,000 260.000 1,460,000

32 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Wolfson Inte￿alated Awards Programme These awards are administered by the Royal College of Physicians and support selected medical students lo lake 8 year out of their medical training for an additional research-based degree. Awards were made lo.. University of Manchester University of Bimiingham Cardiff University University of Glasgow University of Liverpool Sl George's, University of Lon(k)n Newcastle University University of Sheffield University ol Leicester Barts and the London, Queen Mary, University of Lon(lon University of Soulhampton University ol Aberdeen The Queen's University Belfast University of East Anglia University of Leeds King's College London University of Sl Andrews University of Bristol University of Exeter Keele University 20,000 18,000 15,000 15,000 15,000 15,000 15.000 15,000 14,594 14,000 13,500 10,000 10,DOO 10.000 10,000 10,000 10,000 5,000 5,000 5,000 245,094 Arts and Humanltles (Educatlonal Instltutlons) Wolfson College, Oxford -Replacing single glazed windows as part of a wider project to decarbonise the College estate The Queen's University Belfast .New venue for the Seamus Heaney Centre Lucy Cavendish College. Cambridge -New accommodabon and learning spaces Royal College of Music, London SW7 -Technical fil out of new pgrfomiance and recording studios 500,000 475,000 200,000 200,000 1,375,000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Wolfson Postgraduate schola￿hlps In the Humanlties This programme supports poslgiaduale researth in the bioad areas of Languages, Liloralure and HislDry. Three scholarships each for three yeais of doctoral study {to commence in 20221231 have be&n awarded lo the following universilie5. University of Bimiingham University of Cambridge Durham University University College London University of Oxford University of Southampton University of St Andrews University of Warwck University of York Durham University (additional paternity leave paymenll 272.250 272,250 272,250 272,250 272,250 272,250 272,250 272,250 272,250 962 2,451,212 Wolfson Muslc Awards This programme supports formal mu51¢ education al nine conseNaloires through two discrete schemes'.111 the Woltson Scholarships for Young Musicians. providing scholarships for young (secondary school age) musicians in the junioi (lepartments-12I the Wolfson Instrument Fund, supporting the purchase of instruments for undefgfaduales. The piogramme was renewed for a further three years12022, 2023 and 20241 and awards were made to the following conseivatoires". Guildhall School of Music & Drama. London EC2 90,000 90,000 Leeds Conservaloiro Royal Academy ol Music, London NW1 Royal Birmingham Conseryaloire Royal College of Music, London SWT Royal Conservatoire of Scotland, Glasgow Royal Northern College of Music. Manchesler Royal Welsh College of Music and Drama. Cardiff Trinity Laban Conservatoire of Music and Dance. London SE10 90.000 90.000 90.000 90.000 90,000 90,000 90,000 810,000

34 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Secondary Educatlon- Capltal Programme STEM Aston Manor Academy. Birmingham -Refurbishmenl of science classrooms. staff WOTk fts)m and suence prep room Balley Grammar School, West Yorkshire -Refurbishmenl of science laboratories 100,000 100,000 Dr Challoner's Gramm8r School, Amersham, Buckinghamshire -construction and refurbishment ol science laboratories 100,000 Selly Park Girls, School. Bimingham -Refurbishmenl of design and technology department Sl Marylebone CE School, London W1 -Refurbishmenl of science laboratories 100,000 100.000 Sl. Pelerfs RC High School, Manthesler -Refurbishmenl of science laboialories 100,000 Wardle Academy, Rochdale, Greater Manchester -N8w science classrooms 100,000 Ysgol Gyfun Aberaeron. Ceredigion -Refurbishmenl of iwo science laboratories 100.000 Brayton Academy, Selby. North Yorkshiie -Relurbi5hmenl of science18boralories 98.500 Hilchin Boys. School, Herttordshire -Refurbishmenl and equipment for science, desiw & technology and visual arts 96.000 Reach Academy, Feltham Greater London -upgrade science classrooms and equipment Ysgol Brynrefail, Gwynedd -Refurbishmenl of three science laboratories 96,000 94,000 Burnham Grammar School. 