Charity Re9lStration no. 1156077 Company Registration no: 08927040 THE WOLFSON FOUNDATION ANNUAL REPORT AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 PL4RCH 2025
THE WOLFSON FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ONTENTS Trustees, Report Administrative Details Slruclure, Governance and Management Objectwe5 and Activities Achievements and Performance Principal Risks and Uncertainties Financial Review Plans for the Future Trustees, Responsibilities Independent Auditors, Report 12 Statement of Financial Activities 18 Summary Income 8nd Expenditure Account 17 Balance Sheet 18 Cash Flow Statement 19 Notes lo the Financial Statements 20
THE WOLFSON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 ADMINISTRATIVE DETAILS Tmslee D1ctorS (and Membe) Dame Janel Wolfson de BDtton DBE Ichaimianl Hon Mrs Laura Woltson Townsley C. Allegra Berman Sir Leszek Bory5iewcz FRS FRCP Fmedsci FLSW Sir David Cannadine FBA FSA FRSL Dame Hermione Lee GBE FRSL FBA Rebecca Marks SIT Michael Pepper FRS FREng Sir Peter Ratcliffe MD FRCP FRS (resigned 31 December 20241 Dame Jean Thoma5 DBE Fmedsci FRS Lord Turnberg MD FRCP Charfes W0S0n Townsley CFA Directorate Paul Ramsbottom OBE MA Mst- Chief Executive land Company Secretary) Reference and administrative details Registered office.. 8 Queen Anne Street London, W1G 9LD Register charity No.. 1156077 Company Registration No.. 08927040 Prolessional Serrfices 8ankers Barclays Bank plc Charities Team Level 27, 1 ChUh111 Pla London E14 5HP Soliito Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Audito UHY Hacker Young LLP Quadrant House 4 Thomas More Square London E1W 1YW Principal Investment Managers Cazenove Capitsl 1 London Wall Place, London Wall, Lolldon EC2Y SAU Website .woltson.o @wolfsonfdn nkedln The Wolfson Foundation
THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The financial statements have been prepad in accordance wth the accounting policies set out in the notes lo the accounts and comply with the charity's governing dacLJment, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charits.. Statement ofRecommended Practi.. Accounting and Repong by Charities preparing their accounts in accoK18nce with the Financial Reporting Slandard applicable the UK and Republic of lTrland (FRS 102) {gffecliv8 l January 2015) STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is a company limited by guarantee registered in England and Wales Icomp8ny number 089270401. The trustees who served during the year, and who are also the Directors for the purpose of company law, are detailed on page 2. The charitsble Gompany was established through MemoTandum and Article5 dated 6 March 2014. The assets of the previous charrtable Irusl, established by a Trust Deed dated 1 July 1955, were transferred lo thè new company which also took over the existing activities and functions of the now redundant charitable trust {registered charty 2064951. At the end of the year. the board of trustees comprised six academic trustees, dTawn from the fields of the arts and humanities, medicine and science.. four family trustees,. and one trustee with specific financial expertise. During the year Sir Peter Ratcliffe retired after ten years, service, and a replacement academic trustee will be appointed in due GOUlSe. Appointments lo the board are made by the trustees, and the Nominations & Gov8inance Committee advises on the diversty, balance and composition of the board as well as individual appoinlmenls. The Committee also advises on the composition and remit of expert panelslcommittees and any related governance matters. The board of trustees me8ts lce each year. The board decides matters of strategy and overall policy, determines the prK)rilies and allocations for grant programmes, sets budgets and authorises grant awards. 11 is served by a number of panels and committees, which make recommendations on grant- making. audit & risk management and Inlment policies. Panels comprise specialists in particular fields. as well as trustees. The induction process for newly-appDinled trustees, committee and panel members comprises meetings with the chief executive and board membets. and covers governance, investment and granl-making policies las well as the opportunity to attend training sessions organised by the Association of Charitable Foundations and similar organisalionsl. Documentation provided for new trustS includes Copies of the goveming documents, relevant minutes, a history of the Foundation and recent annual reports an¢J accounts. A full list of members of the committees and expert panels is available on the Foundation's website.. www.wolfson.o .ukla ne1-commrttee-mebershI Risk assessrnent The trustees have reviewed the major strategic, operational. reputational and financial risks which impact on the work of the Foundation and, on professional advice, noted that systems have been established lo mitigate the exposure lo thern. The trustees regularfy review this matter and lake action required arising from the assessment and recommendations of the Risk & Audit ComTnittee.
THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees consider the main areas of risk for the Foundation lo be as follows". 111 Inveslm&nt nsk. The Iruslees. supported by a dedicated 5nveslment Committee which rneels regurIY, lake a long-lerm approach lo their investment strategy and aM to deliver the Investment objective within an acceptable level of risk. The Committee has CendY been bolstered by the recruilm6nl of an additional member. 121 Repulalional nsk, including making awards lo inappFDpriale r6cipNenls. The trustees are advised in their granl-making by dedicated panels of oxpetts. by independent peer reviewers and by a professional team of staff lincluding detailed financial appraisalsl. In addition, visits are made by staff and trustees to projec15. Grants are paid in arrears on receipt of evidence of appropriate expenditure. A framework for monitoring and evaluation ha5 been established. Confllcts of interests and Eoyalty Under the Foundation's formal conflict of interest and loyalty policy, Iruslees and ¢ommitteelpanel members take no part in decision making processes relating to organisations in which they lor those with whom they have a significant personal relationship) hold an active or recent position. A re9iSter of interests is maintained by the Foundation's office. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The key objective of the Foundation is to wnlribute tD the heah. resilien and variety of our society through support for research and eduGation. The Folfndalion works in the frelc+s ol science, health, heritsge, humanities and the arts. The trustees have complied with section 17 (51 of the 2011 Charrties Act, having due regard for the Charty Commission's guidance on public benefft when reviewing the Foundation's aims ancl objectnies, when fomiul*ing strategy and in making awards. One indication of the breadth of publiG benef I generated is the list of projects supported (see note 161. In a wider sense, public benefi't considerations also infomi our framewort( ft>rmonitoring and evaluation (see below). Throughout its history, the Wolfson Foundation has emphasised our founding principle that a healthy Society require5 more than medical health - il also requires the civic health that comes from engaging with and understanding the world around us. This belief drives all our aclivilios, and underpin5 a continued commitment lo the creation and sharing of knowledge through support for research and education. A defining feature of our funding has therefore been the promotion of enquiry, curiosity and learning across all stages of life. We also hope that our involvement can help build momentum a1 encourage others. In January 2025, the Wolfson Foundation launched a new Strategic FraMewot0 cover the pèriod from 2025 to 2029, and which is available to download from the Foundation's w8bsile'. .wolfson. .uklabouVstr The period covered by our last Strategic Framework was dominated by the Covid-19 pandemic and ensuing economic challenges., there are both lingering and new challenges anticipated for this new strdtegic Framewoth period. In considering our priorrties for the coming few years, we again turned lo our grant holders and applicants. The experiences they shared showed a funding ecosystem in flux and organisalions under exceptional pressures. At 8 time of enhanced need, they undedined the fact that philanthropic funds continue lo play an essential, and indeed increasing, role. They also emphasised the ongoing need for capital infraslruGture funding. The voice of the sectors that we support will continue to shape our approach. within the overall framework of our strategy and as we look furthèr ahead.
THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 As a long-tem funder, we balance the needs of present and future.. ready lo respond lo emerging needs and opportunities wilhoul losing sight of our founding principles. At this lime of ongoing econom and social change, three challenges are increasingty evident and relevant across all our funding streams.. inequality of access to education and opportunity., insufficient support for mentsl health." and the Impact of the climate crisis. As we continue to engage with our responsibill£ies as a funder over the period of this strategy. these subjects will be a key considerab.on for us. Thè Wolfson brand is intended lo act as an endorsement and mark of quality. Our intention is to support organisations and people who can achieve the highest standards in their work. This allows us the flexibility lo support those who are pioneering or promising as well as those who have already achieved distinction. The aim is that Woltson funding has a benetil beyond ils financial value, amplifying the work of our grant holders and generating additional funds. The impact of the Foundation's funding is monitored through biannual reports on projects provided by grant holders during the lifetime of a grant, by visits undertaken by stsff and Iruslees and by a framework for monff(oring and evaluation. Each funding theme has a staled series of aims which provides framework, both for evaluation and monrtoring. Our Intention is that the burden on grant holders should be as light as possible, and that the information we collect should be proportion8le and provide on the detail neSSary for those evaluating the project as well as for assessing the general programme area. We want lo sel the highest standards for our work and are committed to being a responsible. engaged and sustsinable grant-maker. Reviewing how we work lo ensure il remains relevant and proportionate is essential to make us effective as a funder. While we receive infomial feedback on an ongoing basis, we also commission independent surveys of ourapplicants (such as the one that informed our new Strategic Framewothl and, where necessary, we commission external reports to review the effectiveness of particular programme area5 on a more targeted basis. The Woltson Foundation is a signatory to the Funder Commitment on Climate Change Grant-making process and policy Trustees make awards lce each year and are advised by expert pane15 comprising Irusle@s and specialists. which meet before the m8in board m*trngs. We aim to be clear and transparent in all our aclivilies. Four factors influence trustees in their decision-making. First, a desire to support those who can achieve the highest standards in their work. All of our funding therefore lieS on èxpert review to ensure the quality and integrity of our grant-making, and applicants are given the opportunity lo engage w((h this review process. Secondly, we attempt to identify areas that are under-funded and be responsive lo changing needs, drawing on close consultation with our expert panels, sector lead&rs. other benefiGiaries as well as our peer funders. Thirdly, we encourage applicants to use Wolfson funds as a catalyst so that ourfunding can lever additional support. Fourthly, we actively seek collaboration wrth other expert bodies and funders. The Royal Society, Art Fund and Hospice UK are just three examples of organisalions with whom we collaborate on joint funding programmes. The Foundation has Iradilionally had an emphasis on capital infrastructure which accounts for some 850/0 of funding in a standard y&ar. In particijlar, we priorilise projects that help organisalions lo make a significant, strategic change in their activity, allow lalenl and brilliant work lo flourish. and make organisations more sustsinable. both financially and environmentally. In targeted areas {and generalty in partnership with other organisations that have relevant expertise and èxperience in allocating this type of funding), we also fund bursaries, scholarships and fellowships to support Ihoso working and studying in our fields of interest. This recognises the fact that buildings and equipment are only effective alongside the work of talented people. We are committed lo reaching a broad range of indiwdu81s from dwerse backgrounds. whose ingenuty, skill and imagination will help shape our society.
