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 D1￿ctorS (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 W0￿S0n 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 ChU￿h111 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 prepa￿d 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 Charit￿s.. Statement ofRecommended Practi￿.. Accounting and Repo￿ng 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 In￿lment 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 trust￿S 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-me￿bershI 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 regu￿rIY, lake a long-lerm approach lo their investment strategy and a￿M 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 hea￿h. 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 a￿1 encourage others. In January 2025, the Wolfson Foundation launched a new Strategic FraMewo￿t0 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 ne￿SSary 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 pro￿sseS 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 cO￿ems. 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 ac￿55 the latest technology and equipment lo enhance practical leaching for STEM subjects, including, for example, £110,000 to refuffoish the laboratOr￿S at Ysgol y Moewn in Blaenau Ffestiniog, Gwynedd. Outside of formal education, we fund capital projects which improve aC￿sS 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 gaI￿rIeS. 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 [esea￿h 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 hoSpi￿s,. 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 In￿Stment), 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 sTATEmE￿rs 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 AC￿pted Accounting Practi￿1. 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 Ir￿gUIarItie$. 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 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 Offi￿rS 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, Bet￿S Newydd, MonmoLrthshire {£10,0001 st Andrew, Boxford, Berkshire1£5,000) St Andrew, Little Steeping, Lincolnshire1£5,000) Sl Andrews Church, Aberdeen1£8,0001 st Andre￿S 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, CO￿all, Worcestershire {£10,000> St James the Gr&at, StOnesf￿1d, 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, LeI￿stershIreI£4,60o) st John the Baptist, Mamble, wOr￿stershIre (£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 Con￿ption, 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, Ul￿bY, 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. MI￿0￿ 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)