8uckinghamshire -conversion of classroom lo science laboratory The Sydney Russell School. Dagenham. Essex -Refurbishmenl of science laboratories 90,000 84,500 Crickhowell High School. Powys -Refurbishmenl of science laboralories 60,000 ilchin Gids, School. Hertfordshire -Furnilure and equipment for science labor*ory Humberston Academy, Grimsby. Lincolnshire -Refurbishmenl of DT and IT faalilie5 53,500 50,000 Northampton School for Boys, Northamptonshire -Refurbishmenl of computer science suite Balshaws CE High School. Leyland. Lancashlte -New science laboratory Hartismere School, Eye, Suffolk -Refurbishmenl of science laboratory Ark John Keats Academy. Enfield. Greater London -Furnilure and equipment for S￿er￿e laboratories 50.000 48.000 46.000 43.500

35 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Chestnut Grove Academy. London SW12 ompuler suite for STEM subjects Sl Bede's Catholic Comprehensive and Byron Sixth Form College, Pelerlee. 15,500 County Durham -Purchase of a laser cutter 22.500 Creallve Arts The Archer Academy, London N2 -Drama and dance st￿￿10 theatre 100,000 Ysgol Gyfun Gymraeg Bro Edem, Cardiff -Refurbishmenl of hall stage lo create a separate dtama studio Magna Academy. Poole, Dorset -Refurbishmenl of drama Hall 80,000 74,500 The Burgale School & Sixth Form, Fordingbridge. Hampshire -Refurbishmenl and expansion of media facilities Prince Henry's High School, Evesham, Worcestershire -Relocalion of music facilities 66.500 50.000 Conyers School, Slocklon on Tees, County Durham -Specialisl digital equipment for design technology and the ￿ative arts William Hulme's Grammar School. Ma￿heSter -Crealive STEAM studio 49,000 39.500 Bentley Wood High School, Stanmore. Grealei London -N￿ computers for music, art and drama departments Omiislon Bushfield Academy, Pelerborough. Cambridgeshire -music technology equipment Strode College. SITeel, Somersel -Specialisl digital equipment for A level art, graphic communication and photography Dixons Mcmillan Academy. Bradlord, Wesl Yorkshire -New drama performance space King Edward Vl School, Slratford-upor)-Avon, Wa￿kShire -IT equipment for arts department Bishop Hedley Catholic High School. MerthyrTydfil -Lighling and sound equipment foT drama studio Chelsea Academy, London SW10 -Lighling equipment for specialist perfomiance space 36,000 35,500 30.000 31.500 28.500 25,000 19.000 2.417,000 Exceptlonal Award$ The Association for Saence Education. Haffield, Hertfordshire -continuing Professional Development ICPDI piogramme for secondary school teachers and technicians, in response to ihe impact ofthe Cowd-19 pandemic on practical science 250.000 Total Educatlon (Total numbgr of grants: 85) 9,008.306

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Humanlties and the Arts Historlc Bulldlngs and Lands¢ap Exeter Cathedral -Reslorabon of Cathedral and ¢reath"on of Ireasuies gallery Westminster Abbey, London SE1 -To support conservation of the building Historic Royal Palaces. London SW1 -Banqueling House environmental contr(As Lichfield Cathedral, Slaffordshiie -Resloralion of central spire and south fying bultresses Newport City Council -Resloralion and inlerprelation of Newport Transporter Bridge Mufslon All Saints Trust, Kenl -Restoralion and inlerprelalion Lord Leycesler Hospital. Warwck -Reslorabon and interpretation Slralhnaver Museum, Cailhness -Refurbishmenl and interprelalion South Downs National Park Authority, Midhursl, West Sussex -New vi511or centre al Seven Sisters County Pa File Employment AC￿55 Trusl -Resloralion of Silverburn Flax Mill 400,000 375.000 275,000 90,000 80,000 77,000 75.000 75,000 70,000 50,000 Liverpool City Council -Sl George's Hall heritage trail Wallingford Town Council. Oxtordshire -Resloralion and conservation of the Twn8ins of the College of Sl Nicholas The Observalory Science Contre. Hailsham. East Sussex -Resloralion 50,000 50.000 47,000 1.714,000 LSbrarles and Ar¢hlv8s Corpus Christs College. Oxford -Reading room in new special Collections centfe Lambelh Palace Library, London SE1 -New exhibition space 310.000 59,000 369,000