THE WOLFSON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 A focus on quality does not mean funding exclusThtely large or metropolitan organisalions. As the list of awards demonstrates (note 161, we are determined lo ensure that funding is distributed across the whole of the United Kingdom, lo organisations both large and small. Our communications strategy is focussed on ensuring that potential applicants irrespeclnie of location or siTr- have access to the information they need about our funding, including eligibility, our prosseS and priorities. Funding is grouped around three funding themes.. Science., H6alth,' and Herrtage, Humanities & the Arts. The funding is administered through a number of programmes, as outlined in note 16. More detail on the types of projects we fund is on our website. Research and education remain al the heart of almost all of our funding, from secondary education through lo higher education and lifelong learning. Up lo thirds of our total grant expenditure each year is allocated lo higher education Institutions. Applications are generally assessed by independent, expert reviewers, and applicants are given an opportunity lo respond to queries raised during the review procèss. We aim to be clear and transparent in all our aclivilies. We also aim lo add value to individuals and organisations receiving funding through our communications and nètworks. In line with our communication strategy, we use social media channels: a blog and media outreach lo highlight good practice. offer guidance on the application process and rnake connections belween grant holders. Although the Foundation does notwork directly with children or vulnerable adults, It does provide funding to other organisations that work with these groups. We seek to ensure. through proportionate and reasonable due diligence and advice from the relevant expert panels, that grant holder organisations take their responsibility seriously and that safeguarrls are in place in these organisations to protect vulnerable people from abuse. The Foundation also seeks to ascertain that applicants have dear procedures for reporting cOems. STRATEGIC REPORT Achievements and performance This sèction presents highlights of ourwork across our key funding areas in the past year. There is more information about grants awarded and their ongoing impact on our website Iwww.wolfson.o including detailed case studies. A full list of grants awarded in the year is available in note 16 below. Our grants are also published as open, standardised grants data through 360Giving. Following the policies outlined above, grants were pledged totalling £37.7 million12024.' £45,2 million), and cash payments of grants were made lotalling £40.3 million12024.. £39.9 million). The yearfs grant- giving was successful in that. on the advice of external experts, qualty Projects in our priority areas were funded. Given the nature of the capital investments, especially when funding infraslruclure underpinning high- quality research, it is too early lo assess the long-tetm benefits of projects funded during this parlicular financial year. An evaluation of programmes is, however, undertaken on a regular basls, usually by themed area and often in conjunction with an independent, external advisor (see also Objectives & Aclwities). Resutts inform future funding. and where relevant, reports may be published on our website. The long-term outcome of supporting high-quality bul often neglect&J areas of r8search is often drfficull lo predict. An example of this over the last decade is Wolfson's funding of the UK'S infectious disease infrastructure in th@ years leading up lo the Covid-19 pandemic. OLJr joint programme with the Royal Society lo support laboratory refurt)ishmenl infrastructure was themed around infectious disease during 2015, 2016 and 2017. This meant that many ofthe leading UK infeth'ous diseases laboratories had
THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 refurbished just before the pandgmic. Similarly, the Jenner Institute in Oxford also received major infrastructure support from WoKson which, alongside a portfolio of funding from a variety of sources, helped ensure that researchers in the Inslrtute were ready and able lo work on the creation of the Oxford Astrazeneca Covid-19 vaccine. 111 Science Science remains the area receiving the 18rgest proportion of our funding. Recognising that scienlthc endeavour is indispensable to society and the economy, and the high cost of underpinning Infrastructure, we primarity direct our Science funding towards universities and other rese8rch-intensive org8nis*ions. and spo¢ifically lo research infraslruclure (new buildings, furb1$hMenl, and equipmentl. We support only projects that demonstrate the highest qualty of research. and which are central to an instilulion's strategic priorities. We are not reslricled lo a pre5CriPtive list of org8nisations or dedi¢ated to a particular theme or topic and recognise the Importan of both fundamentsl and applied research. We believe that supporting the most outstanding science is likety in the long term to resutt in the most significant. rf often unpredictable, impact. A key part of our strategy is therefore close dialogue with univeFsilies and other research-inlensive organisation5 to identify projects that take into account the institution's stralegic priorilEs and their own assessment of their research strengths. We anlicipale, however, that we will continue to fund projects relating lo some of the great contemporary research and societal challenges, including, for example, Climate change and mentsl health. The largest giant made during the year was £2 million lo the University of Edinburgh towards laboratory equipment supporting Search into offshore renewable energy atthe Institute for Energy System5, within the new School of Engineering building. Biomedical research has, from the Foundation's earliest years. been an important focus. Among other award5 lor biomedical projects during the year. of the largest leach £1.5 million) were toward5 a Brain Org8noids Laboratory in the Centre for Human Brain Development (King's College London) and the expansion of the Institute for Translational Neuroscien (University of Sheffieldl. The Foundation aims to nurture engagement and lifelong leaming across a wide range of Scien topics. During the year we supported slate-funded secondary schools and 5iXth form colle9es to ac55 the latest technology and equipment lo enhance practical leaching for STEM subjects, including, for example, £110,000 to refuffoish the laboratOrS at Ysgol y Moewn in Blaenau Ffestiniog, Gwynedd. Outside of formal education, we fund capital projects which improve aCsS to and Interpretation of important scientific collections with a particular focus on the history of sci8nce. During th& y8ar, £1.25 million, for example, was granted lo Royal Museums Greenwich for their ambitious 'First Light, redèvelopment programme at the Royal Observatory. On occasion, the Foundation also 5UPPOrts exceptional projects addressing the communication of contemporary scientific issues. An example of this is £1 million awarded lo the Eden Trust for Eden Project Morecambe." a new environmental education visitor attraction, based on the m¢>Jel of the existing Eden Project in Comwall. 121 Heritage. humanltles and the arts The heritage and cultural sectors are vital to the UK economy. lo the enrichment of society and to our wellbeing as individuals. The majofty of the Foundation's grants under this heading are therèfore allocated to capital projects al the places where this is most widely and readity accessible.. histori¢ sites. museums, galleries, libraries, archives and performing arts organisalions. We prioritise prqects that improve the conservation. interprelalion and display of the UK'S most important buildings and ¢olle¢tions, and that deliver higher quality facilities for education and training.
THE WOLFSON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Museums and gallenes again received the largest support under this theme. The Found8tion ftjnded capital projects across the UK induding the redevelopment of the RAF Museums Midlands at Cosford in Shropshire and a new permanent exhibition gallery for the F.E. McWilli8m Gallery and Studio In Banbridge, Northern Ireland. During the year, trustees also agreed lo provide an addrtion81 round of funding for the DCMSIWolfson Museums and Galleries Improvement Fund which has a particular emphasis on regional museums and gaIrIeS. The UK has a remarkable heritage of historic buildings and monuments, and a nLtmber of those buildings received ftjnding, ranging from Aslley Hall in Lan¢ashire lo a new learning centre for Stonehenge. Similarly, a number of archives and libraries were funded, including new archive and history centres in Chester and Crewe. In terms ofacademic rosearch. the Wolfson Foundation has provided significant support for postgraduate research in the humanities for over a decade. The programme was renewed during 2024 for students beginning theii [eseah in 2025-26 at the following univer5ilies. University of Bimingham,. University of Exeter.. University College London,. University of Nottingham., University of OxFord', and University of York. Alongside investment in specific projects and this ongoing interest in the academic humanities. the Foundation continues lo highlight the importance of the arts and humanities lo British society. The Wowson History Prize is a book prize that has been awarded annually Sin 1972 to recognise works that combine excellence in research with readability. Chosen from a shortlist of six books, the Wolfson History Prize winner in 2024 was Joya Chalterji for Shadows al Noon." The South Asian Twenti6lh Century. The judges commented that Shadows al Noon is 'a caplivaling history of modem South Asia. full of fascinating insights about the lives of ils peoples. Written with verve and energy, this book beautifully blends the personal and the hisloiical. The perfomiing arts programme demonstrates, like so many of the Foundation's programmes, the UK- wide spffjad of our activity. including support for the Playhouse in Northern Ireland's DerrylLondonderry and ACE Dance and Music in Bimiingham. Akhough rooted in Bimingham's communities, ACE (who received £450,000 lo create a new Performan and training space) is a global organisation recognised as a leader in the field of Contemporary African and Caribbean Dance. This support a150 includes stsle-funded secondary schools and sixth form colleges enabling them to inspire and develop skills within all areas of performing arts, for example £125,000 for the refurbishment of a school assembly hall lo create a new arts and performance space at Acland Burghley School, London. 131 Health The Foundation's Healfh funding focuses on enhancing care and opportunthas for young people and adults with a range of complex needs. including mentsl health. Applicatioris are ¢urrgnlly considered under four strands.. palliative ¢are 2nd hoSpis,. the needs of older people.. mental heatth needs", and independent living for people wfih disabilities. In this context, civil society plays an ever more important role alongside statutory services. significant grant of £200,000 went lo Team Domenica for refurbishment work to create ngw headquarters adjacent lo the Royal Pavilion in Brighton. The charity provides training and work opportunities to people with learning disabilities. Many remarkable and diverse project5 were 5UPPOrted in Communrties *ross all parts of the UK, including, for instance, a training kitchen for adults with disabilities and mental heatth needs at N8w Start Highland in Inverness and wf repairs for Wellington House, a community mental hgalth hub run by Mind in the centre of Hull.
THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 PRINCIPAL RISKS AND UNCERTAINTIES The principal risks and uncertainties have been sel out in the Trustee's Report under the seth'on 'Risk Assessment on pages 3 and 4. FINANCIAL REVIEW The trustees have prepared accounts In accordance with current stalulory requirements, the FRS 102 statement of Recommended Ptsclice - Accounfring and Reporting by Charities and the Companigs Act 2006. The Foynd*ion recorded a positive return on the fund's assets of £52.6 million12023124.. £110.7 million) of which income net of fees was £24.4 millK)n12023124'. £23.6 million) and v81uatiot) gains were £28.2 million12023124'. £87.1 millionl. The portfolio of investsnents and cash held on deposit had a total value of £1,044.8 million al 31 Maich 2025 12023r24". £1,034.5 million). The positive ietuin in the year reflected continuing strong markets to the end of ¢alendar year 2024, desplte falling markets Since the beginning of 2025. The markets since March 2025 have been subject to significant fluctuation but losses sustained in April 2025 have since been recovered. Relums are applied to the Gharilable aims ofthe Foundation as described elsewhere in this report. Grants awarded during the year nel of relinquishmen15 were £37.3 million12023124.. £42.9 million). Payments to grant holders In the year lolalled £40.3 million12023124.. £39.9 million). The trustees hold deposits, gilts and other boncls to coverthe Foundation's current commitments. All of the Foundation's nel assets were held in unreslrided funds as the trust8os have pow8r to distribute both income and caprtal. Investment pollcy and perfomian¢e The Wolfson Foundation is managed on the basis of existing in perpetuity and hence the Foundation has the objective of maintaining the portfolio's real purchasing power after inflation over lime. The trustees allocate funding on a lolal retum (rather than income) basis. The long-term investment objective is an average annual lolal return of UK CPI + 4OA. The trustees aim lo distribute an average of al least 4010 of the fund on an annual basis. The calculation of the budget for 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-lerm investment horizon. Policies and investment allocations are continualty reviewed by the Investment Committee and trustees. Trustees review the investment strategy with the Investment Committee and fund managerslsignalories lo the UN Principles for Reswnsible InStment), in ordef lo ensure that.. 111 the Foundation can achieve or outperform ils target raturn in the long tstrn, and121 inv8stmenl d8¢isions mad@ by our fund manag8rs are tak8n in a so¢ially responsible manner and in accordance with Woltson's ¢or@ principles. Responsible investment underpins the investment strategy in accordance with our responsible investment policy, and trustees have a policy of not investing directly in tobacco companies or fossil fuel extractors. The Investment Committee is responsible lo the trustees for investment policy and monitoring the portFolio. Committee members are available to report lo the trustees al board meetings. Trustaas and the Risk & Audit Committee review the lemis of the Investment Committee mandate. The performance of the portfolio is monitored by the Iruslees ancl the Investment Committee. During the year, trustees made the decision to continue to increase the portfolio's exposure to fixed interest assets, using the same fund managers chosen through a careful selection proces5 in the previou5 year.
10 THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Res•rigs poli The lolal value of the investment portfolio al 31 March 2025 was £1.044.8 million 12023124." £1,034.5 million). as detsiled above, with lotsl nel funds of the Foundation standing 81 £961.7 Million 12023124.. £948.1 million). The nel funds consist of an expendable endowment. Included in this balance is accrued grant expenditure which has been committed already bul which is not due for payment until future years. As staled above, in the Inveslmenlpolicy andperfomgnce seGtion, the Iruslee5 aim lo distribute at least 40k of the fund on an annual basis in grants and other expenditure. The trustees consider it prudent lo have liquid assets within investments lo cover a significant proportion of planned expendrfture. They have agreed that at least £50 million should be retained in a cornbinalion of cash and short4ated gills. As al 31 March 2025, cash and gi115 In the portfolio lolalled £59.1 million15.7°k of the Total porlfoliol. A further £100 million was held in short term holdings pending significant longer term investment decisions (see last paragraph of Inveslfftentpolicy &perfonnancel. Accordingly, the Iruslees considerthat reserves are available at a level which enables them to plan with confidence for the future. PLANS FOR THE FUTURE During the year a new Strategic Frdmework was launched covering the years 2025-29. During 2025-26 a number of long-standing partngrship programmes are up for review. The standard Gapital infraslrucluie programmes will continue, within th$ ¢onlext ol a rising nurnber of applications.
THE WOLFSON FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL sTATEmErs The Iruslees (who are also the directors of the Wolfson Foundation for the purposes of company lawl are responsible for preparing the Strategic Report, Twslees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally ACpted Accounting Practi1. Company law requires the Iruslees lo prepare financial slalemenls for each financial year. Under company law the Iruslees musl not approve the financial ststements unless they are satisfied that they 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 and expenditure, of the charitable company for that peric. In preparing these financial slalemenls, the tru81ees are required lo.. select suitable accounting policies and appty them consisterbtly., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent", slate whether applicable UK accounting s18ndards have been followed, subject to any departures disclosed ancl explained in the financial slalemenls.. and prepare the accounts on a going concern basis unless il is inappropriate to presume that the charity will continue in business. The Iruslees a responsible for maintaining proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable company and to enable them lo ensure that the accounts compty with the Companies Act 2006. They are also responsible foi safeguarding the assets of the charitable company and hen for taking reasonable steps for the pievenlion and clelection of fraud and other IrgUIarItie$. STATEMENT OF DISCLOSURE TO AUDITORS So far as the trustees are aware, there is no relevant audit infomalion of which the company's auditors are unaware. Addilionalty, the trustees believe they have taken all the necessary steps that they ought to have taken as trustees in order lo make themselves aware of any relevant infom)atDn and to establish that the company's auditors are aware of that informalDn. Approved by the trustees on 3 December 2025 and signed on their behalf by.. Dame Janel Woffson de Botton DBE Chaiman
12 </UHY UHY HackerY•ung LLP Chartered Aceountants Quadrant House 4 Thomas More Square London ElWIYW INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Opinion We have audited the financial slalemenls of the Wolfson Foundation Ilhe 'charitable company'l for the yoar ended 31 March 2025 which comprise the Statement of Financial Activities, the Sumrnary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the notes lo the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice),. In our opinion the financial statements.. give a true and fair view of the state of the ¢haritable company's aff8ir$ as at 31 March 2025 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended", have been property preparad in 8GcordanGe with United Kingdom Generally AGcapted Accounting Practi., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conduded our audit in accordance wlh International Standards on Auditing IUKI IISAS (UKII and applicable law. Our responsibilities unrkr those standards are further described in the Auditor's responsibilities for the audit of the financial ststemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's IFRC'S) Ethical Standard, and we have fulfild ourolher ethical responsibilities in accordan with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concom In auditing the financial slalements. we have concluded that the trustees, use of the going Conrn basis of accounting in the preparation of the financial slalemenl is appropriate. Based on the work we have performed, we have not identified any mal8rial uncertainties r81ating lo events or conditi¢Jns that, individually or co1ctive1y, may cast significant doubl on the charrtable company's ability lo continue as a going conrn for a period of at least tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities the trustees with resp1 to going concern are described in the relevant sections of this report.
13 </UHY UHY Haekeryoung LLP Chartered Aeeountants Quadrant House 4 Thomas More Square London EIWIYW INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other infomiation contained within the financial stalemenls. Our opinion on the financial slalemenls does not cover the other infomialion and, except lo the extent otherwise explicitly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, considerwhelherthe other information is malerialty inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatement in the finanGial statements or a materwl misstatement of the other infomalion. If, based on the work we have perforrned, we conclude that there is a material misst8tement of this other infomiat'on. we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies AGt 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the strategic report and Ihetruslees, report forthe financial yearforwhich the financial statements are prepared is consistent with the financial stalernenls," and the strategic report and the trustees. report have been prepared in accordance with applicable legal requ1MentS. Matters on whlch we are required lo report by exception In the light of the knowledge and understanding of ¢harilable company and ils environment obtsined in the course of the audit. we have not identrfied material misslatemenls in the strategic report or the trustees, report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records havg not b99n kept, or r&turns adequate for our audrt have not been received from branches not visitèd by us., or the financial 51alements are not in agreement with the accounting records and returns,. or rtain disclosures of trustees, remuneration specrfied by law are not made., or we have not received all the infom)alion and explanations we require for our audit. R9sponsibilities of trust905 As explained morè fully in the trustees, responsibilities statement on page 11. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enab the preparation of financial slalements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ¢haritsble company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and usiro the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or tr) cease operations, or have no realistic atternative but to do so.
14 UHY UHY Hackeryoung LLP Chartered Accountants Quadrant House 4Thomas More Square London Elw IYW INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Audltorfs responslbllitles for the audit of the financial statements Our objectives are lo obtain reasonable a55urance about whether the financi81 statèments as a whole are free from material misstatement, whether due to fraud or erroF. and to issue an audthr's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audrt condUed in accordance with ISAS IUK) will aayS detect a material misstatement when Il ex15ts. Misstatsments can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic dècisions of users taken on the basis of these financsal statements. Irregularities. including fraud, are instsnces of noTr¢omplianoe wtlh laws and règulations. We design procedures in line with our respon5ibililie5. outlined above. to detect material m1sstatetnets in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitiès, including fraud is detailed below.. Based on our under518nding of the charitabk company and the industry in which il operates, we identrfied that the principal Tisk5 of non-compliancè with laws and regulations related to the acts by the charitable company. which were contrary lo applicable laws and regulaliolls IncludTng fraud. and we considered the extent to which non-compliance rnighl have a rnaleiial effect on the financi81 statements. We also considered thosè laws and regulations that have a direct impact on the preparation of the financial statements such a5 the Companies A¢1 2006. We evaluated managemenys incentives and opportunities for fiatsdulent manipulation of the financial statements (including the risk of override of ¢ontrolsl and detemined that the principal risks were related to the valualion of the charity's investments. Inflated revènuè and thè chaiitable company's net income for the year. Audit procedures performed lo assess the valuation of the charitable company's investments included.. confirmation of the valuation of investment balances from the investment managers and a review of the most recent Service Organisalion Corrtrols Reports in relation to those investments. We obtained the most recent financial statements for the assets under rnanagement by Oxft)rd University Endowment Management Limited and the various assets rnanaged by JP Morgan lo confirm that there were no indicators of imp8itment and that they weie prepared on a going concern basis. To assess inflated revenue and the charitable conipany's net income for th& year audit procedures performed included.. a review of the financial statement disckjsuras to und&rtying supporting documentation. review of corrèspondence with legal advisors, enquirie5 of rnanagemenl and le51ing of journals and èvaluating whèthèr there was evidence of bias by the trustees that represented a risk of rnalerial mi55talement due lo fraud. There are inherent limitations in the audit procedures describe(l above and the further removed non- compliance with laws and regulations is from the events and transactions rèfl6et8d in the financial statem6nts. thè less likely we would becorne aware of It. Also. the risk of not detectin9 a material misstatement due to fraud is hlgher than the risk of not detecting one resulting frorn error, as fra1 tnay involve deliberate concealment by, for examplè, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilfties for the audll of the financial statemènts is locatad on the Financial Reporting Council's wabskte al.. hllp',liw¥wrf.froorg.uklauditorsresponsibtlities. This descriptson forms part of our auditorfs report.