37 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Museums and Galleries The National Gallery, London WC2N -Refurbishmenl of Gallery 29 Preston City Council, L8ncashire -Repair and redevelopment of the Harris Museum, Art Gallery & Library Derry City and Slrabane District Courril -New maritime museum and archive centre 1.000.000 200,000 150,000 Sir John Soane's Museum. London ￿2A -Resloration of drawing office BAFTA, London WIJ -Inlerprelalion ol collections Ipswch Borough Council, Suffolk -Mammolh Gallery within refurbished Ipswich Museum Salisbury and SoLrth Willshire Museum -Refurbishmenl and interprelalion Trent Park Museum Trust, Enfield. Greater London -New museum al T￿nI Park House 150,000 120,000 110,000 100,000 100.000 Weald and Oownland Living Museum. Wesl Sussex -Resloralion of Tilchfield Market Hall 86,000 Bletchley Park Trust, Milton Keynes -New learning facility Wisbech & Fenland Museum, Cambridgeshire -Roof and building repairs Compton Verney, Warwickshire -Redisplay and reinlerprelation of the Naples Collection 75,000 43,000 39.000 2.173.000 Muslc and Performlng Arts The Old Vic Theatre, London SE1 -New learning and community facility Theatr Cwd. Mold, Flinlshlre -Redevelopmènl Royal Academy of Dance. London SW11 -New headquarters Capital Theatres, Edinburgh -Resloralion of the King's Theatre National Theatre. London SE1 -New automated flying system al the Olivier Theatre The Roundhouse, London NW1 -Perfomiance spaces within new eampvs building Cwmni'r Fran Wen, Menai Bridge, Anglesey -N8w home for Cwmni'r Fran Wen in Bangor Belgrade Theatre, Coventry. Wawckshire -New performance and education venue 500.000 500,000 375.000 250,000 250,000 150.000 100.000 50,000 2.175.000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Partnershlp Programme Brillsh Academy Woltson Research Professorships 816,000 The programme awards three professorships each for three years Ilo commence in 20221231 to oulslanding established academics in the humanities to concentrate on a sKJnificanl research programme while freed from nomal leaching and administrative commitments. Exceptlonal Awards Sl Paul's Cathedral, London EC4 -Covid-19 memorial project I'Remember Me? Bodleian Libraries, University of Oxlord -Calaloguing of archive of Sir Keith Thomas (fom￿1 Chair ofjLKlges ofwolfson History Prize) 25.000 20.000 45,000 Wolfson Hlstory Prlze The Wolfson Hi510ry Prize is awarded annualty to promote and recognise outstanding history written for a general audience. The prize was awarded in 202110.. Sudhlr Hazareeslngh for Black Spartacus." The EpK Lile of rou￿al￿¢ Louverture (Allen Lane) The shortlisted aulhois for the prize were.. Rgb&cco Clifford for Survivors.. child￿￿'S LNes afterlhe Hdocaust (Yale University Press) Judlth Heriln for Ravenna.. Capital of Empire, Cnicible of Eiirope (Allen Lane) Halen Mccarthy for Doiible Lwes.. A History of Wort(ing Molhethood (Bloomsbury) Rlchard Ovenden for Buming Ihe 8ook& A History ofKnowledge UnderAltack (John Murray Press) Geoffrey Plank for All&nlK wa￿.. Fmm the Fifteenth C&ntiiry lo th8 Age of Revolulion Ioxford Univeisity Press) 40,000 4,000 4,000 4.000 4.000 4.000 60.000 Total Herltage. Humanltles and the Arts (Total number of grants: 44) 7,352.000

39 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Health and Dlsablll Dlsablllty. Mental Health and Older People The Children's Trust, Tathorth, Sur -New SCI￿01 building supporting pupils with an au4uired brain injury or r)eurodisability Hamara Healthy Living Cenlre, Leeds -Communily hub supportirbg young people aThJ adults with leaming disabilitie5 The Royal Naval Benevolent Trust, Portsmouth. Hampshire -New care home for Royal Naval veterans and their dependants Seash&ll Trust, Cheadle Hulme. Greater Mancheste¥ -Flexible classroom space in the new Royal School Manchester supporting children nd young adults with special needs Designability, Bath, Somersel -Refurbishmenl of workspace used to design mobility and ac￿SsIbIlIty aids 8irtenshaw, Bolton. Greater