15 </UHY UHY Hackeryoung LLP Chartered Aceountants Quadrant House 4Thomas More Square London ElWIYW INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE WOLFSON FOUNDATION Use of our report This report is made solely lo the chaiilable company's trustees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might Stale to the charitable company's Trustees those matters we are required to stsle lo them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone olherthan the Charrtab company and ils Trustees a5 a body, for our auditwork, for this report, or for the opinions we have fomied. Subama Baneriee (Senior Stalut AudItl for and on behalf of UHY Hacker Young, Stalulory Auditor London
16 THE WOLFSON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 202S 2024 Income from: Investments 26.900 25,762 Total income 26,900 25,762 Expendlture on: Raising funds linvestrnent management fees) 2,441 2,188 Charbtsble a¢livth'e5'. Scien Arts and humanities Education Health 11,476 9,982 12,173 5,374 23,103 7,235 8.923 5,228 Total charitable activities 39,005 44,489 Other (asset depreciation charge) 101 30 31 Total expenditure 41,476 46.708 Other recogni5ed gains and losses Nel realised and unrealised gains l {lossesl on disposal and revaluation of.. Investment assets 10 Foreign exchange 28,222 1491 85,864 1,287 Net tofal recognisedgains 28,173 87.152 N&1 movement in fvnds 13,597 66,208 Reconciliation of funds Total funds brought forward 948,057 881,849 Total funds carried forward 961.654 948,057 Net total recognised gains of £28,222,101 12024 gains.. £85,865,082) on investment assets refiect a gener81 increase in market values. Total realised gains on disposal by reference to the original costs of listed investment assets, was £50.328,69012024 gains.. £13,510,360). All recognised gains and losses have been included in the Statement of Financial Activrties and the amounts included are derived entirety from the ordinary activities of the charitable company.
27 THE WOLFSON FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 £'ooo 2024 Income Investment income 26,900 25,762 Nel recognised gains 28,173 87,152 Total incoming resources 55.073 112,914 Expenditure Raising funds 2,441 2,188 Charitable actiwties 39.005 44.489 other 30 31 Total expenditure 41,476 46,708 Not movement in funds 13,597 66.208
18 THE WOLFSON FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 2025 £'ooo 2024 £'ooo Noles £'ooo Fix9d a$$ets Investments Leasehold Land and Buildings 10 985,660 214 975,989 244 985,874 976,233 Current assets Investment5 Debtors Cash al bank 59,145 2,125 307 58.524 1,892 234 61,5TI 60,650 Creditors: amounts falling due within one year 12 {44,1951 144.0231 Net current as$ots 17,382 16,627 Totsl assets less current Ilablllties 1,003,256 992,860 Creditors: amounts falling due after one year 13 {41,6021 144,8031 Total net assets 961,654 948,057 Fund5 Expendable endowment fund 961,654 948,057 The financial s18lemenls on pages 16 to 49 were approved by the Trustees on 3 D8C8mber 2025 and were signed on their behalf by.. D8me Janel was0n de Botton D8E Chaim)an Paul Ramsbottom Chief Executive Company reglstratlon no 08927040
THE WOLFSON FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 £'ooo 2024 Notss Net cash oufflow via operating activities 14 144,7571 142,5681 Cash flows via investment activities Income from investments Purchase of investments Proceeds from sale of investments Iln¢rea5el l Decrease in cash & cash equivalent investsnents 26,900 25,762 1683,9331 1426,8341 830,223 443,436 10 10 10 1128,3601 116 Net cash inflow vla Investment activities 44,830 42.480 Net increase I Idecrease) In cash at bank during the year 73 188) Cash al bank brought forward 234 322 Cash at bank carried fonyard 307 234
20 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. A¢counting policies The particular accounting policies alopled by the trustees are set out below.. la} Basls of preparation The financial statements have been prepared under the historic cost convention. with the exception that investments are included al market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice." Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151 Icharilies SORP IFRS 10211., the Financial Repoth'ng Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and the Companies Act 2006. The most significant areas of judgement and key assumptions that affect items in the %counls relate lo estimating the liability frorn mulli-yeai grant commitments (see note 9 for rnore information), and the level of investment returns and the performance of investments. The most signrficant areas of uncertainty that affect the carrying value of assets held by the Foundation are the level of investment returns and the performance of investments. The financial slalemenls have been prepared in sterting, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded lo the nearest £'OOO. Ibl Going concern The Iruslees consider that as the finances are based on a Iong-lerm endowment there are no materLal uncertainties about the Foundalk)n's abilty lo continue as a going concern. This is fvrther rellected in the positive results for the period. Icl Investment Income All incune is recognised once the charity has enliuemenl lo the income, it is probable that the income will be re1Ved and the amount of income receivable can be measured relpbly. Idl Resources expended Expenditure is included on an accruals basis. Grant awards and other liabilities are recognised as expenditure as soon a5 there is a legal orconslructive obligation committing the Foundation to that expenditure. il is probable that settlement will be required and the amount of the oblvJalion can be measured reliabty. {el Allocatlon of management and admlnlstratlon expenses Management and adminislralion expenses are allOted first been charitable activity and governance. Support costs are apportioned evenSy amongst the four grant-making Gategories. The allocation of management and adminislralion expenses are analysed in notes 5 and 6. ifj Governance costs Governance costs comprise all costs involving the public accountability of the charitable company and its compliancewith regulation and good practice. These costs primarily include costs related to slalulDry audit, accountancy and legal fees.
21 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Igl Foreign exchange Monetary assets and liabilities denominated in forewJn currencie5 are translated into sterling at the rates of exchange ruling al the balance sheet dale. Transactions In loreign currencies are recorded al the rate ruling al the dale of the transaction. All differences are taken lo the expendable endowment fund. Ihl Investment assets Investments are a forrn of basic financial instrument and are Ini11ally recognised at their transaction value and subsequently measured altheir*airvalue as al the balance sheet dale using the closing quoted market price where available. INhere this Is not available, for example with private equity investments. industry- stsndard valuation methods are applied. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Gains and losses on investments Realised gains and losses on investments are cal¢ulaled as the differen belween sale proceeds and opening marf(el value lor the purchase dale cost if acqui during the yearl. Unrealised gains and Ios8es on investments are calculated as the differen beeen the closing mid-markel value al the year end and opening mid-market value lor purchase date cost if acquired oluring the yearl. Reali5ed and unrealised gains and losse5 on investments are not Separat In the slalemenl of financial activities and are recognised in the statement of financial activities as they arise. til Leasehold Land and Buildings The Wolfson Foundation offi'ces have been refurbished. The expenditure has been capilalised in these accounts as a tsngible fixed asset. Ils value Is subject to depreciation on a slraight-line basis over a useful economic life of 10 years Imatching the period of the Foundation's current lease of the propetyl, with the charge for the year ended 31 March 2025 sel out below. Analysis of opening and closing carryin9 amounts in respect of Tangible Fixed Assets. Total 2025 £'ooo Total 2024 £'DOO Leasehold Land and Buildings Opening cost 305 305 Closing cost 305 305 Annual Depreciation Opening charge Charge in the year 1611 1301 1301 {311 Closing charge (611 Net opening value 244 275 Nel closing valu8 214 244
22 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Key sources of ostimatb)n uncertainty and 5ignlficant judgements made in apptying the accounting policios The preparation of the financial sl8lemenls requires the application of rtain estimates and judgements. The material areas of either estimation or judgement are sel out below. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expections of future events that are believed to be reasonable under the circumstances. Each of these areas are considered by the Risk and Audit Committee based on inomiation prepared by the Finance team. Unquoted inveslmgnts Investments in unquoted investments are valued al the best e$limale of fair value. For these investments fair value is estimated using a range of methodologies including price of recent investment and public CoMparabs. Maintaining the Foundation for the longer term In order lo achieve a proper balance bebNeen the interests of current and future beneficiaries, the trustees have detemiined that they are aiming to preserve the value of the expendable endowment fund broadly in real lemis. and that investment returns in eX$S of the amount required to preserve the real value of the fund may be expended in furtherance of the Foundation's objectNes. The net value ofthe fund is the residual sum, dependent upon the amounts and timing ol both income and expenditure. 2021 2022 2023 2024 2025 CPI al the Foundation's year end 114.6 121.7 132.5 137.5 142.2 2021 £'ooo 2022 £'ooo 2023 £'ooo 2024 £'ooo 2025 £'ooo Actual expendable endowment fund Target expendable endowment fund 875,038 748,111 927.537 794.484 881,849 864.726 948,057 897,460 961.654 928.148 Increasel{decreasel in fund in real temis relative to March 2020 126,927 133,053 17,123 50,597 33,506 Investment Income Total 2025 £'ooo Total 2024 £'ooo DNidends Interest Interest Dividends Interest Distribution UK companies, unit trusts and OEICS UK securities. unil trusts and OEICS UK cash deposits Foreign 5ecurilies, unf( trusts and OEICS Foreign securities, unrt trusts, OEICS and Eurobonds Oxford University Endowment Management Limited 1,496 3,195 2.027 8,410 1,963 9,809 2,059 2,348 1,295 4.800 1,427 13.833 26,900 25,762
23 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 4.1 Investment perfomiance In setting the objectives against which the perf0mlan of the investment managers is measured, the Trustees are piirnarily concerned with the total return on inveslmenls, namely the sum of investment income Inote 1 Icl above) and gains and losses on investments (nol8 1 lil above). Although these constiluenl elements are required to be shown separately in the slalemenl of financial activities, no importance attaches to how much ofthe total return is represented by investment income and how much is represented by gains or losses on investments. and the investment managers are not sel separate targets for these amounts. This approach is temied a lolal relurn approach. A summary of investment perf0rrnan over the last five yèars is set out below. 4.2 Changes in the investment portfolio 2021 - 2025 £'ooo 2021 £'ooo 2022 £'ooo 2023 £'ooo 2024 £'ofy) 2025 £'ooo Opening value of investments A 772,180 950,342 1,010,385 965,366 1,034,513 712, 180 Investment income Inve51menl gainslllossesl Investment management fees 18,798 20,386 23.454 25,762 205,917 72,650 127,4881 87.152 11,6501 11,7691 {2,069} 12,1881 26,900 115.300 28,173 366,404 12,4411 110,1171 Total retum Amounts withdrawn from portfolio Inole lill 223,065 91,267 16,1031 I tO,726 52,632 471,587 144,9031 131,2241 138,9161 141,5791 (42.34011198.9621 Cbsing value of investments 950,342 1,010,385 965,366 1,034,513 1.044.805 1,044,805 lil These amounts are on a "cash basis"_ being the mnies wthdrawn from the investment portfolio in the period in order lo pay grants and disburse other expenditure.