Manchester -Expansion ol school serving pupils with special edLKational needs and disabilitses Family Care Trust, Solihull, Wesl Midlands -New canteen lo provide work experience for adults with learning difficulties, brain injuries and mentsl health problems Harmeny Education Trust, Edinburgh -Learning hub lo provide re5idents.al care seryices up lo the age of 18 for children from across Scotland 125,000 100.000 80,000 80,000 75.000 75.000 75,000 75,000 Links Counselling Service, Craigavon. Amiagh -New counselling service in Lisburn for young people al risk of developing mentsl health problems Ruskin Mill Land Tiusl, Nailsworth, Glouceslershire -wool Barn al Ruskin MIH College. lo provide work experience lo youThJ people with complex learning disabilities Scolswood Garden. Newcasue upon Tyne -New eco-building providing additional space for mental health and wellbeing aclivilies 75.000 75,000 75,000 Soulhmead Developrnenl Trust. Bristol -Exlension and roof repairs lo the charity's health and wellbeing hub. expanding services sUPPOrting olLfer people and those with mental health needs Cloughwood Academy, Northwich. Cheshire -New sixth form leaching space arbd vocational training faality Deaf Action, Edinburgh -Refurbishmenl of charity's headquarters Kent Aulislic Trust, Gillingham, Kent -supported living accommodation for adults with aub'sm The Oaks Secondary School and Sixth Form. SpennymoDr, County Durham 60,000 -Exlension lo house a café lo be run by sixth form pupils with learning difficulties Jennyrulh Workshops Ltd, Ripon. North Yorkshire -Exlension of workspace for social enlefprise for use by adults disabilities 65,000 60,000 60,000 60.000 58,000

40 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Alfrelon Park Community Special School. Derbyshire -outdoor classroom lo support horbcullural studies for pupils wlh ￿aMIng disabilities 50,000 All Bridge School. Huyton, Merseyside -Food technology and textile room for pupils wilh complex leaming difficults'es Croydon Voluntary Association for the Blind. Greater London -Lift inslallalion to inuease the charity's use of ils premises The Forest School, Knaresborough, North Yorkshire -Food lechnolcgy room and café to be run by pupils ￿th special educational need5 Kyleakin Connections. Isle ol Skye -New facility providing day care acliwlies for adults with learning disabilities as well as mental health services 50.000 50,000 50,000 50,000 Moor House School and College, Oxted, Surney -Life skills classroom supporting students wlh developmental language disorders Newfriars College. Stoke-on-Trenl, Slaffordshiie -Refurbisheé building enabling learners with specTral educath.onal needs to njn community café The Percy Hedley Foundalion. Newcastle upon Tyne -Refurbishmenl of Hedley5 College café lo support pupils WFth special educational needs 50,000 50.000 50,000 Plumplon College, Lewes. East Sussex -Fil-oul of a training kitchen for students with speryal educational needs and isabilities 50.000 Reach Learning Disability, Soulhwell. Nollinghamshire -supported living accommodation for adults with leaming disabilities The Royal National College for the Blind, Hereford -skills centre supporting students with visual impairments to gain work experience Woodlands Secondary Special School, Lulon. Bedfordshire -Enlerprise hub supporting pupils aged 16-18 years old wth complex needs YMCA Milton Keynes, Buckinghamshire -Fit-oul of a room used to provKJe employment training Lifecare Edinburgh -Refurbishmenl of Day Club Leuchie House, North Berwick, East Lothian -Developmenl of a mock-up flat enabling peoplewith neutological conditions from across Scotland lo trial assistive technology Cricket Green School, Milcham. Greater London -Refurbishmenl of food technology room supporting students ￿th leaming disabilitie5 and complex needs Ha5well & District Mencap, County Durham -Horticullure training faalilies for adults wlh leaming disabilities Blylh Star Enterprises, Northumberland -care apartments for adults with mental health prob￿M5 and learning disabilities Chalsworth High School & Community College, Salford. Greater Manchester -Training kitchen and community café providing work experience lo cuirenl and former students with complex needs 50,000 50.000 50.000 50.000 49,200 48,000 45.000 45,000 44,000 43,000