24 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 4.3 Investment returns compared to the Foundation's objective 2021 -2025 2021 2022 2023 2024 2025 average Actual return OA IBIA) 28.89Y. 9.98°A 11.47Vo 5.090 12.21% Target return % (CPI + 4Qh} 5.01% 10.20% 12.840 7.790 7.42¥ 8.650A Return in excess of I (below) target o 23.88° {0.22%1 I13.440) 3.680h 3.560A 2021 £'ooo 2022 £'ooo 2023 £'ooo 2024 £'ooo 2025 £'ooo Totsl £'ooo Actual retum £'ooo Target return £'ooo 223,C65 91,267 16,1031 110,726 52,632 471,587 IC&A) 38.709 96.923 129,746 75,158 76,755 417,290 Return in excess of I Ibelowl target £'ooo 184.356 15.6561 1135,8491 35,568 (24. 1231 54.297 Grant4naklng actNltles Grants Allocatad awarded expenses Inetl (Note 61 £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Science Arts and humanities Education Health 11,041 9,547 11,738 4,939 435 435 435 435 11,476 9,982 12,173 5,374 23,103 7,235 8,923 5,228 37,265 1,740 39,005 44,489 The lolal management and administration axpenses are apportioned eventy amongst the four grant- making activities. Slgnkfjcant aspects of the grant activty during the year are described on pages 7 10 8 of the Trustees, port.
25 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5.1 Charitable expenditure The Trustees aim to distribute at least 40A of the fund, including administrative costs. on an annual basis. The value used lo calculate the normal target distribution is the average of the last fi've years. investment portfolio value. 2021 - 2025 £'ooo 2021 £'ooo 2022 £'ooo 2023 £'ooo 2024 £'ooo 2025 £'ooo Actual charitable expenditure lil Target charitable expenditure 36,974 31,996 38,768 33,639 39.555 34,975 44,489 36.237 39,005 198,791 40,044 176,891 Expenditure in excess ofl(belowl target 4.978 5,129 4.580 8,252 11.0391 21,900 lil These amounts are on an "accruals basis moaning that grants are included in the year of award, as described in note 1 Idl. Management and administration expenses Grant Total Governance making 2025 Costs activities (Note Sl £'ooo £'ooo £'ooo Total 2024 £'ooo Consumancy, assessment, and advisory fees and expenses Auditors, remuneration 16 174 190 35 115 34 42 - audit servi other services Legal costs staff costs Rent and 5eNice charges Other expenses 16 16 899 193 363 899 193 356 862 253 285 118 1.622 1,740 1,599 The govemance costs comprise costs of funning the Foundation and planning for fLrture developments, including audit and legal advi for the trustees and costs of complying with constitutional and slalLrtory requirements. such as Iruslees, meetings and the preparation of accounts and satisfying public accounlabilty. The costs relating lo granl-making activity represent costs incurred in assessing applications. administration ofth& grants awarded and post-granl monitoring. No staff costs are allocated to gov8rnan¢e costs as the amount of related activity is immaterial compared lo the granl-making activity.
26 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Trustee5' remuneration No fees are paid lo trustees for their seNi¢es as board members. As allowed by the Memorandum and Articles, annual consuEtsncy fees of £48,00012024.' £37,5DOI were paid to academic trustées in connection with the work they undertook in advising on applications to the Foundation., capped amounts of £6,000 were paid to each ofAllggra Berman, Sir Leszek Borysiewicz, Sir David Cannadine, Dame Hemione Lee, Sil Michael Pepper, Sir Peter Ratcliffe, Dame Jean Thomas and Lord Turnberg. Trustee5 who are famity members did not receive any remuneration. Expenses amounting in total lo £13,45212024". £6,845) were paid in respect of all 11 12024." 121 trustees foT Iruslee indemnity insurance, travel, subsi5ten¢e and sundry costs. Stsff costs The Foundation employ5 12 full-time and part-time staff. The average number of full-time equivalent staff in the year approximates to 1212024.. 121. 2025 £'ooo 2024 £'ooo Salaries Social security costs Pension & other benefit costs 744 85 70 704 79 79 899 862 One employee received emoluments between £140,000 and £150,000. One employee received emoluments betsyeen £90,000 and £100,000. One ernployee received ernoluments befvveen £80.OCrf) and £90,000. Two employees received emoluments between £60,DOO and £70,000. Total employment benefits, including employer pension contributions of key m3nagement personnel amounted lo £358,139 12024.. £336,733 r&statedl. This totsl does not include consustsncy fees paid lo trustees (reference note 7 above).
27 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Grants awarded for future payment Grants awarded by the Iruslees for future payment al 31 March 2025 total £85,386,261 12024.. £88,421,664) as follows Grants Grants Grants At Awarded Relinquish8d Paid At 31 March during the during the during the 31 March 2024 year year year 2025 £'ooo £'ooo £'ooo £'ooo £'ooo Science 54.396 11,243 12021 118,8641 46.573 Arts and humanities 17.261 9,637 1901 19,7861 17.022 Education 10,131 11,741 131 16.8801 14.989 Health 6,634 5,093 11541 14.7711 6.802 88,422 37,714 14491 140,3011 85,386 Due within one year (note 12} Due after more than one year Inole 131 43,619 44,803 43,784 41,602 88,422 85,386 A summary of grants awarded during the year is set out in note 16.
28 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Investments Market Movemènt Market Value Purchase Sale Ngt Gains in Cash Value 2024 Costs Proceeds I (Losses) Invèstments 2025 £'ooo £'ooo £'ooo £'ooo £'ooo Fixed asset investments Cazenove". Listed Inveslrnents Cash and Cash Equivalents 600,815 298.609 1419,8701 7,808 15,903 495,457 120,449 128,257 608,623 623,714 JP Morgan.. Third-Party Listed Investments Private Equity Funds Cash and Cash Equivalents 75,000 19,324 112,2271 1297} 9,417 74,703 149,536 167 133,022 167 133,022 224,406 Oxford Endowment Fund lil.. 234,344 95 1100,0951 3,196 137,540 Total fixed asset investments 975.989 985.660 Current asset investments Cazenove.. Listed Investments Cash and Cash Equivalents 14,616 290,905 1298,0311 43,908 7,493 7.744 51.652 Total current asset Investments 58,524 59,145 Total investment assets 1,034.513 1,044,805 Total movam8nts on invastmants 683,933 (830,2231 28,222 128,360 The historical cost of these investments as of 31 March 2025 was £960,263,70812024' £855,397,735) lil Oxford Endowment Fund holdings are equivalent to unittrust holdings and a held for the long term. The underlying investments include public equities, private equities, hybrid equities, fixed income, propety and cash.
29 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Debtors 2026 £'ooo 2024 £'ooo Accrued income Sundry debtors 2,119 1,889 2,125 1.892 12. Creditors.. amounts falling due within one year 2025 £'ooo 2024 £'ooo Grants payable (note 91 Accrued investment management fees Accrued expenses of administration Sundry creditors 43.784 379 32 43.619 355 44,195 44,023 13. Crgditors: amounts falllng due after one year 2025 £'ooo 2024 Grants payable (note 9) 41.602 44,803 14. Reconciliation of net incomel(expenditurel to not Cash flow from operating activiti8S 2025 £'ooo 2024 £'ooo Nel incoming resources Asset depreciation charge Net gains on investrnents Investment income Increase in debloT5 (Decrease} I Increase in creditors 13.597 30 128,222} 126,9001 12331 13,0291 86,208 31 185,8651 125,7621 12361 3,056 Nel cash oufflow via operating tiVitIeS 144,757) 142.568) 15. Joint administratlon The charitable company has joint administrallon with the Wowson Famity Charitable Trust, registered charity number 228382, at 8 Queen Anne Street. London W1G 9LD.