41 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pursuing Independent Paths. London -Digilal immersiv& space lo support adults with leaming disabilities arKVor autism Sl Martins School. Derby -Fil out of an enterprise hub pioviding skills training in printing and ielail United Response, Croydon. Greater London -Training kitchen al Boscawen Farm in Tnjro. Cornwall for use by young people with disabilities 43,000 43,000 43,000 Gower College Swansea -New buildings lo deliver enterprise and employability training for students of the Independent Living Skills department Meadows School, Tunbridge Wells. Kent -Kilchen classroom lo support pupils with leaming. social. emotional and mental health difficulties 42.000 41,000 The Abbeyfield Society, Sl Albans, Hertlordshire -Furnishing of extended Activity Centre al Abbeyfiekl Beaconsfield Castle Hill School. Huddersfield. Wesl Yorkshire -Recycling and upcycling workshop supporting students wilh leaming drfficullies Maclnlyre, Milton Keynes, Buckinghamshire -Tiaining kitchen for students with special educational needs and disabilities lo gain work experience Neuromuscular Cenlre. Wnsford. Cheshire -changing Places bathroom S.P.A {Peggy Dodd) Bath. Somersel -creation of a day room lo support people with dementia and Alzheimerfs The Brendoncare Foundation, Wnchesler. Hampshire -AcouslJc monitoring equipment in selfthconlained care home apartments al Brend￿n￿re Ollerbourne Hill Mews 40.000 40.000 40.000 40,000 40,000 34,000 Bidwell Brook School, Dartinglon. Devon -Ouldoor cla55room to deliver woodworking and hortscullure training to students with learning difficulties Ysgol Y Gogarth, Llandudno. Conwy -Pur¢hase of accessible minibus to transport pupils wth special educational needs and disabilities lo work placements Ashford Place, London NV2 -construction of a resource centre providing c(xnmunity wel￿being sewvices for older people Sheffield Royal Society for the Blind -Inslallalion of lift and refurbishment at the charity's centfe in Rotherham L'Arche. Keighley, West Yorkshiie -Kilchen and bathroom refurbishment at L'Arche community in Norwood. South East London 33,000 33.000 31,000 31.000 30.000 Potters Garden, Slranraer, Dumfries and Galloway .Refurbishmenl of premises used by individuals with leamir#J disabilities lo access horticultural and woodwork training Crisis, London E1 -suite PToviding mental health support at new centie in Brent. North Wesl London 30,000 25,000

42 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Friends of Oak Lorlge School for Deafyoung People. London SW12 -Expansion of residential accommodab'on for students who are deaf anLVor have speech. language and communication needs Nansa. Norwch -Garden room at centre supporbng adults with special educational needs and disabilities 25,000 22.500 Girvan Youth Trust, South Ayrshire -Purchase of a minibus lo transport young people with leaming disabilities lo work placements 22,000 Kirriemuir Day Care Ltd, Angus -Replacemenl minibus lo enable older people lo access the charity's day centre Polden Bowei School, Bridgwaler, Somerset -mulli-skills workshop for students wslh disabilities 22,000 21.000 Golden Oldies, Radslock -Digital projeetion equipment to support social actNibes Age Concern Wndsor, Berkshire -RenDvalion of day centre Bluebell Care Tru$l, Bristol -Refurbishment of space lo provide counselling and support to families affected by perinatal mental illness The Friends ofApplelord Charity. Salisbury. Wllshire -Teaching room and kilchen to support pupils with leaming difficulb'es Bishop Burton College. Bgverley. East Yorkshire -Independenl living skills cottage Riverside Special School, Goole. East Yorkshire -construction of animal enclosuies lo support students wilh special educational needs lo obtain animal care qualifications SAFE Foundation, Exeter -Partilioning and fil-oul lo increase space for mental heallh support. 20.440 20,000 20,000 20,000 18.000 17,600 15.065 3,099,805 HosplceslPalllatlvo Care Sl Ann's Hospice, Cheadle. Greater Manchester -Cenlfe for Palliats"ve Care Educabon within new hospice development Sl Catherine's Hospice, Crawley. Wesl Sussex -construction of a new hospice Priscilla Bacon Norfolk Hospice Care. Norwich -construction of a new hospice St John's Hospice. London NW8 .Renovalion ol day care unit Willen H05pice, Milton Keynes, Buckinghamshire .Extension of inpalienl unil Forget Me Nol Children's Hospice, Huddersfield -Replacemenl flooring lo improve infection control Sl Elizabeth Hospice, Ipswth, Suffolk -café in new Community Care Unil for use by patients, slaff and visitors 250.000 150,DOO 125,000 100.000 70.000 50,000 50.000

43 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Sl Luke's Hospice. Harrow, Greater LoNJon -safety and security improvements Weldmar Hospicecare, Dorchesler, Dorsel -construction of a gaiden room in the grounds of the inpalienl unit Sl Luke's Hospice, Sheffield -In51allalion of technology lo increase mobile pfvjne signal Wnchesler Hospice Ch8rity, Hampshi -construction of an all-yeai-round garden room High Peak Hospicecare, Chapel-en4e*Frilh, Derbyshire -Inslallalion of new flooriny, fijrnilure and rehabililalion equipment in the community hub and rehabilitation room 50,000 47,000 43,400 38,000 32,000 1,005,400 Exceptlonal Awards MIND, London E20 -schools Eady Support Serwce (in partnership wilh Ihe Anna Freud National Centre for Children and Families and parlly in response lo increased challenges cause(I by Covidl Save the Childrerb, London EC1 Humanitarian 5UPPOrt in response lo the crisis in Ukraine Afghanistan and Cenlral Asian Association. Feltham. Greater London -Unreslricled funding in response lo increased demand to support newly-arrived refugees from Afghanistan Cardinal Hume Cenlre, London SW1 -In memoriam (Jonation 150.000 50,000 25.000 7,000 Samarilan5. Ewell, Surrey -In memoriam donatron 3,000 Totsl Hgalth and Oisability ITotal number of grants: 83 item51 4.340.205 Total grants awarded ITolal number ol grants". 236) Grants rellnqulshed durlng the perlod Total grants awarded Ineti 37.736,511 219,665 37.516,946 Contlnulng Programmes In addilion lo the 231 awards above, a further 103 awards tolalling £3,449,867 were made in a number of programme areas where overall prograrnme funds had been allocated in a previous financial year land hence the individual awards bek)w did not involve additional allocations of fundsl. Awards are noted in the year that they were ratified by Iruslees of the Woltson Foundation.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Royal Soclety Woltson Followshlp Awards {13 avmrdsl This programme is ioinlly funded wlh the Departmenl for Business, Energy & Industrial Strategy, in partnership wilh the Royal Society. The piogramme has two elements111 the Royal Society Wolfson Fellowship enables UK universib'es and nol-for-profil research instiluts.ons lo recruit leadin9 international researchers lo their organisation via five-year funding.. {21 the Royal Society Wolfson Visiting Fellowship enables leading international researchers and their host organi581ions to develDP ongoing collaborative reseaich links, share ideas and practice over a 1-2 year limelrame. 11 is designed lo enable UK universities and research inslrtulions lo recnjil oulslanLfing research leaders lo the UK from overseas by offering long-leim support and fle￿ble funding lo conduct high-quality research. The Wolfson contribut￿In of £1.120.623 was allocated in a previous finanaal year. Awards were made to the followng academics-. Royal Soclety Wolfson Fello￿¥hIps Professor Patrick Meir, School of Geosciences, University of Edinburgh Profes5Dr Wenying Shou, Department of Genetics. Evolution and Environmenl, University College London WC1E Professor David Thompson, School ol Environmental Sciences, University of East Anglia Professor Carola Vinuesa. Autoimmunity Laboratory. The Francis Crick Inslilule, London NW1 Royal Soclety Wolfson Visiting Fellowshlp5 Professor Victor Eremeyev, Department of