30 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period Science & Medicine Scientific Research University of Edinburgh -Laboratory equipment for the Institute for Energy Systems, within new School of Engineering building, supporting research into offshore renewable energy King's College London -Brain Organoids Laboratory in the Centre for Human Brain Development University of Sheffield -Expansion of Sheffield Institute for Translational Neuroscience (SITraNI CABI, Wallingford, Oxfordshire -Relocation and modernisation of CABI'S UK science facilities, quarantine labs and Genetic Resour Collection 2,OCQ,000 1,500,000 1,500,000 1,250,000 University of Leeds -FluoreSCen Imaging equipment for a new Biomedical AcleratOr Loughborough University -Laboratory equipment for materials characterisation research in extreme environments 1,178,000 1,100,000 University of Strathclyde -semiconductor fabrication tools for the Strathclyde Neurotechnology Centre, supporting research into irnplantable neural devices Brunel University London -Equipment for a new Health and Wellbeing across the Life-course Laboratory, supporting human movement research Aston University -A confocal microscope and related equipment for the Aston Institute for Membrane Excellence, supporting biomedical and environmentsl research 675,000 540,000 500,000 University of East Anglia -Centre of Advanced Environmental Microbiology within new Science Faculty building University of Hull -Advanced Imaging Centre within the Biomedical Institute of Multimorbidity 500.000 500,000 Total Science and Medicine (Total number of grants: 111 11,243,000
31 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the per¥Jd Icontinuedl Education Public Engagement with Science Royal Museums Greenwich, London SE10 -The Longitude Gallery at Ihe Royal Observatory, within wider 'First Light, redevelopment Eden Trust, st Blazey, Cornwall -New environmental education visitor attraction (Eden Project Morecambe) Royal Botanic Garden Edinburgh -Restoration and interpretation works in the historic Palm Houses Science and Industry Museum, Manchester -Redevelopment of Power Hall National Space Centre, Leister -Redevelopment of the Outer Solar System Gallery 1,250,000 1,000,000 750,000 715,000 5¢)0,000 4215,000 Woltson Intercalated Awards Programme These awards are administered by the Royal College of Physicians and support selected medical students to take a year out of their medical training for an additional research- based degree. Awards were made to.. University of Birrningham King's College London University of Manchester Barts and the London, Queen Mary, University of London Cardiff University Universty College London University of Glasgow University of Liverpool University of Sheffield University of Southampton University of Aberdeen University of Dundee University of East Anglia 20,000 20,000 20,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 10,000 10,000 10,000
32 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the perM)d {continued} University of St Andrews University of Bristol The Hull York Medical School 10,000 5,000 5,000 5,000 5,000 5,000 5,000 236,000 115,0001 220.000 Keele University University of Leeds University of Leicester The Queen's University Belfast Less unsP8nt balance from a previous financial year Total Intercalated Awards Arts & Humanitigs (Educational Institutions) University of York -Digital archaeology and heritage laboratory Murray Edwards College, Cambridge -Repair and refurbishment of library roof Guildhall School of Music & Drama, London EC2Y -Electronic and prodUd music training sludios Brasenose College, Oxford -Restoration of Frewin Hall 700,000 250,000 200.000 100,000 1,250,000 Woltson Postgraduate Scholarships in the Humanitios This programm8 SUPPOrts postgraduate research in the broad areas of18nguages, literature and history. Three scholarships each for three years of doctoral study (to Commen in 20251261 have been awarded to the following universities. Where maternity leave paym8nts have been made, these relate to students supported under previous years of the programme. University of Birmingham (including maternity leave) University of Exeter University College London University of Nottingham University of Oxford University of York 338,857 326,250 326,250 326.250 326.250 326,250 1,970,107
33 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period IntInued) Woltson Music Awards This programme supports formal music education al nine conservatoires through tsyo discrete schemes.. 111 the Vvolfson Scholarships for Young Musicians, providing scholarships for young (secondary school age) musicians in the junior departments,'12} the Wolf50n Instrument Fund, supporting the purchase of instruments for undergraduates. The prograrnme was renewed for a further three years (2025126, 2026127 and 2027128} and awards were made to the following conservatoires.. Guildhall S¢hool of Music & Drama, London EC2 Leeds COnSeato1re 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120.000 120,000 1,080,000 Royal Academy of Music. London NW1 Royal Birmingham Conservatoire Royal College of Music, London SWT Royal ConseTvatoire of Scotland, Glasgow Royal Northern College of Music, Manchester Royal Welsh College of Music and Drama, Cardiff Trinty Laban Conservatoire of Music and Dance, London SE10 Secondary Education Creativo Arts Acland Burghley Secondary School, London NW5 -Refurbishment of school assembly hall to create a new arts and performance space Exeter College -Refurbishment and equipmènt for film and media rooms Queensbridge School, Birmingham -Refurbishm8nt and equipment for art room Belmont Cornmunity School, Durham -Equipment for new performing arts studio Kings, School, Winchester -Refurbishment of drama auditorium 125,000 78,000 67,300 50,000 50,000 Barnhill Community High, Yèading, Greater London -Performing arts 8quipment st. Patrick's College, Maghera, County Derry-Londonderry -R8furbishment and equipment for drama studio 48,500 47,200
THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period Icontinu9dl The Maelor School, Penley, Wrexham -Lighting and audio equipment for refurbished performing arts facility Dromore High School, County Down -Equipmenl for performing arts studio Ballyclare Secondary School, County Antrim -New music dassroom 47,000 38,100 37,300 Breda Academy, Belfast -Performing arts equipment Elizabeth Garrett Anderson School. London N1 -music technology equipment Wymondham College, Norfolk -Lighting equipmen* for drama studio Uxbridge High School. Greater London -Pholography equipment 32,700 3Q,600 29.600 27,300 STEM Jesmond Park Academy, Newcastle upon Tyne -Building and equipment for now science laboratories st Louis Grammar School, Ballymena, County Antrim -Refurbishment of art rooms to create science laboratories and prep room Ysgol y Moelwyn, Blaenau Ffestiniog, Gwynedd -Refurbishment of science laboratories 125,000 125,000 110,000 Christlelon High School, Cheshire -Refurbishment of two chemistry laboratories Harris Academy Battersea, London SWI1 -Refurbishment of science laboratories 100,000 100,000 Kesteven and Grantham Girls, School, Lincolnshire -Refurbishment of science laboratories 100,000 The Morley Academy, Leeds -Refurbishment of food technology room St Paul's School for Girls, Birmingham -Refurbishment of science laboratories 100,000 100,000 Ysgol Bryngwyn School, Llanelli, Carmarthenshire -Refurbishment of design and technology facilit165 to create a digital engineering hub 99,300
35 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded durlng the period (continued) Landau Forte College, Derby -Refurbishment of science laboratory Gillotts School, Henley on Thames, Oxfordshire Refurbishment, equipment and living wall for science classrooms Erdington Academy, Birmingham -science laboratory refurbishment Aylesbury High School. Buckinghamshire -Refurbishment offood technology room Rickmansworth School, Hertfordshire -Refurbishmenl of chemistry laboratories Wyvern Academy, Darlington, County Durham -Refurbishment and equipment for computer science rooms Freebrough Academy, Saltburn-by-the-sea, North Yorkshire -Refurbishmenl ofscience laboratory Seaford Head School, East Sussex -Equipmenl for computer science and IT RLrtlish School, London SW20 -Equipmént for design and technology rooms Wilson's School, Wallinglon, Greater London -Refurbishment of Scien laboratories 95,100 91,400 90,700 80,400 76,200 69,500 62,200 60,000 50,000 50,000 Ysgol y Creuddyn, Llandudno, Gonwy -specialist equipment for design and technology Ysgol Uwchradd Aberteffi, Cardigan, Ceredigion -specialist equipment for design and technology Aboyne Academy, Aberdeenshire -Refurbishment and equipment for chemistry laboratory Alcester Academy, Warwickshire -Refurbishment and equipment for science laboratories Mackie Academy, Stonehaven, Aberdeenshire -Refurbishment of maths classroom to create new computer science suite Moffat Academy, Dumfries and Galloway -specialist equipment for design and technology West Monmouth School, Pontypool, Torfaen -specialist equipmersl for design and technology 50,000 49,948 49,900 49,700 49,600 49,200 49,100
THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Grants awarded during the perlod Icontlnued} Fivemiletown College, County Tyrone -specialist equipment for science and technology Queen Mary's College, Basingstoke. Hampshire -creation of new digital technology spaces for robotics and computer science St Joseph's Boys, School, Derry-Londonderry -specialist equipment for design and technology St Columbanus, College, Bangor, County Down -creation of new digital technology suite Itchen Sixth Form College, Southamplon -Refurbishrnent of general classroom to create practical IT lab and new AV media equipment Shenley Academy. Birmingham -Equipment for science laboratories 46,900 46,400 45,100 44,800 41,800 28,500 2,994,348 Exceptional Awards Association of Charitable Foundations -Annual contribution 11,500 Total Education (Total number of grants." 92 11,740,955
37 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 16. Grants awarded during tho period Icontlnuedl Herita e Humanities & the Arts Historic Buildings and Landscapes Westminster Abbey, London SW1P -King Charles111 Sacristy English Heritage, London EC2V -New learning centre at Stonehenge Chiswick House and Gardens Trust, London W4 -Restoration and redevelopment of grounds lo create new education and community facilities (Cedar Yards Community & Creative Campus) The Friends of Abingdon Abbey Building5 Trust, Oxfordshire -Restoration of the abbey buildings Chatham Historic Dockyard Trust, Kent -Restoration and inlerpretalion of the Commissioner's House Chorley Council, Lancashire -Restoration of the West Wing at Astley Hall Crystal Palace Park Tnjst, London SE19 -Restoration of Crystal Palace Park Kiplin Hall and Gardens, Richmond, North Yorkshire -Redevelopment of external buildings into new welcome centre and gallery Painshill Park Trust, Cobham, Surrey -Restoration and interpretation of Chinese bridge and gardens Tarbat Historic Trust, Portmahomack, Highlands -Restoration of Tarbat Discovery Centre 750,000 500,000 250,000 150,000 100,000 100,000 100,000 100,000 90,300 50,000 2,190,300 Lltsrature, Librarlos and Archlv8s Black Cultural Archives, London SW2 -Refurbishment of 8xhibition and learning spaces Cheshire West & Chester Council and Cheshire East Council -New archive and history centres in Chester and Crewe The London Library, SW1Y -Refurbishment of exhibition and18arning spaces Historic Environment Scotland, Edinburgh -Redevelopment of warehouse unit in Bonnyrigg, Midlothian, to create new archive facility (Archive House). (The grant was later relinquished, as the project is no longer taking pla.) 300,000 300,000 100,000 50,000 750,000