Mathematics. Aberystrlyth University Professor David Jamieson, Department of Electrical and Electronic Engineering, University of Manchester Professor lan Mann, Department of Mathematics. Physics and Electrical Engineering, Northumbria University Professor Kenneth M¢Laughlin, Sthool of Mathematics. Unsversty of Bristol Professor Federico Rosei. College of Engineering, Swansea University Professor Aradhna Tripali. School of Earth Scler￿es. University ol Bristol Professor Olga Tulubalina, Department of Geography. University of Cambridge Professor Michael Wèscher, Inslilute for Aslronomy. University of Edinburgh Dr Belinda Wilkes, School of Physics. University of Bristol 8ritlsh Acadèmy Wolfson Fellowshlp$16 awards) As part of the £10,000,000 major research funding inih"alive in the humanites and social ￿lenCeS awarded lo the British Academy in 2018119, fellowships worth up to £130.000 over three years were awarded to the followng researchers-. Di Lloyd de Beer. Ferguson Cuialor of Medieval Britain and Europe. The British Museum. London, wci Dr Daniel Edmislon, Lecturer in S￿l010gY and Social Policy. University of Leeds Dr Ewan Gibbs. Lecturer in Global Inequalities. School of S¢Kial and Political Sciences, University of Glasgow

45 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Di Jake Hodder. Assistant Professor, School of Geography. University of Nottingham Di Julia Huang, Lecturer in Anthropology of Development, Unsversity of Edinburgh Dr Sneha Krishnan, Associate Professor in Human Geography. University of Oxford Natlonal Trust16 awards) The programme wilh the National Trust was allocated £1,500.000 (over th￿e years) in a previous financial year. The following awards were made towards conservation work al historic properties and gardens.. Attingham Hall, Shrewsbury {£48.000) - Conservation of'The Tiger Hunt, series ofwallpaper panels Castle Ward, Donpalrick, County Down1£200,0001 Repair and ￿nservation of balustrades Killerton, Exeler. Devon1£100.0001 Repair and conservation of chapel Noslell. Wakefield, Wesl Yorkshire1£60.0001 Roof repairs Packwood House, Lapworth, Warwickshire {£50,0001 Conservation of'The Coronation of Marcus Aurelius. tapesty Oslerley Park and House, Isleworth, Greater London1£42.000) - Conservation of Slate Apartment's Festoon Curtains Theatr&s Trust Wolfson Theatre Improvement Schem?18 awards) The programme with the Theatres Tiust. lo fund repairs al smaller Ihealres, was allocated £375,000 lover 3 years) in a previoijs financial year. Grants during Ihe year were focussed on projects that would improve the environmenlal suslainability of theatres and their perfomiances. The Coutyard Thealre, Hereford1É12,1261 - Additional Solar Power system and LED ¢onv8rsion The Customs House, South Shields (£16,520) Building Energy Management System Dundee Repertory Theatre {£16,940) Front of House LED upgrade Oxford Playhouse1£20,000} Secondary glazing of windows on facade The Roses Theatre, Tewkesbury1£11.2191 Insulating piping, an exteinal coolirbg system and smart controls for drink cooling systems, auto off laps and LED upgrade Royal Lyceum, Edinburgh1£20,000) Upgrade of houselighls and other lightiThJ to LED Theatre Royal Wnche51er1£20,000} Thealre•wide upgrade lo LED lighting Wllon's Music Hall, London E11£3,1951 . Water healer and emergency lighting

46 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Art Fund113 awardsl The programme with the Art Fund was allocaled £1.800.000 {over three years) in a previous financial year. A proportion of the funding1£60,0001 was allocaled toward5 the New Collecting Awards. an initiative which ftjnds talented curators lo undertake collecting projects for their museums. The following awards weie made towards the acquisition of works of art: The Collection Museum and Usher Gallery, Lincoln1£10.000} Head 13, 2012." Menlal Structure #19, 2012.. Mental Stwcture #20. 2015 by Thomas J Piice Dorsel County Museum, Dorchesler1£26.