38 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period Icontinuedl Museums and Galleries Royal Air Force Museum, London NW9 -Redevelopment of RAF Museum Midlands, Cosford, Shropshire Charleston, Firle, East Sussex -Galleries, archive and learning spaces in new cultural ntre, 'Charleston in Lewes, 650,000 250,000 William Morris Gallery, London E17 -Refurbishment of exhibition galleries Armagh City, Banbridge & Craigavon Borough Council, County Down -New permanent exhibition gallery for F.E. Mcwilliam Gallery and Studio Dundee Museum of Transport -Redevelopment of former Maryfield Tram Depot to create new museum site National Portrait Gallery, London WC2H -Refurbishment of lecture theatre 250,000 200,000 200,000 200,000 Rochdale Borough Council and Boroughwide Cultural Trust Itla 'Your Trust'}, Greater Manchester -Redevelopment of Touchstones Rochdale Tyne and Wear Archives and Museums. Newcastle upon Tyne -Redevelopment and interpretation of galleries at Discovery Museum, Newcastle upon Tyne The Bow6s Museum, Barnard Castle, Durham -Redevelopment of three first floor galleries Ripon Museum Trust -Restoration of Ripon Workhouse and interpretation across Ripon Museums Watts Gallery, Guildford, Surrey -Environmental systems upgrade Royal Armourie5. Leed5 -creation of new t8rnporary exhibition gallery at Royal Armouries Museum National Motor Museum, Beaulieu, Hampshire -Refurbishment of ground floor galleri8S 200,000 200,000 154,500 150,000 150,000 100,000 75,000 2.779,500
39 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the pèriod Icontinuedl Music and Performing Arts ACE Dance and Music, Birmingham -Redevelopment of former car repair workshop to create new performance and training space The Glasshouse International Centre for Music, Gateshead, Tyne and Wear -upgrade air handling motors and building management system Royal Liverpool Philharmonic -New stage at Liverpool Philharmonic Hall The London Symphony Orchestra, EC2Y -Refurbishment of education, rehearsal and performance facilities (LSO St Luke's) Polka Theatre, London SW19 -Equipmenl for technical theatre training and performances North West Play Resource Centre (Va The Playhouse), Dery-Londonderry -Equipment for technical theatre training 450,000 300,000 202,600 200,000 150.000 39,800 1,342,400 Partnership Programmes During the year, the following partnership programmes were renewed or initiated.. DCMSIWoltson Museums and Galleries Improvement Fund 2,000,000 The Linbury Trust, London SW1V 500,000 -Energy efficiency programme in partnership with the Linbury Trust, the Headley Trust and Ashden Woltson History Prize The Woltson History Prize is awarded annually to promote and recognise outstanding history writt8n for a general audience. The prize was awarded in 2024 to.. Joya Chatter i for Shadows at Noon." The South Asian Twerptieth Century 50,000 The shoruisted authors for the prize were.. Nandini Das for Courting India.. England, Mughal Indi8 and the Origins of Empire 5,OCrf) (Bloomsbury Publishing) Nicholas Radburn for Traders in Men.. Mervhanfs and the Tnsft)iaIIOn of the Transatlantic Slave Trade (Yale University Press) 5,000
40 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the perlod Icontinuedl Andrew Seaton for Our NHS.. A History of Bnt8in's Best-Loved Institution IY8le University Press) Jonny Steinberg for Winnie & Nelson.. Portrdit of 8 Mamage (William Collins) Frank Trentmann for Out of the Darkness.. The Ggm7ans, 1944-2022 (Allen Lane) 5,000 5,000 5,000 76,000 Total Heritage, Humanities & the Arts (Total number of grants: 41) 9,637,200 Health & Disabil" Disability, Mental Health and Older People Team Domenica, Brighton -New headquarters building for charity providing training and work opportunitie5 to people with learning disabilities Acorn Venture Association (Ua Acorn Farm), Kirkby, Merseyside -New hub at farm providing day placernents to adults with special needs Royal British Legion Industries, Aylesford, Kent -social enterprise factory providing work opportunities and training for people with disabilities 1625 Independent People, Bristol -Refurbishment of charily's premises (Kingsley Hall) providing mental health support to vulnerable young adults The Bridge A550ciation, Anlrim -Development of training unit and community hub for adults with learning disabi1it18S Restore Hope, Chesham, Buckinghamshire -Refurbishment of commercial kitchen and café providing training to young adults with learning disabilities solas Sp8cial N88ds Charity, Belfast -New pr8mis8S to SUPPOrt expansion of young adult transition service (SONAI for those with disabilities Derwen College, Oswestry, Shropshire -Refurbishment to support students with severe learning difficulties and complex behavioural COnrn$ Happy Days Ministries UK, Halifax, West Yorkshir8 -Refurbishrnent to create supported accommodation (Jubilee House) for homeless people with complex mental health difficulties 200,000 150,000 125,000 100,000 100,000 100,000 100,000 80,000 80,000
41 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded durlng the poriod Icontinuedl Place2Be, London EC1V -Laptops for school-based counsellors River Tees Multi-Academy Trust, Middlesbrough, North Yorkshire -Equipmenl for vocational classrooms at new River Tees Hospital School Isandringham House) supporting pupils with special educational and medical needs 80,000 80,000 The Ashley School Academy Trust, Lowestoft, Suffolk -creation of a café and shop to be run by pupils with complex and moderate leaming difficulties Corbenic Camphill Community, Dunkeld, Perth and Kinross -Con5truction of barn to create space for training, day services and communal activitie5 for adults with complex learning disabilities Foyle Women's Aid, Derry-Londonderry -Refurbishment of building to deliver therapeutic services to victims and survivors of domestic abuse (the Annex) Leeds Women's Aid -children and young people's hub at Emmeline refuge providing menlal health support Linkage Community Trust, Spilsby, Lincolnshire -small animal care facility for students with 8pecial educational needs at Linkage College, Grimsby New Start Highland, Inverness -Training kitchen and café for adults wrth disabilities and mental health needs 75,000 75,0(KJ 75,000 75,000 75,000 75,000 North Argyll Eventide Home Association Ltd, Oban, Argyll and Bute -Exlension to create salon and activity room at North Argyll House providing care to older people Rowan Alba, Edinburgh -supported living a0Mmodation for homeless women with complex mental health needs 75,0(10 75,000 Samaritans of Cornwall at Truro -Redevelopment of charity's premises and new Training Centre providing mental health support Sense, London N1 -Refurbishment to create Hub in Belfast supporting people with complex disabilities Teams and Bensham Community Care, Gateshead, Tyne and Wear -Refurbishment of charity's new premises providing day serVIS to older people 75,000 75,000 75,000
42 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period Icontlnuodl Suffolk Libraries -Refurbishment to create a digital Leaming Hub and Creative Makerspace at Ipswich County Library supporting adults with complex health needs Hull and East Yorkshire Mind -Roof repair works to communtty mental health hub (Wellington House) Fire Fighters Charity, Basingstoke, Hampshire -Refurbishment of nursing rooms providing care to those with injuries or life limiting conditions in Jubilee House, Penrith Friends of the Halley Day Centre, Sawbridgeworth, Hertfordshire -Refurbishment of day ntre for older people Katherine Low Settlement, London SW11 -Refurbishment of community centre supporting older people Queen's Crescent Community Association IQCCA), London NW5 -community café supporting older people Tagsa Uibhist, Isle of Benbecula, Western Isles -outdoor structure in community gardens providing healih and wellbeing activities Venture Arts, Manchester -Refurbishment of premises serving adults and young people with learning disabilities and neurodiversity re Forest School, Kidderminster, Worcestershire -Independent Living Skills Hub to support post-16 students with special needs Essex Recovery Foundatior) -Refurbishment of new premises to create a café and meeting spaces providing mental health support in Chelmsford Alzheimer Scotland, Edinburgh -Refurbishment of the Lauriston Castle Gatehouse and gardens to establish an Outdoor Brain Hearth and Dementia Resource Centre 68.800 63,500 60,000 60,000 60.000 60,000 60,000 60,000 56,700 52,400 50,000 Mencap Liverpool & Sefton -Accessibility works to premises (the Cottage) supporting adults with learning disabilities The Mendip School. Shepton Mallet, Somerset -Installation of life skills pods for pupils with special educational needs Oxfordshire Motor Project Itja Trax) -Refurbishment of new premises in Kidlington supporting young people with complex needs Dav6ntry Aréa Community Transport, Northamptonshire -wheelchair accessible vehicle to transport older people to medical appoinlments and mobility equipment for repair 50,000 50,000 50,000 47,500
43 TrIE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the perlod Icontinuedl Step One Chartty, Exeter -Roof repairs at mental health rehabilitalion centre {Cypress Hospital} Age UK Exeter -Kilchen replacement and extension to support lunch and day services for older people East London Advanced Technology Training (ELATT), London E8 -Training room for young people with special educational needs Acorn Village, Mistley, Essex -Refurbishment of six supported living propertie5 for adults with learning disabilities Glasgows Golden Generation -Energy efficiency works at charity providing day servi$ to older people Ideal for All, Sandwell, West Midlands -vehicle to support garden maintenance community business offering training opportunities lo adults with disabilities Drive, Nantgatw, Rhondda Cynon Taf -Purchase of an electric van supporting adults wilh additional needs to a¢sS work and volunteering opportunities through the Eco Autism Specialist Centr Croft Community School, Stanley, Durham -Installation of outdoor workshop to support students with special 8ducational needs to gain vocational skills Hadrian School, Newcastle upon Tyne -café run by adults with learning disabilities in community leisure facility Teamwork Trust, Kettering, Northamptonshire -Equipment to support a social enterprise digital programme (My Digital) for adult5 Wlth autism, learning disabilities and mental health needs 44,300 40,300 39,700 39,500 36,800 35,OC 30,400 30,300 28,900 26,000 Isle of Wght Society for the Blind -Installation of a partition wall and Sound proofing at ntr& {Millbrooke House} Passion4Fusion, Edinburgh -Purchase of a minibus supporting young people in Edinburgh and the Lothians to access autism and mental health seNices. Kids Together Belfasl -Refurbishment of Transitional Learning Centre supporting young adults with disabilities 24,300 23,000 19.300 Age Concern North Norfolk -Refurbishment of kitchen al ¢entre providing seNices for older people 15,000 3,301.700
THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants award¢d during the period (continu0dl Hospices and Palliative Caro Zoè's Pla Trust (tla Zoe's pla Baby Hospice), Liverpool -End of life and bereavement facilities (Snowdrop Suites) at new Liverpool sile Cornwall Hospice Care -Reconfiguration of Mount Edgcumbe Hospi (in St Austell) to create a Crisis Intervention Suite, Wellbeing Hub and single-occupancy rooms Phyllis Tuckwell Hospice, Farnham, Surrey -construction of new hospice supporting people in Surrey and Hampshire Demelza Hospice Care for Children, Srttingbourne, Kent -Inslallation of heating ventilation and air conditioning system at Demelza South East London 200,000 150,000 150,000 100.000 Lewis-manning Hospi Care, Poole, Dorset -creation of a therapy ntre to expand day hospice SeNiS and house support teams strathcarron Hospice, Denny, Falkirk -Refurbishment of inpatient unit rooms The Hospi of St Francis, Berkhamsted, Hertfordshire -New pharmacy room and installation of air conditioning system in inpatient unil Hospi in the Weald, Tunbridge Wells, Kent -Children's Centre (Development of Sh8pherd's House) Princess Alice Hospi, Esher, Surrey -New beds and extension kits for inpatient unit Florence Nightingale Hospice Charity, Aylesbury, Buckinghamshire -Recliner chairs for inpatient unit and day hospice 100.000 100,000 90,000 60,000 45,700 45,100 1,040,800 Exceptional award The National Brain Appeal, London WC1N -Rare Dementia Support Centre 750,000 Total Health & Disability (Total number of grants: 62 itsms) 6,092,51)0
45 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the p8riod Iconunuedl Total grants awarded (Total number of granls.- 206) 37,713,655 Grants relinquished durlng the period 449,945 Total grants awarded (net) 37,263,710 Continuin Pro rammes In addition to the awards above, a further 109 awards lotalling £3,256,483 were made in rogramme areas where overall funds had been allocated in a previous financial year land ence the individual awards below did not involve additional allocations of funds). Awards are noted in the year that they were ratified by trustees of the Wolfson Foundation. Royal Society Wolfson Fellowship A¥vards (20 awards This programme is jointly funded wrth the Department for Science, Innovation & Technology. In partnership with the Royal Soue Society Wolfson Fellowship enables The pro9ramme has elements.. 111 the Royal K universities and not-for-profit research institutions lo recruit leading international researchers to their organisation via five-year funding.. 121 the Royal Society Wolfson Wisiting Fellowship enables leading international researchers and their host organisations to develop ongoing collaborative research links, share ideas and practice over a 1-2 year timeframe. Awards were made to the following a¢ademi(x.' Royal Society Woltson Fellowships Professor Yimon Aye, University of Oxford Dr Hajk-Georg Drost, University of Dunde8 Dr Martin Helmer, Swansea University Professor Ayelet Landau, University College London Professor Samir Taoudi, University of Bristol Royal Society Woltson Visiting Fellowships Professor Marco Bertola, University of Bristol Professor Paul Dastoor. University of Cambridge Dr Charlie Demené, University of Cambridge Professor Joanna Dunkley, University of Cambridge Professor Daniel Frisbie, University ol Cambridge Professor Justin Hsu, Imperial College London Dr Deepak Kar, University of Glasgow
46 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded durlng the perlod {contlnuedl Dr Tomoko Nakanishi, Queen Mary University of London Professor Mark New, University of Bristol Professor Srikanth Sastry, University of Birmingham Dr Constantinos Skordis, Universrty of Oxford Profe550r Sumesh Thampi, University of Oxford Professor Ashutosh Trivedi, University of Liverpool Professor Natalya Vaysfeld, Aberysbfijyth University Professor Guoxiu Wang, University of Manchester National Trust (5 awards) The programme with the Naional Trust was allocated £1,500,000 (over three years) in a previous financial year. The following awards were made towards conservation work at historic properties and gardens.. Bath Assembly Rooms £100,000) Replacement ofwin ows Belton House, Lincolnshire (£50,000) Repair and restoration of Little Marble Hall lling and ch8ndelier Felbrigg Hall, Norfolk {£50,0001 Repair and restoration of South Corridor Gawthorpe Hall, Padiham, Lancashire (£200,000) Restoration of Great Barn timbers Mount Stewart, Newtownards, County Down (£100,000> Repair5 to roof Theatres Trust Wolfgon Theatre Improvement Scheme (9 awards) This pro ramme is administered by the Theatres Trust and funds refurbishment works at smaller t eatres that will improve the environmental sustainability of their buildings and erformances. The programme was allocated £375,000 lover three years) in a previous inancial year. The following awards were made.. Broadway Theatre, London SE61£19,425) Replacement of lanterns over stage with LEDS Centrestage, Kilmarnock, East Ayrshire £20,000} Replacement of lighting stock with LE s and DMX lighting board The Coutyard, Hereford (£20,000) Replacement of dimmers and tungsten lighting with LEDS Derby Theatre InstalSation o £17,437) domestic LED fittings and movement sensors New Wolsey Theatre, Ipswich, Sufftilk (£16,315} Installation of domestic LED lights, movement sensors rear of house and hand driers
47 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period l¢ontlnuedl The Old Fire Station, Oxford (£20,000) Replacement of domestic light fittings with LEDS and movement sensors Sherman Theatre, Cardiff (£20,000) Replacement of tungsten lighting with LEDS SPID Theatre, London W10 (£16,320) Insulation of windows with curtains and creation of a green wall Theatre Royal, Bu Installation of L st. Edmunds, Suffolk (£20,000) D lights on stage Art Fund (12 awards) The programme with Ihe Art Fund was allocated £1,800,000 (over three years) in a previous financial year. The following awards were made towards the acquisition of works of art.. Ashmolean Museum, University of Oxford (£165,000) The Cnjcifixion with the Viwin, Saint John the Evangelist and the Magdalen by Fra Angelico (c.1420) Bodleian Libraries, University of Oxford (£50,000) Old French New Testament by Chloet Master lattributedl (c.1270-1300) lish Heritage, London EC2V1£15,0001 e Eltham Palace, Diamond and Gem Set Brooches by Cartier lest. 1847) at Eltham Palace, London SE9 Hepworth Wakefield (£15,000) Jamie-L88, Dustin by Igshaan Adams {2023) Manchester Art Galle (£26,000) - Woman's Work." A edley by Florence Claxton11861) Mount Stewart, Newtownards, County Down (National Trust) (£18,500) rhe Ball Room at Londonderry House, in use as a Hospital for Wounded British OffirS by Sir John Lavery (1918) National Museum Cardiff (Amgueddfa C Thomas Sims Collection by Thomas mru- Museum Wales) (£15,000) ims (1840-1890) Norwich Castle Museum & Art Gallery1£48,000 West Norfolk Hoard by unknown makers (c. Showtown Museum, Blackpool {£18,500) Six clown costumes by various artists120th century) Tate Britain, London SW1 P1£50,0001 Taking Stock (unfinished) by Hans Haacke (1984) Towner Eastbourne, East Sussex (£29,000) Continuum by Alicja Kwade (2023) V&A South Kensington, London SWI (£150,000) Deposition from the Gmss by unknown maker {c.1200) 90-610)
48 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded durlng the period Icontinuedl National Churches Trust Wolfson Fabric Repair Grants (63 awardsl The programme with the National Churches Trust was allocated £1,236,000 (over three years) in a previous financia5 year. The following awards were made towards repair work to the historic fabric of churches.. All Saints, Antrim1£10,000) All Saints, Mollington, Oxfordshire {£5,000) All Saints, Ringsfield. Suffolk (£4,000) All Saints, Staplehurst, Kent {£10,000) All Saints, Sutton, Bedfordshire {£10,000) All Saints, Theydon Garnon. Essex1£10,000) All Saints, Wyke Regis, Dorset1£S.0001 All Souls, Eastbourne, East Sussex1£10,0001 Free North Church, Inverness (£10,000) Holy Cross. Babcary, Somerset1£5,0001 Holy Cross. Sherston Magna, Wiltshire (£5,000) Holy Trinity, Stirling (£10,000) St Aeddan, BetS Newydd, MonmoLrthshire {£10,0001 st Andrew, Boxford, Berkshire1£5,000) St Andrew, Little Steeping, Lincolnshire1£5,000) Sl Andrews Church, Aberdeen1£8,0001 st AndreS Episcopal Church, Tain, Highlands {£10,0001 St Bridget, Bridgerule, Devon (£10,000) Sl Cadfan, Tywyn, Gwynedd1£8,0001 St Cuthbert, Darlington, County Durham1£10,0001 st Edmund or St James, Blunham, Bedfordshire {£10,0001 St Edmund, Egleton, Rutland (£7,930) St Ethelbert, Larling, Norfolk (£5,000) St Helen, Abbotsham. Devon (£10,000) St Hubert, Idsworth, Hampshire1£8,0001 St James, Omiside, Cumbria, (£4,030) st Jarnes the Great, Colche$ter (£6,250) St James the Great, COall, Worcestershire {£10,000> St James the Gr&at, StOnesf1d, Oxfordshire1£10,0001 St John, Fivemiletown, County Tyrone {£5.0001
49 THE WOLFSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Grants awarded during the period Icontinuedl st John the Baptist, Alton, Stafford5hire (£5,000) St John the Baptist, Greatham, County Durham (£10,000) St John the Baplisl, King's Norton, LeIstershIreI£4,60o) st John the Baptist, Mamble, wOrstershIre (£3,000) St Margaret Holyrood, Prestwich, Greater Manchester (£8,IXIOI Sl Margaret, Somerton, Suffolk (£10,000) St Margaret. Thrandeston, Suffolk (£10,OOOJ St Martin, Stamford Baron, Lincolnshire {£5,790) St Mary, Blakesley, Northamptonshire {£10,0001 st Mary, Gillingham, Kent1£10,0001 St Mary, Great Brickhill, Buckinghamshire (£5.000) St Mary, Ovington, Suffolk (£5,000) st Mary, Wesl Rainton, County Durham1£10,000) St Mary at Finchley, London ht31£10,000) St Mary de Haura, New Shoreham, West Sussex (£5,000) st Mary the Immaculate Conption, Lochee, Dund@e (£10,000) st Mary the Virgin, Little Hallingbury, Essex1£5,0001 Sl Mary the Virgin, Pain5wick, Gloucest8rshire1£3,000> St Mary the Virgin, Withersfield, Suffolk <£10,000> St Michael and All Angels, Hartlip, Kent (£5,000) st Michael, Hackthorn, Lincolnshire (£10,000) St Nicholas, Shepperton, Surrey {£10,0001 St Nicholas, UlbY, Lincolnshire1£5,000} St Oswald, Askrigg, North Yorkshire1£S,OlJO) St Pancras, Arlington, East Sussex (£8,000) St Paul, Healey, North Yorkshire1£4,0001 St Peter, Boxworth, Cambridgeshire1£5,000) St Peter, Claypole North and South, Nottinghamshire (£10,000) St Peter, Duxford, Cambridgeshire (£4,000) st Peter. MI0 Bryan, Bedfordshire1£5,000} st Peter, Rose Ash, Devon {£5,000) St Peter and St Paul, Upper Hardres, Kent1£S,000) St Peter and St John the Baptist, Wivelsfield, East Sussex (£9,000)