$801 Dewlish Mosaic, c.375. The M¢Manus.' Dundee's Art Gallery and Museum1£10.0001 Portrait ol Willielma Carnpbell (nee Maxwell). Lady Glenorchy. by Kalharine Read117621 The Hepworth Wakefield1£100,0001 White relief- Quai dAu1eu￿- Paris. by 8en Nicholson11934-351 Imperial War Museums, London SE1 1£40,0001 Tipperary by Waller Sickert119141 The National Gallery, London WC21£113.000) Portrait of Charles William Lamblon (The Red Boy) by Sir Thomas Lawrence11825) National Museum of the Royal Navy. Portsmouih1£100.0001 Drawings oflhe Am7ada Maps (15891 National Museums Northem Ireland, Ulster Museum. Holywood1£35.0001 Quiet by Jacques Joseph Tissot11881) Norton Priory Museum and Gardens, Runcorn1£13,420) 181h-cenlury Flemish Collgclorfs Cabinet Ic165&17401 The Science Museum, London SW71£20.0001 - Al&n M8asl&s- God in the Time ol Gov￿-19 by Grayson Peny (20201 The Slalned Glass Museum, Ely1£30.000) Saint Adelaide by Kehinde Wiley12014) Tale, London SW1 1£30.0001 Sphinx, 1964, Bomeo 2, 1964. Blidge 1. 19T9 by Kim Lim The Wlson- Chellenham Art Gallery & Museum1£12,0001 - Portrait ofJohn Rushout. 2nd Bamn Northwick by Angelica K8ufftnann117941

47 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Nallonal Churches Tru$1 Wolfson Fabric Repalr Grants156 awardsl The programme wlh the National Churches Tiusl was allocated £1,030,000 {over three years) in previous financial year. The followng awards were made towards repair work to the hisloiic fabric of churches.. All Saints, Croydon Cum Cloplon. Cambridgeshire1£3.5001 All Saints. Farringdon. Hampshire1£4.000) All Saints, Hartesl, Suffolk1£5,0001 All Saints, Horton, Wesl Yorkshire1£8,000) All Saints. Loughborough, Leiceslershire1£4,500) All Saints, Spelsbury, Oxfordshiie l£S,0001 All Saints. Wroxlon, Oxfordshire1£3.0001 Church of Ihe Immaculate Conception, Strabane. County Tyrone {£2.500) First Presbyterian Church, Newry. County Down <£5,000) High Camtyne Church, Carntyne. Glasgow1£7.$001 Holy Name of Jesus. Manchesler1£10,000) Holy Trin¢ty, Cuckfield. Wesl Sussex1£S.0001 Hull Minster. East Yorkshire1£10.0001 Killinchy Presbyterian Church, County Down1£5,000) Kirkcal(Jy Old Kirk. Fife1£7.6001 Minster Church of Sls Thomas. Newport, Isle ol IMghl1£10.0001 Our La(ty of Peace, Newbridge, Newport1£10.000) st Andrew, Nether Wallop. Hampshire {£4,800) St Andrew, Winston, County Durham (£7.000} Sl Barnabas. Brampton Bryan, Herefordshire1£4.0001 Sl Benedicl, Scrivelsby, Lincolnshiie1£4.$001 Sl Brandon. Brancepelh, County Durham1£7.000} Sl Columba, Derry, County Londonderry1£4,600) Sl Deinsl, Llangarron, Herefordshire1£7.500} Sl Ethard King and Martyr. Castle Donninglon, Leicestershire {£S.1)00) Sl Eugene, Newlownslewart. County Tyrone1£4.0001 Sl Giles, Cheddinglon. Buckinghamshire {£S.0001 st Giles, Ponlefracl, Wesl Yorkshire {£8,000) Sl Mary, Nellleslead, SLfftolk (£7.500) Sl John, Bridgwaler, Somerset1£10,000) Sl John. Waberthwaite. Cumbria1£5.000) Sl John the Baplisl, Chester. Cheshire {£7,500)

48 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Sl John the Evangelist. Little Wlbraham, Cambridgeshire l£S,0001 St Lawrence the Matyi, Abbots Langley. Hertfordshire (£3.500) Sl Lawrence, Harpley. Norfolk {£S,0001 Sl Macartans, Augher, Counly Tyrone1£2.$001 Sl Margaret of Antioch, Stoke Golding. Leiceslershire1£3,000} Sl Mary and All Saint5, Willoughby on the Wolds, Nolbnghamshire {£3,0001 Sl Mary Magdalene. Pecklelon, Leiceslershire (£5,000) Sl Mary the Virgin, Badby. Northamplonshire1£7.500) Sl Mary the Virgin, Hull, East Yorkshire {e10,000} st Mary the Virgin, North Tuddenham, Norfolk {£10.0001 St Michael. Llanfihangel y Creuddyn. Ceredigion1£7,000} st Michael and All Angels, Cioft, Leicester {E10.000) Sl Michael arKS All Angels, Harslon, Leiceslershire1£7,000) Sl Michael and All Angels, Kingsland. Herefordshire1É7.5001 Sl Nicholas, Bracon Ash. Norfolk1£3.0001 Sl Pancras. St Pancras Old Church. London NW1 {£5.000) Sl Peter, Blaxhall. Suffolk1£6.0001 Sl Peter, Brafferton, North Yorkshire l£S.000) Sl Peter, Imllersey. Gloucestershire {£5,0001 Sl Peler ad Vincula. Ratley. Warwckshiie {£S,000} Sl Peter and Sl Paul, Blandford Forum, Dorsel (£7.5001 St Peter and Sl Paul, Nether Heytord, Northamplonshire (£5,000} st Sampson, Cricklade. Wllshire l£S.000} Sl Sampson, South Hill. Cornwall l£S,000)